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Here Comes Abacus V 2011: Former Head Of JPM's Structured Products Desk To Be Charged With Securities Fraud For CDO Transactions

Tyler Durden's picture


Considering it was the charges of securities fraud levelled at Goldman last year (subsequently settled) in late April that were the primary catalyst for the start in the market sell off, it would not be surprising that in a year which so far is following the script of 2010 verbatim, that we should get another allegation of insider trading by a major bank in something relating to CDO fraud, just to seal the guarantee on QE3. Well, guess what. We just did. As Bloomberg's Joshua Gallu and Jody Shenn noticed first, in the FINRA Brokercheck record of one Michael Llodra, there is a curious announcement. To wit: "MR. LLODRA RECEIVED A WELLS CALL FROM THE STAFF OF THE US SECURITIES AND EXCHANGE COMMISSION INFORMING HIM THAT THEY ARE CONSIDERING RECOMMENDING THE COMMISSION COMMENCE AN ACTION CHARGING HIM WITH VIOLATING CERTAIN PROVISIONS OF THE FEDERAL SECURITIES LAWS BASED ON HIS INVOLVEMENT IN THE SALE OF A STRUCTURED PRODUCT IN 2007." And just who is Mr. Michael Llodra? Oh only the global head of structured-product collateralized debt obligations at a little firm known as JPMorgan. And while JPMorgan has not been named yet, this news coming out a day ahead of JPM earnings is bad to quite bad. Recall that the Abacus process against Goldman started with the filing of Wells notices against Fab Tourre and his supervisor (which were never disclosed in time - a fact observed then by Zero Hedge - and subsequently ended up costing GS a little pocket change in FINRA appeasement fees). Does this mean the SEC is about to launch an all out assault against JPM at some point in the indeterminate future? Well, for an agency which is in dire need of improving its image, this just may be the case. Not to mention that the double beneficiary of this action would be none other than Goldman Sachs: a market sell off here would guarantee QE3 and certainly weaken the firm's primary competitor. Two birds with one porn-addicted regulator.

From Bloomberg:

The SEC has been probing whether JPMorgan, the second biggest U.S. bank by assets, and Steffelin’s former firm, GSC Group, misled investors about hedge-fund Magnetar Capital LLC’s possible role in selecting underlying assets in the $1.1 billion Squared deal, according to a person briefed on the matter who spoke on condition of anonymity because the probe isn’t public.

Magnetar has said it bought the junior-most slice of the Squared CDO as part of its strategy of investing in some mortgage-linked securities while betting against other housing debt, sometimes including bonds from the same deals. CDOs package assets such as mortgage bonds and buyout loans into new securities with varying risks.

JPMorgan spokesman Joe Evangelisti declined to comment.

Llodra and Steffelin declined to comment, as did Steven Lipin, a spokesman for Magnetar, and SEC spokesman John Nester.

The SEC’s investigation has focused on the role of each of the three firms involved in the transaction, a person familiar with the matter said, speaking on condition of anonymity because the matter isn’t public.

Llodra, who joined JPMorgan in 2006, began working at Harvard Management Co. in 2008 and then went to Sunrise Securities Corp. through last November, his records at the Financial Industry Regulatory Authority show. He has since left Sunrise, a woman who answered the phone there today said.

Steffelin, 41, is now director of institutional sales and research at Walton International

We expect the market will not be very happy with this development which can only mean one thing: after extracting its pound of flesh from Lloyd, Mary has now set her sights on Jamie.

Full brokercheck record of Llodra.



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Tue, 04/12/2011 - 18:31 | 1163238 InconvenientCou...
InconvenientCounterParty's picture

What a giant game for monopoly money.

GS still wants to win though.

Tue, 04/12/2011 - 18:50 | 1163273 Hard1
Hard1's picture

Jamie to HR Head:  We need a scapegoat NOW!!! give me a list of all the former JP workers who were 10 feet or closer to a CDO deal in 2007.

Tue, 04/12/2011 - 20:02 | 1163471 Anonymouse
Anonymouse's picture

I'm sure it was just a rogue element (1, maybe 2 people at the most) within the completely innocent bank who had no idea that there was gambling in Casablanca.  The bank will get a fine (perhaps $100K if we really want to send a message, less otherwise) for failure to supervise.  Jail time for the rogues.

Tue, 04/12/2011 - 21:51 | 1163800 WaterWings
WaterWings's picture

JPM: "It's the new [Lehman]."

Tue, 04/12/2011 - 19:27 | 1163369 bankonzhongguo
bankonzhongguo's picture

Until and unless they charge and convict the Corporations that housed (mandated) these activities, its all for nothing.

They have to take these banks out - permanently.

That is the reset.



Tue, 04/12/2011 - 21:36 | 1163764 In Fed We Trust
In Fed We Trust's picture

In a perfect world.


The lawyers and bankers kill each other off, so that their numbers werer trivial...

Tue, 04/12/2011 - 18:33 | 1163239 azengrcat
azengrcat's picture

Time to pay your membership fees Jamie!

Tue, 04/12/2011 - 18:31 | 1163240 FunkyMonkeyBoy
FunkyMonkeyBoy's picture

When are we going to see JPMorgans booked loss on it's silver short exposure, eh?

Tue, 04/12/2011 - 18:48 | 1163269 Hearst
Hearst's picture

Harvey Organ notes today that the banksters threw massive amounts of paper metal to keep the price of Gold and Silver in check.


These cocksuckers will be brought down.  Patience and fortitude is what is needed.  That and someone like Bart Chilton speaking publicly about this ongoing fraud.


Speaking of the CFTC where's the news on the position limit progress?  I find nothing in the news today. 

Tue, 04/12/2011 - 20:26 | 1163557 TheGoodDoctor
TheGoodDoctor's picture

What the CFTC or SEC needs to do is:

1. Ban naked short selling of commodities

2. Show which banks are short what precious metals

3. Make it illegal to short more than the physical metal on hand at the vaults.

4. Weekly and surprise audits of the metals ETFs and COMEX and LBMA vaults. If you don't agree to the audits you can't administer an ETF.

5. Position limits. 1500 contracts max.

PS Hearst they didn't do squat. Bait and switch about something else.

Is this too much to ask? It seems to me at least for copper and silver that JPM is trying to corner the market like the Hunts. Well long copper, short silver.

Tue, 04/12/2011 - 18:37 | 1163244 Natasha
Natasha's picture

Unfortunately, I didn't see the word "criminal" in front of fraud.


Tue, 04/12/2011 - 18:52 | 1163274 Rainman
Rainman's picture

...which means a nuisance fine and handsmacks. Jamie and Barry will work it out by tee time. Barry needs a billion campaign bucks for '12.

Tue, 04/12/2011 - 19:03 | 1163310 Crassus
Crassus's picture

Can you get an individual conviction for criminal fraud when the defense is that the fraud is institutional?

Tue, 04/12/2011 - 19:19 | 1163337 Rainman
Rainman's picture

Llodra was only with JPM from '06-'08, so High Kommand can easily label him an incompetent mercenary rogue....which might be exactly the job function they were looking for when they hired him. Insulation is at the core of all organized criminal activity. 

Tue, 04/12/2011 - 19:22 | 1163361 mark mchugh
mark mchugh's picture

Did you think he was implying "legal" fraud?

Wed, 04/13/2011 - 06:49 | 1164495 Natasha
Natasha's picture


The legal system has a criminal side and a civil side. When charged wtih criminal fraud, the penalty is jail time. The penalty for civil fraud is a fine.


Wed, 04/13/2011 - 03:26 | 1164381 Urban Redneck
Urban Redneck's picture

Mary doesn't do criminal, that's Eric and "his people" who apparently can't even contemplate matching their evil predescesssors' tiny but successful record of imprisoning bosses who cut checks to the campaign.  

Tue, 04/12/2011 - 18:39 | 1163252 Cdad
Cdad's picture

Sweet!  This news, coupled with LOLing at the company's fake earnings report tomorrow, is going to make my day!  I'll be looking for some serious Durden color on those loan loss

Do you suppose J. Dimon will let fly with another of his classic "It is hard to be a millionaire banker" rants?  Well, I sure hope so...I HEART J. Dimon most when he is whining....

Tue, 04/12/2011 - 18:45 | 1163260 Don Smith
Don Smith's picture

"Duh, whining..."

Tue, 04/12/2011 - 18:44 | 1163259 RobotTrader
RobotTrader's picture

Pretty much a non-event.

Everyone has forgotten about 2008.

Some big wig will pay a paltry fine and things will move on as usual.

They are more focused on what is happening right now, not 3 years ago.

Such as:

- When will Kim Kardashian gain 40 lbs. and be booted of the celebrity circuit?

- Will Donald Trump run for president?

- Who is going to win American Idol this year?

- Who is going to win the NBA finals this year?


Tue, 04/12/2011 - 19:29 | 1163377 mark mchugh
mark mchugh's picture


Thanks for not insulting the group's intelligience with "Who's going to win the World series this year?"

'cause hopefully everybody already knows.....


Tue, 04/12/2011 - 18:47 | 1163261 Slin
Slin's picture

Another Dog and Pony Show.  Look what happened to the slimeball Cuomo after he stopped looking around.  Made him Governor Slimeball.  No one is buyin this

Tue, 04/12/2011 - 18:45 | 1163262 Cleanclog
Cleanclog's picture

Was thinking the same.  Throw someone with an impressive title under the bus to "save the firm, the industry, and to juice QE3 for the good of all banksters . . . and their wives - ala Mrs. Mack and TALF".  Maybe they can get a little bit of that going again.  

At least they have a sense of humor.  Great names.  Llodra.  Isn't Lladro famous porcelain? Breakable? Fab Torre - a great name!

LOL - Time to raise the debt ceiling lickety-split so the rich and elected can keep it going.

Tue, 04/12/2011 - 18:49 | 1163265 silvertrain
silvertrain's picture

Something is always better than nothing but at the end of the day its still just a little fish in a big pond..I waiting for them to bag that elephant...

Tue, 04/12/2011 - 18:53 | 1163275 Tyler Durden
Tyler Durden's picture

As noted previously, Fab Tourre received a Wells Notice (which was not disclosed contrary to Finra regulations) in late 2009. Had it been filed and intercepted, most would have likely said nothing would come out of it. Well, for the most part, most would have been right. But yes, a dog and pony show is most certainly coming.

Tue, 04/12/2011 - 19:04 | 1163308 silvertrain
silvertrain's picture

Intriguing timing also..

Tue, 04/12/2011 - 19:50 | 1163439 disabledvet
disabledvet's picture

indeed.  "is that an election i hear coming?"  of course "careful what you ask for, you just might get it."  clearly "2008 is forgotten" vis a vis "who rescued who."  some would argue "the government was the only good guy in this whole deal."

Tue, 04/12/2011 - 21:42 | 1163774 In Fed We Trust
In Fed We Trust's picture

Seeing how the judges already decided and are on one side, let the ponies gallop into the arena.

Unbelievable, another bank in on "the big short."

Wed, 04/13/2011 - 02:43 | 1164346 TheMerryPrankster
TheMerryPrankster's picture

Just in time for Obama (2012  Change & Hope Roadtour) to show the nation how tough he is on Wall Street!! Or at least those members of the Wall Street Gang who aren't already in his Cabinet or other key positions in his "hope and change" administration.

Is this like Mexican Police? Does DOJ or SEC call their victim and tell them how much it will cost them to settle this as a civil manner and then they pocket the fine in cash, or does the victim have to sort it out into envelopes to be distributed to all the peoples in the SEC.

The finest government money can buy, USA, USA, USA,USA

Wed, 04/13/2011 - 07:13 | 1164516 Translational Lift
Translational Lift's picture

I wonder how long before Daily and the bamma-boy put the kibosh on this??

Tue, 04/12/2011 - 18:47 | 1163266 unwashedmass
unwashedmass's picture


interesting, but until we see handcuffs and perp walks of people like jamie....who cares?

frankly jamie should get 20 to life for what's gone on.....

book 'im dano and throw him in a cell with lloyd. and the two broads we found out today stole 220 million .....

Tue, 04/12/2011 - 18:48 | 1163268 Problem Is
Problem Is's picture

Boy, ain't that a kick right square in Jamie's mosquito balls...

Jamie & Lloyd
If it wasn't for fraud as a business model, Jamie & Lloyd would be Amerika's shoe shine boys...

Tue, 04/12/2011 - 18:49 | 1163270 RobotTrader
RobotTrader's picture

JPM up 24 cents after hours.

By far, the strongest bank stock in the group.

Probably gap up on earnings when they come out.

They have been building new branches like crazy out here in L.A.

Tue, 04/12/2011 - 18:51 | 1163277 Cleanclog
Cleanclog's picture

Same in NorCal, though branding most branches CHASE.

Tue, 04/12/2011 - 19:09 | 1163322 Zero Govt
Zero Govt's picture

are JPM branch building on the back of high profits and volumes in food stamps?

because their retail reputation ain't worth shit in the public domain after the mortgage fraud business is over and how they treat Joe Public 

Tue, 04/12/2011 - 19:19 | 1163346 Careless Whisper
Careless Whisper's picture

@ Robo

They have been building new branches like crazy out here in L.A.

Dewd, John Lennon is spinning in his grave right now. Those mofo's at JP Morgan have no right to use his song in their California commercials. It is wrong and should be criminal. I mean seriously, JP Morgan Chase and John Lennon ??? They are playin' you people in Cali.




Tue, 04/12/2011 - 19:40 | 1163412 Cleanclog
Cleanclog's picture

Blame it on Ono.  JPM/Chase paid someone for the rights to use it.  And yes, they're playing us - we're suckers for feel good songs - think Beach Boys.  They're clever those JPMs.  Rebranding as cool blue Chase (out here very few people get the connection to Chase Manhattan - if they even know that name from the past).  Do a cute radio spot too where a desperate mother learns her daughter has a new relationship with Chase and is so excited, bragging to her friends, until daughter says Chase is a bank - but a really good one.  Barf! 

Tue, 04/12/2011 - 19:51 | 1163446 disabledvet
disabledvet's picture

she's a bitch.  McCartney was right.  I listened to her response to Fukushima--heartless.

Tue, 04/12/2011 - 19:31 | 1163383 treemagnet
treemagnet's picture

You're from L.A. - o.k., now I understand, thank you.  Also, they haven't been building branches out in L.A. cause we have been building branches out in L.A. - but its all good till it isn't.

Tue, 04/12/2011 - 18:49 | 1163271 apeakunderthehood
apeakunderthehood's picture



Obama's Foot in Mouth Disease. Common Side Effect of a Debt Addict



Tue, 04/12/2011 - 18:54 | 1163286 I am Jobe
I am Jobe's picture

Can we just quit the dog and pony show and start the hanging. Cheap fast and above all clean up this mess fast and swiftly. Go after all the assets and every CEO homes and wealth. Take back the country folks.

Tue, 04/12/2011 - 20:18 | 1163529 samsara
samsara's picture

Weakiki Leaks is gonna unload it's secrets any day now...

We need an online data base that joins;

Board of Directors of the top 500 corporations and think tanks with Names and addresses.

Hooked to Google Earth to zoom down on the property with driving directions.

Like a "Homes of the Rich and Famous"  meets 'Child Molesters"  website.

Just so the average person who just lost his/her job,  Medical Coverage and Retirement Pension can just sort of drive up and knock on the door and say 'Thank you'  in their own special and imaginative way.


Tue, 04/12/2011 - 18:59 | 1163290 TheAkashicRecord
TheAkashicRecord's picture

Let me know when someone goes to jail or self-immolation happens.

Is he going to have to give up 1 of his 3 international vacation homes?  His yearly safari hunt? The golden dildo he uses on his wife?

Tue, 04/12/2011 - 18:57 | 1163294 Zero Govt
Zero Govt's picture

A CNBC talking head today tried to call the defences case in the Chumbawambamerithuian (!) insider trading case "disingenuous" for receiving a call (played on CNBC) about a possible Arab investment going ahead. Only problem was the Arab funds shareholding was public domain having been reported widely and weeks before in the Press!

I've a feeling this SEC prosecution has enough holes in it to pass for a Swiss cheese and they're going to rack up another 'fail'

next time a butcher gets 'insider info' (ie. a mobile phone call) from a farmer pork bellies will be more expensive next month will butchers get raided by these midget porn surfing clowns at the SEC ?

WTF are advance order taking (tracking) computer programs if not insider dealing? Why hasn't the SEC pounced on those firms? 

The regulatory farce (and failures) are mounting by the day.. who needs an argument against regulators and regulation, they do such an excellent job of proving to everybody what a huge expensive fuking waste of space they are ...load gun, take aim, shoot yourself in the foot!!!

Tue, 04/12/2011 - 19:15 | 1163344 topcallingtroll
topcallingtroll's picture

No regulations

Full real time disclosure of all stock trades by anyone. This information should be publicly available even if you buy one share.
All the money wasted on regulation could be.put to better use.

Wed, 04/13/2011 - 02:57 | 1164363 TheMerryPrankster
TheMerryPrankster's picture

money is wasted on regulation, only when there isn't frequent and meaningful enforcement and actual criminal penalties. Jail time is the only thing that brings a tear to the eyes of the oligarchy and their minions.

We don't need regulation, just like we don't need traffic signs and traffic laws and paved roads and all those other disturbing features of an actual civil society.

Regulations aren't the problem, regulations are meant to address the problem, but they are only 1 element of a 3 sided pyramid (regulation, enforcement, criminal penalties). Financial crimes are not civil crimes, they are criminal in that they cheat the entire country and destroy faith in institutions and create an atmosphere of cronyism. Criminals go to jail. or we wind up with our financial markets full of criminals  who pay fines and continue to break laws and steal,cheat,swindle,lie - you know the song and dance, its been playing on Wall Street for decades.



Wed, 04/13/2011 - 07:30 | 1164502 Zero Govt
Zero Govt's picture


You are kidding? Regulations are the ogligarchy. Who do you think brings regulations into being other than the establishment? Do you think regulations drop from heaven? They come from the ogligarchy passed by their bought and paid for crones in DC and enforced at taxpayers expense to screw their rivals and keep the fat rotten cats atop their throwns.

Business has existed for thousands of years without laws, lawyers, Govt or any need for contracts 

The addition of Govt financial regulations is exactly like the Govts laws, signs and graffiti all over our roads: a bloody clown show

No Law works. Period.

....let the free market prevail (no Govt, law or regulators required)

Tue, 04/12/2011 - 19:00 | 1163302 Coldfire
Coldfire's picture


Tue, 04/12/2011 - 19:56 | 1163462 disabledvet
disabledvet's picture

"little is known about Magnetars as they occur far from earth."

Tue, 04/12/2011 - 19:03 | 1163305 Fred Hayek
Fred Hayek's picture

Until a year or two ago, I didn't think the government even could charge you with fraud without it being a criminal offense.

Tue, 04/12/2011 - 19:05 | 1163318 Misean
Misean's picture

Yawn. Guess this guy got caught banging somebody's daughter he shouldn't have.

Tue, 04/12/2011 - 19:11 | 1163319 Magua
Magua's picture

The fact that this item is out there in the sphere means Goldman has its shorts on and is all in.

Jamie, even you can't screw with the killer squid.

Best of luck though..

A short list of those past victims reads Bear, Lehman, AIG, Dutch pension funds, and anyone else that thinks that the "partners" money and the clients money are aligned.


Tue, 04/12/2011 - 19:08 | 1163323 John McCloy
John McCloy's picture

Oh well...looks like it is time for another "flash crash" to ensure wrist slaps and settlements equatable to docking a 12 year old's allowance.

Tue, 04/12/2011 - 19:10 | 1163328 Fix It Again Timmy
Fix It Again Timmy's picture

What the hell?  This can't be happening!  Must be a radical wormhole into an alternate universe, Jesus! just when you thought you had it in the bag...

Tue, 04/12/2011 - 19:13 | 1163331 topcallingtroll
topcallingtroll's picture

Qe3 cannot start right away.

Bennie boy has to wait until even his congressional detractors are on board with it and deflation has wrecked speculative longs.

There has to be obvious deflation that is undisputed before qe3 starts.

It cant happen until july at the earliest. If he starts qe3 right away all hell will break loose.

Tue, 04/12/2011 - 19:14 | 1163334 IrrationalMan
IrrationalMan's picture

At least the ending of QE2 won't be the reason for the market selloff now. 

Tue, 04/12/2011 - 19:25 | 1163362 treemagnet
treemagnet's picture

You mean someone might actually go to jail?  Thats not acceptable - maybe some counseling?

Tue, 04/12/2011 - 19:32 | 1163380 willien1derland
willien1derland's picture

LOL - perhaps a few Public Service Announcements...

Tue, 04/12/2011 - 19:31 | 1163378 willien1derland
willien1derland's picture

I bet Jamie Dimon is having every hand on deck to ensure his recent home sale & moving expenses are not affiliated with said CDO deal - although it would be absolute WONDERFUL if it were as I would love to watch the testimony - Vampire Squid against Jamie 'Nature Boy' Dimon - betcha Lloyd calls Jamie & asks him if he has a 'Fab Tourre' & if he doesn't would he like to buy one? sand through the hourglass of time...

Tue, 04/12/2011 - 20:03 | 1163480 treemagnet
treemagnet's picture

Lloyd won't call Jamie - "The Lloyd" as he prefers can't work a cell and besides, he'll staff it out - probably the same wanna be intern thats gonna end up doing 18 months in some minimal restriction camp/prison in New England in exchange for a brilliant career path.  Or, I could just be a very negative asshole with an ax to grind.

Tue, 04/12/2011 - 19:31 | 1163379 Drag Racer
Drag Racer's picture

Everytime I hear about the smuck who drew the short stick to be sacrificed, I always wonder about how long the guy holding the sticks thinks he can get away with it before the group turns on him.

Tue, 04/12/2011 - 19:33 | 1163390 AldousHuxley
AldousHuxley's picture

BACKCLAW all bonuses at every level with interest. $ is only thing wall st. understands.


Tue, 04/12/2011 - 19:37 | 1163398 Bob
Bob's picture

This may be problematic news a day ahead of earnings?!  I remember a market that sometimes made sense, too.  But that was a long time ago. 

Back when we still naively believed in the Rule of Law.

Tue, 04/12/2011 - 19:37 | 1163399 Sqworl
Sqworl's picture

Gillian Tett's "Fools Gold" is the playbook!

Tue, 04/12/2011 - 19:36 | 1163401 JustACitizen
JustACitizen's picture

Until some of these guys actually get sent to Federal "pound your ass" Prison - this is a joke. Whatever happened to the Fabulous Fab? We need convictions on a wholesale basis along with complete asset confiscation...

Tue, 04/12/2011 - 19:41 | 1163415 RobotTrader
RobotTrader's picture

Here's a brand new, shiny JPM Chase "Fiatsco Parlor" in El Segundo, near where I work.

Funny how they are building these castles everywhere in L.A., but none of them sell gold coins.  You have to go to a seedy pawn shop for those.

Fractional Reserve Lending and the Pyramid Ponzi Scheme of finance is growing bigger and bigger.

I don't see it stopping any time soon.

Tue, 04/12/2011 - 19:43 | 1163420 Bob
Bob's picture

Do you give free blow jobs in the lobby?

Tue, 04/12/2011 - 20:07 | 1163497 treemagnet
treemagnet's picture

Nope, just toasters and ipods for now.

Tue, 04/12/2011 - 20:08 | 1163496 samsara
samsara's picture


Tue, 04/12/2011 - 20:39 | 1163603 SheepDog-One
SheepDog-One's picture

Near where you work? So its next to the bus stop then?

Tue, 04/12/2011 - 19:45 | 1163433 ragedmaximus
ragedmaximus's picture

we go to jail for just about anything they get fined and pay with our taxpayer dollars then to top it off they find a new law to break and profit from until they get caught er fined again. Like giving a speeding ticket to a trillionaire. so fk'ing what they say.

Tue, 04/12/2011 - 19:55 | 1163453 buzlightening
buzlightening's picture

Sack of shit Keynes system stacked with rank fraudsters coast to roast!  The track record for gold/silver in monetary stores of value is millenniums and Keynes/application of his fairy tale economic gobbledegook psycho babble is decades new! What/who you goon-a trust? A rat basturd elitist Keynes speaking for fiat paper ponzi global bankster cartel neoCONs or millenniums of gold/silver fundamental monetary stores of value sound money record? Knowing men lie! Gold/silver don't in monetary exactness!! Ever!!

Tue, 04/12/2011 - 20:14 | 1163509 disabledvet
disabledvet's picture

every reality man makes is a lie.  that is why ZH is constantly at war.  "Never know war, never know peace either" i say.  Perhaps the Bible says it best though:  "vengeance is God's not man's."

Tue, 04/12/2011 - 20:01 | 1163468 williambanzai7
williambanzai7's picture

Tue, 04/12/2011 - 20:14 | 1163511 RobotTrader
RobotTrader's picture


You should have included Ben Bernanke following behind in a bomb suit and a bucket of water.


Tue, 04/12/2011 - 20:20 | 1163544 disabledvet
disabledvet's picture

"can we jail them though?" 

"no, we can't do that either."

"i'm confused."

"I agree, we are about to say they're the biggest criminals in the history of the American Republic."

"So then we arrest them?"


Tue, 04/12/2011 - 20:02 | 1163473 Econocidal Tend...
Econocidal Tendencies's picture

Somebody please explain to Michael Llodra that serve and volley is an obsolete style of play on today's ATP Tour.

Tue, 04/12/2011 - 20:00 | 1163476 Heroic Couplet
Heroic Couplet's picture

"charging" someone isn't going to do jack, as we've seen with the Republicans in the House. So what if someone is "charged."

CONVICTED and frog-marched off to prison to toss Big Bertha's salad is where justice starts.

Tue, 04/12/2011 - 20:07 | 1163487 buzlightening
buzlightening's picture

Yep! When we jail the rat bastards we'll tumble dry'em and see what comes out in the lint trap as with bernie maddoff.  Lint for the victims/AmeriCON'd. An island in the sun for rat bastards you couldn't trace with a detailed map to where the stolen booty is buried.  It's all baked in the top power brokers of the banking cartel.   Sheeple fire hosed recycled hersey squirted sewage from the masters table.  AmeriCON'd drowns in shit sewage!! Fire hosed sewage head explosions coast to roast and the elite call it the great depression III. 

Tue, 04/12/2011 - 20:16 | 1163528 Bansters-in-my-...
Bansters-in-my- feces's picture

The guy will probably get a blow job and a foot rub,whoever gets this pinned on them.
The USA govt is a sick fucking joke.
Oh,right a BIG BONUS too...!!!

Tue, 04/12/2011 - 20:26 | 1163560 buzlightening
buzlightening's picture

porkin bloated pig men takin it to the moon! jpig am earnings. A mark to fantasy tale of phantom non existent profits through black magic dead head fed goon approved illusion.. Markets should go ape shit to the upside and new POMO ERECTUS to inject Wednesday!! Hope no one is short the indexes?

Tue, 04/12/2011 - 20:28 | 1163565 Bansters-in-my-...
Bansters-in-my- feces's picture

Robot Trader...

If anyone walks into that New CHASE bank to do business,they deserve evey bit of punishment they get.

Fucking losers....

Tue, 04/12/2011 - 21:00 | 1163651 Reese Bobby
Reese Bobby's picture

I feel like Taibbi covered the corruption in the SEC.  This JPM noise is a diversion.  Pre-contained and meaningless penalty fine, if any, pre-determined...

Tue, 04/12/2011 - 20:59 | 1163652 UninterestedObserver
UninterestedObserver's picture

$5 bucks goes to who ever guesses the SEC regulators new VP title at Goldman Sachs when he "luckily" lands a plum job there

Tue, 04/12/2011 - 21:15 | 1163691 JustACitizen
JustACitizen's picture

I could use an infinate return on investment. How about:

Vice President of Inter-Office Communications and Chinese Wall Management??

Tue, 04/12/2011 - 22:40 | 1163937 honestann
honestann's picture

Count on it.  The predators-that-be will sweep this and every other relevant story under the rug, just like the GoldmanShafts scam.

Tue, 04/12/2011 - 23:01 | 1163981 BlackholeDivestment
BlackholeDivestment's picture

Do you know, there was only one person protesting Dimon when he walked out of the Treasury in that nice suit. That person was me by the way, standing next to a guy from one of the news crews I use to work with (happen to be one of the camera crew from 911 I ran the tape for). The camera people did not even know who he was when he walked out the back door. I shouted to him ''nice suit, did I just pay for it?'' (actually heard the Secret Service guy chuckle) That hurt the bastard's ego a bit and he almost was dumb enough to turn back around in response as he walked away but, he just kept on going. I shouted, ''yeah, that's right, keep walking you criminal''.

Just so you know, at least some one was there to get his goat, after the first 600 billlion boys club bailout and then some.

Wed, 04/13/2011 - 10:45 | 1165081 SilverFiend
SilverFiend's picture

Anybody other than the CEO and top level executives is none other than a sacraficial lamb to appease the naive masses.

Fri, 05/06/2011 - 01:57 | 1246509 revelation 19-11
revelation 19-11's picture

JPMorgan "corporate personhood" is the antichrist..

Meanwhile Bernake has a death grip on the money printing machine.


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