Tuesday, May 15, 2012

Jamie Dimon - To big to fail?

UPDATE & BOMBSHELL: (Business Insider)
Wall Street Journal Report: Jamie Dimon Personally Approved The Concept Of The Disastrous Trade, Losses Could Total $5 BILLION! .....The reporter's sources appear to be very close to Dimon. The story includes an exchange between Dimon and his wife and also references an evening fueled by vodka.
JP MORGAN CHASE & CO - We’re Number ONE !!!! (1)
What!: "it's ok to lose 2 billion...we've made billions this quarter"...
Liar: JPM Didn't "hedge" (4) 2 Billion dollar loss - JPM Chase placed a huge bet that went bad, a bet that cannot be described as a “hedge” in any policy relevant way. JPM Chase was simply gambling for profit (HERE)

FBI & DOJ announce investigations of 2 billion "trading loss" (HERE)
How?:   Foreclosure as a Business Model (HERE)(1)
When:  Tuesday May 15th - 2012
Where: Tampa, Florida "Back-office Complex"
Event:   Jamie Dimon vs. Shareholders & CALPERS
Jamie Dimon - I'm to big to fail..let me count the reasons......


(1) SNL Finacial report 6-10-10 - JP Morgan Chase had the highest dollar value, 19.5 Billion, of 1-4 family homes in foreclosure. JP Morgan Chase had an additional 54.5 BILLION in foreclosure properties which it serviced for others
Scharf stated that most of the paper problems were simple "affidavit issues" but confirmed it could cost the company a few million dollars for every month that foreclosure proceedings were delayed. However, Schaff quelled investors’ worries by stating that re-filings with fraudulent new paperwork would begin in a few weeks and would only take three to four months to complete.
Moreover, Scharf stated ALL the company’s foreclosure decisions were "based on materially accurate information" and Chase had multiple controls in place to assure that all property records had been properly assigned and transferred.
Finally, Scharf's presentation showed that JPMorgan’s default employees (currently numbering around 17,000) had independent "operational processes" in place - to assure - all foreclosures were proper. That process was checking a loan status - twice.  First before a loan was  referred to a Mill Firm attorney for foreclosure and then again, before the final foreclosure sale.
Below are excerpts from the 41 page report (full report linked at bottom): 
….The ability to continue to foreclose is critical to continued economic and real estate recovery (translation we have 375+ billion dollars worth of exposure, and we need to unload this crxx - as soon as possible – we’ll simply call it Economic Real Estate Recovery) Will $56 Million help? for Chase overcharging 6,000 active military
….We strongly believe foreclosures should not be delayed any longer than necessary (translation: Judges…go back to sleep…and get back to Rubber-Stamping our foreclosures as we have profit margins and analysts’ projections to meet. Our stockholders & investors can’t be delayed by any legalities or Rules of Law.)  JP Morgan will foreclose - even if your an Ohio Judge  
….{Any} further foreclosure delays will damage communities and the economy(what? - silly me - of course any delays to the emptying of occupied houses and further blighting cities will damage the economy! Our drug-dealers need safe-houses to store and sell drugs in order to quickly stimulate the economy
…..{F}acts and circumstances supported {our} decisions to foreclose but if we become aware of any fraud exceptions, we will fix them (translation: hopefully this Robo-Signing thing will blown over quickly….and we can FRAUDulently create needed transfers and bogus assignments)
......Pg 29....{All} the following are ...…Misconceptions of Chase:
{that} liens were not properly transferred
{that} foreclosures are pursued too aggressively and completed without sufficient review
{that} borrowers current (on loans) have been foreclosed upon;
{that} foreclosure decisions are not supported by underlying facts and circumstances
{that} servicers were not willing or able to staff up to cope with volumes....Inspector General to ask Chase to testify - only has modified 67,000 of the 204,000 eligible. + 2011 Class Action
.....Pg 6….by the way... JP MORGAN CHASE & CO has a Nationwide footprint (over 5,000 branches & 16,000 ATMs in 23 states) and “We operate from a position of strength” and “We will be appropriately paid for the services we provide

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