Monday, June 20, 2011

JP Morgan Chase sued - for FRAUD - Again !!!

Two (2) Major Lawsuits seek close to $ 1 BILLION DOLLARS 

Mounting evidence of outrageous behaviour and even more examples of outright FRAUD (committed by JP Morgan Chase?) has become so overwhelming & obvious, that soon, we'll need "State Scorecards" to track the sheer volume and huge numbers ...of lawsuits... being filed against JP Morgan Chase.
Getty Images -WSJ

JP Morgan Chase may end up... making Bernard Madoff....look like a "Penny Stock" broker.
The latest legal actions, seek a combined total of almost $1 BILLION dollars, and come from two lawsuits filed by the National Credit Union Association (NCUA)

Today's Wall Street Journal story (Link HERE) states in part:
......The National Credit Union Administration lawsuits, filed in the U.S. District Court in Kansas, are the most aggressive action to date by federal authorities seeking to recover more than $800 million tied to the sales of bonds backed by (FRAUDulent) risky mortgages to failed credit unions. The lawsuits filed Monday allege that the offering documents provided to credit unions in conjunction with the sale of mortgage-backed securities by.... J.P. Morgan contained (LIES and FRAUD) "untrue statements of material fact," or  (hid the fraud for corporate greed and short selling)"omitted to state material facts"  in violation of state and federal securities laws, according to the complaints. (oh - did we tell you? - the bogus mortgages we helped create - never transferred - to the trust?)

Today's Business Insider (Clusterstock) story (Link HERE) states in part:
......At first glance, the lawsuit seems to take issue .... that ratings agencies used "credit enhancement" to give shoddy mortgages high ratings. The NCUA was not aware of the credit enhancement.Here's one key sentence from the lawsuit against JP Morgan:
If the Credit Unions had known about the Originators’ pervasive disregard of underwriting standards - contrary to the representations in the Offering Documents - the Credit Unions would not have purchased the certificates

JP Morgan CEO...JAMIE DIMON.....could have possibly resolved this (in the past) by calling his friend - John Kasich (OHIO Governor). Unfortunately, OHIO governor Kasich was too busy golfing with "Crying" OHIO speaker John Boehner and the President of the United States.
Looks like the JP MORGAN CEO will have to prepare for this crisis once again notifying the "Riot Police" to "protect us" from the truth!  Columbus Dispatch 5/17/11:
..."There was heavy security at the meeting with police, some on horses, blocking the protesters at the five entrances to the massive complex."
The Chase executives will be safe (from news media) behind the police protected - moat surrounded - walled off Columbus OHIO COMPOUND complex (Polaris Circle)
Recent actions by Showdown in America Groups* included trying to Foreclose on a Chase Bank Branch in Illinois. Hopefully someone will be successful in this endeavor as we (The People) may need the collateral property value ($$$) of the Chase Bank settle some of the Billions needed ....for "Restitution" to pay all the alleged defrauded investors. (subject of the lawsuits)
Picture **
By hiding - at least no one has to make any "official comments" regarding the 
(186 pages of documented) allegations. Please download a copy of this lawsuit. 
It's a great education and read (PDF copy HERE) (Courtesy link from Wall Street Journal)

* Showdown (In Ohio) Groups were organized by National People’s Action (NPA) and the Ohio Organizing Collaborative, part of the New Bottom Line Campaign 
**  Picture Courtesy of Chase Morally Bankrupt dot Com

Other groups to contact include: Illinois Taxpayers Demand that Wall Street Pays Their Fair Share

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