Here’s what’s in your Prime Interest today:
Bitcoins are now a national security issue! That’s according to the New York Department of Financial Services. The very thinly veiled threat/press release, compared virtual currencies to the “wild west” — as the domain of narcotraffickers and criminals. The state of New York said it is “in the common interest” to bring virtual currencies “out of darkness and into the light of day.” Compelling use of dramatic metaphors, New York. Who misses Mr. Spitzer? And, Prime Interest called out the mainstream media last week when they “floated” the idea that no one would go to jail over the $6 billion London Whale debacle. Now, the media is floating the contrapositive, which is to say someone might actually go to jail. No, not Dimon, or any of his direct underlings. Just certain mid-level employees. What’s more? Mary Jo White, the head of the SEC, who regulates JP Morgan has to recuse herself. That’s because, as we’ve pointed out before, she represented the too-big-to-fail bank before becoming its regulator. How nice.
And, speaking of JP Morgan, it seems there’s been enough fire-fanning about energy market manipulation that the CFTC is getting involved — and “probing” those who actually warehouse metals. That would be the likes of JP Morgan and Goldman Sachs. Unnamed sources to Reuters state the commodities regulator is finally investigating big banks who simply shuffle pallets of metal across their warehouses to technically comply with metals exchange regulations — but delaying deliveries needlessly by up to eighteen months. It only took a few years of complaints by Coca Cola “The Beer Institute.” Lesson to Dimon: don’t mess with Big Beer.
And it’s time for Prime interest to go nuclear. Metaphorically, of course. Bob speaks with Marin Katusa, Chief Energy Investment Strategist at Casey Research about why the market for spot uranium is so cheap, and why it’s so expensive to commit to buying uranium several years out. It’s not just storage costs. Bob talks energy independence and the stealth bull in uranium, and Perianne tells us why American’s are heading for the exit door — renouncing US citizenship. She digs into the fine print of Cross-Border Taxes. Finally, Bob duels RT Producer, Rachel “Curious” Kurzius about the wage gap and the ability of parents to sign away their children’s freedom of speech.