Chase Bank and at risk accounts.

[lustylad]

Originally Posted by Karl Hungus

lustylad,

Is it because the pornstar is running a massive Ponzi scheme? If it is not, I don't think I understand the point you are trying to make. As I recall, nobody looked twice at Bernie Madoff until he stopped paying redemptions even though a lot of people had a notion that something was not quite right. My point is that the big banks did not blink at facilitating fraud, but seem to get all timid at the possibility of someone running a sexual business.

As to trying to pass the buck from the banks that issued worthless paper, I'm not sure pointing to systemic fraud or government policy is really a defense. The bottom line on both cases is that the bank failed to make the requisite disclosures to prevent their clients--the ones to whom they owed fiduciary duties--from making misinformed financial decisions while the bank profited from those same misinformed decisions. In the case of Bernie, it was letting them hand their money to a fraudster. In the case of the MBS, it was letting them buy junk.

Wow, you really are that dense... Let me try again. If you were mugged over and over again by the feds, wouldn't you lay low and try not to do anything even remotely questionable? US banks have become easy marks. They keep getting mugged for billions of dollars by libtard politicians, opportunistic state district attorneys and suddenly overzealous regulators accusing them of all kinds of alleged sins. People like you don't get how bogus this is because you don't understand banking at all. I am sure if the feds fined JPM-Chase for allowing a porn star or a call-girl service or someone running a sexual business to open a checking account, you would be the first to applaud.

Large banks administer hundreds of thousands of deposit accounts. Since when are they supposed to police each of the millions of transactions flowing through these accounts each day? That is absurd on the face of it. If you buy a car that turns out to be a lemon, do you blame the dealer or the dealer's bank? Before he ran a Ponzi scheme, Bernie Madoff operated a legitimate clearing business and sat on the board of NASDAQ. His investment business (the Ponzi scheme) was regulated by the SEC, which looked at his books repeatedly and found nothing amiss. Why do you expect the banks to do the SEC's job for it? Bernie Madoff's victims were not even clients of JPM-Chase so why would the bank have any fiduciary duty to them? You're not making sense.

As for MBS, these securities have been around for 30+ years. By and large, they have made mortgages more available and affordable for millions of Americans. In the early 2000s, greedy investors began to pressure MBS issuers for higher-yielding paper. To accommodate this demand, the banks started to securitize sub-prime loans. Anyone who knows two cents about investing understands that higher risks go with higher returns. As I mentioned already, the issuing banks listed those risks in the MBS prospectuses, so they DID make the required disclosures. Why do you blame the banks when the MBS buyers were too lazy, stupid and/or greedy to read the prospectuses? Or maybe they read them and decided at the time the risks were acceptable?

Btw, very little of this paper became totally “worthless”. As soon as it was issued, it could be bought and sold in secondary markets. A lot of MBS traded at deep discounts during the financial crisis, but not at zero. Anyone ballsy enough to buy the paper back then made a lot of money as the housing market recovered. “Junk” is in the eye of the beholder. A shitty security at 98 may be a screaming buy at 28.

.

[Guest032516]

Originally Posted by I B Hankering

You know all about *jiffy-lube*, don't you, you Yankee dude doodling dandy?

So, so obsessed with "yankee".

Get over it, you cock Whisperer. The South lost.

[IIFFOFRDB]

Originally Posted by ExNYer

So, so obsessed with "yankee".

Get over it, you cock Whisperer. The South lost.

nyFAGer go fluff some trannies. Southern Pride will not die! Southern man don't need you around.. any how.

[Yssup Rider]

Originally Posted by IIFFOFRDB

nyFAGer go fluff some trannies. Southern Pride will not die! Southern man don't need you around.. any how.

Redneck AND Retard.

That's a really fucked up combination, Slobbrin!

[Karl Hungus]

Sorry Lusty,

You are not passing the "common sense" test on this one. At least 2 major banks imploded under the weight of severely overvalued commercial paper. But for the injection of about a trillion dollars into the banking system and a series of forced mergers, many more would have crashed and burned. The banks created systemic risk and hid behind a so-called third party AAA rating when they knew the securities were not stable. I'm just not buying it that the poor innocent banks are being persecuted after packaging a ridiculous amount of AAA-rated junk debt that blew up.

As for your Madoff defense, I think you might be behind the fact curve. First, Madoff's JPM relationship was substantially more than just one of millions of accounts. I am sure he had teams dedicated to servicing his JPM accounts--so yeah, money laundering controls are part of the business. Whatsmor, in a 3/21 interview, Madoff said “JPMorgan knew it." Once you add the scienter element, I don't think there should be too much confusion about why JPM is in the crosshairs. We are talking about accessory liability and money laundering.

Again, I fail to see why JPM's involvement with these two systemic frauds requires the bank to close porn stars' accounts. Seems like tight compliance on the ticky-tacky shit and asleep at the switch on the billion dollar questions.

[Guest032516]

Originally Posted by IIFFOFRDB

nyFAGer go fluff some trannies. Southern Pride will not die! Southern man don't need you around.. any how.

Speaking of Southern losers....

[I B Hankering]

Originally Posted by ExNYer

So, so obsessed with "yankee".

Get over it, you cock Whisperer. The South lost.

You're the one choking on fresh Dixie air, you dumb-fuck Yankee jackass.

Originally Posted by ExNYer

Speaking of Southern losers....

You're the "Southern loser", you Yankee jackass. You're dumb Yankee ass breathes pure, Dixie air every fucking day, and it makes your miserable Yankee ass choke.

[LexusLover]

Originally Posted by Karl Hungus

Again, I fail to see why JPM's involvement with these two systemic frauds requires the bank to close porn stars' accounts.

Chase's cash deposit policy has no minimum. IMO in an effort to curb criticism the implementation of the policy may require extensive monitoring of accounts involving questioned deposits, particularly if cash, or "unidentified" sources.

There will be businesses that traditionally have a lot of cash flow, along with a lot of credit card activity, such as bars. Those businesses are easily and legitimately recognized in a FIXED location. The risks to Chase of getting "caught" in another "laundering" scheme are too great ... with a destructive level of costs added to the already oppressive obligation imposed on them.

Chase is under no obligation to maintain anyone's account.

[Karl Hungus]

These were two systemic frauds were there was evidence that the bankers "knew" there were improprieties occurring. That is different than requiring banks to proactively monitor ordinary accounts when there is no indication of wrongdoing other than the fact that the account holder works in the sex industry. I have seen no suggestion that the porn stars' accounts showed suspicious activity--just that they were porn stars.

Here, it would seem that the proper time to close the porn star accounts would be when there is a complaint or some suspicion of wrong doing--and even then, it seems like it will be a small-time fraud at most. Maybe there is more to this story, but I suspect that JPM is making up ground by showing strong compliance efforts against what it perceives to be easy low-cost targets just to hide its weak compliance in more profitable sectors (e.g., the London Whale). It stinks of hypocrisy to me.

[LexusLover]

Originally Posted by Karl Hungus

Here, it would seem that the proper time to close the porn star accounts would be when there is a complaint or some suspicion of wrong doing--and even then, it seems like it will be a small-time fraud at most.

I assume you are not looking a substantial Federal prison time with oppressive fines and restitution ending any possibility of "employment" when you finally do get out ... Please review the Federal sentencing guidelines before posting.

Chase's new policies of looking at ALL accounts are out of self-preservation.

The U.S. Attorney's Office really didn't give them much choice.

[IIFFOFRDB]

It's a gun grab, plain and simple...


http://dailycaller.com/2014/05/04/op...raises-alarms/

“Operation Choke Point” Raises Alarms
11:15 AM 05/04/2014


For the last several days, rumors have been circulating about the use of federal financial services regulators to harass and intimidate banks and financial service providers who maintain relationships with legal but so-called “high risk” merchants or businesses. These businesses are said to include, among others, payday lenders, escort services, producers of pornography, gaming interests, and purveyors of drug paraphernalia. By leaning on the banks, so the theory goes, the regulators will cause them to sever relationships with these businesses, thereby choking off their cash flow and forcing them out of the market. While the early phase of the operation has reportedly focused on payday lenders and pornography interests, eventual targets are said to include sellers of firearms and ammunition.

We have been aware of this story for some time. NRA News, for example, originally reported on it last January. Breitbart news also noted in January that Rep. Darrell Issa (R-CA), Chairman of the House Oversight and Government Reform Committee, and Rep. Jim Jordan (R-OH), Chairman of the Economic Growth Subcommittee, sent a letter to Attorney General Eric Holder demanding further information on the program. In a follow up story on NRA News in April, Andrew Langer from the Institute for Liberty reiterated the allegations and reported that the program is expanding. The House Committee on Financial Services additionally held a hearing on April 8 entitled, “Who’s in Your Wallet: Examining How Washington Red Tape Impairs Economic Freedom,” at which concerns over Operation Choke Point were expressed by both sides of the aisle.

In addition to these concerns, NRA is aware of episodes in which banks have severed their relationships with customers in the firearm industry, as well as the policies of various online services – such as Google Shopping, eBay, Craigslist, and PayPal–to refuse to host listings for, or process sales of, firearms or ammunition.

We know as well that various anti-gun groups have taken their cause to the private sector with varying degrees of success. Indeed, as we have reported, this is a niche that is actively being pursued by Michael Bloomberg’s recently-acquired (and ponderously named) anti-gun franchise, Moms Demand Action for Gun Sense in America. In March, NRA successfully defeated a Bloomberg-backed effort to remove firearm-related content from Facebook. Meanwhile, anti-gun mayors have floated plans to use city contracts to impose their gun control wishes, usually with instant pushback from their own police forces. Some public pension plans have also begun divesting themselves of publicly-traded companies related to firearm or ammunition.

Gun control proponents, having achieved only limited success in the legislative arena, have without question sought additional avenues for restrictions through the business community. While all of these developments deserve close attention, we have not substantiated that they are part of an overarching federal conspiracy to suppress lawful commerce in firearms and ammunition, or that the federal government has an official policy of using financial regulators to drive firearm or ammunition companies out of business. This in no way diminishes, however, the real and continuing threats gun owners face from politically unaccountable federal bureaucrats – whose actions we have recently reported on here, here, and here – or the need for consumers to be aware that their own behavior and spending habits can influence decisions businesses make about firearms.

Rest assured, NRA will continue to monitor developments concerning Operation Choke Point and report on any significant activity of concern to gun owners. The Obama administration’s record–which includes the Fast & Furious scandal, a federal firearm registration scheme, and a reversal of U.S. policy leading to the signing an international gun control treaty – certainly provides no reason for confidence. Yet whatever the administration might have in store for the future, the firearm industry for now is experiencing robust sales and growth, a reflection of America’s rejection of the gun ban agenda.



Read more: http://dailycaller.com/2014/05/04/op...#ixzz30s0rmEG2

[Old-T]

That's right IIFFy, everyone knows escorts are the biggest gun dealers around.

[IIFFOFRDB]

Originally Posted by Old-T

That's right IIFFy, everyone knows escorts are the biggest gun dealers around.

Old-Tyrant, I got to give you commie/socialist/marxist fuckers credit. Y'all are a sneaky bunch of sheeples.

[i'va biggen]

[QUOTE=IIFFOFRDB;1055279990]Old-Tyrant, I got to give you commie/socialist/marxist fuckers credit. Y'all are a sneaky bunch of sheeples.[/QUOT



NRA is implementing gun control defeating the distribution and sale of "smart" guns.

[IIFFOFRDB]

[QUOTE=i'va biggen;1055280350]

Originally Posted by IIFFOFRDB

Old-Tyrant, I got to give you commie/socialist/marxist fuckers credit. Y'all are a sneaky bunch of sheeples.[/QUOT



NRA is implementing gun control defeating the distribution and sale of "smart" guns.

Another ur'a bitchboy quote abortion. I think you are saying the "Smart" gun is the way to go? ... could you please explain?