Tales From The Banking Cesspool: Madoff & The Unethical JPMorgan

The upshot here: after buying Bear Stearns in March of '08 (where Madoff had a long trading relationship), JP Morgan (nyse: JPM) execs smelled a rat and pulled all their funds from Madoff accounts.  However, they allegedly failed to tell any of their clients to pull their funds, and these were clients who had invested with Madoff at JPM's recommendation.  Not to mention that they didn't contact the SEC to report their suspicions.  That's disgusting behavior.  Now, several clients are suing.

Cody Willard and the rest of the Happy Hour crew on Fox (4:22).

Click To Scroll Our List Of Recent Stories

Comments

[Gobias Bluth]

After 11 months of federal bailouts and freakouts, Americans have become bone tired of panicky power grabs from Washington. It's the big government, stupid.

http://www.nypost.com/seven/08222009/postopinion/opedcolumnists/the_real_reason_americans_are_angry_185998.htm

Free Speech! Free Gobias!

[James H]

Nice job, "clients." Good luck suing a branch of the U.S. govt, however -- especially one headed by a man the president refers to simply as "Jamie."

Here's a nice piece that tries to connect the dots between health care, budget deficits and TARP. (Apparently someone's been reading The Daily Bail.)

"The Real Reason Americans are Angry"
http://www.nypost.com/seven/08222009/postopinion/opedcolumnists/the_real_reason_americans_are_angry_185998.htm

Nice quote: "Financial industry bailouts, too, have been widely reviled. This past week Michael Moore released the trailer for his upcoming agitprop documentary "Capitalism: A Love Story," and it's filled with outrage at the fact that all us working shlubs are, without being asked for permission, shoveling over our hard-earned cash to a bunch of fat-cat Wall Street execs who made bad bets and lost. "Where's our money?" the fat man asks. For a change, he's right."

Even better: "This isn't about liberal or conservative, Democrat or Republican. A majority oppose Obama's policies because they fly in the face of this country's bedrock values of personal liberty and limited government. Robbing Peter to pay Goldman Sachs does violence to that fundamentally American ethos."

[DailyBail]

Solid article you guys linked. Tells the truth.