Thursday, March 21, 2013

March 21: JP Morgan's Jamie Dimon Should Be Tried For Perjury and Market Manipulation

JP Morgan was recently 'downgraded' by regulators when its leadership should be tried for perjury.

Here is the article describing the downgrade:
Fitzpatrick, D & Lublin, J. S. (2013, March 20). J.P. Morgan bosses Hit by Bank Regulator. The Wall Street Journal, p. A1, 

Majia here: The article explains that a “confidential government scorecard” downgraded JP Morgan from a 2 to a 3, on a 5 point scale with 1 being the best.

The rationale was not restricted to the London Whale trade, but the exact rationale was not disclosed.
How could it be when JP Morgan’s transgressions are so broad in scope and deviousness? 

A recent senate report claims JPMorgan Jamie Dimon “Misled Investors” and regulators

Jamie Dimon should be charged for perjury for lying about finances during the financial crisis.

Additionally, JP Morgan and the rest should be charged for manipulating markets illegally using high-frequency trading fraud. I’ve posted on this issue before. Here is the latest evidence of fraud:

On March 18, 2013 The Wall Street Journal reported “Futures Trades Scrutinized: At Issue are High-Speed ‘Wash’ Transactions Banned Under U.S. Statues” page A1 (written by S. Patterson, J. Strassburg, and J. Trindle. 

[excerpted] “U.S. regulators are investigating whether high-frequency traders are routinely distorting stock and futures markets by illegally acting as buyer and seller in the same transaction, according to people familiar with the probes.

Such transactions, known as wash trades, are banned by US law because they can feed false information into the market and be used to manipulate prices…. [end]
Majia here: JP Morgan, Goldman Sachs, Citibank and the rest are breaking securities laws left and right and yet no high ranking executives have been charged.

Majia here: There will be no recovery until the banksters are prosecuted for their crimes and the markets are re-regulated.


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