N Y Attorney General is going after bank fraud tied in with the toxic Credit Default Swaps that brought down the housing market as well as the world wide economy.
First target is JP Morgan Chase for the practices of Bear Sterns. If anyone remembers, the government forced JP Morgan to acquire Bears Stearns and take a 29BILLION bailout!
This si the kind of crap that happens when big government creates crony capitalism. They forced the acquistion of Bear Sterns and now they want to fine J P Morgan for the fraud that was Bear Sterns!
Of course, the public will veiw this as Obama being tough on Wall St. (maybe has something to do with campaign contributions from Wall St being a fraction of what they were four years ago).
No doubt that Fraud exsist on a large scale on Wall St.(the Federal Reserve is the crime boss) it is the timing that makes this all look so suspicious! Why not two or three years ago?
What am I missing here?