Often I hear comments that portrays the institutions (governments, central banks and others) as a invincible 800 pound ape while simultaneously portraying the people as powerless 90 pound weaklings.
Yes, governments apparently are the protection arm of the money masters, and billion dollar fines are a pittance or merely the cost of doing criminal business without ever going to prison or out of business.
Below is a report of a non-profit corporation filing a legal complaint against the Department of Justice and Eric Holder having slim chance of winning in court. But, it is possible that the government will lose in court; at a minimum more secrets should be revealed. ~Ron
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Posted on February 11, 2014 by Yves Smith
Better Markets Sues Department of Justice and Eric Holder Over JP Morgan Settlement
The public interest group Better Markets today filed suit against the Department of Justice and Eric Holder, alleging that the so-called $13 billion settlement that the Federal government entered into with the nation’s biggest bank was improper due to its secrecy and lack of third-party review.
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Here are the guts of the allegations:
6. Yet this contract was the product of negotiations conducted entirely in secret, behind closed doors, in significant part by the Attorney General personally, who directly negotiated with the CEO of JP Morgan Chase, the bank’s “chief negotiator.”…
7. Thus, the Executive Branch, through DOJ, acted as investigator, prosecutor, judge, jury, sentencer, and collector, without any review or approval of its unilateral and largely secret actions….The Executive Branch simply does not have the unilateral power or authority to do so by entering a mere contract with the private entity without any constitutional checks and balances.
8. Notwithstanding such extensive and historic illegal conduct that resulted in a $13 billion payment, the DOJ did not disclose the identity of a single JP Morgan Chase executive, officer, or employee, no matter how involved in or responsible for the illegal conduct. In fact, the DOJ did not even disclose the number of executives, officers, or employees involved in the illegal conduct or if any of them are still executives, officers, or employees of JP Morgan Chase today. Moreover, the DOJ did not disclose the material details of what these individuals did, when or how they did it, or to whom and with what consequences. The DOJ was even silent as to which specific laws were violated, to what degree, and by what conduct. The DOJ also did not disclose even an estimate of the amount of damage JP Morgan Chase’s years of illegal conduct caused or how much money it made or how much money its clients, customers, counterparties, and investors lost. Remarkably, the DOJ does not even clearly state the period for which it is granting JP Morgan Chase immunity…
10. As a result, no one has any ability to determine if the $13 Billion Agreement is fair, adequate, reasonable, and in the public interest or if it is a sweetheart deal entered into behind closed doors that, by design, intent, or effect, let the biggest, most powerful, and wellconnected bank in the U.S. off cheaply and quietly….
11. For example, did JP Morgan Chase settle liability for $100 billion, $200 billion, or more for just $13 billion? Did JP Morgan Chase make $20 billion, $40 billion, or more from its illegal conduct? Should JP Morgan Chase have disgorged $20 billion, $40 billion, or more in ill-gotten gains? Are the same executives, officers, and employees involved in the settled illegal conduct in the same or similar positions of trust and responsibility today, and if so, what measures have been taken to ensure their illegal conduct is not repeated?
12. In addition, why is the $13 billion the only sanction against JP Morgan Chase?
Complaint – Better Markets v. U.S. Department of Justice
http://www.scribd.com/document_downloads/206070627?extension=pdf&from=embed&source=embed
READ MORE: nakedcapitalism.com
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SIMILAR:
$7 Trillion Dollar Lawsuit Accuses Central Bank of Embezzling
“Obama DOJ Asks Court to Grant Immunity to George W. Bush For Iraq War”
U.S. Justice Department Files Appeal to Block Bernanke From Testifying in Court
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Reblogged this on Spartan of Truth and commented:
I think they should open the same case against any bank that took bailouts and or paid a settlement amount since 2001. But, that’s just me. Thanks for posting this Ron.
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Thank you SOT.
Some investigations are by major institutions (such as governments and large financial associations), but some are legal cases by small companies and individuals.
But the net effect is that more secrets are being revealed and the lost of public trust and confidence is wrecking their financial hegemony.
Couple this with the looming debt bubbles (government debts), deflation in wages, and global trend of joblessness the reasons for financial planners to fear are evident.
More calls are for bankers to be prosecuted on criminal charges.
Below is a related post:
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BAP Panel Raises the Stakes Against Deutsch et al — Secured Status May be Challenged
Fur Further Information please call 954-495-9867 or 520-405-1688
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ALERT FOR BANKRUPTCY LAWYERS — SECURED STATUS OF ALLEGED CREDITOR IS NOT TO BE ASSUMED
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I have long held and advocated three points:
see 11/24/14 Decision: MEMORANDUM-_-ANTON-ANDREW-RIVERA-DENISE-ANN-RIVERA-Appellants-v.-DEUTSCHE-BANK-NATIONAL-TRUST-COMPANY-Trustee-of-Certificate-Holders-of-the-WAMU-Mortgage-Pass-Through-Certificate-Series-2005-AR6
This decision is breath-taking. What the Panel has done here is fire a warning shot over the bow of the California Supreme Court with respect to the APPLICATION of the non-judicial process. AND it takes dead aim at those who make false claims on false debts in both nonjudicial and judicial process. Amongst the insiders it is well known that your chances on appeal to the BAP are less than 15% whereas an appeal to the District Judge, often ignored as an option, has at least a 50% prospect for success.
So the fact that this decision comes from the BAP Panel which normally rubber stamps decisions of bankruptcy judges is all the more compelling. One word of caution that is not discussed here is the the matter of jurisdiction. I am not so sure the bankruptcy judge had jurisdiction to consider the matters raised in the adversary proceeding. I think there is a possibility that jurisdiction would be present before the District Court Judge, but not the Bankruptcy Judge.
From one of my anonymous sources within a significant government agency I received the following:
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