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US May Bring Criminal Charges Against JP Morgan, RBS Executives, Prosecutors Pretend
In the aftermath of the financial crisis, it was truly amazing to watch as the world slowly came to grips with the reality that the vaunted institutions entrusted with promoting and preserving the stability of the global financial system were not only responsible for its collapse, but had for years engaged in the rigging of everything from benchmark rates to FX to gold.
It wasn’t so much that the public completely trusted Wall Street. Rather, it was the blatant character of the manipulation and the sheer scope of the endemic corruption and greed that took average investors off guard. The public, for instance, couldn’t understand how a Wall Street firm could create a product based on mortgages for the sole purpose of betting against that product even as it encouraged investors to take the other side. Similarly, the notion that there were cabals of bankers calling themselves things like “The Cartel” working in concert to rig the very benchmarks on which trillions in lending is based was beyond the imagination of the naive masses.
To be sure, the novelty has worn off at this point. Everyone knows it was all rigged and indeed, it doesn’t even seem like anyone is amused by the ridiculous “cartel” chat room transcripts anymore.
Part of the reason the public has become so numb to the nefarious activities of bulge bracket bankers is that none of them are ever held accountable. As we’ve joked on a number of occasions, Washington’s inept regulators (who are for the most part in Wall Street’s pocket anyway) routinely put bank logos in jail and levy token fines that amount to a fraction of firms’ operating profits, but no real people are ever punished.
Recently, London took the unprecedented step of sending a banker to jail, when the “Rain Man” Tom Hayes was sentenced to 14 years, but that’s a far cry from an Iceland-style situation where the government embarks on a serious effort to punish those responsible for financial chicanery.
Could the US be about to change course and actually go after bank executives? We doubt it, but as WSJ reports, Federal prosecutors are actively pursuing criminal cases against executives from RBS and JP Morgan in connection with their roles in packaging shoddy mortgages. Here’s more:
Federal prosecutors are actively pursuing criminal cases against executives from Royal Bank of Scotland Group PLC and J.P. Morgan Chase & Co. for allegedly selling flawed mortgage securities, people familiar with the probes said, as the clock ticks down for bringing cases from the 2008 financial crisis.
Officials are working to establish that the bankers ignored warnings from associates that they were packaging too many shaky mortgages into investment offerings and are weighing whether they can prove that constituted fraud, the people said.
At RBS, prosecutors are scrutinizing a $2.2 billion deal that repackaged home mortgages into bonds in 2007, the people said. In a 2013 civil settlement with RBS, the Securities and Exchange Commission described the lead banker on that deal, whom it didn’t name, as trying to push it through over concerns of the diligence department.
At J.P. Morgan, prosecutors are focusing on two people who worked on a different residential-mortgage deal, the people said.
J.P. Morgan noted the existence of a criminal probe in a Nov. 2 quarterly securities filing. A spokesman declined to comment beyond that document.
Some Justice Department officials said they believe they have a viable criminal case in the RBS probe, although a decision on whether to bring charges isn’t expected until early next year, the people said. The J.P. Morgan probe has long been stalled because officials have been divided over whether they have sufficient evidence to charge anyone with a crime but it has recently picked up steam, they said.
If filed, the charges would be among the first pursued against specific employees of the largest Wall Street firms over the housing collapse. Since the crisis, big banks have paid billions of dollars in settlements, but the lack of convictions has sparked political controversy.
Several U.S. attorney’s offices have used funds from the bank settlements to hire additional temporary staff for mortgage-backed securities investigations. The Brooklyn, N.Y., office recently advertised four such positions that are expected to end in September 2017.
The RBS and J.P. Morgan probes are the most concrete criminal investigations currently active under the effort.
The J.P. Morgan criminal probe flows directly from the Sacramento civil investigation, in which prosecutors unearthed a 2007 memo written by a bank employee warning her bosses before the financial crisis hit that they were putting bad loans into securities—warnings that were ignored. That memo helped the Justice Department develop a legal basis for the then-record 2013 settlement.
The RBS investigation by the U.S. attorney’s office in Boston mirrors a November 2013 civil settlement in which the bank agreed to pay $150 million to resolve SEC claims that it misled investors on a $2.2 billion subprime-mortgage offering in 2007, people familiar with the probe said.
So there you go America. Just hold your breath and wait for federal prosecutors to haul away some folks in handcuffs nearly a decade after they made billions selling you on a mortgage you couldn't afford so they could package it and sell it back to you in the form of a security they knew was bad.
And while the US Attorney's office debates whether to open Pandora's Box by actually holding real people accountable for their actions, we're sure they'll be plenty of lobbying and campaign donations and perhaps a few regulatory appointments which should help to ensure that at the end of the day, crime on Wall Street does indeed still pay.
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LOL,,,, Criminal charges against banksters... What a load.
Thanx ZH,,, That makes my morning!
Too late, statute of limitations has kicked in.
Yes pretend that you get tough when it's impossible.
Never happen. Instead the banksters will merely pay a 'fine' to the government, giving back .0001% of what they took in the first place via bailouts. Meanwhile the executives will walk free , like that fucking criminal Corzine.
Upcoming election theatrics.
Everyone there has dirt on everyone else at those levels. They likely vet all their threats and drop warnings when one forgets their place. If something gets too much public attention then a sacrificial lamb is chosen, likely set up from the start for fall-back, like this.
In 2010 the Feds took acton against Goldman and fined them, within a couple of days the stock market tanked. It kept dropping until the Fed mollified things by promising to restart quantitative easing. I think .GOV learned its lesson.
Repeat after me ad infinitum:
JP Morgan and Goldman Sachs own Washington and every conniving senator and congressman/woman in it.
Ummm, how are we going to prosecute those guilty of carrying out American housing policy?
Forget about prosecuting - that will never happen... SEC, DOJ and all other agencies are members of the Cartel...
Instead - stop playing - stop paying your mortgage - and send out a Rescission Letter (USPS certified) and wait - Within 20 days the “lender” must effectuate the return of the canceled note and the release of the borrower’s collateral (home) from the mortgage or deed of trust. Within that 20 days the “lender” or “Creditor” must also disgorge all money paid by borrower or to otherwise paid out at the time of the loan closing and any payments made thereafter, which would include monthly payments right up through the date of the last payment. This is not common law rescission.
Imagine if there was a mass mailing of Rescission letter by main street homeowners - Wall Street would go down...
https://livinglies.wordpress.com/2015/03/18/tila-rescission-is-changing-...
Americans, it’s time to panic! WW3 already started!!!
http://motivationdose.com/alive-after-the-fall/
but, but, but @CuttingEdge...they're campaign contributions not bribes.
Curious no statute of limitations on murder, but not rape.
The next Robespierre will come along after the collapse with a 'peoples' court and a haircut machine. Until then, it's a bullshit shovelling contest......
Shouldn't that card say:
"This card may be kept forever, recycled over and over, anytime there is a banking crisis... so long as the Fed exists."
The headline should be:
"Wednesday humor: US May Bring Criminal Charges Against JP Morgan, RBS Executives, Prosecutors Pretend"
I was curious and looked it up. Statute of limitations for federal crimes involving financial institutions is 10 years.
Fortunately following a collapse of society the statute of limitations on the same doesn't exist. And there will be one angry mob hunting these fuckers down...
No, there will be LOTS of angry mobs.
Why do you think they're pulling all this false flag shit to give them a reason to ban guns?! The banksters know it's going to collapse, know they're going to have to endure years of desperate hiding out before the 90% dieoff is complete, and they know that more and more people awaken to the psychopath bankster evil every single day.
They're fucked and they know it.
Senior bankers will go to jail when pigs fly on a cold day in hell.
But, they didn't know they were breaking the law.
Seems to be working for Hillary.
All wars are bankers' wars.
that's all you need to know.
Here's a refresher, lest you forget:
http://www.youtube.com/watch?v=5hfEBupAeo4
JPM pays small fine, and a warrant is issued for Linda Green.
They everything goes back to (fucked up) normal.
pods
I going to hold my breath!
nice knowin' ya
buhbye
Huge difference between the burden of proof requreid in a civil case and a criminal case.
I may as well charge my parents for giving me pocket money.
Banksters should be stripped naked and then hung in front of the NY stock exchange. Put it on Pay per View, just before a big fight on Saturday night. I'd pay to see that.
better yet throw each one in the cage, one by one, with rousey AND holm
The criminal charges will be coming around the corner right after America achieves oil independence and the war on poverty is won.
simon hobbs just asked carso-cabrara about a rumor of an antidote being prepared to give-out to french citizens in paris? WTF
Eight years too late.
Where is Jon Corzine?
If Trump were to get in, do what Putin did to one of the Corperate Oligarch's, we could get the government back from wall street.
Note: Putin threw one of the Oligarch's into prision for ten years. That sent a message to the others not to F'ck with Putin.
So the solution to too many gangsters is bring in a more ruthless and powerful gangster to crush them? Then "we" would have the power back? Hmm, where have I heard this storyline before in history....
Is it April fools already? Seven years to come to an agrement before the SOL runs out. Assholes the whole bunch of 'em!
I wish they'd just declare MERS invalid and force 500 years of real estate law to be upheld.
You can't place laws against British Law loop hole in the United States Consitutional Law. Ask Bill Clinton signing Glass-Steagall Act. Don't forget NAFTA.
Caddyshack Gopher Montage (edited) - YouTube
What a joke! Supposedly "suicide" is the punishment for offending bankers, not legal proceedings.
Didn't the self imposed statute of limitations pass with the DOJ (Holder in specific) not doing jack shit but sitting on their hands?
Election posturing for the sheeple. The sheeple think something will come from this and it will, reelecting the same R & D trash to office. Convictions are not what will come from this.
prosecutors are focusing on two people who worked on a different residential-mortgage deal, - end
Really two people; how about starting with James Dimon? Nope; we got a couple of patsies as fall guys; white & young of course and also acting on their own.
RBS; that is a foreign bank; yeah we'll show the world how serious we are...we can get them and JP Morgan can take the spoils.
Past time that banks the world over stopped doing business with USA entities.
And keep your money OUT of banks. As far as possible.
More " See were doing something " such fakes...
Don't forget this hit piece regarding Cyprus bail in.
Money Confiscation Legal? Keep YOUR Money OUT of the Banks ...
it was the interns fault
Yeah, we should be so lucky. Nobody involved will ever see the inside of a courtroom, never mind a jail cell. They'll settle for pocket change and that will be that.
Prosecutors cannot serve two masters, their leaders' paymasters or the people. Even prosecutors have a price. Their backup insurance is the Second Circuit's Schumer hack judges.
Back in 2007/08 I was wondering why Hank, Timmy and Ben were so against using the perfectly adequate bankruptcy laws for the banks themselves. That's why they were created after all. The banks would have continued normal operations, the assets would be sold off to more liquid banks and hence continue the normal business cycle.
But then under bankruptcy the documents and emails for those banks would have become subject to public scrutiny and potential executive civil suits. No fucking chance of that ever happening and I'm guessing that at some point any potential regulatory prosecution will lose its window of opportunity. What a shock.
Some of the blame has to fall into the MSM and cable business channels. Their idea of 'reporting' is to read press releases and toss softball questions to analysts. If they revealed the amounts and how it was done, THAT might get the public enraged enough for action to happen!
The Onion would be proud.
Remember there is always the loop of getting any prosecution reversed, should someone get hit by lightning and be not only charged, but found guilty....
Hahaha. Criminal charges against bankers, that's a good one. Criminals charging criminals with theft against society. Hahahaha
The Kabuki is strong with this one.
Those cheesepope families sure must be rich to be able to buy all that shit... oh wait! all they have to do is print money... [must take a lot of 'homeschoolin' to learn how to do that]...
~~~
Other occupations requiring proper 'homeschooling':
- MIC - [It takes a lot of smarts that when your bosses say "Let's Bomb Syria", to assemble all the pieces & execute the plan]
- MSM - [It takes a lot of smarts to tweak stories to make the same people look like the bad guy all the time & read cue cards]
- LAW - [It takes a lot of smarts to find loopholes whereby the right people get prosecuted & right people skate ~ that leverage is applied in the proper places to stifle free speech]
It's all in the 'homeschoolin'
francis_sawyer@fonzanoon
~~~
The 'cheesepope families' I'm referring to in this instance are the shareholders of the [non]Federal [non]Reserve [& the ludicrous idea that all their so called 'assets' were earned the same way as everyone else, through sweat & blood, instead of just printing money whenever they feel like it]... & who, since 1913, can counterfeit money for themselves and are doing so at a hockey stick pace at present...
Unless you consider my summary inaccurate...
It is rumored, for example, that the Rothschild enteprise [whose main functions are the BOE & the Fed]... Hold anywhere from 100-500 trillion dollars in notional assets... For doing what?... [I'll answer that actually ~ basically doing whatever it takes to rack up the most amount of debt ~ which, in turn, means 'STARTING WARS' & creating FEAR [like 'terror'] & publicizing the hell out of it so it becomes an enteprise in of itself both in terms of the MIC & public opinion]... Other things include 'social safety nets' [such as Johnson's Great Society & Obamacare]...
One things for certain... Even with a paltry 100 trillion ~ it's enough to buy all the politicians, bankers, media whores, & activists you'd ever need to keep folks like yourself & your wife thinking the world REALLY runs on fancy bikinis...
Ahh francis_sawyer, we hardly knew ye... those were the days.
http://www.zerohedge.com/news/2013-05-31/and-away-least-something-going-...
my entry from matt taibbi's haiku contest few yrs ago:
surveying empire,
for no more markets to rig
jamie dimon wept...
Oh please. Cut the fucking crap. Geithner and Bernanke should be executed in public.
Ramping up the election cycle shakedown for contributions.
I await these "Financial Prosecutions" with decidedly unabated breath.
Like that will ever happen... they run the FED and they'll tell the US government what to do.
Already a few presidents learned that at the end of a gun.
But But...da holocaust.
I agree. It's awful what has happened to those Palestinians.
A lot more people are waking up, unplugging from the matrix, and beginning to see through this farce. Just a matter of time.
Everything is a scam in the USA... bankers are only the ones at the top who provide the money for all the other scams.
Don't forget about funding new wars to repeat history. Under the taxpayers wallet and IRS levels to repay the Government to spend your money. Slavery has never ended. Where are those's niggers coat riding NAACP taxpayers?
Sharpton Preaching Politics in Church: Why It Pushes the Legal ...
Correction:
FBI Informant #7 Preaching Politics in Church: Why It Pushes the Legal ...
"At J.P. Morgan, prosecutors are focusing on two people who worked on a different residential-mortgage deal, the people said."
TWO people?
I have a pile of money that says neither of those two people are named Jamie Dimon.
Even taking the long odds, and assuming that indictments will be issued (they won't be), they will be for two low level putz new hires that couldn't find their ass with two hands.
This is just BS for the serfs to make them think that the govt isn't completely in wall street's pocket.
When the whole system crashes, the senior management of these companies should have gone to jail, along with all of the board of directors.
It's similar to what's going on in the middle east, if you want to know who someone works for, figure out who they never attack.
Of course, I could be wrong. I'm sure the Federal Prosecutors are sincere in their public statements and not intentionally spreading manure like the rest of the government. In related news, unemployment is 5 percent and there is no inflation (barry told me, so it's true).
I'd have to honestly say I don't believe one single word of this.
USA corp. works in lock-step with the Fed corp. and all of it's member banks. The REPUBLIC and what ever inherent rights it once had were sold off in 1913.
This is like saying GM is going to sue Chevrolet. Not gonna happen.
"May" being the operative word. Nothing ever happens to them, unless of course, they fall off the top of buildings. Or have some other bizzarre death, which seems to happen quite often. Certainly more than anyone ever being prosecuted. Dream on !! Iceland do of course lock them up, but don't tell anyone.
This is from The Onion, isn't it?
The Sucking Executives Cocks is going to go down on Jamie and Lloyd...again, after the Statute of Limitations has run out....they must really luv those dicks.
YOU'RE WRONG!!!! They're taking it up the ass this time.
I actually beieve that the Feds will prosecute. Right after hell freezes over.
Jets will fly into the courthouse, destroying all evidence and witnesses.
The Banksters will evaporate in the hi heat with their families collecting huge settlements.
Security screws will be tightened further.
Everybody wins!
Little early for April's Fools'.
Fuck these charades just lynch all these fuckers. No investigation or trials necessary we know who they are. And hang the regulators and politicians too. Hang all these motherfuckers
On the SoL.http://fas.org/sgp/crs/misc/RL31253.pdf
They don't need to wait out the statute of limitations to avoid prosecution, just the election. Oddly enough, the better the election goes for the blue team the easier these Wall Street pricks can sleep at night.
So Obama, faced with the growing likelihood of an economic contraction during the last days of his term, is now preparing a few sacrifices...just in case.
Not gonna work, Mr. President. The smell of desperation is growing sharp and rank...there's a whole lotta months to go before that last term is up, and Obama is safely on his way, leaving the next POTUS with the mess.
You know what they say, timing is everything. And I think they got it wrong this time.
Watch for a major Linda Green prosecution in 2045.
Too little too late... this is pure insult to the people they've stolen the future from... that's all.
No need to pontificate its legitimacy or practice, they stole our childrens future, fucking thieves.
Bullshit.
All that Americans know what to do is,
Suck the bankers' cocks,
lick the bankers' assholes,
and place the bankers' dicks up their daughters' asses with their own hands.
And then get jealous because they didn't get cock themselves.
Americans are faggots.
Americans are sex toys for the bankers.
Fuck Americans (if you wanna catch AIDS).
It's all propaganda planted by the criminal (IN)Justice Department and the Federal Bureau of (NON)Investigation and carried by the Big Six Media Monopoly. The Federal government approved the creation of the print, broadcast and cable media monopoly. The Quid Pro Quo being that their Big Six Media Monopoly Crony Corporation "partners" will uncritically publish all government propaganda.
u think america is iceland
forget it
its african now where dictators put all their diamonds & gold in bags & vanish