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Pastimes : Clown-Free Zone... sorry, no clowns allowed
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To: JHP who wrote (200192)10/25/2002 11:07:47 AM
From: hdl  Read Replies (1) of 436258
 
These rumors seem farfetched.

In the case of JPM-Chase the FRB and NYSBD would have primary jurisdiction over any such alleged failure to report problem loans. They would normally take the necessary supervisory actions to address the matter, which could include substantial fines and other penalties in the event of wrongdoing. On alleged criminality (fraud, etc.) the NY State AG would come into the picture upon referral to that office by the NYSBD. Similarly Ashcroft's office would come in on any criminal referral made by the FRB.

Actions by the AG's (seeking indictments) generally are reactive to the wishes of the bank supervisory agencies and would be initiated only in extreme cases where supervisory penalties were judged insufficient or ineffective.

Your neighbor's comments don't mention any bank supervisory agency actions, which always would be taken along with any criminal referral, thus, the rumors have a huge hole in them that reduces their credibility. In serious matters the supervisory actions would generally be announced publicly.

Also, if we are at the point of AG actions, a very large secret has been kept for a very long time--likely well over a year--almost impossible on the Street.
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