Throughout the PFGBest bankruptcy and liquidation process, there\u2019s 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\u2026 and the rest of that money was supposedly held at JPMorgan \u2013 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\u2019s exactly what the PFG trustee Ira Bodenstein has done. Cue JPMorgan\u2019s 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\u2019s request for authorization from a bankruptcy court to serve subpoenas on financial information may be overly burdensome by encompassing Peregrine\u2019s affiliates and wholly owned subsidiaries, in addition to the brokerage itself. JPMorgan reserved the right to \u201cmodify or quash\u201d subpoenas that are too burdensome or broad. Now of course, much of this is just normal lawyers being lawyers type stuff \u2013 with the high priced lawyers of JP Morgan likely to object to any motion in which it is involved just because that\u2019s 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\u2019t 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\u2026 I\u2019m sorry people lost money, but before those individual investors and farmers and such get what is rightfully theirs \u2013 we\u2019re still going to need to earn our fees to support our tax-payer supported billion dollar behemoth). But still\u2026 something here smells fishy. Is there something JPMorgan wants to keep a secret? Statistics: Posted by Bon \u2014 Wed Aug 08, 2012 5:14 am<\/p>\n