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This is getting ridiculous | FHFA sues JP Morgan for $6B
Posted on 8/28/13 at 8:39 am
Posted on 8/28/13 at 8:39 am
Can't post the FT story
Some information not posted in the article:
- The FHFA is suing JPM for $6B because of loans made by Bear and WaMu, companies JPM bought under the government's direction.
- The allegations are for fraud, which carries much different penalties than just 'misguiding investors'.
- They fail to mention that a lot of these securities have rebounded since the crisis and that you can barely get an ask out for any of them.
The UBS case I understood, they were loans made by UBS. But how can the FHFA sue JPM over loans made by separate companies that the government wanted JPM to buy to stabilize the financial system? This is just beyond assinine to me. JPM has about $6.8B in cash reserves right now, the settlement will probably be much lower but you're sucking the largest financial institution in America right now.... yet you want banks to lend? fricking A.
Some information not posted in the article:
- The FHFA is suing JPM for $6B because of loans made by Bear and WaMu, companies JPM bought under the government's direction.
- The allegations are for fraud, which carries much different penalties than just 'misguiding investors'.
- They fail to mention that a lot of these securities have rebounded since the crisis and that you can barely get an ask out for any of them.
The UBS case I understood, they were loans made by UBS. But how can the FHFA sue JPM over loans made by separate companies that the government wanted JPM to buy to stabilize the financial system? This is just beyond assinine to me. JPM has about $6.8B in cash reserves right now, the settlement will probably be much lower but you're sucking the largest financial institution in America right now.... yet you want banks to lend? fricking A.
6
Posted on 8/28/13 at 10:19 am to BennyAndTheInkJets
The government is so awesome. Now you can get sued for doing something they asked you to do. Nice.
Posted on 8/28/13 at 10:46 am to BennyAndTheInkJets
They are going after anyone they can for a buck. It is sickening.
Posted on 8/28/13 at 10:51 am to TheDiesel
6 billion was the whale loss. Ironic.
They be trying to tear down our institutions, one at a time.
They be trying to tear down our institutions, one at a time.
Posted on 8/28/13 at 11:06 am to Broke
quote:What do you think will happen the next time the government asks a bank to buy a distressed company without time to do any reasonable due diligence? All of the takeover targets have been found to have cut corners trying to reverse the slide into insolvency. Not a good track record. Next time the government is going to have to pump cash directly into the failing companies with the same management that drove them into insolvency. Government is awesome.
Now you can get sued for doing something they asked you to do.
Posted on 8/28/13 at 12:01 pm to Poodlebrain
Chemical companies have been sued for govt mandated MTBE usage.
Posted on 8/28/13 at 12:08 pm to BennyAndTheInkJets
This makes me sick to my stomach.
Posted on 8/28/13 at 12:08 pm to BennyAndTheInkJets
This doesn't go far enough IMO. The disparity in wealth distribution continues to widen. Why is it OK for the wealthy elite to steal from the collective and horde the nation's prosperity? I applaud the Obama administration for a step in the right direction, but more needs to be done.
Posted on 8/28/13 at 12:25 pm to acgeaux129
quote:
This doesn't go far enough IMO. The disparity in wealth distribution continues to widen. Why is it OK for the wealthy elite to steal from the collective and horde the nation's prosperity? I applaud the Obama administration for a step in the right direction, but more needs to be done.
Troll?
Posted on 8/28/13 at 12:36 pm to TheDiesel
gotta be trolling.
Posted on 8/28/13 at 12:43 pm to acgeaux129
quote:You just got disqualified from the end of year market predictions contest....
acgeaux129
Posted on 8/28/13 at 1:35 pm to acgeaux129
quote:
The disparity in wealth distribution continues to widen. Why is it OK for the wealthy elite to steal from the collective and horde the nation's prosperity? I applaud the Obama administration for a step in the right direction, but more needs to be done.
Your hook is showing. But hell these waters are pretty dead for fishing unless you use BTC baits so I'll give you a nibble.
So how will this fix the wealth distribution gap? Ever looked at the trailing correlation between government collections and median household income? How about corporate profits versus median household income? I can give you a hint, one is MUCH higher than the other.
This post was edited on 8/28/13 at 1:37 pm
Posted on 8/28/13 at 1:40 pm to BennyAndTheInkJets
Guys...he's trolling
He's fairly conservative
He's fairly conservative
Posted on 8/28/13 at 1:43 pm to Powerman
I know, it was easy bait, I just thought maybe an outside observer would hop in actually supporting that shite.
Posted on 8/28/13 at 2:19 pm to BennyAndTheInkJets
How long before Atlas decides to Shrug?
Posted on 8/28/13 at 2:41 pm to BennyAndTheInkJets
I still think that this was all pre determined by Dimon and the Obama Administration behind closed doors. Crony Capitalists and Big Govt have always slapped palms. No way JPM didn't see this coming.
Posted on 8/28/13 at 2:44 pm to Broke
quote:
The government is so awesome. Now you can get sued for doing something they asked you to do. Nice.
So...stupid question. Is the agency asking them to give the money to the agency for the agency to keep?
Or is this some sort of class action suit?
Posted on 8/28/13 at 3:18 pm to BennyAndTheInkJets
quote:
So how will this fix the wealth distribution gap?
I wasn't aware that it needed fixing. I don't give a frick about wealth distribution gap. Simply because I make my own wealth. And I'm on the right side of the equator.
This post was edited on 8/28/13 at 3:19 pm
Posted on 8/29/13 at 3:46 am to acgeaux129
quote:
Why is it OK for the wealthy elite to steal from the collective and horde the nation's prosperity?
Because if there's one word we know how to spell correctly on this board, it is "hoard".
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