J.P. Morgan Chase's Ugly Family Secrets Revealed

Can somebody please explain to me how none of these sons-of-b#tches have gone to jail for a very long time?

In a scathing Rolling Stones article authored by Matt Taibbi, details pertaining to a whistleblower's story about the inner workings at J.P. Morgan Chase are brought to light.

In a story that should be getting lots of attention, American Banker has released an excellent and disturbing exposé of J.P. Morgan Chase's credit card services division, relying on multiple current and former Chase employees.

( Link to above the American Banker story: OC C Probing JPMorgan Chase Credit Card Collections )

Mr. Taibbi focuses specifically on the primary whistleblower, Linda Almonte.

Ms. Almonte joined Chase in 2009 and was soon put in charge of preparing the documentation for the sale of an enormous sale of credit card judgements to a collection agency. It didn't take Ms. Almonte too long to sense something was wrong. Terribly wrong.

Nearly half of the files [Linda's] team sampled were missing proofs of judgment or other essential information, she wrote to colleagues. Even more worrisome, she alleged in her wrongful-termination suit, nearly a quarter of the files misstated how much the borrower owed.

In the "vast majority" of those instances, the actual debt was "lower that what Chase was representing," her suit stated.

Linda subsequently found an enormous range of errors. Some judgments, she told me, were not judgments at all. In some cases, she said, Chase actually owed the customer money.

Well you can bet the big boys at Chase addressed this immediately. Right?

When she brought these concerns to her superiors, what do you think their response was? They told her and others to shut up and just sell the stuff anyway.

Think of the consequences of this: because Chase was so anxious to make money off this debt sale, countless credit card borrowers would now have collection agents chasing them for money they did not owe. The debt-buyer, too, was victimized by being sold accounts it could not collect on. It is almost impossible to estimate how many man-hours of pointless court proceedings would be lost because of this decision.

Can you guess what happened to this brave woman next?

Anyway, when Linda refused to go along with the sale, she was fired. This was in November of 2009. She then went through a post-firing odyssey that is an epic tale in itself: her many attempts to get any of the major bank regulators interested in this case were disturbingly fruitless for a long time (although the Office of the Comptroller of the Currency is apparently looking into it now), and she struggled to find work in the industry.

She has been repeatedly harassed and has gone through all sorts of personal hardship as a result of this incident. She filed a whistleblower claim with the SEC as part of the new whistleblower program created by Dodd-Frank, but so far there's been no progress there.

I'm going to leave it at that, as the article is chock-full of details as to what goes on in these "too big too fail" institutions that seem to be protected from up on high.

I would urge you to read the entire article to really get this to sink in:

J.P. Morgan Chase's Ugly Family Secrets Revealed

Well, so much for the protections provided by the Dodd-Frank Reform Bill.

So again I ask.

Can somebody please explain to me how none of these sons-of-b#tches have gone to jail for a very long time?

Can somebody please explain to me how none of these sons-of-b#tches have gone to jail for a very long time?

There will be no jail time or repercussions of any kind on J P Morgan Chase because that sleaze-bag bank is part of the federal reserve....you know, the private cabal of crooked banks that own our government.

Until people take back our government and kick the fed out on its behind, don't expect anything but more corruption and lack of punishment for financial crimes against the American people.

This will be an interesting story to follow in my view, a sort of Dodd test. I'd like to hear more from the bank as there are always two sides to any story. If I were a potential whistle-blower I'd keep a close eye on the development here, if this woman gets hung on the pole, It would only cause me to understand I'd need more proof before I blew said whistle. I'd still be hellbent on blowing the darn whistle! I hope I'm right in that assessment, that there are those who will do whatever it takes to expose what I see a a mass fraud perpetrated on all of us. I don't hold much faith for the plight of this woman but hopefully the ball is rolling and the next combatant will bring better gear suited to the battle.

Too big to fail means to big to jail....that's why these goons have not gone to jail!

I also find it funny that corporations supposedly have the same rights as individuals, but they sure do not go to prison like you or I would.

I paid off a credit card many years ago and I still have some third-party collection outfit telling me I owe thousands in interest and fees. I simply tell them to blow it out their cornhole and take me to court! I have the documentation to prove it's paid!

So don't let debt collectors push you around and always double check the amounts.

reply to post by Hessling


lol
you expect such parasitic trash to get jail-time?
for theft? after like a century of looting?

didn't rockefellers [great?]grandaddy lure a US Senator to a lonely spot and shot him dead?
didn't do any jail time either, did he?

laws are for the proles, buddy

when you're dealing with high-maintenance scum like morgan,et al
the only law
is the law of the jungle.

Originally posted by Hessling
Can somebody please explain to me how none of these sons-of-b#tches have gone to jail for a very long time?

Because they have the money. But you knew that already.

Sure makes you want to puke, though, doesn't it?

I've had a debt collector calling me for the last several months, morning, noon, and night. After faithfully ignoring the calls, finally I had enough and answered, not with a "Hello," but with a "WHAT?!?!"

They claim I owe 5 dollars. Not a typo, these clowns have been calling day in and day out over 5 bucks. God help the people JP Morgan has turned these debt-collectors over to, they are relentless. Even if you don't owe anything.

Just goes to show you that these kind of garbage have no allies or friends they will F&%$k anybody they deal with however which way they can...and they will do it like the mafia right in their face!
They ARE the money mafia.........
How we let them live is a wonder.........

reply to post by Hessling

There was a thread where a fellow said most of these companies are run by mostly sociopaths.This would seem to bear that out.

All your banks are belong to us.

now this brings up a great subject - keep the banking system alive and well or well um, outlaw money - tha'ts right i said it - outlaw money.
could time be a substitute since time is money.
an hour worked is an hour logged - another op for the op? take it to the bank.

They damn near crash and burn the entire global economy.

They then come "hat in hand" to the government and cry that they need billions upon billions or else things will get much worse.

We the People now hold the upper hand. That is until the government decides to use our tax dollars to bail them out with pretty much no strings attached.

They then start giving mega bonuses out like candy at Halloween all the time stating "we have to retain our best people". (These "best people" are the creeps who destroyed the economy and we NEED to be sure they are retained?!?!?)

They then start receiving near zero-interest loans from the Fed and turn around and use this money to buy Treasuries. (Here let me give you a thousand dollars so you can loan it right back to me. Catch being I, the taxpayer, have to pay interest to you on the money WE loaned you.)

Then they are caught RED-HANDED time and time again performing fraudulent acts, yet nothing is ever done about it. (Don't we have a couple of people on the government payroll who should be monitoring this and taking appropriate action. Or are they too busy getting hummers and doing lines of coke courtesy of these villians to do anything?)

It reminds me of having to buy your attackers Viagra so they can rape you more effectively.

Disgusting!

Excuse me...but where is personal responsibility in this? Are people so stupid that they pick up the phone, some guy says you owe money, and one just starts paying??

I know exactly what I owe, to whom, and when payment is due.

If someone calls me and says I owe money, I request proof of said debt since it is my right under the Fair Credit Act.

Why do we need to spend money creating laws, processing investigations, adding more regulations, etc.?
Why can't people pay attention to their own finances?

People don't even know their rights, but we spend billions of dollars regulating, making laws "easier to understand", ....what does it matter? People still won't know their rights!!

I'm sorry, but if you can't keep track of your own money you deserve whatever comes at you. The only reason Chase and other big banks take advantage of people is because they can.

You make some good points, however two counter-points I'd like to make.

Originally posted by lpowell0627
Why do we need to spend money creating laws, processing investigations, adding more regulations, etc.?
Why can't people pay attention to their own finances?

It's pretty obvious they knew exactly what they were doing and that it was illegal. That makes it wrong.

However, what you wrote about spending all this money is totally valid. I mean if we have laws and people who are supposedly enforcing said laws and nothing gets done then yeah, why add to this?

I'm sorry, but if you can't keep track of your own money you deserve whatever comes at you. The only reason Chase and other big banks take advantage of people is because they can.

Right off of the bat, think of elderly people. My mother just turned 85 and for the great majority of her life you couldn't hope to get much of anything by her. Nowadays however, I do believe she could be "taken to the cleaners" in a situation like this. No one should be allowed to do something just because they can.

Ok, First off I worked in this division at the San Antonio office. In fact for a short time I worked for the manager they reference (Jason Lazinbat) and let me assure you there are some serious mis-representations in this article. First off a judgment is based on a balance plus fees. These fees are laid out in the contract that was accepted when the consumer got the card. On top of that is added the cost to collect and any filing fees for the attorneys. On average that was around $500-$750 by judgment. If the customer fights it in court fee's go up. I know everyone will say this robbery, evil and extortion. Ok, it’s tough, I get it. But you enter into a contract to repay the money. Also once you get to this department there a numerous ways to resolve it once your there. We offered payment arrangements, settlements and numerous other options. Anyway, I know I'm going to get slaughtered over this so go ahead, do your worst. Ask me whatever and see if I can answer questions or at least shed light on things. No I do not work, there any longer, I have since moved away from my beloved Texas. Also, the manager referenced in here, who is claimed to have said " just go along and get it in gear" (summed up) is one of the good guys, he is an excellent manager and great leader. He would be tough on someone but he would never do someone harm or force someone to do something either against the law or unethical.

reply to post by Hessling


This is what happens when the Gov't is in bed with Wallstreet. Rarely do these men go to jail, some do but I think they only go as an example to the rest, they better fall in line or face consequences. White collar crimes clearly run rampant. This is why the OWS became so popular, we're all aware of these crimes, we just don't know the details because the MSM doesn't report and the Gov't rarely arrests.

This is why I have a really big smile when I get a Chase Credit Card approval in the mail about once a week.


I take the letter and rippppp it in half and throw it in the garbage. I do that with all credit cards apps from BoA, Chase, Wells Fargo, etc...... the more letters I get the more pleasure it gives me to rip those suckers up.


The only credit card I have is from my Local Credit Union.

reply to post by pyrodude


I see your point of view but as the contract is executed, the bank or lending institution also enters into a contract that has all the details within for any cause of action for breach or whatever else may be included/excluded as written.
So not only is forclosure or other action on bad debt a right, it is legal and the resulting arbitration typically binding, but the lender/creditor AND the debtor face contractual obligations for their decisions whether a loaning institution sold to collectors at discount or reaped the benefits of a loan paid in full, or a debtor pays timely or forfeits.

So to expedite a mass of documents with invalid info/signatures/complaint filings or other is not only bad policy, it is the definition of RECO.

As people are hounded by collection agencies or living in a tent because their interest rate made the mortgage payment unaffordable or whatever reasons, we the peopleshould not have to bail out either party.

In fact, as these banks pay fines for their crimes so as to be free from investigation or any other action, the cost is still a fraction of the profit and will never deter further abuse of the system.

I would like to see what major bank has ever been held accountable for crime beyond a large fine paid to the government.

Not that complicent parties are running rampant all over the place, but knowing the tials and tribulations of wistleblowers who have been ruined without the support as provided by law, it is not a mattter of who did what they were told, but that the management on up to the board knew what was going on and not only allowed these practises but demanded they be proccessed.

In closing, the criminals are still on the loose spending taxpayer money as if they are the poor single parent with no education collecting a government check and in many ways, they are worse.
In the end, the lender walks with all the loot and if applicable the real property and the debtor gets nothing but squeezed for every loose penny.

I bet you would never involve yourself with such goings on even though you were there first hand. No need to answer, we know you are honest....or very clever.

reply to post by imd12c4funn


I agree 100%

reply to post by Hessling


and the horror story about this company is that I'm related to the founder of that company. He's my great-uncle, I never got to know him, and I never want to know him, because of this company, it has hurt so many people. How messed up can one family get?

reply to post by Hessling

Can somebody please explain to me how none of these sons-of-b#tches have gone to jail for a very long time?

I can't. But George Orwell sure can.

"All animals are created equal but some are more equal than others"

See, my friend, you've fallen into the trap of believing we are all under the same system. We aren't. Unless you are sitting in a position of power in government, or are at the top of the food chain in the business world, you are a peasant.

In fact, up until a few years ago, corporations actually were taking out life insurance policies on their workers, without their knowledge or consent, and making the corporation the beneficiary.

they called it dead peasants insurance.

These are the men and women, mostly men, who are writing your laws, regulating the sectors in which they operate, and are buying your government hand over fist. And guess what? Your tax dollars paid for their bonuses in the form of TARP.

you mad bro?