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Thread: JPMorgan Reaches Tentative $13 Billion Settlement With Justice Department: WSJ

  1. #11
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    Re: JPMorgan Reaches Tentative $13 Billion Settlement With Justice Department: WSJ

    Quote Originally Posted by Imnukingfutz View Post
    It still gets me tho...the government in bed with the big banks to make money then fines the big banks for their part in making the money while the government walks away with an even larger portion of that same money. And the low information voter looks at this situation and praises government "for doing something" about out of control banks and their obscene profits...its nothing more than a friggin joke.
    Hardly seems logical, does it? But look at what is happening today with the hearing on Obamacare. The contractors and subcontractors are being grilled about why it doesn't work. They are all claiming that their individual parts worked fine. It's all a show of course, expect Obama and friends to make a big deal out of the companies having to fix it at their own expense or to give back some of the money. This is to create an "us and them" relationship in order to make the government seem like the victim. Keep in mind that this was a project that cost over $600 million, far above what it should actually cost to build a site capable of what it was supposed to do.

    A few years back a few friends and I hatched an idea to build a peer to peer lending site similar to Prosper.com . Back then Prosper was still actually peer to peer, and the concept was relatively new. The SEC didn't have any rules in place for this type of business. It was nation wide with millions of investors and borrowers. Since that time the climate has changed and they have partnered with a bank to get around individual state taxes and regulations that have been applied to them. Anyway, we came up with a variation of what they do, and the plan was sound. My idea was to launch it and get it going, and within 2 to 3 years sell it as an operating network.

    I had 3 partners in this venture. One is a corporate bull****ter, AKA consultant who would be responsible for launching and PR. Another was an accountant who's business would be expanded to handle the processing, The third was Citymind Group LLC, a web design company. Look these guys up, they are very good at what they do. They developed the tracking software for UPS along with several NASA and military applications. We were going to need a site that could handle nation wide traffic with enough security to safegaurd people's bank and personal information and form data that would consolidate the information and present it to accounting for processing in the simplest was possible. The time estimate to build the code and test it was 6-8 months and the total cost was estimated at $1.2 million. Think about that. So far the Obamacare web site and it's peripherals have cost us 50 times that, they have had 3 years to do it, and it doesn't work. There is certainly enough padding in there for the companies to take a hit publicly, and I fully expect the companies to be out of business in a couple of years with the executives walking away with huge retirement packages. That's how this works. Think Solyndra. What we are seeing is money laundering for the Democrat party with no expectations of positive results. This is nothing but a show for the public, a step toward single payer, and a still successful strategy by the Obama administration to walk away from all of the problems it causes without taking any responsibility for any of it. Just how much did CGI give to the Obama campaign? How much more will the party get?

    BTW in the end the reason we didn't get off the ground was that one of the partners at Citymind and I disagreed about the end game of the business. He did not see how our model was so much different than what anybody else was doing to make it exceptionally unique, and there was no way to protect our process from being copied, and he was right. My perspective was that the amount of research it took to understand and build such a business was daunting enough to prevent many others from doing it (I designed it and did most of the research which took several months and tons of research) and that in the end it did not matter as we would have been only the third company to use this structure, and my intent was to sell it anyway. By the time we finally came to the conclusion that we needed a different web design company and found a couple of candidates the window was closing as the SEC was actively going after Prosper wanting a piece of their pie. Prosper is still operating, and while they no longer list how much business they have done on their home page it was upwards of $500,000 at the time, just 2 years after their launch.
    Last edited by tech30528; 10-24-13 at 02:29 PM.

  2. #12
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    Re: JPMorgan Reaches Tentative $13 Billion Settlement With Justice Department: WSJ

    Tech, you have an excellent grasp of exactly what and how it all went down, AND, how the game is still being played. I have been beating this drum for years, even before the housing crisis, just like the drum that the total GDP of the entire world is something to the tune of $47T annually, yet the total estimated world debt is 787T. Money is perceived value, NOT actual value, and anyone with a smidgen of common sense can see how it will all go down eventually. There's nowhere near that amount of Gold and rare or precious items to cover the amount of money in world GDP. I ask, how much value does your dollar really have? The game was reset with the appropriate level of government blame on Wall St., but it wasn't all WS to blame, and they're all in on it again, right under our very noses, and laughing over brandy, and Cubans.


    Tim-
    “When buying and selling are controlled by legislation, the first things to be bought and sold are legislators.” - P. J. O’Rourke
    “Socialism is great until you run out of someone elses money” Margaret Thatcher

  3. #13
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    Re: JPMorgan Reaches Tentative $13 Billion Settlement With Justice Department: WSJ

    Quote Originally Posted by Hicup View Post
    Tech, you have an excellent grasp of exactly what and how it all went down, AND, how the game is still being played. I have been beating this drum for years, even before the housing crisis, just like the drum that the total GDP of the entire world is something to the tune of $47T annually, yet the total estimated world debt is 787T. Money is perceived value, NOT actual value, and anyone with a smidgen of common sense can see how it will all go down eventually. There's nowhere near that amount of Gold and rare or precious items to cover the amount of money in world GDP. I ask, how much value does your dollar really have? The game was reset with the appropriate level of government blame on Wall St., but it wasn't all WS to blame, and they're all in on it again, right under our very noses, and laughing over brandy, and Cubans.


    Tim-
    Well I kind of got a crash course on it a few times. The first was when Enron went down and my parents lost a third of their retirement, as did the Florida teacher's union. The government stepped in and covered the union, but not my parents. that got me looking at things differently.

    The next was my foreclosure. Now, to be honest mine was not as undeserved as many were. We were behind on ours because of starting a new business at the time the economy was taking a dive (never saw that coming, certainly would not have picked that time to start a new business) and we had to make a decision as to whether we would give up the house and me get a regular job (my wife was in school at the time) or keep pursuing the business. We determined that a house is just a wooden box you put your stuff in and there were lots of them, and it made more sense to let the house go and keep the business. Thing is we worked out a deal with WaMu and made good on it (as did they) and then watched as Chase fast tracked the foreclosure on a mortgage that had only steps to go before it was fixed. After that there was the research involved in firing up the lending business and learning the ins and outs of federal and state regulation involved to make it happen. So I have a pretty good window on how this stuff works. So I came by it honestly having been directly and indirectly affected by it all.

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