Post # 1000 Chase confiscates Ponzi scheme money
Signing off with our last post for 2010, which happens to be our 1000th post as well, is a really slimy JP Morgan Chase story that does a good job at illustrating how Chase looks out for itself first.
In the earlier part of this decade, a Ponzi schemer named Tom Petters was busy scamming people out of almost 4 billion dollars. At the time, JPMorgan Chase’s own in-house hedge fund owned the Polaroid company and they cut a deal to sell it to Petters for almost $500 million.
JPMorgan Chase is now being sued by the trustee for the Ponzi scheme victims for $300 million and is accused of knowing the purchase was with money that was il-derived, but proceeding anyways so they could profit from it.
But the really bad part is that JPMorgan Chase is also accused of confiscating money that Petters had in the banks accounts just days AFTER HIS ARREST:
“This was JPMorgan trying to step ahead of the Ponzi scheme’s victims and creditors to the tune of $20 million bucks,”
In essence, Chase saw the writing on the wall and grabbed whatever it could to satisfy it’s own claims, regardless of whether they were entitled to it or any claims others might have had on it.
Chase’s philosophy must be that possession is 9/10 of the law.
Well now they are getting sued over it. Good.
And happy new year!
Bad bad Chase, Lawsuits | admin December 31, 2010
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By Alessandro Machi, December 31, 2010 @ 10:47 pm
Jamie Dimon was featured in a short year end story at dealbook-nytimes
http://dealbook.nytimes.com/2010/12/31/jamie-dimons-year-end-bear-hug/
I don’t know if they will reprint my response or not, but I did make a copy of it and will post it here.
In Jamie Dimon’s world, it’s them vs us.
If Chase bank’s success is built on buying established, profitable companies on the cheap while they are crashing and burning because of banksters cutting their already established and responsibly used credit lines, so be it.
If Chase Bank’s success is built upon raising monthly minimum payments by 150% on over a million always pay on time credit card customers, even if it means disrupting the fragile economic condition of the elderly, cancer patients, and families just getting by, so be it.
If Chase Bank’s success is built upon manipulating the credit card reform bill act so that OPT OUT is not an option for Chase Bank customers, so be it.
If Chase Bank can use parallel foreclosure to hasten the demise of home mortgage customers in need of a lower monthly payment, so be it.
If Chase Bank feels no fear because of the politicians they already have in their pockets, and that is what it takes to win, so be it.
If winning is about moving in on established enterprise and manipulating business conditions so that the enterprise can more easily be taken over, so be it.
Maybe that’s why they are called Chase Bank, they chase their prey into exhaustion, and, nowadays, anybody is considered prey.
http://musingsofasouthernwoman.blogspot.com/
http://mmentco.blogspot.com/
http://chasehomefinancesucks.com/my-story/
http://www.bloggersagainstchasebank.com
http://chasehomefinancesucks.com/
http://www.daily-protest.com
http://www.thecatwhoatechasebank.com
http://www.parallelforeclosure.com
http://www.robotsagainstchase.com
http://www.chase-sucks.org/