Keiser Report: Outrageous Predictions for 2012 (E230) Plus JP Morgan Caught Stealing Again [View all]
In this episode Max Keiser and co-host, Stacy Herbert, present a New Year's special featuring outrageous predictions, bloopers and Berlusconi's 2012 Bunga Bunga Guide to finance. They look back to some 2010 predictions that came true in 2011 and look at the future of European bank runs, rising US treasury yields and the Jim Rogers - Marc Faber Chinese showdown.
JPMorgan Chase & Co. (JPM), the biggest U.S. bank by assets, and Ally Financial Inc (ALLY). were among the financial institutions blamed by the German lender HSH Nordbank AG in lawsuits over losses on about $293 million in mortgage bonds.
Offering documents for the securities contained “material misrepresentations and omissions” about the loans backing the securities, HSH Nordbank said in summonses filed yesterday in New York State Supreme Court.
Wrongdoing by JPMorgan, Ally and other defendants named in three separate cases “led directly” to losses on the securities, HSH Nordbank said. Barclays Capital Inc. (BARC) and Credit Suisse Securities (USA) were also among those sued for their roles in different offerings, according to court papers.
HSH Nordbank also claims that offering materials contained misrepresentations about the legal validity of assignments of loans to mortgage-securitization trusts and the rights of the trusts to receive interest and principal payments on the loans, which are used to pay investors.