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JPM Settles Magnetar Charges Related To Misleading CDO Information With SEC For $153.6 Million

Tyler Durden's picture




 
  • 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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Tue, 06/21/2011 - 13:18 | 1389431 dark pools of soros
dark pools of soros's picture

and where does this money even go?? or any of these fines?

Tue, 06/21/2011 - 13:19 | 1389445 slaughterer
slaughterer's picture

Where does the money go?  All roads lead to NFLX.

Tue, 06/21/2011 - 13:38 | 1389499 Herd Redirectio...
Herd Redirection Committee's picture

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.

Tue, 06/21/2011 - 13:49 | 1389533 disabledvet
disabledvet's picture

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."

Tue, 06/21/2011 - 13:38 | 1389514 Don Quixotic
Don Quixotic's picture

Speaking of JPM, anyone have any idea what that uge spike in volume/huge drop in price at about 1:12 PM was?

Tue, 06/21/2011 - 13:55 | 1389563 equity_momo
equity_momo's picture

Wait till next month and youll probably see some big cheeses disclosing some serious sell orders.

Tue, 06/21/2011 - 14:12 | 1389625 Don Quixotic
Don Quixotic's picture

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?

Tue, 06/21/2011 - 14:15 | 1389634 equity_momo
equity_momo's picture

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.

Tue, 06/21/2011 - 14:19 | 1389635 Sancho Ponzi
Sancho Ponzi's picture

It's not over yet. The NCUA has filed a lawsuit against JPM and RBS.

http://market-ticker.org

Tue, 06/21/2011 - 13:26 | 1389454 Bay of Pigs
Bay of Pigs's picture

I'm sure some of it goes to pay for the internet porn bill at the SEC.

 

Tue, 06/21/2011 - 13:38 | 1389497 Thomas
Thomas's picture

It gets recycled into TARP.

Tue, 06/21/2011 - 13:36 | 1389504 Thomas
Thomas's picture

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.

Tue, 06/21/2011 - 13:50 | 1389540 disabledvet
disabledvet's picture

i wonder what the penalty for debasing the King's gold is?

Tue, 06/21/2011 - 15:22 | 1389866 knukles
knukles's picture

An afternoon on the bangbus

Tue, 06/21/2011 - 13:52 | 1389549 Thomas
Thomas's picture

Errata: King Henry II. 

Tue, 06/21/2011 - 13:50 | 1389536 earnyermoney
earnyermoney's picture

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.

Tue, 06/21/2011 - 13:25 | 1389468 LongBalls
LongBalls's picture

WHO IS GOING TO JAIL? That is the question. 

Tue, 06/21/2011 - 13:34 | 1389484 Dre4dwolf
Dre4dwolf's picture

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.

Tue, 06/21/2011 - 14:25 | 1389663 Raymond Reason
Raymond Reason's picture

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.   

Tue, 06/21/2011 - 15:28 | 1389873 jmc8888
jmc8888's picture

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).

 

Tue, 06/21/2011 - 16:00 | 1389973 nowhereman
nowhereman's picture

Who is John Galt?

Tue, 06/21/2011 - 19:17 | 1390701 living on the edge
living on the edge's picture

Raymond,

I've read Bix and his theories. I think he is naive regarding whom he believes are the so called "good guys".

Tue, 06/21/2011 - 22:23 | 1390876 Captain Planet
Captain Planet's picture

The broke, jobless Ameri-cans are going to jail. 

Competing cheap labor force maybe?

 

 

Tue, 06/21/2011 - 13:32 | 1389490 bankrupt JPM bu...
bankrupt JPM buy silver's picture

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

Tue, 06/21/2011 - 14:01 | 1389584 Hugh G Rection
Hugh G Rection's picture

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.

Tue, 06/21/2011 - 13:59 | 1389589 Rick64
Rick64's picture

Ya they will never do that again.

Tue, 06/21/2011 - 13:37 | 1389493 Mr. Poon
Mr. Poon's picture

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.

Tue, 06/21/2011 - 13:50 | 1389557 Thomas
Thomas's picture

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.

Tue, 06/21/2011 - 15:33 | 1389904 knukles
knukles's picture

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.

Tue, 06/21/2011 - 13:58 | 1389571 Thisson
Thisson's picture

It depends: The SEC's "fair funds" can be used to reimburse investors who have suffered losses.

Tue, 06/21/2011 - 13:59 | 1389587 Cdad
Cdad's picture

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?

Tue, 06/21/2011 - 14:57 | 1389766 SRV - ES339
SRV - ES339's picture

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!

Tue, 06/21/2011 - 13:19 | 1389434 Dayadog
Dayadog's picture

Bollocks

Tue, 06/21/2011 - 13:15 | 1389435 Dayadog
Dayadog's picture

Bollocks

Tue, 06/21/2011 - 13:15 | 1389437 Cdad
Cdad's picture

Crocodile algo...engage.

What a travesty M. Shapiro is.  Isn't it time for her to spend more time with family?

Tue, 06/21/2011 - 13:28 | 1389460 A_MacLaren
A_MacLaren's picture

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!

Tue, 06/21/2011 - 13:20 | 1389438 Cognitive Dissonance
Cognitive Dissonance's picture

So now we know the going rate for corporate fascist whore.

Tue, 06/21/2011 - 13:18 | 1389442 Cassandra Syndrome
Cassandra Syndrome's picture

Lets see if the sociopaths can settle the Silver shorts as easy when that day comes.

Tue, 06/21/2011 - 13:20 | 1389444 williambanzai7
williambanzai7's picture

That covers Dimons summer home burn rate for one month.

Tue, 06/21/2011 - 13:23 | 1389446 curbyourrisk
curbyourrisk's picture

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????

Tue, 06/21/2011 - 13:49 | 1389553 disabledvet
disabledvet's picture

I think i found one: 

http://www.youtube.com/watch?v=MyLX71mFI2o&feature=player_detailpage

oh, look.  even that one ran away.

Tue, 06/21/2011 - 13:20 | 1389448 Bansters-in-my-...
Bansters-in-my- feces's picture

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

Tue, 06/21/2011 - 13:20 | 1389449 Ray1968
Ray1968's picture

Boy, at these rates the Squid might have to relinquish 10 minutes of trading activity!

 

Tue, 06/21/2011 - 13:59 | 1389573 disabledvet
disabledvet's picture

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

Tue, 06/21/2011 - 13:20 | 1389450 AldoHux_IV
AldoHux_IV's picture

Justice will not be served until the current corrupted regime is overthrown and we bring those responsible for the economic genocide to trial.

Tue, 06/21/2011 - 13:27 | 1389474 curbyourrisk
curbyourrisk's picture

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...

Tue, 06/21/2011 - 13:27 | 1389458 Bansters-in-my-...
Bansters-in-my- feces's picture

Americans need a little more Greece in them....

Bend over....and like it.!

Tue, 06/21/2011 - 13:30 | 1389486 Cdad
Cdad's picture

Americans need a little more Greece in them.

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.


Tue, 06/21/2011 - 16:49 | 1390196 Clark Bent
Clark Bent's picture

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. 

Tue, 06/21/2011 - 13:28 | 1389464 tsx500
tsx500's picture

wow.  150 mill.   guv really coming down hard on JPM.   this will surely be a serious deterrent  to others down the road.    <sarc>

Tue, 06/21/2011 - 13:32 | 1389465 Shell Game
Shell Game's picture

Escaping a long sentence in pound-me-in-the-ass prison.......$153.6 priceless.

Tue, 06/21/2011 - 13:46 | 1389538 slaughterer
slaughterer's picture

Operation Blythe can continue as planned.  Watch your silver now!

Tue, 06/21/2011 - 13:26 | 1389472 zeneta
zeneta's picture

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.

 

 

 

Tue, 06/21/2011 - 13:51 | 1389544 SilverDosed
SilverDosed's picture

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.

Tue, 06/21/2011 - 13:54 | 1389569 zeneta
zeneta's picture

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.

 

 

 

Tue, 06/21/2011 - 14:17 | 1389640 A_MacLaren
A_MacLaren's picture

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).

Tue, 06/21/2011 - 14:30 | 1389673 zeneta
zeneta's picture

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.

 

 

Tue, 06/21/2011 - 13:28 | 1389477 XRAYD
XRAYD's picture

Steal in $100 bills, settle in pennies!

Tue, 06/21/2011 - 13:38 | 1389480 plocequ1
plocequ1's picture

This has been going on since 1782. Same shit, Different century

Tue, 06/21/2011 - 15:09 | 1389817 SilverIsKing
SilverIsKing's picture

I have a similar saying...

Same shit, different millenium.

Tue, 06/21/2011 - 13:35 | 1389488 AgShaman
AgShaman's picture

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!"

Tue, 06/21/2011 - 16:52 | 1390206 Clark Bent
Clark Bent's picture

See Franklin Raines and Fannie Mae, or the life of Jamie Gorelick. 

Tue, 06/21/2011 - 13:40 | 1389508 Cdad
Cdad's picture

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....

Tue, 06/21/2011 - 13:42 | 1389515 Moe Gamble
Moe Gamble's picture

Don't worry, they'll be paying the rest of the fine in campaign contributions.

Tue, 06/21/2011 - 13:46 | 1389542 UGrev
UGrev's picture

WINNER!

Tue, 06/21/2011 - 15:04 | 1389799 Joe Davola
Joe Davola's picture

That billion dollar war chest ain't coming from online donations.

Tue, 06/21/2011 - 15:45 | 1389928 knukles
knukles's picture

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.

Tue, 06/21/2011 - 13:41 | 1389521 eurusdog
eurusdog's picture

Word to the wise, bangbus is a porn site. I didn't know and was surprised! Guess I'll have anew place to visit ;-)

Tue, 06/21/2011 - 13:50 | 1389559 NotApplicable
NotApplicable's picture

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?

Tue, 06/21/2011 - 14:24 | 1389658 Vic Vinegar
Vic Vinegar's picture

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.

Tue, 06/21/2011 - 14:08 | 1389602 Antarctico
Antarctico's picture

Word to the wise, bangbus is a porn site. I didn't know and was surprised!

If you want a real surprise, visit their companion web site baitbus.com -- same gimmick, just double the sausage.

Tue, 06/21/2011 - 15:47 | 1389934 knukles
knukles's picture

I didn't know, and am looking at page after page trying to be surprised....

Tue, 06/21/2011 - 15:50 | 1389952 Antarctico
Antarctico's picture

Be careful that your repeated attempts at surprise don't result in a nosebleed. ;D

Tue, 06/21/2011 - 13:44 | 1389534 SILVERGEDDON
SILVERGEDDON's picture

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.

Tue, 06/21/2011 - 14:36 | 1389707 zeneta
zeneta's picture

You certainly don't lack imagination.

 

Tue, 06/21/2011 - 16:55 | 1390214 Clark Bent
Clark Bent's picture

+1 for theme. 

Tue, 06/21/2011 - 13:44 | 1389535 TruthInSunshine
TruthInSunshine's picture

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!

Tue, 06/21/2011 - 13:47 | 1389546 Crab Cake
Crab Cake's picture

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.

Tue, 06/21/2011 - 14:39 | 1389701 ebworthen
ebworthen's picture

Burn the rot with a white hot flame; ashes, ashes.

Tue, 06/21/2011 - 13:52 | 1389550 vegas
vegas's picture

Well said TD: "Done and done."
Hail the squid; long live the squid.

Tue, 06/21/2011 - 13:53 | 1389556 Bob
Bob's picture

They'll realize reverse dividends of regret for this shit eventually, me thinks. 

Tue, 06/21/2011 - 14:00 | 1389578 TruthInSunshine
TruthInSunshine's picture

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?

Tue, 06/21/2011 - 14:03 | 1389588 vegas
vegas's picture

Answer: shitloads.

Tue, 06/21/2011 - 14:10 | 1389606 qussl3
qussl3's picture

What was that quote about there being no innocents?

Tue, 06/21/2011 - 14:04 | 1389598 oogs66
oogs66's picture

i can't believe (or at least don't want to believe) our government is so pathetic

Tue, 06/21/2011 - 14:29 | 1389671 carbonmutant
carbonmutant's picture

Our government is in desperate need of money...

Tue, 06/21/2011 - 15:10 | 1389806 alien-IQ
alien-IQ's picture

believe it. it'll save you time in the long run.

Tue, 06/21/2011 - 14:16 | 1389637 Xibalba
Xibalba's picture

TYLER...a little ot, but why no news about the Nebraska Nuclear plants being flooded and possibly in a lvl 4 meltdown?

Tue, 06/21/2011 - 14:47 | 1389729 fuu
fuu's picture

Been wondering the same thing.

Tue, 06/21/2011 - 17:02 | 1390234 Xibalba
Xibalba's picture

no response????  now it all makes sense... cnbc shill?

Tue, 06/21/2011 - 18:13 | 1390574 Tyler Durden
Tyler Durden's picture

You you got it. we are a CNBC shill.

Tue, 06/21/2011 - 14:21 | 1389650 WTF_247
WTF_247's picture

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.

Tue, 06/21/2011 - 14:24 | 1389655 MacGruber
MacGruber's picture

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...

Tue, 06/21/2011 - 14:37 | 1389693 ebworthen
ebworthen's picture

 

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.

 

Tue, 06/21/2011 - 15:24 | 1389859 dropdeadfed
dropdeadfed's picture

That money will go to an interest payment right?

 

Edit:  well part of one...

Tue, 06/21/2011 - 18:53 | 1390655 6 String
6 String's picture

Yup. We've got 'em where we want 'em now. LOL.

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