The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare


The Ready For Warren facebook page highlights this Rolling Stone article The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare.

And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. “I could be sued into bankruptcy,” she says. “I could lose my license to practice law. I could lose everything. But if we don’t start speaking up, then this really is all we’re going to get: the biggest financial cover-up in history.”
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Because after all this activity, all these court actions, all these penalties (both real and abortive), even after a fair amount of noise in the press, the target companies remain more ascendant than ever. The people who stole all those billions are still in place. And the bank is more untouchable than ever – former Debevoise & Plimpton hotshots Mary Jo White and Andrew Ceresny, who represented Chase for some of this case, have since been named to the two top jobs at the SEC. As for the bank itself, its stock price has gone up since the settlement and flirts weekly with five-year highs. They may lose the odd battle, but the markets clearly believe the banks won the war. Truth is one thing, and if the right people fight hard enough, you might get to hear it from time to time. But justice is different, and still far enough away.

So the Democrats are wondering why there was no enthusiasm for Democrats in the recent election.  Even if most people have no inkling of the details in the above article, at least 90% of the people know that things are not as  rosy as the Democrats pretended they were.  If the Democratic administration cannot perform any better than it has with respect to the massive transfer of wealth upwards, then why bother?  Elizabeth Warren is the only plausible answer to why bother.

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