Lately it seems that all efforts to pretend that the world economy hasn't been rigged by the banks at the expense of the 99% have been abandoned. The news from JP Morgan Chase today is just the latest in a long string.
the recently discovered information raises questions about the integrity of the trader marks, and suggests that certain individuals may have been seeking to avoid showing the full amount of the losses being incurred in the portfolio during the first quarter.This means that hundreds of billions of dollars of derivatives were mispriced.
JPM runs the largest gambling operation, er, I mean, JPM holds the largest derivatives portfolio in the world. Therefore they move the market.
By mispricing those derivatives, they manipulated the prices of debt instruments around the world.
JPMorgan Chase & Co's disastrous bets on corporate debt may have caused unexpected collateral damage: erratic behavior in a barometer that measures the financial health of blue-chip US companies....Who knows just how much damage was done to major companies that actually produced things by the lying gamblers from financial companies that produce nothing.
In this case, though, they became more like the pawns in a battle between JPMorgan and hedge funds on the other side of its bet. This struggle so dominated a corner of the market that it sent false negative signals about the credit quality of some major companies whose underlying finances were largely unchanged, market experts said.
A Reuters analysis shows that in recent weeks the trading may have sharply increased the cost of default insurance for companies such as railroad operator CSX Corp and McDonald's Corp.
Fortunately the Justice Department is going to throw the people responsible for this behind bars for a very long time...LOL! Are you kidding me?
Dimon says that Ina Drew, the bank's former chief investment officer, who left after the trading loss came to light, had volunteered to give back the maximum possible amount of pay.The guy is not even being fired for committing billions of dollars of fraud.
The maximum appeared to be two years' worth of pay. Drew made $15 million in 2011.
This follows the revelation two weeks ago that the LIBOR was being manipulated by the major banks in America and Europe, thus effecting $350 Trillions of debt instruments.
The investigations into this massive fraud is already being called a whitewash.
Meanwhile, less than a month ago, it was revealed that the $3.7 Trillion municipal bond market was being rigged at the expense of cities, countries and states throughout the nation.
The banks achieved this gigantic rip-off by secretly colluding to rig the public bids on municipal bonds, a business worth $3.7 trillion. By conspiring to lower the interest rates that towns earn on these investments, the banks systematically stole from schools, hospitals, libraries and nursing homes – from "virtually every state, district and territory in the United States," according to one settlement.Rigging markets, criminal conspiracy, outright fraud, conspiracy to steal people's homes, targeting military veterans for fraud, routinely forging court documents. What's next? Laundering drug money? Oh, wait. They've already gone there.
Can the banking system sink any lower, engage in any more graft? It seems almost impossible at this point. They are already rigging the largest markets in the world.
Thus if you take out a mortgage, or an auto loan, or student loan, you are going to be stolen from by definition. There is no question anymore.
Use a credit card. Open a savings account. And more than anything, put money into a 401k or IRA.
You will be stolen from. It's only a question of how much, because there is nothing that isn't being rigged anymore. The less you have, the more you will have stolen.
Welcome to America.
[Update: Nouriel Roubini, a famous mainstream economist, has a solution for this current problem of out-of-control bankers - hang them.
Nobody has gone to jail since the financial crisis. The banks, they do things that are illegal and at best they slap on them a fine. If some people end up in jail, maybe that will teach a lesson to somebody. Or somebody hanging in the streets.Wow! I've been saying this for years. Suddenly my ideas have gone mainstream. That's scary.