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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsBankers constantly lying, defrauding; most still not in jail
Barclays, JPMorgan and the rest of the megabanks reach new heights in malfeasance, suffer few consequences
http://www.salon.com/2012/07/02/bankers_constantly_lying_defrauding_most_still_not_in_jail/
Has there ever been a better time to be a disastrously inept banker? Well, probably over the course of human civilization its almost always been a pretty good time to be a banker but todays finance titans seem uniquely immune to punishment of any sort. Remember how JPMorgan Chase accidentally lost $2 billion in a hedge-slash-huge stupid bet placed by a guy in the Chief Investment Office? Funny story, it will actually end up closer to $6 billion http://www.reuters.com/article/2012/06/29/us-jpmorgan-loss-idUSBRE85R1HZ20120629 , or maybe like $9 billion http://dealbook.nytimes.com/2012/06/28/jpmorgan-trading-loss-may-reach-9-billion/ who can be sure, math is pretty complicated, its all imaginary money anyway as the bank attempts to extricate itself from the insanely complex losing trade made by the office that is supposed to manage the banks risk.
Funnier story: Remember when Mr. Jamie Dimon, the head of JPMorgan Chase and the Worlds Sagest Banker, was asked to sit before the Senate Banking Committee and be repeatedly complimented and praised? And remember how he kept mentioning claw-backs, the weird bank term for taking bonuses away from people who screw up? Turns out Ina Drew, the former head of the Chief Investment Office the one who lost somewhere between more money than youll ever see in your entire life and more money than God has ever seen in His entire life will not have any of her money clawed back. http://blogs.reuters.com/felix-salmon/2012/06/29/what-happened-to-ina-drews-clawback/
Heres Felix Salmon explaining how the job creators of high finance successfully created one really good job in this particular instance:
Unless, it seems, you work for JPMorgan: Drew had $17.1 million in unvested restricted shares and about $4.4 million in options, and all of them seem to have vested as of May 14, when she resigned. They were meant to incentivize her to work hard; instead, they have turned into a lovely farewell gift from the bank
snip
BlueToTheBone
(3,747 posts)BumRushDaShow
(129,526 posts)because he pulled a fast one and took from their till (probably without their permission).
http://www.nydailynews.com/new-york/citigroup-exec-sentenced-years-prison-article-1.1105096
Amonester
(11,541 posts)and just walk away with a $20 ATM "glitch" ya better find some cardboard box to hide in forever...
'cause if they catch you... you're done.
Huey P. Long
(1,932 posts)What more do you want?
bvar22
(39,909 posts)We must eliminate the most immediate threats:
The Medical Marijuana users!
THEN,
we'll go after the Billionaire Wall Street Criminals
who wrecked the economy!