ReeferMadness Posted November 15, 2014 Report Posted November 15, 2014 An amazing story. Similar story in video. At great personal sacrifice, former JP Morgan employee Alayne Fleischmann has gone public over the disgraceful way that the US Department of Justice has swept the massive, widespread mortgage fraud under the rug. By all accounts, the DOJ never had any intents of going after anyone, even though the mortgage crisis started a financial meltdown that affected much of the world. This is the same organization that went above and beyond to ensure that Mark Emery was extradited and jailed for selling plant seeds. The heroic Fleischmann emerges as a pawn in this narrative, used by the DOJ to increase the size of the settlement. In return for a bigger fine, CEO Jamie Dimon clearly intended to buy her silence. And of the $13 billion fine, $4 billion is in the form of loan extensions and forgiveness (most of which is paid by organizations other than JP Morgan) and a further $7 billion is tax deductible (so US citizens each get to contribute!). The defence, used by Dimon and others, was essentially that they were idiots who didn't understand their own business. Of course, that's not what they say when they justify their billions in bonuses. So, how much of a deterrent was the "historic fine"? Well, it was so bad that the day after it was announced, JP Morgan stock went up by $12 Billion, roughly double the actual amount of the fine. And what of the "disgraced" Jamie Dimon, the mental feeb who didn't know what he was doing? Apparently, incompetence is very lucrative when you're a CEO. He got a 75% pay raise. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
bush_cheney2004 Posted November 15, 2014 Report Posted November 15, 2014 At great personal sacrifice ? From ill gotten gains ? How so ? Does anybody care ? Quote Economics trumps Virtue.
eyeball Posted November 15, 2014 Report Posted November 15, 2014 Don't get mad, get even. Knock over a bank or string up a couple of politicians and other shareholders for good measure. Quote I said now watch what you say they'll be calling you a radical, a liberal, oh fanatical criminal
Wilber Posted November 15, 2014 Report Posted November 15, 2014 Not news. You can be bent as a pretzel as long as you are too big to fail. Getting the tax payer to foot the bill for your screw ups is considered bonus worthy. If you are searching for ethics, look elsewhere. Quote "Never trust a man who has not a single redeeming vice". WSC
ReeferMadness Posted November 15, 2014 Author Report Posted November 15, 2014 Don't get mad, get even. Knock over a bank or string up a couple of politicians and other shareholders for good measure. Do that and they will put you in jail. Dimon will still be free and rich, though. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
eyeball Posted November 15, 2014 Report Posted November 15, 2014 Well, if that's the case lets have a revolution and string the whole freakin' mess up - leave no survivors. Quote I said now watch what you say they'll be calling you a radical, a liberal, oh fanatical criminal
bush_cheney2004 Posted November 15, 2014 Report Posted November 15, 2014 Not news. You can be bent as a pretzel as long as you are too big to fail. Getting the tax payer to foot the bill for your screw ups is considered bonus worthy. If you are searching for ethics, look elsewhere. Seriously...why even bother ? What part of "making money" do some people not understand ? Quote Economics trumps Virtue.
ReeferMadness Posted November 15, 2014 Author Report Posted November 15, 2014 Not news. You can be bent as a pretzel as long as you are too big to fail. Getting the tax payer to foot the bill for your screw ups is considered bonus worthy. If you are searching for ethics, look elsewhere. And where, exactly, would that be? Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
ReeferMadness Posted November 15, 2014 Author Report Posted November 15, 2014 Well, if that's the case lets have a revolution and string the whole freakin' mess up - leave no survivors. Well, that would be one way. But if you could get the type of support you needed to mount a revolution, you could get change more easily and without bloodshed. We live in democracies; at least in name. The problem is getting people's attention. They're willing to get bent out of shape over pricey orange juice and senator's living expenses. But here we have a smoking gun that points to the root of the problem. Capitalists are robbing us all blind and the government is covering up the scene of the crime. The problem is that this is just too vast. People shrug their shoulders and look away because they think that they can't do anything. And as long as they believe that, they're absolutely right. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
ReeferMadness Posted November 15, 2014 Author Report Posted November 15, 2014 (edited) Seriously...why even bother ? What part of "making money" do some people not understand ? You clearly have nothing to say. Why don't you just go troll somewhere else? Edited November 15, 2014 by ReeferMadness Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
ReeferMadness Posted November 15, 2014 Author Report Posted November 15, 2014 Not news. You can be bent as a pretzel as long as you are too big to fail. Getting the tax payer to foot the bill for your screw ups is considered bonus worthy. If you are searching for ethics, look elsewhere. Well, I guess that's that. Nothing to be done so let's all just watch hockey and stuff ourselves with cheetos. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
Wilber Posted November 16, 2014 Report Posted November 16, 2014 (edited) And where, exactly, would that be? Good question but not in finance. Look at the reality. These guys screwed people for billons and came out roses. A comparative financial nobody like Martha Stewart goes to jail. The system goes after easy targets, not worthy ones. Edited November 16, 2014 by Wilber Quote "Never trust a man who has not a single redeeming vice". WSC
On Guard for Thee Posted November 16, 2014 Report Posted November 16, 2014 You clearly have nothing to say. Why don't you just go troll somewhere else? I'm sure that happens, and with similar responses. Quote
GostHacked Posted November 16, 2014 Report Posted November 16, 2014 (edited) Seriously...why even bother ? What part of "making money" do some people not understand ? Making money as in working for a wage? Or making money as in printing more worthless fiat paper dollars? Or making money as in stealing from your clients and taxpayers? Edited November 16, 2014 by GostHacked Quote
Topaz Posted November 16, 2014 Report Posted November 16, 2014 I saw that story about a week ago, and she's lucky she's still alive, after all, dead people don't talk and after she testifies, she still could be in danger. Quote
ReeferMadness Posted November 17, 2014 Author Report Posted November 17, 2014 (edited) Good question but not in finance. Look at the reality. These guys screwed people for billons and came out roses. A comparative financial nobody like Martha Stewart goes to jail. The system goes after easy targets, not worthy ones. Well, I'm no expert. But according to Fleischmann, who is herself a lawyer, there was a pretty clear paper trail here. She said that it wasn't that this case was too complicated to prosecute. The only question is how high up in the organization could they have prosecuted. So, the strategy you take is the same strategy as is used in organized crime. You start with the people who signed the documents. Either they take the fall or they implicate the people above them. It's not that hard. When reviewing AG Holder's claim that it was just too hard to prosecute these cases, one commentator wisecracked that it was fortunate Holder retired before he took on organized crime. One of the things that this case confirms is Noam Chomsky's assertion that there are no fundamental differences between the Democrats and Republicans. They are both parties of and for the wealthy, thanks in no small part to America's liberal political contribution laws. When push comes to shove, both parties are beholden to big money. Edited November 17, 2014 by ReeferMadness Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
ReeferMadness Posted November 17, 2014 Author Report Posted November 17, 2014 I saw that story about a week ago, and she's lucky she's still alive, after all, dead people don't talk and after she testifies, she still could be in danger. The thought has crossed my mind, although she seemed to be fairly relaxed in the interviews. I hope the story can get more airplay - the bigger it is in the news, the more reluctant people who don't want her talking would be to do something like that. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
ReeferMadness Posted December 21, 2014 Author Report Posted December 21, 2014 I see the Wall Street Journal appears complicit in what is looking more and more like a massive coverup. By writing what essentially amounts to a puff piece on how attorney Richard Elias took down the big banks, the WSJ is showing itself to be a true friend of big business to the bitter end. Here is a quote from the article: In a memo, one J.P. Morgan employee warned her bosses they were putting bad loans into securities being created before the financial crisis hit. A J.P. Morgan employee?? Why didn't the article mention Alayne Fleischmann by name? You could argue it was just more lazy journalism but a more logical answer would be that Fleischmann herself would be in profound disagreement with the premise of the article. The fines were not a huge blow to the banks, they were chump change to these behemoths. Most of the cost was borne by others (mortgage brokers, the government itself) and what was borne by the banks was paid by the shareholders. The perpetrators got off with no consequences. And what of Richard Elias, the "hero" who supposedly brought Wall Street banks to their knees? He has left the DOJ to join a private law firm, which will no doubt pay him much more. Welcome to the new America where the government is just a tool to help funnel more money to the wealthy. Quote Unlimited economic growth has the marvelous quality of stilling discontent while preserving privilege, a fact that has not gone unnoticed among liberal economists. - Noam Chomsky It is difficult to get a man to understand something, when his salary depends on his not understanding it. - Upton Sinclair
kimmy Posted December 25, 2014 Report Posted December 25, 2014 Meanwhile Jamie Dimon himself was personally calling up congressmen to lobby for changes in the spending bill that eliminate restrictions on banks speculating on derivative swaps. -k Quote (╯°□°)╯︵ ┻━┻ Friendly forum facilitator! ┬──┬◡ﾉ(° -°ﾉ)
GostHacked Posted December 26, 2014 Report Posted December 26, 2014 Gerald Cenelte's top trend for 2015, 'Bankism'. Quote
Michael Hardner Posted December 26, 2014 Report Posted December 26, 2014 http://www.marketoracle.co.uk/Article45454.html Gerald Celente, a popular gloom and doom blogger and publisher of the TR Journal finally gives a date for the always coming economic collapse that I must have been hearing about for 5 years now. WLW Radio - 30th April 2014 "Your predicting an economic collapse, when do you think that is going to happen Gerald?" "I am going to say by the end of the second quarter." "I believe it is going to happen in the first quarter of 2014". Quote Looks like someone has a new patronizing catch phrase ! Michael Hardner
GostHacked Posted December 26, 2014 Report Posted December 26, 2014 Gerald can predict, and yes he was wrong on some things, not everyone is perfect.. As Schiff has been wrong about some things. All while the Fed and other idiots like Bernanke were telling is the economy is getting better. Has it really??????? But both are looking at the current banking system and seeing how screwed up it is. All the big banks who screwed the economy and were on the verge of collapse cried to the government and got the biggest welfare cheques in history. QE1 and others staved off the collapse (wild cards) that change the game for a while. But then we needed QE2, and QE3, and QE Indefinite. That had global impacts we are still trying to recover from. We may never recover. I trust Celente more than I trust 90% of the talking heads on most main stream news media. Quote
Michael Hardner Posted December 26, 2014 Report Posted December 26, 2014 Gerald can predict, and yes he was wrong on some things, not everyone is perfect.. As Schiff has been wrong about some things. All while the Fed and other idiots like Bernanke were telling is the economy is getting better. Has it really??????? Yes. I trust Celente more than I trust 90% of the talking heads on most main stream news media. He's always predicting the collapse of the economy. If it doesn't happen after 10 years will you still trust him ? Quote Looks like someone has a new patronizing catch phrase ! Michael Hardner
GostHacked Posted December 26, 2014 Report Posted December 26, 2014 How has it gotten better? I won't accept a simple 'yes'. Quote
Michael Hardner Posted December 26, 2014 Report Posted December 26, 2014 How has it gotten better? I won't accept a simple 'yes'. http://www.nytimes.com/2014/12/24/business/us-q3-gdp-revised-up-to-5-percent.html?_r=0 The American economy grew last quarter at its fastest rate in over a decade, providing the strongest evidence to date that the recovery is finally gaining sustained power more than five years after it began. Bolstered by robust spending among consumers and businesses alike, economic output rose at an annual rate of 5 percent during the summer months, the Commerce Department said Tuesday Quote Looks like someone has a new patronizing catch phrase ! Michael Hardner
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