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(Forbes)   "Jamie Dimon should take the Government to court for extortion" Oh wait, you're serious? HAHAHAHAHAHAHAHAHAHAHAHAHAHA   (forbes.com) divider line 25
    More: Unlikely, Jamie Dimon, JPMorgan Chase & Co., Bove, extortion, London Whale, courts  
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981 clicks; posted to Business » on 27 Sep 2013 at 9:56 AM (1 year ago)   |  Favorite    |   share:  Share on Twitter share via Email Share on Facebook   more»



25 Comments   (+0 »)
   
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2013-09-27 10:00:26 AM  
Well he can hang with the rest of them.  Class traitor.
 
2013-09-27 10:15:46 AM  
He says JPMorgan shareholders are being extorted. "You have to argue that the $920 million was a victimless crime because who other than the shareholders were hurt by it? The company still had record earnings yet the shareholders had to come up with $920 million and they did so without trial or explanation," Bove says.

My lack of sympathy for many shoreholders aside, someone has a complete misunderstanding of victimless.

Perhaps it made sense in Dick Bove's head when he said it.  We'll never know.

It would be saying like "His parents naming him Dick Bove is a victimless crime because only Dick Bove was picked on mercilessly in school for it"

Then again, maybe that's his point.
 
2013-09-27 10:15:47 AM  
Takes one to know one?
 
2013-09-27 10:23:46 AM  
You dont SUE the Government, You BUY the Government!

*sheesh* hicks....
 
2013-09-27 10:24:01 AM  
Jamie Dimon should be in farking prison, that cock.
 
2013-09-27 10:28:46 AM  
We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.
 
2013-09-27 10:41:10 AM  
But...that's the offer he put on the table.
 
2013-09-27 10:41:31 AM  

I_Am_Weasel: It would be saying like "His parents naming him Dick Bove is a victimless crime because only Dick Bove was picked on mercilessly in school for it"


His middle name is "X" though.

I sorta see where he was going with that, but while nobody was hurt this time, it showed startlingly bad risk management practices, exactly the kind of stuff that could lead to the next financial meltdown.  It's like the Plaxico Burress incident -- dumb farker takes his gun to a nightclub in the waistband of his sweatpants, and the gun falls out and shoot him in the leg*.  Just because he didn't hurt anyone this time, only luck prevented the damage from being inflicted on anyone else.

*This is an imperfect analogy because AFAIK he was arrested for possession of an illegal weapon, not for the negligent way he handled it.  But I hope you see where I was going with that.
 
2013-09-27 12:04:39 PM  
Pursue that course of action, homosexual.

Piss off the DOJ enough that they'll jail some people and take twice as much as the settlement offer in fines.
 
2013-09-27 12:05:00 PM  
That Dimon isn't in prison is an abject failure of the DOJ
 
2013-09-27 12:12:36 PM  
So will JPMorgan get a tax break to offset the impact of the $11 billion dollar settlement?

/just kidding
 
2013-09-27 12:17:31 PM  
It is absolutely extortion. Who farking doubts this?

I wish JPM would fight harder, but its easier to pay the extortion/ransom sometimes than risk getting killed.
 
2013-09-27 12:19:15 PM  

Marcus Aurelius: We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.


This is what farklibs actually believe.
 
2013-09-27 12:39:43 PM  

Marcus Aurelius: We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.


I'd be happy if they would just put Glass-Steagal back in place. Then, when one of these a$$hats decides to gamble like these twatwaffles did, they can just let the joint go bankrupt.

It'll never happen though. The day we put Glass-Steagal back in is the day they lose their free government insurance. You don't think they're going to risk their own money, do you?
 
2013-09-27 12:47:07 PM  
That guy is everything that is wrong with the world, and I hope he has to watch his children die in his arms.
 
2013-09-27 12:55:38 PM  

Marcus Aurelius: We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.


That is Obama's major failing. He should have done that when we all had pitchforks in arm's reach and therefore the political will to make it happen. Now it's too late, and we will have another financial meltdown that will probably be akin to the Great Depression.

/Funny story: My econ prof last semester had the balls to say we'd never had a depression until the Great Depression and that it was caused by the Federal Reserve. I literally laughed in his face because the last 25 years of the 19th Century was a constant boom and bust cycle of depressions.
 
2013-09-27 12:58:10 PM  

airsupport: That guy is everything that is wrong with the world, and I hope he has to watch his children die in his arms.


Stay classy, libs.
 
2013-09-27 12:59:24 PM  

Mike Chewbacca: Marcus Aurelius: We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.

That is Obama's major failing. He should have done that when we all had pitchforks in arm's reach and therefore the political will to make it happen. Now it's too late, and we will have another financial meltdown that will probably be akin to the Great Depression.

/Funny story: My econ prof last semester had the balls to say we'd never had a depression until the Great Depression and that it was caused by the Federal Reserve. I literally laughed in his face because the last 25 years of the 19th Century was a constant boom and bust cycle of depressions.


None of which were even close to the Great Depression.

/not that I agree with him regarding his views on the federal reserve.
 
2013-09-27 01:57:11 PM  

Debeo Summa Credo: Mike Chewbacca: Marcus Aurelius: We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.

That is Obama's major failing. He should have done that when we all had pitchforks in arm's reach and therefore the political will to make it happen. Now it's too late, and we will have another financial meltdown that will probably be akin to the Great Depression.

/Funny story: My econ prof last semester had the balls to say we'd never had a depression until the Great Depression and that it was caused by the Federal Reserve. I literally laughed in his face because the last 25 years of the 19th Century was a constant boom and bust cycle of depressions.

None of which were even close to the Great Depression.

/not that I agree with him regarding his views on the federal reserve.


They were, however, depressions by technical definition, so his professor was clearly mistaken.
 
2013-09-27 02:35:16 PM  

Incontinent_dog_and_monkey_rodeo: Debeo Summa Credo: Mike Chewbacca: Marcus Aurelius: We should strip every Wall Street investment bank of their assets and re-distribute their wealth amongst the people.

Then re-enact Glass-Steagle.

That is Obama's major failing. He should have done that when we all had pitchforks in arm's reach and therefore the political will to make it happen. Now it's too late, and we will have another financial meltdown that will probably be akin to the Great Depression.

/Funny story: My econ prof last semester had the balls to say we'd never had a depression until the Great Depression and that it was caused by the Federal Reserve. I literally laughed in his face because the last 25 years of the 19th Century was a constant boom and bust cycle of depressions.

None of which were even close to the Great Depression.

/not that I agree with him regarding his views on the federal reserve.

They were, however, depressions by technical definition, so his professor was clearly mistaken.


And that series of depression had been called The Great Depression until we used that to describe the actual Great Depression. It's now called the Long Depression. The sad thing is I remembered all those depressions from my high school AP history class. I have no idea why my professor didn't know about that.

/also have a degree in history, but I still learned about them in AP history in 11th grade.
 
2013-09-27 04:09:41 PM  
The citizens should "take the government to court" for accepting bribes instead of taking regulatory/punitive action.
 
2013-09-27 04:32:41 PM  

Debeo Summa Credo: It is absolutely extortion. Who farking doubts this?

I wish JPM would fight harder, but its easier to pay the extortion/ransom sometimes than risk getting killed.


Uhhh...what?  Do you think being given a speeding ticket is extortion too?  Pay the fine or plead your case in court.

//FTFA: "If a crime was committed let's find out who committed it in a court of law. Not behind closed doors. Otherwise, you're making shareholders pay $11 billion for crimes they themselves didn't commit," he says.

The bolded part may have something to do with the willingness of management to pay a settlement, rather than go through a trial.  If there was no wrongdoing, clearly going to trial would be a better option for the company.

If the shareholders have no ability to influence the decision to go to trial or not, well, sucks to be them.
 
2013-09-27 10:59:59 PM  
I'm actually excited to see the DOJ actually making an effort to punish business for their damaging actions.

However turning down 11 billion either is for show, or they actually have a case.

Most people just want CEOs to be held responsible for their actions. Meaning jail time if the crime is proven.

In my view, turning down 11 billion and then punishing those responsible in a Madoff like fashion is a much better result.

Madoff hurt rich people, which is why he is in prison for the rest of his life. So who knows what will happen here when largely normals were effected.
 
2013-09-27 11:09:39 PM  

roc6783: Debeo Summa Credo: It is absolutely extortion. Who farking doubts this?

I wish JPM would fight harder, but its easier to pay the extortion/ransom sometimes than risk getting killed.

Uhhh...what?  Do you think being given a speeding ticket is extortion too?  Pay the fine or plead your case in court.

//FTFA: "If a crime was committed let's find out who committed it in a court of law. Not behind closed doors. Otherwise, you're making shareholders pay $11 billion for crimes they themselves didn't commit," he says.

The bolded part may have something to do with the willingness of management to pay a settlement, rather than go through a trial.  If there was no wrongdoing, clearly going to trial would be a better option for the company.

If the shareholders have no ability to influence the decision to go to trial or not, well, sucks to be them.


That's not a bad analogy. I got the first speeding ticket of my life this year while taking the family halfway across the country in the family truckster. The trooper estimated my speed at 82 when the truckster maxes out at 80 and I saw the speedometer at 75 half a minute before that.

I could have gone to court four states away to try to knock the fine down but the deck is stacked against you and if you jut pay the $150 fine you don't get any points. So of course i bought the bullet. That's where JPM and the govt are now. JPM might very well prevail in court but it'll cost them an arm and a leg in legal fees and pain in the ass and they could lose more. For them, it makes sense to just fork over a fine/extortion to make the problem go away.
 
2013-09-27 11:25:31 PM  

Debeo Summa Credo: airsupport: That guy is everything that is wrong with the world, and I hope he has to watch his children die in his arms.

Stay classy, libs.


It's not political with me. It's personal.
 
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