Relevant:
- Swiss prosecutor raids HSBC office, opens criminal inquiry
- Saudis Threaten to Sell Off Hundreds of Billions in US Assets if 9/11 Bill Passes
- Florida AG Likens Mortgage Fraud to “State of Emergencyâ€
- HSBC plans to close Carmel office, cut hundreds of jobs
- Going back to the office or permanent remote: the future of WFH
2012-07-16 — zerohedge.com
Here's the problem: nobody will be stupid enough to believe for one second that the marks on hundreds of billions in securities passed from the front office straight to JPM's 10-Q without vetting by middle office, back office, Treasury office, and even in some cases, counterparties. In other words, if JPM is indeed stupid enough to attempt to pull a "Fabrice Tourre" on CIO, it won't work.
Actually scratch that: it may work, but it will involve a "fine", i.e., a bribe of about $1 billion to the SEC, and countless promises of perpetual campaign donations to all the other corrupt members of congress and the senate. Which if this fraud flies by unscathed will mean all of them.
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