Alleged fraud at JP Morgan.  Who could have guessed?

Source

A federal class action lawsuit is making some strong allegations against JPMorgan Chase, claiming the  lender routinely fabricates documents to deceive bankruptcy judges into believing Chase is the beneficiary in bankruptcy cases, and goes so far as to Photoshop documents to “create the illusion” of standing “in tens of thousands of bankruptcy cases.”

According to the JPMorgan Chase bankruptcy fraud class action lawsuit, “Chase is engaged in the business practice of deceiving bankruptcy judges, Chapter 7 trustees, Chapter 11 trustees, Chapter 13 trustees, the Office of the United States Trustee, creditors, creditor attorneys, debtors in possession, debtors and debtors attorneys as to Chase’s status as a secured creditor in tens of thousands of bankruptcy cases filed nationwide.”

Among the numerous allegations in the Chase bankruptcy fraud class action lawsuit, Chase is alleged to have:

1. engaged in perjury, fraud and intentional misrepresentation by manufacturing a chain of title transfer evidence in order to falsely prove it stands in thousands of bankruptcy matters; and

2. used manufactured evidence to deceive the bankruptcy court and other bankruptcy players as to the identity of the true beneficiary or creditor of Class Members’ non-negotiable promissory notes (MLNs).

A copy of the Chase Bankruptcy Fraud Class Action Lawsuit can be read here.

The case is Ernest Michael Bakenie v. JPMorgan Chase Bank, N.A., Case No. SACV12-0060 JVS (MLGx), U.S. District Court, Central District of California.

CONTINUED at Top Class Actions.

My Two Cents: Why are the Penn State rioters the douchebags of the week? It’s pretty simple really. To riot and destroy your own campus to protest your head coach’s firing is fucking ridiculous. To protest your head coach’s firing because he did nothing to stop the rape of several young boys is goddamned insane and disgusting. All of you who rioted are pieces of shit for putting for putting football, of all things, ahead of the victims of rape by one of your coaches. End Two Cents.

My Two Cents: I guess winning a fucking football game is more important to some than the fact that over ten boys were raped by their own team’s coaching staff. Yep, let’s destroy our own school because we’re mad at the firing of our coach who neglected the fact that a child rapist was on his coaching staff. End Two Cents.

*Taken from Philly. Video at link.

Happy Valley was in bedlam early today as angry, chanting students ran amok in a bizarre climax to an unforgettable day that ended with the unthinkable: the firing of football legend Joe Paterno.

Chanting “Joe Pa-ter-no!” and “One More Game!” students raced to the stately Old Main administration building to express their anger that the winningest coach in major-college football history was out – fallout from the child-sex scandal involving his former top assistant, Jerry Sandusky.

More than 1,000 students rioted and rallied at Old Main and on frat-house-lined Beaver Avenue. Riot cops, fire trucks and ambulances were on hand after midnight, amid reports that tear gas was being used to disperse the crowd.

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*Taken from Fox Sports.

Penn State football coach Joe Paterno was fired late Wednesday night as the result of a growing child-sex scandal that has engulfed the program. The move is effective immediately meaning he will never coach for the school again. President Graham Spanier was also fired.

In their statement, the board announced, “The Pennsylvania State University Board of Trustees and Graham Spanier have decided that, effective immediately, Dr. Spanier is no longer president of the University. Additionally, the board determined that it is in the best interest of the University for Joe Paterno to no longer serve as head football coach, effective immediately.

“The board has named Dr. Rodney A. Erickson, executive vice president and provost, as the interim president of the University. Tom Bradley, assistant coach, has been named interim head football coach.”Earlier in the day, Paterno, the winningest coach in FBS history, had announced that he would retire at season’s end, allowing him to coach the Nittany Lions’ final home game this Saturday against Nebraska. After an afternoon of calls for the coach’s immediate removal, the board called the emergency meeting.

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*Taken from NY Times.

Joe Paterno’s tenure as coach of the Penn State football team will soon be over, perhaps within days or weeks, in the wake of a sex-abuse scandal that has implicated university officials, according to two people briefed on conversations among the university’s top officials.

The board of trustees has yet to determine the precise timing of Paterno’s exit, but it is clear that the man who has more victories than any other coach at college football’s top level and who made Penn State a prestigious national brand will not survive to coach another season. Discussions about how to manage his departure have begun, according to the two people.

Paterno was to have held a news conference Tuesday but the university canceled it less than an hour before it was scheduled to start.

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