Courtesy of Pam Martens.
Alayne Fleischmann, Appearing on DemocracyNow! to Discuss Her Allegations Against JPMorgan Chase
Two years after attorney Alayne Fleischmann was downsized out of her job as a Transaction Manager at JPMorgan Chase, her boss, William Buell, was hauled before the Financial Crisis Inquiry Commission (FCIC) for interrogation on just how culpable the bank was in packaging and selling toxic mortgage backed securities.
Buell is the same man that Fleischmann exposed in a Rolling Stone feature article by Matt Taibbi last week as the recipient of her detailed, internal letter in early 2007, warning him that the mortgage pools her group was reviewing contained poor quality mortgage loans unfit for purchase or securitization. Despite the written warning, Fleischmann would later learn that JPMorgan, in a drive to boost market share and profits, went forward and purchased the pool, securitized many of the loans, then sold them to unsuspecting investors.
But when Buell was asked directly during his questioning on September 15, 2010 by a Federal investigator for the FCIC if anybody had asked him to apply the brakes and stop pushing out questionable mortgage loans, Buell did not mention the formal warning letter he received from Fleischmann.
Another opportunity arose during the interview to mention the letter from Fleischmann and Buell again fails to reveal it. An FCIC interviewer asks:
“During the period 2005, May 2005 until let’s say the end of 2007, was there a period of time where you, in your position, noted that there was somewhat of a deterioration in the quality of the loans that were being presented to you to purchase?”
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