General Category > Economy/Business
The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare
xfreeper:
Do you think any person will ever be criminally charged re this no matter how widely spread the story? Ever?
Bigun:
--- Quote from: xfreeper on November 08, 2014, 06:57:32 pm ---Do you think any person will ever be criminally charged re this no matter how widely spread the story? Ever?
--- End quote ---
Nope! I do not. But the more people we can educate about what really goes on the better.
truth_seeker:
--- Quote from: xfreeper on November 08, 2014, 06:57:32 pm ---Do you think any person will ever be criminally charged re this no matter how widely spread the story? Ever?
--- End quote ---
I was a real estate broker, during the price run up, liar loans, etc. So I have some empathy for the little guy, who simply wanted a home, or to make some money.
However the little guy could not push the demand side alone, if the finance professionals had not provided the means. It took:
--buyers, borrowers
--appraisers
--lenders, including loan reps, processors, underwriters, etc.
--securities agencies, brokers, etc.
--rating agencies
--accountants and lawyers
--federal regulatory bodies
--and probably more
So where do you start? I contend the people at the very top knew exactly what was happening.
xfreeper:
Informed people already know how corrupt the relationship between the financial industry and the gov't is. This is simply business as usual, although granted on a larger scale than the (old) norm. Uninformed people....well ignorance is bliss. They are more concerned with the daily lives of the kardashians. Look for Holder to land a sweet position working with the people he failed to prosecute once he leaves gov't 'service'. The beat goes on
truth_seeker:
--- Quote from: xfreeper on November 08, 2014, 07:40:46 pm ---Informed people already know how corrupt the relationship between the financial industry and the gov't is. This is simply business as usual, although granted on a larger scale than the (old) norm. Uninformed people....well ignorance is bliss. They are more concerned with the daily lives of the kardashians. Look for Holder to land a sweet position working with the people he failed to prosecute once he leaves gov't 'service'. The beat goes on
--- End quote ---
Yes, surely Holder will be rich and won't have to do much work.
But check into Chris Cox, too. He sat by mostly idly, while it occurred. What purpose does the SEC serve, if not to block the issuance of bogus securities?
If I died and could be reincarnated, I would put "bond lawyer" high on my list of careers.
The various branches and agencies of governments borrow continually to do their business. Every one of those securities is authored and involves lawyers, accountants, rating agencies, brokers and traders, etc.
Immediately after the crash, it was widely said the rating agencies had given top ratings, to funds they KNEW were already experiencing non-payment of loans.
An associate of mine (with more knowledge) claims it was driven by the investor-demand side. IOW mutual finds of every type, pushing for higher returns.
Never mind they might eventually crash. The planned to be in and out, by then. Same for all the brokers, advisors, etc. They too made bundles, just for being there, then.
There is a concept of "last fool in." It had many of the markings of the Dutch Tulip trading frenzy of the 1600s.
http://en.wikipedia.org/wiki/Tulip_mania
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