BREAKING OF THE CODE OF SILENCE is an absolute.
COUNTERFEIT
U.S.DEBT INSTRUMENTS....Forgery...and
"Orders from the TOP:
"DO NOT INVESTIGATE."
Those
involved, counting on Big Retirements can 'forget it!' Those
Retirement
Accounts were held in accounts at Republic National Bank in the
CI-Ltd Accounts
by Russell Herman. Those accounts
were illegally hypothicated, look alike
accounts were set up and moved to
Anschbacher Bank in the Gurnseys, then on to
UBS, Credit Lyonaise and
Deutchbank some time in 1987-88.
involved, counting on Big Retirements can 'forget it!' Those
Retirement
Accounts were held in accounts at Republic National Bank in the
CI-Ltd Accounts
by Russell Herman. Those accounts
were illegally hypothicated, look alike
accounts were set up and moved to
Anschbacher Bank in the Gurnseys, then on to
UBS, Credit Lyonaise and
Deutchbank some time in 1987-88.
GLOBAL ALLIANCE INVESTMENT ASSOCIATION (GAIA)
TIAS
12087 INDEX
Incorporated
by
GLOBAL ALLIANCE INVESTMENT ASSOCIATION (GAIA)
aka
COMMANDER
HATONN
12087 INDEX
Incorporated
by
GLOBAL ALLIANCE INVESTMENT ASSOCIATION (GAIA)
aka
COMMANDER
HATONN
So what was this bad bet that has understandably thrown a scare into world
financial markets today?
Did Dimon’s computers and desk jockeys wager on the
precise timing of a cure for cancer?
No, they bet that companies with heavy exposure to Europe would benefit from
a looming economic turnaround on that continent. Instead, of course, a
crisis-wracked Spain, fifth-largest euro economy, became in recent weeks the
latest target of speculators driving down the value of sovereign debt,
imperiling that country’s finances.
precise timing of a cure for cancer?
No, they bet that companies with heavy exposure to Europe would benefit from
a looming economic turnaround on that continent. Instead, of course, a
crisis-wracked Spain, fifth-largest euro economy, became in recent weeks the
latest target of speculators driving down the value of sovereign debt,
imperiling that country’s finances.
JPM’s effort to pin the blame on a larger-than-life
London trader known as
“the whale” for his outsized risk taking.
J.P. Morgan chase chairman and CEO Jamie Dimon is
the architect of the culture behind Morgan's shock trading loss of at least $2
billion from a failed hedging strategy that knocked financial stocks across the
globe on Friday, David Olive writes.
KEITH
BEDFORD/REUTERS
By David OliveBusiness
Columnist
We have to hope at this moment that JP Morgan Chase &
Co. (JPM), America’s biggest financial institution, is a rogue bank. And that
the massive, almost deliberate incompetence in putting the global financial
system at risk less than four years after the epic 2008 world banking meltdown
is not widespread throughout the system, from Frankfurt to Tokyo to London.
The staggering $2 billion that JPM acknowledged late yesterday it will lose
on an epic trading mistake is not the act of a rogue trader. The losses, which
JPM acknowledges will grow to $3 billion and perhaps more as revelations
continue, are instead the system-threatening mistake of about a dozen JPM
bankers – notwithstanding JPM’s effort to pin the blame on a larger-than-life
London trader known as “the whale” for his outsized risk taking.
The bet that went horribly wrong for JPM, which has led the U.S. banking
lobby’s noisy opposition to banking reforms post-meltdown, was conceived and
botched by a sophisticated, computer-modeled system put in place by CEO Jamie
Dimon, a career dealmaker and architect of unwieldy financial conglomerates who
has no business running a straightforward bank.
At this writing, investors in J.P. Morgan Chase have lost more than $10
billion in shareholder value as JPM’s stock has plunged a stunning 8 per cent in
early trading. More worrisome, in overnight trading elsewhere in the world
following Dimon’s disclosure of JPM’s ineptitude, bank stocks globally have
abruptly shed tens of billions of dollars in stock market value.
It is a sector that still doesn’t understand it’s playing with fire every
time it fails to resist the temptation of a quick buck on, in this case,
“synthetic credit products.” That’s a fancy term for a wager on crowd sentiment
as it affects a financial instrument the bettor doesn’t actually take possession
of and is held fleetingly enough that what it consists of exactly isn’t fully
known.
Dimon’s timing, to put it charitably, could not have been more perfectly
horrible.
And make no mistake, Dimon, 56, is the architect of this disaster. Dimon is
America’s most celebrated banker – at least in banking circles. His sobriquet is
the “king of Wall Street,” and U.S. President Barack Obama prematurely declared
that “Jamie is my favourite banker.”
Heady with that acclaim and his own considerable self-approval, Dimon
constructed a high-risk trading strategy for JPM which we can only hope will not
have exploded yesterday with the impact of a cluster bomb, wreaking havoc far
and wide. Bloomberg reported in April JPM was amassing risk that might become an
exploding cigar.
Dimon, in short, has created an imprudent culture of “eat what you kill” at
JPM. It’s a culture more appropriate to an investment bank than a plain-vanilla
commercial lender.
This is the Dimon, recall, who attempted to dress down Mark Carney, governor
of the Bank of Canada, at a New York bankers’ confab last year only to have his
naked self interest exposed as such later the same day in a Gotham speech by
Carney on the perils of unfettered cowboy banking. A sheepish Dimon soon
apologized to the Canadian central banker, having found scant support for his
anti-reform outburst even among his peers.
the architect of the culture behind Morgan's shock trading loss of at least $2
billion from a failed hedging strategy that knocked financial stocks across the
globe on Friday, David Olive writes.
KEITH
BEDFORD/REUTERS
By David OliveBusiness
Columnist
We have to hope at this moment that JP Morgan Chase &
Co. (JPM), America’s biggest financial institution, is a rogue bank. And that
the massive, almost deliberate incompetence in putting the global financial
system at risk less than four years after the epic 2008 world banking meltdown
is not widespread throughout the system, from Frankfurt to Tokyo to London.
The staggering $2 billion that JPM acknowledged late yesterday it will lose
on an epic trading mistake is not the act of a rogue trader. The losses, which
JPM acknowledges will grow to $3 billion and perhaps more as revelations
continue, are instead the system-threatening mistake of about a dozen JPM
bankers – notwithstanding JPM’s effort to pin the blame on a larger-than-life
London trader known as “the whale” for his outsized risk taking.
The bet that went horribly wrong for JPM, which has led the U.S. banking
lobby’s noisy opposition to banking reforms post-meltdown, was conceived and
botched by a sophisticated, computer-modeled system put in place by CEO Jamie
Dimon, a career dealmaker and architect of unwieldy financial conglomerates who
has no business running a straightforward bank.
At this writing, investors in J.P. Morgan Chase have lost more than $10
billion in shareholder value as JPM’s stock has plunged a stunning 8 per cent in
early trading. More worrisome, in overnight trading elsewhere in the world
following Dimon’s disclosure of JPM’s ineptitude, bank stocks globally have
abruptly shed tens of billions of dollars in stock market value.
It is a sector that still doesn’t understand it’s playing with fire every
time it fails to resist the temptation of a quick buck on, in this case,
“synthetic credit products.” That’s a fancy term for a wager on crowd sentiment
as it affects a financial instrument the bettor doesn’t actually take possession
of and is held fleetingly enough that what it consists of exactly isn’t fully
known.
Dimon’s timing, to put it charitably, could not have been more perfectly
horrible.
And make no mistake, Dimon, 56, is the architect of this disaster. Dimon is
America’s most celebrated banker – at least in banking circles. His sobriquet is
the “king of Wall Street,” and U.S. President Barack Obama prematurely declared
that “Jamie is my favourite banker.”
Heady with that acclaim and his own considerable self-approval, Dimon
constructed a high-risk trading strategy for JPM which we can only hope will not
have exploded yesterday with the impact of a cluster bomb, wreaking havoc far
and wide. Bloomberg reported in April JPM was amassing risk that might become an
exploding cigar.
Dimon, in short, has created an imprudent culture of “eat what you kill” at
JPM. It’s a culture more appropriate to an investment bank than a plain-vanilla
commercial lender.
This is the Dimon, recall, who attempted to dress down Mark Carney, governor
of the Bank of Canada, at a New York bankers’ confab last year only to have his
naked self interest exposed as such later the same day in a Gotham speech by
Carney on the perils of unfettered cowboy banking. A sheepish Dimon soon
apologized to the Canadian central banker, having found scant support for his
anti-reform outburst even among his peers.
Dimon and JPM placed a bet that a 12th-grader would have possessed the acuity
not to make.
But, as Groucho Marx observed, there’s never a 12th-grader
around
when you need one.
JPM’s
wager was a computer-modeled one, just like the failed computer
modeling by which collateralized debt obligations, “synthetic” derivatives, and
other
toxic waste was developed as kindling for the Great Recession.
Dimon, who offered a classic non-apology
apology yesterday along the lines of
“Mistakes were made,” has boundless
chutzpah, I’ll give him that. He used the
occasion of crisis for his bank –
a “self-inflicted wound” at JPM, he allowed –
to chastise the pack of
pundit jackals, some in Congress, who will no doubt
pounce on this dark
episode as the evidence it indeed time to impose the
so-called Volcker Rule
that would separate high-risk proprietary trading to
further inflate
Dimon’s $27 million pay last year from the conventional
commercial banking
that keeps the lights on at factories, florists and car
dealerships.
Having benefited from the carnage-induced
consolidation of the financial
industry post-meltdown, JPM, is even more
“too big to fail” than in 2008. As
such, Dimon is a clear and present
danger to the banking system, and should be
made to clear out his desk at
270 Park Avenue today.
The recalcitrant
CEO yesterday fingered anonymous minions against whom
“corrective actions”
will be taken. But the fish rots from the head, and no
amount of corrective
action will be effective while Dimon remains on the
premises.
http://www.thestar.com/business/article/1177111--j-p-morgan-ceo-jamie-dimon-is-a-clear-and-present-danger-to-world-banking-systems-olive
around
when you need one.
JPM’s
wager was a computer-modeled one, just like the failed computer
modeling by which collateralized debt obligations, “synthetic” derivatives, and
other
toxic waste was developed as kindling for the Great Recession.
Dimon, who offered a classic non-apology
apology yesterday along the lines of
“Mistakes were made,” has boundless
chutzpah, I’ll give him that. He used the
occasion of crisis for his bank –
a “self-inflicted wound” at JPM, he allowed –
to chastise the pack of
pundit jackals, some in Congress, who will no doubt
pounce on this dark
episode as the evidence it indeed time to impose the
so-called Volcker Rule
that would separate high-risk proprietary trading to
further inflate
Dimon’s $27 million pay last year from the conventional
commercial banking
that keeps the lights on at factories, florists and car
dealerships.
Having benefited from the carnage-induced
consolidation of the financial
industry post-meltdown, JPM, is even more
“too big to fail” than in 2008. As
such, Dimon is a clear and present
danger to the banking system, and should be
made to clear out his desk at
270 Park Avenue today.
The recalcitrant
CEO yesterday fingered anonymous minions against whom
“corrective actions”
will be taken. But the fish rots from the head, and no
amount of corrective
action will be effective while Dimon remains on the
premises.
http://www.thestar.com/business/article/1177111--j-p-morgan-ceo-jamie-dimon-is-a-clear-and-present-danger-to-world-banking-systems-olive
