Jim Nobles Guest Columnist
November 9, 2013
JP Morgan settles with the Justice Department (DOJ) for $13 billion-another win for Wall Street. Holy crap Fatman the “money train” rolls on and the rich sing another triumphant song. The World is going to heck Hobbit; more cheese for the rats. Maybe we should signal Catgirl for help?
Truly amazing-no indictments, no firings, and no apologies for JP Morgan’s part in the 2008 crash; it must be awesome to be so rich that one laughs at the mere mention of prison. Buying Bear-Stearns and Washington Mutual’s toxic debt (mortgage backed securities) in and of itself was not only poor financial management; it was criminal negligence as well. Meanwhile the Wall Street Journal vilified the Department of Justice (DOJ) as shakedown artists. However, The Washington Post’s Katrina vanden Heuvel labeled the settlement as justice-both are wrong.
First and foremost, the Wall Street Journal’s arguments are self-serving. Blaming the government for your stupidity is like saying “the devil made me do it”. Jamie Dimon was well aware of Bear Stearns and Washington Mutual’s liabilities and that is why he put aside $25 billion for the litigation he knew was coming. Besides taking over two major competitors was an enormous co-opt for JP Morgan. And the $13 billion DOJ settlement by Dimon and JP Morgan is tax deductible, so explain to me how this is justice? Moreover, I am reasonably sure JP Morgan’s billions in lawyer fees will also be write-offs. Thus, no major player in the mortgage-backed securities banking fraud that crashed America’s economy from which we have not yet recovered has gone to prison for their criminal misconduct.
Nonetheless, with such a high profile banking scandal Fox News has chosen to attack Obamacare every day while ignoring the shady dealings of Wall Street executives such as Jamie Dimon. Truthfully the ACA’s (Affordable Care Act) rollout has been a disaster, but to devote 99 percent of a news organization’s coverage to one story every day for the last month is nothing more than biased propaganda. More importantly, if the majority of the more reasonable members (Democrats and Republicans) of Congress agree on preventive care, tort reform, competition, and individual options, why don’t they stop grandstanding and start working on reforming the Affordable Care Act (AKA: Obamacare)? The majority of Americans are dissatisfied with how Obamacare was railroaded unbeknownst to us by dark of night, but those same Americans want healthcare reform. And realistically it would take 60 seats in the Senate, the majority in the House, and the Presidency to repeal Obamacare (ACA) which is highly unlikely with the unappealing candidates of the GOP and their Tea Party challengers who have no chance in most general elections.
Still the fact that the Justice Department refuses to pursue criminal charges against the current and former executives of JP Morgan Chase (Bear Stearns and Washington Mutual), Bank of America, Goldman Sachs, Ally, Wells Fargo, and Citigroup and Deutsche Bank indicates that both political parties have something to hide. And despite AG Eric Holder’s perjury before Congress, signing off on the FBI’s illegal gun running operation (Fast and Furious), and illegally tapping phone conversations and seizing personal emails of reporters; his unwillingness to pursue criminal charges against these corporate bank executives is just one more example of his incompetence protected by the Obama administration. No one, the President, Democrat nor Republican has yet answered the two questions I have been pursuing for five years. How were the banks involved in the mortgage backed securities fraud able to pay back the TARP funds of $2 trillion and possibly more for there has been no disclosure from the Fed (Federal Reserve) so quickly if these same large corporate banks were in financial disarray? Where did those funds for repayment come from?
It almost sounds like the Chrysler’s scam where the US government loaned it $3.5 billion and then credited Chrysler another $3.5 billion for going green (agreeing to new government auto standards); then Chrysler paid back the $3.5 billion and sold out control to Fiat anyway. Thus, on the government accounting books it shows Chrysler was awarded and paid back a $3.5 billion loan when in reality it was given $7 billion. Moreover, the loan agreement should have prevented Chrysler from selling control of its American operation to a foreign corporation (Fiat-Italian operation). And these dishonest deals of smoke and mirrors are why the American people have lost faith in our government and the representatives from both parties.
What the blankity-blank just happened is just another continuing episode of the DC Follies starring Barack Obama with co-stars Eric Holder, Nancy Pelosi, Harry Reid, John Boehner, Mitch McConnell, and comedic guest Joe Biden. A place where Wall Street’s greed is rewarded and mainstreet suffers the consequences for the sins of a few-pardons for the “big-wigs” who contribute billions to incumbent Democrats and Republicans. Paradise for thieves (corporate banks), cutthroats (Wall Street executives), deceivers (Democrats and Republicans), parasites (government administrators and officials), war profiteers (defense contractors), and spies (NSA, IRS, DOJ, and CIA). And the national media left its post (watchdog) for a chance to sunbath with the monarchs on the Island of plentiful at the expense of humanity.
I’m listening Thomaston, what do you think?