The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

  • metta

    Posts: 39138

    Nov 09, 2014 8:54 AM GMT
    The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare

    "This moment illustrates the most basic element of the case against Chase: The bank knowingly peddled products stuffed with scratch-and-dent loans to investors without disclosing the obvious defects with the underlying loans."


    ...

    "Because after all this activity, all these court actions, all these penalties (both real and abortive), even after a fair amount of noise in the press, the target companies remain more ascendant than ever. The people who stole all those billions are still in place. And the bank is more untouchable than ever – former Debevoise & Plimpton hotshots Mary Jo White and Andrew Ceresny, who represented Chase for some of this case, have since been named to the two top jobs at the SEC. As for the bank itself, its stock price has gone up since the settlement and flirts weekly with five-year highs. They may lose the odd battle, but the markets clearly believe the banks won the war. Truth is one thing, and if the right people fight hard enough, you might get to hear it from time to time. But justice is different, and still far enough away."

    Read more: http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106
  • Posted by a hidden member.
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    Nov 09, 2014 12:02 PM GMT
    Great article, thanks. The comments are also interesting. At least 2 contributors who are obviously shills/socks for the banking industry are bashing everyone else for daring to criticize the banks.

    They're saying the American people who innocently took bad mortgages from the banks are the ones who should be in jail, and no one should dare criticize the "fine people" at the "fine banks" that are entirely blameless and completely ethical. (Their blamelessness and high ethical standards must be why they're paying all these billion-dollar fines) It's rather comical to read. Thanks again. icon_biggrin.gif
  • tj85016

    Posts: 4123

    Nov 09, 2014 2:51 PM GMT
    lol everyone in New York and Chicago banking circles knows Jamie Dimon is a fucking crook

    just like those fucking organized crime crooks at Countrywide (pre-BofA), CITI and Bank of America