Lehman Brothers Deceived JPMorgan With ‘Goat Poo’ Assets, Lawsuit Says
NEW YORK (By Caroline Humer) – Lehman Brothers and Barclays deceived JPMorgan Chase & Co with bad assets that the failed investment bank’s own employees dubbed “goat poo,” according to new court papers that escalate a legal battle between the financial firms.
JPMorgan filed new court claims in the case, contending that Lehman left it with $25 billion (£15.4 billion) in unpaid loans secured by undesirable assets like those left out of the sale to Barclays.
Lehman Brothers Holdings Inc. filed for bankruptcy on September 15, 2008 and then quickly sold its prize investment banking assets to Barclays Bank. JPMorgan had been Lehman’s banker.
The court papers, filed in U.S. Bankruptcy Court in Manhattan on Thursday, said that Barclays and Lehman called certain Lehman assets “toxic waste” and “goat poo” and knowingly excluded them from their sale agreement.
Check out the rest here…
AMENDED COUNTERCLAIMS OF JPMORGAN CHASE BANK, N.A. below…
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Lehman Brothers Holdings Inc v JPMorgan Chase Bank NA AMENDED COUNTERCLAIMS OF JPMORGAN CHASE BANK
JP Morgan Chase seems to be having a very hard time lately. The trustee for the Madoff case is suing them and now they claim Lehman screwed them. Oh well Chase still has all those WAMU accounts that they can screw people with.
What’s worse, the goat-poo deceit or the horse $hit Mozilo (whose criminal charges have been dropped by the way) was peddling?
http://www.ritholtz.com/blog/2011/02/angelo-agent-orange-mozilo-off-the-hook-for-now/
Mozillo is part of the outfit so they moved him down the ratline. The SEC is the fox that is in charge of the hen house. These mobsters aren’t going to rat on each other, they got paid ALOT of money to shut up.
Oh my…..! BE SURE your sins will find you out!! I suppose they are referring to the SASCO as toxic crap too? Say you have a mortgage in a SASCO trust that they filed bankruptcy on, where does that leave those toxic crap mortgages and the little people? Wouldn’t it be true to say that they have already been paid or disposed of completely? How could a person use this in foreclosure defense? Any thoughts?