The settlement amounts to less than 1 percent of the bank’s 2010 net income of $17.4 billion — or less than what JPMorgan earns in one week.
Magnetar essentially made a $600 million bet that the investments would fail once the deal closed in May 2007, the SEC said. Just one month earlier, JPMorgan had launched a “frantic global sales effort” going beyond its traditional customers to sell mortgage securities, according to the agency’s suit.
The investor lawsuits that are raging all across the United States are pretty simple. The Big Fat Banks were lying and scamming their own customers, the institutional investors who buy their investment products, or as the insiders at the Big Fat Banks called the, “Sacks of Shit”.
I’m not being vulgar, internal emails from employees of the Big Fat Banks referred to the investments as “Sacks of Shit”. Well, the banks needed to fill their sacks with shit and that’s where you the American people came along. Everyone of you are part of the big multi-million dollar deals that they profited on because the banks needed your loans (all the loans now in foreclosure) in order to stuff their sacks full of shit so they could sell the sack to the investor.
Now at the same time they were filling their sacks, they were engaging in the most aggressive of sales campaigns, scouring the globe and pushing as hard as the possibly could to find investors to buy these sacks. But they were also working furiously on the back end making bets that would pay them off when the sacks of shit came apart. And boy did they come apart. When the sacks came apart in 2008, the world economy exploded, but the banks didn’t suffer, No, this is Amerika…..they made extraordinary profits! And because that wasn’t enough, the American people wrote a $750 billion check just to make them all feel safe and warm and fuzzy.
What will it take for the American people to wake up??????