Posted on 10/21/2013 9:57:43 AM PDT by SeekAndFind
Sunday's New York Post page one headline about JPMorgan's fine screamed "Uncle Scam" with the sub headline "U.S. Robs Bank of $13B."
Wall Street went into a tizzy this weekend with the news that one of the nation's biggest banks agreed to fork over to the federal government $13 billion in fines related to its mortgage securities business.
The Post quoted bank analyst Dick Bove of Rafferty Capital as saying the deal "is a basic and fundamental attack on capitalism."
"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," Bove told the New York Post.
The deal, announced Saturday, settles civil penalties with the U.S. Justice Department, but doesn't stop any potential criminal prosecution. The Federal Housing Finance Agency sued JPMorgan and 17 other banks for faulty mortgage bonds two years ago.
Wall Street insiders were furious about the deal, noting that 80 percent of the mortgages being probed were actually acquired from the failing banks Washington Mutual and Bear Stearns. JPMorgan reportedly took over the risky portfolio at the request of the U.S. government in the wake of the 2008-09 financial meltdown.
[SNIP]
The settlement deal was sealed this past Friday night in a telephone call between Attorney General Eric Holder and JPMorgan CEO Jamie Dimon.
Politico noted that Dimon was once considered "one of President Barack Obama’s most prominent Wall Street friends." A Democrat and one-time Obama donor, he was also a frequent visitor to the White House and praised by Obama himself as the "one of the smartest bankers we got."
But that relationship went into meltdown as Dimon began criticizing Obama's handling of the economy in the run-up to the 2012 election.
(Excerpt) Read more at newsmax.com ...
No sympathy for JP Morgan goons. And sorry, Crony Capitalism is NOT capitalism.
> Politico noted that Dimon was once considered “one of President Barack Obama’s most prominent Wall Street friends.” A Democrat and one-time Obama donor, he was also a frequent visitor to the White House and praised by Obama himself as the “one of the smartest bankers we got.”
Dimon wised up. Looks like 0 might be preparing to pull a “Cyprus” money grab in the U. S.
Poor squeaky-clean JP Morgan, the purest of rugged capitalists.
It's a publicly held company. Are you saying you have no sympathy for the stock holders?
Even if you have none, are you in support of the government attacking the very company that picked up all those failing mortgages at the request of the government?
Democrat CEO gives away rich shareholder’s money to the government without a fight.
Where’s the news?
“Dick Bove”? Where have I heard that name before? Oh — riiiiiiight:
“Three years after upgrading Lehman days ahead of its bankruptcy, here is Dick Bove on CNBC last week assuring anyone idiotic enough to listen to him that, you guessed is, MF Global is fine and a buyer will promptly materialize.” (2011)
http://www.zerohedge.com/news/dick-bove-goes-post-lehman-twofer-mf-global-fine
You lie down with dogs, you get fleas.
Do not question the King.
Not my point at all. JP Morgan's Dimon was Obama's BFF and made BILLIONS off of being handed SOLE CONTROL over Obama's exploding EBT program, among other boondoggles. But Dimon screwed up and criticized Barry. BIG mistake. Now he pays. I don't care about the shareholders. Incidental. This is a crony mafia enterprise. Boo freakin hoo.
No sympathy for the stock holders. None. Let’s see what “J P Morgan” + “manipulation” gives us over the last year, shall we:
silver market
gold market
FX / currency markets
energy markets
“London whale”
Nobody can be shocked, shocked, that a company accused of manipulation in so many markets is going to get nailed now and then.
Hell No, I was a WAMU stockholder and was taken to the cleaners on that one. Luckily, it was not that big of a cash loss and I was speculating, but I will never touch a US bank or financial stock ever again.
JP Morgan was “handed” WAMU on a silver platter one weekend back in 2008 by the FED, I call this Karma. What the Government gives you, the Government can take away.
The Feds are a RICO.
That Jarret quote sums up all of 0’s administration right there....
I am in Washington state, and when other banks were given bailouts, WAMU was just plain seized by the government within several days of its weakness. Then it was handed over to JP Morgan. Some said at the time that Morgan wanted a northwest bank and due to the Bummer cronyism, they gave them WAMU.
Sure, there were shaky mortgages that WAMU was holding due to the Black Caucus insistence on making loans to welfare holders, but Washington Mutual never had a chance to bring anything right before the feds seized them on Morgan’s behalf.
Lots of local people lost jobs and money over this. It was a long-time bank of Washington state that was just plain gobbled up.
That's what happens when you trust Uncle Sam.
Aaaawwww achy breaky heart...these fat cats meet yet again their karma for supporting a fraud and felon in 0bama.
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