Chase Bank, a major component of JP Morgan Chase Corporation, ransacked a dying man’s home in Seattle, Washington according to KOMO News.
Apparently, JD Butler was on his death bed in a hospital when Chase invaded the home and ransacked the place.
Apparently, Chase hired contractors who acted like thugs to invade the home and carry out valuable artwork. According to the daughter, Celeste Butler, the man was current on payments. At least that is what the bank told her.
The only mistake the daughter made, in explaining the lawsuit she is filing on behalf of her father who died in January, 2010, is when she says that Chase bank is a reputable business. We know better as we follow the fallout from the housing bubble and Ponzi lending scheme.
And Chase is known to charge massive usury on credit cards. But of course there are no usury laws existing in this nation anymore as politicians have abandoned their responsibility to protect the people from the new robber barons, the banksters. Add to this, JP Morgan has been implicated in the Ponzi interest only payday loan scam that robs from the poor.
This is the bottom line, if you can’t pay cash, then don’t buy a house. If you get behind in your payments, whether legitimately or not, and the courts will have to decide in the Butler case, you have few rights. You are at the mercy of greedy banksters who cannot wait to take back their property, which was the goal of the ponzi lending scam in the first place.There was no reported apology from Chase Bank to the Butlers here. Why does that not surprise me?
And the issue of faulty servicing of loans keeps coming up. I suggest that if one arm of the bank doesn’t know what the other arm of the bank is doing, that this is a disturbing development. Anyone who has a mortgage should be concerned about proper application of payments to the loans. If these companies are making so little money on the servicing of the loans, then perhaps this is why they are so greedy to get their hands on property these days.
Is JP Morgan a Skank Bank? More Shameful behaviour Has Been Reported
I hope that people would pull their money out of this biggest of investment banks, JP Morgan, who, along with Goldman Sachs, is reported to be doing a lot of damage to mainstreet. We need to understand that the bankers have been so corrupt that they have leveraged prices up to amazing levels. It has been reported that JPM may have leveraged short gold and silver up 100 to 1 which is even worse than the 40 to 1 mortgage bond fraud that resulted in the housing bubble crash. If this is the case investors must be very careful regarding the stock of JPM, the options of silver and gold and the question if taxpayers will bail out any massive bet gone bad.
Will the government bail out COMEX if JP Morgan loses the short bet they have on silver? It is possible that if JPM could pay off on their short but maybe not. I really doubt that the US government will bail out the gold market. If the government won’t bail these investors out, then you better, as Peter Schiff says, own physical gold and not the leveraged COMEX market gold.
The question then remains whether JP Morgan is shorting without the funds to pay the loss. That would be problematic for the stockholders of JPM, who could be thrown under the bus. There is nothing illegal or immoral about JPM shorting any commodity, stock, bond or whatever. The immorality is in the alleged leverage levels applied. If the TBTF bank shorts with leverage that could cause the bank to go under, then taxpayers will be on the hook. Why must this always be? We can’t afford it. And then there is the issue of options traders, who lose money because of being flooded with trades that effectively set the price. Some companies, as is reported, including JPM, apparently have, or could have the ability to set price through manipulative trades.
It has been reported that JP Morgan is in the process of unwinding the silver short position that came to public knowledge through a private trader and Max Keiser. Apparently, this skank of a bank had the Bear Stearns short position, and may have been forced to take over Bear by our private Federal Reserve Bank because the defunct investment bank had almost defaulted. By leverage, companies sell paper that may not be adequately backed by a commodity, causing a meltup in price, which results in a crash.
This is exactly what happened in the housing bubble, as borrowers and investors drove the price of houses up, only to see the inside money get out of bullish positions and short the inevitable decline. This behaviour is very hurtful to mainstreet. But if the commodity keeps going up for too long, the bank could have to cover the short, which means buy massive amounts of the commodity. The bank may be forced to redeem their paper, which means that they would have to supply gold they never had since the paper is backed by very little gold or silver or whatever commodity is in the trade.
I do not believe that believe that commodity inflation can go on without correcting. But it can go on long enough until mainstreet is insolvent. I do not know that this will be the case but it could be. I do not know if Schiff, Paul, Faber, etc, are correct, but we need to be aware of their position and monitor inflation and fight asset inflation, which may be occurring in an environment of deflationary expectations. In other words, with the housing bubble crashing, there are cross currents between inflation and deflation. The investment banks like JP Morgan can use commodity inflation and flooded trades to push stock and commodity prices up, waiting for them to crash and profit handsomely. But, these bubbles are very hurtful to mainstreet even if the currency isn’t destroyed.