Climate of Fraud, Negligence, Incompetence and JP Morgan

By Greg Hunter’s USAWatchdog.com

I was thinking about titling this post “Fire Jamie Dimon.” I changed my mind because this article is much, much bigger than Mr. Dimon. This is really an article about the current climate of fraud, negligence and incompetence that is accepted as the new normal. Dimon and JP Morgan Chase are just the larger-than-life faces of the profound problems that are not getting fixed. JP Morgan is the nation’s biggest bank; so, for the sake of simplicity, I just want to use JP Morgan and its CEO, Jamie Dimon, to illustrate what is really stopping the economy from getting better. This is the 8,000 pound elephant in the room that nobody wants to even acknowledge.

Look no further than this past year. There are big examples that come to mind that should have brought some criminal charges against bank personnel, or at least been grounds to fire Mr. Dimon. Most recently, JP Morgan and Credit Suisse paid nearly $417 million (combined) to settle civil fraud charges by the Securities and Exchange Commission (SEC). Reuters recently reported, “JPMorgan will pay $296.9 million, while Credit Suisse will pay $120 million in a separate case, with the money going to harmed investors, the U.S. Securities and Exchange Commission said. Both settlements addressed alleged negligence or other wrongdoing in the packaging and sale of risky residential mortgage-backed securities . . .” Of course, both JP Morgan and Credit Suisse didn’t admit guilt, and no individuals were charged criminally. The Reuters story went on to say, “On a conference call with reporters, Robert Khuzami (SEC enforcement chief) said it is hard to bring cases against individuals over ‘structured’ financial transactions because different people work on different aspects, making it hard to pin blame.” (Click here for the complete Reuters story.) It was the same story in 2011. According to Reuters, “JPMorgan had in June 2011 agreed to pay $153.6 million to settle a separate SEC fraud case over its sale of mortgage securities to investors, also without admitting wrongdoing.” Anybody see a pattern here for JP Morgan or government prosecutors?

Hey, you know what else makes it “hard to pin blame”? Lots of cash donated to both parties by banks like JP Morgan.........

Continue: http://usawatchdog.com/climate-of-fraud-negligence-incompetence-and...

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Permalink Reply by MAC on December 2, 2012 at 1:55pm

Good post Nathen

The U.S. Should have done what Iceland did, Arrest the corrupt Bankers and stock brokers that were involved in this scam, instead off bailing them out and passing the bill onto us, but we have way to many crooked globalist within our government and I suspect they had money invested in the stocks and didn't want to take a loss, so they cooked up this scam to pass the cost onto the tax payers,

Since when can you make someone responsible for some else's debt, We never borrowed the money, we are not responsible for any of the debt, I think what they did is criminal and the lot of them belong behind bars .

Permalink Reply by Nathan on December 2, 2012 at 2:11pm

Agreed, Mac.

“When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.” Frederick Bastiat

Permalink Reply by MAC on December 2, 2012 at 2:23pm

that is exactly whats playing out and they know the public can't do a dam thing about it, they hold the power, we have but one choice and that is to remove this federal government as our Constitution says, enfact it says it is our responsibility to remove them our forefathers would have done it long ago, I think they had something that is long missing in most people of today.

Permalink Reply by Libby Bell on December 2, 2012 at 2:38pm

Nathan, Matt Taibbi has been reporting on this fraud for over 3 years now, did an excellent expose in his book "Griftopia" and also a book "Crossing the Rubicon" was another one all about derivatives by an insider exposing the fraud and absolute corruption that occurred and that contributed to the (ongoing) financial horror we find ourselves in.

Permalink Reply by Nathan on December 2, 2012 at 3:08pm

Thnx, Libby. I'll chk 'em out

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