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Thread: JP Morgan Pays $2 Billion to Avoid Prosecution for Its Involvement In Madoff Ponzi Scheme

  1. #1

    JP Morgan Pays $2 Billion to Avoid Prosecution for Its Involvement In Madoff Ponzi Scheme

    http://www.washingtonsblog.com/2014/...stigation.html

    Bernie Madoff has said all along that JP Morgan knew about – and knowingly profited from – his Ponzi schemes.

    So JP Morgan has agreed to pay the government $2 billion to avoid investigation and prosecution.

    While this may sound like a lot of money, it is spare sofa change for a big bank like JP Morgan.

    It’s not just the Madoff scheme.

    As shown below, the big banks – including JP Morgan – are manipulating virtually every market – both in the financial sector and the real economy – and breaking virtually every law on the books.

    Here are just some of the recent improprieties by big banks:

    (List and rest of article on Link)
    Dont worry, Congress is there to protect us from Scams like this by making them Legal and not prosecuting anyone that is "Too Big to Fail" or "Jail".
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.



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  3. #2
    The New York Times said that the expected announcement would take to $20 billion the total amount paid by the bank in the last 12 months to settle various government investigations.
    At what point does losing your license become an issue?

    If any of us commit 3 felonies, we are looking at life in prison.

  4. #3
    2 billion is probably nothing compared to the amount of money JPM made from Madoff.

    If the US Justice Department was serious about punishing banks for financial crimes, they would start hitting them fines that are much steeper.

  5. #4
    Do I have this right?

    First government regulators with access to all sorts of data find nothing wrong with Madoff.

    Then JP Morgan offers Madoff investments to its clients.

    Then Madoff turns out to be a Ponzi scheme and goes bankrupt.

    Then JP Morgan gets a huge government bailout.

    Then JP Morgan get fined by the government for not knowing that Madoff was a Ponzi scheme despite the fact that government regulators did not know Madoff was a Ponzi scheme.

  6. #5
    Quote Originally Posted by Madison320 View Post
    Do I have this right?
    First government regulators with access to all sorts of data find nothing wrong with Madoff.
    Then JP Morgan offers Madoff investments to its clients.
    Then Madoff turns out to be a Ponzi scheme and goes bankrupt.
    Then JP Morgan gets a huge government bailout.
    Then JP Morgan get fined by the government for not knowing that Madoff was a Ponzi scheme despite the fact that government regulators did not know Madoff was a Ponzi scheme.
    You could probably insert into there some bit about how lobbyists such as Chris Christie got governments such as NJ to not include securities fraud as part of consumer fraud laws. But I'm probably nit picking...

  7. #6
    Charlie Gasparino talked about this yesterday. He said that they were threatening JP Morgan with breaking them up, and these are payoffs to prevent that.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  8. #7
    A small price to pay in order to avoid discovery and depositions...

  9. #8
    Quote Originally Posted by Madison320 View Post
    Do I have this right?

    First government regulators with access to all sorts of data find nothing wrong with Madoff.

    Then JP Morgan offers Madoff investments to its clients.

    Then Madoff turns out to be a Ponzi scheme and goes bankrupt.

    Then JP Morgan gets a huge government bailout.

    Then JP Morgan get fined by the government for not knowing that Madoff was a Ponzi scheme despite the fact that government regulators did not know Madoff was a Ponzi scheme.
    That's about it. You should read "But No One Would Listen." ( I would put an RPF referral lnk there if I wasn't lazy...) The amount of information the SEC had on Madoff was staggering, although they did none of the legwork. It was handed to them, repeatedly, but because it was complicated, they did not understand it, and their egos are so fragile that they would not admit it.

    It just illustrated the problem with outsiders overseeing the market.



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  11. #9
    Quote Originally Posted by angelatc View Post
    That's about it. You should read "But No One Would Listen." ( I would put an RPF referral lnk there if I wasn't lazy...) The amount of information the SEC had on Madoff was staggering, although they did none of the legwork. It was handed to them, repeatedly, but because it was complicated, they did not understand it, and their egos are so fragile that they would not admit it.

    It just illustrated the problem with outsiders overseeing the market.
    So the money goes around in circles with the goverment bailing out JP Morgan and then inventing reasons to fine them. The losers are the taxpayers and the rule of law.

  12. #10
    Quote Originally Posted by DFF View Post
    If the US Justice Department was serious about punishing banks for financial crimes, they would start hitting them fines that are much steeper.
    They would put them in jail. Government taking a cut of the spoils is not really punishment. It's more of a tax.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  13. #11
    Honestly, what did you guys expect? They are in bed together.
    For the Republic! For the Cause!
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    http://www.youtube.com/watch?v=YaxIPPMR3fI#t=186

  14. #12
    Too big to indict
    “…let us teach them that all who draw breath are of equal worth, and that those who seek to press heel upon the throat of liberty, will fall to the cry of FREEDOM!!!” – Spartacus, War of the Damned

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  15. #13
    Quote Originally Posted by Brian4Liberty View Post
    They would put them in jail. Government taking a cut of the spoils is not really punishment. It's more of a tax.
    Exactly. Share what was stolen and we'll let you get away with it.
    1776 > 1984

    The FAILURE of the United States Government to operate and maintain an
    Honest Money System , which frees the ordinary man from the clutches of the money manipulators, is the single largest contributing factor to the World's current Economic Crisis.

    The Elimination of Privacy is the Architecture of Genocide

    Belief, Money, and Violence are the three ways all people are controlled

    Quote Originally Posted by Zippyjuan View Post
    Our central bank is not privately owned.

  16. #14
    "JP Morgan" won't be paying anything to anyone. Employees, shareholders and customers will have provide this payoff. Typical media obscuring the reality of the situation.

  17. #15
    Quote Originally Posted by familydog View Post
    "JP Morgan" won't be paying anything to anyone. Employees, shareholders and customers will have provide this payoff. Typical media obscuring the reality of the situation.
    yep, and the taxpayers will pickup the tab for the write-offs. Nice scheme between the money masters and government.

    Anyone lose their job at the SEC? Yeah, just what I thought... BTW, roll the beautiful bean footage of the SEC whistleblower council that was terminated. SEC directed staff to only go after low level individuals, with the occasional mid level PR bust. Rule of Law... HAH!
    Last edited by HOLLYWOOD; 01-09-2014 at 06:20 AM.
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  18. #16
    Quote Originally Posted by Brian4Liberty View Post
    They would put them in jail. Government taking a cut of the spoils is not really punishment. It's more of a tax.
    I agree they should be put in jail. Like Iceland did with their scumbag bankers.

    But, I figure the odds of this happening are so low (since the politicians are controlled by the bankers) that enacting some harsh financial penalty is more realistic.

    And even though this is indeed ill-gotten money, and the government getting some of it would be tantamount to them taking a piece of the spoils, with a significant enough penalty, the banks would probably be less inclined to participate in future financial crimes.
    Last edited by DFF; 01-09-2014 at 01:14 PM.



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  20. #17
    Very much so, but JP Morgan looks to be cutting SOME of those ties:

    http://www.zerohedge.com/news/2014-0...cards-business



    Quote Originally Posted by Athan View Post
    Honestly, what did you guys expect? They are in bed together.
    "Like an army falling, one by one by one" - Linkin Park

  21. #18
    Related John Stewart interview with new Consumer Financial Protection Bureau director Richard Cordray.

    Progressives love government regulation and Bureaus, but Stewart does question him fairly well about government taking a cut instead of prosecuting. Even grills him about moral hazard, where banks get bailouts instead of punishment.

    The scary part of the answer was typical leftist logic, he says that when there is this financial "crime", they will fix the problem going forward so they can't do the same thing over again. This is equivalent to taking a gun away from a murderer and saying "don't do that again". And if they do it again, the regulators might try to ban the specific model of gun used by this repeat murderer. Yeah, this new government entity is really going to solve some problems.

    http://www.thedailyshow.com/watch/we...nterview-pt--1
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.

  22. #19
    Quote Originally Posted by Seraphim View Post
    Very much so, but JP Morgan looks to be cutting SOME of those ties:

    http://www.zerohedge.com/news/2014-0...cards-business
    They slept with Obama, and they caught the clap. What did they expect? Gee, government will screw them over, and limit their profits, imagine that. When Obama and Jamie Dimon were having their bromance, Dimon should have know that he would lose everything in the divorce.
    "Foreign aid is taking money from the poor people of a rich country, and giving it to the rich people of a poor country." - Ron Paul
    "Beware the Military-Industrial-Financial-Pharma-Corporate-Internet-Media-Government Complex." - B4L update of General Dwight D. Eisenhower
    "Debt is the drug, Wall St. Banksters are the dealers, and politicians are the addicts." - B4L
    "Totally free immigration? I've never taken that position. I believe in national sovereignty." - Ron Paul

    Proponent of real science.
    The views and opinions expressed here are solely my own, and do not represent this forum or any other entities or persons.



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