Google missed after the bell taking some of the air out of big tech. Intel and IBM beat. Microsoft beat earnings and missed revenue.
Frothy market.
“We have been called to heal wounds, to unite what has fallen apart, and to bring home those who have lost their way. Blessed are they who love their brothers and sisters as much when they are sick, as when they are well and of service. And blessed are they who love their brothers and sisters as well when they are far away, as when they are close. When you leave this earth, you can take nothing that you have received, but only what you have given.” Francis of Assisi
Courthouse News Service
Chase Accused of Brazen Bankruptcy Fraud
By MATT REYNOLDS
January 17, 2012
LOS ANGELES (CN) - JPMorgan Chase routinely fabricated documents to deceive bankruptcy judges, going so far as to Photoshop documents to "create the illusion" of standing "in tens of thousands of bankruptcy cases," according to a federal class action.
Lead plaintiff Ernest Michael Bakenie claims that Chase's "pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players" bore rich fruit: that Chase secured motions for relief of stay and proofs of claim in 95 percent of its cases.
"Through the use of fabricated assignments, endorsements and affidavits that purport to transfer deeds of trust, notes and the rights to all monies due under the terms of tens of thousands of non-negotiable promissory notes (the 'MLNs'); Chase has demonstrated a pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players," the complaint states.
"Chase intentionally conceals the identity of the true parties in interest entitled to enforce the tens of tens of thousands of residential non-negotiable promissory notes (the 'MLNs') for its own financial benefit, at the expense of the class and to the detriment of the integrity of the bankruptcy system."
Bakenie says Chase used a network of attorneys to file more than 7,000 motions for relief from automatic stay in bankruptcy cases in the Central District of California, "wherein they falsely claim to be the party entitled to monies due under the terms of MLNs."
Chase rewards attorneys based on how quickly they can secure the stays, and uses fabricated documents to establish chain of title on loans, according to the complaint...
Read the rest here.