I Expect that Nothing Will Come of This 0
The New York-based bank said in a regulatory filing that it is responding to investigations by the civil and criminal divisions of the U.S. Attorney’s office for the Eastern District of California. In May, the civil division informed JPMorgan that it had “preliminarily concluded” that the bank had violated federal securities laws in connection with certain mortgage-backed investments it sold from 2005 to 2007.
The banksters were selling bags of air, er, derivatives in a colossal Ponzi scheme fueled by the myth that “Flip this house; real estate prices will never go down, because God ain’t makin’ no more land.”
God may not be makin’ no more land, but real estate prices went down-derry-down in the murky gloom when the wheels came off the Ponzi sedan.
But nothing will come of this, because free markets and three-piece suits.
