Friday, November 4, 2011

The interconnected banking cartel: JP Morgan now claims to have MF Global's accounts

Ahhh... it's good to be part of the 1%.  Even when you allegedly steal from your customers, or commit a financial crime there is always another one of your 'buds' to swoop in and save the day.

Kind of like how Sandy Burger got away with taking classified information from a Federal building and was never prosecuted for it.

News has just come out that JP Morgan is now claiming they are 'holding' the money for the individual account holders that was allegedly used by MF Global and Jon Corzine to make purchases of Euro toxic assets.

Last week we heard of glitches which resulted in Germany finding $55.5 billion in missing "debt" and several billion in Irish debt. It was only a matter of time before MF Global also uncovered a "glitch"

  • MF ACCOUNT WITH $658.8M IN CLIENT FUNDS SAID TO BE AT JPMORGAN
  • MF GLOBAL'S MISSING CLIENT FUNDS SAID TO BE LOCATED AT JPMORGAN
Ignore the fact that MF admitted it had commingled and abused client funds. After all, the big boys take care of their own. And what is $660 million to JPM? Here's what - less than the taxpayer money profit the bank makes on one POMO. - Zerohedge

Now you know why the 1%ers can play by rules the common man has no ability to follow.  Steal $100, go to jail.  Steal $100 million and you receive a severance package.

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