Federal authorities are using taped phone conversations to build criminal cases related to the multibillion-dollar trading loss at JPMorgan Chase, focusing on calls in which employees openly discussed how to value the troubled bets in a favorable way.
Investigators are looking into the actions of four people who previously worked for the team based in London responsible for the $6 billion loss, according to officials briefed on the case. The Federal Bureau of Investigation could make some arrests in the next several months, said one person who spoke on the condition of anonymity because the inquiry was ongoing.
The phone recordings, which were turned over to authorities by JPMorgan, have helped focus the investigation, the officials said. Authorities are poring over thousands of conversations, in English and French. They are also relying on notes that employees took during staff meetings, instant messages circulated among traders and e-mails sent within the group.
(Reuters) – The former chief executive of failed mortgage lender IndyMac Bancorp has agreed to pay $80,000 to resolve the remaining parts of a U.S. securities fraud case against him, after a federal court earlier this year had dismissed much of the case.
The settlement between Michael Perry and the Securities and Exchange Commission ends a long-running case that hinged on whether or not IndyMac’s top executives disclosed crucial information about the bank’s financial health at the onset of the 2007-2009 financial crisis.
The settlement, which was dated September 27 and announced by the SEC and Perry’s lawyer on Monday, resolves one claim about whether details about a capital contribution should have been disclosed in May 2008.
Perry settled without admitting or denying the charges.
Bloomberg TV is showing a clip of Bank of America ($9.36 0.15%) CEO Brian Moynihan declaring the worst is over for housing in the United States.
Check it out at 0:24: “Everythings we see points to ‘the worst is over’,” he says.
This is the guy dealing with Countrywide legacy assets. Do not take his words lightly.
Certainly not every case involving the Mortgage Electronic Registration Systems is the same, but federal courts in Idaho have consistently issued opinions upholding MERS role as the trust beneficiary and as the rightful assignor of deeds of trust, MERSCORP said Thursday.
MERSCORP, the parent of MERS, has been under fire from various cases in multiple jurisdictions, where plaintiffs generally claim MERS has no legal basis to serve as the lender’s legal beneficiary or maintain a right to assign foreclosing authority to lenders.
Three cases from the U.S. District Court level in Idaho ruled mostly on the side of MERS when questions about its role in a nonjudicial foreclosure state were brought before judges.
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Home foreclosures in Spain, which disproportionately affected lower-income immigrants after the real estate bubble burst, are spreading to formerly well-to-do families and businessmen as they run out of ways to pay mortgages in a deepening recession.
Spanish business people, upper middle class families and their loan guarantors, typically parents of first-time buyers, now account for 60 percent of foreclosures in Madrid, according to AFES, an association that advises homeowners facing repossession. Three years ago, 80 percent of foreclosures were on the homes of immigrants, usually the first to lose jobs and fall behind on loan payments in a souring economy. They now comprise 40 percent of the total, according to AFES.
On your knees, little people, and worship Lord Jamie. He did you a favor you ungrateful peasants. 😉 For god sakes, shareholders, vote this man out of his CEO job on your next proxy statement next year!
J.P. Morgan Chase & Co. (JPM) did the Federal Reserve a favor when it bought Bear Stearns & Co. during the height of the financial crisis in 2008, J.P. Morgan’s CEO Jamie Dimon said Wednesday.
“We did them a favor. We were asked to do it and we did it at great risk to ourselves,” Dimon said at an event in Washington held by the Council on Foreign Relations. To avert the collateral damage to the markets from the Bear Stearns collapse, the Federal Reserve provided major government guarantees to assist J.P. Morgan to acquire the institution in March 2008.
Dimon’s comments come after the New York attorney general filed a lawsuit against J.P. Morgan on Oct. 2 for alleged fraud in the sale of mortgage-securities issued by Bear Stearns.
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