Tuesday, November 19, 2013

One for you, and a thousand for me, one for you, and a....

I saw on the news that JP Morgan Chase has finalized a deal to cough up $13,000,000,000 to put to bed all the claims against them for mortgage securities fraud.  A couple of those Bil will go to aggrieved homeowners.  "So we're good now, right?"

Really?  If I was a gambling man, I'd bet that John D(umb) Homeowner will see maybe a penny on the dollar if he's lucky.

I remember a few years ago I received a letter saying I was automatically included in a class-action lawsuit against Mastercard (?) over some sort of illegal fees they charged travelers using their cards while overseas. What ever.

Sure enough, a year later I opened my mail to find a settlement check....in the amount of $.18.  That's eighteen CENTS.  The lawyers got all the rest.  Surprised?  And as I recall, just to piss 'em off, I actually CASHED the check.  Ha!  Take that!  :)



  1. I hope you were wise enough to save that 18 cents for a rainy day.

  2. I received a similar amount on a class action suit over some bullshit wording of a car leasing contract.
    Not sure this JPM thing falls into the same class-action lawyer scam, but for sure JPM and others deserve a penalty for approving really bad loans and then bundling them to equally greedy investors where last person holding the paper when the shit hit the fan were the losers.

  3. 13 Billion? Isn't that what we call "chump change?"