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by Michael Noonan
We cannot control the markets, but we can control how to respond to what they are saying. The paper market has been turned into a circus, thanks to JP Morgan, and abetted by the exchanges, COMEX and LME. Focus has to remain on the physical market, for it is where one can expect to find true value for price. What everyone has learned is that as price has declined, [...] Part1 Part2 Bankers Fixing The System story about banking industry in 2012 BBC documentary The escalating controversy over Bloomberg reporters accessing private information on Wall Street through the company’s terminals puts the data and media empire founded by New York City Mayor Michael Bloomberg into strange, new territory. It is now in the rare position of having to explain its actions to an industry that puts billions of dollars into its coffers every year.
Since news of the privacy breach broke on Friday, some of Bloomberg LP’s biggest customers [...] I get a call from a close friend in NYC last Friday. His career has been in private wealth management in the private bank department of the Too Big To Fail banks. He’s been looking for work and chats with old colleagues all the time. He called my Friday and told me he just got off the phone with a very high level private banker from a big Euro-based TBTF [...] Few Wall Street strategists have been as consistently bullish as Deutsche Bank’s David Bianco.
Even as JP Morgan‘s famous bull Tom Lee buckled earlier this year, Bianco was urging clients to buy stocks even as the sequester approached. But in his latest note to clients, Bianco has adopted a more bearish tone. “Respectable 1Q EPS coupled with better job gains pushed the S&P to 1615, but the profit outlook for 2Q has weakened on softness in manufacturing, business spending and [...] Over the last three days, countries around the world have been publishing their manufacturing purchasing managers index (PMI) reports. And the message around the world is clear: manufacturing activity decelerated sharply in April. The U.S. and China are growing marginally, but both decelerated. Europe continues to be in sharp contraction. And even Germany saw its manufacturing sector begin to contract in April. According to JP Morgan, the global manufacturing PMI fell to 50.5 in April, down from [...] *The Euro is slowly collapsing. *Sovereign European Debt Issues of some European countries are turning turtle and there is a MOUNTAIN of derivities written utilizing those debt issues. *Deutsche Bank has now “beat out” JP Morgan Chase’s derivities exposure book (who thought that was even possible?!!) … with a LOT LESS capital to protect it against down stream insolvencies (which is an increasing possibility due to the problems with European Sovereign Debt [...] Previously, I’ve observed that S&P 500 revenues are highly correlated with both world industrial production and world exports. The same goes for these revenues and the CRB raw industrials spot price index. I am predicting that revenues will be up 5%-7% this year and next year.
If commodity prices weaken further, I will have to reassess this outlook, especially if the dollar continues to strengthen. There is a strong inverse correlation [...] The CFTC is sitting on information that implicates JPMorgan as manipulating the futures market in Silver and Gold. An ex JP Mongan employee ( whistleblower ) spills the truth about JP Morgans crooked trading – this could be huge – the guy had to hide out in china over the last year because they would of killed him. You really think Fort Knox has any gold left with JP Morgan running [...] US regulators to fault JP Morgan over Madoff accounts US regulators plan to fault JPMorgan, which served as Bernie Madoff’s main bank for two decades, for failing to conduct adequate due diligence and report suspicious activity, according to sources. The day of reckoning for global total debt – total credit market debt up from $28 trillion in 2001 to $53 trillion in 2012. US consumer debt went up in last few months but largely because of giant amounts of student loan debt taken on. You have to really question what passes for financial analysis these days. One financial show was discussing the recent increase in consumer debt as something positive. [...] US Macro Data Plunges Most In 10 Months The last two weeks have not been pretty for the ‘it’s different this time’ crowd. Day after day has brough miss after miss in macro-economic data for the US; from PMIs to NFPs, no matter how hard you try, there is not even enough for an ‘anecdotal’ strategist to pin his BTFD thesis on. Quantitatively, the US macro surprise index has seen its biggest [...] Max talks to author, Josh Rosner, about his explosive new piece, “JP Morgan Chase: Out of Control.” They discuss the London Whale as a systemic & sticking the taxpayer with JP Morgan’s bad Washington Mutual debts. from Zero Hedge: Should one attribute to malice and Jamie Dimon’s bloodthirst what sheer, brutal JPMorganite incompetence can explain far more simply? Read on and make your own conclusion. It is conventional wisdom that in the days leading to Lehman’s bankruptcy filing on the night of September 15, 2008, sheer panic and utter confusion ruled ever back- and middle-office, over concerns that a counterparty, any counterparty, but especially Lehman, would end up being [...] by Phoenix Capital Research
In 2008, as the financial crisis picked up steam, one by one the big bank Wall Street CEOs came forward to assure everyone that “everything is fine” and that their banks were “well capitalized.”
Anyone who did a bit of actual research knew this was not the case. But a large component of corporate (and political) leadership is to maintain confidence and calm no matter how bad things [...] Jamie Dimon is speaking at the South Florida Economic Summit right now and Bloomberg TV is airing his talk.
The JP Morgan CEO hasn’t said anything super surprising —he got to the “widest, deepest, most liquid capital markets” quote and also reiterated his bank’s commitment to Europe — but he did say something in passing that piqued Business Insider’s interest. It was about a “secret money room” JP Morgan. Here’s what he said: “We have a great [...] I say official because as we know the government can’t provide anything that is official, and we all now are dependent on intelligent people who can do 4th grade level math to actually figure out what the real deficits are. 222 trillion dollars in unfunded liabilities. over a million dollars per working tax payer. This number doesn’t take into account the derivatives bubble “How 9 Banks Are Exposed To $200 Trillion Worth Of Derivatives” http://articles.businessinsider.com/2012-04-24/wall_street/31390709_1_pension-funds-derivative-exposure-bailout so let’s [...] by Bix Weir, Road To Roota: So it looks like the week is getting off to an interesting start with the head of RISK at JP Morgan’s infamous CIO London Office taking a much needed, and well overdue leave of absence later this month (as in the next 4 days!). JPMorgan Chief Risk Officer Hogan to Take Temporary Leave JPMorgan Chase & Co. (JPM) Chief Risk Officer John Hogan, whose tenure included the bank’s [...] by WashingtonsBlog
Puts Fox In Charge of the Henhouse … Again The party line is that Obama’s new pick for SEC boss – Mary Jo White – will be tough on Wall Street. For example, the Wall Street Journal writes: ‘Obama Taps Ex-Prosecutor Mary Jo White, Portending Increased Policing of Wall Street’ In reality, this is putting the fox in charge of the henhouse. White used to represent Morgan Stanley, and blocked an insider investigation into Morgan Stanley boss John Mack. The truth is [...] againstcronycapitalism.org Jamie Dimon in Davos Switzerland today explaining why people don’t need to know what’s going on in the banking world. It’s too “complex.” Just know that their fee comes from managing this ball of financial confusion. And that’s all you need to know. There, don’t you feel better? I mean it’s not like the world bailed out the whole banking system or anything. We should have faith. by silverdoctors: The State Oil Fund of Azerbaijan has withdrawn the first ton of its physical gold from JP Morgan vaults, and placed it in their own Central Bank vaults in Baku. The game of musical chairs known as bullion banking allocated (rehypothecated) gold storage appears to be rapidly coming to an end. [Read more...]  by Greg Hunter, USAWatchdog: Boston University Economics Professor Laurence Kotlikoff is worried about America’s dire financial situation. Dr. Kotlikoff says, “The situation is getting worse and worse and worse. We are running a massive six decade Ponzi scheme, and it’s coming to a real threatening point.”
Great discussion – Global derivatives are 5 times global GDP – Chris Whalen & Barry Ritholtz – ‘The Derivatives Timebomb’ According to the Office of the Comptroller of [...] from Russia Today: Max Keiser and Stacy Herbert discuss the fact that markets don’t kill economies, banksters kill economies. They also discuss JP Morgan’s copper ETF in London and Blythe Masters, the well known hoar-der of commodities. In the second half of the show, Max Keiser talks to David Hales about the economics of bit torrent and the future of peer to peer banking. From the DOL’s WARN database Date of Notice: 1/14/2013 Control Number: 2012-0140 Rapid Response Specialist: Edwidge Michel Reason Stated for Filing: Plant Closing Company: JPMorgan Chase – Mortgage Bank -Independent Foreclosure Review County: Kings | WIB Name: NEW YORK CITY| Region: New York City Contact: Linda Padilla, Regional Director Phone: (212) 499-9772 Business Type: Mortgage Bank Number Affected: 529 Total Employees: 529 Layoff Date: Will begin on 1/10/2013 and run through 4/10/2013 Closing Date: 4/10/2013 Reason for Dislocation: Economic ERNUM: —– Union: Employees are [...] zerohedge.com / By Tyler Durden / January 10, 2013 When people talk about “cash in the bank“, or “money on the sidelines“, the conventional wisdom reverts to an image of inert capital, used by banks to fund loans (as has been the case under fractional reserve banking since time immemorial) sitting in a bank vault or numbered account either physically or electronically, and collecting interest, well, collecting interest in the Old Normal [...] Didn’t the Republicans get blamed for the need for Zucotti Park? Wan’t Obama on the side of the 99% before he insisted that these tax credits for uber rich companies be a part of the law? Apparently Goldman Sachs, JP Morgan, GE and Hollywood are NOT part of the 1%. I did not know that. “The “fiscal cliff” legislation passed this week included $76 billion in special-interest tax credits for the [...] from Russia Today: In this episode, Max Keiser and Stacy Herbert discuss the two big themes for 2013: the execution of the too big to fail outlaw banks and the death of the Bretton Woods engineered fiat and faith debt based system as nations around the world ask for the return of their gold. They also talk to several Keiser Report guests about their predictions for 2013, including predictions from Rob Kirby [...] John Embry – Chinese Demand For Silver Has Exploded from KWN: Today John Embry told King World News Chinese demand for silver has skyrocketed. He also spoke about what to expect in 2013 for gold, silver and the global economy. Here is what Embry, who is chief investment strategist at Sprott Asset Management, had to say: “They are still mumbling about the fiscal cliff and there seems to be limited progress on that front. [...] |
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