Long article with some facts that bear comprehending. But there is an awful lot of superfluous crap that doesn’t need to be in it. I could give a crap about her early idealism and student loans, and we could do without a lot of the other add-ons. One would hope this could be boiled down to just a few concise paragraphs.
Agree with your comments. I would have liked if Taibbi had included how FannyMae and FreddyMac enabled the type of transactions taking place and if the GreenPoint loans were in fact backed by either quasi government firms.
Geeeez...it’s from the Rolling Stone! Their crap is usually ALL CRAP!
Long article with some facts that bear comprehending. But there is an awful lot of superfluous crap that doesn’t need to be in it. I could give a crap about her early idealism and student loans, and we could do without a lot of the other add-ons. One would hope this could be boiled down to just a few concise paragraphs.
It can. Fleischmann is a an attorney who went into securities law and ended up with Chase and started noticing some irregularities; that they were buying bad loans that never should have been approved in the first place, that Chase was redoing the underwriting and repackaging them to make them look as though proper due diligence was exercised when it was really a sham. They were committing fraud when then they were getting rid of them selling then to investors misrepresenting them as A-OK loans. Dimon knew they were a sham and told his underlings to dump a lot of the loans to unsuspecting investors. The Justice got involved in investigating Chase and wouldn’t go way fining them in the billions of dollars. The billions were paid after Dimon, Chase’s CEO, tried to work back room deals so the case wouldn’t go to court and discovery reveal the snakes that they really were. No one knows where the billions went but we’re betting it didn’t go to the court systems and may explain why the Obamas and Holder don’t have a problem paying for whatever their hearts desire.
He and Rollingstone don't do these types of attack articles because they want to see a better free market system...they'd like to bury the free market system.
...Instead, the government decided to help Chase bury the evidence. It began when Holder's office scheduled a press conference for the morning of September 24th, 2013, to announce sweeping civil-fraud charges against the bank, all laid out in a detailed complaint drafted by the U.S. attorney's Sacramento office. But that morning the presser was suddenly canceled, and no complaint was filed. According to later news reports, Dimon had personally called Associate Attorney General Tony West, the third-ranking official in the Justice Department, and asked to reopen negotiations to settle the case out of court.
It goes without saying that the ordinary citizen who is the target of a government investigation cannot simply pick up the phone, call up the prosecutor in charge of his case and have a legal proceeding canceled. But Dimon did just that. "And he didn't just call the prosecutor, he called the prosecutor's boss," Fleischmann says...
Fleischmann later realized that the government wasn't interested in having her testify against Chase in court or any other public forum. Instead, the Justice Department's political wing, led by Holder, appeared to be using her, and her evidence, as a bargaining chip to extract more hush money from Dimon. It worked. Within weeks, Dimon had upped his offer to roughly $9 billion.
There ya go.
If the government ever tries to prosecute me for anything, first thing I'll do is print them out a copy of this particular article, and give them a reading assignment...