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JPM Pays $35 Million To Settle Bid Rigging Case
America's toothless regulators strike again. JPM, which recently got away virtually scott free with an identical settlement on CDO security fraud that dragged Goldman stock for months back in 2010, has once again exposed its "most favored fraud" status with America's regulators after Reuters announced that the firm will settle a charges of a 6 year long bid-rigging fraud in municipal securities with the SEC... for the princely sum of $35 million.
"JPMorgan Chase was ordered to pay more than $35 million to settle allegations that employees participated in a bid-rigging scheme for derivatives sold to municipalities and non-profit organizations. The Office of the Comptroller of the Currency said JPMorgan employees engaged in the scheme beginning in at least 1999 though 2005, submitting false or sham courtesy bids and communicating with direct competitors to fix prices. The OCC said the enforcement action is part of a global resolution with the U.S. Department of Justice, Internal Revenue Service, Securities and Exchange Commission, Federal Reserve Board, and about 25 state attorneys general."
It would be great to discover just what the profit that JPM had generated for the 6 year period associated with this fraudulent activity was, and what the ratio of payoff to illgotten gains has been. 1% would be our generous, upper estimate.
But at least justice is service and the stealing can continue.
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They should make that up in a day's trading. Do they have to pay that in installments over a 30 year period?
Slave suing the plantation master - what outcome would you expect?
The amalekite banksters will soon hang.
I will bring the rope.
I will bring the torch...
They'll probably pay with some MBS paper, or some of their trillions in interest rate derivatives.
Do they have to also give back ill-gotten gains?
On top of the fine paid?
Otherwise, you'd be CRAZY NOT TO STEAL IN THE FIRST PLACE if you're better off stealing and you don't have a fear of Jail-time and massive fines. This sounds like steal first, worry (wait that's too strong of a word,,,, think, think, think...) about it later.
It's much easier to give head when you're toothless. Less can go wrong.
Another victory for justice!
Government collects money when banks commit fraud.
Incentive for government is to let the fraud continue to collect more tolls.
Talk about moral hazard.
And of course, the defrauded get - what?
The ability to sleep soundly at night knowing that fedgov is watching out for them.
dirty deeds done dirt cheap, in fact highly profitable.
The defrauded are subject to slow crank on the meat grinder
http://www.youtube.com/watch?v=fMh6O7HuI08
Is bid rigging a crime? Just wonderin'
Is bid rigging a crime? Just wonderin'
No, it falls under "Cost of Goods Sold" on the P&L.
So why would anyone still trust any of these investment bankers?
The punishment that fits the.... status of JPMadoff has been given by the Feds
Would $35 million even pay for a pair of Jamie's cuff links?
TPOG
Depends on whose balls they're made out of.
Admit no guilt, pay a fraction of your theft, they usual.
So sick of it all.
If I was JPM I'd have said 'Pay you SEC $35 million fine....or WHAT? Youll get mideval on our ass? Whatever, do your worst I dont care I get free money from The Bernank'!
A $5 prostitute is still a prostitute. There are no $5,000 prostitutes, only $5,000 Johns.
No, actually the taxpaying proles will flip the bill. How? New skimming techniques.
Fast forward to 10m. Cost, Cost, Cost! You'll understand after watching.
Yep, a few big fucking apples Jamie.
Why are you even surprised Tyler.
After all the biggest shareholder of J.P.Morgan is none other than David Rockefeller.
He's the owner of Chase Manhattan Bank.
Please.
The Rockefellers run the place called Congress.
Via their oil lobbyists, and via their banking lobbyists.
They own Exxon and via straw men various other oil companies.
And they sit in the Bilderberg Group since 1954, as well as the Trilateral Commission and the Council on Foreign Relations.
They shape U.S. policies like no other.
I can't imagine anyone around here is surprised, let alone Tyler.
... and yet the Banksters still roam free.
eg. Stanford awaits trial as Judge delays counter-party disclosure
until January 2012 from his original arrest dating back to 2009!
http://www.caribarena.com/antigua/news/latest/97744-further-postponement...
He did get a nice facejob recently:
http://www.businessinsider.com/allen-stanford-beaten-up-2010-11
http://www.dailymail.co.uk/news/article-1327421/Allen-Stanford-beaten-ja...
Plus the daily rapes. Yeah, let his trial await.
Gotta let the inmates have some fun with their girlie banker.
Now...can you imagine what they'd do to effeminate Dimon???
slewie is full of heartfelt forgiveness for these worthless fuking shitheaded lowlife asswipe criminals. amen.
The SEC?
Yeah, we can tell.
Typical crap. But it's not over for JPM and it's bid-rigging partners. There are damage lawsuits--and they won't settle as cheaply as our bought-and-paid-for regulators.
I wonder how Leandro Andrade, who stole three video tapes from a Kmart in California feels about this? Leandor is doing fifty years (50 years) for that transgression.
http://www.nytimes.com/2003/03/05/national/05CND-SCOTUS.html
I wonder how Leandro Andrade, who stole three video tapes from a Kmart in California feels about this? Leandro is doing fifty years (50 years) for that transgression.
http://www.nytimes.com/2003/03/05/national/05CND-SCOTUS.html
How 'bout a public apology instead of a fine?
According to the wires (bondbuyer, etc), they actually paid a total of $228 million in fines and reimbursement for bid rigging $13 million - not exactly a profitable trade...
With all due respect, citing the facts won't get you far on this site.
"It would be great to discover just what the profit that JPM had generated for the 6 year period associated with this fraudulent activity was, and what the ratio of payoff to illgotten gains has been."
Like the regulators or AG's care as long as the campaign donations keep coming.
$35million tax write'-off'
the cost of bending over the World
Will this type of crime “trickle down” so that we can all enjoy it? Or, is this something you must be born into, so that there may be a dollar amount qualifier, to participate. It would seem obvious that only a small percent are “caught”, implying that there could be an opportunity for wider participation. Yes we can, if equality is reality.
until I read the caption I was not aware that was an apple
http://jessescrossroadscafe.blogspot.com/2011/07/sec-charges-jpm-with-rigging-muni-bond.html
$51.2 Million for Years and Years of Bid Rigging?
Jamie IS the best of the best of the best... fraudster...
Nice link and commentary, Jesse... I usually meander over to your Cafe after ZH...
Pouvez-vous avoir Madame Le Moderateur servir le Gâteau au Fromage avec des framboises fraîches?
We love you Jesse!
The suckers, er, chumps, er marks, er, dupes, er, municipalities will get jack squat of course.
Actually, the total settlement was $228 million for $13mm in gain. The municipalities received $52 million directly and the AG's of the states involved received another $177mm - per WSJ
I get it, so they only defrauded one municipality and unluckily happened to get caught that one and only time they committed fraud over that 6 year period.
JPM got the third degree punishment for fraud which is equivalent to a slap on the wrist with a 100 dollar bundle, was asked to stand in the corner for 5 minutes and now will be given a few billion dollars for their inconvenience to go and gamble in the stock, commodity and currency markets. After all they are too big to fail till they become too big to bail.
The too big to fail bunch of banksters can get away with murder, fraud, coercian, harrassment of the general public and any other illegal activity under the sun because they have a lot of influence on the political class, the rule makers and the rule enforcers due to their enormous purchasing power. So irrespective of the position in the government, everyone works for their benefit.
http://www.marketoracle.co.uk/Article24581.html
Can't have any outstanding bid rigging cases against JPM when Barry Soetoro nominates his puppet-string-master Jamie Dimon for Secretary of US Treasury...
Don't Worry
Jamie already has a tax payer paid for gold plated office to bring to DC...
Every bank and I-bank out there is about as criminal as you can get. And if the regulators would actually fine them and replace corrupt management then this kind of stuff would decline...but until they do...beware everyone who deals with them.....they are corrupt and trying to steal your savings.
Why do I read: "JPMorgan Chase & Co said it agreed to pay $211 million to settle federal and state charges that its employees rigged bids for derivatives sold to at least 48 cities and not-for-profit organizations." http://www.reuters.com/article/2011/07/07/us-jpmorgan-settlement-idUSTRE...
No trace of the $35 million mentioned in the article above? What did I miss?
Sounds like how the stock market is run every day. Every bid and ask is rigged.
If I rob a bank for $1,000,000 can get caught, I want the OCC to levy the penalty. I'd have no problem with a $10,000 fine.
See.........
Crime Pays......
Big Time..................................!
$35 Million?
According to the WSJ:
J.P. Morgan Chase & Co. will pay $228 million to various government regulators and states to settle allegations that it rigged nearly 100 transactions involving municipal-bond auctions, the Securities and Exchange Commission and Department of Justice said Thursday.
http://online.wsj.com/article/SB1000142405270230354460457643188040419685...
But, its still peanuts!
According to Reuters $211.2 Million http://www.reuters.com/article/2011/07/07/us-jpmorgan-settlement-idUSTRE...
To make it more confusing from Reuters article:"While the bank said it is paying $211.2, the SEC put the figure at $228 million. JPMorgan spokesman Joseph Evangelisti said the SEC's figure double-counts $17 million which is being distributed to various regulators, municipalities and not-for-profits."
But regardless indeedy $35 Million, $211 Million or $228 Million it still is peanuts compared with what they've stolen all together.
Mary Schapiro, one of the best Jews money can. Your money. Their benefit. Who's watching the watchers?
Nothin new here. move on, shut up, and now where's that dang remote control? 'Voyeur Watch' is on in 5 minutes and tonight's show will feature flaming lesbian midgets.
When 90% of the American can tell you who Snooky is, and 5% can name 2 or more Supreme Court Justices, you know that the game is over.
Why are there so many Jew lawyers in Manhattan and so many toxic waste dumps in New Jersey?
Jersey had first choice.
So, silly enough, I'm a long term holder of FAZ. (I know stupid, but maybe) I had bought as a hedge against other holdings. I've been wondering who is looking out for the interests of FAZ share holders? I thought management teams of pretty much any security sold, including etf's, in the market had requirements to "maximize shareholder value". Now I look back 5 years, and see how the SHTF in the financial industry, and look at FAZ share price....and then an article like this...and i just have to scratch my head alittle.
either way, my holdings are really only down maybe a weeks pay over the years. But I'm gonna hold it like my gold. Loveingly...and something about cold dead fingers!
And why aren't the Las Vegas security guard system not more on it with this? What kind of casino is this anyways?
Classic!
Steal, rape & pillage - and IF you're caught, then you simply use the shareholders money to settle the case. Oh, and that money can be re-couped via the next bailout, or an un-colatterolized loan from the FED at 0.01%.
Nothing beats the free market!!
http://metthatceleb.blogspot.com/