JPMorgan Feigns Injury From Lawsuit Pinprick

JPMorgan Feigns Injury From Lawsuit Pinprick

New York State Attorney General Eric Schneiderman’s fraud lawsuit against JPMorgan Chase & Co. for the misdeeds that occurred at Bear Stearns Cos. has sent exactly the wrong message to Wall Street: Don’t worry, you can get away with seemingly criminal behavior.

And yet JPMorgan — the bank that bought the stock of Bear Stearns in March 2008 with a $30 billion assist from the U.S. government — is offended. The suit alleges that Bear Stearns’s bankers and traders manufactured and sold about $20 billion of mortgage-backed securities containing home loans they knew were fraudulent. What JPMorgan objects to is that the government asked it to buy Bear Stearns “over the course of a weekend” to help keep the financial system from collapsing, and now, more than four years later, it has the temerity to sue.

I can imagine Jamie Dimon, JPMorgan (JPM)’s chief executive officer, saying: If this is the thanks we get, you can pretty much be assured that next time you ask us to save a failing systemically important institution, we’ll just walk away.

More here…


One Response to “JPMorgan Feigns Injury From Lawsuit Pinprick”
  1. Judith McDonald says:

    Chase Bank knows how to make profits,becomes ego game as soon as they grow into the greed position. Onward, why I know they on 1/09 too 2 credit cards and raised rates on both from 6.95% to whooping 28.95%, I paid late 12/08.
    Ljibor, Eurozone,USA Bankers have lost MORAL Code of ethics, Politicians belong in group.

    Greed & Fraud admitted by Bank of America Vice Presidents and still “CAG” dept sides with this proven fraud,due diligence happen to be done by Judith Mc Donald NON attorney.

    How is Mitt going to deal with 5 BIB Banks?

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