S.E.C. Opens Investigation Into JPMorgan's $2 Billion Loss, page 1

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Topic started on 11-5-2012 @ 02:17 PM by Corruption Exposed

S.E.C. Opens Investigation Into JPMorgan's $2 Billion Loss

dealbook.nytimes.com

Regulators are investigating potential civil violations surrounding the $2 billion loss that JPMorgan Chase disclosed on Thursday, raising further questions about trading activities at the nation’s biggest bank.

The Securities and Exchange Commission recently opened a preliminary investigation into JPMorgan’s accounting practices and public disclosures about the trades, according to people briefed on the matter, who spoke on the condition of anonymity because the case is not public. Regulators learned about the activities in April, and formally opened an investigation in recent days, th

(visit the link for the full news article)

reply posted on 11-5-2012 @ 02:17 PM by Corruption Exposed

My first question is who will be the scapegoat. Two billion dollars just doesn't go "missing". If anyone can get away with this, it would be an entity such as JP Morgan. Imagine if a smaller bank who isn't part of the "in crowd" did this, would this be considered as a trivial matter?

The article implicates that these funds may have distorted the market which is a criminal act. Regrettably these crooks can get away with this since they are virtually untouchable.

Hey, at least it's nice to see that the crooks are stealing from the crooks. Maybe we have a Robinhood on our hands, I doubt it though.

Hopefully they catch the culprits and apply some global consistency and maybe even set an example that these corrupt practices need to stop.

Realistically we all know nothing will come of this and it will get swept under the rug unless they can find a convenient scapegoat.

dealbook.nytimes.com
(visit the link for the full news article)

reply posted on 11-5-2012 @ 02:21 PM by jacobe001

reply to post by Corruption Exposed

While the "SEC" investigating JP Morgan sounds promising, I will not hold my breath in that anything will come out of this. The SEC is utterly corrupt, as evidenced by the 2008 Financial Crisis wherein no-one has gone to jail to date. There are also plenty of documents online on the corrupt behavior of the SEC and the Big Club Mentality that goes in within it.

That is, except for Maddof, whom stole from the rich, which is a no no.

Stealing from your fellow American's or other countries is however, ok with these parasites at the top.

reply posted on 11-5-2012 @ 02:29 PM by Corruption Exposed

reply to post by jacobe001

I agree with everything you said.

Imagine if you or I "misplaced" 2 billion dollars that caused market manipulation, we wouldn't be here posting about it, we would be locked up. Heck, I've heard of people going to jail for theft when their cash register didn't add up at the end of their shift.

This world is far from fair and these corrupt corporate criminals who escape unscathed help prove this.

reply posted on 11-5-2012 @ 02:50 PM by Rockpuck

reply to post by Corruption Exposed

When I did trading for clients my records had to be long term and pristine. Any slight mess up and I'd have angry gov types rampaging through my office. JP can lose $4b dollars in an account that was supposed to hedge against risk and the SEC had no idea, and still has no idea how or why it happened. Had JP not said anything, the SEC wouldn't have known. Which makes me wonder... why the hell are massive government agencies looking over little guys with a magnify glass and completely ignoring (still!) massive banks risking hundreds of billions in public funds?

It's perplexing.

reply posted on 11-5-2012 @ 02:58 PM by Patifier

There is a joke during congress hearings about the SEC that they had 1 employee during the 2008 crisis and that he could go home and sleep at night in this documentary:

Inside Job

reply posted on 11-5-2012 @ 03:04 PM by Daedal

reply to post by Corruption Exposed

Just came across this at zero hedge...We may be looking at a break-up of the nations 5 largest banks. IMO would be a good idea because they are stalling and prolonging a full economic recovery.

Zerohedge.com

For years, many high-level economists and financial experts have said that - unless we break up the giant banks - our economy will never recover, real reform will be blocked, and democracy and the rule of law will be corrupted.

The President of the Federal Reserve Bank of Dallas - Richard Fisher - has been one of those calling for the breakup of the giant, insolvent banks. But he has only done so in his private capacity ... Until now.

This week, Fisher and the Dallas Fed's research director, executive vice president Harvey Rosneblum, sent out official communications from the Dallas Fed slamming the too big to fails, and calling for their immediate breakup.

reply posted on 11-5-2012 @ 03:07 PM by Corruption Exposed

reply to post by Rockpuck

I am also perplexed by the fact that they focus with intense scrutiny on the little guy, but let the big shots get away with financial murder. This should come to no surprise to any of us, but it's certainly rigged to the fullest extent.

reply posted on 11-5-2012 @ 03:09 PM by Corruption Exposed

reply to post by Patifier

Thanks for the link, regrettably I'm unable to view it from my work computer but will make sure to view it later on when I get home.

Joke or not, I wonder how these people can sleep at night. All the money they make probably helps them sleep well though

reply posted on 11-5-2012 @ 03:10 PM by Rockpuck

reply to post by Corruption Exposed

I'd go as far to say the SEC is 100% involved in some of this.. Take Murdoch for example.. I know, for a fact, that it would be impossible to hide the obvious fraud that was committed from the SEC. They knew. They had to, there is simply no possible way he went that long without even a random audit from the SEC. Someone, or more likely many people, were being paid off. I'm sure there is a whole office in the SEC to watch over just JP Morgan. And I'm sure they are nicely compensated to keep quite about what they see.

reply posted on 11-5-2012 @ 03:16 PM by Patifier

reply to post by Daedal

The only move they can make is to move all derivatives to a holder institution faded to break. But remember, derivatives are nothing more that a ponzi scheme and many will break along the holders. This is a no-win solution for the little guy.

You cannot trust the government or the FED to fix anything in this case. See who owns the FED:

Who owns the FED

reply posted on 11-5-2012 @ 03:18 PM by Corruption Exposed

reply to post by Daedal

I think there would be pros and cons if we were to break up the major banks. In the short term there would be many consequences that would affect everyone in many ways, but in the long term it would allow a more stable banking system to be implemented.

In my opinion, they will never allow this to happen unless they manage to find a way to rig it where it works in their favor. They can't have us regular peasants having a fair shot at the market, that would go against everything they stand for

reply posted on 11-5-2012 @ 03:19 PM by Patifier

Originally posted by Corruption Exposed
reply to post by Patifier

Joke or not, I wonder how these people can sleep at night. All the money they make probably helps them sleep well though

This is a sociological issue. Those guys are corporate psychopaths, they don't care for us and they feel no remorse whatsoever in screwing us.

reply posted on 11-5-2012 @ 03:30 PM by fnpmitchreturns

Originally posted by Patifier
reply to post by Daedal

The only move they can make is to move all derivatives to a holder institution faded to break. But remember, derivatives are nothing more that a ponzi scheme and many will break along the holders. This is a no-win solution for the little guy.

You cannot trust the government or the FED to fix anything in this case. See who owns the FED:

Who owns the FED

And to top it off the bankruptcy laws have been changed and the hypothecated and other types of assignments have precedence over the company claims in event of bankruptcy. This whole house of card trading paper for paper is a cruel joke and in the end possession will be taken by the last holder and all others are well just "screwed”

edit on 11-5-2012 by fnpmitchreturns because: sp check

reply posted on 11-5-2012 @ 04:11 PM by Patifier

reply to post by fnpmitchreturns

Absolutely! And the worst thing is that is done by design. It's a complete takeover.

reply posted on 11-5-2012 @ 05:28 PM by JeffreyCH

This is one of those things that will amount to nothing even though it looks good on the surface. Take a page out of history and look at the break up of Standard oil, did J.D. Rockefeller loose anything? He still controlled the majority of the break off companies while giving the illusion of competition. In fact he gained more power by the break up, instead of controlling 1 mega-corp he controlled a bunch of companies that all became mega-corps. I'm not going to go into the ramifications of what that means, do some research and draw your own conclusions. No one here can deny that the Rockefeller's are a major major player sitting at the head of all the worlds tables.

Now apply this model to the 'to big to fail' banks. Instead of having a handful of these institutions in ten years we would have dozens of them, still under the control of the same players. I'm not an economist, nor do I have any idea what the answer to all this corruption could possibly be, I'll leave that to those that are more versed in these matters. However if a common guy like me can see it, how come no one else does?

Edit: I did say I have no idea what the answers would be, but I do have lots of ideas that may or may not be workable solutions. However these ideas are outlandish, revolutionary, and would never work because to many people would reject the sacrifices that would need to be made.

edit on 11-5-2012 by JeffreyCH because: added content

reply posted on 11-5-2012 @ 08:46 PM by AGWskeptic

Originally posted by Patifier
There is a joke during congress hearings about the SEC that they had 1 employee during the 2008 crisis and that he could go home and sleep at night in this documentary:

Inside Job

The more I learn about DSK the more convinced I am that he was set up.

He was set to be the next president of France, and that's the last thing Wall Street wanted.

reply posted on 11-5-2012 @ 09:04 PM by tkwasny

Looks like a repeat of 2008 crash is set to roll. This one could go all the way to the bottom regardless of anything the fed or world bank does. Most likely not. Too many useful idiots around to prop up the illusion so it doesn't happen "on their watch".

reply posted on 11-5-2012 @ 09:05 PM by SonOfTheLawOfOne

Seems to me that the elites are turning on one another...

Someone forgot to stuff the envelopes and hand them out this month...

Don't be surprised if this is one of many to come, a domino as big as JPMC doesn't fall without knocking a few more over in the process.

I'm eagerly waiting...

~Namaste

edit on 11-5-2012 by SonOfTheLawOfOne because: (no reason given)

reply posted on 11-5-2012 @ 09:12 PM by seaside sky

reply to post by Rockpuck

If JP hadn't said anything the SEC wouldn't have known? You know the business better than I do. Could you explain that a bit more? If JP could have covered the entire thing up, what do you think their reason is for making it public? Is there a gain in it for them somewhere?

I know the SEC won't do anything to them, nor will Obama or (most) of Congress. Do you think this is a lead-in for another bailout demand? I don't see how even the most delusional of these clowns could think that another bailout could possibly be made now, particularly in an election year.

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