JPM Pays $35 Million To Settle Bid Rigging Case

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Thu, 07/07/2011 - 11:50 | 1432733 Dr. Engali
Dr. Engali's picture

They should make that up in a day's trading. Do they have to pay that in installments over a 30 year period?

Thu, 07/07/2011 - 12:00 | 1432771 Pladizow
Pladizow's picture

Slave suing the plantation master - what outcome would you expect?

Thu, 07/07/2011 - 12:38 | 1432966 Ahmeexnal
Ahmeexnal's picture

The amalekite banksters will soon hang.

Thu, 07/07/2011 - 13:23 | 1433136 curbyourrisk
curbyourrisk's picture

I will bring the rope.

Thu, 07/07/2011 - 13:31 | 1433173 Problem Is
Problem Is's picture

I will bring the torch...

Thu, 07/07/2011 - 12:08 | 1432827 NotApplicable
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They'll probably pay with some MBS paper, or some of their trillions in interest rate derivatives.

Thu, 07/07/2011 - 13:55 | 1433254 SparkySC
SparkySC's picture

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.




Thu, 07/07/2011 - 11:50 | 1432742 GeneMarchbanks
GeneMarchbanks's picture

It's much easier to give head when you're toothless. Less can go wrong.

Another victory for justice!

Thu, 07/07/2011 - 11:51 | 1432745 FlyPaper
FlyPaper's picture

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?


Thu, 07/07/2011 - 12:08 | 1432831 NotApplicable
NotApplicable's picture

The ability to sleep soundly at night knowing that fedgov is watching out for them.

Thu, 07/07/2011 - 12:18 | 1432882 Blues Traveler
Blues Traveler's picture

dirty deeds done dirt cheap, in fact highly profitable.

The defrauded are subject to slow crank on the meat grinder

Thu, 07/07/2011 - 11:51 | 1432746 Careless Whisper
Careless Whisper's picture

Is bid rigging a crime? Just wonderin'

Thu, 07/07/2011 - 11:53 | 1432750 Careless Whisper
Careless Whisper's picture

Is bid rigging a crime? Just wonderin'

Thu, 07/07/2011 - 12:13 | 1432852 Raymond Reason
Raymond Reason's picture

No, it falls under "Cost of Goods Sold" on the P&L. 

Thu, 07/07/2011 - 11:54 | 1432752 pelican
pelican's picture

So why would anyone still trust any of these investment bankers?

Thu, 07/07/2011 - 11:53 | 1432753 b_thunder
b_thunder's picture

The punishment that fits the.... status of JPMadoff has been given by the Feds


Thu, 07/07/2011 - 11:54 | 1432763 That Peak Oil Guy
That Peak Oil Guy's picture

Would $35 million even pay for a pair of Jamie's cuff links?


Thu, 07/07/2011 - 12:10 | 1432839 NotApplicable
NotApplicable's picture

Depends on whose balls they're made out of.

Thu, 07/07/2011 - 11:55 | 1432765 Id fight Gandhi
Id fight Gandhi's picture

Admit no guilt, pay a fraction of your theft, they usual.

So sick of it all.

Thu, 07/07/2011 - 11:55 | 1432766 SheepDog-One
SheepDog-One's picture

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'!

Thu, 07/07/2011 - 11:56 | 1432769 Downtoolong
Downtoolong's picture

 A $5 prostitute is still a prostitute. There are no $5,000 prostitutes, only $5,000 Johns.

Thu, 07/07/2011 - 11:58 | 1432777 Atomizer
Atomizer's picture

No, actually the taxpaying proles will flip the bill. How? New skimming techniques.


Proposal governing debit card interchange fees, the fraud prevention adjustment, and routing and exclusivity restrictions.

Fast forward to 10m. Cost, Cost, Cost! You'll understand after watching.

Thu, 07/07/2011 - 12:00 | 1432790 williambanzai7
williambanzai7's picture

Yep, a few big fucking apples Jamie.

Thu, 07/07/2011 - 12:01 | 1432793 Franken_Stein
Franken_Stein's picture


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.



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.


Thu, 07/07/2011 - 12:04 | 1432814 NotApplicable
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I can't imagine anyone around here is surprised, let alone Tyler.

Thu, 07/07/2011 - 12:02 | 1432802 Contra_Man
Contra_Man's picture

... 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!

Thu, 07/07/2011 - 12:51 | 1433015 Ahmeexnal
Ahmeexnal's picture

He did get a nice facejob recently:

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???

Thu, 07/07/2011 - 12:03 | 1432809 slewie the pi-rat
slewie the pi-rat's picture

slewie is full of heartfelt forgiveness for these worthless fuking shitheaded lowlife asswipe criminals.  amen.

Thu, 07/07/2011 - 12:16 | 1432868 fuu
fuu's picture

The SEC?

Thu, 07/07/2011 - 12:17 | 1432874 Raymond Reason
Raymond Reason's picture

Yeah, we can tell. 

Thu, 07/07/2011 - 12:11 | 1432842 Bastiat
Bastiat's picture

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.

Thu, 07/07/2011 - 12:14 | 1432856 anynonmous
anynonmous's picture

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.

Thu, 07/07/2011 - 12:15 | 1432858 anynonmous
anynonmous's picture

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.

Thu, 07/07/2011 - 12:16 | 1432863 Raymond Reason
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How 'bout a public apology instead of a fine?

Thu, 07/07/2011 - 12:18 | 1432883 Abby Normal
Abby Normal's picture

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...

Thu, 07/07/2011 - 12:22 | 1432894 Mr. Poon
Mr. Poon's picture

With all due respect, citing the facts won't get you far on this site.

Thu, 07/07/2011 - 12:20 | 1432889 HEHEHE
HEHEHE's picture

"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.

Thu, 07/07/2011 - 12:24 | 1432905 Lord Blankcheck
Lord Blankcheck's picture

$35million tax write'-off'

the cost of bending over the World

Thu, 07/07/2011 - 12:25 | 1432911 onlooker
onlooker's picture

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.

Thu, 07/07/2011 - 12:26 | 1432915 williambanzai7
williambanzai7's picture

Thu, 07/07/2011 - 12:49 | 1433024 anynonmous
anynonmous's picture

until I read the caption I was not aware that was an apple

Thu, 07/07/2011 - 13:39 | 1433150 Problem Is
Problem Is's picture

$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?

Thu, 07/07/2011 - 13:42 | 1433220 fuu
fuu's picture

We love you Jesse!

Thu, 07/07/2011 - 12:39 | 1432970 buzzsaw99
buzzsaw99's picture

The suckers, er, chumps, er marks, er, dupes, er, municipalities will get jack squat of course.

Thu, 07/07/2011 - 12:49 | 1433022 Abby Normal
Abby Normal's picture

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

Thu, 07/07/2011 - 13:22 | 1433134 scatterbrains
scatterbrains's picture

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.

Thu, 07/07/2011 - 12:48 | 1433013 ak_khanna
ak_khanna's picture

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. 

Thu, 07/07/2011 - 13:14 | 1433115 Problem Is
Problem Is's picture

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...

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