The Phaserl


JP Morgan Whistleblower Speaks About Banking Giant’s Schemes to Sell Toxic Mortgages

Alayne Fleischmann warned managers over the looming mortgage crisis – Managers warned her to stop sending emails creating accountability trail – Federal prosecutors used her evidence to secure $9billion settlement

from Daily Mail:

A whistleblower whose evidence prompted one of America’s biggest banks to pay out $9billion to avoid federal prosecution has spoken out for the first time about her battle to reveal the truth.

Alayne Fleischmann was a lawyer with JP Morgan in 2006 who tried to alert her managers to the bank’s policy of re-selling sub-prime mortgages to investors without warning them of the danger.

The sale of toxic sub-prime loans – by JP Morgan and many other US banks – triggered the crisis in the US housing market that exploded into the global financial crisis of 2008, officials say.

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