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JPM Settles Magnetar Charges Related To Misleading CDO Information With SEC For $153.6 Million
- SEC TO HOLD CONFERENCE CALL TO DISCUSS ENFORCEMENT VS JP MORGAN
- JP MORGAN TO PAY $153.6M TO SETTLE SEC CHARGES
- JP MORGAN TO SETTLE SEC CHARGES ON MISLEADING IN CDO ON HOUSING
- SEC CITES MISLEADING INVESTORS IN CDO TIED TO HOUSING MARKET
- KHUZAMI: JPMORGAN FAILED TO DISCLOSE MAGNETAR'S ROLE, INTERESTS
- KHUZAMI: JPMORGAN HAS REIMBURSED INVESTORS IN TAHOMA CDO
- KHUZAMI SAYS SEC MISLED INVESTORS IN SQUARED CDO
Done and done. And now JPM is off the hook for ever and ever. In other news JPM made $153.6 million in profits since you clicked on this post. Of course, that's irrelevant as Bear Stearns will be stuck with the bill.
In other news, www.bangbus.com shares are surging on a rumor of an imminent $153.6 million investment from an unknown source
From the ongoing media conference: (dial in: 800 288 8967 begin_of_the_skype_highlighting 800 288 8967 end_of_the_skype_highlighting pass 208505)
- The recurring question from the ongoing press conference is why nobody at JPM is being charged, and Khuzami is completely unable to reply.
- Another question for the porn addicts is why it charged GSC's Steffelin in this case while it did not charge anyone from ACA in Abacus. Either the response is either very muffled, or Khuzami has a large appendage in his mouth.
- Another question is why did the SEC announce and settle at the same time, instead of allowing due court process.
- Question: who at JPM knew that Magnetar was selecting the CDO; SEC response: we will not comment beyond what is publicly filed.
- Why is there no 10(b) case against JPM? No, the decision is based on the "evidence, and the facts and the law" not to mention the bribes and the SEC exit job opportunities.
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and where does this money even go?? or any of these fines?
Where does the money go? All roads lead to NFLX.
Really, so that is the cost of admitting fraud, huh? Do we atleast get to find out how much they pilfered, so we can analyze their profits vs expenses? It seems fraud is a fantastic business model in the current economic environment, provided you know the right people, and line the right pockets.
But its all about merit, right? What you know, not who you know. That right there is at the heart of what is wrong with our society, as a whole.
Check out the latest from the Capital Research Institute "0% Interest Rates - Who Benefits?":
http://www.capitalresearchinstitute.org
Although buying Greek debt seems like a terrible idea to a normal person, to a person who only looks at the bond market (or only the CDS market) the low price of Greek debt somehow convinced people that they were getting a good deal. This should serve as a reminder to people, that investing in debt, AKA lending money to people you don’t know, is only a good idea if you are sure you will be paid back in full. For those holding US debt, thinking this could never happen to you, well, you might want to reconsider.
The other day I was discussing money with someone, and I mentioned that as long as interest rates are at 0% the fundamentals remain the same: expect rising asset, food, and commodity prices, a continually devaluing currency, high unemployment, and basically, speculation will continue to be rewarded over savings and investment.
the irony of course is that "it is all about merit indeed." perhaps the better question to ask is "what are we rewarding exactly?" and that bang bus wasn't too impressive either. i'm kinda picky on the rig thing myself and frankly "it looked like a joloppey."
Speaking of JPM, anyone have any idea what that uge spike in volume/huge drop in price at about 1:12 PM was?
Wait till next month and youll probably see some big cheeses disclosing some serious sell orders.
2 million shares changing hands and trading the price down more than $1 in the blink of an eye seems a bit excessive and obvious for this type of thing, no?
I just took a look and youre quite right , that is a very interesting print. Probably the specialist doing the usual BS to get a cross done.
It's not over yet. The NCUA has filed a lawsuit against JPM and RBS.
http://market-ticker.org
I'm sure some of it goes to pay for the internet porn bill at the SEC.
It gets recycled into TARP.
Here's a solution. I believe it was King Henry the second, upon receiving boxes filled with silver to pay his troops that had been debased by the money changers, he had the money changers rounded up and castrated. Let's just say that, although they defied him by debasing the currency, they didn't have the balls to do it again.
i wonder what the penalty for debasing the King's gold is?
An afternoon on the bangbus
Errata: King Henry II.
The SEC has a nice office building next to Thurgood Marshall building in D.C. They could use $150 million to upgrade to porn viewing rooms.
WHO IS GOING TO JAIL? That is the question.
The broke jobless Americans who are being kicked out of their homes By JP morgan O/C, afterall they need a place to sleep... no?
Our Gov't is a joke, JP is responsible for one of the biggest financial frauds of all time and all they get is a letter telling them to be more discrete while they rape and pillage America.
Thats why i'm hoping Bix Weir is right. These guys have been given enough rope to hang themsevles. They are being allowed to continue the raping and pillaging until the big crash when they will be exposed, prosecuted, and locked up.
We can hope.
But usually when hoping instead of action happens, it'll turn out they'll pay a 1 billion fine in quadrillion land, a "We crashed the economy and only paid 1 billion fine T-Shirt"-with a phallic ivory tower pictured on the back, and a free subscription to amateurcreampies.com (clued in by the SEC of course, since by then bangbus...so 2004ish will have caught up a bit by then...but naturally still behind).
They have enough rope to circle the earth like superman turning time back, yet they never bothered to build the gallows. Talk about misallocation.
Glass-Steagall and someone fire the fucks at the SEC and replace them with monkeys at a dartboard, or hire a entire law class from some university (you know they can't get jobs).
Who is John Galt?
Raymond,
I've read Bix and his theories. I think he is naive regarding whom he believes are the so called "good guys".
http://www.nbcnewyork.com/news/weird/124287474.html
The broke, jobless Ameri-cans are going to jail.
Competing cheap labor force maybe?
It goes to The Genz, his hookers, surely his blow, and his retirement villa in the south of France. Fuck you.
Must be nice making $3.8 billion, and paying a fee for $150 mill. Shit, I'd do that all day long. Organized white collar crime. And we sit here and pretend the Greeks are cooks. Ha.
www.silvergoldsilver.blogspot.com
SGS-
Your anger is refreshing. I'm tired of watching other youtube videos sans f-bombs and bullshits. There is only one way to talk about these cocksuckers and the corruption, angrily.
Ya they will never do that again.
Payments of civil penalties to the SEC go into the U.S. Federal government's general fund, which is to say, they are revenue for the Federal government and effectively supplement taxes. They do not go to the SEC, whose budget is exclusively from the money set aside for it by Congress.
Re: criminal penalties, the SEC only has civil power and is not capable of bringing criminal charges. The Department of Justice may launch criminal investigations following SEC regulatory activity, but there is no guarantee it will.
I would accuse Tyler of not having done his research before implying that the money goes into the SEC budget and that the SEC decides on whether or not to press criminal charges, but I suspect (for obvious reasons) he already knows perfectly well how the SEC works and is simply playing off the ignorance of his readers.
So let's lynch the bastards (or castrate them). It's simple: either we do it officially or we do it like in the olden days with horse thieves.
Lynch 'em by the balls.
Or like that book where the guy in Iran who was given a knife, was nailed by his nuts to the wooden chair set afire in the public square and cut his sack off.
Righteous sweetness.
Hang 'em by the balls and when they cut 'em off they fall into a glass pit of badass spiders, scorpions and fire ants. Kids in the neighborhood'd fucking love it! Go nuts! Better than being on the Bozo show where he chain smoked and Mr. Ringleader was slugging off a pint of vodka, shitfaced, hopping around on his peg leg, kid's all yell and throw shit at 'em.
Be a real Epic Wake and Bake moment of Scared Sober Shit.
It depends: The SEC's "fair funds" can be used to reimburse investors who have suffered losses.
So can I file for redress against my losses incurred shorting JPM during the last two quarters when the company entirely fabricated its earnings reports?
Humbled by your wisdom Mr P.
Oh, what's this, most of Tyler's "ignorant readers" are well aware the SEC can only file civil charges... and apparently (unlike you) they get the humor in the piece. Guess that confirms your suspicion that Tyler really does know how some of this "really complicated" stuff works...lol!
Man this nuance stuff can get confusing sometimes!
Bollocks
Bollocks
Crocodile algo...engage.
What a travesty M. Shapiro is. Isn't it time for her to spend more time with family?
Long past time. More likely she will have just earned a top spot in the JP Morgue Regulatory Affairs Division.
Isn't that how the game is played?
RICO the TBTFs!
Anti-Trust the Systemically Dangerous Organization!
So now we know the going rate for corporate fascist whore.
Lets see if the sociopaths can settle the Silver shorts as easy when that day comes.
That covers Dimons summer home burn rate for one month.
Forget all this bullshit civil stuff. Can;t we get one person to seek criminal charges against these FUCKS???
Doesn;t anyone out there have the fucking balls to take on the overlord????
I think i found one:
http://www.youtube.com/watch?v=MyLX71mFI2o&feature=player_detailpage
oh, look. even that one ran away.
Looks like the Judge sucks Amerikan Keynesian Cock of the Morgue also...
He was just dish'n out sum of dat dere Amerikan Banker Justice....
AKA....A B J.........ALLROUND
Boy, at these rates the Squid might have to relinquish 10 minutes of trading activity!
Actually a squid's natural instinct is to flee. He is food for some after all:
http://www.youtube.com/watch?v=8GeUy4_aH2Y&feature=player_detailpage
Justice will not be served until the current corrupted regime is overthrown and we bring those responsible for the economic genocide to trial.
How do I get long boiled rope????
Why boiled??? This way it doesn't snap on the way down if they are too much of a fat cat...
Americans need a little more Greece in them....
Bend over....and like it.!
Since the government continues to trivialize, if not down right dismiss, the rule of law, then why should other laws be observed? I should think this will absolutely throw gas on the strategic default party planned for July. I hope those folks are successful.
If the government will not do its job regarding these banks, then it is incumbent upon the citizenry to do it for them...while also voting all of these useless bureaucrats and politicians out of existence.
If Mary Schapiro could just finally end her year long meetings with the TBTF banks for just a moment, she should use that moment to tender her resignation.
Rule of law went out the window in 2008. Start with TARP, and then just giving the money to the banks (and GM, and GE, after relabeling it a bank). Then the Chrysler/GM bankruptcies, then off the hook for the new black panthers, then reconciling Obama care, and cooking the CBO's books. You are argument is spot on, if all it takes is lack of conscience and one election to become ruler, then everyone can legitimately make their own rules. Why would anyone comply with a lawless cabal asserting its legitimacy is based on law? They just assume everyone will submit because they are so special, and well connected.
wow. 150 mill. guv really coming down hard on JPM. this will surely be a serious deterrent to others down the road. <sarc>
Escaping a long sentence in pound-me-in-the-ass prison.......$153.6 priceless.
Operation Blythe can continue as planned. Watch your silver now!
As I said before.
These "Banks" will spin-off separately traded (ipo's).
They will break apart banking and Investment Banking, Mortgages etc to increase shareholder value as well as get a fat payday.
It will also limit regulatory risk on the whole.
I believe this is their fail-safe move. If TSHTF they'll make it appear that they are being broken up by the govt, but these little pieces will gobble up all competition in their sectors and simply help them avoid more oversight, and deflect public opinion.
So, you must agree that they have plans to breakup?
If so, then the trigger is what is in question.
I would suggest, they would want to get out ahead of the regulators in order to confound their efforts.
PR, is the least of their problems.
A division of perceived risk among both clients and shareholders will rule the day.
Unless the Jamie Demons (sic) of the world can earn larger amounts from the voluntary breakup (think PV of cap gains on more stock in multiple companies) than the PV of the bonuses earned by commanding one large firm, they won't try to get ahead of the effort to dismantle the Systemically Dangerous Organizations (TBTFs).
The Jamie's of the world still need to pay top talent.
It's not a dictatorship.
Spread the wealth, and in turn you can spread the influence, which keeps the gears lubed.
Steal in $100 bills, settle in pennies!
This has been going on since 1782. Same shit, Different century
I have a similar saying...
Same shit, different millenium.
JD: "Quick...let's hurry up and placate everyone with some meaningless fine...before someone finds out how massive the fraud really is....and how much we really should be on the 'hook' for!"
See Franklin Raines and Fannie Mae, or the life of Jamie Gorelick.
And here they come on the on the back stretch, Buying Opportunity and Kicking the Can Down the Road slowing. Here comes Mutual Fund Redemption closing the gap methodically...Ring Fence falling back even with Historically Cheap Valuations at the rear of the pack...
Looks like it is going to be a much closer race on the second half....
Don't worry, they'll be paying the rest of the fine in campaign contributions.
WINNER!
That billion dollar war chest ain't coming from online donations.
What?!?!?!?!
Say it ain't so Joe. But that's what they told us.... that it was the little guy... millions of 'em who all rose up to take the system back... who voted with their hearts... believing the altruistic... how could they let us...
Oh, never the fuck mind.
Word to the wise, bangbus is a porn site. I didn't know and was surprised! Guess I'll have anew place to visit ;-)
I was wondering if there were going to be any bangbus comments, or whether people were going to stay real quiet.
Wait, did I say that out loud?
It kind of makes one reconsider the notorious ‘SEC workers surfing the web for porn’ story. If you were one of the good guys at that agency trying to take on the real criminals, only to slowly learn the real criminals are running the system, you’d probably resort to porno-at-work too..whether it be out of boredom or spite.
If you want a real surprise, visit their companion web site baitbus.com -- same gimmick, just double the sausage.
I didn't know, and am looking at page after page trying to be surprised....
Be careful that your repeated attempts at surprise don't result in a nosebleed. ;D
Imagine a circle of JPM'ers, lobbyists, Democraps, Repugnanticans, and SEC-NOT!'ers, all giving each other the back door hand shake. All are hugging each other, while fucking over the guy in front, only to get fucked by the guy behind. Politics, big business, and regulatory industrial complex at it's best! Ron Jeremy would love to make a porn film that played out like this does, but he lacks the imagination of these captains of industry, these titans of commerce, these hookers in drag of Wall Street. Problem is, everyone gets back doored by these players along the way. Bye bye, American pie.
You certainly don't lack imagination.
+1 for theme.
Amerika (home of the greatest Kleptocracy of modern times, created and sustained by a non-virtuous circle of Wall Street-->K Street-->Wall Street lubricating money and legislation writing authority being passed back and forth)!
Fuck yeah!
If justice will not be done, it is time to do it ourselves.
We stand before a terrible choice, scared that we already know the answer. It is time to release the trappings of imprisonment. Let go of the job that pays in worthless dollars, the mortgage that holds you hostage, the banks that hold your wealth hostage, and rise up.
For once in your life trust in your fellow man, in fate, in what's right, and in GOD if you so choose. Trust yourself to be free, and in this freedom go forth and take back your country.
These criminals are weak people, and they and their institutions can only survive if they are unopposed. They work tirelessly to give people reasons to not oppose them because they are afraid.
Let go of what you think you know, the illusion of security, and fight for your future. Wait not a moment more, throw off your chains, bring justice to the unjust, and take your country back.
If not now, when... When will you find the strength to be free, to not be a victim? When? It has always been now.
Burn out the rot.
Burn the rot with a white hot flame; ashes, ashes.
Well said TD: "Done and done."
Hail the squid; long live the squid.
They'll realize reverse dividends of regret for this shit eventually, me thinks.
I would love to know how many children, brothers, sisters, mothers, fathers, cousins, or other relatives of CONgressmen/CFTC staff/SEC staff work on Wall Street, for large banks, and especially, for Goldman Sachs, JP Morgan and the other sacrosanct TBTF entities.
We all know about the revolving door that are the Hank Paulsons and the William Dudleys (and many, many more), but what about immediate and extended family members being given cushy jobs and mucho payola in exchange for CONgressional acquiescence?
Answer: shitloads.
What was that quote about there being no innocents?
http://nymag.com/daily/intel/2006/11/chelsea_clinton_gets_new_job_b_1.html
http://www.warriorsfortruth.com/senator-harry-reid.html
Here's a couple.
i can't believe (or at least don't want to believe) our government is so pathetic
Our government is in desperate need of money...
believe it. it'll save you time in the long run.
TYLER...a little ot, but why no news about the Nebraska Nuclear plants being flooded and possibly in a lvl 4 meltdown?
Been wondering the same thing.
no response???? now it all makes sense... cnbc shill?
You you got it. we are a CNBC shill.
The problem is ALL big businesses pretty much get away with whatever they want.
I am sure they all do a cost/benefit analysis and build that into their profit margins to assume they get caught and/or fined. I believe they do not care, after all how good a deal is it to make $1bil through fraud and pay 158mil to settle it? That is a good deal to me.
Wall street is not the only business run this way. Most multinationals do the same thing for the most part, and rarely if ever does anything "bad" happen (i.e. go to jail, bend over and take it). Enron was one of the few exceptions. Outright fraud is a viable model of doing business, as long as it can be disguised in such a way to not be too blatent.
The laws on the books are designed to help the average person, however the rules are flipped and the only ones that ever get busted and go to jail from said laws are the average person.
Nothing will change until an actual living human body is placed in jail for an extended period of time. I'm sure the risk departments of these firms have these types of fines priced into each product model. If I was the product manager I would...
Passing taxpayer money around like a cheap whore - and not one crooked JPM banker (or other bankers) in jail.
A three-ring circus.
Send in the zombie clowns.
That money will go to an interest payment right?
Edit: well part of one...
Yup. We've got 'em where we want 'em now. LOL.