Comments on: Is JPMorgan’s SEC settlement the end of subprime claims?

By: deLafayette

deLafayette — Fri, 24 Jun 2011 05:46:49 +0000

Interesting article, but it says nothing about the ultimate victims of fraudulent and predatory sub-prime lending – those who were foreclosed out of house and home.

Who gives a damn about any hundred million dollar “settlement” of Wall Street banks. They are NOT the victims, they are perpetrators of the fraud.

By: Shamrock21

Shamrock21 — Thu, 23 Jun 2011 19:45:34 +0000

How is prosecuting these people not a political priority? Our politicians might be comically corrupt, but someone out there must realize the public wants to see these guys in handcuffs doing the perp walk more than anything. There are 300 million people in this country and most of them don’t sit on the board of a major bank. Surely there’s someone out there that realizes a lot more votes can be gotten by taking these guys down than by cowtailing to them.

By: breezinthru

breezinthru — Thu, 23 Jun 2011 18:20:14 +0000

Fines are not nearly enough. If guilty, one must consider the ubiquitous harm their bad actions caused.

A fine amounting to the cost of several high level bonuses is not an adequate deterrent. A lot of prison time and personal financial ruin for all the major players is the only thing that will serve as prophylaxis for the next time.

By: Hansard

Hansard — Thu, 23 Jun 2011 15:28:42 +0000

Having just watched the film ‘Too Big to Fail’, one can’t help but wonder just how execrable Wall street and the federal government really is. The cardinal reason that AIG received a federal bailout was the intervention of GE. Whereas Lehman Brothers was left hanging out to dry. Henry Paulson, Tim Geithner and the rest of the rat pack were, as always, politically driven.The Federal Reserve is a leech on the republic and if JFK had not been assassinated, he would most likely have dismantled that hydra head of the international banking cartel. RIP John, we hardly had time to know ye.

By: DunaDad

DunaDad — Thu, 23 Jun 2011 14:36:34 +0000

A slap on the wrist that does not approach the bonuses awarded to the greatest robbery in history. Eat your vegetables or their will be no ice cream!

By: freespazz

freespazz — Thu, 23 Jun 2011 13:56:44 +0000

We all know it. It’s no surprise Woltmann, that this is a Wall Street dominated Congress. In terms of special attention, I’d say the banks have it the best of any industry. Their money goes into pockets in Washington and the special interest lobbying squads from the American Bankers Association makes sure they only get fined by SEC. In terms of size and power, the large banks and investment firms have only gotten bigger since the bailout. Too big to fail? Too big so let’s make’m bigger! Baloney

By: Jovite

Jovite — Thu, 23 Jun 2011 10:01:12 +0000

It is really any surprise. Washington, and that includes the SEC, is effectively ‘owned’ by Wall Street. What was the profit on the deals, and how many millions of Americans suffer for the few who pocket the profits? It was, is, and will still be grotesque.

By: RobadoDinero

RobadoDinero — Thu, 23 Jun 2011 03:05:16 +0000

So essentially then the answer to you Headline question would be ‘no’…? Except that in terms of appropriate deterrent penalties for what is unquestionably above and beyond just civil fraud-and unconscionably unpunished THREE solid years since these now-bigger-and-emboldenedbanks brought this country’s economy to its knees (still) – the set aside billions will translate into paltry millions. All the while spending equal billions on lobbying (successfully) for gutting any meaningful REFORM, let alone regulatory measures to stave off the next house-of-cards brought upon by essentially on-going criminal activity.

Without either a thorough clean house of the Executive suites of these Big Banks as a requisite for ‘settlements’ (hand slaps) to come, or criminal indictments translating to stern prison sentences, the Government has essentially white-washed, if not tacitly condoned, crooked Wall Street dealings.

The good news would be if Trustee Attorney Picard succeeds in hitting up JPMorgan (and other banks) for the rightful restitution of the $30billion JPMorgan willfully laundered for Bernard Madoff Securities.

Now THAT would appropriately upstage the otherwise neutered acting regulatory agencies and the notably too little too late, ineffective, DOJ.

By: Woltmann

Woltmann — Thu, 23 Jun 2011 02:54:23 +0000

What is straight-up BS about this JP/SEC settlement is that the charges were “simultaneously filed and settled”? That means JP gets “hands-off” treatment. That totally stinks.