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JPM To Be Subpoenaed Over Defunct PFG's Missing Segregated Money
The blunt trauma that JPMorgan was implicated in the missing millions from segregated accounts in Jon Corzine's bankrupt MF Global may have passed but the memory lingers, especially for all those whose cash is still locked up somewhere in vapor space. Yet one event that may tear the scab that patiently was healing, courtesy of a Copperfield market full of distractions such as JPM's CIO fiasco, Lieborgate, oh and, Europe, right off is the recent bankruptcy of Peregrine Financial, aka PFG, whose story we first broke, and which just as we suspected, has promptly become the second coming of MF Global, as at least $200 million has "evaporated." It is thus with little surprise that we find that the first party of interest is none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee. How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization.
From Bloomberg:
The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.
Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
The trustee liquidating Peregrine Financial Group Inc. asked a judge for authority to subpoena the defunct futures brokerage’s banks including JPMorgan Chase & Co. (JPM) and Citigroup Inc. (C) for information about transfers from segregated accounts and proprietary accounts.
Citing a lawsuit by the U.S. Commodity Futures Trading Commission against the company and founder Russell Wasendorf Sr. over misappropriation of customer funds, the trustee said he needs records from “various financial institutions” to identify “abnormalities” in the company’s records.
And while Jamie Dimon may have to spend another 2-3 hours before his muppets explaining how a few hundred million in PFG cash just may have ended up on his balance sheet, with nobody gaining anything, except for C-Span once again beating all other TV channels in the 10 am-12 pm block, the one definitive winner from this, and all the other unraveling financial fraud is more than clear:
[The trustee] asked the judge to set up procedures for paying his fees and expenses, and said he is seeking to hire as bankruptcy adviser Shaw Gussis Fishman Glantz Wolfson & Towbin LLC, the law firm where works, at rates of as much as $650 an hour.
This is money that ultimately would have gone to creditors and clients of the firm in liquidation. Instead it will go to funding yet another witch hunt which will achieve absolutely nothing, however it will, briefly, hopes of a few thousand traders and farmers who had entrusted their money to a criminal whom the CFTC could not catch for 20 years. All those hopes will, in the end, be dashed because if there is one thing the past 4 years have taught us, is that in America the bigger the crime, the greater the golden parachute.
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SUCK IT DIMON !!!
Fuck you, Jamie Dimon. In the ass, and with no lubrication.
It's actually us who are getting it up the ass. Corzine and Dimon will never do a perp walk, and we will get no lubrication. Why the fuck are we letting them get away with this shit? When will we stop this madness?!?
Get to know them: Primary Dealers of the FED
Thank God they purged MF Global. The rest are AAA+ rated. Whooo Hoooo!
even greedspan says “If they’re too big to fail, they’re too big,” Greenspan said today. “In 1911 we broke up Standard Oil — so what happened? The individual parts became more valuable than the whole. Maybe that’s what we need to do.”
“Failure is an integral part, a necessary part of a market system,” he said. “If you start focusing on those who should be shrinking, it undermines growing standards of living and can even bring them down.”
WE ARE SUBSIDIZING BANKSTERS WHO ARROGANTLY BELIEVE THEY'VE EARNED THEIR BONUSES
http://www.bloomberg.com/apps/news?pid=email_en&sid=aJ8HPmNUfchg
Hey Durden
There's an extra 5g's if you can score me front row seats,
You get enough tempests in enough teapots, and soon you have a problem
Top BUSH 2004 contributors
Morgan Stanley $603,480 Merrill Lynch $586,254 PricewaterhouseCoopers $514,250 UBS AG $474,325 Goldman Sachs $394,600 Lehman Brothers $361,525 MBNA Corp $350,350 Credit Suisse Group $326,040 Citigroup Inc $320,820 Bear Stearns $313,150Top OBAMA 2008 contributors
University of California $1,648,685 Goldman Sachs $1,013,091 Harvard University $878,164 Microsoft Corp $852,167 Google Inc $814,540 JPMorgan Chase & Co $808,799 Citigroup Inc $736,771Top ROMNEY 2012 contributors
Goldman Sachs $636,080 JPMorgan Chase & Co $502,874 Morgan Stanley $476,300 Bank of America $465,850 Credit Suisse Group $421,310 Citigroup Inc $345,265 Barclays $322,400 Kirkland & Ellis $295,042 Wells Fargo $276,700You want change? election anyone who is not supported by the banks.
JPig already swallowed up those funds. They're gone. Sure, subpoena... put on a show.... make it look good. But the truth is JPig already digested those funds and will never return them. A pig is a pig, until death.
The only thing the mainstream media does is try to mind control and brainwash you into believing their corporate prescribed fantasy. That's why their ratings are at all time lows, people are seeing through their bullshit, thank God.
George Carlin : The game is rigged
George Carlin's Greatest Moment
http://www.youtube.com/watch?v=wV1lZMTCqf8&feature=player_embedded
I like George Carlin, but also Eddie Griffin...
You can't win. They give you cancer...then you die. Americans are happy people when they get cancer and die so...don't worry about it!
Wouldn't know; those of us who refuse to eat shit and drink fluoride haven't had it happen yet.....
In other news. JPM has announced a prolonged vacation....in France.
Hugo Chavez
Fidel Castro
Robert Mugabe
Trying to bribe Tyler?
With 5 grams of whiff?
With his busted ass, bell pepper boxing nose?
Sheeeeit.
Wait. You mean money?
Never mind.
Sorry T.
PBoC is missing from that list.
Perhaps it's time for the "Shadow PD list" to be created.
You might have already seen this, but calls for a Corzine Special Prosecutor are growing. I'm not predicting his indictment just yet, but things are getting messier for Jon:
CORZINE CRONYISM BOMBSHELL - High Ranking DOJ Lawyers And AG Eric Holder Were Partners In Firm That Represented MF Global
Special Prosecutor? Yeah, I heard that, but if Holder prosecutes Corzine, then he would be in deeper shit than Corzine. Holder is still reeling back from the fallout on Fast and Furious. Just say'n...
I am just spitballing here, but I think the list of Executive Pardons being signed by POTUS in the final days and hours in office will be long and controversial.
This is common for ALL administrations, but I get the feeling the Obama administration will be particularly prolific.
Entry on that list is incredibly expensive unless your need for a pardon happens to be related to a place the shadow of the USGOV falls and you are close enough to the Oval Office..
AG Holder and Corzine are made men. They know where the skeletons are.
Neither will prosecuted. Nothing will happen.
Unless Romney really blows it, Obama will be seeking a new challenge in just a few short months anyhow.
This is not enough time to get anything in DC accomplished.
it's not enough time to get anything useful accomplished.
however as the last two administrations showed, in half a year you can
establish the outlines of a police state
or start a war or two
or transfer trillions to the masters of the greatest control fraud in history
or make it all bipartisan
or fill in those outlines in elaborate detail
or transfer trillions more
or pass legislation absolving them of crime.
Everyone see now? Obama really did mean "Change".
He seems almost like a messiah........almost.
Really? Looks like all the same shit to me.
I am not sure, but I think that you can't pardon someone who hasn't been convicted of an offense. Obama has done such a good job at shielding his people, that if Romney wanted to look tough he could start prosecutions once in office and Obama couldn't do squat. Mind you, I think Romney prosecuting people is as likely as flying pink pigs.
I think its more clients that are now sucking down dimon.. to the tune of $200mil
At this point its painfully obvious that banks should be broken up and reduced to utlities. Sandy Weill is right, not exactly the ideal spokesman,but late is better than never.
At this point, maybe it's best that they're just burned down.
I disagree. Remember, repentance only comes to these folks when they are retired with hundreds of millions. Then they magically "see the light."
You and I both know what needs to be done with them. But it won't happen until the system collapses, and by that time they'll have farmland in Brazil and Argentina locked up.
French Transaction Tax starts tomorrow
http://in.reuters.com/article/2012/07/31/france-transactions-tax-idINL6E...
It will be very, VERY interesting to see how this turns out for the CAC 40.
this actually is news here. be interesting to see if it roils global markets actually. would be good news if it did of course.
Amusement for the Muppets & Sheeples, 'tis nothing more.
MFG/JPM STILL has 28% of MY MONEY.
I am NOT amused, Neither are my attorneys,
Just lucky, I guess....that it was not transferred to PFG. It could have been.
This is A LOT of margin money, and caused me a great deal of pain. PAIN.
Sorry to hear that.....you might want to consider a trip to France. I hear it's beautiful this time of year.
J.P.M should be renamed area " 52 " ...
Absolutely nothing will come from this. Nada. Zilch.
Yup, And THAT"S the problem.
Wrong, they will be fined $100's of millions which means muppets stockholders will be butt prison raped by JPM . Lay down with Jammie, wake up with anal bleeding.
Worst case scenario is a small fine (1-4%) with no admittance of wrong doing settlement. We should apply the same system to armed robbery, that should help the crime rate go down.
Wars have been started over less.
Jamie Dimon behind closed doors with the Banking Subcommittee (Ron Paul absent - alllergic to assholes):
"Listen boys and girls, I pay your way, I can make you or break you; blame the SEC and your fellow CONgresspeople's outside this committee or you end up grubbing for peanuts with the local news and real estate agents or scrubbing the bottom of the Hudson with your asses."
http://www.opensecrets.org/cmteprofiles/overview.php?cmteid=H05&cmte=HFIN&congno=112&chamber=H
If this isn't time for a revolution the clock must be broken.
Hang Jamie Dimon.
"don't worry, we can pay for that." eh. what can you do. Jamie Dimon is watching as the the wondrous bankster clique systematically dismantles his people and turns them into a bunch of raving lunatics slaughtering one another...so there can be more profit of course. I should say "government banking" actually because no true private sector bank would see what's going on in Greece as a victory for anyone. Anywho that could never happen in the USA...folks turning on each other like a bunch of wild animals "all in the name of show" of course "because some folks are so rich this is all they have for a life now." So far so good!
Lotsa sexual attraction to Dimon on this board tonight!!("suck", "fuck", Dimon etc) This will produce NOTHING, it's a ploy to CLEAR future Treasury Secretary, Dimon. Calm down.
Jamie is running for President of the USA 2016, not Treasury Secretary.
A man of his class, sature, and respect should only be Emperor.
FYB,oh Jamie you too,Jon Corzine,little bastard you as well.But what i wish will not change anything.Tomorrow Benny will mumble,cartell will smash the gold,sheeple will go on vacations,and post office will go bankrupt.Nothing new...
Absolutely nobody could have seen this coming.
Now's a time to buy.
a 20 year fraud makes it impossible to track where the bad trades happened.
Now in MF Global, it was one illegal cover of a derivatives bet, but at PFG? what's the point.
just indict the top people
If someone were to chop Jamie Dimons' head off and use it as a soccer ball in Times Square, would more than 16% of Vanity Fair readers know his name then?
I highly doubt it. Those who are tuned out so far as to be reading Vanity Fair have very little chance of waking up any time soon.
I would watch that soccer match
Stating the obvious - it wasn't a poll of Vanity Fair readers, it was a poll BY 60mins/ Vanity Fair of Americans.
As Dimon / JPM have been featured in a number of VF articles & letters from the editor over the past few years I'm sure most VF readers know who he is.
MF'd, bitchez.
Yeah.....AGAIN!
the FED giveth, and the Fed (via JPM/Dimon) taketh away......
Seems fitting and keeps inflation low.....Fed creates money, loans it out, people invest it, then it just 'evaporates'....wahlah.
That's voila "lawyer."
Inflation is raging BTW.
How many times will we hear "I can't recall" in the deposition? Is a billion dollars really that much to JPM? They wipe their asses with more than that. I guess their insatiable greed cannot be satisfied.
A billion here, a billion there, and soon you're talking enough to stuff in a wheelbarrow and buy a loaf of bread.
When do the Jews start turning on each other and abandoning the blacks is my question.
Was Madoff the precursor?
It'll be interesting to see if they try to run to Latin America and Asia. Though I doubt they'll ever find anything as good as America was.
BUT, BUT, BUT...JPM doesn't ask its clients/depositors where their money is coming from (according to Dimon in his prior testimony).
Absolutely true. Curious though, that if I deposited, say $50,000 cash, into my own account tomorrow morning, I would be asked where the fuck I got the money from; and if my answer was inadequate I would be immediately reported to the feds on suspicion of something or other. Curious, indeed. You smell that? I think it's bull shit, and that Dimon fuck is covered with it. I'm sick of these clowns getting away with grand larceny while us little guys are suffering the boot of financial oppression! It isn't right, and it has to stop!
It's $3,000 now (recent change, was 10, then 5) and the bank would file a CCR anyway, and not tell you. It is illegel for them to do so.
Don't use banks.
how are you going to cash a big check?
That's a good question! Maybe we should all ask our paymasters if we can receive cash every week? Why are we obligated to accept checks anyway??
Maybe Jamie can be called in front of congress for more investment and regulation advice.
I just tell myself, JPM is the table-running dude who yells "oooo too bad, snake eyes" as he rakes in the dice and all the dollar bills and chips on the table and everyone walks away a loser.
And then they come back for another toss.
this makes it ez to understand. But I don;t get the whole "snake eyes" bit. I think they just made it up.
I don't know what game you are playing, but last I checked snake eyes only loses for new money on the come line, etc. Sevens is where the "dude" rakes up all the money. Stay away from dice.
But Why quibble about a detail, snake eyes makes for a better story, A+ for taking artistic license.
Forget about subpoenas for JPM pencil pushers... Obama, Brenanke, thousands of top traitors, and the majority of Congress are about to get indicited for dereliction of duty and crimes against the Constitution after the MASS ARRESTS take place... http://tinyurl.com/cd5cyjo/
+1 for the optimism
He says the same thing every time but I don't know where the positive attitude comes from- I seem to be watching a different country.
Good to know that someone is hopeful I guess.
Hopium, once more?
Or wouldn't it be more helpful to let the lower 50% know why they are in such a bad financial situation, telling them what they can do to overcome the situation?
Humor, ar ar!
Let me guess... you've never shouldered a rifle and taken the oath to defend the Constitution.
"The Dime" will be exiting shortly.
It's already in the cards.
The banks are in the hot seat until the election is over, then 200M fine and all is forgotten. Another dog and pony show courtesy of your bought and paid for politicians.
Here is one for Tyler to mull over, because this article is what inspired the thought/question/comment.
If one took a look at every piece of paper in the world, ask (question) how many times has that paper (and money associated with it) passed through the hands of the Morgan Stanley, Citibank Lehman, or whomever either via a derivative, or on it's own.
I'd bet some money that each company alone has directly or indirectly had their hands on virtually every paper product that is out there at one time or another, either through a trading desk, derivatives underwriting, purchasing or sales contract, rebundling, whatever..
What this means is that every foreclosure or bankruptcy coming up will invariably lead - guess where --->
to TBTF company books.
So no-one get suprised if we see more of this crap come up just because of the sheer magnitude of the TBTF hands on the worlds paper, and financial trails.
The TBTF are like the financial CPUs where all financial monies/data must be 'processed' (ahem skimmed) hence all trails will invariably lead to them.
I'm really curious though how much of the world paper passes through the TBTF hands - as well as the average number of times the 'same' paper repassed through the TBTF banks as this will tell us the odds any bankruptcy or foreclosure will lead to these kinds of headlines.
End of Line
It happens alot.....to alphabet agencies...
otherwise known as banks....otherwise known as govt
The tape worm strikes again, get the cuff links back out the drawer!
The world has never seen financial crime on this scale it's unreal !
All those hopes will, in the end, be dashed because if there is one thing the past 4 years have taught us, is that in America the bigger the crime, the greater the golden parachute.
Never a truer statement and in the meantime the rest of us get fleeced and criminalised for just breathing.. in the UK they have given powers to a company that allows them to take you to court if you fail to tell them you have done nothing on your own property!!!!!!! and you will have to pay the costs as well!!!!! That is a FACT!
They get the golden parachute
We get the golden shower
600 million folks in India without power. Hmmmmm. HEY, THERE'S A PROBLEM TO SOLVE AMERICA! (buy GE folks...not everyone is a useless, lazy retard. Besides...if you thought our Government was the worst ever...APPARENTLY WE HAVE A COMPETITOR! I'm sure there's more waiting in the wings. "there's always another new low" as they say.)
600 million in India without power is kinda like 25 million Americans without cable. Heh.
Bernie should never have turned hisself in, he could have simply claimed "vaporized profits" and walked away.
Expect an insignificant slap on the hand.
dimon: hear no evil, speak no evil, say , see no evil. fauad as a business modled in the fiancial idustry remain the norm/
Reelection campaigns don't finance themselves bitches. JPM just doing the messiah's work is all. Don't be hatin'.
How long will it be before JPMorgan steals from someone that has enough juice to take them down?
Have they talked to Corzine yet? I suspect not!
It pays to be a connected crony!
I smell blood in the water. (Lehman) Lets go F####K someone in the futures industry.
I'm so sick of JP Morgan getting away with all these financial crimes because they've got the politicians in their pockets. JP Morgan is like a big fat tick on the ass of America's finances.