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Old 11-05-2013, 01:19 AM
 
Location: San Francisco
48 posts, read 106,227 times
Reputation: 27

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The 11 billion includes 9 Billion in cash and 4 Billion for the consumers. So at least the company is thinking about their consumers.
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Old 11-05-2013, 01:52 AM
 
Location: Someplace Wonderful
5,177 posts, read 4,763,648 times
Reputation: 2587
Quote:
Originally Posted by jm1982 View Post
I just wonder what message it sends to society .

These are people that should be in jail , but because of their wealth and power they are not .

The message is basically " do whatever you can to get as rich as possible , if you get caught just pay out a fine "

This guarantees that things won't change much .

Of course most people probably aren't paying much attention to this story but the future Wall Street criminals most likely are .
If nothing else, it shows that the Obama administration is up to it's ears in corruption, having accepted so much money from the money center banks.

Lest anyoe forget, under Bush, some 47 senior and executive managers, including CEO Ken Lay, of Enron were tried and convicted of fraud. At a time when the left were accusing Bush of corruption and doing nothing.

Where are those leftists now?

I guess there are different rules for Dems and socialists like Obama?
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Old 11-05-2013, 01:58 AM
 
Location: Someplace Wonderful
5,177 posts, read 4,763,648 times
Reputation: 2587
Quote:
Originally Posted by cdelena View Post
The source of most of these problems is in the federal government. JPM and other major banks did a lot of questionable things but much of it was because 1) Glass-Steagall Act repeal that freed insured banks to gamble with government protection; 2) A big government housing push mostly justified with the CRA that forced banks bad loan practice; 3) A long-term increase in the money supply that continues to distort markets; 4) continued government regulation that encourages corruption and a search for loopholes.

We have our government to thank for the financial crisis that the citizens are dealing with.
Blame of the CRA is yet another one of those right wing LIES !!!! There is no PROOF whatsoever that the CRA had ANYTHING to do with the mortgage meltdown. In fact, CRA default rates were half of what all those Ninja loans and other bank concocted loans showed.

Even most of the right abandoned the CRA theory, instead making Barney Frank to cause, what with his going bank to bank. putting a gun to the heads of those CEOs, forcing them to make bad loans.

Sheesh!
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Old 11-05-2013, 02:01 AM
 
5,730 posts, read 10,089,600 times
Reputation: 8051
I'll take $1,000 and a $10 fine (Or the equivalent) any time....!
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Old 11-05-2013, 02:32 AM
 
Location: Someplace Wonderful
5,177 posts, read 4,763,648 times
Reputation: 2587
Quote:
Originally Posted by SOON2BNSURPRISE View Post
You do know that JP Morgan acquired other entities that did a big chunk of the damage. The argument that JPM is going to have is that they alone did not do the damage. They are prepared to pay their part but will argue that the other two majors that they acquired were at the majority of fault here.
When you buy a company, you buy not only its assets, but its LIABILITIES. Bank of America bought Countrywide. Wells bought Wachovia. Morgan bought whomever. By LAW that makes the buyer of those crooked firms liable for whatever.
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Old 11-05-2013, 02:34 AM
 
Location: Someplace Wonderful
5,177 posts, read 4,763,648 times
Reputation: 2587
Quote:
Originally Posted by jm1982 View Post
Yes definitely

Amazing how much is ignored by the public even though these things directly affect them .

I don't see many lessons learned from this financial crisis

Who went to jail ?

Which execs lost all their money ?

There was no pain or sacrifice on their part

Just a very bad message to send to young people
EXACTLY my questions!!!!! STILL waiting for the perp walks.
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Old 11-05-2013, 02:39 AM
 
Location: Someplace Wonderful
5,177 posts, read 4,763,648 times
Reputation: 2587
Quote:
Originally Posted by shaker281 View Post
Just the government? Not the lenders, the brokers, the irrationally exuberant buyers?

Do you know that the vast majority of the damage was done by investment banks with no obligations under CRA?

"nearly 60 percent of higher-priced loans went to middle- or higher-income borrowers or neighborhoods, which are not the focus of CRA activity. Additionally, about 20 percent of the higher-priced loans that were extended in low- or moderate-income areas, or to low- or moderate-income borrowers, were loans originated by lenders not covered by the CRA. Our analysis found that only six percent of all higher-priced loans were made by CRA-covered lenders to borrowers and neighborhoods targeted by the CRA. Further, our review of loan performance found that rates of serious mortgage delinquency are high in all neighborhood groups, not just in lower-income areas."

It seems it behooves a lot of people to try and place blame somewhere other than with those charged with the duty to monitor and control such things when they were actually happening. This was greed, pure and simple, across the board. And a government asleep at the wheel whilst it was going down!

Regarding Glass-Steagall:

"There is zero evidence this change unleashed the financial crisis. If you tally the institutions that ran into severe problems in 2008-09, the list includes Bear Stearns, Lehman Brothers, Merrill Lynch, AIG, and Fannie Mae and Freddie Mac, none of which would have come under Glass-Steagall’s restrictions."
Nothing like crossing paths with someone who has researched, and who gets it. I SO tire of the right wing ideologues who blame Fannie and Barney Frank for the bubble and the crash. And why are the left wing ideologues silent as the Obama administration tiptoes through the tulips, hoping not to be caught. As recipients of Money Center Financial Institution largesse, they too are culpable.
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