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The JPMorgan settlement is a scam!

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posted on Nov, 23 2013 @ 09:14 AM
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Just when you thought you may be able to hold down your breakfast!! I guess these fines have been factored into the cost of doing business. You know, rip the people off, laugh at them, pay a little fine and then get tax benefits. Pfffffft. The corruption is so in your face.


On Tuesday, the Justice Department announced that JPMorgan has agreed to a $13 billion dollar settlement over the fraudulent sale of mortgage-backed securities. But, that settlement is a fraud in and of itself. Four billion dollars of that figure was actually part of a settlement announced a month earlier, and the rest can hardly be considered a penalty against the big bank. Almost half of the remaining $9 billion will go to so-called “mortgage relief,” which will be distributed over four years by an independent monitor. That brings the actual settlement amount down to $5.4 billion dollars, even before the bank writes off the total amount against their taxes.

If they’re able to write off even half of the settlement, that knocks off at least another $2.6 billion, which means JPMorgan will actually pay only $2.74 billion dollars after defrauding investors out of more than ten times that amount. This settlement isn’t a punishment, it’s simply a cost of doing business for the too-big-to-fail financial giant. The only good news that came out of the deal is that the Justice Department did not exempt the bank from criminal charges, and an ongoing investigation could lead to more severe penalties.

The fact is, however, even in the face of criminal charges, it’s unlikely that we’ll see any banksters going to jail. The DOJ will simply take on more fines, and JPMorgan will get to continue operating. It’s time to really hold the banksters accountable. The degenerate gambling on Wall Street won’t stop until someone starts putting CEOs behind bars.





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edit on 23-11-2013 by GrantedBail because: (no reason given)




posted on Nov, 23 2013 @ 09:36 AM
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Well what did you expect. Did anyone actually think that any exec would actually suffer for this. I suppose if they opened their mouths and said something about what is going on they would be canned.

Every cent of the penalty will be passed on to the borrower and it will bring the stock value down so the investor loses also. You are right, everything in the financial system is a scam. Big business is often in on this also, they aren't even solvent most time. Small business is the backbone of America....we are losing our backbone, it is braced up by banks on one side and big conglomerates on the other. S&F



posted on Nov, 23 2013 @ 10:00 AM
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reply to post by GrantedBail
 


And don't forget the continued infusions of free Qe money to keep them propped up.



posted on Nov, 23 2013 @ 10:24 AM
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It's only a matter of time before you see our debtors come to the conclusion that all of the bonds they purchased in good faith are not going to be redeemable.

China is importing impressive amount of gold on a monthly basis. They are clearly stockpiling. J.P. Morgan is just one more huge fraud that exposes the true nature of the system to those who buy our debt. They will not continue to purchase debt they do not see as recoverable. China will have a very legitimate problem with the US when that happens. They already make everything in our stores. When they choose to de-peg the Yuan from the Dollar, all that cheap stuff will suddenly cost significantly more. Compound that with their refusal to purchase our debt, and the world will hear a very loud thud when America collapses in on itself.

Russia and China are the key players to watch here. Everything else is distraction.



posted on Nov, 23 2013 @ 10:29 AM
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They own everything and everyone Period

How can you otherwise explain today's world?



posted on Nov, 23 2013 @ 01:35 PM
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reply to post by GrantedBail
 


This is why I closed all of my accounts, I hate dealing with crooks!
Imagine a person ripping off many people (Bernie Madoff), he gets caught and thrown in prison for a very long time.
Now you have another "person" ripping off even more people, (corporations are persons too according to the law).
They get a fine and continue on, business as usual.
Madoff can't do business anymore, why can these other crooks?
Doesn't make sense to me, so I opt out of their shell game.
Close your bank accounts folks, don't feed these beasts.
They cannot survive without us, but we can LIVE just awesome without them.



posted on Nov, 23 2013 @ 02:48 PM
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Is this tied in with the "Big Whale" from London? When they self-reported losses of $4B when the amount was actually closer to $9B? I thought they just went next door to the Morgan-Stanley™ and perpetrated the farcebook™ IPO scam? When the biggest IPO in the history of mankind and some knucklehead kicked the cord for the One computer they used.. Then to make sure "they" get to keep at least $50B Agent Zuckerberg gets married the very next day in the State of Ca. where when/if the farcebook™ scam is found, they can only extract $50B, the other $50B is now Mrs. Zuckerbergs.. "They surprised everybody...." said Lee Harvey...




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