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JPMorgan Chase, AFTRA settlement approved
Lawsuit filed over hedge fund losses
By Dave McNary
A federal judge has approved JPMorgan Chase & Co.’s $150 million settlement of a lawsuit by the American Federation of Television and Radio Artists retirement fund and other investors over losses that the plan sustained from the bank’s Sigma Finance hedge fund.
U.S. District Court Judge Shira A. Scheindlin filed the settlement on Wednesday. The bank said on its website that the filing commenced a 30-day appeal period and that if no appeals are filed, the settlement will become effective.
The bank and the AFTRA fund had no comment.
The settlement with investors was disclosed in March. The AFTRA fund and the bank announced on Feb. 7 that they had reached a tentative settlement.
The suit alleged that JPMorgan Chase lost a “substantial portion” in cash collateral in medium-term notes issued by Sigma Finance Inc., a structured investment vehicle sponsored by Sigma Finance Corp. It said creditors seized over $25 billion of Sigma’s $27 billion in assets in September and October 2008, leaving about $1.9 billion as security for about $6.2 billion of outstanding medium-term notes.
Sigma once carried “triple-A” ratings, but the suit alleged that JPMorgan “buried its head in the sand and refused to heed the warning signs” when analysts predicted in 2007 that Sigma would be unable to repay the notes.
Other plaintiffs in the JPMorgan case are the Manhattan and Bronx Surface Transit Operating Authority Pension Fund in New York City, and the Imperial County Employees’ Retirement System in El Centro, Calif.
Athough AFTRA merged with the Screen Actors Guild on March 30, the unions’ respective health and retirement plans remained intact and were not combined.
Contact Dave McNary at dave.mcnary@variety.com
aaron4gold said:
AND WE WERE TOLD AFTRA WAS SOLVENT! WE WERE TOLD SAG NEEDED AFTRA! WHAT ELSE ARE THEY HIDING? The cockroaches are coming out of hiding now. Art Lynch felt confident enough to admit his role in SAG's demise, NOW WE LEARN SAG BOUGHT AN ALREADY LOOTED AFTRA! THE ISSUE IS HOW MUCH DID JP MORGAN PAY SAG TO TAKE AFTRA? Folks, this is high class swindling on a scale we cannot even imagine. chase lost $27 billion in Sigma. THEY KNEW IT WAS BROKE. The question to US is DID SAG KNOW? How much was ken Howard paid and BY WHOM? We as lowly actors work day to day. Chase, Sag and Aftra are BIG DOLLAR PLAYERS. They are stinking rich. If AFTRA only received $100 million then it is safe to assume they collected 10-20% of their initial investment. CLOSE TO A BILLION! We can see that it was profitable to MERGE WITH VERY WEALTHY SAG in order to RECOUP THEIR INVESTMENT LOSSSES! Now the issue is, WHO FUNDED THE PUSH TO MERGE?
Doug Jorgenson · Los Angeles, California
Aaron4gold? Don't you mean Shit4Brains?
me (signed in using yahoo)
i dont know who or what YOU are, but your adolescent language skills seem to indicate you disagree with my comment. you could just say so, but your moniker and word choices place you at about an 8th grade emotional level. This is adequate evidence that the pro MERGER campaign was designed to attract the LOWEST level of SAG membership. If you and your cohorts had an ounce of credible critical thinking skills you would have demanded adequate assurances from the "sagwatch" crowd that SAG wouldn't have to stand as surety for AFTRA's excesses and financial baggage. Because you don't understand what that means, just be content to know that JP Morgan Chase dined lavishly on AFTRA dues money THEN after they ate it all up THEY funded cockroaches like howard and reardon to lead simpletons like banana head Doug to vote to HAND OVER SAG's financial resources so the billionaires can have a SECOND helping of dues money. THIS TIME SAG'S!
Reply · 2 · Unlike · June 10 at 3:14pm
Doug Jorgenson · Los Angeles, California
I repeat: Don't you mean Shit4Brains?
Reply · Like · June 11 at 5:22am
me (signed in using yahoo)
you just keep proving my point. just did a quick IMDB search for you banana head and found NOTHING! you are a child with a computer but NO brain. you repeatedly attack Arl and anyone else who doesn't confirm your pathetic, imbalanced world view. the people who view this site are mostly VETERAN actors who have made more contributions to SAG then you will ever make. please list your acomplishments IF you have any. you are a classic self indulgent bi polar sufferer. please get help, take your meds and stay away from adult conversation until AFTER you turn 18.
Doug Jorgenson · Los Angeles, California
I looked up your IMDb profile and it noted that "me" is best known among the extras community as having Shit4Brains." I rest my case, S4B.
Reply · Like · June 11 at 3:23pm
Here's a post regarding the website Sagwatch.com.
Sagwatch.com has been online for a few years and puported to be a neutral site (with an unknown owner/moderator) in the time approaching the merger of actors' union SAG and tv/radio performers union AFTRA.
It turned out that Sagwatch.com was being anonymously run by SAG board members.
A name like "SAGWatch" would lead one to believe the site is a watchdog site aimed at holding SAG leadership to account on members' behalf. But it appears the site was actually the opposite: a site run by SAG leadership (without telling anyone who was running the site, in the years leading up to a mega merger).
Here's Sagwatchdog.com's post on the matter, followed by comments:
Our belated Turkey Award goes to the most disingenuous website on the Internet that deals with entertainment union politics. *
In this category, there is, of course, this website, The SAG Actor & Showfax’s Bulletin Boards, along with Deadline Hollywood, The Wrap, Handel’s website and a few others. All of them but one, identifies who runs the website.
The only exception is the anonymously run Baghead website SAG Watch; an employer friendly website that, all evidence, indicates is run by AFTRA trustee member David Browde. Browde is an AFTRA member who worked non-union at CNN during the early Eighties.
Besides cowering beneath the cloak of anonymity our SAG Watch ‘gutless’ wonders spread innuendo and murky missives without any merit, or substantiation.
The following post is as indicative, as any, as to why these ‘Turkeys’ are the overwhelming winners of our 2009 “Turkey Website of the Year” Award. Their article is entitled ‘Rounding up the Usual Suspects.”
The Ol’ Dog has included a photo of the Usual Suspects when it comes to collaborating with our employers.
—
Round up the Usual Suspects, and Say Thanks
Posted on November 25, 2009, 3:56 PM, by Editor, under SAG Politics, SAG-AFTRA.
Yes, we’ve been quiet lately. That’s probably good news and bad news, all wrapped up in one.
No actually, it’s just good news.
As we’ve moved into the Thanksgiving holiday, official union activity wound down, as it often does around holiday periods, leaving us with little to do beyond reading the repetitive and occasionally frustrating diatribes posted in a variety of places by the usual suspects from the hard and harder line factions, and the predictable responses from the more moderate and now in power.
Hardliners to these employer sycophants is anyone who doesn’t not carry a tube of KY-jell to union/employer negotiations.
That no one has compromised and no one has advanced the ball is unsurprising. The hard liners have the pseudo-moral high ground with their grandiose statements that they’d demand more, and get it too, accompanied by dismissive rhetoric aimed at the more rational, those who’ve already figured out that it takes more than a demand and a threat of a strike to actually accomplish something at a negotiating table.
And what have the rational USAN/UFS “go-along-to-get-alongs’ accomplished? We’ll they sacrificed pre ’74 residuals for the Internet, they gutted force majeure, gave up current residuals on the Internet, deep sixed clip consent, and for the first time in SAG history allowed SAG signatories do non-uion productions.
As we see it, that pseudo-moral high ground looks more and more like a little buildup over quicksand. Threats of lawsuits to “enforce” a misreading of 1950s documents? It’s enough to make one cringe at the foolishness.
You’ll notice they don’t specify those Fifties documents. Course, if they did then they’d have to produce them and give readers their “reading of them.” Well, let’s have a look at the Fifties document that spells out jurisdiction for both SAG and AFTRA.
Pretty hard to misread those. SAG has jurisdiction over ALL acting on TV except that done in the MANNER of a LIVE broadcast.
Meanwhile, the merger question is still a hot topic, though a real solution seems as frustratingly elusive as it has been over the past decade.
The only frustration here is that these employer kiss asses refuse to acknowledge that merger with AFTRA will bailout broadcasters and screw SAG actors by diminishing their pension plan. This from the Mercer Memo released during the last attempt at CONsolidation.
If all that seems like we have little about which to be thankful this holiday, that would be wrong. We actually have a lot in the past year about which we are grateful. First, the new leadership at SAG seems committed to a reasoned approach to all the problems that face us.
“Reasoned” approach; Translation: Members take whatever employers offer.
Second, the working performers in SAG and AFTRA have been energized, and seem engaged in trying to make things better on a number of levels.
Hard to argue against specifics like that.
That can’t be anything less than a good sign.
These no names make non specific statements while saying nothing. But then, it only takes a quick read of their AFTRA/Employer First website to realize that’s because they really don’t know anything.
And, of course, we have the staff members of all our unions, whose remarkable efforts may be largely unseen by the rank and file, but without which we would not enjoy the benefits and protections we have today.
Look, certainly the overwhelming majority of our staff members are dedicated to the welfare of their memberships. Unfortunately, there are those in power positions that are dedicated to THEIRSELVES and employer agendas.
To them, and you, our thanks, and best wishes for a happy Thanksgiving from all of us at SAGWatch.
—
A.L. Miller SW Editor & Chief
* Since the above post, AFTRA, after an “Independent investigation” determined that trustee Browde did not own SAG Watch! Aaahhh, Okay.
Comments
Me:
CONSPIRACY TO TOPPLE A $10 BILLION UNION? WHERE WOULD IT ORIGINATE? VEGAS, BABY VEGAS?
As SAG leaders sat by and watched AFTRA literally steal TV jurisdiction away from it and they actually gifted to producers DVD and residual benefits, SAG's elected leaders claimed that they were powerless to stop it.
Meanwhile, AFTRA BEGAN ANOTHER MERGER PROPOSAL. In the face of two previous defeats it didn't seem likely. SUDDENLY SAG'S LEADERS BECAME CATATONIC.
The great SAG was suddenly powerless and to solve the SAG's problems along came a great white shadow to save us all. his solution JOIN AFTRA! HUH? REMEMBER, AFTRA WAS THE PROBLEM.
aftra was stealing away SAG work by using scab workers and cut throat negotiating techniques. BUT, TV STAR KEN HOWARD SAW IT DIFFERENTLY! Suddenly, 100% of SAG efforts wre directed to MERGE. NOT FIGHT BUT MER...GE.
A major proponent and source of confidential information was the website "SAGWATCH." not watchdog, just sagwatch.
That website started receiving and publishing confidential information all geared to one purpose, MERGE.
The issue was, WHO WAS SAGWATCH?
Today we know at least one them and the picture isn't good. HE IS AN ELECTED SAG BOARD MEMBER IN LAS VEGAS. HE IS ART LYNCH!
here is information directly from Art Lynch: "His belief is that all those who find enjoyment in the crafts and take the time to train and pursue work, should call themselves actors, has been at the center of his over a decade of coaching acting full-time.
Lynch is an instructor at the College of Southern Nevada, where his focus is communication and helping students to achieve their personal goals. His voice can be heard on Sundays over Nevada Public Radio (based through KNPR 88.9 FM) statewide as the state voice of Weekend Edition Sundays." http://arthurlynch.wordpress.com/.
Here is more from Art Lynch directly pertaining to SAGWATCH: Posted by Art Lynch : "SAGWatch was an idea hatched in the back of a meeting during the heart of the War of the Allens. At the time the Membership First faction of SAG had complete control of the messaging and owned all the websites...Initially five people spent countless hours on the SAGWatch project. There was only one person outside the core group that knew any of the details of how the site worked and provided tons of organizational help, for reasons of his own. A sixth key player joined, and will be leading the way forward, as SAG-AFTRA moves forward representing us all.
We invite you to join most of us at the new site, SAG-AFTRA Watch..." HERE IT IS IN PLAIN LANGUAGE! NOW WHAT KNID OF MEETING COULD IT HAVE BEEN?
Here are some of the meetings Art Lynch attends: Art Lynch is an actor and educator who serves on the National Board of Directors of the Screen Actors Guild representing Nevada." "As I shared in today's membership meeting, it is my hope that, whether we merge or not, members continue to step forward and run for office, volunteer for committees and do all they can to turn potential work union in Nevada. We are the union..."
Then there is this: "In Nevada, Art Lynch won a contested national board seat. Six other national board seats from the Regional Branch Division were uncontested, and the winners were previously announced: Boston – Bill Mootos; Dallas – Suzanne Burkhead; Detroit – Ed Kelly; Houston – Robert Nelson; Nashville – Cece DuBois; Washington, D.C./Baltimore –Stephen F. Schmidt. All of those are three-year positions, and all of the regional winners are believed to favor merger." http://actingresources.blogspot.com/.
The problem with all this is that SAGWATCH APPARENTLY VIOLATED AFTRA RULES BY OBTAING CONFIDENTIAL INFO! "AFTRA probes operator of Sagwatch site".
Org investigates allegations of union violations:
http://www.variety.com/article/VR1118025208?refCatId=18. You see, someone was feeding SAGWATCH INFORMATION FROM THE INSIDE.
AFTRA issued a statement Tuesday confirming that it has been probing the allegations regarding David Browde and the two-year-old website, which is operated anonymously.
Sagwatch has been supportive of the current elected leadership of the Screen Actors Guild and highly critical of SAG's Membership First faction, which has been losing power for the past two years."
Now, we see through a glass darkly. SAG'S OWN ELECTED LEADERS JOINED WITH AFTRA'S LEADERS TO START A DISINFORMATION CAMPAIGN DESIGNED TO TOPPLE SAG. THE REAL ISSUE IS WHAT ELSE DID THEY DO?
"Me" continues:
SAGWATCH UNMASKED-DID 5 SAG BOARD MEMBERS CONSPIRE TO DESTROY SAG?
SAG MEMBERS LOST MILLIONS IN SALARIES, BENEFITS, RESIDUALS AND PENSION PAYMENTS!
IF SAG'S ELECTED BOARD INTENTIONALLY THREW THE NEGOTIATIONS IT IS A CRIME!
THE COCKROACHES RUN FROM THE LIGHT! TODAY ONE OF THE FIVE ADMITS THE PLOT!
According to Art Lynch he and five others conspired at a "meeting" to form SAGWATCH.
As we know, AFTRA claimed that they investigated whether their own board member was connected to SAGWATCH.
If he were then it would be a violation of their union's rules.
make no mistake, ONLY PEOPLE WITH INSIDE INFORMATION COULD HAVE REVEALED WHAT APPEARED ON SAGWATCH.
here is what Variety said: "AFTRA noted that it is investigating whether there have been any violations of its confidentiality rules or of the two-year-old non-disparagement agreement b...etween SAG and AFTRA.
That "no raiding" agreement, brokered by the AFL-CIO as a condition of the unions negotiating a joint commercials contract, bars elected leaders of each union from publicly criticizing the other -- and required each union to deposit $2 million for fines."
AFTRA RAIDED SAG'S TERRITORY.
PERIOD!
THE ISSUE IS DID SAG'S BOARD USE CONFIDENTIAL INSIDER INFORMATION TO DESTROY SAG? THAT IS A MAJOR CRIME.
JUST THINK, IF SAG BOARD MEMBERS USED INSIDER INFORMATION TO NOT NEGOTIATE IN GOOD FAITH THAT WAS A SAVINGS TO PRODUCERS OF TENS OF MILLIONS OF DOLLARS.
NOW, WE HAVE AN ADISSION FROM A SITTING SAG BOARD MEMBER THAT HE AND FIVE OTHERS ARE SAGWATCH.
I CALL ON ARLIN MILLER TO START A CAMPAIGN TO CALL FOR AN OFFICIAL OUTSIDE IMVESTIGATION TO SEE WHAT HAPPENED.
THESE ARE DISPICABLE ACTIONS AND THE ENTIRE STORY HAS TO BE INVESTIGATED AND IF WRONG DOING IS FOUND, THEN APPROPRIATE LEGAL ACTIONS NEED TO BE TAKEN.
The Hollywood Reporter says AFTRA investigated whether AFTRA board member David Browde ran the website SAGWATCH and found the answer was "no."
Not everyone thinks it matters who ran Sagwatch.
Source: SAGAFTRAnext.com
Boy, Fred, I couldn't agree more. I think Matt's agenda isn't based in proving the audio/visual elements as real, but to use it as a means of outing the real individuals behind Sagwatch. The problem is, the only ones who really care who runs Sagwatch are the half dozen or so sad/frustrated people over on that other site. Not only does 99.9% of the union membership have no interest or care in who runs Sagwatch, if they did learn who it was, the revelation would be about as important to them as learning who manages their local McDonald's.
The real shame of this is that the rabid insistence that SAGWatch is at the center of a conspiracy has completely destroyed the opportunity for anyone with a valid anti-merger argument to speak out. They've been drowned out by truly idiotic claims that current SAG leadership is conspiring to destroy SAG and deliver the corpse to an AMPTP-AFTRA cabal. How can any rational conversation take place when there are folks ready to give credit to proven fabricated emails and phone calls that make "The Protocols Of The Elders Of Zion" look as authentic as the Declaration Of Independence?
There are going to be weak spots in the merger plan when it is presented. That's a given for any document created by a committee seeking consensus. It is highly unlikely that the weak spots will be fatal to the entire plan, but the period after the plan is revealed and the referendum is held should be an opportunity to probe, and prospectively fix, things. It's pretty clear right now that the time and energy that should be spent in that endeavor is more likely to be wasted dealing with the kind of misinformation we've already seen on the message boards, and the irrelevant personal attacks that are a substitute for real discussion. The opportunity to improve the merger proposal will be lost forever, and that's shameful, but no more than the conduct of the handful of cranks who will say ANYTHING to defeat merger.
_____________
Back to "me" at Sagwatchdog.com:
YOUR SAG DUES FUNDED "SAGWATCH" BUT NOBODY CARES!
THE PRODUCERS JUST BOUGHT BOTH UNIONS! AND YOU PAID FOR IT!
“Once you eliminate the impossible, whatever remains, no matter how improbable, must be the truth.”.
shelock holmes
Believe it or not SAG MEMBER'S DUES FUNDED THE PROPAGANDA WEB SITE SAGWATCH! Not to worry though NOBODY CARES!
Art Lynch a current SAG Board member and four other SAG Board members specifically the NEW TECHNOLOGY COMMITTEE used YOUR SAG DUES to initiate, establish and pay for the operation of "sagwatch."
But don't worry, nobody cares.
Since Art Lynch openly admitted that it was he and four other SAG Board members who founded SAGWATCH at a SAG Board meeting I have contact many media people to try and get an investigation.
NOBODY CARES! Why not? Because the producers just bought BOTH SAG AND AFTRA!
In one of the most devious schemes in history, the producers union funded both aftra and SAG board members elections.
After successfully installing promerger boards at both unions, the Producers then used Union member's dues to force the merger.
one weapon they used was "sagwatch."
like a tpjyo rose sagwatch pumper out lies and distortions and SECRET INSIDE INFORMATION.
Only AFTRA and SAG board members could have access to that information. Oh well, nobody cares. absolutely nobody cares."
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