corruption on Banking: jp Morgan chase

fontaine

fontaine

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I've been reading yo on this story the past few weeks and it seems like things are heating up...

Apparently, jpmc was trying to claim innocence on those bad loans that became part of their books when they copped wachovia and Lehman brothers...

It seems to have spun into more charges, including market manipulation and fraud...

Anybody else think this could be a big deal?
 
let them go down. those fines they got are pennies compared to what they really made. its merely a cost of doing business fee. now if people in there getting arrested left and right then il be :D
 
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Fontaine said:
I've been reading yo on this story the past few weeks and it seems like things are heating up...

Apparently, jpmc was trying to claim innocence on those bad loans that became part of their books when they copped wachovia and Lehman brothers...

It seems to have spun into more charges, including market manipulation and fraud...

Anybody else think this could be a big deal?
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Ricky, you better than this. 13bn in fines, of course it is a big deal.
 
CMBWHODI said:
Ricky, you better than this. 13bn in fines, of course it is a big deal.
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I meant long term...

Implosion type deal where the legal battles will pile to unreachable heights...

They set aside almost 30b for this type of situation... But damb...

After what in reading, this aunt enough...

I'm just wondering what this will be moving forward.. Stock prices remain steady even after the news, so the market has faith...

But I don't know... Just feel like some more serious stuff is about to go down s some deep investigations...

Not to mention the economy not needing jpmc as an entity to survive due to it's turnaround...
 
Fontaine said:
CMBWHODI said:
Ricky, you better than this. 13bn in fines, of course it is a big deal.
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I meant long term...

Implosion type deal where the legal battles will pile to unreachable heights...

They set aside almost 30b for this type of situation... But damb...

After what in reading, this aunt enough...

I'm just wondering what this will be moving forward.. Stock prices remain steady even after the news, so the market has faith...

But I don't know... Just feel like some more serious stuff is about to go down s some deep investigations...

Not to mention the economy not needing jpmc as an entity to survive due to it's turnaround...
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its chump change. they also never had a single day trading loss in like a few years :rofl: with the help of QE on their side. thats like a months worth of profit.
 
JPM didn't acquire Wachovia and Lehman Brothers. They acquired Bear Sterns and Washington Mutual. The reason why they acquired WaMu was because at the time they wanted to expand on their commercial retail banking sector and WaMa was already well-established in areas where JPM was looking to expand. WaMu at the time was also one the leading pioneers in the "sub-prime" mortgage scandals. I believe it was them and Countrywide that was doing it first and did it in very very large numbers.

They sort of knew what they were doing was "toxic". That's why they were so quick to be bought out. JPM knew all the shady stuff WaMu was involved in prior to acquisition, but they felt like they wouldn't be on the hook for it, considering they acquired post-scandal. At the same time, JPM would now have all this commercial banking space under their umbrella. It was seen as a win-win situation for JPM. Most analyst and experts saw this as a win-win for JPM.

The acquisition of Bear Sterns on the hand was a completely different animal in it's own right. Bear Sterns begged JPM to buy them out, because they'd rather be bought than go under. IDK if many of you guys will remember, but at the time Bears Sterns was considered the #2 or 3 Investment Bank in the world, in terms of size and exposure to market activity. Inevitably, they were bought out for $4 a share. Now, I'm sure most of you guys are thinking that this was a complete loss for JPM, but this was actually what brought up JPM into one of the top 5 Investment Banks globally.

JPM at the time had a very weak investment banking arm and was also seeking to load up. After the acquisition of Bear Sterns--JPM let go out 85% of the employees from Bear Sterns and virtually only brought on the Investment Banking Division which turned out to be a SUPER win. Many of the clients and deals stayed on with Bear Sterns and thus allowing JPM to take over the clients and deals--leading JPM to become what it is now.

Most of you guys might read all this and wonder, why the Hell would JPM be HAPPY about these acquisitions 5 years later when they now have to pay $13 Billion to the government for shady business that their acquiree was involved in prior to buy-out? Well, if you look at their financials, investment banking activity, commercial banking growth and stock price--everything has gone up…considerably.

Think about it. JPM is about to pay $13 BB and the stock price doesn't even move. In most cases or situations--the stock price would plummet and peoples heads would roll over. JPM doesn't even flinch.

This **** is just Too Big To Fail. This is why I believe in my heart of hearts that Wall Street can never truly be regulated in the capacity in which the government truly wants to, because if they did--the lights would go out.

Speaking of Too Big to Fail--I suggest everyone watch this movie produced and made by HBO. One of the BEST movies describing what happened during the financial crisis. Really gives you a true picture of what was going on.


 
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Don't know why I said wachovia and Lehman bro...

I was talking to my boy that works for wells Fargo and I guess I had wachovia on the brain... :lol:
 
Since I bank with Chase, and I have no idea what's going on with them regarding these issues or the gravity of them.. Can someone please explain?

Is it a situation where I should switch banks?
 
spizike231 said:
Since I bank with Chase, and I have no idea what's going on with them regarding these issues or the gravity of them.. Can someone please explain?

Is it a situation where I should switch banks?
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I also have an account with chase, the moment they change their free checking and fees I'm closing my account in a heartbeat. If you're happy with them, I don't suggest you switch banks right now a lot of these banks were doing shady things.
 
rillo561 said:
I also have an account with chase, the moment they change their free checking and fees I'm closing my account in a heartbeat. If you're happy with them, I don't suggest you switch banks right now a lot of these banks were doing shady things.
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Chase took 12 bucks outta.my accout.couple.weeks ago. Their fees are.ridiculous, mihht have to change l. Anybody got any good banks the reccomend.
 
Those with accounts can calm down. This stuff you see is on the corporate level for the most part and involving their JPMorgan arm...Chase is the retail banking level and things will be just fine for them.
 
jpm got the bear stearns bldg for a steal

dimon's daughters are pretty :pimp: too
 
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OP, please change the title from JP Morgan Chase to just JP Morgan. You're confusing a LOT of people here. It's two very different entities.
 
didn't read. Wachovia is now Wells Fargo.

edit: Nvm, just read it. someone beat me to it.
 
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651akathePaul said:
Those with accounts can calm down. This stuff you see is on the corporate level for the most part and involving their JPMorgan arm...Chase is the retail banking level and things will be just fine for them.
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I agree, but since theyre the same entity, things should cause some concern...

That's like if foot action got caught in a legal settlement... Footlocker and champs stores should be worried as well about the ripple effect, rifht?
Hank Scorpio said:
OP, please change the title from JP Morgan Chase to just JP Morgan. You're confusing a LOT of people here. It's two very different entities.
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aren't they a part of the same entity though...

True chase is the retail side... But I can only imagine that sooner or later, its going to effect them, and some probing of that side is going to take place...
 
Fontaine said:
I agree, but since theyre the same entity, things should cause some concern...

That's like if foot action got caught in a legal settlement... Footlocker and champs stores should be worried as well about the ripple effect, rifht?
aren't they a part of the same entity though...

True chase is the retail side... But I can only imagine that sooner or later, its going to effect them, and some probing of that side is going to take place...
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JP Morgan Chase (retail side) has no link with what's going on right now with the involvement of the Justice Dept. You have people here worried about their banking and if they should close their accounts. You're basically scaring people with a fake gun.

JP Morgan is who has to answer to the Justice Dept. right now. And that is only because they acquired WaMU, which is the real reason why JPM is catching so much heat behind this. Someone has to pay for what WaMu did.

C'mon, Ricky. You're better than this. You should know better.
 
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