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| User Info | JP Morgan And Alabama Swaps in forum [Ticker] | |||
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Genesis Posts: 71359 Incept: 2007-06-26 
KD^2 
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http://market-ticker.org/archives/1578-J....
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-11-04 13:26:51
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Phirang Posts: 8822 Incept: 2008-10-25 
bar khoba's revenge
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I first thought it said, "swamps"... would've been very apropos!
---------- The Treasury can issue debt on your behalf because the State can and will stomp the wealth out of you and your family.
2009-11-04 13:28:22
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Tesla Posts: 8174 Incept: 2008-04-03 
Delaware
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Municipal finance managers need to stick with what they understand.
---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-11-04 13:30:28
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Kab Posts: 625 Incept: 2009-04-02 Colorado
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They are Tesla: bribes.
2009-11-04 13:39:24
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Jstanley01 Posts: 2563 Incept: 2008-07-30
San Antonio, Texas
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Excuse me, but where the **** is the FBI? You mean to tell me that LeCroy, MacFaddin and the commissioners involved aren't legally culpable for making and receiving bribes? I guess like 007 has a license to kill, the pigmen have a license to gang ****. ---------- ...so in short, my fellow Texans, we must secede. "For the children..." --Me
2009-11-04 13:43:54
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Tesla Posts: 8174 Incept: 2008-04-03
Delaware
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 that's what I meant. They weren't even good at that - a measly 8 mil in return for a 120 mil payoff ?
---------- "Neither the wisest Constitution nor the wisest laws will secure the liberty and happiness of a people whose manners are universally corrupt." Samuel Adams I'd rather die on my feet than live on my knees. - Emiliano Zapata
2009-11-04 13:44:41
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Throxxofvron Posts: 2672 Incept: 2009-02-17
The Land of Bilk & Money
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The Municipalities should tell the Banks "GO **** YOURSELF; WE AREN'T PAYING FOR THESE SWAPS" just as China did. What happened to China when It said '**** Off.' ? -NOTHING. The Chinese Swaps are UNPAID; end of story. ---------- DIONYSUS: " Thou hast no knowledge of the life thou art leading; thy very existence is now a mystery to thee. " -from 'The Bacchantes' By Euripides “During times of universal deceit, telling the truth becomes a revolutionary act.” -George Orwell Last modified:
2009-11-04 13:49:21 by throxxofvron
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Widgeon Posts: 6521 Incept: 2007-08-30
OK
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Yep ... Terminate Their Charters Immediately ... KAPOW.
2009-11-04 13:50:42
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Phirang Posts: 8822 Incept: 2008-10-25
bar khoba's revenge
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I recall Jesse "the body" saying, "You can't legislate against stupidity." ---------- The Treasury can issue debt on your behalf because the State can and will stomp the wealth out of you and your family.
2009-11-04 13:51:14
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Rutben Posts: 899 Incept: 2007-07-27
Phoenix, AZ Online
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The biggest tragedy is that Jefferson County is represented by Spencer Bacchus, Co-Chair of the House Financial Services Committee and his Chief of Staff Larry Lavender who is conversant in derivatives. Not a public peep from either as far as I know. If these two aren't outraged and don't do something about this, then taxpayer lethargy to date is understandable. Perhaps the first sign of "discontent" will be a homicide. We will just skip all the preliminaries.
2009-11-04 13:52:39
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Raingod Posts: 1067 Incept: 2008-08-29
Tastes Like Chicken
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500% above market, not 600%.
---------- I have even intermittenter access than I did over the summer. No idea when I can check in.
2009-11-04 14:08:40
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Genesis Posts: 71359 Incept: 2007-06-26
KD^2
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Clarified - 600% OF market price.
---------- "The monetary base in ALL modern monetary systems is the sum of unencumbered assets against which one is both WILLING AND ABLE to borrow." - Me
2009-11-04 14:09:52
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Sondog Posts: 58 Incept: 2009-05-18
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Wow... Karl I don't know how you can blog this stuff day in and day out and keep your sanity. The moral decay is just incredible. These guys would have done a better service to their people to just pay the going rate and give themselves an $8 million raise.
2009-11-04 14:14:30
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Montysano Posts: 18 Incept: 2009-02-23
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Quote:The SEC alleged that JPMorgan, Charles LeCroy, the banker who pitched the refinancing to Jefferson County, and Douglas MacFaddin, the former head of the New York-based bank’s municipal derivatives desk, made more than $8 million in undisclosed payments to close friends of county commissioners. One of those "close friends" was Larry Langford, then a county commissioner who later became mayor of Birmingham. William Blount, an investment banker, pocketed $7M in the swaps deal, paid bribes to Langford, then pleaded guilty and turned state's evidence against Langford. Langford was recently convicted of 60 counts of fraud and accepting bribes, and faces 100s of years of prison time. Blount was convicted of 1 count and faces 10 years. Meanwhile, Jefferson County, Alabama is still broke.
2009-11-04 14:15:24
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Reddweb Posts: 381 Incept: 2008-01-20
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yep, i cant imagine how karl stays sane day-in-day-out reading/writing all this fraud. It just boils the blood just reading. Kind of like slavery, modern version. U see the fraud/****, but cant do anything - the masses dont-know or just simply accept-it. what do u do? complain to police/FED/SEC ? They dont have a clue what a "derivative" is. Bring it up with your congressmen/senator? they were brainwashed or already-paid. Atleast the last loan-crisis in 90s, some people went to jail. The 2008 crash came and cost 1000s Billions, nobody was held accountable/jailed. They were actually bailed out. Where is the accountability.
2009-11-04 14:30:44
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Steelhead23 Posts: 387 Incept: 2008-09-09 Portland OR
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Monty - Thanks for the details. God, I hope this gets around to local units of government around the country. Give a sweetheart deal in exchange for kickbacks and your ass, not the banker's, goes to jail. My resume includes some time working for another Jefferson County, this one in Colorado where I witnessed a stunning amount of self-dealing and kickback cronyism. I suspect that outcomes like the one you have detailed would bring just a tad more honesty to local units of government. But there remains a huge nest of ****roaches to be swept out.
---------- short em all - let God sort em out!
2009-11-04 14:37:05
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Jinroh Posts: 646 Incept: 2009-05-05 Room 101 Online
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There have got to be dozens,or more cases like this,where politicos accepted bribes,above and beyond the typical 'campaign contributions'. And yeah,where the hell is the FBI !?? Why has the FBI's white collar crime devision,been intentionally gutted ? And continues to stay that way under Obama ? The only thing one can glean from this state of affairs,is that TPTB want it this way. William K Black is right,its a huge cover up,and a very intentional one. They don't want to know the truth. ---------- Constitution Class taught by Michael Badnarik : http://www.archive.org/details/Michael_Badnarik I say we take off and nuke the entire site from orbit. It's the only way to be sure.
2009-11-04 14:39:14
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Rutben Posts: 899 Incept: 2007-07-27
Phoenix, AZ Online
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Black testified to the HFSC last week that FBI personnel investigating current fraud are one fifth the number investigating S&L fraud in 1989-1991.
2009-11-04 14:44:50
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Thumpher Posts: 20 Incept: 2009-06-04 Gainesville, Fl
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Rutben:Quote:Perhaps the first sign of "discontent" will be a homicide. People are just beginning to wake up. Soon they will get angry. And as things slip further away they will get desperate. I believe when there are enough wide awake, angry, desperate people, we will start to see homicides.
2009-11-04 15:05:23
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Phirang Posts: 8822 Incept: 2008-10-25
bar khoba's revenge
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Quote:
I just hope we see the RIGHT ones... ---------- The Treasury can issue debt on your behalf because the State can and will stomp the wealth out of you and your family.
2009-11-04 15:07:06
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Curbyourrisk Posts: 1888 Incept: 2008-08-19 Long Island, New York
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If they don't jail the bankers, release them into the custody of the people from the town they just ass ****d.
---------- Hopium: hope filled delirium preached by the White House and Swallowed whole by the American Sheeple. Why is Franklin Raines a free man? "We saved the world from disaster" - Ben Bernanke - Jackson Hole 08/21/2009 
2009-11-04 15:11:13
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Mtdm Posts: 106 Incept: 2009-07-23
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"Why has the FBI's white collar crime devision,been intentionally gutted?" Because fighting the "war on terror" or pursuing spammers or paedophiles is considered sexier.
2009-11-04 15:22:01
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Ruffcut Posts: 2181 Incept: 2007-07-07 Mushagain Online
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"bailiff, wack his pee pee." The fbi can't fight an organized crime organization of this size. If you can't beat em, join em. ---------- Support locally, and **** off globally!
2009-11-04 16:40:39
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Lugnut Posts: 187 Incept: 2008-09-24
New Jersey
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More outrageous than the crime itself is the fact that no one from JPM is going to jail. By collecting a $760MM 'fine' the governement is essentially taking a part of the county's money in exchange for not truly busting them. Its merely a different form of taxation. Its no different than a cop on the take who occasionally shakes down a drug dealer throws him up against the wall, takes the eightball of blow out of his pocket and the roll of 20s, put them in his own pocket and says 'Go on, get out of here ya punk....see you next week'.
2009-11-04 16:48:50
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Analyzer Posts: 2240 Incept: 2007-08-22
Paradise
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Quote:
That's major problem. Makes it a small cost of doing business. What happened to treble penalties? Let's assume the regulators did commence applying negative financial penalties. Would that make it "too high" a cost of doing business? Consider that the penalty only applies to instances that are found, but no other stones are turned over.. and thus no additional penalties. I speculate it is likely they repeated the same offense at least 100 additional times. Considering only one instance results in a penalty, even if trebled, it would not be a deterrent to JPM (GS, Merrill, BAC, C etc) as the practice would still be lucrative, and require no admission of wrong doing, and no indictments, but only hefty profits. Any indictments in this specific case would likely be of politiciancs but not ANY members of the investment bank that initiated the bribery and excessive commissions. ---------- =========================================================== " October is one of the peculiarly dangerous months to speculate in stocks. The others are July, January, September, April, November, May, March, June, December, August and February." Mark Twain (1835-1910)
2009-11-04 19:29:19
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