Comments on: The invincible JP Morgan http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/ A slice of lime in the soda Sun, 26 Oct 2014 19:05:02 +0000 hourly 1 http://wordpress.org/?v=4.2.5 By: walstir http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-49088 Fri, 17 Jan 2014 21:27:16 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-49088 “The government doesn’t show — it doesn’t need to show — that if JP Morgan had done what it was supposed to do, then US regulators would have cracked down on Madoff before the Ponzi scheme collapsed under its own weight.”

The suspicious activity that JPMorgan failed to file was in fact filed earlier:

“12 Years Before Madoff Was Arrested, A Major JP Morgan Chase Competitor Filed A Suspicious Activity Report”

www.forbes.com/sites/robertlenzner/2014/ 01/08/12-years-before-madoff-was-arreste d-a-major-jp-morgan-chase-competitor-fil ed-a-suspicious-activity-report/

“In 1996, some 12 years before Bernie Madoff was arrested for the largest Ponzi scheme in history, a JP Morgan Chase competitor, rumored to be Deutsche Bank DB -3.66%, filed a suspicious activity report on Madoff with regulators, closed its Madoff account and turned over its Madoff deposits to JPMC.”

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By: tmc http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-49016 Sat, 11 Jan 2014 15:03:46 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-49016 Further proof that the USA perished and has been replaced with the USCA. Reagan unknowingly started the demise and I think it finished around Clinton. The US government is nothing more than a loose joint venture by corporate America. Long live the board of directors!

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By: Adgeless http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-49000 Thu, 09 Jan 2014 18:33:26 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-49000 It seems that banks and investment houses can grow until they’re “too big to fail”…and “too big to be moral”.

When fines no longer deter law-breaking…it’s time to impose jail time.

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By: Missinginaction http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-48996 Thu, 09 Jan 2014 15:31:35 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-48996 A couple of things….first, how much is the fine, exactly? I’ve seen $1.7 billion, $2 billion, 2.6, now 2.7. All reported from “reputable” news organizations. We seem to throw billions around like they don’t even matter.

Second….How can anyone in the SEC or the banking business who was even casually familiar assert that they didn’t see suspicious activity?

In 2003 an elderly relative approached me regarding an investment club that he had been invited to join. The club was invested almost entirely with Madoff Investments. I believe we call these feeder funds. I looked over the paperwork and advised against joining the club. I couldn’t understand how the outstanding returns were being generated. Against my advise this man made a significant investment.

He died a couple of years later. After a time his widow wanted to raise some cash. This elderly gentleman had his assets almost entirely in equities and she, of course had inherited them. “What should I sell?” she asked. I advised her to sell the Madoff, since I could never understand how that firm was generating those market beating returns, year after year, for so long in good markets and bad. It simply made no sense to me and I don’t believe in investing in products I do not understand. Well, she sold the Madoff and we all know what happened a couple of years later.

Little old me…..retail investor…..the dumb money. I could see “suspicious” aspects of this. But JPM and the SEC could not. People are lying and trying to cover their collective back sides.

Sooner or later our system must change. As a species we cannot go one forever tolerating this type of behavior. I’m glad to see these behaviors and issues come to light. We may not fix the problems for some time but I believe that over time the general public is slowly gaining awareness.

Thanks for the piece Felix.

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By: samadamsthedog http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-48994 Thu, 09 Jan 2014 04:15:01 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-48994 The article you’d “love to read” is, of course, this one: http://www.nybooks.com/articles/archives  /2014/jan/09/financial-crisis-why-no-ex ecutive-prosecutions/?pagination=false

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By: crocodilechuck http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-48993 Thu, 09 Jan 2014 04:06:21 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-48993 Fellating James Dimon is a capital offense in these parts, Y2K.

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By: y2kurtus1 http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-48991 Thu, 09 Jan 2014 03:33:32 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-48991 “JP Morgan is now effectively untouchable by the government. Sure, it can be fined billions of dollars; it can even be slapped with a deferred prosecution agreement. But the fines just come out of the pot of money devoted to paying such things”

Whatever lets you sleep at night I guess… thrice JPM has answered the call from the government to invest effort and capital to rescue failing firms and stabilize the financial system. They are the best run bank in the country hands down and their customers prove that by standing by them even as the government betrays them.

Madoff was reported to the SEC in 2000, again in 2001, and again in 2005. Zero action on behalf of our main regulatory body despite compelling evidence delivered from a credible 3rd party…. but it’s JPM who pays billions for not bringing information forward in 2007/2008…

Fine JPM if you want… they surely deserve it… but the fact remains that they earned their place at the head of the table in finance.

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By: retheauditors http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-48985 Wed, 08 Jan 2014 20:55:21 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-48985 Jamie Dimon and JPM are in the middle of everything. They know where the bodies are buried. We’ve yet to find a prosecutor who is unafraid of what they might do or say to retaliate. Then, and only then, will something change.

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By: gabrielroth http://blogs.reuters.com/felix-salmon/2014/01/08/the-invincible-jp-morgan/comment-page-1/#comment-48983 Wed, 08 Jan 2014 17:53:24 +0000 https://blogs.reuters.com/felix-salmon/?p=22979#comment-48983 “In the face of a determined regulatory onslaught over the past 18 months, from mortgage-related prosecutions to the Volcker Rule, JP Morgan’s share price has gone steadily up and to the right.”

Well, it would be really weird if it didn’t go to the right.

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