• Sprott Money
    05/06/2016 - 06:03
    The US, in its own decline, is showing this same self-destructive tendency. The worse things get, the greater the inclination of the citizenry to say, “Carry on, everything’s fine.”

Madoff Trustee Finds JPM Was Complicit In Ponzi Fraud

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Thu, 02/03/2011 - 15:43 | 932004 Oh regional Indian
Oh regional Indian's picture

They say that doing time in prison hardens anyone. Makes career criminals of petty ones.

Perhaps Wall Street is just such a prison, with golden handcuffs, so hard to remove, even though the key is in your pocket.

A den of thieves. Now getting at each other's throats. Classic!

Was that Madoff who got bonked around in prison? Or was that the southcoast Stanford



Thu, 02/03/2011 - 16:31 | 932252 Miss America
Miss America's picture

C'mon folks...  When do we see the Bear Stearns dots connected????



Thu, 02/03/2011 - 16:58 | 932369 iDealMeat
iDealMeat's picture

Good post M.A.




Thu, 02/03/2011 - 18:26 | 932693 Careless Whisper
Careless Whisper's picture

criminals indeed. what i heard elsewhere, but did not see in the above posting, is that mister picard found that jp morgan chase chemical banking bankone bear stearns wamu was guilty of aiding and abetting. are you people starting to get it ???


Aiding and abetting applies to someone who assists or helps one or more other people commit a crime. To be held accountable as an aider and abettor, you must know of the criminal objective and do something to make it succeed.

jp morgan a.k.a. madoff's aider and abettor.

Thu, 02/03/2011 - 15:41 | 932006 BrianOFlanagan
BrianOFlanagan's picture

is there any fraud JPM isn't involved in?

Thu, 02/03/2011 - 15:53 | 932053 njdoo7
njdoo7's picture

Yet we have not seen ONE of them go to jail.  Good thing the justice department has resources to educate the public about the dangers of freedom of speech, as well as finding legal loopholes for prosecution of foreign journalists freely reporting information.

Thu, 02/03/2011 - 19:01 | 932867 eatthebanksters
eatthebanksters's picture

Eric Holder is a joke....

Thu, 02/03/2011 - 15:53 | 932058 EscapeKey
EscapeKey's picture

They are a market leader and innovator in systemic fraud.

Thu, 02/03/2011 - 17:29 | 932483 Thomas
Thomas's picture

We had a chance to get them with Enron and passed. One of these days, some serious lynching will occur.

Thu, 02/03/2011 - 15:42 | 932007 bankrupt JPM bu...
bankrupt JPM buy silver's picture

Perfect, lets buy some silver, think about Bernnie in the slammer, and rejoice for the end game soon coming to a theater near you.



Thu, 02/03/2011 - 15:43 | 932014 hugovanderbubble
hugovanderbubble's picture

 I have a Myth with JPM as one of  the best banks in the world...unfortunately this perception has changed.

 What a deception.

Thu, 02/03/2011 - 15:47 | 932017 Sam Clemons
Sam Clemons's picture

Of course they were complicit.  They practice fractional reserve banking, which is one of the biggest Ponzi schemes going.

Thu, 02/03/2011 - 16:53 | 932351 Zero Govt
Zero Govt's picture

+ 30/1

Thu, 02/03/2011 - 15:45 | 932019 Sutton
Sutton's picture

No order flow. No commissions. No clearing issues.

Thu, 02/03/2011 - 15:47 | 932024 John McCloy
John McCloy's picture

JPM took the hit now rallying green on the expectations that political captures will protect them..just remarkable.

Thu, 02/03/2011 - 18:41 | 932803 Bay of Pigs
Bay of Pigs's picture

I don't know how anyone could work at, or bank with, this outfit. Apparently people are just too dumb or they have no conscience. Maybe both.

One thing is certain, JPM is totally and completely corrupted to the core.

Burn it to the ground.


Thu, 02/03/2011 - 19:03 | 932876 eatthebanksters
eatthebanksters's picture

The culture (of corruption) of any company starts withh its leadership and flows downward,,,

Thu, 02/03/2011 - 15:47 | 932025 Clark_Griswold ...
Clark_Griswold Hedge Mnger's picture

and naturally someone gets wiff of it to move 75K puts just moments before the annoucement.... but theres nothing wrong on that one.

I'd like to place a few puts on JPM just before the SH#t hits the fan; would someone be so kind as to give me a heads up about a minute before the annoucemnt.

Thank You

Thu, 02/03/2011 - 15:49 | 932035 Oh regional Indian
Oh regional Indian's picture

Consider it done clarke. No trouble, at all.

Can you put puts or do they have to be placed?

Just curious.



Thu, 02/03/2011 - 15:55 | 932070 EscapeKey
EscapeKey's picture

You are very confused.

When it's an outsider, it's "insider trading".

When it's an insider, it's "insider, trading".

Thu, 02/03/2011 - 16:10 | 932138 Oh regional Indian
Oh regional Indian's picture

Now that, is funny!


Thu, 02/03/2011 - 15:49 | 932033 Misean
Misean's picture

Sacre Bleu! Is there no honor among thieves?!?

Thu, 02/03/2011 - 15:49 | 932034 Cognitive Dissonance
Cognitive Dissonance's picture

Sorry, but anyone "in da bidness" with a working brain who looked at the numbers knew Madoff was a con. There is no plausible deniability here except if granted politically.

Cue the Congress to grant special dispensations for the proper bribes.....er...re-election campaign donations.


Thu, 02/03/2011 - 15:58 | 932037 bob_dabolina
bob_dabolina's picture

No shit they knew. Their redemption caused the thing to collapse.

Yea...infinity returns to infinity. No losses ever never ever never. Come on.

Poor Kevin Bacon.

Thu, 02/03/2011 - 17:11 | 932413 iDealMeat
Thu, 02/03/2011 - 15:50 | 932038 Cheyenne
Cheyenne's picture

Taking a poke at JPM in Chicago...



Thu, 02/03/2011 - 17:41 | 932548 Fred Hayek
Fred Hayek's picture

It's a small thing and Chicago politicians are hardly the people whose ethical scorn you'd fear.  But it shows that the negative perception of bankster Legs Dimon gallops forward.

Thu, 02/03/2011 - 15:53 | 932055 Boilermaker
Boilermaker's picture

They'll get out of it without even a mark.

These guys are above the law and we know, they know it, and everyone else knows it.

Thu, 02/03/2011 - 16:03 | 932108 Just Observing
Just Observing's picture

As becomes more and more apparent each day....

Thu, 02/03/2011 - 15:53 | 932057 janchup
janchup's picture

Want a good sad laugh? Forward this to DOJ so they can ignore it.

Thu, 02/03/2011 - 15:55 | 932073 AccreditedEYE
AccreditedEYE's picture

And only in this corrupt, robot-owned market that we live in would the stock NOT be getting blow torched... off a measly .17 cents. WTF?!

Thu, 02/03/2011 - 16:56 | 932363 Zero Govt
Zero Govt's picture

frauds great for bottom line, more surprised JPM's not up 3% !!!

Thu, 02/03/2011 - 16:18 | 932082 Pegasus Muse
Pegasus Muse's picture

Reader Poll on Dealbreaker. 

When will CNBC cover this breaking story?

a.  Never …. Jaime Dimon owns us

b.  Right after Ms B Cups returns to Cairo

c.  As soon as we re-hire Ratigan and Gasparino

d.  Friday night, appended to the 237th airing of the CNBC Documentary Wall St Banksters gone Wild  

Thu, 02/03/2011 - 15:59 | 932088 Pure Evil
Pure Evil's picture

So who had inside information to know when to place a 75,000 put order block on JPM.

How come I'm not in on the juice?

Thu, 02/03/2011 - 18:35 | 932775 Ned Zeppelin
Ned Zeppelin's picture

JPM put in the order for their own account.

I mean, it's an opportunity, right?

Thu, 02/03/2011 - 16:01 | 932094 Prof Gulliver
Prof Gulliver's picture

And as the news is revealed, JPM climbs and the market suddenly surges higher. You can't make this stuff up!

Thu, 02/03/2011 - 16:11 | 932144 Pure Evil
Pure Evil's picture

Didn't ya know, in the Land of the Bernank, crime does pay.

Thu, 02/03/2011 - 16:14 | 932167 John McCloy
John McCloy's picture

   Everytime I think I could not possibly muster up any more anger at the corruption rampant in our country I amaze myself..More importantly however Holder did find time to stage a nice PR bust of 100 mafia last month. Meanwhile these pinstripe Corleones steal billions and payoff the politicians to make it legal.

Thu, 02/03/2011 - 16:17 | 932185 cosmictrainwreck
cosmictrainwreck's picture

word. yup "thar she blows"....standard end-of-day goosing. Thar she BLOWS, alright - the Bitch

Thu, 02/03/2011 - 16:02 | 932098 resipsaloquacious
resipsaloquacious's picture

Oh, I see.  So, the SEC, the countries primary market watch-dog, is permitted to ignore the case that was presented on a silver platter by Markoplus et. al., while mastrubating furiously to spankbank.com.  Yet JPMChase had a what... fiduciary responsibility to inform ... who exactly... that Madoff might be committing fraud?   And by doing so worry about creating a business defamation case. 

A similar argument was made by a former Madoff client -- not the trustee -- who deposted money into Madoff's JPMChase account, I believe it was dimissed for failure to state a claim, but it might have been settled. 

Thu, 02/03/2011 - 16:02 | 932101 haskelslocal
haskelslocal's picture

Interesting that when we agree with the ability to skate on such atrocities, we become compliant with their wishes. As hard as it is to fight, best to not agree that "they'll just get away with it". That's what they want you to think... (As true as it might be...)

DOJ? Do you have any fight left? Or did you go down with the count?

Thu, 02/03/2011 - 16:09 | 932131 resipsaloquacious
resipsaloquacious's picture

By the way, Picard, the trustee, did not "find" anything; he alleged.

Unlike the much more esteemed Picard, he cannot just "make it so."

Thu, 02/03/2011 - 16:10 | 932141 downrodeo
downrodeo's picture

We should all just leave JPM alone already! They've suffered enough!


/sarc, of course/


"it’s not fair to lump all banks together...I just think this constant refrain [of] ‘bankers, bankers, bankers,’ - it’s just a really unproductive and unfair way of treating people…People should just stop doing that.”-Jamie Dimon


Thu, 02/03/2011 - 16:13 | 932162 Pure Evil
Pure Evil's picture

Ya know, it would have sounded better if he had said, "banksta, banksta, banksta".

Thu, 02/03/2011 - 16:42 | 932304 downrodeo
downrodeo's picture

That term is probably so offensive to his psyche that he is incapable of even uttering it.

Thu, 02/03/2011 - 17:05 | 932393 Zero Govt
Zero Govt's picture

Jamie and the Wall Street banks wrote the book on being "unproductive" so you can't argue with his expertise on that score.... take a pigs ear, get a CRA to rate it a silk purse, accumulate others wealth, short the pigs ear, donate cut to GOP/DEMS, no problems

Fri, 02/04/2011 - 06:27 | 934052 Antipodeus
Antipodeus's picture

Jamie's right, you know everyone!  It is SO unfair & unproductive.  So in future the refrain should be: "Bankers? Banksters! Wankers? DIMON!!" (repeat)



Thu, 02/03/2011 - 16:11 | 932147 TooBearish
TooBearish's picture

Too bad what a waste of premium - Star banker Jamie the D will settle for nomial amount out of court, its just the cost of doing business...now move along! Buy em!

Thu, 02/03/2011 - 16:14 | 932168 satansanus
satansanus's picture

jamie dimon is knee deep in madeoff, nasdaq collapse, 2008 collapse...

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