The current $13B (proposed and publicized) civil/criminal settlement between the US Dept. of Justice, The US Treasury, Fannie Mae, Freddie Mac, the VA, the FHA, 2 US Attorneys Offices and various other federal agencies and mega-bank, JPM (full disclosure I am a shareholder in JPM, have been for decades and fully support CHB/CEO Jamie Dimon (the worlds best banker ever (JP Morgan himself would have been impressed by Jamie))) is the BIGGEST SHAREHOLDER HEIST AND BANK HEIST IN USA HISTORY AND POSSIBLY WORLD HISTORY IF YOU ADJUST FOR INFLATION. This robbery was engineered by US Attorney General Eric Holder and his US-DOJ minions, in concert with 2 US Attorneys, many liberals, Occupy America, and several USA government agencies. I call on Congress to not only nullify this case, dismiss all actions against JPM, set them aside and pursue only the individuals responsible for these issues (oh I forgot; they already tried that and lost the cases in federal court in NYC). This settlement is not justice. It is Obamas Administration run amok and engaging in prosecutorial abuse and selective prosecution. Only shareholders like me are being hurt here. That $13B is our money, not the idiots who bought mortgages they should not have borrowed on in the first place, and this is a vendetta by the USA against Jamie for standing up to the idiots in the Obama Administration for prosecuting banks in the first place. I might remind the Honorable US Attorney General, that the US Treasury conned and begged JPM to take over Bear-Stearns and WAMU (Washington Mutual) who wrote these garbage loans and then securitized them in the ABS (asset backed securities) markets. I remind everyone, JPM NOT ONLY DID NOT ENGAGE IN THIS BEHAVIOR (DOING SUB-PRIME, ALT-A AND THAT GARBAGE) Jamie made sure JPM never got into it which is why he saved the bank in the Great Recession of 2008/2009. THIS TYPE OF A CASE/SETTLEMENT IF ALLOWED TO STAND IS A VERY DANGEROUS, IMPROPER AND CRIMINAL ACT IN AND OF ITSELF. JPM did America a damn favor taking over those insolvent banks and this is how we reward them? With the threat of a federal indictment (Holder threatened Dimon with one several times (we all know that NO institution can normally survive an indictment, let alone a conviction))? My solution is simple, common sense (Washington does not understand that concept): Go after the London Whale, the alleged criminals who caused this, not Jamie, not the senior officers of JPM and not the Board. The US-DOJ needs to get off their ass, do their jobs and drill down granularly to the parties who perpetrated these crimes (if they really are crimes and I am no sure they are (think the indictment of Michael Milken and Drexel Burnham-Lambert in 1998)) and bring THE GUILTY PARTIES WHO CAUSED THESE ISSUES to justice. The US-DOJ is harming the shareholders, not the guilty (if there is guilt) parties. I suggest all shareholders band together with me, lets hire David Boies and go after the USA in the federal court of claims, just like AIG shareholders have, led by Hank Greenberg (AIGs former CEO/CHB), which (full disclosure) I have personally joined. It is time to stop this foolishness and stop shareholders from paying the bill for prosecutorial misconduct like this. Let me give you a lesson in finance, Democrats, REpublicans, Barack, Eric and the rest of the fools who think this type of prosecution is intelligent: THE INSURANCE AND REINSURANCE MARKETS HAVE TAKEN POTENTIAL BUSINESS OUT OF THE USA AND DO IT IN ALIEN JURISDICTIONS (The risk does NOT leave the USA, the transactions do.) Shrinking the securitization market will shrink the total mortgage market, by curtailing credit at all levels, in particular the low-income portion of the market. Or these deals will get done overseas in markets like London, Milan or Hong Kong. The USA, in their stupidity pushed a huge and profitable piece of the insurance market into Bermuda, Switzerland, Cayman and other tax havens. Banks can follow, and should do so.
Posted on: Sun, 27 Oct 2013 17:20:07 +0000