Alabama-JP Morgan Bribery Case - Black Mayor gets 15 years, Banksters Walk Free

[gunDriller]

Larry Langford, former mayor of Birmingham, gets 15 years for his involvement in a JPMorgan bribery case.

Basically it was a $200 Million Water system that ended up costing $3 Billion. The extra $2.8 Billion went to the Banksters.

The Black Mayor got 15 years. His criminal counterparts - Jewish bankers - walked free.

http://www.businessweek.com/news/2010-04-20/alabama-governor-broadens-jefferson-county-swap-disclosures.html

http://www.nytimes.com/2009/11/05/business/05derivatives.html?_r=1

http://en.wikipedia.org/wiki/Larry_Langford


It's also mentioned in the King World interview with Bill Laggner, a fund manager in Houston.

http://kingworldnews.com/kingworldnews/Broadcast/Entries/2010/5/1_Bill_Laggner_files/Bill%20Laggner%205%3A1%3A2010.mp3

[Olmstein]

The board of directors of JP morgan should be in jail, alongside the mayor.

[Olmstein]

The money quote from the Times article: "The county will still have to honor the payment schedule on that debt, which financed a sewer project."

So the taxpayers of the county still have to pay the bloodsucking leeches on wall street, even though the debt was incurred through a series of frauds.

If I lived in that county, I would be gathering signatures on a petition to repudiate the debt and tell the bankers to go pound sand.

[gunDriller]

what's also interesting is that the larger of the 2 articles - November 4, 2009, the New York Times article - says nothing about Langford's sentence.

"J. P. Morgan Securities will forfeit hundreds of millions of dollars in fees on derivatives contracts that it sold an Alabama county, under a settlement announced Wednesday that could offer hope to other governments staggering under similar deals."

And there's more about JP Morgan's Sacrifice and Victim-Hood -
"To settle the lawsuit, J. P. Morgan will drop its claims for $647 million in termination fees it had been trying to make Jefferson County pay on the derivatives. The settlement also calls for J. P. Morgan to pay a $25 million penalty to the commission and $50 million to the county."

So their original profit of $2.8 Billion was reduced by about $723 Million. JP Morgan still clears $2 Billion on the deal.

Those poor, poor bankers. <sarc> To where should I send the flowers and a card expressing my condolences ?


It's very interesting to see how the NY Times covers the story. It really makes it sound like JP Morgan is being punished - when, if I read it right, they are merely giving up 25% of their profit.

This, in a case where enough criminal conduct was uncovered to send the mayor to prison for 15 years.

The judicial system is bought and paid for. Even in Alabama, Jewish Banksters get a Get Out of Jail Free card - and no one in the media says a word about it.

It's almost as if the media is working with & for the Jewish banksters !

Do ya think ?! ;)




The money quote from the Times article: "The county will still have to honor the payment schedule on that debt, which financed a sewer project."

So the taxpayers of the county still have to pay the bloodsucking leeches on wall street, even though the debt was incurred through a series of frauds.

If I lived in that county, I would be gathering signatures on a petition to repudiate the debt and tell the bankers to go pound sand.


I have a feeling most states and countries have made similar deals. I know CALPERS (California $1Trillion Pension fund) has invested a lot in Wall Street Bullsh*t products.

I don't have quite as much sympathy for CALPERS as for Birmingham. The banksters that sold the debt and the associated derivatives knew more about the products than Langford. JPMorgan (and Goldman Sachs) does have smart (and extremely greedy) (and dishonest !) people working there.

I think the people of Birmingham got scammed more than CALPERS. I agree, the people of Alabama have every right to declare "Kol Nidre" (it's an old Jewish tradition/ holiday where all debts are declared to no longer exist.)

[Olmstein]

New York Times publisher? Arthur Ochs Sulzberger, Jr

His father and grandfather were also publishers of The New York Times.


A little about grandpa Sulzberger from Wikipedia (http://en.wikipedia.org/wiki/Arthur_Hays_Sulzberger)

"Sulzberger was the son of Cyrus L. Sulzberger, a cotton-goods merchant, and Rachel Peixotto Hays, descendant of old and noteworthy Sephardic families.[1] His great-grandfather, Benjamin Seixas,[2] brother of the famous rabbi and American revolutionary Gershom Mendes Seixas of Congregation Shearith Israel, was one of the founders of the New York Stock Exchange. His grandfather, Dr D.L.M. Peixotto,[3] was a prominent physician and director of Columbia University's Medical College."