“By late afternoon on July 12 Reuters was reporting, from anonymous sources, that JPM Chase was under Federal criminal investigation.” – LaRouchePAC (1)
“The sequence of financial scandals must be noted. It is difficult to discern exactly the forces behind the sequence of cases, but the chain of dominos on effects is intense and blatant. This chain will continue until a systemic collapse is visible to expert and commoner alike. The LIBOR scandal is the latest link in the chain. The corruption channel is full. The exposure is glaring. The fan to distribute shame is revved up. The scandal is widening. The pressure is mounting. The bankers have never been on the defensive this much for alleged corruption, accused corruption, and admitted corruption. Their most vulnerable points are under attack.”
“The events will continue to occur in a sequence, probably managed much more than we are told. My suspicion is a new sheriff is in town, who stepped off a jetplane a few months ago from an Eastern location.” – Jim Willie (2)
Probe of JPMorgan Chase Reportedly Becomes Criminal Investigation
July 14, 2012
Following JPMorgan Chase bank’s issuance of its 2nd Quarter financial report July 12, reports surfaced of the beginning of a criminal investigation of the bank.
Morgan reported that it now acknowledges losses from its huge London-office derivatives trades of $4.9 billion and rising. The bank reported a $4.4 billion loss in the second quarter, still leaving it with a quarterly profit of about $5 billion due to various one-time tricks which will lower its profitability in the future. It will report another $460 million loss in a restatement of its first-quarter report, and said that that Q1 loss is likely to rise. And it “expects” another $1-1.7 billion loss to come, so the total loss has now reached the $6-7 billion range recently leaked.
More importantly, though, Morgan admitted that traders in the London CIO office had not just suffered big losses; they had also “concealed” them, and still other losses, by deliberately misreporting the value of their credit default swap derivatives. Sound LIBOR-like? The bank admitted that its first-quarter report was fraudulent: “The Firm has consequently concluded that the Firm’s previously-filed interim financial statements for the first quarter of 2012 should no longer be relied upon.”
By late afternoon on July 12 Reuters was reporting, from anonymous sources, that JPM Chase was under Federal criminal investigation. “‘I see little doubt that someone is going to get charged with fraud,’ said Bill Singer, a lawyer at Herskovits in New York who provides legal counsel to securities industry firms, and publishes the BrokeandBroker website.”
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