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14 July 2012

Today In "America's Job Creators"


The Federal Reserve Bank of New York learned in April 2008, as the financial crisis was brewing, that at least one bank was reporting false interest rates.


Although the New York Fed conferred with Britain and American regulators about the problems and recommended reforms, it failed to stop the illegal activity, which persisted through 2009.

I'm'a gonna go out and commit some fraud today since that's no longer a crime. It's not a crime anymore, right?

Meanwhile, the Vampire Squid destroys a company and gets rich in the process.



ADDED: And this:

JPMorgan Chase revealed Friday morning that its traders may have hid the losses incurred from a multibillion-dollar trading blunder by the bank’s chief investment office in London. The bank now estimates that the “London Whale” trades dealt the bank a $5.8 billion blow in the year to date — nearly three times the amount the firm had originally estimated.

“Recently discovered information raises questions about the integrity of the trader marks, and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses being incurred in the portfolio during the first quarter,” JPMorgan said in its most recent filing to the Securities and Exchange Commission.



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