| User Info
| JPM: It Gets Worse in forum [Market-Ticker]
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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"Hey Dippy! Whatsa matta'? You look like you're feelin' a little woozy, my friend."
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You can't cheat an honest man. ~P.T. Barnum
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Cobra2411
Posts: 10349
Incept: 2007-06-26
Philly P.a.
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I think it's funny. Funny in a sickenly, disgustingly we're more screwed than ever kind of way...
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To err is human. To really **** things up takes government.
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Crzymorse
Posts: 1195
Incept: 2010-06-25
Maryland
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Geez, Dimon has to update the employee handbook to ban playing Russian Roulette with the company during coffee breaks.
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Agau
Posts: 4941
Incept: 2010-06-04
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McLaughlin on Sunday made this the opening topic - Buchanan was right because the Too Big to Fail Banks cant be throwing dice in the markets with FDIC coin.
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Azusgm
Posts: 2423
Incept: 2010-12-02
East Texas
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I still want to know who are the counterparties to that big bet. Although I haven't been following very closely, the way I understand it this was a bet on an index. It allegedly includes European mortgages. So would that be an index of mortgages across Europe or European bank paper that contained mortgages and other debt including of the sovereign flavor? Could the index have been created as a hedge for the ECB on paper they held? Big money was involved. Could PIMCO be on the other side of the issue? Bill Gross is doing okay lately with his total return fund and total return ETF.
This looks ssooooo AIG and Abacus.
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Ribbit
Posts: 1781
Incept: 2007-09-10
Wales, UK
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JPM obviously knew the score with this guy Irvin Goldman when they employed him.
Smacks to me of the deliberate hiring of a 'patsy fall guy' to stop people looking further (once he's gone, all manner of other stuff can be loaded onto him too).
I had this happen to me once, when a Company took me on, that turned out to be sailing a little close to the wind, and they wanted a young, inexperienced patsy to take the fall if a contract went***** up on them (very cheap insurance, isn't it, and what hope does the patsy have of overcoming the blizzard of **** that'll be thrown at them if they start making noises?).
Well, I made sure the contract didn't go***** up on them (they made a lot more than they anticipated, because I got rid of some dead wood that was costing them a heck of a lot, amongst other things). Didn't get any thanks for it though, once the contract was completed, it was 'that way's the door'.
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If the State was a Nanny, it would have been fired for incompetence, unreliability, and having its hands in the till, a very long time ago now.
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Ghopper
Posts: 2317
Incept: 2011-06-11
Staten Island, NY
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If they say $2 billion the first day, the final number is a LOT bigger.
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Stonedog
Posts: 2080
Incept: 2008-05-29
New Jersey
Online
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From Zerohedge - http://www.zerohedge.com/news/jpm-halts-....•DIMON SAYS JPM IS SUSPENDING SHARE REPURCHASES •DIMON SAYS SUSPENDING REPURCHASE PROGRAM ISN'T RELATED TO LOSS •DIMON SAYS SUSPENDING REPURCHASE PROGRAM ISN'T RELATED TO LOSS •JPM'S DIMON SAYS THERE'S UNREALIZED $8B IN PROFIT FROM CIO •JPM'S DIMON: DOESN'T SEE INVESTIGATION TO UNVEIL BIG SUPRISES •DIMON SAYS LOSS IS AN ISOLATED EVENT •DIMON SAYS FORTRESS BALANCE SHEET REMAINS Yeah tell me that JPM doesn't have problems
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"I would characterize my professional disdain as more of a professional contempt for their [Central Banker, Banker and politician] economic and financial policies, priorities, presumptions and prescriptions." - Lauren Lyster on Capital Account for Friday June 16, 2012
"All the stimulus, the bailouts, the quantit
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J0nx
Posts: 3068
Incept: 2008-08-12
The trashcan of the nation
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It's becoming more and more evident that Jamie Dimon is just a slick looking huckster with a smooth New York accented voice who really had/has no idea WTF is going on inside his company. He just interfaces with the politicians and other miscellaneous power players and regurgitates whatever he is told by his key lieutenants who have been playing him for a fool behind his back, or so it seems. Wall Street in its entirety and much of the DC political establishment needs to be removed, jailed and replaced. ASAP. I give us a year at most on this current course and probably a lot less.
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The fraud and lies are only allowed to continue because the people allow it. Either through apathy or ignorance, they still allow it.
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Nejla
Posts: 458
Incept: 2008-02-09
Oakland-Proudly
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Up, up and away.... NEW YORK (CNNMoney) -- One thing seems clear about JPMorgan Chase's $2 billion loss. It's no longer $2 billion. It's likely much higher. The number being bandied about now is closer to a range of $6 billion to $7 billion, according to several people working on trading desks that specialize in the derivatives JPMorgan Chase (JPM, Fortune 500) used to make its trades and from two sources with knowledge of the bank's positions. http://money.cnn.com/2012/05/18/markets/....
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Be thankful for everything now, for soon there will be nothing.
Insanity-Voting for the same people over and over again and expecting different results.
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Tsherry
Posts: 193
Incept: 2008-12-09
Spokane WA
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>>The number being bandied about now is closer to a range of $6 billion to $7 billion, according to several people working on trading desks that specialize in the derivatives JPMorgan Chase (JPM, Fortune 500) used to make its trades and from two sources with knowledge of the bank's positions.>>
Which means 20 billion.
Tom S.
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Jstanley01
Posts: 8182
Incept: 2008-07-30
San Antonio, Texas
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50 tops.
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You can't cheat an honest man. ~P.T. Barnum
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Grf
Posts: 1337
Incept: 2008-12-08
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The loss is absolutely not more than $100 billion.
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"Every time we on TF talk about God and gays, God frees a banker and gives him a bonus." --me
"Your farts are interstate commerce and if they want to stick a muffler up your ass they will do it." --Boughtthefarm
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Attilahooper
Posts: 1926
Incept: 2007-08-28
New York, by way of Montreal Canada.
Online
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Don't worry, we are absolutely solvent.
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Genesis
Posts: 130787
Incept: 2007-06-26
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DeSolvedit? 
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Widgeon
Posts: 13481
Incept: 2007-08-30
Region formerly known as the United States
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Quote:The loss is absolutely not more than $100 billion. There's now an estimate of $100B loss that we can quote. |
Bjonsson
Posts: 350
Incept: 2010-03-10
California
Online
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But the folks on CNBC insisted that there isn't anything nefarious going on here because the position was just a hedge. So if the hedge position loses billions, then shouldn't the underlying asset that was being hedged against be GAINING value and offsetting the loss?
Wait... this WAS a hedge, right??
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Genesis
Posts: 130787
Incept: 2007-06-26
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Uh, yeah, sure it was....
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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Mikek31
Posts: 4359
Incept: 2009-05-04
Chicago
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Unreal, guys, unreal...
"Quick, let's hold another dog-and-pony show in Congress so we can get out ahead of this ****storm..."
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Intentional manipulation of markets is usually thought of as a crime, not a benefit, and should lead to indictments, not praise. -Karl
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Uppity_peasant
Posts: 3115
Incept: 2009-06-26
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JP Morgan 'faces £4bn loss' from trading blunders in one of Square Mile's worst catastrophesQuote:Voldermort losses at JPMorgan 'have now doubled to $7billion'
Catastrophic trading blunder: JPMorgan could have lost £4.4bn
The new estimate of the cost of the catastrophic trading blunder announced two weeks ago threatens to make it one of the biggest financial disasters in City history... Read more: http://www.dailymail.co.uk/news/article-....
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If it's true that "assault weapons" are "weapons of war" and don't belong on the streets of America, why do the police need them? Who are the police at war with?
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Jpg
Posts: 329
Incept: 2009-03-23
MI
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Asimov
Posts: 104047
Incept: 2007-08-26
East Tennessee Eastern Time
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It's justifiably immoral to deal morally with an immoral entity.
If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente.
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Bjonsson
Posts: 350
Incept: 2010-03-10
California
Online
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Okay, I'm not sure if this is just speculative bluster or if there is something to this, I'd be interested to get all y'all's take on it. "Jim Willie CB" sometimes takes facts that I may agree with, but then he cranks up the dramatics a bit, which I sometimes question... but it's more the plausibility of his underlying premise that I am pondering. He's saying that the JPM debacle is the result of a busted HUGE rate swap trade that JPM was using to manipulate US Treasury yields down close to zero, in order to protect their UST carry trade, and, in the larger scheme, keep the US banking cabal in business on the whole. http://www.marketoracle.co.uk/Article348....He raises the possibility that the size of this trade might be larger than anything we could even imagine, and if unwound, would be the death knell of American banks, as well as the Fed itself. Just bluster, or is there any indication that this truly was the underlying nature of the JPM whale trade? |
Genesis
Posts: 130787
Incept: 2007-06-26
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Willie is full of **** 99% of the time and is trying to sell you gold.
He's likely in a particularly bad spot about now on those positions... they haven't been exactly doing so well of late;.
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I don't care if it makes sense -- only if it makes money. -- Me
Bank (n): See scam, fraud and theft. Eat a bankster -- they're low-carb.
What part of "shall not be infringed" was unclear?
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