Sadly most of the public was buying that “hook, line, and sinker”!
The public swallowed the official excuse hook, line, and sinker.
NEW YORK — JPMorgan Chase & Co has become the first bank to settle an antitrust lawsuit in which investors accused 12 major banks of rigging prices in the $5 trillion-a-day foreign exchange market.
The settlement with the largest U.S. bank was disclosed today in a letter from lawyers for JPMorgan and the plaintiffs and filed in U.S. District Court in Manhattan.
Terms were not disclosed.
A settlement agreement is expected to be filed with the court by the end of January.
“Theoretically, we are protected by deposit insurance up to $250,000 in the U.S. and 100,000 euros in Europe. The FDIC fund has $46 billion, the last time I looked, to cover $4.5 trillion worth of deposits. So, even though we are protected by the FDIC, the FDIC is not going to have the money… This makes it legal for these big 30 banks to take our money when they become insolvent. They are too-big-to-fail.
Well, one issue I had is that although I warned not to securitize the loans, there was no way—I was blocked off, especially after I had raised complaints, from being able to see any of the data or the diligence process, which right there shows that something was wrong. So, after I left JPMorgan, I actually had no idea, for a full four years, that the loans had been securitized.
Libya’s sovereign wealth fund sued Goldman Sachs over money-losing investments made in 2008, …
The case is the largest of dozens of U.K. lawsuits against multiple lenders where bank clients from German water providers to Italian regions say they were sold unsuitable financial products.
None existent economic recovery:
Velocity of Money at historic lows
Labor force participation rate at historic lows
Durable Goods Orders plunged to record low
“Folks, this war is only three days old and its already a gong show. Its become at least a four-front affair—with Obama’s “broad” coalition amounting to little more than a few stealth Arab nations renting back to Washington the equipment and American trained pilots it had earlier provided them.” -David Stockman
The PBOC will funnel 100 billion yuan each to the five biggest banks for a three-month period, said the official, who asked not to be identified because the measure hasn’t been formally announced.
Government pensions are also likely to be targeted by these proposals reducing a couple’s income by up to £4,000 a year. We have seen California go after retirees in Florida under the theory they earned their pension working in California. New Jersey has introduced an EXIT TAX you have to pay to even leave the state if you sell your property.
“Vanguard shows little or no profit and pays little or no federal or state income tax despite managing Funds with nearly $2 trillion in assets.”
[…] The takeaway for investors is this: high mutual fund fees are already gobbling up your hopes to ever retire in comfort. As Frontline’s Martin Smith exposed in April of last year, if you’re receiving the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street over the course of your career.
The only way to keep the Ponzi scheme going is to keep raising taxes and mandate 100% compliance.
Then use force if necessary, but call it a “State of Emergency” for National Security”.
It is alleged HFT enables professionals to make quick profits at the expense of savers and pension fund investors