JPMorgan bank sued for fraud

This video from the USA is called Madoff Trustee Sues JPMorgan, Claims Bank Aided Fraud.

From the BBC:

2 October 2012 Last updated at 09:40 GMT

JPMorgan sued over Bear Stearns mortgage securities

Attorney General wants JPMorgan to pay damages

The New York Attorney General has sued JP Morgan Chase for allegedly defrauding investors who lost more than $20bn (£12bn) on mortgage-backed securities sold by Bear Stearns.

JP Morgan bought the investment bank Bear Stearns in March 2008. …

This is the first action to come out of a working group created by US President Barack Obama looking into the causes of the 2008 financial crash. …

The BBC’s business editor Robert Peston said there were some “jaw-dropping elements” exposed in the suit.

He said it disclosed “a manic and frenzied culture of procuring and packaging as many mortgages as humanly possible, to maintain the bonds spewing from the investment bank, to generate as much short-term profit as humanly possible”.

“All this is a bit like the fifth instalment in a series of horror films, with each succeeding production gorier than the preceding one,” adds our editor.

One should hope that at least one of JP Morgan’s overpaid advisers, Tony Blair, will be sued soon as well.

Schneiderman Files Suit Against JP Morgan Chase for “Multiple Fraudulent and Deceptive Acts”: here.

New York attorney general sues JPMorgan for mortgage fraud: here.

Did JPMorgan Chase Really Take A “Ten Billion Dollar Hit” For Uncle Sam? Here.

JPMorgan Chase’s Tactics to Squeeze Student Loans Debtors: here.

6 thoughts on “JPMorgan bank sued for fraud

  1. Pingback: British big business fraud | Dear Kitty. Some blog

  2. Pingback: JP Morgan bank Chinese corruption scandal | Dear Kitty. Some blog

  3. Pingback: JPMorgan banking scandal news | Dear Kitty. Some blog

  4. Pingback: JPMorgan, other US banks, committed fraud | Dear Kitty. Some blog

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