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 JP morgan faces 26 billion dollar suit.

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JP morgan faces 26 billion dollar suit. Empty
PostSubject: JP morgan faces 26 billion dollar suit.   JP morgan faces 26 billion dollar suit. Icon_minitimeTue Oct 02, 2012 7:35 pm

http://www.bbc.co.uk/news/business-19795646
So i just got this article, apparently the financial institution that received a 10 billion dollar bailout in 2008 is now facing a 26 billion dollar lawsuit. It is in regards to an other financial institution which they purchased during the recession. read the article to get all the facts, but the jist of it is, Jp morgan failed to essentially conduct their due diligence before providing mortgages to people. They failed to properly evaluate debt and essentially caused another billion dollar bubble burst.

For some back ground info from 2008

http://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/

This is what your tax dollars pay for, corporate crime. affraid

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PostSubject: Re: JP morgan faces 26 billion dollar suit.   JP morgan faces 26 billion dollar suit. Icon_minitimeFri Oct 12, 2012 4:07 pm

An update on the JP morgan situaiton has been released, they are claiming ignorance to the crime. they "should have stopped the trades" but it seems they failed to. The bank is refusing to provide any official statements regarding the incident.

http://www.bbc.com/news/business-19927343

It stands as a sad fact that financial institutions continue to engage in the same practices that have been crippling america and the rest of the world for years. I am all for free market economy, but there must be some system of checks and balances to protect the people. The government clearly fails in the respect, so its hard to say what to do really. For one citizens should be more concerned with the state of the economy that they are, the gap between rich and poor is increasing at exponential rates, and no solution seems to be appearing for us. I

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