The trades were public knowledge for over a month; in fact, that’s part of the reason they failed so spectacularly, as hedge funds got wind of the trades and started taking the other side of the bet. Jamie Dimon simply ignored the red flags.

An increased appetite for such trades had the approval of the upper echelons of the bank, including Jamie Dimon, the chief executive, current and former employees said.

$2 billion (and additional losses to be named later) is certainly not chump change. The fact that Dimon “ignored” the red flags, but had approved the activities tells me he was asleep at the switch — or simply did not care. Yet, the JPMC shareholders (according to Reuters)

mostly gave Dimon a pass, pressure mounted on the bank to reclaim some of the millions of dollars it paid to the executives who oversaw the trades. Dimon said JPMorgan would pursue more disciplinary action against those who were responsible.

Now, if those executives had Dimon’s approval to do what they were doing, how the heck do they expect to clawback any of those dollars?? Dimon is posturing like crazy and he has succeeded in fooling his shareholders. The trouble is, when will it begin to be in the national interest to stop this stuff?? Do we really expect an FBI, OCC or Federal Reserve investigation to do anything?

This comment is going to seem rather radical, perhaps, but with the banks and other members of Wall Street continuing to play things “their” way, I think it is time to take care of ourselves…

The losses do show that Wall Street continues to engage in risky activities, and if this occurred to a less secure bank or in a more volatile trading environment, it could have resulted in a situation where the bank would come back to the government for more aid.

I am still trying to recover financially from the last mess (although it is not fully cleaned up). I am 59 years old, and am struggling to pay off debt to JPMC and others at a time when I should be putting as much money away as possible for retirement.

So, my thought is this — my credit is already ruined for the foreseeable future. Why should I continue to worry about paying off JPMC if they are doing stupid stuff like this that can lead to another major crisis? The banks seem to look out for themselves at the expense of everyone else…Maybe it is time for me to do the same… I would encourage others to also follow suit! Maybe that will get their attention… In the meantime, I am calling JPMC tomorrow and informing them that there will be no further payments made.

I will probably go to Hell, but that sure was a waste of a perfectly good heart that someone else could have use — who really cared about the middle class!

One other thought…

Despite LPS’s insistence that “improper” notarizations are irrelevant and “surrogate signing” legal, the indictments tell a different tale.

I think, in some ways, this statement says it all… LPS, a corporate entity, is insisting on how the law should be instead of abiding by it. I think this attitude has permeated all of business in this country. Sadly, we / the voters / the citizens / the people who elect our officials will not stand up to this lawless attitude.

This article raises another question for me… In most states, to become a notary you have to post a bond. Here in Texas, you must post a $10,000 surety bond. If the same or similar laws apply in Nevada, for instance, is the Attorney General going after recovery through the bonding company, which will then go after the notary for falsifying the documents? Carrying it a bit further, policies for Errors and Omissions are available to notaries to cover them in the event of negligence. Does negligence equate to stupidity as a defense?

I agree wholeheartedly! There is another factor involved in so-called health insurance — the staff that doctors must hire to take care of the paperwork for the insurance companies, coordinate approvals, etc. It is absurd!

Thirty years ago, I paid $30 for a doctor’s office visit. Today, that same visit costs as much as $200, except I still pay $30.

What would happen if we began calling “health insurance” something else, such as prepaid healthcare, and passed a law stating that prepaid healthcare could be sold and administered only as a non-profit product?

The changes to the bankruptcy laws in 2005 were in response to all the Republican and banking concerns about people abusing the system. Yes, I am sure there were some who gamed it in some form or fashion, but the banks now are sucking some of us dry — totally. I was out of work for 15 months three years ago. I wound up using 401(k) funds to stay afloat and hang onto the house, at my then-wife’s insistence. Bank of America insisted on us going into a debt management program for our unsecured debts,which we did. However, due to various factors, BoA refused to work with me after the divorce to pay off my half of the outstanding debt. I have stopped paying them…

As for the house, I am underwater on it. I have been approved for a modification, but is it really worth it? I don’t think so… It needs some major work done on it that I cannot afford, even with the modification, and I do not see it regaining any significant value any time soon.

I am 59 years old, with nothing saved for retirement. A complete bankruptcy seems the best thing to do, but I think it is doubtful that I can get it. I would likely land in one of those repayment plans based on the “means” test.

Congress definitely needs to revisit the bankruptcy laws, especially in light of the financial debacles over the last few years. There are many of us who truly need to start over instead of worrying about further enriching the banks…

Actually, what is even more important, is to tell people about the Fair Debt Collection Practices Act (FDCPA), which, to my knowledge, is still in force and effect. So the bank sells credit card debt to a collection agency? As soon as the agency gets in touch, send them a “don’t bother me again” letter. If they do, the FTC will (and DOES) come down on them very hard. Keep records of all communications with and from the agency.

I am waiting for good old Bank of America to get in touch. It has been four months, though, and so far they have not even tried. It makes me wonder if BoA isn’t going to bother at all, and just write it off to turn it over to someone else.

Regardless, there are already some pretty strong laws on the books that DO work… Consumers just need to be aware of how they work!

It’s sickening the level of regulatory capture that the TBTF banks exert over our government.

I decided to strategically default in December. By February, BoA was hounding me to go in an talk with them about a modification. I did so on February 7, and have yet to hear squat. In the meantime, I received a letter on Friday, March 23 that is actually dated March 9, giving me until March 23 to decide to either do a short sale or a deed-in-lieu.

At this point in time, do I really trust Bank of America? No… I think I am just going to give them the house back and walk away. Enough is enough, and I have had enough emotional turmoil about it all. I need to move on with my life.

It is a shame that our government will not enforce the laws on the books, or at least oversee that the banks carry through on the mandates.

I just have to wonder…how do we take our country back when, no matter how we vote, it does not matter?

If and when a written document is presented outlining the overall terms, how many of those who signed on are going to scream? Did they actually “sign” the terms? What I wonder is whether or not some will back out because what they wind up with is not what they agreed to…

It used to be that we all believed in law and order. I no longer do. The law is whatever banks and business say it is. Our United States is no more. There is going to come a day when everyone will stop believing in the law, and chaos will prevail…

I want to give a thumbs up to the Oklahoma AG who held firm.

Time to walk away from my house…

Interesting article to read from Reuters (as if the situation isn’t bad enough already…)

http://www.reuters.com/article/2012/01/26/us-usa-housing-mortgage-reincarnation-idUSTRE80P0SJ20120126http://www.reuters.com/article/2012/01/26/us-usa-housing-mortgage-reincarnation-idUSTRE80P0SJ20120126