by Pam Martens and Russ Martens, Wall Street on Parade:
JPMorgan appears incredibly adroit at ever creative means of running its reputation through the mud. Last August the Christ Church Cathedral in Indianapolis filed a lawsuit in Federal Court alleging that its endowment funds meant to feed and shelter homeless families and children, keep food banks stocked, and give exhausted pastors a sabbatical, ended up as a wealth transfer scheme at JPMorgan.
The complaint alleges that JPMorgan engaged in “self-dealing,” made “fraudulent misrepresentations,” omitted material facts about their “widespread and profound conflicts of interests and created “toxic investment products” which resulted in “the surreptitious transfer of wealth from the Christ Church Trusts to JPMorgan.”
Out of the 177 different investment products JPMorgan purchased for the Christ Church endowment, the percentage of its own proprietary products that JPMorgan purchased from itself “ranged from 68% to a staggering 85% of the portfolio” according to the lawsuit.
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