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Whale Tales on U.S. Justice

A Whale Tale on Justice SEP 20, 2013
JPMorgan Pays $920 Million to Settle London Whale Probes …

www.bloomberg.com/…/jpmorgan-chase-agrees-to-pay-920-million-for-…‎
SEP 20, 2013 – JPMorgan Agrees to $920 Million `Whale” of a Fine … While the lender made admissions in yesterday’s SEC settlement that tarnish Dimon’s …
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ce.fortune.cnn.com/tag/us-securities-and-exchange-commission/

In the end, the whole SEC settlement with JPMorgan is kind of bizarre

The rest of the settlement that is being collected by U.S. regulators is going back to the Treasury?

A restitution fund for people?

How can we expect our citizens to have any faith in the rule of law?
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Monday, December 09, 2013 11:49 a.m. CST
And then there is this $13 BILLION JPMORGAN SETTLEMENT
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My comment So what’s new?

How will the GOVERNMENT divide the record $13 billion payout?

$4 BILLION IN CONSUMER RELIEF?

“FLOP, FLOP, FIZZ, FIZZ, OH, WHAT A RELIEF? IT IS?” … IS MARKETED FOR RELIEF OF MINOR ACHES, PAINS, INFLAMMATION, FEVER, HEADACHE, HEARTBURN, SOUR …

In the end, the whole SEC $13 billion settlement with JPMorgan is kind of bizarre

Believe it or not? The JPMORGAN bank will also receive credit for demolishing abandoned homes and other efforts focused on curbing urban blight.(CAUSED BY CORRUPT GOVERNMENT)

IS The rest of the settlement that is being collected by U.S. regulators is going back to the Treasury?

IS THERE DIRECT Restitution for people?

How can we expect our citizens to have any faith in the rule of law?
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The announcement, expected as soon as Tuesday Dec.. 10, 2013, will detail how the GOVERNMENT will divide the record $13 billion payout, with $4 billion directed to struggling homeowners.

The $4 BILLION in consumer relief, directed at hard-hit areas like DETROIT,

is a crucial element of the deal. Nearly half of that sum, one person briefed on the deal said, will go to reducing the balance of mortgages in foreclosure-racked areas
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My comment

Hard-hit areas like DETROIT? Hard hit with GOVERNMENT CORRUPTION

Kwame M. Kilpatrick, Former Detroit Mayor, Sentenced to 28 Years …
www.nytimes.com/…/former-detroit-mayor-kwame-kilpatrick-sentencing…‎

Oct 10, 2013 – Former Mayor Kwame M. Kilpatrick apologized for putting the people of his city through a corruption scandal so vast that prosecutors say it …

INDEED, $4 BILLION in consumer RELIEF?

If JPMorgan fails to spend the entire $4 billion before that 2016 deadline, it will have to pay an amount equal to the unexpended funds either to the government or to a nonprofit organization designated by the government.

Hard-hit areas like DETROIT? Hard hit with GOVERNMENT CORRUPTION

34 PEOPLE CONVICTED IN FEDERAL PROBE OF DETROIT CORRUPTION | DETROIT …
www.freep.com/article/20131010/NEWS/310100184/‎
by Jim Schaefer – in 168 Google+ circles

Oct 10, 2013 – Counting Kwame Kilpatrick, Bobby Ferguson and Bernard Kilpatrick, 34 people have been convicted in the federal government’s probe of …
How corruption deepened Detroit’s crisis – USA Today

www.usatoday.com/story/news/nation/…corruption…detroits…/2929137/‎
Oct 6, 2013 – DETROIT — Former Detroit Mayor Kwame Kilpatrick was a spender, a schemer and a liar. And taxpayers paid for it, by the millions. Over seven …

Under the $4 billion in relief settlement, the people briefed on the deal said, JPMorgan will have to hire an independent monitor to oversee the distribution of the $4 billion in relief, a black mark for a bank once considered one of Wall Street’s most trusted institutions.

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Monday, December 09, 2013 11:49 a.m. CST
Republican SEC member blasts $13 billion JPMorgan settlement
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THE Whale tale on Justice

ce.fortune.cnn.com/tag/us-securities-and-exchange-commission/
Did the SEC let JPMorgan off the hook?

In the end, the whole SEC settlement with JPMorgan is kind of bizarre.
The SEC is putting the $200 million JPMorgan is paying to settle the charges into a restitution fund for people who were harmed by the London Whale trading fiasco. Good luck finding them.

(The rest of the settlement that is being collected by U.S. regulators is going back to the Treasury.

Taxpayers, when will you stop being subsidized by the big banks?)
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If you are up to it? get out the Alka-Seltzer and continue reading
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http://billmoyers.com/2013/10/22/the-13-billion-jpmorgan-settlement-is-a-good-start-%E2%80%94-now-someone-should-go-to-jail/

“People know that if they rob a bank they will go to jail,” Kaufman said. “Bankers should know that if they rob people they will go to jail too.” Can we hear an amen on that? Not yet. But the complaint Kaufman voiced repeatedly is now on the table. “At the end of the day,” the senator warned, “This is a test of whether we have one justice system in this country or two. If we do not treat a Wall Street firm that defrauded investors of millions of dollars the same way we treat someone who stole $500 from a cash register, then how can we expect our citizens to have any faith in the rule of law?” (See my piece from April 2011, “How Wall Street Crooks Get Out of Jail Free.”)

The offenses include an all-star list of duped victims — of mortgage fraud against home-buyers, investor fraud against people and pension funds that purchased the rotten mortgage securities and defrauded the federal agencies (Fannie Mae and Freddie Mac) that bought the mortgage bonds and applied federal guarantees to them
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U.S. Poised to Announce $13 Billion Settlement
By BEN PROTESS and JESSICA SILVER-GREENBERG
Manuel Balce Ceneta/Associated Press Attorney General Eric H. Holder Jr. played a hands-on role in settlement talks with JPMorgan Chase’s chief executive.

The Justice Department is set to announce a $13 billion settlement with JPMorgan Chase over the bank’s questionable mortgage practices in the run-up to the financial crisis, people briefed on the deal said on Monday, as prosecutors and the bank hashed out the final details of the deal.

The announcement, expected as soon as Tuesday, will detail how the government will divide the record $13 billion payout, with $4 billion directed to struggling homeowners. Under the settlement, the people briefed on the deal said, JPMorgan will have to hire an independent monitor to oversee the distribution of the $4 billion in relief, a black mark for a bank once considered one of Wall Street’s most trusted institutions.
The settlement, which comes after months of negotiations, will resolve an array of state and federal investigations into the bank’s sale of troubled mortgage securities TO INVESTORS. Such securities, sold by banks across Wall Street, were at the center of the 2008 financial crisis.
Related Links

• Graphic: Tracking the JPMorgan Inquiries
When the securities soured, generating billions of dollars IN LOSSES FOR PENSION FUNDS AND OTHER INVESTORS, federal and state authorities opened wide-ranging investigations into whether the banks had properly warned investors of the risks.

JPMorgan, the nation’s largest bank, has become a symbol of that crackdown. And the size of the settlement reflects its magnitude. The $13 BILLION DEAL dwarfs all other settlements the Justice Department has exacted from a single company.

The $4 BILLION in consumer relief, directed at hard-hit areas like DETROIT, is a crucial element of the deal. Nearly half of that sum, one person briefed on the deal said, will go to reducing the balance of mortgages in foreclosure-racked areas;
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Hard-hit areas like DETROIT? Hard hit with CORRUPTION
INDEED, $4 BILLION in consumer RELIEF?

If JPMorgan fails to spend the entire $4 billion before that 2016 deadline, it will have to pay an amount equal to the unexpended funds either to the government or to a nonprofit organization designated by the government.

Hard-hit areas like DETROIT? Hard hit with CORRUPTION

34 PEOPLE CONVICTED IN FEDERAL PROBE OF DETROIT CORRUPTION | DETROIT …
www.freep.com/article/20131010/NEWS/310100184/‎
by Jim Schaefer – in 168 Google+ circles
Oct 10, 2013 – Counting Kwame Kilpatrick, Bobby Ferguson and Bernard Kilpatrick, 34 people have been convicted in the federal government’s probe of …
How corruption deepened Detroit’s crisis – USA Today
www.usatoday.com/story/news/nation/…corruption…detroits…/2929137/‎
Oct 6, 2013 – DETROIT — Former Detroit Mayor Kwame Kilpatrick was a spender, a schemer and a liar. And taxpayers paid for it, by the millions. Over seven …

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JPMorgan will also be credited with up to $500 MILLION FOR BRIEFLY HALTING the collection of mortgage payments.

For the remaining $2 BILLION in relief, the person said, JPMorgan has agreed to reduce interest rates on existing loans, offer new loans to low-income home buyers and keep those loans on its books. The bank will also receive credit for demolishing abandoned homes and other efforts focused on curbing urban blight.
In addition to the $4 BILLION in consumer relief, JPMorgan will pay about $2 billion as a fine TO PROSECUTORS IN SACRAMENTO, CALIF. The prosecutors, who were planning to sue the bank until settlement talks heated up in September, suspected JPMorgan had failed to fully disclose the risks of buying mortgage securities.

The government earmarked the final $7 billion as compensation for investors. The largest recipient will be the Federal Housing Finance Agency, which announced a $4 billion deal with JPMorgan last month. The agency oversees Fannie Mae and Freddie Mac, the housing finance giants that purchased billions of dollars in mortgage securities that later imploded.

THE REST WILL BENEFIT A CREDIT UNION ASSOCIATION, ALONG WITH THE NEW YORK AND CALIFORNIA ATTORNEYS GENERAL. The authorities are likely to pass on the compensation to investors in their states.
A version of this article appears in print on 11/19/2013, on page B3 of the NewYork edition with the headline: JPMorgan Settlement Nearly Ready.

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