Skip to comments.J.P. Morgan to pay $2 billion over Madoff case
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 ...
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?
Stockholders maybe, but not taxpayers. Pay better attention?
Thanks. I was unaware stockholders don’t have to pay taxes.
“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?
What happens to the $2B? Does it just go in to Holders slush fund?
Wouldn’t surprise me.
When and how much will Obama have to pay for his fraud—MadoffCare?
Shareholders, quoth Greta, not taxpayers.
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.
I’m with you. I guess I need to buy more stock so I don’t have to pay taxes. ; )
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?
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...
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.
“Thanks. I was unaware stockholders dont 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.
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.
In other words, nobody really at fault will face any consequences.
Nope. They walk away with smiles on their faces.
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.