http://investmentwatchblog.com/this-is-huge-the-cabal-is-going-down-banksters-targets-of-spire-law-group-llps-racketeering-and-money-laundering-lawsuit-seeking-return-of-43-trillion-to-the-us-treasury/#eepjKLJLhMdv6AH9.99

THIS IS HUGE!! THE CABAL IS GOING DOWN!!! Banksters Targets of Spire Law Group, LLP’s Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion to the US Treasury

Major Banks, Governmental Officials and Their Comrade Capitalists Targets of Spire Law Group, LLP’s Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion
to the United States Treasury

NEW YORK, Oct. 25, 2012 /PRNewswire via COMTEX/ — Spire Law

Group, LLP’s national home owners’ lawsuit, pending in the venue where the “Banksters” control their $43 trillion racketeering scheme (New York) – known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the “Banksters” and their U.S. racketeering partners and joint venturers – now pinpoints the identities of the key racketeering partners of the “Banksters” located in the highest offices of government and acting for their own self-interests.

director” for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the “Banksters” themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patriot Act, the Policy of Embargo Against Iran and Countries Hostile to the Foreign Policy of the United States, and the Racketeer Influenced and Corrupt Organizations Act (commonly known as the RICO statute) and other State and Federal laws.

and from the web site of Spire Law Group......

http://www.prnewswire.com/news-releases/major-banks-governmental-officials-and-their-comrade-capitalists-targets-of-spire-law-group-llps-racketeering-and-money-laundering-lawsuit-seeking-return-of-43-trillion-to-the-united-states-treasury-175828861.html

Major Banks, Governmental Officials and Their Comrade Capitalists Targets of Spire Law Group, LLP's Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion to the United States Treasury

NEW YORK, Oct. 25, 2012 /PRNewswire/ -- Spire Law Group, LLP's national home owners' lawsuit, pending in the venue where the "Banksters" control their $43 trillion racketeering scheme (New York) – known as the largest money laundering and racketeering lawsuit in United States History and identifying $43 trillion ($43,000,000,000,000.00) of laundered money by the "Banksters" and their U.S. racketeering partners and joint venturers – now pinpoints the identities of the key racketeering partners of the "Banksters" located in the highest offices of government and acting for their own self-interests.

In connection with the federal lawsuit now impending in the United States District Court in Brooklyn, New York (Case No. 12-cv-04269-JBW-RML) – involving, among other things, a request that the District Court enjoin all mortgage foreclosures by the Banksters nationwide, unless and until the entire $43 trillion is repaid to a court-appointed receiver – Plaintiffs now establish the location of the $43 trillion ($43,000,000,000,000.00) of laundered money in a racketeering enterprise participated in by the following individuals (without limitation): Attorney General Holder acting in his individual capacity, Assistant Attorney General Tony West, the brother in law of Defendant California Attorney General Kamala Harris (both acting in their individual capacities), Jon Corzine (former New Jersey Governor), Robert Rubin (former Treasury Secretary and Bankster), Timothy Geitner, Treasury Secretary (acting in his individual capacity), Vikram Pandit (recently resigned and disgraced Chairman of the Board of Citigroup), Valerie Jarrett (a Senior White House Advisor), Anita Dunn (a former "communications director" for the Obama Administration), Robert Bauer (husband of Anita Dunn and Chief Legal Counsel for the Obama Re-election Campaign), as well as the "Banksters" themselves, and their affiliates and conduits. The lawsuit alleges serial violations of the United States Patriot Act, the Policy of Embargo Against Iran and Countries Hostile to the Foreign Policy of the United States, and the Racketeer Influenced and Corrupt Organizations Act (commonly known as the RICO statute) and other State and Federal laws.

In the District Court lawsuit, Spire Law Group, LLP -- on behalf of home owner across the Country and New York taxpayers, as well as under other taxpayer recompense laws -- has expanded its mass tort action into federal court in Brooklyn, New York, seeking to halt all foreclosures nationwide pending the return of the $43 trillion ($43,000,000,000.00) by the "Banksters" and their co-conspirators, seeking an audit of the Fed and audits of all the "bailout programs" by an independent receiver such as Neil Barofsky, former Inspector General of the TARP program who has stated that none of the TARP money and other "bailout money" advanced from the Treasury has ever been repaid despite protestations to the contrary by the Defendants as well as similar protestations by President Obama and the Obama Administration both publicly on national television and more privately to the United States Congress. Because the Obama Administration has failed to pursue any of the "Banksters" criminally, and indeed is actively borrowing monies for Mr. Obama's campaign from these same "Banksters" to finance its political aspirations, the national group of plaintiff home owners has been forced to now expand its lawsuit to include racketeering, money laundering and intentional violations of the Iranian Nations Sanctions and Embargo Act by the national banks included among the "Bankster" Defendants.

The complaint – which has now been fully served on thousands of the "Banksters and their Co-Conspirators" – makes it irrefutable that the epicenter of this laundering and racketeering enterprise has been and continues to be Wall Street and continues to involve the very "Banksters" located there who have repeatedly asked in the past to be "bailed out" and to be "bailed out" in the future.

The Havens for the money laundering schemes – and certain of the names and places of these entities – are located in such venues as Switzerland, the Isle of Man, Luxembourg, Malaysia, Cypress and entities controlled by governments adverse to the interests of the United States Sanctions and Embargo Act against Iran, and are also identified in both the United Nations and the U.S. Senate's recent reports on international money laundering. Many of these entities have already been personally served with summons and process of the complaint during the last six months. It is now beyond dispute that, while the Obama Administration was publicly encouraging loan modifications for home owners by "Banksters", it was privately ratifying the formation of these shell companies in violation of the United States Patriot Act, and State and Federal law. The case further alleges that through these obscure foreign companies, Bank of America, J.P. Morgan, Wells Fargo Bank, Citibank, Citigroup, One West Bank, and numerous other federally chartered banks stole trillions of dollars of home owners' and taxpayers' money during the last decade and then laundered it through offshore companies.

This District Court Complaint – maintained by Spire Law Group, LLP -- is the only lawsuit in the world listing as Defendants the Banksters, let alone serving all of such Banksters with legal process and therefore forcing them to finally answer the charges in court. Neither the Securities and Exchange Commission, nor the Federal Deposit Insurance Corporation, nor the Office of the Attorney General, nor any State Attorney General has sued the Banksters and thereby legally chased them worldwide to recover-back the $43 trillion ($43,000,000,000,000.00) and other lawful damages, injunctive relief and other legal remedies.

James N. Fiedler, Managing Partner of Spire Law Group, LLP, stated: "It is hard for me to believe as a 47-year lawyer that our nation's guardians have been unwilling to stop this theft. Spire Law Group, LLP stands for the elimination of corruption and implementation of lawful strategies, and that is what we're doing here. Spire Law Group, LLP's charter is to not allow such corruption to go unanswered."

Comments were requested from the Attorney Generals' offices in NY, CA, NV, NH , OH, MA and the White House, but no comment was provided.

About Spire Law Group

Spire Law Group, LLP is a national law firm whose motto is "the public should be protected -- at all costs -- from corruption in whatever form it presents itself." The Firm is comprised of lawyers nationally with more than 250-years of experience in a span of matters ranging from representing large corporations and wealthy individuals, to also representing the masses. The Firm is at the front lines litigating against government officials, banks, defunct loan pools, and now the very offshore entities where the corruption was enabled and perpetrated.

Contact:
James N. Fiedler
877-438-8766
http://spire-law.com

and is this just a bizzarre coincidence...... if so , why did CNBC scrub the Spire lawsuit story a day after the horrible murders ???

Update#2 URGENT!: CNBC Exec’s Children Murdered; 1 Day After CNBC Reports $43 Trillion Bankster Lawsuit

Friday, October 26, 2012 15:27

Update #2 – URGENT & CRITICAL UPDATE!

CNBC “$43 TRILLION BANKSTER LAWSUIT” ARTICLE HAS BEEN REMOVED & SCRUBBED

As of 11:26am Saturday, October 27,2012, CNBC has removed the original article published on October 25, 2012 titled as follows:
Major Banks, Governmental Officials and Their Comrade Capitalists Targets of Spire Law Group, LLP’s Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion to the United States Treasury
Click To See Copy/Archive of PR NEWSWIRE Article Published on MarketWatch.com

Story Recap ( Note: The only major “True Media” news website to fearlessly cover this story is BeforeItsNews.com)

October 25, 2012 – CNBC Publishes article from PR Newswire Press Release: Major Banks, Governmental Officials and Their Comrade Capitalists Targets of Spire Law Group, LLP’s Racketeering and Money Laundering Lawsuit Seeking Return of $43 Trillion to the United States Treasury

October 26, 2012 – CNN Reports that the two children of Kevin Krim, a senior vice president for CNBC Digital and former Yahoo executive were murdered.

Krim’s children: Leo, who had recently celebrated his second birthday with “Pinkalicious-inspired cupcakes;” and his 6-year-old sister, Lucia, who had performed “beautifully in her ballet recital” in May.

Both children had been repeatedly stabbed, police said.
October 27, 2012 – CNBC removed article from their website and archives

and.....

http://www.esecurityplanet.com/hackers/hackers-steal-3.6-million-social-security-numbers.html

Hackers Steal 3.6 Million Social Security Numbers

The data was stolen from the South Carolina Department of Revenue last month.

The South Carolina Department of Revenue today acknowledged that approximately 3.6 million Social Security numbers and 387,000 credit and debit card numbers were recently stolen by hackers.

"The vast majority of the credit card numbers were encrypted, but about 16,000 were not, meaning the data was fully exposed, state police said," writes Reuters' Harriet McLeod. "None of the Social Security numbers were encrypted, said State Law Enforcement Division spokesman Thom Berry."

"The number of records breached requires an unprecedented, large-scale response by the Department of Revenue, the State of South Carolina and all our citizens," South Carolina governor Nikki Haley said in a statement [PDF file]. "We are taking immediate steps to protect the taxpayers of South Carolina, including providing one year of credit monitoring and identity protection to those affected."

"'This is not a good day for South Carolina,' Haley said. 'I want this person slammed against the wall.' Haley suggested that all who have filed a tax return in South Carolina since 1998 take steps to protect their identity and monitor their credit accounts," writes TechNewsDaily's Ben Weitzenkorn.

"An initial attack was launched August 27th, though it's believed no data was stolen during this first attempt," writes The Verge's Chris Welch. "But two additional intrusions were recorded in September according to the Department of Revenue, which was made aware of the situation by South Carolina's IT division on October 10th."

"Shortly after learning of the attack, the Revenue Department hired Mandiant, an advanced threat detection and incident response provider, to assist in the investigation, help secure the system, install new equipment and software and institute tighter controls on access," writes GovInfoSecurity's Eric Chabrow.

"With a state population of about 4.6 million, the exposure could affect as many as much as three-fourths of South Carolina citizens," notes Ars Technica's Dan Goodin.

http://www.news.com.au/breaking-news/national/savings-of-3000-at-risk-as-banksia-falls/story-e6frfku9-1226503969054

THOUSANDS of investors have been told they can expect a "meaningful" return on the hundreds of millions of dollars at risk following the collapse of non-bank lender Banksia Securities.

Receivers McGrathNicol took charge of Banksia Securities Limited on Thursday, with the firm owing $660 million to about 3000 investors, mainly in regional Victoria.

McGrathNicol says Banksia still has substantial liquid assets and they hope to start making payments to investors within eight weeks.

"While it is not expected that debenture holders will recover all of their funds, the receivers do anticipate debenture holders will receive a meaningful return on their investment," McGrathNicol said in a statement on Friday.

McGrathNicol were unable to provide details on the size of the return but will be able to give more information at a meeting with investors in five weeks.

In the central Victorian town of Kyabram where the company was founded, retirees and even the local Baptist Church are among those worried about the state of their investments.

Kyabram Chamber of Commerce president Sheryl Hatch says while she's trying to stay positive, she and her family are among scores of investors who stand to lose "a lot of money".

Kyabram accountant Peter Nelson says he's hopeful he and other investors - from retirees to schools and sports clubs - may get a reasonable share of their cash back because Banksia's advances are secured by first-ranking property mortgages.

"Unless there's some real bodgies in (Banksia's accounts), we'd be hopeful something will come out in the wash," he told AAP.

McGrathNicol said their immediate focus is to determine an appropriate sale and realisation strategy for Banksia's assets.

The company, which also has an office in NSW and one in South Australia, had offered investors high interest on debentures and lent their funds out as mortgages or commercial property loans.

Trust Company Limited, which is the secured creditor of Banksia Securities, is working with McGrathNicol, and spokesman David Grbin says the company's key focus is the fair and equal treatment of investors.

The Australian Securities and Investments Commission (ASIC) says it's actively engaging with both the trustee and receiver.

In a statement, ASIC said it was not a prudential regulator, but a disclosure regime was in place for debentures, while a trustee must monitor and protect the interests of debenture holders.

Federal Communities Minister Tony Burke says it's unclear how long it could take to get to the bottom of Banksia's finances, given it doesn't hold a banking licence and the funds in its debentures aren't backed by a deposit guarantee.

Victorian Premier Ted Baillieu said while the collapse was a great concern to his government as well as many towns in regional Victoria, "Banksia is a matter for the Commonwealth and ASIC."

But Mr Baillieu said Victoria would work with the federal government if emergency assistance became necessary.

Banksia Securities is owned by Banksia Financial Group, which also owns Banksia Mortgage Fund, a registered mortgage investment fund.

While the receivers' control is limited to the securities company, Banksia told investors in a statement that the group's other entities "will be considering the implications (of the receivership) for them".

More than 100 staff are employed at the 14 offices of Banksia Securities, which was formed in Victoria in the late 1960s.

and...

http://m.perthnow.com.au/business/thousands-of-victorians-have-their-cash-frozen-after-collapse-of-banksia-financial-group/story-e6frg2qc-1226503824848

Business

Thousands have their cash frozen after collapse of Banksia Financial Group

by: Mark Dunn, John Dagge
From: Herald Sun
October 26, 2012 9:39AM

COLLAPSE: Banksia Financial Group has been placed into receivership.Source: Herald Sun

RETIREES, schools and sporting clubs are in shock and fearful about the fate of their investments following the collapse of Banksia Securities.

Thousands of people hundreds of millions of dollars in losses after the shock collapse of Banksia Financial Group. Receivers McGrathNicol took charge of the non-bank financial firm, based in Kyabram in central Victoria, and froze investments on Thursday after the Banksia board found the company faced insolvency.

Questions are being asked of government regulator the Australian Security and Investment Commission over what actions it took prior to the $660 million collapse of the Banksia Financial Group.

ASIC was allegedly informed about the precarious position of Banksia, and a subsidiary Statewide Secured Investments 18 months ago, according to NSW property developer David Hawkins who was involved in litigation with the firm.

"The regulator has been on to them for about 18 months ... (but) ASIC have sat on their hands," Mr Hawkins claimed.

"I've been waging war against them (Banksia), as have about four other people in relation to their lending practices," he said.

Mr Hawkins was involved in court action with Banksia over a $2.2 million property deal after Banksia withdrew their support for the project.

But he said Statewide had been lending money in NSW "like a drunken sailor" when Banksia amalgamated with it in 2009.

He claimed Statewide had contested liabilities of $28-$30 million at the time but Banksia had insisted it would not inherit the firm's debt, even though it provided security for costs in a number of court cases.

Mr Hawkins said major residential, hotel and commercial developments in Sydney had faced multi-million dollar valuation and financing problems, helping to bring the collapse on.

ASIC said it was "aware" of yesterday's developments with Banksia but did not disclose when it was first notified about the financial group's problems.

ASIC spokesman Andre Khoury said the commission was "actively engaged" with Banksia's trustee and receiver.

Mr Khoury said ASIC was not a prudential regulator.

"ASIC’s historical work in this sector reflects the fact that a disclosure regime is in place for debentures, coupled with the requirement that a trustee is in place to monitor the issuer and seek to protect the interests of debenture holders," Mr Khoury said.

Banksia appointed receivers yesterday owing investors $660 million.

Banksia fell into receivership after a recent review of its non-performing loans.

About 3000 investors in eight towns and cities in regional Victoria have had their investments frozen while receivers McGrathNicol work their way through the non-bank lender's accounts.

About 100 workers also are set to lose their jobs.

The collapse has shocked communities across the state.

Kyabram resident Jason Dunn said the town was reeling.

"People are in tears," he said.

He said many locals feared they would lose their retirement fund.

"People who worked hard all their life have just lost the lot. It's really going to affect the town. It's a black day here," he said.

Kyabram local Lynne, 50, opened up an account two weeks ago with about $8000 for a holiday.

"I'm devastated, but I got off lightly," said Lynne, who asked that her surname not be used.

"One retired lady lost the lot - $400,000. Now it has probably just gone, disappeared like that," she said.

She said Banksia was an institution that locals had trusted.

The pastor of Kyabram Baptist Church, Robert Arnold, said it was likely the church would lose money.

He said there had been no warning signs that the firm was in trouble.

"Our banking goes through them," Mr Arnold, 70, said.

"It has come as a shock. I would have thought it would have been pretty well managed."

Victorian Farmers Federation vice president Peter Tuohey said farmers had been hit by the collapse.

“Farmers are just trying to recoup after going through a lot of pretty tough years," he told 3AW today.

"A few farmers that have got a few savings and put away carefully in a local investment company - it’s going to hurt them pretty dearly so (it will) really set the whole area back."

Victorian Shadow Minister for Finance Robin Scott said the collapse was a terrible blow for families, particularly in regional Victoria.

“The Opposition fears that the collapse will have a negative impact on local economic activity and employment,” he said.

“The Victorian Government needs to step in and assist those communities most impacted by the collapse."

Shadow Treasurer Joe Hockey said the Federal Opposition was "desperately trying to find out much more on how Banksia was structured".

"I think it's important to recognise that if an institution is not supervised by APRA, if it's not an authorised deposit-taking institution then there is a certain amount of risk," he told 3AW.

"When someone advertises themselves as a non-bank lender or as a non-bank financial institution then the money is at risk."

Banksia, which was founded in Kyabram, offered investment products including fixed-term, superannuation and pensioner deeming accounts and mortgage schemes.

Banksia has a network of 14 branches across Victoria, NSW and SA with headquarters in Melbourne.

Its other Victorian branches are in Echuca, Ballarat, Bendigo, Geelong, Shepparton, Tatura and Warrnambool.

McGrathNicol receiver Tony McGrath said it was too early to know what caused the collapse.

He said an urgent review of Banksia's financial position, loan book and properties was under way.

"Our primary concern is to ensure the interests of debenture holders are being protected," Mr McGrath said.

Staff will work on during the review.

The group, which bills itself as a "non-bank alternative", was founded as Kyabram Housing Investments by Patrick Godfrey in 1968. In 1999, it merged with other small investment companies to form The Banksia Financial Group.

Mr Godfrey stepped down as chief executive in August and was replaced by Warren Shaw, a former National Australia Bank general manager in charge of overseeing its retail branches.

Mr Godfrey continues to serve as a board member.

So , when does Bank of America go down anyway ?

http://www.aljazeera.com/news/americas/2012/10/20121024202854844986.html

US hits Bank of America with fraud lawsuit

Justice department accuses bank of causing taxpayers more than $1bn in losses by selling toxic mortgage loans.

Last Modified: 25 Oct 2012 08:53

Feedback

Lawsuit against Bank of America seeks civil fines, as well as triple damages under federal False Claims Act [Reuters]

The US has filed a fraud case against Bank of America Corp, accusing it of causing taxpayers more than $1bn of losses by selling thousands of toxic mortgage loans to Fannie Mae and Freddie Mac.
Wednesday's case, originally brought by a whistleblower, is the justice department's first civil fraud case over mortgage loans sold to the big mortgage financiers, which were bailed out in 2008.

It also compounds the legal problems that Bank of America Chief Executive Brian Moynihan faces over the second-largest US bank's disastrous 2008 purchase of Countrywide Financial Corp, once the nation's largest mortgage lender.
According to a complaint filed in Manhattan federal court, Countrywide in 2007 invented a scheme known as the Hustle to speed up processing of residential home loans.
Operating under the motto "Loans Move Forward, Never Backward", mortgage executives tried to eliminate "toll gates" designed to ensure that loans were sound and not tainted by fraud, the government said.
This led to "defect rates" that approached 40 per cent, roughly nine times the industry norm, but Countrywide concealed this from Fannie Mae and Freddie Mac, and even awarded bonuses to staff to "rebut" the problems being found, it added.
Defaults soared and "countless" foreclosures were the result in a scheme that existing during 2009, well after Bank of America had completed the Countrywide takeover in July 2008, the government added.
"The fraudulent conduct alleged in today's complaint was spectacularly brazen in scope," Preet Bharara, US attorney in Manhattan, said. "Countrywide and Bank of America made disastrously bad loans and stuck taxpayers with the bill."
Lawrence Grayson, a bank spokesman, said in response to the petition "Bank of America has stepped up and acted responsibly to resolve legacy mortgage matters. The claim that we have failed to repurchase loans from Fannie Mae is simply false. At some point, Bank of America can't be expected to compensate every entity that claims losses that actually were caused by the economic downturn."
In February, Bank of America agreed to a $1bn settlement of False Claims Act allegations over home loans submitted for insurance by the Federal Housing Administration, in a case from the US Attorney's office in Brooklyn, New York.
Wednesday's case seeks civil fines, as well as triple damages under the federal False Claims Act, which the government has used several times in recent years against Wall Street.

Whistleblower
Since Moynihan's predecessor Kenneth Lewis paid $2.5bn for Countrywide, the Charlotte, North Carolina-based bank has lost nearly $40bn on mortgage litigation and investor demands to buy back soured loans, Credit Suisse said on October 5.
Some of these costs related to Merrill Lynch & Co, which Lewis bought at the beginning of 2009. Last month, Bank of
America agreed to pay $2.4bn to settle a lawsuit accusing it of misleading investors about that takeover.
According to court records, the latest case was originally filed under seal in February by Edward O'Donnell, a Pennsylvania resident and former executive vice president at Countrywide Home Loans who had worked there between 2003 and 2009.
In that complaint, O'Donnell said Countrywide and later Bank of America dismissed his "numerous" objections to the Hustle, and that he became "one of the lone voices" in his division pointing to escalating loan quality issues and defaults.
O'Donnell could not immediately be reached for comment, and his lawyer did not immediately respond to requests for comment.
Bank of America shares were down two cents to $9.34 in afternoon trading on Wednesday on the New York Stock Exchange. They closed at $23.87 on the day before the Countrywide takeover closed.
FHFA lawsuits

Federal regulators seized Fannie Mae and Freddie Mac on September 7, 2008, and put them into a conservatorship.
The mortgage financiers are now overseen by the Federal Housing Finance Agency, and have repaid only about one-fourth of the more than $188bn of taxpayer funds they have drawn down.
Fannie Mae alone has drawn down more than $116bn.
Wednesday's case was also brought under the Financial Institutions Reform, Recovery and Enforcement Act of 1989, which was enacted after that decade's savings-and-loan crisis.
It overlaps other cases that federal agencies have brought against Wall Street over the financial crisis, including the FHFA's 18 cases last year over Fannie Mae and Freddie Mac.
These cases covered losses on the sales of roughly $200bn of securities, including more than $57bn linked to Bank of America, Countrywide and Merrill.

Fannie Mae and Freddie Mac have in recent months stepped up their own efforts to force Bank of America and other lenders to buy back soured home loans.
Bharara's office has brought five civil fraud lawsuits under the False Claims Act over FHA-insured loans against other lenders.
In February, Citigroup Inc settled its case for $158.3m and Flagstar Bancorp Inc settled for $132.8m, while Deutsche Bank AG settled in May for $202.3m. Cases are also pending against Wells Fargo & Co and Allied Home Mortgage Corp, Bharara said.
Congressman Barney Frank, who chaired the House Financial Services Committee in 2008, said on Monday that Bank of America should probably be shielded from government cases over Merrill, which it bought in part at federal officials' urging.
He added, however, that he knew of no such urging to buy Countrywide.

and what do these Executives at JP Morgan see - another case like the one filed against Bank of America in their future ????

HIGH-LEVEL EXECUTIVES SUDDENLY DUMPING JP MORGAN STOCK EN-MASSE

OCTOBER 26, 2012 BY THE DOC 7 COMMENTS

Over the last week and a half, high level JP Morgan executives have dumped over $6 million in shares in what experts have described as ‘unusual activity’.
Anyone believe JPM’s October 12th earnings report which beat expectations? Looks like accounting BS engineered to dump legacy positions on the general public.

A chorus of high-level executives inside JPMorgan (JPM) are selling down their stakes in the company, in what some experts are citing as “unusual” activity within the nation’s largest bank by deposits.

CNBC reports that JPM execs have dumped $6 million in the past 10 days!:

In sum, executives on JP Morgan’s operating committee have reaped proceeds greater than $6 million since October 15th — a move that appears uncharacteristic for the bank, according to Ben Silverman, director of research at InsiderScore.com, which tracks insider buying and selling activity.

“This is an unusual cluster of sales in that we typically don’t see this many insiders at the company [JPMorgan] selling at the same time,” Silverman said. “We look at events like this as a negative event for the stock.

Every exec but Blythe and Jamie are dumping the stock:

On Oct. 19, Mary Erdoes, CEO of JP Morgan Asset Management, sold 40,000 shares at $42.46 each, for roughly $1.7 million in proceeds.

On Oct. 17, John Donnelly, director of human resources, sold 40% of his JPM stock in his first insider transaction: Cashing in $1.1 million in shares at $43.29 apiece.

Two days earlier, executives across investment, consumer and mortgage banking made big sales. On Oct. 15 – the first business day post-earnings – Michael Cavanagh, the newly installed co-CEO of the investment bank, sold 40,000 at $42.00, cashing in roughly $1.7 million. Gordon Smith, Chase co-CEO of Consumer & Community Banking, cashed in 28,300 shares in a sale totaling $1.2 million. Frank Bisignano, the bank’s co-COO and head of JPM’s Mortgage Banking unit, sold $844,900 worth of stock at $42.25.

Perhaps Bill Murphy was merely a little early on his timing and JP Morgan is in fact facing major imminent losses?

Catharsis Ours

Friday, October 26, 2012

Banksters targeted in massive RICO action ! Banksia depositors see their cash frozen - meanwhile note the curious stock sales at JP Morgan.... cyber crime in South Carolina - SS numbers , credit and debit card numbers stolen ?