Tags: FRESH 2008

Of Course, J.P. Morgan is Right at the Center of the Latest Italian Bank Scandal

This should come as no surprise to anyone paying even the slightest bit of attention to the ongoing theft and fraud being perpetrated by the “too big to jail” financial oligarchs.  J.P. Morgan in particular these days seems to have its grubby, crony paws in almost every degree of theft one can imagine.  From Vatican money laundering, to running the food stamp program, to ripping off U.S. veterans, these guys have all their bases covered.  The latest?  Well it seems they were right there in the center of the latest scandal at the oldest bank in the world; Italy’s Monte dei Paschi.   From Reuters:

Feb 6 (Reuters) – Monte dei Paschi lied to the Bank of Italy about the terms of the so-called FRESH 2008 hybrid instrument, worth around 1 billion euros, which it used to partly fund its acquisition of Antonveneta, prosecutors alleged in a document obtained by Reuters on Wednesday.

In the document, prosecutors alleged that Monte dei Paschi’s then chief financial officer Marco Morelli had signed an indemnity document in favour of J.P. Morgan which was hidden from the regulator. J.P. Morgan in 2008 underwrote a 1 billion euro capital increase in Monte dei Paschi, and then structured the Fresh 2008 hybrid instrument, convertible in Monte dei Paschi’s shares, and sold it to a number of investors.

J.P. Morgan in Milan declined to comment.

Of course they did.  J.P. Morgan only likes to comment when Jaime Dimon is running his big mouth about how important his crony ass is.

Yep, clearly civilization would cease to exist without the too big to jail bankers.

Read the rest here.

In Liberty,
Mike

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