[blackshoe]

Shakespeare was right.

[mike777]

Get away with what?

the govt got billions and billions in fines
the govt has Dimon dancing on a pin, he is dancing to their tune.

Please note this article is all about fines, regulators and govt lawyers and police. The bank is not doing any banking, it is run by lawyers, regulators and the govt..

Let me put it this way if you think banks rule the world then buy bank stock....but I bet you will not,

[PassedOut]

 mike777, on 2014-November-07, 21:26, said:

Please note this article is all about fines, regulators and govt lawyers and police. The bank is not doing any banking, it is run by lawyers, regulators and the govt..

Not really. It is about massive, intentional fraud by the bank, concealed by the bankers' friends in government in exchange for a token payoff by the bank.

[mike777]

 PassedOut, on 2014-November-07, 23:05, said:

Not really. It is about massive, intentional fraud by the bank, concealed by the bankers' friends in government in exchange for a token payoff by the bank.

As this last post shows, this article is all about the government and how it controls.
It shows how the banks are controlled by those few, very few in power in the gov.


Clearly this shows that the owners of the banks are not in control.

If you want to shove the owners in jail ok then do it but those in power in the govt prefer other.

[kenberg]

I would be happy to stipulate that government lawyers can be overbearing. In the case at hand, they have a lot to be overbearing about. We have a bank that at the highest level was planning on selling crap and evading rules to disclose the nature of the crap. They forbade putting things in e-mail. Ok, I agree e-mail can be taken out of context, and, just because someone says something stupid in an e-mail, it should not be claimed that it is policy. Still, complete avoidance of e-mail is a pretty clear indication that a paper trail could cause trouble. They wanted approval of documents that no honest professional would approve, so they kept the people late, running them through the process again and again until they finally got the message that if they wanted to have any sort of life outside the office then they had better say they approve.

Basically there was, and I doubt that it has changed all that much, a group of people at the top of what was once believed to be a respectable industry doing their very best to get filthy rich by scamming people. There have always been scam artists, that's hardly news, but they now are in positions of great power and capable of causing national and worldwide damage.

So yes, the gov can be overbearing. But the problem is real and needs to be addressed vigorously.

[barmar]

 mike777, on 2014-November-07, 21:26, said:

Get away with what?

the govt got billions and billions in fines

Were the fines more than what the banks made along the way? I'll bet they still netted many billions. I wouldn't be surprised if they have line items in their budgets for paying fines, although probably the fines after the Great Recession were undoubtedly more than they budgeted. But when they know they're doing something shady, they probably take the possibility of getting caught and being fined into account. "Don't do the crime if you can't do the time."

And when they make new regulations, the bankers find new loopholes.

[mike777]

If the banks are engaged in massive fraud then end them.

close the banks and put the owners all of the owners and there are thousands and thousands in jail.

If Holder the AG is complicit then throw him in jail

If you don't think there is massive fraud and a cover up then
otherwise this is spouting.

[kenberg]

So we should put thusands and thousands in lail or else we should just shut up and put no one ion jail? This would not be my approach.

I don't hate the rich, I don't hate the super-rich. I do think that people who have or control amounts of money that I cannot really even imagine often are able to pervert justice. I am opposed to letting that happen. Of course it always has happened and always will happen, but there are degrees. I favor vigorously challenging corrupt practices with the goal of reducing it.

Mike, I think you are backing a losing horse here. I am not out in the streets shouting about the one percent, I'm a pretty relaxed guy. But corruption exists. and it has to be dealt with. You are going to have a tough time convincing me that this is somehow unfair to bankers.

[y66]

From The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare by Matt Taibbi

Quote

She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn't take it anymore.

"It was like watching an old lady get mugged on the street," she says. "I thought, 'I can't sit by any longer.'"

Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She's had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing.

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as "massive criminal securities fraud" in the bank's mortgage operations.

Thanks to a confidentiality agreement, she's kept her mouth shut since then. "My closest family and friends don't know what I've been living with," she says. "Even my brother will only find out for the first time when he sees this interview."

Six years after the crisis that cratered the global economy, it's not exactly news that the country's biggest banks stole on a grand scale. That's why the more important part of Fleischmann's story is in the pains Chase and the Justice Department took to silence her.

She was blocked at every turn: by asleep-on-the-job regulators like the Securities and Exchange Commission, by a court system that allowed Chase to use its billions to bury her evidence, and, finally, by officials like outgoing Attorney General Eric Holder, the chief architect of the crazily elaborate government policy of surrender, secrecy and cover-up. "Every time I had a chance to talk, something always got in the way," Fleischmann says.

This past year she watched as Holder's Justice Department struck a series of historic settlement deals with Chase, Citigroup and Bank of America. The root bargain in these deals was cash for secrecy. The banks paid big fines, without trials or even judges – only secret negotiations that typically ended with the public shown nothing but vague, quasi-official papers called "statements of facts," which were conveniently devoid of anything like actual facts.

And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. "I could be sued into bankruptcy," she says. "I could lose my license to practice law. I could lose everything. But if we don't start speaking up, then this really is all we're going to get: the biggest financial cover-up in history."

More

[mike777]

Guys Keep in mind the title "big short"
When you short you want to make money big money on destruction!
Capitalists are trying to make money big money on destruction and the govt is stepping in and saying no no no. A few a very few in govt are saying we will decide not millions. We will decide because we are better than you.


Yes, it is the government and Holder as top cop who are keeping these banks alive. If these banks are doing massive fraud year after year after year, end them. IT is only the govt that is keeping them alive.

Now to be fair the FDIC could kill these banks in a day but it wont. Simply end FDIC for these criminal banks.


As I have stated often capitalism destroys. It destroys jobs, it destroys companies.
The issue is many hate this and want govt to step in and stop this.
Just look at wash dc, it has become a very rich city because the govt steps in and stops destruction of jobs and companies.

See 60 minutes tv show and govt jobs.
See how many step in and say no no no....we cannot allow this destruction.

[mike777]

This post is a side note concerning economic and banking crises.


Perhaps economic and banking crises are one of the same.
Perhaps massive cross border investment flows into a country create credit bubbles which when the cash flows are withdrawn create massive credit and economic disaster?

Possible solutions to discuss are modified Bretton Woods controls or exchange controls?


See Robert Aliber.