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Watch Neil Barofsky Blast The Treasury In A Hearing On Bailouts And The Foreclosure Crisis, And Answer Dow 12,000 Questions

Tyler Durden's picture





 

The SIGTARP, Neil Barofsky, is currently testifying at the House Oversight and Government Reform Committee. Amusingly, during the Q&A, Carolyn Maloney just referenced the passage of Dow 12,000, which is supposed to indicate that the economy is healthy, instead of indicating (correctly) that every single asset class is now bid up by the Fed, but who cares about details. But anyway, Neil has nothing good to say about the Treasury and its handling of Bailouts, as well as its cause for the Foreclosure crisis. Worth a watch.

CSPAN video after the jump

 


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Wed, 01/26/2011 - 11:31 | Link to Comment Salinger
Salinger's picture

to your credit TD you called the ramp up the other day (with the appropriate footnote)

 

http://www.zerohedge.com/article/here-comes-another-25-billion-excess-we...

Wed, 01/26/2011 - 12:30 | Link to Comment bonddude
bonddude's picture

Barofsky is rumored to be looking at this bank fraud where TARP $ came in the 

front door and went right out the back door to fraudulent borrowers. Why did

borrowers have such leverage? Pictures of bankers partying ???Hmmmmm

Hillary Clinton explains

http://www.xtranormal.com/watch/8290775/

shareholders suing

http://www.pressdemocrat.com/article/20110125/BUSINESS/110129640

Wed, 01/26/2011 - 11:31 | Link to Comment SwingForce
SwingForce's picture

He oughta replace Eric Holder when he's done.

Wed, 01/26/2011 - 11:32 | Link to Comment TheGreatPonzi
TheGreatPonzi's picture

"Carolyn Maloney just reference the passage of Dow 12,000, which is supposed to indicate that the economy is healthy"

It just confirms that many fucktards and clueless pundits were exactly waiting for this moment, and that the only goal of QE and POMO was to boost equities.

I think we understood this a long time ago.

Wed, 01/26/2011 - 11:36 | Link to Comment bingaling
bingaling's picture

Yes but the other 99.9% of America who think zero hedge is a front yard w/o plants listened to the pundits and relate it to the economy .

Actually at this point they aren't fooling anybody but themselves ,even if 99% of America doesn't know what zero hedge is .

Wed, 01/26/2011 - 11:41 | Link to Comment SheepDog-One
SheepDog-One's picture

Exactly right, I even said it when Paulson was threatening with martial law that the ONLY purpose of all their plans was to pump up stocks and funnel as much as possible to banks.

Wed, 01/26/2011 - 11:41 | Link to Comment Sudden Debt
Sudden Debt's picture

Really, 99% of the population agrees with that.

May I conclude you've never tried to discuss this with a normal person that those number are in no way a indication of the economy?

You've never seen the gazed eye look he?

 

it looks a bit like when to see a cat on the road and when you're 20 meters from it, you turn on the big lights*

 

* This gives you a 85% sure kill ratio ;)

 

Wed, 01/26/2011 - 12:06 | Link to Comment alien-IQ
alien-IQ's picture

yes I have witnessed that glassy eyed look when I try to explain to people that the DOW does not indicate a healthy economy. I have now concluded that there is simply no point to trying to have that conversation ever again. It's quite sad actually.

Wed, 01/26/2011 - 12:23 | Link to Comment Bob
Bob's picture

Try talking with the working class--they ain't getting paid to pretend. 

Wed, 01/26/2011 - 12:12 | Link to Comment HarryWanger
HarryWanger's picture

May I conclude you've never tried to discuss this with a normal person that those number are in no way a indication of the economy?

That's not necessarily true. The Dow is up because earnings in those big corporations are hitting on all cylinders right now. And while it's only a small sample, it's pretty indicative of the entire earning season AND the strong economic data we've been seeing. So it is in some respects an "indication of the economy".

Wed, 01/26/2011 - 12:17 | Link to Comment alien-IQ
alien-IQ's picture

the record profits you speak of have more to do with the falling value of the dollar combined with people working for lower wages and accounting gimmicks such as mark to fantasy than any real and sustainable economic recovery that can be seen or felt by the 90+% of the population that do not have the vast majority of their net worth tied up in NFLX stock.

It's one thing to be "bullish" Harry...it's quite another to try to bullshit us. You're not talking to your fucking gardener here.

Wed, 01/26/2011 - 13:20 | Link to Comment Logans_Run
Logans_Run's picture

No but he does resemble Chancey Gardener

Wed, 01/26/2011 - 12:25 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

earnings are up because the big corporations fired so many people to deal with the reduced level of demand during the last crisis.  When the next hits, more will be fired, and earnings will continue to look good as those same people use their government checks to shop at the same corporations.  Unemployment will continue higher, and still no recovery from mainstreet.  Eventually harry, this will come back to bite the stock market in the ass

Wed, 01/26/2011 - 13:31 | Link to Comment MrBoompi
MrBoompi's picture

Generally speaking, stock prices do not represent real or actual value.  Not any more.  They represent a perceived value, valid in many cases and not so valid in others, and they represent herd mentality.  When money is gushing into stocks, the boat rises, and it has little to do real valuation.  There has been so much manipulation in the stock market (the "purchasing agents" of the Federal Reserve, HFTers, etc.) we have no idea what actual valuation would be.  Some say the market is now 30% overpriced.  Regardless, we don't have a good system of price discovery. 

 

Well over half of all stock is owned or managed by a relative handful of corporations, banks, etc.  When the next correction occurs, and it will, you can bet these people are the first ones to dump.  The machines are programmed and ready....

Wed, 01/26/2011 - 14:26 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

and that's if the big corps aren't cooking the books also, any guess as to how many of the do that?

Wed, 01/26/2011 - 18:35 | Link to Comment Fred Hayek
Fred Hayek's picture

The same number as there are.

Wed, 01/26/2011 - 12:40 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

The kids table is over there. [points away]

Wed, 01/26/2011 - 12:50 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

huh?

Wed, 01/26/2011 - 14:16 | Link to Comment RonnieHonduras
RonnieHonduras's picture

If you have to ask, you belong at that table.

Wed, 01/26/2011 - 14:29 | Link to Comment Mrmojorisin515
Mrmojorisin515's picture

look dope, i don't care about intricate understandings of stocks or any of that shit, i understand that something that was at 2,500 in 91 can not be worth 12,000 in 2011.  We just havn't really come that far.  I also understand what the market is doing when it attempts to correct itself.  I understand that it will keep going up and up with pumping and pomo, but what i don't understand is how harry wagner can enjoy it all so much.  I don't care about the money other then it should have a stable value.  So yeah, build up your ego buy making comments about the kids table, it dosn't matter how much you understand about stocks and so forth unless you want to make money off the fraud, i for one do not.  It all ends the same way, with misery, bloodshed (perhaps) and general unhappiness.  Nature will sort this out

Wed, 01/26/2011 - 12:35 | Link to Comment bingaling
bingaling's picture

I am actually surprised by the difference of talking to people today from a year ago . Most are pissed off and they know they are being lied to . Maybe I just hang out with smart people but if thats true then I am very afraid for the future of the world .

Wed, 01/26/2011 - 11:38 | Link to Comment 99er
Wed, 01/26/2011 - 11:36 | Link to Comment doomandbloom
doomandbloom's picture

wont the elite use their $ to buy the gold..so when the collapse comes...they continue to remain elites?

 

I mean what changes if $ collapses?

Wed, 01/26/2011 - 11:38 | Link to Comment bingaling
bingaling's picture

I think divorce rates go up as men see how much cheaper it is to leave their wives .

Wed, 01/26/2011 - 11:44 | Link to Comment Sudden Debt
Sudden Debt's picture

AND DIVORCED WOMAN ARE EASY TARGETS FOR A QUICK FUCK!!

HOLD AND RELEASE!

 

GOOD TIMES ARE COMMING MY FRIENDS!!!

GOOD TIMES ARE COMMING INDEED!!

 

 

 

Wed, 01/26/2011 - 11:48 | Link to Comment the not so migh...
the not so mighty maximiza's picture

your crazy... but its true

Wed, 01/26/2011 - 12:15 | Link to Comment lunaticfringe
lunaticfringe's picture

I lub me some divorced wimmins. I shorely do.

Wed, 01/26/2011 - 11:38 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

When the market crashes, I sincerely hope the American people wake up and make our political & monetary leaders accountable for their actions.

Wed, 01/26/2011 - 11:41 | Link to Comment bingaling
bingaling's picture

They are awake .Everybody I speak to at least and people I never expected to wake up. Unemployment, house prices and just a general crappy outlook for the future has taken care of it .

Wed, 01/26/2011 - 12:23 | Link to Comment scatterbrains
scatterbrains's picture

nah,  I think they'll blame sites like ZH for the crash and burn..  for not believing.

Wed, 01/26/2011 - 15:37 | Link to Comment RockyRacoon
RockyRacoon's picture

I know a couple of guys who are VERY gainfully employed.  They lost a ton in their 401Ks and did nothing last time.   They cried in their beer about being helpless.  Now that their retirements are back in the black they are still standing in the middle of the road waiting for the next bus to hit them.  I have NO sympathy for these retards.  Otherwise they are nice fellas.

Wed, 01/26/2011 - 11:38 | Link to Comment Flapjackmaka
Flapjackmaka's picture

"The stock market is booming and paychecks are higher!" - Obooble. HEALTHAY ECONOMY IS HERE TO STAY! YOU HAVE NO PROOF I AM WRONG< ARGHH

Wed, 01/26/2011 - 16:45 | Link to Comment Logans_Run
Logans_Run's picture

Why then in 2010 did I make 50% of what i did in 2009?

Wed, 01/26/2011 - 11:38 | Link to Comment SheepDog-One
SheepDog-One's picture

Stocks up = economy good in Moronrica.

Wed, 01/26/2011 - 11:41 | Link to Comment papaswamp
papaswamp's picture

She meant it was good for her accounts since members of congress are the only people allowed to insider trade.

Wed, 01/26/2011 - 11:41 | Link to Comment Henry Chinaski
Henry Chinaski's picture

They have to pump the DOW, S&P, etc, or state and local pension funds will implode. 

I took a nice cruise over the holidays.  Nearly every guest I met on the ship was some type of government employee or a retired one.

Government is the new bubble and what happens when it bursts?

Wed, 01/26/2011 - 15:38 | Link to Comment RockyRacoon
RockyRacoon's picture

Bingo, Hank.  It's all about the riots that will ensue if those pesky 401Ks get hit hard again.

Wed, 01/26/2011 - 18:38 | Link to Comment Fred Hayek
Fred Hayek's picture

The gov't employment and pension bubble bursting would constitute a incidence of spontaneous justice.

Wed, 01/26/2011 - 11:42 | Link to Comment Mr Lennon Hendrix
Mr Lennon Hendrix's picture

It should now be obvious to everyone that something is amiss. It is the controlled demolition and corporate takeover of America.

Thursday, December 9, 2010

Dow Jones 12,000:

http://lhmarketwatch.blogspot.com/2010/12/dow-jones-12000.html

Wed, 01/26/2011 - 11:43 | Link to Comment papaswamp
papaswamp's picture

...Zimbabwe comes to mind.

Wed, 01/26/2011 - 11:48 | Link to Comment SheepDog-One
SheepDog-One's picture

Zimbabwe stock markets at one point were going up 40% daily. Of course it meant nothing as no one could buy a piece of hard salami even with 5 $10billion pieces of paper.

Wed, 01/26/2011 - 11:44 | Link to Comment I am a Man I am...
I am a Man I am Forty's picture

this is so sweet, free money in the stock market....just got to time the exit, that's all (a wee bit of sarc, but not much)

Wed, 01/26/2011 - 11:49 | Link to Comment SheepDog-One
SheepDog-One's picture

Watching a bit of this...Connie Mack says 'What can we repeal'? What? Hey why not put back Glass Steagal in full force and youre done! Or at LEAST back to previous levels of 1990's crook standards but at least there were SOME rules in place.

Wed, 01/26/2011 - 18:40 | Link to Comment Fred Hayek
Fred Hayek's picture

I could be wrong but I really think the complete regulatory capture is a bigger problem than the absence of any particular regulation at this point.

A Bill Black charged with investigating the issue could have put every major officer of our tbtf banks in jail with the existing laws.  Fraud is still (officially) a crime.

Wed, 01/26/2011 - 11:49 | Link to Comment Commander Cody
Commander Cody's picture

One man with a clue meets with the clueless fascists we elected.  Progress?  I think not.

Wed, 01/26/2011 - 11:50 | Link to Comment buzzsaw99
buzzsaw99's picture

Imagine how high the dow will be when C is back at $50.

Wed, 01/26/2011 - 11:51 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

For whatever it's worth, the traditional IBD leaders like AMZN, BIDU, NFLX, FFIV, CMG...they've been weak over the past 7-10 days despite the runup in the major indicies.

Wed, 01/26/2011 - 11:55 | Link to Comment DonnieD
DonnieD's picture

Shhhhh. Don't tell Robo.

Wed, 01/26/2011 - 12:14 | Link to Comment HarryWanger
HarryWanger's picture

But AAPL is up about 16 bucks in three days. That's the one that matters.

Wed, 01/26/2011 - 15:37 | Link to Comment Popo
Popo's picture

The "one" that matters?

Say no more..

Wed, 01/26/2011 - 18:42 | Link to Comment Fred Hayek
Fred Hayek's picture

The one that matters.  Haha.  What is it now, over 20% of the NASDAQ index number?  What a joke.

Wed, 01/26/2011 - 11:52 | Link to Comment Seasmoke
Seasmoke's picture

Good Job by Rep. Lynch not allowing the liars to rewrite the facts of the TARP history

Wed, 01/26/2011 - 11:54 | Link to Comment DonnieD
DonnieD's picture

I see a lot of empty seats. The rats in Congress must be back in their offices daytrading.

Wed, 01/26/2011 - 11:58 | Link to Comment Sudden Debt
Sudden Debt's picture

 

THIS IS JUST TO GOOD:

 

CHARLOTTE, N.C.--(BUSINESS WIRE)-- Bank of America Corporation today announced the Board of Directors declared a regular quarterly cash dividend on Bank of America common stock of $0.01 per share, payable on March 25, 2011, to shareholders of record as of March 4, 2011.

 

 

The board also declared a regular quarterly cash dividend of $1.75 on the 7 percent Cumulative Redeemable Preferred Stock, Series B. The dividend is payable on April 25, 2011 to shareholders of record as of April 11, 2011.

 

THAT'S 10 CENTS PER SHARE ON AVERAGE FOR A COMPANY THAT MADE A LOSS THAT RAN INTO THE BILLIONS!!!

Wed, 01/26/2011 - 12:22 | Link to Comment lunaticfringe
lunaticfringe's picture

Use the DRIP. Happy days are here again...BAC going to 40!

Wed, 01/26/2011 - 13:10 | Link to Comment Sudden Debt
Sudden Debt's picture

yeah... I actually put it at 10.92$ and with that div. at 9.92$ target for my shorts ;)

Wed, 01/26/2011 - 12:00 | Link to Comment bigdumbnugly
bigdumbnugly's picture

 

whatever you do, ms. maloney, and all you dow 12000 cheerleaders - don't look down!

reminds me of a riddle...

at the exact same time there two men on opposite sides of the earth.  one is walking a tightrope 88 stories up and the other is getting oral sex from an 88 year old toothless woman.  curiously, they are both thinking exactly the same thing at the same time.

what are they thinking?

that's right...   don't look down!

 

Wed, 01/26/2011 - 12:02 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

I started doing this last night in the State of the Union thread...and have since done a little bit more.

Obama vs. Hoover

Obama's State of the Union:
Two years after the worst recession most of us have ever known, the stock market has come roaring back. Corporate profits are up. The economy is growing again.

Herbert Hoover, May 1st 1930, US Chamber of Commerce Meeting
While the crash only took place six months ago, I am convinced we have now passed the worst and with continued unity of effort we shall rapidly recover.
----
Obama's State of the Union:
Thanks to the tax cuts we passed, Americans' paychecks are a little bigger today. Every business can write off the full cost of the new investments they make this year. These steps, taken by Democrats and Republicans, will grow the economy and add to the more than one million private sector jobs created last year.

Herbert Hoover, October 22, 1932, campaign speech in Detroit
It can be demonstrated that the tide has turned and that the gigantic forces of depression are today in retreat. Our measures and policies have demonstrated their effectiveness. They have preserved the American people from certain chaos. They have preserved a final fortress of stability in the world.
-----
Obama's State of the Union:
But now that the worst of the recession is over...

Herbert Hoover, June 1930, to a delegation requesting a public works project
Gentlemen, you have come sixty days too late.  The depression is over.
-----
Obama's State of the Union:
The steps we've taken over the last two years may have broken the back of this recession...

Herbert Hoover, State of the Union, December 6, 1932
The unprecedented emergency measures enacted and policies adopted undoubtedly saved the country from economic disaster.

Wed, 01/26/2011 - 12:05 | Link to Comment TheGreatPonzi
TheGreatPonzi's picture

Thanks, very interesting and funny. Obama will end like Hoover.

In France we have an old saying: "Promises only engage those who believe them"

Wed, 01/26/2011 - 13:41 | Link to Comment alien-IQ
alien-IQ's picture

and belief is the enemy of reason.

Wed, 01/26/2011 - 13:38 | Link to Comment MrBoompi
MrBoompi's picture

I'm no fan of Obama's, but you can't tell me a Republican like McCain would have done any different, or any better.  It's the same people who tell them what to do anyway.  The illusion that the President or Congress run our economy or our monetary system is a cruel illusion at best.

Wed, 01/26/2011 - 12:15 | Link to Comment JR
JR's picture

Here it comes…

Mish writes: Sarkozy Calls for G-20 to Regulate Commodities, a New G-Club to Tackle Currencies

“French President Nicolas Sarkozy is now convinced the recovery is real and the only thing left to do is tie up some loose ends. He thinks the most pressing G-need is for the G-20 to regulate commodities and that is the right size of the group.

"In contrast, Sarkozy thinks the G-20 is too large and unwieldy to tackle currencies. He proposes a G-5 or G-14 or some other unknown G-number hoping to hit the magic G-spot."

http://globaleconomicanalysis.blogspot.com/

As Jesse’s Café Americain puts it, “It is a mistake to view what happened as some accident, or a natural development. It was a pre-meditated campaign to subvert the economy and the political protections of the vast majority of US citizens.”

Ask yourself, who are the players?  Who are the central bankers, the heads of the IMF, the World Bank…?  Who are the principals of the TBTFs, the owners of the Fed? Who controls the power centers and political elite of in the US?  Who are the perpetual winners; the perpetual losers?

JM writes on ZH in The Oppositie of Acocalypse:  “I’m not a believer in global conspiracy theories, much less a perpetual ruling class, but I am a believer that democracies are absolutely awash with propaganda, veiled threats, and fear-mongering.” 

Well, I’m a believer in global conspiracy theories, i.e., secret agreements whereby the alleged representatives of the people act together to perform unlawful acts for the benefit of themselves personally and their friends instead of the people—such as the IMF/lSarkozy/Fed plot above for world financial control. AND a perpetual ruling class, until the Fed cartel is disbanded.

The Federal Reserve Board can make a monetary ruling that places the American taxpayer in onerous debt or bankrupts him--with the endorsement of Congress--at the same time the insiders themselves benefit or are bailed out of their losses.   

As Eustace Mulllins wrote in 1992: “It is obvious that they can rack up ‘enormous profits’ if they know in advance what the monetary decisions will be.  Anyone who seriously believes that no one knows in advance what Federal Reserve decisions will be is too naïve to be allowed out on his own; anybody who believes that there is no one who can tell the Federal Reserve Board what its policies are to be is even more out of touch with reality…”

As Mulllins noted, “the insiders come through ‘with flying colors,’ while millions of victims are ruined, destroyed by forces which they refuse to believe exist.  Heartbreak, losses of homes and businesses, breakdowns, suicides, destruction of families, these are the results…”

Over and over and over again…

Wed, 01/26/2011 - 14:50 | Link to Comment DaveyJones
DaveyJones's picture

that's the problem with the magic g-spot. Once it's located, there's less need for participants

excellent post by the way.

Wed, 01/26/2011 - 12:18 | Link to Comment lunaticfringe
lunaticfringe's picture

CNBC Cheerleader just called for Dow 14k by year's end.

Let the good times roll. Happy Days are here again! 

Wed, 01/26/2011 - 12:19 | Link to Comment Cdad
Cdad's picture

Tim Massad is part of the problem.  F'n Treasury Dept tool. 

Fire hose.  Someone put a hose on the whole room.

Wed, 01/26/2011 - 12:20 | Link to Comment Mike2756
Mike2756's picture

These hearings are a joke, hardly anyone there.

Wed, 01/26/2011 - 15:14 | Link to Comment Zero Govt
Zero Govt's picture

Agreed.

In fact let's go as far as saying the entire output of the US Govt is a sack of shit at the front end with a vast $14 Trillion bill hanging off its arse.

What responsibility (good) has the committee, hearing and investigative panels played in this parasitical ponzi scheme on US society?

Wed, 01/26/2011 - 12:23 | Link to Comment Johnny Lawrence
Johnny Lawrence's picture

When all the experts and forecasts agree, something else will happen.

Wed, 01/26/2011 - 14:13 | Link to Comment plocequ1
plocequ1's picture

I expect Arthur Jensen to call him any minute . I can hear it now. " You have meddled with the primal forces of nature Mr Barofsky, And i wont have it!!!"

Wed, 01/26/2011 - 13:24 | Link to Comment Flushing Sound
Flushing Sound's picture

As far as the HAMP program goes, I read somewhere that 60-70% of all trial mods are cancelled after the 3 month period.  The participating bank still gets its incentive money from the Treasury for being so kind as to try to save the little guy, and the little guy is then charged an $80 fee.  At about 700,000 cancellations, that's a nice hefty infusion to BoA, Wells Fargo, and JP Morgue.

Wed, 01/26/2011 - 13:31 | Link to Comment Flushing Sound
Flushing Sound's picture

How much more can any of us take of this?

Wed, 01/26/2011 - 14:32 | Link to Comment JR
JR's picture

We are peasants up against the King. This is what it always looks like until the resistance becomes a force and the King abdicates.  The morning that he abdicates, he is still acting like the King.

We have to understand what power is and how it acts; it is not going to show weakness even up to the morning that it will fall; that is not good strategy. Hang in there.

Wed, 01/26/2011 - 20:44 | Link to Comment Buck Johnson
Buck Johnson's picture

Spot on, spot on that is exactly how the process works.  A king or leader of any power will never show it's subjects it's weak until you see him or her riding away or in our new age flying away from the nation in defeat.  And sometimes even the king/leader doesn't know he's in defeat until that time.   Remember back in the past it was literally a life and death struggle for a king who was fighting for his throne, he knew that once he was off it he was literally fair game for any crimes done or made up to be charged against him. 

Wed, 01/26/2011 - 21:27 | Link to Comment poor fella
poor fella's picture

Link to video:

http://www.c-spanvideo.org/program/Bailouts

15m:15s for Neil's opening statement.

51m:15s to Carolyn Maloney's comments.

1hr:35min acknowledgement of moral hazard.

[$70 Billion appropriated for HAMP with only $1 billion helping homeowners receive permanent modifications...]

 

Wed, 01/26/2011 - 21:50 | Link to Comment dudditz
dudditz's picture

The stock market reminds me of the jenga game. Someone or something is going to come along and pull out a piece and the whole thing is going to collapse.  Unfortunatley it will affect the whole world.  I see an easy 20% drop as soon as the QE stops, or some unknown factor happens.  I was tempted last year to ride the wave, but I refuse to benefit from the FEDs obvious stimulation of the pseudo capitalistic stock market, that drives of our country further in debt while lining the pockets of corporations/banks.  There is a greedy virus in our system that might be impossible to get rid of with any type of medicine. I dont have a problem with greed, you need it to be a successful businessman, but I liken our financial system to Madoff type greed.  I almost feeling like never voting for an incumbant politician again.

Thu, 01/27/2011 - 00:59 | Link to Comment spekulatn
spekulatn's picture


Note:
 This post was updated to reflect the fact that, as this case goes through appeal, the individuals named in the 12th paragraph have not currently been accepted by the court as individual defendants so are folded into the charges against JPMorgan. However, on Tuesday afternoon sources told The Atlantic that the Denver office of the SEC is now looking into the individuals involved in these charges.


http://www.theatlantic.com/business/archive/2011/01/e-mails-suggest-bear...

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