So you think market manipulation and bankster fraud are, umm, overblown?

from MarketWatch.com, 15 March 2013.

WASHINGTON (MarketWatch) — A Senate subcommittee report on Thursday charged J.P. Morgan Chase & Co. with ignoring its own limits on risk taking, manipulating risk models to avoid detection and ignoring warnings from traders as the bank’s CEO, Jamie Dimon, intentionally withheld investment bank profit and loss data from federal regulators.


The report was commissioned to examine a $6.2 billion credit derivatives trading loss last year at J.P. Morgan’s London investment office. The loss was partly attributed to a trader, Bruno Michel Iksil, dubbed the “London whale” for his large positions in credit derivatives. The report notes that the current status of the losses is unclear because J.P. Morgan dismantled the portfolio late last year, moving some funds to its investment banking unit...[more]

==========
Please add new posts with evidence of fraud, manipulation, and ethical misconduct by banks and financial services organizations. Crimes against YOU, Citizen!

 

Log in or Sign up to hide this ad.

Hi doug,

Thanks. I have never thought market manipulation is being overblown - just the opposite to my way of thinking. However, the conspiracy theories are what drive me nuts. It is NOT a conspiracy to wield your economy clout to shape market thinking to your advantage. It is human nature. You and I would do it in a heartbeat if we had the fiscal clout to pull it off. Good reading is about Jesse Livermore on this score.

peace,

rono

 

"...It is NOT a conspiracy to wield your economy clout to shape market thinking to your advantage..."

=====
Provided you don't break the LAW, or catch the attention of that crafty old watchdog, Senator Karl Levin.

Jamie Dimon thought he wouldn't get caught. The London Whale thought he wouldn't get caught. Both were intent on front-running a despicable pack of half-truths, GAAP-busters, and outright LIES.

If it walks like a conspiracy, smells like a conspiracy, and quacks like a conspiracy, it.....IS.....a conspiracy. Dimon has a big problem.
​

 

This has something to do with bullion?

 

Of course it does. Financial manipulations affect the strength of the dollar, and that in turn affects the price of bullion. You didn't think it was consumer demand, did you?

 

JPM is the custodian of the SLV after all. Their practices are very relevant to the price of silver.

 

BTW, have you ever tried to figure out the true value of an ETF like SLV? If I understand the math correctly, currently, it's 21.76 (NetAssetValue) / 27.87 (SLV price) = 0.781. In other words, if you buy SLV right now, you're paying a 1.0 - 0.781 = 21.9% premium over the underlying asset value.

 

Controlling things for your benefit and screwing your fellow man is Human Nature. Failure or being caught is often followed by the expression: "After all, I'm only Human." What else could you attribute it too? Intelligence? Evolutuion? Man' greatness to rise above himself, and do the right thing? Many who try are branded as foolish. There is no suprise here.

 

Hi Doug,

I don't see those things as a conspiracy but simply crimes. You break the rules - you should go to jail. Huge problem is that they do not punish white collar crime the way they should. Look at the risk reward. You skim off $500M and IF you're caught and IF they decide to prosecute and IF you are convicted, you get fined $5M and 3-5 in a fed country club and probably get early release in 24 months. Geez, sign me up. You start giving these guys triple damages and serious hard time like 10-20 and this stuff would come to an end.

peace,

rono

 

Howdy,

Our bullion is priced in dollars if you live stateside. The value of the dollar is determined relative to other currencies via the major banks and central banks. Because most every gov't in the civilized world is printing fiat currency with abandon in a race to see who can debase their currencies first to gain an int'l trade advantage and stimulate their local economies - ours happens to be the least smelly pair of worn sox in the hamper. That's keeping it's value artificially high and the 'price' of our bullion artificially low.

Yeah, it matters,

peace,

rono

 

Agreed, however the average person has been conditioned to short circuit critical thinking simply by hearing or seeing the word 'conspiracy' which is in part why such things are often referred to as such. It's known as a slide response, and is a very effective tool for sweeping things under the rug that would rather not see the light of day.

 

As exposed by Bix Weir many moons ago:

http://www.thedailyeconomist.com/2012/04/bix-weir-hangs-jp-morgan-out-to-dry-on.html

 

pbs.org is your friend...Frontline has a fantastic piece on the banks and our government...you should watch it...untouchables.

http://www.pbs.org/wgbh/pages/frontline/untouchables/

 

Read rise of the forth reich. Talks all about j p Morgan and their business with the nazis. They aren't the only bank mentioned however. I'm sure a sheep will try and bash the book or this post.

 

This is good too, but very long, but it's broken into 4 parts.

http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/