JPMorgan Chase: Operate with the highest standards of integrity, unless dealing w/military families

Dylan Ratigan on JPMorgan Chase foreclosing on U.S. active duty service personnel. Nobody at JPMorgan cared to listen. JPMorgan Chase admitted overcharging thousands of military families for the mortgages, including families of troops in combat overseas.

JPMorgan Chase's business principles include:

• Operate with the highest standards of integrity
• Be open and honest with ourselves, our colleagues, our shareholders and our communities
• Foster an environment of respect and inclusiveness

Yes, JPMorgan Chase received $25 billion of TARP bailout dollars and is clearly a friend a "friend" of President Obama:

"You know, keep in mind, though there are a lot of banks that are actually pretty well managed, JPMorgan being a good example, Jamie Dimon, the CEO there, I don't think should be punished for doing a pretty good job managing an enormous portfolio."

Jamie Dimon, chairman and CEO of JPMorgan Chase is a member of the Federal Reserve Bank of New York's Board of Directors and was one of the thirteen members of The Business Council to meet with President Obama.

Finally. let's not forget, Jamie Dimon in an era of To Big To Fail (while getting bigger), with the assistance of the U.S. Federal Government, acquired Bear Stearns and Washington Mutual.

t's really nice having friends in high places. Yes, this is the same organization that admitted overcharging thousands of military families for the mortgages, including families of troops in combat overseas. Oh, before I forget, while many active duty service personnel are dodging bullets and IED's, JPMorgan Chase just reported a $4.8 billion in 4th Quarter profits.

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Baby Boomer Bankruptcies Going Postal...however Wall Street and Political Boomers continue to do very well

By Eric Morath
Wall Street Journal

Baby Boomer Bankruptcies on the Rise

A growing number of baby boomers are going bust.

A newly released study found that 42% of all individuals filing for bankruptcy were between the ages of 45 and 64 in 2007 and that older Americas are filing for protection from creditors at a much faster rate than younger adults.

“The baby boomers are disproportionately represented in bankruptcy proceedings,” wrote John Golmant and James Woods, who compiled the study that appears in the September issue of the American Bankruptcy Institute’s ABI Journal. Golmant is a statistician and Woods is a social science analyst, both with the Administrative Office of the U.S. Courts in Washington.

Bankruptcy filings are increasing fastest among individuals between the ages of 55 and 64, the study found. From 2002 to 2007, the percentage of filers in that category grew 65%.

By comparison, the demographic group that experienced the largest percentage drop in bankruptcy filings was Americans 25 and younger, down 60% in 2007 from 2002.

“This significant demographic uptick in older bankruptcy filers has outstripped the aging of the general population as a whole,” Golmant and Woods wrote.

The authors said the recent housing crisis is at least partly to blame, as falling home prices left baby boomers with little or no home equity. The study noted that persons older than 50 were often targeted during the refinancing boom in the early part of last decade.

High levels of credit card debt and mounting health care bills also contributed to the higher number of filings among older Americans, the study found.

The recent study shows the continuation of trend stretching back to at least 1994. In that year, people between the ages of 55 to 64 accounted for 7% of all individual filings. In 2007, the same group accounted for 15.2% of consumer bankruptcies.

Grandpa

Almost 80 MILLION born between 1946 and 1964 are deemed Baby Boomer. As an "age" member of the Baby Boomers generation, I am saddened and disgusted as to what our generation has NOT CONTRIBUTED to society since the Viet Nam War. We prided ourselves on "not selling out" and of course the infamous "anti-establishment" chant. Fast forward and the "anti-establishment" became pro-establishment, win at any cost, take no prisoners and step on the face of anyone that is a potential obstacle to one's way to the top.

The "step on your face and all about me boomers" include:

1. Ben Bernanke (Federal Reserve Chairman and has made sure that parents of baby boomers receive absolutely no return on the money they spent a lifetime saving),
2. Jamie Dimon (JPMorgan Chase CEO and deemed the golden boy by the Obama administration),
3. Lloyd Blankfein (Goldman Sachs CEO and all around "how much did you sell your mother for" guy while doing God's work),
4. Larry Summers (Successfully lobbied to repeal the Glass-Steagall Act and upon its repeal; "This historic legislation will better enable American companies to compete in the new economy").
5. Tim Geithner (Treasury Secretary and all around inept and manipulative putz),
6. Dick Fuld (ex-CEO of now defunct Lehman Brothers however rec'd $484 million compensation package from 2000 to 2007),
7. John Thain (ex-CEO of Merrill Lynch and $35,000 commode),  
8. Christopher Cox (ex-Chairperson of the SEC and was basically "MIA" during his tenure),
9. Robert Nardelli (ran Home Deport into the dirt and left with a $210 million severance package and then proceeded run Chrysler into the same dirt),
10. Mark Hurd (ex-CEO Hewlett-Packard, Sexual Harassment charges and $25+ million severance parting gift),
11. Richard "the Dick" Grasso (chairman and chief executive of the New York Stock Exchange from 1995 to 2003 and recipient of a a deferred compensation pay package worth almost $140 million),
12. Franklin Delano "Frank" Raines (he and two other Fannie Mae executives agreed to a $31.4 million settlement with the government over their roles in a 2004 accounting scandal),
13. Daniel Mudd (Mudd collected more than $80 million in his 8 years at Fannie Mae and held the position of President and CEO for 3 years until the U.S. Government took over Fannie Mae in September 2008).

Friday Funnies

Congress not likely to extend Homebuyer tax credit

closing date for at least 1,295 inmates

11 of the 10,282 taxpayers who obtained tax credits

for purchasing the same homes that other taxpayers

were using to claim the credit themselves

2,555 taxpayers took advantage of the early bird special

and received $17.6 million on home purchases that

occured before the program launched

Trillions in stimulus and Q1 GDP 2.7%

Mr. Blankfein, what is the likelihood of

Goldman Sachs not conducting business as usual

given the financial reform bill?

Mr. Dimon; With the recent congressional agreement on

financial reform, how effective was JPMorgan's $7.6 million
lobbying expenditures during 2009-2010?

Friday Funnies and Jim Cramer Does Not Save the Equity Market

Warren Buffett Sings the Blues after SEC Brings Fraud

Charges Against Goldman Sachs

Buy the market, Jim Cramer just gave me the wink and

you know what to do if he is wrong.

"I won't pay. I know too much about extortion."

Silvio, please show Jim Cramer to the door.

Special Musical Guest on CNBC this Monday as they

kick off Credible NBC week.

 Erin "Cramer's my daddy" Burnett will sit in with

Fab and Rob on "Girl You Know It's True"

Jamie Dimon's initial reaction to the SEC bringing

fraud charges against Goldman Sachs

FOMC Beige Book

Who they were Vol. 2 of 5: Tim Geithner, Jamie Dimon, John Mack

Drawing from his role as the smart mouth, conniving best friend of Wally, Eddie “Geithner” Haskell (a.k.a. “turbo tax” Haskell) was destined to become Treasury Secretary. He was and remains the consummate brown nosing yes man. Wally’s girlfriend’s father described him as an “over stimulated adolescent”. “Turbo tax” Haskell’s sneaky characteristics and his ability to instigate schemes in which someone else was positioned for blame were essential during the TARP bailout program. To date, his classic scheme was using taxpayer funds to pay off banks at par and pronounce, “I recused myself” from day-to-day operations when I was to be nominated as Treasury Secretary.

Prior to becoming the CEO and Chairman of JP Morgan Chase, Jamie “JR” Dimon took on the role of a greedy, scheming oil baron on the hit series Dallas. Initially, “JR” Dimon’s role was deemed supportive however his innate ability to connive, conspire, contrive and manipulate to get what he wanted soon made him a favorite with viewers. “JR” routinely exploited his political ties while crushing his competition. The series was noted for its season ending cliffhangers and “JR” Dimon was an integral part of each and every cliffhanging episode. Could it be that the JPMorgan Chase $25 billion TARP bailout, “JR” Dimon’s re-election as Director to the Federal Reserve Bank of New York and his chummy ties to Treasury and the White House are merely a “Dallas” season ending “Dream” Cliffhanger?

John “Paulie Walnuts” Mack the current Boss (i.e. Chairman) of Morgan Stanley completed his internship as Captain and Underboss in the Soprano crime family. At age 17, he became an enforcer/bodyguard for “Johnny Boy” Soprano. “Paulie Walnuts” Mack (a.k.a “Paulie” Mack) was one of the more colorful characters within the Soprano organization given his highly paranoid state, constant fear of death and on occasion, seeing the Virgin Mary. He once extorted a soccer coach by giving him an unwanted television and remained one of Tony Soprano’s top earners. “Paulie” Mack was well known for his ability and willingness to “take out” anyone in the way of the organization. He took these special skills to Wall Street and became Boss of Morgan Stanley. While at Morgan Stanley, he picked up yet another nick name, “Mack the Knife”. Due to a power struggle within Morgan Stanley, he left and became the boss of the Credit Suisse family. After “taking out” 10,000 people, “Mack the knife” returned to the Morgan Stanley organization as their boss. No known reports of any recent Virgin Mary sightings since his return.

Special thanks to all the fine contributors
at Wikipedia

for assisting Grandpa with my research.

Dylan Ratigan-Fired up

15 minutes with Dylan Ratigan and he is fired up. Pay attention grandchildren as Dylan is one of the few that has your back.

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Sunday Comics Part Deux

Just another day of banter between Biden and Cheney

Joe Biden: White House ready and willing to listen

to health care ideas from republicans

Nancy Pelosi after a 12 member bi-partisan (1 republican)

 day trip to Haiti

Happy Valentine's Day Nancy

Happy Valentine's Day Mr. Dimon

Bob Corker and Chris Dodd negotiating regulatory reform

Record Bonuses for the Gangster Wall Street Banks

According to an analysis conducted by The Wall Street Journal, major U.S. banks and securities firms are on pace to pay their people $145 billion for 2009.

The Wall Street Journal Analysis shows that executives, traders, investment bankers, money managers and others at 38 top financial companies can expect to earn nearly 18% more than they did in 2008 and slightly more than 2007.

NOTE: these record setting bonuses comes within a year of the government bailing out the financial system.

Just this past Monday, Jamie Dimon (JPMorgan Chase) defended the bank’s pay policy and stated, “I am a little tired of the constant vilification of these people over bonuses”.

Sounds like Mr. Dimon's feelings are hurt. You are a little tired of constant vilification! You and your “band of brothers” on Wall Street through collective greed and fiscal ineptitude gave our economy one of the greatest wedgies since the Great Depression.

Your industry is experiencing record bonuses while this country experiences soaring foreclosures, staggering U.S. debt levels and a record duration of unemployment currently at 29 weeks. In addition, 37.2 million Americans (1 in 8) received food stamps so cry us a river Mr. Dimon.

Well Mr. Dimon, on behalf of future generations, I too am a bit tired!

FCIC Hearing…The Circus was in town

Some memorable quotes from the alleged brightest gangsters on Wall Street during yesterday’s testimony:

Lloyd Blankfein (Goldman Sachs):
When asked about selling securities with subprime mortgages and then shorting the same instruments, Blankfein responded: “Practice was improper and that we regret the consequence that people may have lost money”.
I can't stand here and tell you what would have happened . . . but we were going to bed every night with more risk than any responsible manager should want to have either for your business or for the system as a whole".

Jamie Dimon (JP Morgan):
“Somehow we just missed the fact that home prices don’t go up forever…”
“We did make mistakes and there were things we could have done better”.

Brian Moynihan (Bank of America):
“We understand the anger felt by many citizens; we are grateful for the taxpayer assistance we have received”. “The vast majority of our employees played no role I the economic crisis and do not deserve to be penalized with lower compensation”.


John Mack (Morgan Stanley):
“We did eat our own cooking and we choked on it”.


While viewing the hearings yesterday, I was left with a peculiar Déjà vu sensation.