Visit ArabTopics.com

J P MORGAN - TO BIG MANAGE - TO BAIL -TO TRIAL - TO JAIL

J P MORGAN - TO BIG TO MANAGE - TO BAIL - TO TRIAL - TO JAIL

Following the recent US Senate hearings on the circumstances surrounding the USD 2 Billion, subsequently revised to USD 6.2 Billon, losses caused by J P Morgan's proprietary trading activities, by the so called "London Whale" an exasperated Senator Carl Levin, chairman of the inquiry commented: 
"the trading culture at J P Morgan ... piled on risk, hid losses, disregarded risk limits, manipulated risk models, dodged oversight and misinformed the public."

What more devastating indictment can there be, and one has to wonder why the executives involved and their masters behind the scenes were not immediately arrested after giving evidence?

The initially reported losses prompted Jamie Dimon the CEO of the "Fortress Bank" to comment that it was a storm in a tea cup, and just to ensure that it remained so, he apparently ordered his subordinates NOT to report the true financial situation to regulators. It would appear that London also was not reporting the true situation to New York, just to add another ripple to the storm in a teacup.
When many months after external analysts had estimated far more accurately than J P Morgan the extent of the losses, management finally admitted the truth, they obviously stated there had been no wrongdoing and that they were working hard on amending internal controls and procedures.
The rogue trader and some other staff members were retired/fired and as an illustration of how seriously the CEO Jamie Dimon took the whole affair, he did not even turn up to this Senate hearing. Perhaps it was a good thing as last time he appeared in committee he was wearing prominently a set of White House gift cuff links.
So now this incident caused by the proverbial "Rogue Trader" acting as always completely alone, within the framework of America's biggest bank, has been swept under the table, we can rest assured that J P Morgan will go back to business as usual. 
There are of course just a few niggling little facts that have not been mentioned, which makes the London Whale story look exactly like business as usual, inside a vast constellation of similar activities, some alleged, some proven and many settled out of court. 

The list is so extensive as to turn my Blog into a full length novel so I provide a link below for your perusal:

Malpractice includes money laundering for drug cartels, sanction violations, violation of commodities and exchange acts, failure to segregate customer funds, executing fictitious trades, misrepresentations of CDO and MBS, foreclosure fraud, fraudulent sale of unregistered securities, energy market manipulation, shifting trading losses to client accounts, municipal bond market manipulation, obstruction of justice and the list goes on........and on !!!

This list does not include ongoing investigations such as LIBOR rigging etc

So how is it possible for such an institution to survive and thrive? The answer as always is its not what you know its who you know.

J P Morgan has the biggest financial lobbying machine in Washington, and a vast part of its income comes from State patronage either directly or indirectly. Examples include distribution of food stamps, probably America's biggest growth industry, dealing in Government securities, manipulating markets for the account of the treasury, plus  direct bail outs and subsidies like the attempt at the moment to get the state to bail them out of losses arising from its acquisition of Washington Mutual.

Without the state help J P Morgan would struggle to break even, while at the same times flaunting laws, regulators, violating client and the general public interests, and taking colossal risks. This serves solely to pay the massive outrageous salaries of mediocre people whose only real talent is knowing how to hijack the system and make it work in their favour, and traffic influence with greedy and corrupt politicians to maintain the status quo.

When will the next whale surface?

Source: 
Geneva Business Insider

Dear friends of this aggregator

  • Yes, I intentionally removed Newsbud from the aggregator on Mar 22.
  • Newsbud did not block the aggregator, although their editor blocked me on twitter after a comment I made to her
  • As far as I know, the only site that blocks this aggregator is Global Research. I have no idea why!!
  • Please stop recommending Newsbud and Global Research to be added to the aggregator.

Support this site

News Sources

Source Items
WWI Hidden History 50
Grayzone Project 119
Pass Blue 180
Dilyana Gaytandzhieva 14
John Pilger 416
The Real News 367
Scrutinised Minds 29
Need To Know News 2408
FEE 4435
Marine Le Pen 323
Francois Asselineau 25
Opassande 53
HAX on 5July 220
Henrik Alexandersson 847
Mohamed Omar 356
Professors Blog 10
Arg Blatte Talar 40
Angry Foreigner 18
Fritte Fritzson 12
Teologiska rummet 32
Filosofiska rummet 104
Vetenskapsradion Historia 151
Snedtänkt (Kalle Lind) 214
Les Crises 2655
Richard Falk 158
Ian Sinclair 101
SpinWatch 59
Counter Currents 8810
Kafila 433
Gail Malone 37
Transnational Foundation 221
Rick Falkvinge 94
The Duran 9470
Vanessa Beeley 93
Nina Kouprianova 9
MintPress 5570
Paul Craig Roberts 1662
News Junkie Post 58
Nomi Prins 27
Kurt Nimmo 191
Strategic Culture 4673
Sir Ken Robinson 20
Stephan Kinsella 93
Liberty Blitzkrieg 842
Sami Bedouin 64
Consortium News 2568
21 Century Wire 3477
Burning Blogger 324
Stephen Gowans 85
David D. Friedman 150
Anarchist Standard 16
The BRICS Post 1507
Tom Dispatch 503
Levant Report 18
The Saker 4149
The Barnes Review 517
John Friend 453
Psyche Truth 152
Jonathan Cook 145
New Eastern Outlook 3799
School Sucks Project 1768
Giza Death Star 1851
Andrew Gavin Marshall 15
Red Ice Radio 606
GMWatch 2200
Robert Faurisson 150
Espionage History Archive 34
Jay's Analysis 920
Le 4ème singe 90
Jacob Cohen 206
Agora Vox 14802
Cercle Des Volontaires 431
Panamza 2106
Fairewinds 116
Project Censored 928
Spy Culture 502
Conspiracy Archive 76
Crystal Clark 11
Timothy Kelly 553
PINAC 1482
The Conscious Resistance 799
Independent Science News 76
The Anti Media 6584
Positive News 820
Brandon Martinez 30
Steven Chovanec 61
Lionel 291
The Mind renewed 439
Natural Society 2619
Yanis Varoufakis 964
Tragedy & Hope 122
Dr. Tim Ball 114
Web of Debt 141
Porkins Policy Review 408
Conspiracy Watch 174
Eva Bartlett 591
Libyan War Truth 321
DeadLine Live 1910
Kevin Ryan 62
BSNEWS 2060
Aaron Franz 225
Traces of Reality 166
Revelations Radio News 121
Dr. Bruce Levine 142
Peter B Collins 1533
Faux Capitalism 205
Dissident Voice 10504
Climate Audit 222
Donna Laframboise 424
Judith Curry 1119
Geneva Business Insider 40
Media Monarchy 2313
Syria Report 78
Human Rights Investigation 91
Intifada (Voice of Palestine) 1685
Down With Tyranny 11556
Laura Wells Solutions 43
Video Rebel's Blog 429
Revisionist Review 485
Aletho News 19954
ضد العولمة 27
Penny for your thoughts 2949
Northerntruthseeker 2330
كساريات 37
Color Revolutions and Geopolitics 27
Stop Nato 4703
AntiWar.com Blog 2997
AntiWar.com Original Content 6797
Corbett Report 2295
Stop Imperialism 491
Land Destroyer 1175
Webster Tarpley Website 1083

Compiled Feeds

Public Lists

Title Visibility
Funny Public