Cost of Doing “Business”: Media Reports Vanish as Settlement Figures Total Hundreds of Billions of Dollars

If the investment banks are stopped at some point, they will scream because someone took their favorite toy away — not because they lost any money. Quite the contrary — with the trillions they have stashed all over the world it will be decades before they ever run out of cash.

JPMorgan, Four Whistleblowers Resolve Foreclosure Fraud Suit

The article is on Bloomberg published April 13, 2021. Then it vanished and there have been no further reports about it.

This is completely congruent with my experience. In many cases, there have been settlements with JPMorgan in lieu of Deutsch Bank or Deistach National Trust Company. Sometimes a report surfaces only tog et quickly buried. Sometimes even the case file i “expunged” from the court record. In all cases, the whistleblowers or homeowners execute what claims to be a finding nondisclosure agreement.

So when homeowners and prospective foreclosure defense lawyers look for any history of winning against the big 5 they find nothing. But so far as I can tell, using the back of a napkin, the settlements on fraudulent foreclosures have totaled more than $650 Billion. In many cases the settlement involved Federal and state agencies alleging fraud, fabricating false documentation, forgery and robosigning.

And yet in court, the basic rule of evidence is entirely ignored or overlooked — the credibility of the person who is giving the evidence. Most U.S. jurisdictions allow legal presumption to arise from what appear to be facially valid documents. Closer examination of those documents often reveals defects, so they’re not facially valid. But even if they were facially valid, the acceptance of such documents into evidence without corroborating evidence that sets the foundation for admission is, in my opinion, legal malpractice.

All of those documents are being preferred by parties who have tacitly or expressly admitted that they regularly fabricate and lie about such documents.

At some point in history, there will be a general reckoning and acceptance of the fact that Bernie Madoff did not pull off the greatest economic crime in human history. His distinction is that he got caught. His total crime was around $60 billion most of which was returned to investors. And now he is dead. But the major securities brokerage firms calling themselves “investment bankers” took at least $60 trillion only part of which went back into the system.

If the investment banks are stopped at some point, they will scream because someone took their favorite toy away — not because they lost any money. Quite the contrary — with the trillions they have stashed all over the world it will be decades before they ever run out of cash.

3 Responses

  1. I am wondering which is Big Banks favorite toy is?

    1. Involuntary Servitude from millions of modern slaves who think they are homeowners who repay debt? Mortgages are not evidence of loans, they are concealed contracts for financial services.

    2. Thievery of all money, including down payments, escrow payments, and so-called “mortgages payments” as tax free revenue and pensions?

    3. Robbery in the Court to steal about 20 million homes from slaves who unknowingly performed financial services?

    4. Ability to commit any crime without any consequences?

    5. Tax evasion at enormous scale?

    And laugh at us, like thief Jamie Dimon who asked why Americans don’t have enough money on their accounts and suggested them to stop buying a cup of coffee at Starbucks?

  2. I found below — have to subscribe to Bloomberg so cannot get full article (not going to subscribe to Bloomberg). Apparently, case involved foreclosure prevention programs. I think focus for those who win is exactly that. But foreclosure prevention does NOT resolve the fraud. It forces one to accept it.

    JPMorgan, Four Whistleblowers Resolve Foreclosure Fraud Suit
    April 13, 2021, 8:57 AM

    Parties seek dismissal of FCA suit following settlement
    Failure to comply with foreclosure prevention program alleged
    JPMorgan Chase Bank NA, four whistleblowers, and federal prosecutors reached a settlement to resolve claims the company violated the False Claims Act while participating in a federal housing foreclosure prevention program, according to a filing with a Texas federal court.

    The parties filed a joint stipulation of dismissal Monday with the U.S. District Court for the Eastern District of Texas.

    The federal government informed the parties that it consents to the dismissal of this action, the parties said.

    The details of the settlement haven’t been made public.

    Representatives for the parties didn’t immediately respond to requests for comment.

    The…

    To read the full article log in.

  3. Obtaining prominent counsel for the little guy is a big problem that has gotten much worse. Being unable to read this article is not good.

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