Nobody Should Shed a Tear for JP Morgan Chase

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PostMon Oct 28, 2013 8:35 am » by Tjahzi


A lot of people all over the world are having opinions now about the ostensibly gigantic $13 billion settlement Jamie Dimon and JP Morgan Chase have entered into with the government.

The general consensus from most observers in the finance sector is that this superficially high-dollar settlement – worth about half a year's profits for Chase – is an unconscionable Marxist appropriation. It's been called a "robbery" and a "shakedown," in which red Obama and his evil henchman Eric Holder confiscated cash from a successful bank, as The Wall Street Journal wrote, "for no other reason than because they can and because they want to appease their left-wing populist allies."

Look, there's no denying that this is a lot of money. It's the biggest settlement in the history of government settlements, and it's just one company to boot. But this has been in the works for a long time, and it's been in the works for a reason. This whole thing, lest anyone forget, has its genesis in a couple of state Attorneys General (including New York's Eric Schneiderman and Delaware's Beau Biden) not wanting to sign off on any deal with the banks that didn't also address the root causes of the crisis, in particular the mass fraud surrounding the sale and production of subprime mortgage securities.

Those holdouts essentially forced the federal government's hand, leading Barack Obama to create a federal working group on residential mortgage-backed securities (widely seen as the AGs' price for okaying the $25 billion robosigning deal), headed up by Schneiderman, whose investigation of Chase and its affiliates led to the deal that's about to be struck. Minus all of that, minus those state holdouts in those foreclosure negotiations, this settlement probably would never even take place: The federal government seemed more than willing previously to settle with the banks without even addressing the root-cause issues that are at the heart of this new Chase deal.

So let's not forget that – that even this $13 billion settlement, which is actually a $9 billion settlement (see below), came very close to never happening. But now it is happening, and the business press is going nuts about how unfair it all is.

In fact, this deal is actually quite a gift to Chase. It sounds like a lot of money, but there are myriad deceptions behind the sensational headline.

Read Matt Taibbi's Feature on the Gangster Bankers Who Are Too Big to Jail

First of all, the settlement, as the folks at Better Markets have pointed out, may wipe out between $100 billion and $200 billion in potential liability – meaning that the bank might just have settled "for ten cents or so on the dollar." The Federal Housing Finance Agency alone was suing Chase and its affiliates for $33 billion. The trustee in the ongoing Bernie Madoff Ponzi scandal was suing Chase for upwards of $19 billion.

Obviously, those plaintiffs may never have gotten that kind of money out of Chase. But just settling the mere potential of so much liability has huge value for the bank. It's part of the reason the company's share price hasn't exactly cratered since the settlement was announced.

Moreover, the settlement is only $9 billion in cash, with $4 billion earmarked for "mortgage relief." Again, as Better Markets noted, we've seen settlements with orders of mortgage relief before, and banks seem to have many canny ways of getting out of the spirit of these requirements.

In the foreclosure settlement, most of the ordered "relief" eventually came in the form of short sales, with banks letting people sell their underwater houses and move out without paying for the loss in home value. That's better than nothing, but it's something very different than a bank working to help families stay in their homes.

There's also the matter of the remaining $9 billion in fines being tax deductible (meaning we're subsidizing the settlement), and the fact that Chase is reportedly trying to get the FDIC to assume some of Washington Mutual's liability.

But overall, the key to this whole thing is that the punishment is just money, and not a crippling amount, and not from any individual's pocket, either. In fact, the deal that has just been completed between Chase and the state represents the end, or near the end, of a long process by which people who committed essentially the same crimes as Bernie Madoff will walk away without paying any individual penalty.

What Washington Mutual and Bear Stearns (Chase's guilty acquisitions) were doing in the mortgage markets was little more than an elaborate take on a Madoff-style Ponzi scheme. Actually, most of the industry was guilty of the same thing, but in the cases of these two banks in particular the concrete evidence of fraud is extensive, and the comparison to a Madoff-style caper isn't a fanciful metaphor but more like evidentiary fact.

Madoff's operational fiction was his own personality. He used his charm and his lifestyle and his social status to con rich individuals into ponying up money into an essentially nonexistent investment scheme.

In the cases of both WaMu and especially Bear, the operating fictions were broad, carefully-crafted infrastructures of bogus guarantees, flatlined due diligence mechanisms, corrupted ratings agencies and other types of legal chicanery. These fake guarantees and assurances misled investors about they were buying. Most thought they were investing in home mortgages. What they were actually investing in was a flow of cash from new investors that banks like Bear and WaMu were pushing into a rapidly-overheating speculative bubble.

Continued: :arrow: :!:

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PostMon Oct 28, 2013 5:07 pm » by Mydogma

The International Bankster Cartel should be Jailed for crimes against humanity, Financial Terrorists...then the world could thrive...until then...we starve and they eat...
If you don't wake up, Your the problem, not the

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PostMon Oct 28, 2013 9:51 pm » by Kinninigan


One my biggest threads the first year i was here, and the day i figured out how to imbed video!

How to Bankrupt JP Morgan:



Kinninigan wrote:I have been sitting on this for a while, just figured out how to imbed video so im posting this now....(cant wait for the shills to tear apart this forum..well find them..we cant bankrupt their boss now!)

The path to ending the rules of the elites is easy. In fact its only easy because this company had no sense to change its name when they "blackballed" Nicoli Tesla, the greatest inventor of all time.
Plain and simple, Tesla invented a system of free energy for the entire planet. JP Morgan decided that they could not put a meter on free electric so Thomas Edison was sold as our father of electric with direct current, and thousands of miles of copper wiring running through our cities, connected to meters. Also all the oil, batteries, coal, and every form of energy bagged, tagged, and sold to us for the past century. They knew the only chance of control was to put us in dept.
Now we all know the damage done to mother Earth because of these forms of energy, and they by-products that come from these forms of energy ( plastics, green house gases, radiation from nuclear power,non bio-degradable battery acids, electrical fires from "direct current", but as long as JP Morgan got rich they did not care about the planet or you.

So lets take JP Morgan to court in a global lawsuit, demanding the Tesla grid be activated, and make JP Morgan and all the companies he owns now pay to reverse the damage done to the Earth. This needs to be done soon, because they wanna push this mess onto us in the form of the "green police" and "carbon taxes".

If JP Morgan had enough sense to change the name of his company it would have been almost imposable to do this, and to think, why does the worlds biggest bank have a hand in not allowing free energy, or even electric cars for that matter. How many wars are over "oil"..a worthless toxic substance that belongs in the ground it is in. Just think how far we would have came as a civilization if Tesla was not black-balled and thrown outta they history books.

So spread the word and lets get this started like wildfire, because free energy would appeal to anyone on this planet, and end the insanity of paying for what should be free.

Lets bankrupt them..and soon..their own greed will destroy them

And unlike other peoples ideas, this is a non-violent legal solution.

Oh.. and all the thousands of miles of left over copper we could use to build water pipelines from glacial melt areas in the country for 100% pure free fresh water..the world is 70% water and most of us pay for it..and its full of chemicals. They have no problem building oil pipelines, this could easily been done too.

Spread the word and I know this could put me in trouble, but no other person has come up with a plan. Once people hear "free electric" the cause will spread itself, and the bankers will have nowhere to run.

Quick info on free electric grid:

Upload to

A much watch episode of a old tv series that explains free energy and other inventions from Tesla, and why JP Morgan "black balled" him, and how the United States stole all of his inventions, including HAARP:

Upload to


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PostTue Oct 29, 2013 12:36 pm » by Tjahzi

sweet :cheers:

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PostTue Jun 02, 2015 9:56 am » by izraul1

It's no big deal when your paying fines with other peoples money... the truth was 13 billion ended up actually only paying 4 billion.. Personally I think none.. just like they actually got wamu for free.

One has to wonder why it is they have been allowed to continue a blatant crime spree while committing terrorist acts against us, after being found guilty of funding terrorism and drug szars.. on top of being bernie madoffs bag men.

Obviously they have something big on our government and are blackmailing them with it... My guess is a very large transfer of money went through them on a very specific certain date.. It's amazing to me not many people realized the name of the act was in 1913 created by banks is also the name of that one very specific day.. :headscratch:

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