Admit guilt and accept liability for damages. Provide a list of all other cities and states worldwide with JPM-arranged swaps, whether fees were known to the government, and fee totals.
Homeowners Ripped Off . Millions of Americans and 8.3 million kids directly affected by foreclosure get the day off for a lesson in civic responsibility and justice. In February, authorities and five of the nation's biggest banks agreed to a $26 billion settlement that could affect about two million current and former American homeowners.
Reconcile your statement, -- Giving debt relief to people that really need it... that's what foreclosure is " with our worsening reality. How could you say, "we're not evicting people who deserve to say in their homes" while a former employee of Chase's mortgage servicing company statement said his job entailed "making borrowers jump through every hoop so that when something fails to get done on time, they can deny it and foreclose" and he recalled being told on his first week by his boss, " We're in the foreclosure business, not the modification business ."
List every document JP Morgan robo-signed or falsified. Justify about 750,000 people who lost their homes receiving checks of only $2,000, on average. Plan and execute real relief. Rescind sales and remaining mortgage debt from wrongful foreclosures for everyone, not just military members.
Explain how you are compensating homeowners who have lost about $ 7.5 trillion in home equity as a result of a crisis caused by banks massively falsifying and "losing" loan paperwork, then mischaracterizing those fraudulent loans to investors. List every person told to miss payments to qualify for a loan modification, or started down the loan modification process only to be subsequently foreclosed on. Explain the steps you've taken to compensate current and former homeowners for their losses.
Rigging Municipal Bids . Flag bearers for 31 American states enter, followed by their politicians and residents. Last July, JP Morgan paid $228 million to settle charges that it rigged investment bids for municipalities, a deal that covers complaints brought by the SEC, the Internal Revenue Service, bank regulators and 25 state attorneys general. The charges were several :
"'The Securities and Exchange Commission, in a civil lawsuit, said JPMorgan improperly won bids for the derivatives by entering into secret arrangements with bidding agents to get an illegal 'last look' at competitors' bids. The company also deliberately submitted phony bids in some auctions to allow other banks to win. The corrupted bidding between 1997 and 2005 in at least 93 transactions in 31 states generated ill-gotten profits by inflating prices that municipalities paid for the derivatives,' the SEC said.
"'Municipal issuers and investors didn't stand a chance against the fraudulent strategies (JPMorgan) and others used to guarantee profits,' Robert Khuzami, director of the SEC's division of enforcement, said in a statement."
If JPMorgan "doesn't tolerate anticompetitive activity or other violations of law," as the company's statement said, how did this happen? How much did taxpayers lose? How much did US Treasury lose? Why should you be allowed to do any business with municipalities again?
Jefferson County, Alabama, Bankrupted. People enter who have lost their homes, their businesses, and/or gone bankrupt when "parts of already blighted Birmingham began to take on the feel of a ghost town". Matt Taibbi describes in a Rolling Stone article how the government effort expanded to an unsustainable $3 billion :
"On a sewer project that was originally supposed to cost $250 million, the county now owed a total of $1.28 billion just in interest and fees on the debt. Imagine paying $250,000 a year on a car you purchased for $50,000, and that's roughly where Jefferson County stood --
Justify these fees. Explain how the county had more outstanding swaps at one point than New York City with almost 30 times the population. Explain JP Morgan's $3 million payment to Goldman to "back the f*ck off" and reconcile it with antitrust laws. Justify the annual payment on Jefferson County's debt jumping from $53 million to $636 million from 2008 to 2009. Why would cancelling the deal would trigger one-time "termination fees" of $647 million to JP Morgan (stopped by the SEC)? List all government swap and derivative deals and show us your plans to undo them at a profit to the government and investors. Why should you be allowed to work with any government (national, state, county, local) ever again?
Madoff Supported. Steven Speilberg; Elie Wiesel; Dutch, Austrian, Italian, Spanish and Scottish bankers; New York University and Bard College students and teachers; Zsa Zsa Gabor; John Malkovich; and numerous poor elderly Jewish people affected by Bernie Madoff surround Dimon. Madoff trustee Irving Picard filed a lawsuit against JP Morgan, who administered funds for largest Ponzi scheme in history, for $19 billion which alleges that the bank ignored "red flags" warning of Madoff's fraud. Picard can appealed after a November verdict against him.
Explain why regulators weren't warned until October 2008 despite the quote from JPMorgan's chief risk officer employee in June 2007 :
"For whatever it['s] worth, I am sitting at lunch with Matt Zames [then a senior member of JP Morgan] who just told me that there is a well-known cloud over the head of Madoff and that his returns are speculated to be part of a [P]onzi scheme."
Explain all the services done with Madoff and all fees and benefits to JPM. Provide us a list of every conversation and e-mail within the company. Return our money invested with Madoff.
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