Precious Metals Forum

Go Back   Precious Metals Forum > Precious Metals and Economic News > PM Bug

Like Tree8Likes
  • 1 Post By PMBug
  • 1 Post By PMBug
  • 3 Post By DCFusor
  • 2 Post By PMBug
  • 1 Post By ancona

Reply
 
LinkBack Thread Tools
Old 05-03-2013, 07:56 AM   #1
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,085
Liked: 2456 times
JPM and Blythe Masters in legal trouble for Enron style scandal?

Lying under oath? Too much to quote, click link for details:

http://www.zerohedge.com/news/2013-0...blythe-masters

DSAbug likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-03-2013, 10:02 AM   #2
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,085
Liked: 2456 times
More on the story from the NYT:
Quote :
...
In the energy market investigation, the enforcement staff of the Federal Energy Regulatory Commission, or FERC, intends to recommend that the agency pursue an action against JPMorgan over its trading in California and Michigan electric markets.

The 70-page document also took aim at a top bank executive, Blythe Masters. A seminal Wall Street figure, Ms. Masters is known for helping expand the boundaries of finance, including the development of credit default swaps, a derivative that played a role in the financial crisis.

The regulatory document cites her supposed “knowledge and approval of schemes” carried out by a group of energy traders in Houston. The agency’s investigators claimed that Ms. Masters had “falsely” denied under oath her awareness of the problems and said that JPMorgan had made “scores of false and misleading statements and material omissions” to authorities, the document shows.

It is unclear whether the agency will file an action against JPMorgan based on the investigators’ findings. A majority of the five-member commission must first endorse the case. If the regulator does proceed, it could fine the bank and Ms. Masters.

“We intend to vigorously defend the firm and the employees in this matter,” said Kristin Lemkau, a spokeswoman for the bank. “We strongly dispute that Blythe Masters or any employee lied or acted inappropriately in this matter.”

JPMorgan has until at least mid-May to respond to the accusations in the document.
...
http://dealbook.nytimes.com/2013/05/...gulatory-woes/
DSAbug likes this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-03-2013, 11:10 AM   #3
Moderator
 
Join Date: Oct 2011
Posts: 1,059
Liked: 459 times
Where there is smoke....
DSAbug is offline   Reply With Quote
Old 05-03-2013, 02:06 PM   #4
Yellow Jacket
 
DCFusor's Avatar
 
Join Date: Nov 2011
Location: Floyd, Virginia
Posts: 1,682
Liked: 1233 times
FERC must not be "on the same page" with the guys who say any SIFI is "too big to jail". It'd only be the pleasure of a moment to see Blythe get tossed under the bus, but if anyone thinks JPM is going down like Enron - I've got some worthless high priced stuff to sell you.
DCFusor is offline   Reply With Quote
Old 05-03-2013, 02:47 PM   #5
PM Bug Supporter
 
DoChenRollingBearing's Avatar
 
Join Date: Oct 2011
Location: SE USA
Posts: 1,275
Liked: 691 times
...

It is as simple as Jon Corzine. There is no justice until if/when Corzine is put on trial.

BTW, what ever happened to MG Global's customers' gold anyway?

***

Blythe might just be a sacrificial wolf. I agree with DCFusor that nothing happens to JPM. "SIFI/TBTF"
DoChenRollingBearing is offline   Reply With Quote
Old 05-03-2013, 02:57 PM   #6
Golden Cockroach
 
PMBug's Avatar
 
Join Date: Oct 2011
Location: In Scrooge McDuck's vault
Posts: 7,085
Liked: 2456 times
Guys, didn't you read the important sentence in the NYT article? BM & JPM might have to ... pay a fine!
DCFusor and rblong2us like this.
__________________
The journey of a thousand miles begins with a single step. - Lao Tzu

Important stuff: PMBug 101 * Forum Guidelines * Support PMBug
PMBug is offline   Reply With Quote
Old 05-04-2013, 01:56 AM   #7
Ground Beetle
 
Join Date: Oct 2011
Location: Here, There, and Everywhere
Posts: 633
Liked: 388 times
Originally Posted by PMBug View Post:
Guys, didn't you read the important sentence in the NYT article? BM & JPM might have to ... pay a fine!
And that fine might be only for looks and might only be chickenfeed for JPM.
__________________
If you keep doing what you are doing, You will keep getting what you are getting.
If you don't like what you are getting, You must change what you are doing.


http://mmerlinn.com

GOLD is the money of KINGS.
SILVER is the money of GENTLEMEN.
BARTER is the money of PEASANTS.
DEBT is the money of SLAVES.
- Norm Franz
mmerlinn is offline   Reply With Quote
Old 05-04-2013, 10:12 AM   #8
Yellow Jacket
 
ancona's Avatar
 
Join Date: Nov 2011
Location: Waaay south
Posts: 3,370
Liked: 2046 times
So.....it looks like they've found their sacrificial lamb. She will be given the obligatory perp-walk, she'll be assigned some high octane scumbag lawyer to help drag this thing through the puddles that are "reasonable doubt, and thirty or forty lesser banksters will be thrown to the wolves in the process. You don't get to her stature in this industry without knowing where the landmines are and where a few bodies are buried.

Anyhow, she'll cut a deal that has her in a minimum security white collar spa like Danbury, with the promise of a low profile move to some island or another when she gets out. she will write a blockbuster book and make millions on book tours.

Meanwhile, the poor bastards she throws under the bus will get their nuts crunched and get sent to some hellhole like Angola Prison.
I have no illusion that justice will ever be served up to a banker........none whatsoever.
Unbeatable likes this.
__________________
All things being equal, the simplest answer is quite often the correct answer - Occam
ancona is offline   Reply With Quote
Reply

Thread Tools

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

BB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


Similar Threads
Thread Thread Starter Forum Replies Last Post
It's illegal to be legal DCFusor BSTS 16 06-27-2012 11:09 AM
propaganda to become legal Penn STS 2 05-20-2012 07:19 AM
Bloomberg says Blythe Masters is an idiot PMBug Fiat Ponzi 1 04-13-2012 09:58 AM
Blythe Masters, the wicked witch, spreading her wings PMBug PM Bug 5 04-05-2012 10:01 PM
SNB Chief steps down amid scandal ancona Fiat Ponzi 20 01-12-2012 11:46 AM


All times are GMT -5. The time now is 03:17 PM.


Powered by vBulletin® from Jelsoft Enterprises Ltd.
Content Relevant URLs by vBSEO 3.6.0 PL2 ©2011, Crawlability, Inc.
Content of PMBug.com copyright © 2011 - 2019 Measuring Up. All Rights Reserved.