Before you feel to sorry for JP Morgan or Jamie Dimon, you should probably know that since this case came to light Investment Firms like JP have been given INTEREST FREE loans worth HUNDREDS OF BILLIONS OF “DOLLARS” that YOU pay interest for. Those ones and zeros transferred via the Federal Reserve’s “discount window” have been used to hedge monopolies in every sector, and are re-loaned at interest 10 times over using “Fractional Reserve Lending” policies. The White House and the Fed claim that these TRILLIONS were “injected” to grow the economy… What a SCAM!
For JPMorgan, the deal resolved an array of state and federal investigations. Under the terms of the settlement, JPMorgan will distribute the $13 billion to several states, the Justice Department and an alphabet soup of federal agencies, including the Federal Housing Finance Agency. Some money is also earmarked to help struggling homeowners.
Dennis Kelleher, the head of Better Markets, was an instant critic of the deal. When the settlement was completed in November, Mr. Kelleher questioned why the Justice Department declined to air its accusations in a lawsuit before settling with JPMorgan. A settlement reached after a lawsuit would have been subject to judicial approval.
Instead, the Justice Department published on its website an 11-page “statement of facts” outlining the bank’s wrongdoing. The actual settlement deal, a 16-page document detailing the terms of the settlement, is also public.
But Better Markets argues that those documents have some important omissions. The Justice Department, the lawsuit notes, “did not disclose the identity of a single JPMorgan Chase executive, officer or employee, no matter how involved in or responsible for the illegal conduct.”
Better Markets also highlighted some ambiguity about the breadth of the wrongdoing covered in the deal. One government document stated that the investigation spanned from 2005 and 2008, while another document refers to activity from 2005 to 2007.
“This contract was the product of negotiations conducted entirely in secret behind closed doors,” the lawsuit said. “No one other than those involved in those secret negotiations has any idea what JPMorgan Chase really did or got for its $13 billion because there was no judicial review or proceeding at all regarding this historic and unprecedented settlement.”
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