Judge Sides With JPMorgan In Lehman Bankruptcy Asset Grab

When Gerard LaRocca, a senior bank executive at Barclays Capital reviewed the Lehman Brothers bank account at JPMorgan on September 23, 2008 he noticed something odd. $7 billion from Lehman’s account at JPMorgan had “vaporized,” to coin a popular MF Global term for money disappearing when actually those involved knew exactly where it went. It ended up at JPMorgan, as Esquire Magazine, a men’s fashion and lifestyle magazine, was the one to break the business story at the time.

History would, of course repeat itself as money was later illegally transferred out of MF Global customer segregated accounts that magically found their way to JPMorgan,...