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In tracing down a credit card fraud account, I uncovered a can of worms… The culprit in this case is the bank of J P Morgan.

A client discovered a fake charge account had been opened in their name.

Knowing someone on the inside, we were able to ascertain that no paperwork was ever filed for that credit card account which was maxed out immediately at $6,000.. back in 2005 and was never heard of again.. No attempt to alert the person on whose name the card was ever made by that bank.. Yet the bank carried that charge as a pending asset year after year.

No individual swipes or transactions were ever made at the time of opening. A lump sum of $ 6,000 appeared out of nowhere on J P Morgans books, and was attributed to my client…

So we got technical… We traced the path..

Let’s put it this way.. The most logical explanation appears that the bank needed to boost it’s assets so it simply added a charge to this person’s ID and counted it as an asset and someone most likely got their bonus.

Those massive breeches of security which we read about, seem conveniently to benefit the banks. (You can’t blame us: We had a security breech)…

Reading this the first time, you may speculate that someone set up a dummy account and stole the money… Here is the curious part. The money never went anywhere.. It was just put on the books. No one ever spent the money… It just showed up as a debt on the books.

I bring this up now because I just discovered it. Also it makes one wonder just who Tom Carper, Mike Castle, and Ted Kaufman are really helping when the vote to give more power to a bank, than can be given to protect a consumer..

There must be some lingering moral conscience hiding in these men.. Being from Delaware, there is no excuse which can be made in their favor that they don’t “really” know what is going on… Everyone knows you don’t listen to bank presidents… You listen to those working and questioining the unethical practices they see going on about them every day…

Should our representatives sell their soul to the evil enterprise of our financial giants? Or does their soul better belong to us?….

It’s time that some form of legislation originating from Delaware’s coalition, states that any bogus account, must be eradicated by the bank immediately A bogus account would be one for which there was no proof of any transaction, no paperwork trail…. It is fitting that since Delaware is the financial capital of the world, that our legislators should be the ones guarding the public’s trust…

After all banks are just banks. They can afford it.