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Thursday, November 5, 2009

JP Morgan Gets Away With Bribery

Editors Note:  This post was written for and published in JPMorgan666.comJPMorgan666 is now part of TheMortgageCornerFORUM family.  We are happy to be a part of other avenues exposing the truth.

In an adjunt to jrdeputyaccuntant's piece posted earlier today, it needs to be brought out that guilt is guilt regardless of the "bribe" (fine) paid so as not to be called guilty.
WASHINGTON -- JPMorgan Chase & Co. has agreed to a settlement worth more than $700 million over federal regulators' charges that it made unlawful payments to friends of public officials to win municipal bond business in Jefferson County, Ala.
Source:  GATA - Gold Anti-Trust Acton Committee
If this were you or me, we would have been charged under RICO as an ongoing criminal activity - which it is - convicted and spend the next few years handwriting posts to this blog for publication upon our release.  This is just another example of the corruption and conspircies that exist between our government and the "too big to fail" institutions using taxpayer money to gleen more profits to line their pockets and continue their suspicious(?) activities.
The Wall Street bank did not admit or deny the SEC allegations in agreeing to pay a $25 million civil fine, a $50 million payment to the county and to forfeit $647 million in termination fees it claims the county owes from the canceled swap agreements.
What is even more astonishing is that the forfeiture of the $647 million comes from another highly questionable transaction made by JP Morgan as reported previously right here.  So in reality JP Morgan did not pay $700 million to bribe their way out of this crime as most of that was money they were scamming the county out of to begin with.  RICO RICO RICO
The SEC also accused two former managing directors of JPMorgan, Charles LeCroy and Douglas MacFaddin, of securities law violations. The agency is seeking unspecified restitution from them. MacFaddin will contest the charges.

Yes, they could contest.  Not the charges but the fact that JP Morgan itself as well as its' top management should also be accused of securities laws violations.  Don't securities law violations carry jail terms if convicted? I guess not if you can afford to buy your way out.  The new double standard in the application of our laws. 

The SEC alleged that JPMorgan, LeCroy and MacFaddin made about $8 million in undisclosed payments to close friends of several Jefferson County commissioners. Starting in July 2002, LeCroy and MacFaddin solicited the county for a $1.4 billion sewer bond deal.

Here is where I get even more confused.  LeCroy and MacFadden could not have acted on their own without the knowledge and blessing of higher management - even as high as the CEO.  Come on now!  This is like believing Madoff got away with his crime for over 20 years without anyone at the SEC, Investment Banks and others in government knowing about it.  Somebody had to close a blind eye and that somebody would have been instructed to by someone very high up the political ladder.

JPMorgan failed to disclose any of the unlawful payments or conflicts of interest in the bond offering documents

If something is unlawful then is it not the responsibility of law enforcement to prosecute?  Where is our Attorney General of the United States?  Don't tell me he has a vision problem as well.

"The transactions were complex but the scheme was simple," SEC Enforcement Director Robert Khuzami said in a statement. "Senior JPMorgan bankers made unlawful payments to win business and earn fees."

How many times do we have to hear the word "unlawful" before it is payed attention to?  SEC Enforcement Director, you should be enforcing exactly what you state was "unlawful Payments" by "Senior JP Morgan bankers".  Also, how senior were these banksters anyway?

New York-based JPMorgan said in a statement it has since discontinued its municipal swap-exchange business.
OK, I see how it works.  All they have to say is "I'm sorry, I didn't mean to do anything wrong so I'll pay you a fine and promise to never do it again".  "Here is my get out of jial free card".
But that privilege does not pass down to smaller players in the game.  Those without the protection of "too big to fail" which is kind of like a Diplomatic Passport. 
The SEC previously charged Birmingham, Ala., mayor Larry Langford and two others for undisclosed payments to Langford related to municipal bond offerings and swap agreement transactions made while he was president of the Jefferson County Commission. On Oct. 28, Langford was found guilty in the related criminal case on 60 counts of bribery, mail fraud, wire fraud and tax evasion.
This is how our criminal injustice system works.  The big guys have Diplomatic Immunity while the little guy at the other end of the crime does notHe is convicted of a crime in a criminal case on 60 counts of bribery, mail fraud, wire fraud and tax evasion (tax evasion is always brought into these crimes as a hedge against the law losing on the other charges.  A tax evasion charge brought by the IRS is difficult to beat).

However, it take two to be involved in bribery which the statement above says is criminal.  The bribor and the bribee.  If there was no bribor (JP Morgan) there would be no bribee (the Mayor).  How can one side of the crime be punished but the perpetrator of the crime go free and virtually unscathed?

At issue here and within our entire bankster system is the inequality of justice.  A two tier system where a law applies and can be used against one but is not used against another allowing them to continue their criminal activity.  RICO RICO RICO

I was once quoted in the National Law Journal as saying, "The law is the law for everyone".  Yet, it does not and has not been the way it is dispensed.  From the Attorneys General down to the lowest level civil court judge, a two tiered system of ruling on law.

Our system of government is failing us - the average person - and is working in favor of the large corporations who have capitalized their profits but socialized their losses.  Corporatons with no moral convictions - aided and abetted by our so called elected government - who should be representing the people - as it says in our Constitution.  You know that document signed by our Forefathers - the one that was shredded in the previous administration during which time these crimes really flourished.

I believe we are experiencing the rule of what I call a Shadow Government - people behind the scenes making the rules and the laws we live under.  A form of Fascist Socialism I fear.  Of course this is just my opinion, I could be wrong.

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