Now We Know: JPMorgan Chase Is Worse Than Enron

Apparently there is a lot of noise about global warming these days ;-) I'm partially to blame because I am tired of the BS. Now, JP Morgan is the biggest "bank" (read criminal casino operation) in the US. So if any one institution has the financial where-with-all to start making changes concerning this alleged man-made climate change. This would be the group right?

Source Article

But JPMorgan Chase did everything Enron did -- and much, much more. Consider:

A few weeks ago JPM paid $13 billion to settle well-documented charges of massive and widespread foreclosure fraud. Although that was the largest fine paid by a corporation in American history, there's a compelling argument that it should have been larger -- as much as 22 times larger.

JPM paid $296.9 million for lying to investors about the payment status -- and hence, the investment quality -- of its mortgage-backed securities.

JPM paid more than a third of a billion dollars to settle charges that it bilked customers by charging them for credit monitoring services it never provided.

JPM agreed to pay between $1.8 billion and $4.5 billion, depending on how you tally the cost, for illegally foreclosing on American families and throwing them out of their homes.

JPM paid another $56 million for cheating active-duty service members and their families, and for illegally foreclosing on them as well.

JPM paid $228 million for rigging the bidding for 93 municipal bond transactions in 31 states. (You know those cities that supposedly can't honor their pension agreements with retired workers? That's the kind of client they cheated here.)

JPM paid $410 million to settle charges related to its rigging of electricity prices, which is what Enron did.

JPM has paid multiple fines and settlements over the "London whale" case, in which traders sought to manipulate market prices, engaged in unlawful "reckless conduct" (while CEO Dimon bragged about the bank's risk management and "fortress balance sheet"), then unlawfully concealed their behavior. There is no evidence that any investigation sought to determine how high the cover-up went. We do know that Dimon told investors the case was "a tempest in a teapot" after privately being told that losses were running in the billions.

JPM paid $1.2 billion for colluding with credit card companies and other institutions to rig merchants' credit prices.

JPM has paid two major fines for illegally investing with customers' money.

These wankers at JP Morgan stand to make billions off the backs of tax payers through carbon taxes, does anyone honestly believe that they will put aside their greed and actually do something positive? History and trends within JP Morgan show them to be one of the most criminal organizations in the world, along with the FED, the US government, etc.

Ya can't call ghost busters, so who you gonna call?

Cheers - Dave

Fair enough....its time to NATIONALISE THESE BARSTIDS.....take their cash bonuses and jail em

Great read and thanks for bringing this to my attention. Sooo...my retirement thru work is invested thru JPM. How concerned should I be with that? I honestly don't have much knowledge with investing and all that so if you have any input that would be great.

reply to post by bobs_uruncle


This is why old folks hide their money in their mattresses. Except it's not just 'those old folks, who remember the Depression' anymore.

Thanks for the heads up. Guess who holds my mortgage?

reply to post by bobs_uruncle


This is why old folks hide their money in their mattresses. Except it's not just 'those old folks, who remember the Depression' anymore.

Thanks for the heads up. Guess who holds my mortgage?

What does JP Morgan have to do with global warming? Whether or not they made money off policies related to it, doesn't mean it supports or disproves global warming.

With that logic you could take the (x) amount of other means they illegally made money and make the same nonsensical conclusions.

reply to post by boncho


J.P. Morgan’s Environmental Markets trading desk

J.P. Morgan’s Environmental Markets business is committed to helping clients address the present and future challenges of a carbon-constrained environment. A leader in the compliance markets, the firm’s capabilities span the sales and trading of carbon credits globally.
Sales, Trading & Risk Management

J.P. Morgan’s Environmental Markets trading desk is one of the leading market makers in exchange-traded and over-the-counter (OTC) environmental products, including European Union Allowances (EUAs) and Certified Emission Reductions (CERs). For these commodities, the firm offers swaps, options and investor structures to help clients better manage their exposure to environmental risk. In addition, the global scale of J.P. Morgan’s trading platform supports the firm’s ability to manage risk across all regions and offer dynamic pricing to our clients.

it's the commissions.


In China Too

reply to post by xuenchen

it's the commissions.

The OP stated:

Apparently there is a lot of noise about global warming these days ;-) I'm partially to blame because I am tired of the BS.

alleged man-made climate change.


Just because cancer kills you and merck says they have something for it and makes a fortune off it (and even if that treatment is ineffective, it still doesn't mean cancer doesn't exist.

Perhaps I read too much into the wording of the OP…

reply to post by boncho


The way I understand it is that the carbon brokers would fund both sides of the issue but with more going to the most controversial side.

That way the market stays active.

No way would they attempt to kill off the whole global warming swarms.

So I would think they would always give the illusion of supporting the cause.

Big money cashes in.

Al Gore is involved with the bankers also, IMO.

Oh Jeez,
the new currency masters have arrived.
Carbon credits anyone?

xuenchen
reply to post by boncho

 

The way I understand it is that the carbon brokers would fund both sides of the issue but with more going to the most controversial side.
That way the market stays active.
No way would they attempt to kill off the whole global warming swarms.
So I would think they would always give the illusion of supporting the cause.
Big money cashes in.
Al Gore is involved with the bankers also, IMO.

There are other players involved too. Don't forget "big wind". Mining REMs on the other side of the planet which cause radiological and other pollution. Anyone with an axe to grind (profit to be made for their cause) against "big oil" I imagine, might also be in manipulation of the issue.

The only point I make is when looking at things like global warming, pollution, business practices, regulations. Is to separate the bias away from reality.

No matter how we look at it we have issues with our consumption and how we reap resources.

I'm equal curmudgeon to all groups though…

At the end of it, it would be nice we had an unbiased opinion that states: Doing this gets us (x), the alternative (y). Which one do you prefer, x or y?

JP Morgan also makes a lot of money in the food stamp business and the more participants ... the more they make. How convenient.

But thanks to a combination of public-records requests and contracts that are available online, here’s what we do know: 18 of the 24 states JP Morgan handles have been contracted to pay the bank up to $560,492,596.02 since 2004. Since 2007, Florida has been contracted to pay JP Morgan $90,351,202.22. Pennsylvania’s seven-year contract totaled $112,541,823.27. New York’s seven-year contract totaled $126,394,917.

These contracts are transactional contracts, meaning they are amendable based on changes in program participation. Each month, the three companies that administer EBT receive a small fee that can range from $.31 to $2.30 (or higher depending upon the number of welfare services on an EBT card and state contractual requirements) for each SNAP recipient.

www.thedailybeast.com...

Holy hell... it absolutely boggles my mind how they can afford to pay all those huge fines and still remain afloat. I guess that is what bail outs are for huh? They get the money back at the end of the day.

HawkeyeNation
Great read and thanks for bringing this to my attention. Sooo...my retirement thru work is invested thru JPM. How concerned should I be with that? I honestly don't have much knowledge with investing and all that so if you have any input that would be great.

IMO there is no safe haven for value. Commodities are a scam, they are controlled by a market that will collapse. Insurance is a scam, it relies on the markets and the banks to be able to pay out, so instruments like the FDIC are a joke. Currencies are a scam, they are all fiat and based on a confidence game or ponzi scheme as some people like to call it. Bonds and treasury notes mean nothing, again, they are based on said ponzi scheme, the only reason they appear to have value is because people believe it. The US is printing so much money, we have to do the same in Canada just to keep our dollar down and trade ongoing since the US is our biggest trading partner. If you have land, don't lose it, especially if it's in the rural areas, better still if it is also near fresh water, even better if that fresh water has a waterfall, damn or high current.

I am not the guy to talk to about what to do with your money, assets and valuables from your years of labour while the government stole from you by creating non-ratified laws that benefited them while screwing you. I only know what I am doing and money has no bearing in my plans.

It appears the perfect storm is brewing.

Cheers - Dave

ChaoticOrder
Holy hell... it absolutely boggles my mind how they can afford to pay all those huge fines and still remain afloat. I guess that is what bail outs are for huh? They get the money back at the end of the day.

Yeah, but the next bail in won't be coming based on futures from the FED paid for over time by taxpayers. The next bail in will be like Cyprus or Poland, where they trim savings accounts and rape pension funds.

Cheers - Dave

boncho
What does JP Morgan have to do with global warming? Whether or not they made money off policies related to it, doesn't mean it supports or disproves global warming.

With that logic you could take the (x) amount of other means they illegally made money and make the same nonsensical conclusions.

These "captains" of industry who have all the money are to be trusted with the health of the planet through/with carbon taxes when they are constantly committing federal crimes as well as crimes against humanity? Who else has the financial where-with-all to fix this alleged problem, and don't say a government, they are all broke or in barely manageable deficit positions?

Cheers - Dave

bobs_uruncle

boncho
What does JP Morgan have to do with global warming? Whether or not they made money off policies related to it, doesn't mean it supports or disproves global warming.

With that logic you could take the (x) amount of other means they illegally made money and make the same nonsensical conclusions.

These "captains" of industry who have all the money are to be trusted with the health of the planet through/with carbon taxes when they are constantly committing federal crimes as well as crimes against humanity? Who else has the financial where-with-all to fix this alleged problem, and don't say a government, they are all broke or in barely manageable deficit positions?

Cheers - Dave

Government and business go hand in hand. But how is it different than any other issue they are corrupt on? China has had major reforms with corruption in building practices and now environment is becoming a concern (since the west sent all their toxic waste intensive industries there…) so a modicum of change has happened in a very corrupt climate.

So to have other places.

Saying business and government won't yield any positive action simply means you have the wrong businesses and government in power. And forget "free market" because business today is completely engrained into legislative powers and politics. (Not that it wasn't in the past, but to a different degree.)

reply to post by ChaoticOrder


JPMorgan Chase & Co. is an American multinational banking and financial services holding company. It is the largest bank in the United States, with total assets of US$2.509 trillion.

That's how they can afford to pay multi-billion $ fines.

boncho

bobs_uruncle

boncho
What does JP Morgan have to do with global warming? Whether or not they made money off policies related to it, doesn't mean it supports or disproves global warming.

With that logic you could take the (x) amount of other means they illegally made money and make the same nonsensical conclusions.

These "captains" of industry who have all the money are to be trusted with the health of the planet through/with carbon taxes when they are constantly committing federal crimes as well as crimes against humanity? Who else has the financial where-with-all to fix this alleged problem, and don't say a government, they are all broke or in barely manageable deficit positions?

Cheers - Dave

Government and business go hand in hand. But how is it different than any other issue they are corrupt on? China has had major reforms with corruption in building practices and now environment is becoming a concern (since the west sent all their toxic waste intensive industries there…) so a modicum of change has happened in a very corrupt climate.

So to have other places.

Saying business and government won't yield any positive action simply means you have the wrong businesses and government in power. And forget "free market" because business today is completely engrained into legislative powers and politics. (Not that it wasn't in the past, but to a different degree.)

I agree but it would seem to me that we have no choice in government and multinationals. I see many people acting responsibly on a personal level, but that isn't going to cut it. As an example we all recycle, my next door neighbors only go out once a week and do all of their weekly shopping to cut down on gas, which we also do. We walk when we can or ride bicycles rather than drive. We have both insulated our homes better to reduce our heat footprint and reduce the amount of fuel used. We use those disgusting, albeit energy efficient lights and energy efficient appliances to reduce electrical consumption. I don't use my desktops and servers all the time now, I just use laptops for most of my work unless it's business. I also have wood stoves, a windmill, steam turbine and a small 5kw adiabatic reactor. I would say that I have reduced my energy consumption (of carbon and fossil fuel based energy) by more than 80%. But do governments and multinationals do the same?

The answer is a resounding NO. So, you are correct in that we have the wrong businesses and government in power. The question revolves around how to change this problem. Unfortunately, short of a full blown revolution this problem will remain. But revolutions bring additional problems, system disruption, the potential for dictatorship by replacing one evil with another. This happens though every four years or so anyway, the replacing of evils that is, since our faux election system is compromised and all parties report to the same masters.

The way I look at is, is that most of us on a personal level are trying to use and pollute less so that corporations and government can pollute more. No matter how they fudge the numbers concerning pollution and energy use, the only NET change is on the negative side.

Cheers - Dave

Maluhia
JP Morgan also makes a lot of money in the food stamp business and the more participants ... the more they make. How convenient.

If the whole food stamp business would of been nationalized beforehand, economy would of had more chance to pick up.

The whole damn system is rigged, it's just impossible to play the rules, go along and have poverty ever get out of this never ending downward spiral.

If insanity is doing the same thing over and over while expecting different results, why are you still hoping that one day, we will vote someone up there that will change everything?

Are we ALL INSANE?!!

Seriously, this whole mess has got to stop. The big load of electronic money they criminally stole and created isn't worth anything if man power isn't behind it.
The super rich can't really do anything by themselves, hell, most of them never even cooked, made their laundry, even got out to get a coffee...the only reason they get things done is because they pay someone else to do it.

They say energy can't be created out of nothing...who supplies the energy, the worker.
The people making the decisions in those criminal organizations don't have power, they are using power, using us all.

There as to be a way to start anew, with a total change of direction, yet without destroying what we have built...