CREDO Action Urges Signing Eric Holder Petition For DOJ To File Criminal Charges Against JP Morgan And Send Wall Street Crooks To Prison For "Outright Fraud" Selling Inflated Securities Backed By Failing Mortgages

• Becky Bond, CREDO Action
 
• Dec 2 at 8:44 AM

To Ninth Amendment Readers

        Monday, 8 December 2014, NEW YORK, NEW YORK - JPMorgan Chase "the Bank" allegedly has for nearly a decade escaped and bought its way out of criminal charges for egregious "outright fraud" personally observed by Cornell Law School graduate Alayne Fleishmann who has provided a detailed account to regulators and government lawyers for which she would be a willing testifying witness were the Department of Justice nearly as courageous as she enough so to bring well-deserved criminal charges against the Bank for knowingly vastly overstating the value of failing and defaulted mortgages so as to seriously ramp up their stated value in order to fraudulently sell securities with grossly inflated credit ratings neglecting to disclose known risks to Bank customers while all along using its "diligence team" diligently to cover up that the Bank was doing so in a seemingly common criminal fraudulent practice most frequently used even by "highly regarded" investment banks and firms presumably simply because they are able to do so relying on their long past earned "good names" and associated haughty "how dare you question us" attitudes to bamboozle and frequently bankrupt even loyal longtime clients less likely to scrutinize their practices based of the mistaken impression that their reputations are maintained by some higher standard of honesty and decency when that in fact could not be farther from the truth. 

       If interested readers ever have a few years to spare reading search results try a few internet search engines on particularly Charlotte, North Carolina based Bank of America coupled with terms such as bank, credit card, mortgage and securities fraud, settlement, guilty, no contest, penalty, overcharge, misstate, lie, deceive, racketeering, Department of Justice (DOJ), enforce, civil, criminal, illegal, unlawful, plea, admit, enforcement action, avoid trial, Parmalat bankruptcy, fraudulent and non-existing accounts and branches, self-regulation, Rick Perry, Texas Enterprise Fund (TEF), Greg Abbott, prosecutorial discretion, bribes, donations, contributions expanding searches after the first months of reading getting boring about the same practices with just the names and dates changed to surely discovered related terms and new concepts such as executive compensation, whistleblower treatment, employment practices, employee contributions, customer satisfaction, rates of return, etc.

       In any case not to digress unduly from the allegedly criminal Bank at hand JP Morgan Chase as related below has so far escaped criminal charges through the hard work of its "diligence team" of preventing the creation of lasting communications evidence of wrongdoing and diligently preventing duped investors from discovering the truth while later making remarkably well-timed offers including one to DOJ especially just in time to prevent a federal criminal filing by paying a "no admission of guilt" greatly reduced settlement per usual which according to CREDO furthermore was never fully paid and what was paid by the Bank conveniently was permitted to be used as a tax write-off although not so far as the Ninth Amendment knows as a  "charitable contribution" perhaps to all those bankrupted by misguided investments based on knowingly bad advice from the Bank.
       Through all this either cooperation or collusion with DOJ depending on how one characterizes it so far avoiding the filing of criminal charges of the basis of an apparently fully credible well-credentialed Bank "whistleblower" (a loaded term we especially disfavor and discourage as somehow playing into the theme favored most often by accused wrongdoers it seems with the subtext of describing some kind of traitor rather than a victim of those who would illegally retaliate and cause as much damage as possible given their degree of willingness further to break the law) who apparently has long endured all kinds of available threats and actions to shut her up and gag her for violating a "non-disclosure agreement" which by any stretch of the imagination should never be allowed to use the force of any kind of lawful retaliation for reporting allegedly bad acts that rise to the level of a serious felonious criminal violation.

        Finally although the CREDO action call for a petition to U.S. Attorney General immediately to bring criminal charges appears to be well-documented and annotated but for a typo the Ninth Amendment points out that those references provided rely on a recent Rolling Stone magazine article. Although we would dismiss any recent controversy about that magazine's apparently just retracted article concerning a specific incident at the University of Virginia as an isolated incident for a magazine which has come to establish itself as a reputable source of professional journalism we believe the authorities cited by CREDO action most likely appear to be to a website name marred by the error of probably one mistakenly referring to the rock band of nearly the same name rather than to the name of the magazine. 

                                             

Tell Attorney General Eric Holder: No more excuses. Time for criminal charges against JPMorgan Chase Petition to Attorney General Eric Holder: "Alayne Fleischmann’s whistleblower account paints a clear picture of outright fraud at JPMorgan Chase. The Justice Department must immediately announce criminal charges against JP Morgan Chase." Add your name: Dear Martin, Rolling Stone magazine recently published a breathtaking account of a whistleblower who personally witnessed fraud at JPMorgan Chase and was willing to testify – even as the Justice Department claimed it lacked the smoking guns to prosecute big banks.1 For eight years, Alayne Fleischmann has told her story to regulators and government lawyers, only to watch as the Department of Justice settled with JPMorgan Chase out of court, with no admission of guilt, and a much lighter penalty than was initially announced to the public.2 Now, despite a confidentiality agreement covering her time at the bank, she decided to speak out. For years, federal prosecutors have told the public that they lacked the clear evidence to bring criminal charges against big banks for mortgage security fraud. But if Fleischmann’s account is true, the Justice Department had the evidence but simply chose to ignore it, and instead helped JPMorgan Chase avoid accountability for its crimes. Tell Attorney General Eric Holder: No more excuses. Time for criminal charges. Click here to sign the petition. At one point, Fleischmann says, the U.S. Attorney General’s Sacramento Office was on the verge of announcing criminal charges based on her testimony. But according to Rolling Stone and other press accounts, the press conference announcing the prosecution was canceled after JPMorgan Chase Chief Jamie Dimon called Tony West, the third-ranking official in the Justice Department, and offered to settle out of court. The attorney general touted the resulting $13 billion settlement as a major victory, even though the bank paid less than $9 billion, was able to write off the penalty on its taxes, and was able to keep its criminal wrongdoing from the public. A former securities lawyer who worked as a diligence manager evaluating mortgage securities, Fleischmann personally witnessed wrongdoing and even attempted to notify her superiors. The Rolling Stone piece recounts how: Her bosses in the diligence team insisted on a “no email” rule to avoid a paper record, which one former federal prosecutor says shows "these people knew what they were doing and were trying not to get caught." Almost 40% of one pool of mortgages were found to be based on overstated incomes or had already defaulted; her bosses pressured diligence workers to revise the number downward to under 10% and gave the resulting security a misleading credit rating. Fleischmann told her boss that the bank couldn’t sell a security based on those mortgages without telling customers of its content, even if it meant no one would buy it, because to do otherwise would be fraud. She submitted a memo detailing all of these charges to her superiors, expecting the written record to force an end to the practice. Fleischmann can today point out “exactly how her bosses at JPMorgan Chase committed financial fraud: It’s right there in the documents.” JPMorgan Chase’s lawyers worked for years to keep Fleischmann quiet. Now we know why. Tell Attorney General Eric Holder: No more excuses. Time for criminal charges. Click here to sign the petition. Fleischmann’s story is actually far worse for the Justice Department than it is for JPMorgan Chase. Most observers already knew the general outlines of how mortgage originators and big banks conspired to fake documentation and then sell off bad loans to unwitting investors. In case after case, regulators and the Justice Department settled out of court and pursued specific instances of wrong-doing instead of widespread fraud. The excuse has always been that the government lacked the legal firepower and evidence to go big. It is not clear whether regulators and the Justice Department believed a settlement was better than the risk of losing a trial, or were helping powerful institutions cover-up their crimes. But it is now plain to see that the problem was not a lack of credible witnesses. In Fleischmann, the government had a graduate of Cornell Law School who would help them press charges – and simply chose not to. This past summer, a new set of investigators approached Fleischmann and appear to have restarted the criminal case against JPMorgan Chase. She would not comment on that investigation. But if one thing is clear from the last few years, it’s that investigations like this tend to die before charges are filed. This time – with all the facts that are now public – we cannot let that happen. Click the link below to sign the petition to Attorney General Holder to file criminal charges against JP Morgan Chase: http://act.credoaction.com/sign/Holder_Justice_Chase?t=6&akid=12334.5397176.iFgSqA. Alayne Fleischmann could face legal, financial, and career repercussions for sharing her story. It’s up to us to make sure it isn’t in vain. Thank you for helping demand accountability for Wall Street’s crimes. Becky Bond, Political Director CREDO Action from Working Assets Add your name: Matt Taibbi, "The $9 Billion Witness: Meet JPMorgan Chase's Worst Nightmare," RollingStones.com, November 6, 2014. Ibid. Ibid. Share on Facebook Post to your wall Tweet this Post to Twitter © 2014 CREDO. All rights reserved Copyright 2014 by Martin P. All World RIghts Expressly Reserved (no claim to CREDO action content)