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JPM Refuses To Comply With Broad PFG Subpoena
Last week we wrote that we were not surprised to learn that the first party of interest in the PFG bankruptcy was "none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee." We added "How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization." It appears that we were not the only ones shocked to learn that Jamie Dimon's firm could make a repeat appearance again when it comes to missing client money: JPM itself seems to not have expected this development. The result, as just reported by Reuters: "JPMorgan Chase & Co on Monday sought to limit the power the bankruptcy trustee for Peregrine Financial Group has to subpoena information from financial institutions that did business with the failed brokerage." Why, whatever may JPMorgan be hiding, and whyever is it taking preemptive steps from preventing such information from leaking into the public domain: because it is too "burdensome" - it is only logical that Jamie can not dedicate one person of his 261,453 employees to this modest matter. No fear though: even if it is found that just like in the MF Global bankruptcy JPM may have overreached just a tad when it comes to money that doesn't belong to it, the CFTC can just say that as a result of an extensive 4 year investigation, JPM was found to have done nothing wrong, and if the public can please already disperse.
Per Reuters:
JPMorgan said in a court filing that Trustee Ira Bodenstein's request for authorization from a bankruptcy court to serve subpoenas on financial information may be overly burdensome by encompassing Peregrine's affiliates and wholly owned subsidiaries, in addition to the brokerage itself.
JPMorgan reserved the right to "modify or quash" subpoenas that are too burdensome or broad.
Bodenstein last week asked the court for the authority to require 10 financial institutions, including JPMorgan, to produce information about open and closed accounts maintained by Peregrine, its affiliates and subsidiaries.
What is the "legal" basis that JPM demands to be let off the subpoena hook?
Bodenstein said in an interview on Monday that his request to serve subpoenas was "pretty standard," and JPMorgan said in the filing that it did not object to the court granting him the general authority to issue subpoenas upon the bank.
However, JPMorgan said the "conditions upon which the trustee seeks to conduct the proposed examination are anything but 'routine.'"
JPMorgan also objected to Bodenstein's request that the bankruptcy court prohibit subpoenaed financial institutions from recouping any costs incurred with providing documents.
Because obviously JPM is pennypinching like a modest regional bank now that it no longer is able to mismark hundreds of billions in CDS (which no longer have the implied backstop of the Fed).
As for why JPM is suddenly hiding behind a quash order, we doubt this needs any particular clarification: after all Jamie Dimon is sick and tired of pretending to be questioned by his part-time employees in Congress and Senate. Another MF Global-like spectacle may be good for politician and C-SPAN ratings, but will hardly delight JPM's shareholders.
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"Lumber up...Limbo DOWN!" ain't no big thing JP! "wait for the bell to ring"!
"We are not just Too Big To Fail, now we are Above the Law, bitchez!!" , Jamie Dimon
"No. Don't shoot. Let em' burn!"
Saving Private Ryan
Cossack - had to vote you down for [inadvertent] Hollywood meme promotion.
Jamie Dimon & Lloyd Blankfein (and all their close friends who own your dear 'elected' legislators & appointed federal judges and regulators) are the modern day version of Al Capone & The Untouchables, except that they steal trillions upon trillions of the money of dozens of millions and millions of other people, directly and indirectly.
They're 'made men' of the Rotchschild Family.
When they tell Obama, Pelosi, Reid, Bachus, McCain, Clarence Thomas, John Roberts, or whomever else to jump, the only question forthcoming is "how high massa'?"
Too big to Jail...
Let's take some rubber bullets into JPM. These guys are incorrigable. Time to bury them.
JPM = FED
They own all the rubber bullets.
Maybe there will be a fresh new body for the Morgue some time this week?
"the law is for the Little People" some CEO is saying right now over a 7 course dinner at the Ritz.
US Bank $ Vaporized at Morgan? In PFG Scandal, JPMorgan Chase Had Surprising Role: It Held Customer Accounts
http://huff.to/MmU3TZ via @HuffPostBiz
Dim the lights, you can guess the rest.
In every dream home a heartache.
Best line ever: I blew up your body, but you blew my mind.
CPL593H
What's the big deal?
It's only a few hundred million dollars..
"I wipe my ass with a few hundred million dollars." -Jamie Dimon
Then I distribute it through the ATMs, so everyone can smell the "sweet smell of success."
For him, that's a complete body wash.
all your subpoenas are belong to us now
JP Morgan says
« ...subpoenas on financial information may be overly burdensome ... »
even with all those hundreds of lawyers and law clerks
and 1% government money to finance all legal expenses
they still find the paperwork request 'burdensome'
Damn ... the public interest is 'vapourised' again
JPM is acting like they have to produce handwritten documents involving hundreds of scribes using papyrus, quills and ink wells, instead of it taking one guy 5 minutes to print the reports off their computer system.
In the mold of the late "Queen of Mean" Leona Helmsley: "Subpoenas are for little people".
Tyler, perhaps you missed it yesterday, but Bart Chilton has denied the FT piece on silver, stating it is'premature and innacurate', and also stated that 'there have been devious efforts related to moving the price of silver'.
Chilton informed me that he expects the CFTC's investigation on silver manipulation to conclude by September, contrary to the FT report that it is being dropped.
http://www.silverdoctors.com/bart-chilton-ft-report-that-cftc-to-drop-si...
It appears that Chilton has told a different story to everyone who has asked him a question.
".....has asked him a question, and remarkably, has not once uttered the truth"
Fixed it for ya, Tylers.
Seriously, if chilton is in on the scam.. he's a great actor. I honestly cannot tell what side he is on.. i hate to shit on the guy if he's truly innocent and trying his best.
Shit away runlevel. This guy comes out from his hideaway every now and then to appease the peasants. Make him prove himself as they are all unelected to their perch.
good point.
Obviously Chilton has a 'dual mandate' to uphold. One to his banker bosses and one to the people. Which will he ultimately choose?
Perhaps a little water-boarding is in order.
Where are the documents?
<<Gurgle * * Glug * * GaaAA>>
I'll ask again...
well since its not torture why not?
Son of a Squid!!
JPM looking to be the first for a wrist slap? Eventually they pay but a small percentage of what they stole and move on to profitting from the collapse. Same as it ever was.
Indeed
"Today US business is measured by what you stole minus the fine you paid."
- Jim Sinclair, Mineset
Bank Guy:
Excellent!!
-30-
Not that I'm a fan but like Max Keiser once said, "take fraud out of the business model of the U.S. and all you would be left with is porn and doughnuts."
This is where Chump Schumer comes in handy.
He's got "pull".
He and Mick Bloomberg are the reach-around act.
http://nyopoliticker.files.wordpress.com/2011/11/chuck_schumer_art_400_2...
I greened you for your handle.
Welcome. :)
that's the alternate function for their HFT algos.... computing "cost/benefit" analysis, aka penalty/pay-off ratios; comes up *WIN* 99.99+% of the time
The wizard doesn't even need to hide behind the curtain anymore. It's called theft in plain sight; in your face, suckas.
How can JPMorgue do anything wrong, it owns the FED.
It IS the FED.
"Gold is money. Everything else is credit." - JP Morgan
Back when they were just a tad more honest.
Pay the fine and thanks for playing.
No big deal that's obama's favorite banker nothing will come of this
http://www.economicpolicyjournal.com/2009/07/president-obamas-favorite-banker.html
JPMorgan Employees Join Goldman Sachs Among Top Obama Donors
http://www.bloomberg.com/news/2012-03-20/jpmorgan-employees-join-goldman-sachs-among-top-obama-donors.html
Remember the cuff links :)
snip
The boss of one of America's biggest banks has been snapped wearing a set of presidential cufflinks, prompting speculation that they were a gift from President Barack Obama.
JPMorgan Chase CEO Jamie Dimon was sporting the cufflinks, emblazoned with the seal of the President of the United States, at a senate banking committee hearing on Wednesday.
One of Wall Street's wealthiest fat cats, Mr Dimon is believed to have a good relationship with Mr Obama, having visited the White House 16 times and the President on at least three of those occasions.
And the love is reciprocated, with Mr Obama describing the millionaire in a May interview as 'one of the smartest bankers we've got' and his bank as 'one of the best managed banks there is'.
more
http://www.dailymail.co.uk/news/article-2160340/JPMorgan-Chase-CEO-Jamie-Dimon-wear-presidential-cufflinks-prompting-speculation-gift-Obama.html
Need any other reason to not bother to vote this November? If this keeps up, better off buying a Sig Sauer instead, so you can properly record your vote in the election coming after November, where paper ballots may not be the method whereby the winner is determined.
Win! My wife and I will be stimulating the local firearm dealership economy this Nov 6th instead of voting as well. Running 1000 rounds through a glock, sig or taurus will be more productive than voting...
Maybe try an AK, before they are banned in O's 2nd term...
better start writing a bigger campaign contribution check jamie
May the CIA target Jamie Dimon.
But then he would be completely safe.
No need.
Those cufflinks are proof that neither Dimon nor any of his friends(?) owns a Geiger counter...
The Morgue never answers my letters, inquiries or subpoenas. It says it doesn't have to come to court, that the judge is wrong about the law and that they are taking their ball and going home.
what other brokerage houses are left to be killed...mine ?
I like that Trump quote...if somebody wants your money, you must be important.
I assume you noticed the root word is "broke"?
The ole Finders-Keepers defense...lol.
Top shelf article...jam packed with stinging zingers. Just the way i like it.
...was wondering why those trucks were in front of JPM again today:
http://www.usedshreddingtrucks.com/KingShredTruck%20-%20Medium.jpg
http://savannahshredding.com/shred/wp-content/uploads/2011/11/shredtruck...
Nein, bitchez.
I would defend the motion to quash based upon a number of legitimate factors...but that would mean defending JPM which I will not do. Let them BURN!
This shit won't stop until it burns to the ground and people are held accountable.
We don't need to answer no stinking subphoena!
You F---ing Americans. Who Are You To Tell Us, The Rest Of The World, That We’re Not Going To Deal With Iranians'
http://www.businessinsider.com/standard-chartered-complaint-quote-you-fc...
Soon, banks will bypass NYC so as not to comply if push comes to shove I bet. HK, London, Frankfurt and Singapore are rapidly replacing NYC anyway.
jpm does lots of criminal shit but they have nothing to hide because they don't have to.
Huffington Post: In PFG Scandal, JPMorgan Chase Had Surprising Role: It Held Customer Accounts
http://huff.to/MmU3TZ via @HuffPostBiz
if i had those cuff links i'd claim executive privelege
this just seems like routine legal bullshit to me, but like tyler, how can we know why, exactly, and for sure? we can't
this is probably the NSA which is calling all the shots with the complete records of all concerned and then some, anyhow
altho the NSA may have been all tied up w/ cow vacci-nations in CA or something...
but discovery is a dangerous game, as theState learned when judgeIto ruled: he may try on the bloody glove
and more especially so when a court officer is asking to look into one thingy and the jpMorgue is trying to maintain secrecy in 1,000 others
:> can we just pay $50 mil and leave? 100? please, may we not have more, sir? <:
I'm a bovine phrenologist and I work for the NSA. Haven't you heard? Curiosity kills the cat (and the pi-rat). Go have an icecream cone.
shake yer mastitis, BiCh! (we'll ignore the flies4now)
it doesn't have to be sour - you can have a non-dairy frozen treat dipped in a chocolate-flavored coating.
seems if they devoted like 1% of the lobby money to such things it wouldn't be that hard.
It's easy. Freeze all their assets till they hand over the documentation.
How hard is this?
Give me a leader with some balls damn it!
I'd settle for a woman who knows how to grab some balls and squeeeeze, hard.
Almost all Lawmakers are swallowing Dimons cum, no way this will happen in the Nation of Laws.
No doubt about it...its gonna take a bitch or a prick.
howzabouta midget tranny?
with french cuffs?
It could work. Get one to "head up" the SEC. #winning#
given recent attendance and past posting patterns, our resident m_t_porn may be off on a shoot {do you know where your husband is, btw...? L0L!!!}
if she clears the cast party & post-retrieval astronaut physical and makes it back to zH alive, she might take it just for the "we are not worthy" aspects, alone...
...not to mention the "fringe" bennies & pension...!
Billary's on their team.
JPMugger------>we are happy to provide a list of the 30+ million families we put food on every month...if you require further information let's just skip to negotiating a reasonable fine.
Hey why should they leave any cash on the table for scumbag lawyers?
I'd limit the subpoenas to just Peregrine's associated accounts and no more.
On another note (other JPM fraud) on the flipside being a CA electricity user/buyer I want JPM to divulge anything which may implicate lower rates for myself.
Subpoena. HA HA HA HAHA!
Subpoenas in the land of the lawless - it doesn't get better than this!
"...the public can please already disperse."
Yo CFTC, the public does not appear to be dispersing.
Off ropic but important.
REPUBLICANS SOUND ALARM ON ADMINISTRATION PLAN TO SEIZE 401(K)S
By: Connie Hair
http://www.humanevents.com/2010/05/04/republicans-sound-alarm-on-administration-plan-to-seize-401ks/
2012
Total Lobbying Expenditures: $3,460,000
Subtotal for Parent JPMorgan Chase & Co: $3,460,000
http://www.opensecrets.org/lobby/clientsum.php?id=D000000103&year=2012
Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks,
Feel free to distribute or cite this material, but please credit the Center for Responsive Politics. For permission to reprint for commercial uses, such as textbooks, contact the Center.
JPMorgan Chase & Co: Totals Cycle Total Democrats Republicans % to Dems % to Repubs Individuals PACs Soft (Indivs) Soft (Orgs) 2012 $2,073,322 $778,653 $1,282,008 38% 62% $1,558,099 $515,223 $12,161 $0 2010 $1,966,552 $840,482 $1,107,129 43% 57% $1,261,016 $705,536 $8,641 $0 2008 $6,069,219 $3,677,810 $2,386,359 61% 39% $4,867,815 $1,201,404 $0 $0 2006 $2,174,661 $1,219,553 $924,457 57% 43% $1,328,796 $845,865 $0 $0 2004 $3,208,502 $1,630,662 $1,577,590 51% 49% $2,014,449 $1,194,053 $20,000 $0 2002 $1,219,272 $650,579 $568,393 53% 47% $643,332 $575,940 $181,750 2000 $2,517,430 $1,227,325 $1,281,855 49% 51% $1,530,194 $987,236 $230,392 $195,826 1998 $1,499,605 $530,523 $967,332 35% 65% $491,069 $1,008,536 $22,220 $207,150 1996 $1,578,717 $524,195 $1,053,572 33% 67% $413,085 $1,165,632 $29,965 $83,550 1994 $941,992 $468,469 $472,323 50% 50% $87,434 $854,558 $1,000 $0 1992 $970,441 $507,206 $461,985 52% 48% $160,941 $809,500 $210 $38,400 1990 $678,625 $357,146 $321,479 53% 47% $57,675 $620,950 N/A N/A TOTAL $24,898,338 $12,412,603 $12,404,482 50% 50% $14,413,905 $10,484,433 $315,950 $706,676http://www.opensecrets.org/orgs/totals.php?cycle=2012&id=D000000103
i don't think ya hafta worry abt plagiarism OR putting students to sleep...zzz...
JP Morgan Investment Bank
$3,950 $1,250 $2,700 32% 68% $3,950 $0 JPMorgan Asset Management Holdings $5,250 $0 $5,250 0% 100% $5,250 $0 JPMorgan Investment Bank $250 $250 $0 100% 0% $250 $0 JPMorgan Private Bank $11,481 $1,500 $9,981 13% 87% $11,481 $0http://www.opensecrets.org/orgs/totals.php?cycle=2012&id=D000000103
FUCK YOU JAMIE DIMON YOU LYING PRICK.
He's NOT a lying Prick!! He's a lying THIEVING Prick.
you dont have to lie when you know youll get away with it .. WHERES JON CORZINE
VOLCKER WILL BE PASSED ONLY WHEN JP MORGAN IS TURNED INTO A RETAIL BANK...AND IT WILL HAPPEN WITH 100% ACCURACY AROUND JAN 2014...IN THE MEAN TIME LET'S SPILL ALL THE BEANS ABOUT ITS CARTEL..AND ROMNEY WILL TAKE CARE OF IT FOR SURE
Mmm didn't they refuse to comply with the energy trading problem not too long after the London Whale?
What is the "legal" basis that JPM demands to be let off the subpoena hook? ------
Who do you think owns and operates the "legal" system?
Well at least Jamie and his criminal bank aren't manipulating silver. And everyone believes that.
Unlimited supply of Fed funding put to good use to hire cadres of lawyers and sic them loose on 'overly broad" subpoenas. All normal at this level of the Big Show and we'll see what requests a judge evetually decides JPM has to answer.
Patience, my JPM/Dimon loathing brethren, patience.
Close JPM down
Launch an investigation by the public. Not by an Govt agency.
And then when the crimes are confirmed, put all of JPM and those Govt. agency employees who did not do their job behind bars for the next 20 years.
Which includes Gensler of course