In his new book "Extortion" author Peter Schweitzer writes about Obo and Holder, using the Justice Dept and assorted govt agencies to extort Big Money ....threatening jailtime unless the targets fork over billions. Read on.
US robs $13B from venerable bank / By Mark DeCambre, Oct 19, 2013
JPMorgan Chase has tentatively agreed to pay (Holder's) Dept of Justice a record $13 billion settlement to resolve several civil probes a costly deal that still doesnt protect the bank against additional criminal prosecutions.
This is a basic and fundamental attack on capitalism, declared Dick Bove, an influential bank analyst at Rafferty Capital. It is possible that the government is taking away the property of the JPMorgan shareholders without the shareholders having committed any crime or having any say in the expropriation of these funds. The deal also includes an undisclosed sum to settle a civil suit brought by NY state AG.
Under the settlement, JPMorgan must continue to cooperate with federal investigators probing the banking giants issuance of mortgage-backed securities from 2005 to 2007, according to sources.
Still to be ironed out are how to resolve that criminal investigation, along with the wording of any admissions of culpability the feds might require.
The general terms of the settlement deal were forged Friday in a phone conversation between Attorney General Eric Holder and JPMorgan CEO Jamie Dimon, The WSJ reported.
Analysts called the settlement a raw deal given that, by JPMorgans own estimate, some 80 percent of its mortgage-backed securities had been acquired at the request of the Obama-led government, when it bought Bear Stearns and Washington Mutual in 2008. Ultimately, the earnings power of banks is being force-regulated out the (SEC), by the Department of Justice, Kass added.
The settlement sum includes $4 billion that JPMorgan agreed this month to pay the Federal Housing Finance Agency to resolve allegations that the bank misled mortgage-finance companies Fannie Mae and Freddie Mac about the quality of loans it sold them prior to the 2008 financial crisis, the Journal reported.
The twisted deranged progressive mind at work. As a community organizer, Obama sued banks to give out mtges to the underemployed----food stamps and SSI were considered "income." Now, as president, he's suing the same banks for predator lending---burdening the ne'er do well with mtges they can't possibly pay off.