Tag: JP Morgan Chase

Just How Much of Big Bank Fines Are Actually Paid and Who Profits?

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Respectfully submitted by Lawrence E. Rafferty (rafflaw)- Weekend Contributor

It should not surprise any of the regular visitors to this blog that I have written many articles detailing the abuses of many of the Big Banks and the resulting fines that they have paid on multiple occasions.  When a taxpayer reads about Billion dollar settlements being paid by Banks and financial companies as a result of a Justice Department investigation, they probably assume that the entire amount of the fine is being paid.

Those very same taxpayers may be surprised to learn that in many cases, the Banks are able to deduct from their taxes up to 75% of the fines and settlements made with the Justice Department. Continue reading “Just How Much of Big Bank Fines Are Actually Paid and Who Profits?”

Corporate Greed

department of treasury

Respectfully submitted by Lawrence E. Rafferty (rafflaw) Weekend Contributor

Now that we have celebrated Thanksgiving, I was struck by the news that Congress is considering legislation that would grant large tax breaks to corporate citizens and actually remove tax breaks for the poor and the middle class.

‘ “This Congress seems willing to give huge tax cuts to big businesses—who are already doing better than ever—but somehow can’t prevent tax increases on 50 million working Americans that will occur when expansions of the Earned Income Tax Credit and Child Tax Credit expire,” Harry Stein, the Associate Director for Fiscal Policy at American Progress Action Fund, told ThinkProgress. “This is a great deal for CEOs and a terrible deal for struggling families.”’ Nation of Change  Continue reading “Corporate Greed”

Foreclosure Fraud?

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Respectfully submitted by Lawrence E. Rafferty (rafflaw) Weekend Contributor

Since the Great Recession officially started in December of 2007, millions of people have lost their homes to foreclosures.  It turns out that many of those foreclosures may have been fraudulent or in violation of foreclosure laws. According to the Southern Essex County, Massachusetts Register of Deeds, John O’Brien, a forensic audit of his recording files suggests that at least 75% of the mortgage assignments were invalid.

“My registry is a crime scene as evidenced by this forensic examination. The Audit makes the finding that this was not only a MERS (Mortgage Electronic Registration Systems) problem, but a scheme also perpetuated by MERS shareholder banks such Bank of America, Wells Fargo, JP Morgan and others. I am stunned and appalled by the fact that America’s biggest banks have played fast and loose with people’s biggest asset – their homes. This is disgusting, and this is criminal.” Nation of Change Continue reading “Foreclosure Fraud?”

Banks Ignore the Bankruptcy Laws

US Trustee Program

Respectfully submitted by Lawrence E. Rafferty (rafflaw) Weekend Contributor

In the past, I have written about the Big Banks continued unlawful actions that only result in “slap on the wrist fines” that in many cases are passed on to the shareholders and/or used as a tax deduction. It seems that Wall Street and the Banksters have not learned a thing.  Or have they?

The latest wrinkle in Banksters taking advantage of American citizens is noted in a Crooks and Liars report which detailed an investigation into several Big Banks and their alleged refusal to honor the orders of Bankruptcy judges across the country. Of course, the “usual suspects” have been named in the latest investigations.  Continue reading “Banks Ignore the Bankruptcy Laws”

Banks Have the Federal Prison System Handcuffed

department of treasury

Respectfully submitted by Lawrence E. Rafferty (rafflaw) Weekend Contributor

I have written in the past about our large financial institutions and their uncanny ability to break the law and escape any criminal penalties at the corporate or personal level.  If the Department of Justice had actually indicted a Bank of America official and procured a criminal conviction, that Bank of America official could have assisted the corporate office in their no-bid contract to handle all of the federal prison systems inmate financial services and email services.

“A few blocks north, however, at the New York Metropolitan Correctional Center, there exists a market that Bank of America has locked down, literally. For the 790 federal prisoners incarcerated at MCC, Bank of America controls the provision of money transfers, e-messaging and some telephone services.

The bank’s monopoly extends across the federal Bureau of Prisons system—121 institutions housing 214,365 inmates. Since 2000, Bank of America has collected at least $76.3 million for its work on the program.” Readersupportednews  That would be $76.3 Million dollars in the Bank of America coffers without any need or worry about having to compete for this latest sweetheart deal.  Continue reading “Banks Have the Federal Prison System Handcuffed”