12 ms·

Fraud is fraud, but I'm happy JPMorgan got caught up in this mess. Buying a promising startup for its technology or product is one thing, but the bank literally

by paxys 2y ago

Fraud is fraud, but I'm happy JPMorgan got caught up in this mess. Buying a promising startup for its technology or product is one thing, but the bank literally only cared about the personal data of its supposed 4 million high school and college aged users. Good riddance the whole thing imploded and there weren't real teenagers being spammed credit card and car loan offers.

gopher_space 2y ago
I feel like an overlooked aspect of "you can't fool an honest man" is that the honest man probably isn't in your vicinity to begin with.
- soulofmischief 2y ago
  If Diogenes couldn't find an honest man after all his time spent searching, I question if honest men are anything more than an old wive's tale.
  - throwanem 2y ago
    No one who is one ever claims to be one, and vice versa. Easy to miss the existence of anything else, maybe, when the streetlamps insist so loudly on being looked exclusively under.
freeAgent 2y ago
That sounds a lot like much of Big Tech, too.
mjcl 2y ago
One funny aspect is that Javice had an employment contract with JPM that stated JPM would pay for legal defense related to her official duties. Her lawyer argued that means JPM has to pay for her civil and criminal defense lawyers, and the court agreed!
adrr 2y ago
It supposedly costs $1000+ to acquire a bank customer. When I worked at a Neobank, our valuations were based on that number multiplied by the number of customers we had and people believed our valuations. Never had problems raising money.
- mcny 2y ago
  I will never forget the situation of a friend whose father committed check fraud in her name when she was still a child meaning she was never able to have a bank account in her name her whole life (without sending her father back to jail). I suspect the high valuation is because there are a lot of people like my friend or her dad who can't be on that list of possible banking customers because they can't have a bank account at all. I really like the idea of everyone having a permanent, fee-free bank account with the federal reserve. It can be zero interest as far as I'm concerned but it should be accessible to everyone regardless of criminal history.
  - DeathArrow 2y ago
    >I really like the idea of everyone having a permanent, fee-free bank account with the federal reserve. It can be zero interest as far as I'm concerned but it should be accessible to everyone regardless of criminal history. This might be a great business ideas, starting a bank that caters to criminals. Of course, the fees should be pretty high to offset the risks.
  - HenryBemis 2y ago
    > zero interest this mean that you are losing anything between 1% and 10% of your money per year (aka inflation). I am not advocating for big banks (which had put food on my table for most of my life) but you only need a (zero-interest) checking account with a debit card for your spending money. Everything else (imho) is most beneficial if you keep them spread out/hidden away, and serving your other purposes (a balance of growth x availability x speed_of_withdrawing). I remember watching this vid (https://www.youtube.com/watch?v=auzLhKvsxnQ https://www.youtube.com/watch?v=auzLhKvsxnQ) many years (it feels like it was way before the 6y YT says its age is). I do a combination of this video and the Dave Ramsey 'envelope system' (but with different banks and with different accounts). Now, she speaks about the "US way of life" but I like the principle/discipline of this.
guiriduro 2y ago
Given JPM's complicity in a number of obvious pump and dump frauds, particularly in sell-side "analysis" if you can call it that, I think its somewhat churlish and clearly unfair to allow it access to the legal system to defend fraud against itself. But I suppose rules are for the little people (any non-Trump friends at least.)

by paxys 2y ago

gopher_space 2y ago

I feel like an overlooked aspect of "you can't fool an honest man" is that the honest man probably isn't in your vicinity to begin with.

soulofmischief 2y ago
If Diogenes couldn't find an honest man after all his time spent searching, I question if honest men are anything more than an old wive's tale.
- throwanem 2y ago
  No one who is one ever claims to be one, and vice versa. Easy to miss the existence of anything else, maybe, when the streetlamps insist so loudly on being looked exclusively under.

freeAgent 2y ago

That sounds a lot like much of Big Tech, too.

mjcl 2y ago

One funny aspect is that Javice had an employment contract with JPM that stated JPM would pay for legal defense related to her official duties. Her lawyer argued that means JPM has to pay for her civil and criminal defense lawyers, and the court agreed!

adrr 2y ago

It supposedly costs $1000+ to acquire a bank customer. When I worked at a Neobank, our valuations were based on that number multiplied by the number of customers we had and people believed our valuations. Never had problems raising money.

mcny 2y ago
I will never forget the situation of a friend whose father committed check fraud in her name when she was still a child meaning she was never able to have a bank account in her name her whole life (without sending her father back to jail). I suspect the high valuation is because there are a lot of people like my friend or her dad who can't be on that list of possible banking customers because they can't have a bank account at all. I really like the idea of everyone having a permanent, fee-free bank account with the federal reserve. It can be zero interest as far as I'm concerned but it should be accessible to everyone regardless of criminal history.
- DeathArrow 2y ago
  >I really like the idea of everyone having a permanent, fee-free bank account with the federal reserve. It can be zero interest as far as I'm concerned but it should be accessible to everyone regardless of criminal history. This might be a great business ideas, starting a bank that caters to criminals. Of course, the fees should be pretty high to offset the risks.
- HenryBemis 2y ago
  > zero interest this mean that you are losing anything between 1% and 10% of your money per year (aka inflation). I am not advocating for big banks (which had put food on my table for most of my life) but you only need a (zero-interest) checking account with a debit card for your spending money. Everything else (imho) is most beneficial if you keep them spread out/hidden away, and serving your other purposes (a balance of growth x availability x speed_of_withdrawing). I remember watching this vid (https://www.youtube.com/watch?v=auzLhKvsxnQ https://www.youtube.com/watch?v=auzLhKvsxnQ) many years (it feels like it was way before the 6y YT says its age is). I do a combination of this video and the Dave Ramsey 'envelope system' (but with different banks and with different accounts). Now, she speaks about the "US way of life" but I like the principle/discipline of this.

guiriduro 2y ago

Given JPM's complicity in a number of obvious pump and dump frauds, particularly in sell-side "analysis" if you can call it that, I think its somewhat churlish and clearly unfair to allow it access to the legal system to defend fraud against itself. But I suppose rules are for the little people (any non-Trump friends at least.)