JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

Was just yesterday Foxnews hailed and cheered Jaimie Dimond as a GIANT among Big Bankers a truly remarkable CEO that has built one of the best big banks in the world and hes one of the genius's....Now we find out he screwed up so bad its cost billions plus cost the taxpayers even more since his first bailout...now they are being investigate for crimes...

Yeah Big Banks are my Heros <smirk>


Pretty much everybody in the world with subpoena power has hit JPMorgan Chase with requests for information in the Libor-rigging scandal.
The biggest U.S. bank revealed the extent of its involvement in the probe in a filing Thursday morning with the Securities and Exchange Commission, saying regulators in the U.S., U.K., Canada, Switzerland and more had asked it for information:



That's a whole lot of subpoenas. For the uninitiated, "DOJ, CFTC, SEC" refer to the Justice Department, Commodity Futures Trading Commission and Securities and Exchange Commission. "Libor" stands for "London Interbank Offered Rate," a short-term interest rate that affects borrowing costs for homeowners, companies and borrowers throughout the world, along with about $350 trillion in credit derivatives. Despite its importance, the rate has apparently been manipulated constantly for years, in what may be the biggest financial scandal of all time.
JPMorgan -- which said it was cooperating with the investigations -- has also received requests for information about its involvement in setting Euribor and Tibor, the European and Japanese versions of Libor, respectively.



JPMorgan Chase Libor Subpoenas Coming From Everybody In The World

With this, I believe that Occupy Wall Street hits home. We need more enforcement against these crooked bankers. No more white collar jails. Send them straight to the general prison population. As we speak, bankers are allowed to maintain a false portfolio value for the underwater mortgages that they are holding. Some States are complicit because if they allow the mortgages to sink to real value, their property tax collections will be impacted. Same old story. The little round brown balls roll downhill and land on the poor taxpaying public, not Jamie Diamonds ilk.