[Occupymendocino] [Fwd: Sign the petition: Tell Eric Holder: Time for criminal charges against JPMorgan Chase]

Tue Nov 18 10:10:15 PST 2014

---------------------------- Original Message ----------------------------
Subject: Sign the petition: Tell Eric Holder: Time for criminal charges
against JPMorgan Chase
From:    "Becky Bond, CREDO Action" <act at credoaction.com>
Date:    Tue, November 18, 2014 6:35 am
To:      "Agnes S. Woolsey" <agnes at mcn.org>
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      Tell Attorney General Eric Holder: No more excuses. Time for criminal
   charges against JPMorgan Chase

   Petition to Attorney General Eric Holder:
   "Alayne Fleischmannâ€™s whistleblower account paints a clear picture of
   outright fraud at JPMorgan Chase. The Justice Department must immediately
   announce criminal charges against JP Morgan Chase."

   Add your name:

   [1]Sign the petition â–º

   Dear Agnes,

                                               [2]Holder_charge_JPMorganChase

   Rolling Stone magazine has just published a breathtaking account of a
   whistleblower who personally witnessed fraud at JPMorgan Chase and was
   willing to testify â€“ even as the Justice Department claimed it lacked
   the smoking guns to prosecute big banks.^1

   For eight years, Alayne Fleischmann has told her story to regulators and
   government lawyers, only to watch as the Department of Justice settled
   with JPMorgan Chase out of court, with no admission of guilt, and a much
   lighter penalty than was initially announced to the public.^2 Now, despite
   a confidentiality agreement covering her time at the bank, she decided to
   speak out.

   For years, federal prosecutors have told the public that they lacked the
   clear evidence to bring criminal charges against big banks for mortgage
   security fraud. But if Fleischmannâ€™s account is true, the Justice
   Department had the evidence but simply chose to ignore it, and instead
   helped JPMorgan Chase avoid accountability for its crimes.

   [3]Tell Attorney General Eric Holder: No more excuses. Time for criminal
   charges. Click here to sign the petition.

   At one point, Fleischmann says, the U.S. Attorney Generalâ€™s Sacramento
   Office was on the verge of announcing criminal charges based on her
   testimony. But according to Rolling Stone and other press accounts, the
   press conference announcing the prosecution was canceled after JPMorgan
   Chase Chief Jamie Dimon called Tony West, the third-ranking official in
   the Justice Department, and offered to settle out of court. The attorney
   general touted the resulting $13 billion settlement as a major victory,
   even though the bank paid less than $9 billion, was able to write off the
   penalty on its taxes, and was able to keep its criminal wrongdoing from
   the public.

   A former securities lawyer who worked as a diligence manager evaluating
   mortgage securities, Fleischmann personally witnessed wrongdoing and even
   attempted to notify her superiors. The Rolling Stone piece recounts how:

     * Her bosses in the diligence team insisted on a â€œno emailâ€ rule to
       avoid a paper record, which one former federal prosecutor says shows
       "these people knew what they were doing and were trying not to get
       caught."
     * Almost 40% of one pool of mortgages were found to be based on
       overstated incomes or had already defaulted; her bosses pressured
       diligence workers to revise the number downward to under 10% and gave
       the resulting security a misleading credit rating.
     * Fleischmann told her boss that the bank couldnâ€™t sell a security
       based on those mortgages without telling customers of its content,
       even if it meant no one would buy it, because to do otherwise would be
       fraud.
     * She submitted a memo detailing all of these charges to her superiors,
       expecting the written record to force an end to the practice.
     * Fleischmann can today point out â€œexactly how her bosses at JPMorgan
       Chase committed financial fraud: Itâ€™s right there in the
       documents.â€

   JPMorgan Chaseâ€™s lawyers worked for years to keep Fleischmann quiet. Now
   we know why.

   [4]Tell Attorney General Eric Holder: No more excuses. Time for criminal
   charges. Click here to sign the petition.

   Fleischmannâ€™s story is actually far worse for the Justice Department
   than it is for JPMorgan Chase. Most observers already knew the general
   outlines of how mortgage originators and big banks conspired to fake
   documentation and then sell off bad loans to unwitting investors. In case
   after case, regulators and the Justice Department settled out of court and
   pursued specific instances of wrong-doing instead of widespread fraud. The
   excuse has always been that the government lacked the legal firepower and
   evidence to go big.

   It is not clear whether regulators and the Justice Department believed a
   settlement was better than the risk of losing a trial, or were helping
   powerful institutions cover-up their crimes. But it is now plain to see
   that the problem was not a lack of credible witnesses. In Fleischmann, the
   government had a graduate of Cornell Law School who would help them press
   charges â€“ and simply chose not to.

   This past summer, a new set of investigators approached Fleischmann and
   appear to have restarted the criminal case against JPMorgan Chase. She
   would not comment on that investigation. But if one thing is clear from
   the last few years, itâ€™s that investigations like this tend to die
   before charges are filed. This time â€“ with all the facts that are now
   public â€“ we cannot let that happen. Click the link below to sign the
   petition to Attorney General Holder to file criminal charges against JP
   Morgan Chase:

   [5]http://act.credoaction.com/sign/Holder_Justice_Chase?t=1001&akid=12224.23357.1iyzPr.

   Alayne Fleischmann could face legal, financial, and career repercussions
   for sharing her story. Itâ€™s up to us to make sure it isnâ€™t in vain.

   Thank you for helping demand accountability for Wall Streetâ€™s crimes.

   Becky Bond, Political Director
   [6]CREDO Action from Working Assets

   Add your name:

   [7]Sign the petition â–º

    1. Matt Taibbi, "[8]The $9 Billion Witness: Meet JPMorgan Chase's Worst
       Nightmare," RollingStones.com, November 6, 2014.
    2. Ibid.
    3. Ibid.

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References

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   1.
http://act.credoaction.com/sign/Holder_Justice_Chase?t=1002&akid=12224.23357.1iyzPr
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