Whistleblower Details JPMorgan Mortgage Market Crimes, Justice Department Covering Them Up

By: Friday November 7, 2014 7:45 am

With the return of Matt Taibbi to Rolling Stone Magazine comes an amazing story about how the depraved crimes of JPMorgan Chase were covered up by Attorney General Eric Holder despite there being a whistleblower willing to testify. The whistleblower is Alayne Fleischmann, a former lawyer who worked for JPMorgan Chase overseeing mortgage securities. Fleischmann [...]

JPMorgan Under Criminal and Civil Investigation Over Mortgages

By: Thursday August 8, 2013 8:04 am

One of Wall Street’s Too Big To Fail banks is under criminal investigation for its practices in the mortgage market.  JPMorgan Chase & Co. disclosed in a SEC filing that it was under criminal investigation and had already been notified by the Department of Justice’s civil division that it had violated federal securities laws in [...]

JPMorgan Pays $410 Million For Enron-Style Manipulation Of Energy Market

By: Monday August 5, 2013 7:51 am

 It’s the same old song. JP Morgan Chase & Co. has been caught once again breaking the rules to snatch profits and will only have to pay a small portion of its loot to make it all go away. No criminal prosecutions and no reforms, just a speeding ticket on the bankster highway. This time [...]

JPMorgan Accused Of Manipulating Energy Markets

By: Tuesday July 30, 2013 12:00 pm

Too Big To Fail Megabank JPMorgan Chase is back on the government’s radar. The bank has been under investigation numerous times after taking a bailout during the 2008 financial crisis – most notably for the London Whale trade – and is now under scrutiny for its trading activities in the energy market. The accusation comes [...]

Jamie Dimon “That’s Why I’m Richer Than You”

By: Thursday February 28, 2013 9:23 am

Oh how much class the ruling class have. On a conference call with investors and analysts JPMorgan CEO Jamie Dimon displayed the kind of wit and grace one could only expect from the truly refined – not only agreeing to answer a mere peasant’s question but offering illumination into his heavenly projection into the boundless [...]

Banks Win Delay On Derivatives Rule

By: Friday January 4, 2013 7:35 am

In what is becoming a trend, the Wall Street banks have been able to once again dodge Dodd-Frank, at least for now. From Bloomberg: JPMorgan Chase & Co. (JPM), Goldman Sachs Group Inc. (GS) and Bank of America Corp. won a delay of Dodd-Frank Act requirements that they wall off some derivatives trades from bank [...]

Schneiderman Files Suit Against Credit Suisse for Securities Fraud, Days After SEC Settled Same Conduct

By: Tuesday November 20, 2012 11:55 am

Continuing on the theme of prosecutions for fraud during the housing collapse, though in this case civil rather than criminal ones, New York Attorney General Eric Schneiderman just announced a new lawsuit against Credit Suisse for defrauding investors in its mortgage backed securities business. The case mirrors the previous suit filed by Schneiderman against JPMorgan [...]

JPMorgan Chase, Credit Suisse Don’t Have to Admit Wrongdoing in Another SEC Settlement

By: Friday November 16, 2012 2:45 pm

In another in a long line of weak settlements where the perpetrators of fraud don’t have to technically say whether or not they’ve committed it, the Securities and Exchange Commission reached agreement with JPMorgan Chase and Credit Suisse on a collection of violations related to the handling of mortgage backed securities. JPMorgan Chase and Credit [...]

Administration Housing Policy in a Second Term

By: Friday November 9, 2012 1:22 pm

Of all the thumbsuckers about the second-term Obama agenda I’ve read, the ones that reflect the least contact with reality concern Administration housing policy. It’s beyond clear that the first-term policy framework sought to protect banks and allocate losses from the collapse of the housing bubble elsewhere. That was the point behind HAMP, designed to [...]

JPMorgan Chase Still Trying to Blame Individuals For Fail Whale-Related Fraud

By: Wednesday October 31, 2012 11:29 am

JPMorgan Chase has sued the former manager of Bruno Iskil, the “London Whale” who executed the “Fail Whale trades” that cost the company as much as $7 billion. Javier Martin-Artajo was the direct supervisor to Iskil in the Chief Investment Office in London. The lawsuit, which was filed in a London court, did not disclose [...]

Standard and Poor’s Report Strengthens Wall Street’s Hand in Fight Over Volcker Rule

By: Tuesday October 23, 2012 8:30 am

Standard and Poor’s estimates that the Volcker rule, due to be finalized at the end of the year, will eliminate $10 billion from bank profits annually. This is a sharp increase in the perception of the Volcker rule’s impact, and it comes before the extent of the rule is even known. “We currently estimate that [...]

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