IMPORTANT NEW RESEARCH TOOLS FOR BANK BUSTING ACTIVISTS
Bloomberg News did a series of Freedom of Information Act requests of the Federal Reserve about their back door bailouts of financial institutions at the height of the financial crisis. Their article "Secret Fed Loans (of $7.7 trillion) Gave Banks $13 Billion (profits) Undisclosed to Congress" is long but a must read. They also have some specific databases that allow for bank by bank research.
BANK BY BANK PROFIT OFF OF BAILOUT TOOL
BLOOMBERG: BANK BY BANK BAILOUT TOTALS VISUALIZATION TOOL
JP Morgan Chase and Bear Stearns
JP Morgan Chase has recently been in the news, due to a new law suit by a major insurance firm, Ambac Insurance Corporation, alleging fraud at Chase and even more egregious behavior at Bear Sterns,acquired by Chase in 2008. Documents acquired by Atlantic Monthly suggest that Bear Stern executives cheated clients out of billions by double dipping on securities sales they knew to be flawed. The lawsuit also alleges continued accounting fraud by JP Morgan Chase in an effort to cover-up the problem. In just one example of those embarrassing emails, Bear Sterns top executives crow over selling investors a "sack of shit."
Bear deal manager Nicolas Smith wrote an e-mail on August 11th, 2006 to Keith Lind, a Managing Director on the trading desk, referring to a particular bond, SACO 2006-8, as "SACK OF SHIT [2006-]8" and said, "I hope your [sic] making a lot of money off this trade."
Read more about this important bank and its role in the financial crisis in the Sourcewatch.org profile of JP Morgan Chase.
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