"Too Big To Regulate" JP Morgan "Lied" & "Deceived" Regulators, Investors & Public, Senate

[sailingaway]

"Too Big To Regulate" JP Morgan "Lied" And "Deceived" Regulators, Investors And Public, Senate Finds

http://www.zerohedge.com/news/2013-03-14/too-big-regulate-jp-morgan-lied-and-deceived-regulators-investors-and-public-senate-

[Lucille]

Of course, nothing will ever happen to JPM, and no TBTF banks in the US will ever be split up. Why? Because doing so would reveal the 1000-to-1 exposure of outstanding derivative notional to collateral, and would necessitate an immediate collapse in the $600 trillion OTC derivative market, leading to fare more catastrophic consequences than the Lehman bankruptcy. And a loss of DC's indulgence collection from Wall Street of course. Because what is D.C. if not the bought and paid for muppets of the very firm that is the subject of this article?

It makes me want to run screaming into the streets! Are we really helpless against the blatant theft and fraud of the banksters and their partners in crime in CONgress?

[eating_nachos]

These guys should be sent to prison.

[Lucille]

JAMIE DIMON BRIBE CHART
http://www.theburningplatform.com/?p=51047

http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/03/20130315_JPMlobby_0.jpg

[georgiaboy]

From the link,


Finally, Carl Levin who is known to bluster a lot, if act not so much, said that "there’s a lot of evidence" that JPMorgan may be "too big to manage" or "too big to regulate". The bank has $2.4tn in total assets and Mr Levin’s statement adds to an intensifying Washington debate over whether the government should forcibly restructure large financial groups. As Marthwatch reports: "Levin told reporters that he will decide after a hearing scheduled for Friday, where top regulators and J.P. Morgan executives are scheduled to testify, whether it will push the Justice Department to investigate the firm. Dimon was not called to testify on Friday and Levin defended the decision, arguing that he plans to hear from the individuals with the most knowledge of the trades."

My question to the forum - should the fedgov forcibly restructure large financial groups?

My off-the-cuff view is that it should not, but it also should not bail them out or prop them up, and it should prosecute fraud severely.

I can, however, understand those who say that if tax dollars are going to prop up these institutions then the gov't has every right to trustbust if needed.

[georgiaboy]

It makes me want to run screaming into the streets! Are we really helpless against the blatant theft and fraud of the banksters and their partners in crime in CONgress?

Me too. I for one do not think we are helpless, just spineless.

[Lucille]

http://www.zerohedge.com/news/2013-03-14/complete-history-jpmorgans-monstrous-derivative-risks-and-abuses-full-senate-report


Curious what according to Jamie Dimon is just a "tempest in a teapot", or, alternatively, why Mr. Dimon is richer than pretty much all of you, here is the full 307 page report that explains everything, including all the events that transpired at the JPM CIO office, all the trades that led up to the "monstrous" Whale portfolio, leading to an epic prop trade failure, coupled with countless lies and misrepresentations to regulators, to investors, to the public, and to politicians, many of which under oath. Oh yes, free Jamie Dimon!