Daily News Events – Futures – Stock Watch – Forex – The MindSet • PFG Bankruptcy – What is JP Morgan Hiding?

Posted August 8th, 2012 by tmchanelhzi and filed in BonTrade News, PFG News - Wasendorf Fraud

Throughout the PFGBest bankruptcy and liquidation process, there’s been a deafening silence coming from one big player: JPMorgan. While US Bank was supposed to have held the $220mm that has turned out to be missing, PFG was supposed to have had $400mm in client assets… and the rest of that money was supposedly held at JPMorgan – where any and all clients actually wired their money when opening accounts with PFG. Naturally, one would expect inquiries into the status of this money, and that’s exactly what the PFG trustee Ira Bodenstein has done. Cue JPMorgan’s response (via Reuters): Quote: JPMorgan Chase & Co on Monday sought to limit the power the bankruptcy trustee for Peregrine Financial Group has to subpoena information from financial institutions that did business with the failed brokerage. JPMorgan said in a court filing that Trustee Ira Bodenstein’s request for authorization from a bankruptcy court to serve subpoenas on financial information may be overly burdensome by encompassing Peregrine’s affiliates and wholly owned subsidiaries, in addition to the brokerage itself. JPMorgan reserved the right to “modify or quash” subpoenas that are too burdensome or broad. Now of course, much of this is just normal lawyers being lawyers type stuff – with the high priced lawyers of JP Morgan likely to object to any motion in which it is involved just because that’s what lawyers do for their clients (the normal course of action is to object, fight, and negotiate until the final language is less onerous than the original language). And part of it is the ugly desire to get paid you won’t see in the cheery Chase commercials on tv. Half of the objection is arguing that they should still be able to earn their fees on the accounts of the bankrupt firm (you know, the argument… I’m sorry people lost money, but before those individual investors and farmers and such get what is rightfully theirs – we’re still going to need to earn our fees to support our tax-payer supported billion dollar behemoth). But still… something here smells fishy. Is there something JPMorgan wants to keep a secret? Statistics: Posted by Bon — Wed Aug 08, 2012 5:14 am

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Daily News Events – Futures – Stock Watch – Forex – The MindSet • PFG Bankruptcy – What is JP Morgan Hiding?

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