Forum Post: BLOOMBERG: JPMorgan Swaps Occupying Cassino Prove Curse Like World War II Destruction /// Three Suspicious Involvements JPMorgan Has Had With The MFGlobal Case So Far
Posted 12 years ago on Nov. 9, 2011, 7:14 a.m. EST by MonetizingDiscontent
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Bloomberg: JPMorgan Swaps Occupying Cassino Prove Curse Like World War II Destruction
By Elisa Martinuzzi and Vernon Silver -Dec 27, 2011-
World War II’s Battle for Cassino leveled the Italian town and its hilltop abbey. Now, the 33,000 residents are digging out from the rubble left by Wall Street.
Six decades after U.S.-led forces ousted the Nazis from Cassino, a new generation is grappling with the fallout from the debts of postwar rebuilding -- borrowings that grew because of a derivative that backfired. Soaring costs forced Cassino, 80 miles southeast of Rome, to settle an interest-rate swap with JPMorgan Chase & Co. (JPM: http://www.bloomberg.com/quote/JPM:US ) in 2009, leaving the town unable to pay for daycare for 60 infants and services for the poor.
For Iris Volante, who chairs Cassino’s assembly finance committee, the bankers who share responsibility for peddling the derivatives should pay with their jobs. She, like Occupy Wall Street protesters around the world, is demanding an overhaul of the financial system to stop history from repeating itself.
“Heads rolling is the least we would expect,” Volante, a 57-year-old gynecologist who also has worked for the city for more than a decade, said in an interview in a Cassino cafe earlier this month. “When people’s attitude is to cheat others, new rules are needed to prevent it happening again.”
Cassino, whose government office overlooks a U.S. tank and other war relics in the town’s central square, plans to cut funding for its daycare center and may ask families to pay several hundred euros a month per child after running out of other cost-cutting measures, said Volante. The town already has reduced staff to about 250 employees from about 450 by not replacing those who left or retired, she said.
Milan Trial
While the New York-based bank led by Chief Executive Officer Jamie Dimon... http://topics.bloomberg.com/jamie-dimon/ ...has no retail branches in Italy, it didn’t hesitate to sell complex swaps to municipalities over the past decade. In Milan, JPMorgan and its employees are on trial, along with Frankfurt-based Deutsche Bank AG (DBK)... http://topics.bloomberg.com/jamie-dimon/ ...Germany’s Depfa Bank Plc and Switzerland’s... http://topics.bloomberg.com/switzerland/ ...UBS AG for allegedly tricking the city into buying the contracts in 2005. The banks deny any wrongdoing....
(((Continue Reading this article Here))) http://www.bloomberg.com/news/2011-12-27/jpmorgan-s-swaps-occupying-cassino-prove-curse-like-world-war-ii.html
Three Suspicious Involvements -JPMorgan- Has Had With The -MFGlobal- Case So Far
-December 22, 2011-
Commodity Customer Coalition founder James Koutoulas is requesting that MF Global bankruptcy Judge Martin Glenn investigate three potential legal issues that are said to have occurred in transferring of MF Global assets.
The key issues include the fact that JP Morgan was able to purchase MF Global bonds at a discount without any open bidding process and the assets were apparently sold without disclosure to or approval from the U.S. bankruptcy court or trustees.
The third issue centers on JP Morgan seeking special favors from the Federal Reserve to receive priority treatment over investor segregated fund accounts.
Barnhardt: MF Bankruptcy Illegally Filed As "Securities Firm" To Give JP-Morgan Priority Status (Over Customers)
(((Watch Here))) http://ml-implode.com/staticnews/2011-12-22_BarnhardtMFBankruptcyIllegallyFiledAsSecuritiesFirmToGiveJPMorga.html
-Dec 21, 2011-
JPMorgan may have missing MF Global funds
http://www.cbsnews.com/8301-505123_162-57346154/jpmorgan-may-have-missing-mf-global-funds/
-December 21 2011-
Who Gave Permission To A Bankrupt MF Global To Sell Italian Bonds To JPM At A 5% Discount To Market Value?
-12/13/2011-
...Did MF Global believe that the same exemption from the law that it apparently thought was applicable to its pre-petition, was also valid under bankruptcy?
Because if the firm did not get prior-permission form a bankruptcy judge to liquidate these assets, this is an act far worse than commingling and even the firesale of Lehman's US Brokerage to Barclays for pennies on the dollar - this is flaunting bankruptcy law front and center....
JP Morgan leverages their balance sheet beyond Enron levels
http://maxkeiser.com/2011/11/22/jp-morgan-leverages-their-balance-sheet-beyond-enron-levels/
November 22, 2011
JP Morgan to buy MF Global’s London Metals Exchange stake
http://www.reuters.com/article/2011/11/22/us-jpmorgan-lme-idUSTRE7AL1AJ20111122
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