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Log inWhistleblower who caused $9 billion JP Morgan fine speaks out for first time
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Marathadi-Saamiyaar
MaxEntropy_Man
FluteHolder
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Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by FluteHolder Sat Nov 08, 2014 12:12 pm
http://www.nydailynews.com/news/national/whistleblower-alayne-fleischmann-caused-billion-jp-morgan-fine-speaks-article-1.2002733
http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106
http://www.rollingstone.com/politics/news/the-9-billion-witness-20141106
FluteHolder- Posts : 2355
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by FluteHolder Sat Nov 08, 2014 1:24 pm
So it means, if you steel a pack of cigarette/rob a convenient store, you would get shot/killed (Ferguson, MO) and if you rob Americans in $Billions you just get fined....
FluteHolder- Posts : 2355
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by MaxEntropy_Man Sat Nov 08, 2014 2:02 pm
thanks for posting. the republicans whine about obamacare, but not about this gargantuan failure of the DOJ!
MaxEntropy_Man- Posts : 14702
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by Marathadi-Saamiyaar Sat Nov 08, 2014 2:27 pm
MaxEntropy_Man wrote:thanks for posting. the republicans whine about obamacare, but not about this gargantuan failure of the DOJ!
எல்லாம் ஓரே குட்டையிலே ஊறின மட்டைகள்
Marathadi-Saamiyaar- Posts : 17675
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Age : 110
Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by FluteHolder Sat Nov 08, 2014 2:34 pm
So how does this work?
1. DOJ Finds evidence of fraud/crime.
2. Calculates how much is the of loss?
3. Punitive damage is 10 to 12 times the loss and include possible jail time.
4. But instead 'discusses with criminals' if you pay 9$B, you are free to go?
1. DOJ Finds evidence of fraud/crime.
2. Calculates how much is the of loss?
3. Punitive damage is 10 to 12 times the loss and include possible jail time.
4. But instead 'discusses with criminals' if you pay 9$B, you are free to go?
FluteHolder- Posts : 2355
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by Marathadi-Saamiyaar Sat Nov 08, 2014 6:30 pm
FluteHolder wrote:So how does this work?
1. DOJ Finds evidence of fraud/crime.
2. Calculates how much is the of loss?
3. Punitive damage is 10 to 12 times the loss and include possible jail time.
4. But instead 'discusses with criminals' if you pay 9$B, you are free to go?
Only solution: treat the wall stree looters on par with drug dealers. As money was the motive, aenga, means and the end, take EVERY penny from them and their families.
Marathadi-Saamiyaar- Posts : 17675
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by FluteHolder Sun Nov 09, 2014 10:14 am
I think they have some protection from 'everywhere'.Marathadi-Saamiyaar wrote:Only solution: treat the wall stree looters on par with drug dealers. As money was the motive, aenga, means and the end, take EVERY penny from them and their families.
This is the country which impeached a president, tried to impeach another one over 'lying'. Sent few congressmen/senators to jail over 'bribe'/ other criminal charges. Asked the First lady to come to court for her daughter's case (giving false ID for getting alcohol); And recently MD governor and his wife are sent to jail for accepting '30k$' bribe. And yet as Senator Elizabeth Warren (MA) asks, why no banker has gone to jail so far?
Is it so difficult to get a conviction on these crimes or good lobbying$ by the finance/banking industry?
Other reasons I have come across finance forums is the 'pension funds' of most judiciary/judges/municipalities are invested in the bank's investment products and if the judges take action against the banks, their future pensions will suffer. That is the reason none of the judges are willing to take action against banks/related crooks.
FluteHolder- Posts : 2355
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by MaxEntropy_Man Sun Nov 09, 2014 10:22 am
flute -- this is also a country that has a habit of incarcerating young black men with long sentences for petty robbery and drug crimes. the deference shown towards jamie dimon when he was testifying before congress was nauseating.
MaxEntropy_Man- Posts : 14702
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by confuzzled dude Sun Nov 09, 2014 10:25 am
It's Capitalism, ComradeFluteHolder wrote:I think they have some protection from 'everywhere'.Marathadi-Saamiyaar wrote:Only solution: treat the wall stree looters on par with drug dealers. As money was the motive, aenga, means and the end, take EVERY penny from them and their families.
This is the country which impeached a president, tried to impeach another one over 'lying'. Sent few congressmen/senators to jail over 'bribe'/ other criminal charges. Asked the First lady to come to court for her daughter's case (giving false ID for getting alcohol); And recently MD governor and his wife are sent to jail for accepting '30k$' bribe. And yet as Senator Elizabeth Warren (MA) asks, why no banker has gone to jail so far?
Is it so difficult to get a conviction on these crimes or good lobbying$ by the finance/banking industry?
Other reasons I have come across finance forums is the 'pension funds' of most judiciary/judges/municipalities are invested in the bank's investment products and if the judges take action against the banks, their future pensions will suffer. That is the reason none of the judges are willing to take action against banks/related crooks.
confuzzled dude- Posts : 10205
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by MaxEntropy_Man Sun Nov 09, 2014 10:42 am
http://thedailyshow.cc.com/videos/ixd0ca/bank-yankers---jamie-dimon-on-capitol-hill#
MaxEntropy_Man- Posts : 14702
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by nevada Sun Nov 09, 2014 11:49 am
No, it is the J factor at work. They are too smart to get caught. After all the gambling and devastation that they did, as back up they had one of their own as Fed chairperson to lend them truck loads of money for free. The Fed's near zero interest rates have effectively stolen money from savers who are mostly retirees counting on interest income for their needs but who is going to punish this polished thief who does it all "legally"?confuzzled dude wrote:It's Capitalism, ComradeFluteHolder wrote:I think they have some protection from 'everywhere'.Marathadi-Saamiyaar wrote:Only solution: treat the wall stree looters on par with drug dealers. As money was the motive, aenga, means and the end, take EVERY penny from them and their families.
This is the country which impeached a president, tried to impeach another one over 'lying'. Sent few congressmen/senators to jail over 'bribe'/ other criminal charges. Asked the First lady to come to court for her daughter's case (giving false ID for getting alcohol); And recently MD governor and his wife are sent to jail for accepting '30k$' bribe. And yet as Senator Elizabeth Warren (MA) asks, why no banker has gone to jail so far?
Is it so difficult to get a conviction on these crimes or good lobbying$ by the finance/banking industry?
Other reasons I have come across finance forums is the 'pension funds' of most judiciary/judges/municipalities are invested in the bank's investment products and if the judges take action against the banks, their future pensions will suffer. That is the reason none of the judges are willing to take action against banks/related crooks.
And that petty thief Madoff(compared to the Fed + Banks he is small Fry) wouldn't have been caught for another 5-10 years if the market hadn't tanked so horribly. There would have been fresh supply of money coming in from eager new investors - who were actually a deluded lot thinking that their money was safe as he was "one of their own".
nevada- Posts : 1831
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by MaxEntropy_Man Sun Nov 09, 2014 12:06 pm
nevada --not sure i understand your point. what does fed policy have to do with mortgage underwriters malfeasance, underestimating risks, and accepting fictitious incomes on people's mortgage applications, and finally securitizing them into options and derivatives? that's what the matt taibi article is about.
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by nevada Sun Nov 09, 2014 12:17 pm
They did all that because they are "too big to fail" and they had a back up to bail them out. All the stuff you mentioned was public knowledge BEFORE the crisis unfolded. But Bernanke kept saying that the economy is in fine shape and there is no cause for concern.
These are a few of the Fed's roles and responsibilities:
"Under the chair’s leadership, the board’s responsibilities include analysis of domestic and international financial and economic developments. The board also supervises and regulates the Federal Reserve Banks, exercises responsibility in the nation’s payments system, and administers consumer credit protection laws (including the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts).
The board also plays a major role in the supervision and regulation of the U.S. banking system, including state-chartered banks that are Federal Reserve System members, bank holding companies, member banks’ foreign activities, foreign banks’ activities in the U.S. The board supervises approximately 900 state member banks and 5,000 bank holding companies.
These are a few of the Fed's roles and responsibilities:
"Under the chair’s leadership, the board’s responsibilities include analysis of domestic and international financial and economic developments. The board also supervises and regulates the Federal Reserve Banks, exercises responsibility in the nation’s payments system, and administers consumer credit protection laws (including the Truth in Lending, Equal Credit Opportunity, and Home Mortgage Disclosure Acts).
The board also plays a major role in the supervision and regulation of the U.S. banking system, including state-chartered banks that are Federal Reserve System members, bank holding companies, member banks’ foreign activities, foreign banks’ activities in the U.S. The board supervises approximately 900 state member banks and 5,000 bank holding companies.
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by Marathadi-Saamiyaar Sun Nov 09, 2014 12:42 pm
FluteHolder wrote:
Other reasons I have come across finance forums is the 'pension funds' of most judiciary/judges/municipalities are invested in the bank's investment products and if the judges take action against the banks, their future pensions will suffer. That is the reason none of the judges are willing to take action against banks/related crooks.
Not quite....ALL Federal government employees, including judges, bureaucracy, workers get "Pension Pension" - the real type, old fashioned pension, which is independent of their 401/403K or hoe govt invests their retirement funds.
For ex...Eric Holder steps down and will go to Wall Street. How do you expect him to put the bankers in jail - which is his job. You need someone like Juliani or Barara a Atty Gen for that. Precisely for these reasons, the non-political Barara will not be an Atty General.
Marathadi-Saamiyaar- Posts : 17675
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Age : 110
Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by MaxEntropy_Man Sun Nov 09, 2014 12:57 pm
oh bharara is a political animal alright. he's definitely targeting running for governor of NY.
MaxEntropy_Man- Posts : 14702
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by truthbetold Sun Nov 09, 2014 1:35 pm
Max
Some Tea party leaders criticized bank bal out and lack of action against bank leadership. Absent from such active questioning is whitehouse leadership and leadership of both parties.
General comment:
The lack of action on banks is a political decision. All the bureaucratic convulsions are a result of that decision not to act. They are breaking all laws to comply with the political will.
Try reading Stigliz's (long) article (speech delivered at columbia) for an alternate suggestion to handle the 2008 economic crises.
http://academiccommons.columbia.edu/catalog/ac:158348
Some Tea party leaders criticized bank bal out and lack of action against bank leadership. Absent from such active questioning is whitehouse leadership and leadership of both parties.
General comment:
The lack of action on banks is a political decision. All the bureaucratic convulsions are a result of that decision not to act. They are breaking all laws to comply with the political will.
Try reading Stigliz's (long) article (speech delivered at columbia) for an alternate suggestion to handle the 2008 economic crises.
http://academiccommons.columbia.edu/catalog/ac:158348
truthbetold- Posts : 6799
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by Kris Sun Nov 09, 2014 2:03 pm
>>>Will read the article when I get a chance. The crisis was a culmination of many things: regulators looking the other way (when you a have revolving door between Goldman and the government, you can understand how this came about), the country itself getting caught up in the irrational exuberance and let's face it, everyone went for the ride, products with unsustainable risk models which no one vetted out or simply didn't care to vet out etc. When Obama took office, we were so far pregnant with this damn thing, the bail out was pretty much the only option. I honestly think if we had let things take their natural course i.e. let the institutions fail, the shock to the economy would have been so severe it would have been a case of the cure being worse than the disease, at least in the short run. Of course, as the saying goes, in the long run we are all dead, anywaytruthbetold wrote:Max
Some Tea party leaders criticized bank bal out and lack of action against bank leadership. Absent from such active questioning is whitehouse leadership and leadership of both parties.
General comment:
The lack of action on banks is a political decision. All the bureaucratic convulsions are a result of that decision not to act. They are breaking all laws to comply with the political will.
Try reading Stigliz's (long) article (speech delivered at columbia) for an alternate suggestion to handle the 2008 economic crises.
http://academiccommons.columbia.edu/catalog/ac:158348
Kris- Posts : 5460
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by truthbetold Sun Nov 09, 2014 3:25 pm
Kris,
I agree bailout is necessary. Stigliz suggested that instead of bailing out the very banks that caused the problem, US govt should set an alternate institute(tions) that will perform two functions (a) re open lending markets and (b) take in all bad loans. Then close all big banks that fail capital test as a natural consequence of economic crises. That will create proper sense of risk for future.
The argument is that the present approach by US govt creates false risk proposition. The banks do not fear the risk of making bad decisions. Their risk is limited to whether they can get US govt to intervene or not.
In Stigliz's words banks shareholders enjoy the profits and general public is burdened with losses in case of a major meltdown.
I agree bailout is necessary. Stigliz suggested that instead of bailing out the very banks that caused the problem, US govt should set an alternate institute(tions) that will perform two functions (a) re open lending markets and (b) take in all bad loans. Then close all big banks that fail capital test as a natural consequence of economic crises. That will create proper sense of risk for future.
The argument is that the present approach by US govt creates false risk proposition. The banks do not fear the risk of making bad decisions. Their risk is limited to whether they can get US govt to intervene or not.
In Stigliz's words banks shareholders enjoy the profits and general public is burdened with losses in case of a major meltdown.
truthbetold- Posts : 6799
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
by MaxEntropy_Man Sun Nov 09, 2014 3:52 pm
the original article i was responding to was not about the fed or the pros and cons of the bailout in the aftermath of the financial crisis. it was about the blatant and seemingly criminal actions of very senior execs at JPM all of whom roam free today because of the DOJ inaction. to the article's general indictment of the DOJ i'd add jamie dimon's balls -worshipping US senators.
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Re: Whistleblower who caused $9 billion JP Morgan fine speaks out for first time
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