Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns: “It Will End Badly”

Bitcoin Slides After Dimon Doubles Down On Cryptocurrency Concerns: “It Will End Badly”:

Just a week after Jamie Dimon first attacked Bitcoin for being a “fraud,” the self-interested JPMorgan CEO has doubled down on his anti-crypto-currency tirade, somewhat exposing just how concerned he is at the potential for disruption within his industry.

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Jamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments

Jamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments:

A week after Jamie Dimon made headlines by proclaiming Bitcoin a “fraud” and anyone who owns it as “stupid,” the JPMorgan CEO faces a market abuse claim for “spreading false and misleading information” about bitcoin.

Unless you have been living under a rock for the past week, you will be well aware of JPMorgan CEO Jamie Dimon’s panicked outburst with regard the ‘fraud’ that Bitcoin’s ‘tulip-like’ bubble is. To paraphrase:

“It’s a fraud. It’s making stupid people, such as my daughter, feel like they’re geniuses. It’s going to get somebody killed. I’ll fire anyone who touches it.”

One week later, an algorithmic liquidity provider called Blockswater has filed a market abuse report against Jamie Dimon for “spreading false and misleading information” about bitcoin.

The firm filed the report with the Swedish Financial Supervisory Authority against JPMorgan Chase and Dimon, the company’s chief executive. Blockswater said Dimon violated Article 12 of the European Union’s Market Abuse Regulation (MAR) by declaring that cryptocurrency bitcoin was “a fraud”.

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Bitcoin Tumbles After Jamie Dimon Calls It A Fraud: “Would Fire Anyone Trading It”

Bitcoin Tumbles After Jamie Dimon Calls It A Fraud: “Would Fire Anyone Trading It”:

Surprised by the sudden air pocket below bitcoin? Curious if this was caused by some new, unconfirmed Chinese crackdown on bitcoin traders, exchanges, and other money launderers?

No, the answer is Jamie Dimon, who in an angry outburst during the same conference in which he preannounced JPM’s 20% trading revenue drop, lashed out at the cryptocurrency, calling it a “fraud” which is “worse than tulip bulbs. It won’t end well”, will “blow up” and “someone is going to get killed.” Oh, and in conclusion, “any trader trading bitcoin” will be “fired for being stupid.

  • DIMON: BITCOIN IS A “FRAUD”; “WORSE THAN TULIP BULBS”
  • DIMON: BITCOIN WILL EVENTUALLY BLOW UP
  • DIMON: BITCOIN WON’T END WELL
  • DIMON: WOULD FIRE ANY TRADER TRADING BITCOIN FOR BEING STUPID

So how does Jamie really feel?

Of course, if “a trader” bought $100,000 of Bitcoin in 2010, they’d be roughly 3x richer than billionaire Jamie, but that’s another story.

What is more surprising, is that bitcoin actually reacted to this angry outburst by the JPM CEO, sliding sharply, and dragging the entire cryptocurrency space with it.

Or perhaps not surprising at all as hundreds of JPM traders quietly liquidated their accounts moments after hearing Dimon’s threat…

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Jamie Dimon’s 2016 Pay: $28,000,000

Jamie Dimon’s 2016 Pay: $28,000,000:

Moments ago JPM released an 8-K which revealed Jamie Dimon’s total compensation for the year. The answer: $28 million, up from the $27 million he was paid in 2015. Which, since Jamie Dimon is already a billionaire, will hardly make an impact on his bottom line.

JPMorgan Chase & Co. (the “Firm”) announced that the independent members of the Board of Directors (the “Board”) approved Mr. James Dimon’s total compensation for 2016, in the amount of $28,000,000, compared to last year’s total compensation of $27,000,000. Mr. Dimon’s total compensation includes an annual base salary of $1,500,000 and performance-based variable incentive compensation of $26,500,000. $5,000,000 of the variable incentive compensation will be delivered in cash and the remaining $21,500,000 will be delivered in the form of Performance Share Units (“PSUs”). Both base salary and cash incentive remain unchanged from last year. The key features of Mr. Dimon’s 2016 PSU award, including financial metric, performance goals, payout levels, vesting and hold requirements, also remain unchanged from the PSU award granted last year.

How did the board make its decision?

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JPMorgan CEO Jamie Dimon Named Chairman Of Business Roundtable Scoring Another Key D.C. Post For Wall Street

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Related info:

Why Did George Soros Forgive Donald Trump As Much As $312 MILLION In Debt For No Apparent Reason?

Former Goldman Partner And Soros Employee Steve Mnuchin And Billionaire Wilbur Ross Confirm Elite Puppet Trump Nominations On CNBC

Hillary Clinton & Donald Trump Are Both Elite Puppets, Serving The Same Masters


Jamie Dimon Named Chairman Of Business Roundtable Scoring Another Key D.C. Post For Wall Street:

Just days after being appointed to Trump’s “Strategic and Policy Forum,” JP Morgan CEO, Jamie Dimon, has been named Chairman of Business Roundtable.  Obviously, this is yet another prominent D.C. position for Wall Street just as Trump gets set to take the White House amid promises to “drain the swamp.”

Per a press release posted to the Business Roundtable website, Dimon will take over the Chairman position from Doug Oberhelman, the CEO of Caterpillar, and will serve a two-year term that will last through December 21, 2018.

“Jamie is one of the most accomplished business leaders in America,” Oberhelman said. “He is a strong and positive force for sound economic policies and the need for a diverse and skilled workforce. His depth of understanding and optimistic vision of America’s future make him exactly the right person to lead Business Roundtable to work with the new Administration and Congress.”

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Schwarzman, Dimon, Fink Will Advise Trump How To Create Jobs

Schwarzman, Dimon, Fink Will Advise Trump How To Create Jobs:

Shortly after Donald Trump picked former Goldman partner Steven Mnuchin as Treasury Secretary, he was rumored to be considering another Goldmanite, current President and COO Gary Cohn – who as reported earlier this week is already contemplating “life after Goldman” – for energy secretary. The follows a previous report that Trump may appoint Cohn as head of the Office of Management and Budget. So, as Trump wonders which other Goldman banker to poach to fully outsource financial management of the US directly to Goldman, a taxpayer-backed hedge fund which has already taken over the world’s central banks, he decided to spread the Wall Street love and earlier today announced that he has created an economic panel chaired by Blackstone’s Stephen Schwarzmann, whose members will also include such illustrious “non-swampies” as Jamie Dimon and Larry Fink, as well as various other “prominent U.S. business leaders” to get Wall Street’s advice on such matters as … job creation.

The President’s Strategic and Policy Forum will begin meeting with Trump in February after his inauguration. From the announcement:

President-elect Donald J. Trump today announced that he is establishing the President’s Strategic and Policy Forum. The Forum, which is composed of some of America’s most highly respected and successful business leaders, will be called upon to meet with the President frequently to share their specific experience and knowledge as the President implements his plan to bring back jobs and Make America Great Again. The Forum will be chaired by Stephen A. Schwarzman, Chairman, CEO, and Co-Founder of Blackstone.

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JPMorgan Stock Slides After Rumors CEO Jamie Dimon Offered Treasury Secretary Role

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JPMorgan Stock Slides After Rumors CEO Dimon Offered Treasury Secretary Role:

Having already been under selling pressure today, a tweet from Fox’s Maria Bartiromo suggesting CEO Jamie Dimon is about to be offered the job of Treasury Secretary, pushed JPMorgan shares notably lower.

Shareholders are not happy…

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Trump Said To Consider JPMorgan’s Jamie Dimon For Treasury Secretary; Dimon Not Interested

‘Anti-establishment’ President Trump considers Illuminati bank JPMorgan’s Jamie Dimon for Treasury Secretary …

Related info:

Trump and Clinton are both Rothschild puppets.


Trump Said To Consider Jamie Dimon For Treasury Secretary; Dimon Not Interested:

One week ago, when the prospect of a Trump presidency was “calculated” as being anywhere between 0% and 20% by so-called experts, we reported that Trump’s campaign finance chair, Goldman Sachs partner and Soros Fund management alum, Steven Mnuchin, was being positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.

Now, according to CNBC, Trump has decided to expand beyond just Goldman alumni, and is allegedly considering JPMorgan CEO Jamie Dimon as the next US Treasury Secretary.

Needless to say, we can only hope that this is an attempt to scare clicks by CNBC instead of the actual truth, because if Trump hopes that he can “drain a swamp” by hiring the swamp puppet master, he – and millions of his supporters – will be very disappointed.

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America’s Age Of Impunity

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America’s Age Of Impunity:

Authored by Jeffrey Sachs, originally posted at The Boston Globe,

The Panama Papers opened yet another window on the global system of financial corruption, showing how political leaders and businesses use shell companies in secrecy havens like the British Virgin Islands and many US states to evade taxes and hide corruption and other crimes. Yet the system of corruption depends on another factor beyond secrecy, one that is perhaps even more important: impunity. Impunity means that the rich and powerful escape from punishment even when their malfeasance is in full view.

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JPMorgan Announces $1.9 Billion Buyback One Month After CEO Jamie Dimon Buys 500,000 Shares In The Open Market

jamie dimon cufflinks

JPM Announces $1.9 Billion Buyback One Month After CEO Jamie Dimon Buys 500,000 Shares In The Open Market:

On February 12, Jamie Dimon made headlines when he bought 500,000 shares, or some $26 million worth of JPM stock which coming one day after the market hit its lowest point in the recent selloff, has become known as the “Dimon Bottom.” Was it just good timing or was there something more to the purchase some wondered. As it turns out the purchase may have been nothing more than Jamie frontrunning his own company’s multi-billion buyback, because as JPM announced moments ago, the company of which he is a CEO, just authorized the repurchase of an additional $1.9 billion in stock over the next three months, thereby assuring CEO Jamie of an even great profits on his recent acquisition.

From the release:

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JPMorgan to Pay Another Slap on the Wrist Fine for Engaging in Systemic Consumer Credit Card Debt Fraud

jamie dimon cufflinks

JP Morgan to Pay Another Slap on the Wrist Fine for Engaging in Systemic Consumer Credit Card Debt Fraud (Liberty Blitzkrieg, July 8, 2015):

Just yesterday, I published a post titled: Florida Man Sentenced to 2.5 Years in Jail for Having Sex on the Beach. The purpose of that post wasn’t to justify his actions, but rather to highlight the difference between how average citizens are treated under the U.S. “justice” system, and how thieving, remorseless financial oligarchs are treated.

While, Mr. Caballero may have ruined the day of a few beach goers by crudely having sex on a public beach in broad daylight, he didn’t run the U.S. economy into the ground and cause destitution to tens of millions of Americans. Nor did he received trillions in taxpayer backstops and bailouts, only to turn around and pay himself a record bonus and then carry on with extremely profitable, illegal financial schemes. No, it was the bank executives who did (and continue to do) all of that. Guess who ends up in prison?

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How Jamie Dimon Became A Billionaire

jamie dimon cufflinks

How Jamie Dimon Became A Billionaire (ZeroHedge, June 3, 2015):

Two years ago, bank analyst Mike Mayo asked JPM chief Jamie Dimon a simple question: why should affluent customers not pick UBS over JPM due to a mismatch in capital ratios, to which Dimon’s response was even simpler: “that’s why I’m richer than you.” To which we then added: “No logic, no rationale: all about the bottom line, which to Jamie at least is all that matters.”

The bottom line was indeed all, because as Bloomberg calculated overnight, over the past several years, Jamie Dimon quietly became not just “richer than you”, but “much” richer: his net worth is now well over $1 billion!

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JPMorgan To Cut More Than 5,000 Workers By End Of 2016

H/t reader M.G.:

“Looks like the greedy guts are adding to unemployment.
Remember, for every job lost, seven more are put at risk.”


jamie-dimon

JPMorgan Chase & Co. (JPM) To Cut More Than 5,000 Workers By End Of 2016: Report (International business Times, May 28, 2015):

JPMorgan Chase & Co. (NYSE:JPM) is starting to lay off more than 5,000 employees in a $1.4 billion cost-cutting measure to be completed by the end of 2016, the Wall Street Journal reported Thursday, citing people familiar with the matter. A spokeswoman for JPMorgan Chase would not comment on the report, but said the layoffs are part of cost-cutting efforts outlined in a presentation released earlier this year.

JP Morgan, the largest U.S. bank, is overhauling its nearly 5,600 branches. Chairman and CEO James Dimon said Wednesday the average Chase bank branch will lose one employee over the next two years. The bank has already cut 1,000 jobs.

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None Other Than Jamie Dimon Warns Of The Next Market Crash

Jamie Dimon cufflinks - The seal reads Seal of the President of the United States and includes the arrow-carrying eagle

–  “Another Crisis Is Coming”: Jamie Dimon Warns Of The Next Market Crash (ZeroHedge, April 9, 2015):

The Treasury flash crash and similar recent events in currency markets are “shots across the bow,” Jamie Dimon says in his latest letter to shareholders. The JPM chief goes on to warn, as we have for years, that declining liquidity in credit markets is likely to exacerbate future crises: “The likely explanation for the lower depth in almost all bond markets is that inventories of market-makers’ positions are dramatically lower than in the past. For instance, the total inventory of Treasuries readily available to market-makers today is $1.7 trillion, down from $2.7 trillion at its peak in 2007. The trend in dealer positions of corporate bonds is similar.”

Blythe-Masters-Jamie-Dimon