13 billion fine for JP Morgan

[The Buddha]

See I told you so ...

OK I didn't ... but I moved from NC to TX to work for them ...
I ran away from there in 6 months. That was after working for B of A and Wells fargo for over 6 years at that point.

Those Idiots are stinkers ... and we need to throw the corporation in jail (which they believe is not possible - but toss the CEO, and the next 3 levels of managers in jail for life and we'll be 1/2 way there)

Cool.
Buddha.

[yamahonkawazuki]

may i ask what crime by statute they committed?, not a civul thing but a criminal one. im sure theres one ive jsut not found it. course ive not been looking tbh lol

[The Buddha]

may i ask what crime by statute they committed?, not a civul thing but a criminal one. im sure theres one ive jsut not found it. course ive not been looking tbh lol

That's easy ... all of them.

B of A - ditto.
Wells fargo - Ditto.

However JP morgan is run by foolish bureaucratic crooks more so than the other 2.

I suggest we string em up in the town center and let their irate customers, ex-employees and what not take a crack @ them ...

If nothing else it will scare off the rest of the crooks.

Cool.
Buddha.

[yamahonkawazuki]

but no one can state what specific crime they committed. thats the gist of my argument. i dont care for them either . if its a bonus, alot of that was stated in their contracts, so it would have been forced to pay at bailout in our damned court system. i just want to know what crime committed. hell ill join the hunt then as well. they by far are not saints lol

[The Buddha]

Oh I was joking I can tell you what they did - easy.

They sold stuff they are supposed to get rated and sell it with that rating.
They sold it with a bogus rating.
So did all the rest of em ... except they have now been proved to have known about it.

Now working @ JPMC its easy to see that they knew about it and shafted the people that bought the crap ... cos that's what JPMC does. They shaft their workers too ... whenever I used to hear about JPMC being the darling of the banking world I used to cringe ... they are the worst crooks. Worse than B of a and wells fargo. Now its just a little more apparent to the rest of the world.

Cool.
Buddha.

[john]

Any links?

[adidasguy]

but no one can state what specific crime they committed. thats the gist of my argument.

That's how they get away with stealing billions. Often you hear of them getting off scott free because they "didn't break any existing laws". That's lawyers. You can't prosecute someone because they were stupid, dishonest, morally wrong or whatever. There has to be a specific law that spells it out EXACTLY. That's due to lawyers.

That's why you can't get the good 5 gal. gas cans anymore. Lawyers sued the company out of existence because dumb people pour gas on a fire. Lawyers make money and feel no product is better than one someone can misuse. Hence during recent storms, people couldn't get gas cans. (Today is a day I feel line ranting).

[The Buddha]

OK I can tell you what they did ... no lawyers can lie their way around it.
I am just glad that the penalty JPMC is hit with is steeper than any of the rest so far ...
All of them did it, JPMC is just the worst IMHO.
They have been treated so very very well and that used to just irk me.

The only ones worse IMHO are Goldman sachs. But I never worked for Goldman sachs ... so in my book JPMC needs to burn in hell.
Goldman sachs could I guess boil in hell.
Then B of a and wells fargo can like be dropped in tepid water and drown.

They are all crooks ... IMHO JPMC was the worst. IMHO that actually is why they were able to hide so long. JPMC was awful for employees too. basically they shafted everyone to pad the CEO's parachute.

Cool.
Buddha.

[The Buddha]

BTW Jamie Dimon the CEO of JPMC was the A$$hoal who famously said of Occupy wall street "what are the complaining about now".
That fool and the BP CEO who said after oil spill "I'd like to get the last 6 months of my life back" ... they both need to be crammed into a 2'X2' cell with Bubba the 300 lb black serial killer in Levinworth.

Cool.
Buddha.

[adidasguy]

A fine means nothing to a corporation. The exec's still keep their own money. The corp. will just take away stock dividends and up the bank fees for a while to cover it. Really a slap on the wrist unless the executives have to give up their money or have to go to jail. House arrest would just be a vacation from the office when you have a multi-million dollar mansion to hang out in.

[The Buddha]

2'X2' cell shared with Bubba.
Cool.
Buddha.

[john]

A fine only means my 401k is put in jeopardy, and stockholders get raped.  Not a great deal for me.

[The Buddha]

These companies have a very loose boundary between stock and their lets say mutual funds.
As in too much of the mutual funds they manage is in their own stock ...
Cool.
Buddha.

[yamahonkawazuki]

OK I can tell you what they did ... no lawyers can lie their way around it.
I am just glad that the penalty JPMC is hit with is steeper than any of the rest so far ...
All of them did it, JPMC is just the worst IMHO.
They have been treated so very very well and that used to just irk me.

The only ones worse IMHO are Goldman sachs. But I never worked for Goldman sachs ... so in my book JPMC needs to burn in hell.
Goldman sachs could I guess boil in hell.
Then B of a and wells fargo can like be dropped in tepid water and drown.

They are all crooks ... IMHO JPMC was the worst. IMHO that actually is why they were able to hide so long. JPMC was awful for employees too. basically they shafted everyone to pad the CEO's parachute.

Cool.
Buddha.

what did they do though?

[yamahonkawazuki]

BTW im not condoning their actions in any way shape or form. cept for maybe having 5 shares of common stock in the small hedge fund I made years back lol. but seriously. not condoning their actions. just asking a simple question. Buddha and hell most of the nation saying they broke a law. im just asking which one? must have been something. because of said fine. but I cannot find specific information anywhere. when I ask which law, they say this one, and then go on about how theyre morally reprehensible. and don't state the broken law. I swear it sounds like politicians slinging it at eachother. and neither one answering a question. it is a simple question. will anyone in this country, or hell the world, answer it? ( SPECIFICALLY)

[The Buddha]

Yamahon - In this 1 instance they sold bonds backed by mortgages that they stamped AAA that was trash ... Ok well all of them did. Here the gubbamint has proved that they did know it was trash, and they did it over a year from the bear stearns and WAMU purchase.

The thing is Bear stearns was something the govt made them buy, and they bought it for 2c on the dollar.

They turned around, un bundled the mortgages, re bundled them and sold them as good.

AKA, your neighbor sells you a bike that you say the motor is seized and pay 2c on the dollar.
Then you turn around and paint it and sell it back to him @ full price.

Your neighbor comes back and beats the tar out of you ...

Cool.
Buddha.

[yamahonkawazuki]

Ok my friend, that I can see. that right there is the charge I was looking for. I honestly had not paid attn. to it. time to unload those 4 shares lol.

[The Buddha]

Let me stretch this analogy to the way JP morgan treats its employees and customers ...

AKA, your neighbor sells you a bike that you say the motor is seized and pay 2c on the dollar.
Then you turn around blame your employees for seizing the motor and make them work 2X in over time to paint it.

You sell parts off this that are damaged to your customers while making them find you good parts to buy and squirrel away ( instant foreclosures on people who have equity and forcing people to pay up when they are under water and they are telling you to take the house).
Then you have your employees robo sign the crap as AAA.
Then you sell the crappy seized up bike missing parts to your neighbor saying its AAA - perfect.

Your neighbor comes back and beats the tar out of you ...
Cool.
Buddha.

[The Buddha]

And B of A gets nailed for fraud - this is from their purchase of countrywide - which as you may remember B of A bought voluntarily ... not a shotgun wedding like JPMC and Bear stearns.

Yes country wide CEO Angelo Mozilo should be in that same 2X2 cell with Jamie dimon, and Bubba the 350 lb the serial killing black dude who believes he's innocent.

Cool.
Buddha.