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Why are these crooks still in business? This is not the first time they have done something shady.
"Even at $11 billion or more, the bank would be paying just a fraction of the damage it wreaked on mortgage investors, government agencies and homeowners. And the deal may ensure that no senior executives would go to jail for the reckless behavior that led to the housing crash and ensuing economic recession."
This is what people should really be concerned about.
I suspect most people would simply like to see this all put behind them. I would actually be in favor of clawing back all compensation acquired during this period from executives. That would be a fine disincentive.
It's $11 billion payable to the USG; almost like a payoff or kickback for the trillions they get to keep.
They all did this. The DOJ takes their free money and lets the banksters go about their merry way.
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.
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.
Yes I read about that as well. That's a good point though actually because JP Morgan 'acquired' (aka stole) those entities for practically nothing.
All of those assets they acquired made them billions of dollars.
Additionally besides these fines they have already paid out billions in fines.
The Gov basically did them a favor by giving them assets , and now they are giving the government their kickback.
Still have not heard anything about the libor scandal. Trillions upon trillions of dollars extracted from the middle class, and the criminals are still making money, free as can be. That was supposed to be thee scandal of the century. Since the complexity of the scam far exceeded to appalling IQ of the American public, who is more concerned with sports or American Idol, it looks like the criminals get a free pass to do it all over again if they choose.
That filthy turd bucket Jon Corzine got off after wrecking MF Global and costing his customers HUGE losses by spinning a roulette wheel. All he had to do was say "I don't know" 40 or so times and that settled that. Not only is he a free man, he started a new hedge fund
The game is so rigged that the criminals are basically invincible. These guys are the modern day mafia, and completely untouchable. Meanwhile, the actual productive workers who contribute something to the world are being marginalized to death. Do you enjoy adequate pay, vacation time and other perks? Watch out, there's a big fat target right on your back! Very sick game being played.
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.
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.
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."
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