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J.P. Morgan to pay $2 billion over Madoff case
Marketwatch ^

Posted on 01/07/2014 11:28:05 PM PST by chessplayer

U.S. prosecutors and regulators are expected to announce this week that J.P. Morgan Chase & Co. will pay slightly more than $2 billion in penalties for alleged failures to warn about Bernard L. Madoff's massive fraud, said people familiar with the negotiations.

(Excerpt) Read more at marketwatch.com ...


TOPICS: News/Current Events
KEYWORDS: berniemadoff; jpmorgan; jpmorganfines
Just heard on Greta van Susterns show that JP made a deal with Holder and taxpayers will pay every penny of the fine.
1 posted on 01/07/2014 11:28:05 PM PST by chessplayer
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To: chessplayer

Those are our kids paying all of these bills.

Anyone visit with any of them this holiday season?

They are despondent

They can’t start families

Abstinence? I’m the biggest proponent. How does this crap fit in with that line?


2 posted on 01/07/2014 11:33:52 PM PST by stanne
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To: chessplayer

Stockholders maybe, but not taxpayers. Pay better attention?


3 posted on 01/07/2014 11:35:40 PM PST by WL-law
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To: WL-law

Thanks. I was unaware stockholders don’t have to pay taxes.


4 posted on 01/07/2014 11:38:13 PM PST by chessplayer
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To: chessplayer

“heard on Greta van Susterns show that JP made a deal with Holder and taxpayers will pay every penny of the fine. “

How does that work?

And why do they need to pay the gov? Wouldn’t it be better to pay victims restitution if they are at fault?

What happens to the $2B? Does it just go in to Holder’s slush fund?


5 posted on 01/07/2014 11:49:22 PM PST by ifinnegan
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To: stanne

~~~They can’t start families

Abstinence? I’m the biggest proponent. How does this crap fit in with that line?~~~

Verse 17

http://www.biblegateway.com/passage/?search=Mark%2013:14-20&version=KJV

Mark 13:14-20

King James Version (KJV)

14 But when ye shall see the abomination of desolation, spoken of by Daniel the prophet, standing where it ought not, (let him that readeth understand,) then let them that be in Judaea flee to the mountains:

15 And let him that is on the housetop not go down into the house, neither enter therein, to take any thing out of his house:

16 And let him that is in the field not turn back again for to take up his garment.

17 But woe to them that are with child, and to them that give suck in those days!

18 And pray ye that your flight be not in the winter.

19 For in those days shall be affliction, such as was not from the beginning of the creation which God created unto this time, neither shall be.

20 And except that the Lord had shortened those days, no flesh should be saved: but for the elect’s sake, whom he hath chosen, he hath shortened the days.


6 posted on 01/08/2014 12:03:46 AM PST by F15Eagle (1Jn4:15;5:4-5,11-13;Mt27:50-54;Mk15:33-34;Jn3:17-18,6:69,11:25,14:6,20:31;Ro10:8-11;1Tm2:5-6;Ti3:4-7)
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To: ifinnegan

What happens to the $2B? Does it just go in to Holder’s slush fund?


Wouldn’t surprise me.


7 posted on 01/08/2014 12:12:52 AM PST by chessplayer
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To: WL-law

When and how much will Obama have to pay for his fraud—MadoffCare?


8 posted on 01/08/2014 12:13:36 AM PST by LALALAW (one of the asses who's sick of our "ruling" classes)
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To: chessplayer
Just heard on Greta van Susterns show that JP made a deal with Holder and taxpayers will pay every penny of the fine.

http://video.foxnews.com/v/3024469620001/greta-doj-sells-out-allows-jpmorgan-to-settle-madoff-case/#sp=show-clips

Shareholders, quoth Greta, not taxpayers.

9 posted on 01/08/2014 12:21:59 AM PST by cynwoody
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To: ifinnegan

This is generally how these ‘gimmicks’ work.

You agree to some figure....two billion. So it goes into an account, and there is an administrator. But the administrator has to hire at least twenty lawyers to handle the pay-outs. The twenty lawyers have staff members, a travel allowance, and charge by the hour. Then you need TV advertising to get people to submit for the pay-off.

You can figure around a quarter of the two billion....will go for legal costs alone, with taking at least two to four years to wrap up. Certain people will be at the head of the line, because they paid bribes to the lawyers and administrators. So the typical little guy at the bottom....gets pennies on the dollar.

If the judge simply said to pay everyone listed on some data sheet a balance of the two billion....this could be done with one lawyer, and a dozen accountants writing the checks. But that’d be too simple and not gimmick the system to help give employment to lawyers.


10 posted on 01/08/2014 12:47:09 AM PST by pepsionice
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To: chessplayer

I’m with you. I guess I need to buy more stock so I don’t have to pay taxes. ; )


11 posted on 01/08/2014 2:19:10 AM PST by Conspiracy Guy (Did the ancients know they were ancients? Or did they see themselves as presents?)
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To: F15Eagle

We are putting a lot onto these kids.

They have to do without in so many ways And what is their suffering for?

They see their paycheck ravaged. And for what?


12 posted on 01/08/2014 4:19:30 AM PST by stanne
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To: chessplayer

In other words, nobody really at fault will face any consequences. Unless JP Morgan stockholders wise up and dump the stock. But hey, you lie down with dogs...


13 posted on 01/08/2014 4:24:53 AM PST by Wolfie
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To: WL-law

When you take into account the FACT that Bernanke has been GIVING $85 BILLION dollars every month to WALL STREET BANKERS, I would say YES we The People are PAYING 100% of said fines.


14 posted on 01/08/2014 4:52:18 AM PST by eyeamok
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To: chessplayer

“Thanks. I was unaware stockholders don’t have to pay taxes.”

Error is that (in the abstract) while all stockholders are taxpayers, not all taxpayers are stockholders.

Further, stockholders have the ability to hold execs responsible (again in the abstract). If they fail to do so, the stockholders bear the consequence.


15 posted on 01/08/2014 7:05:59 AM PST by WL-law
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To: chessplayer

And the payments will go to individuals who gambled with their money in Madoff’s get rich quick scheme.

However, all the left-wing organization that Madoff donated to will get bupkus. One of his eccentricities was in giving money to any group opposed to any punishment at all for juveniles, no matter what crimes they had committed. If you were under 18, you could butcher a hundred people one at a time, and Madoff still thought you should walk.

Ironically, the *other* Madoff, Ezri Namvar, who pillaged on the West Coast, almost never made the papers.

http://www.forbes.com/sites/walterpavlo/2011/10/12/ezri-namvar-aka-madoff-of-beverly-hills-sentenced-to-prison/


16 posted on 01/08/2014 7:35:16 AM PST by yefragetuwrabrumuy (There Is Still A Very Hot War On Terror, Just Not On The MSM. Rantburg.com)
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To: Wolfie

In other words, nobody really at fault will face any consequences.


Nope. They walk away with smiles on their faces.


17 posted on 01/08/2014 8:52:47 AM PST by chessplayer
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To: chessplayer
What an amazing scam. I'm sorry Maddoff's investors lost their money. But, hey, they took a risk I'm not willing to take. They chose high returns over safety. Now because they are the stupid and well connected, this pays them back a portion of what they lost.

Meanwhile peons who have a CDs or money markets with Chase or any other FDIC bank get near 0% interest.

It's another transfer of wealth and curtailment of risk for the well connected.

18 posted on 01/08/2014 8:57:22 AM PST by grania
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