JP Morgan Making a Fortune Off of American Poverty
Continued from previous page
Covering Up Fraud at Bear Sterns
Another lawsuit filed in 2008 by mortgage insurer Ambac Assurance Corp against Bear Stearns and JPMorgan was recently unsealed. A trove of documents reviewed by Atlantic Monthly suggest that Bear Stern executives cheated clients out of billions by double dipping on securities sales they knew to be flawed. In a stack of damning emails, Bear Sterns top executives crow over selling investors a "sack of shit.
The lawsuit also alleges a cover up by JPMorgan Chase (which bought Bear in 2008). Ambac recently won a court order to add misrepresentation claims against JPMorgan to its suit, which can double or triple lawsuit award. JPMorgan, of course, denies any wrongdoing.
"Not Fair," says Dimon
At last week's World Economic Forum in Davos, Switzerland, Jamie Dimon lambasted the media and politicians for portraying all bankers as greedy evil-doers. “I just think this constant refrain [of] ‘bankers, bankers, bankers,’ -- it’s just a really unproductive and unfair way of treating people. It’s not fair to lump all banks together,” he steamed. Don't worry Jamie, you are on a level all of your own.
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Learn more about JPMorgan Chase and its role in the financial crisis at Sourcewatch.org.