JPMorgan bank sued for fraud


Dear Kitty. Some blog

This video from the USA is called Madoff Trustee Sues JPMorgan, Claims Bank Aided Fraud.

From the BBC:

2 October 2012 Last updated at 09:40 GMT

JPMorgan sued over Bear Stearns mortgage securities

Attorney General wants JPMorgan to pay damages

The New York Attorney General has sued JP Morgan Chase for allegedly defrauding investors who lost more than $20bn (£12bn) on mortgage-backed securities sold by Bear Stearns.

JP Morgan bought the investment bank Bear Stearns in March 2008. …

This is the first action to come out of a working group created by US President Barack Obama looking into the causes of the 2008 financial crash. …

The BBC’s business editor Robert Peston said there were some “jaw-dropping elements” exposed in the suit.

He said it disclosed “a manic and frenzied culture of procuring and packaging as many mortgages as humanly possible, to maintain the bonds spewing…

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