Bank Of America, JPMorgan Bar Crypto Purchases On Credit Card

Bank Of America, JP Morgan Bar Crypto Purchases On Credit Card:

The second largest US bank said it “will begin declining credit card transactions with known cryptocurrency exchanges” starting today.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

Amazon, Berkshire And JPMorgan To Form Healthcare Company “Free From Profit-Making Incentives”

Amazon, Berkshire And JPMorgan To Form Healthcare Company “Free From Profit-Making Incentives”:

In a move that might explain why Amazon has been quietly acquiring pharmacy licenses (not to mention hitting daily all time highs) the e-commerce giant – along with Warren Buffett’s Berkshire Hathaway and JP Morgan Chase & Co. – announced on Tuesday morning that they would partner to form a new health-care venture.

As stated in the press release, “Amazon, Berkshire Hathaway and JPMorgan Chase & Co. announced today that they are partnering on ways to address healthcare for their U.S. employees, with the aim of improving employee satisfaction and reducing costs. The three companies, which bring their scale and complementary expertise to this long-term effort, will pursue this objective through an independent company that is free from profit-making incentives and constraints. The initial focus of the new company will be on technology solutions that will provide U.S. employees and their families with simplified, high-quality and transparent healthcare at a reasonable cost.”

Read more

JPMorgan Has Some Bad News For Bitcoin Bears

JPMorgan Has Some Bad News For Bitcoin Bears:

If JPMorgan is right, the implications are staggering:  contrary to expectations that bitcoin’s market cap is a rough reflection of its inflows, JPM’s calculations reveal that a mere $6 billion in net inflows since 2009 has resulted in a market cap of $330 billion. This goes to what Mike Novogratz said last week when he said that cryptos are unique, because unlike all other asset classes, there is no corresponding increase in supply when prices surge.

This also means that as new capital flows into the crypto space as more retail and institutional investors scramble for “a piece of the pie”, the potential market cap gains are unprecedented.

Putting this number in context, so far in 2017, there has been $283BN in global equity inflows ($402BN in ETF inflows and $120BN in mutual fund outflows), and $346BN in bond inflows, as this BofA table reveals:

If only a fraction of these institutional and retail flows were redirected toward bitcoin, then the next, and even more parabolic leg higher would be upon us, inviting even more bubble comparisons, even more skeptics and even more converts… just like none other than Jamie Dimon humself. In other words, shorts, beware, especially now that shorting – and short squeezes – is about to get much easier thanks to bitcoin futures.

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

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”.

Read more

JPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”

JPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”:

One day after Jamie Dimon slammed bitcoin, sending its price reeling after he called the cryptocurrency “fraud”, warning it “won’t end well”, and threatening to fire any JPMorgan trader caught trading bitcoin “for being stupid” (a move some dubbed diplomatic genius as JPM’s 20% guide down in trading revenues got zero mentions yesterday) JPMorgan has released its unofficial guide on bitcoin. While that was perhaps to be expected as we are confident the bank was flooded with phone calls from clients who were long the best performing asset class of the year, if not decade, what is much more surprising is who the author of said report was: none other than JPM’s notorious quant guru, Marko Kolanovic, who simply asks “are cryptocurrencies a new asset class or a pyramid scheme?

While we know how Jamie Dimon feels, Kolanovic’s conclusion is less draconian, if mostly along the skeptical lines of his boss’ thinking: “While we don’t know whether the price of cryptocurrencies will go up or down in the near-term, the history of currencies, governments and financial fraud tells us that the future for cryptocurrencies will likely not be bright.”

Here is the full report from JPMorgan:

Read more

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…

* * *

PayPal: Donate in USD
PayPal: Donate in EUR
PayPal: Donate in GBP

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?

Read more

Indonesia Terminates All Business Relationships With JPMorgan After Downgrade

Indonesia Terminates All Business Relationships With JPMorgan After Downgrade:

We officially have a new definition ot “thin-skinned”.

In what may be one of the most dramatic retaliations to a downgrade report, Indonesia’s government said it has terminated all business partnerships with JPMorgan Chase after the U.S. bank downgraded its outlook on stocks in Southeast Asia’s largest economy. The finance ministry announced it would stop using JPMorgan as a primary dealer and as an underwriter of its sovereign bonds, Robert Pakpahan, the ministry’s director-general for budget financing and risk management told reporters in Jakarta on Tuesday. The reason: Pakpahan said a November research report issued by the bank was not “accurate or credible.”

Read more

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

jamie dimon cufflinks

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.”

Read more

EU fines JPMorgan, HSBC and Credit Agricole $520 MILLION for rate manipulation

And who is (not) going to jail this time???


JP-Morgan

EU fines JPMorgan, HSBC and Credit Agricole $520mn for rate manipulation:

After a five-year investigation, the European Commission has fined three major banks €485 million for rigging the crucial Euro Interbank Offered Rate (Euribor).

The Commission said on Wednesday they were part of a seven bank cartel that colluded on setting the euro interest rate instead of competing with each other between September 2005 and May 2008.

JPMorgan was fined €337 million and Credit Agricole €114 million for five-month involvement in the conspiracy. HSBC got a €33 million penalty for its one-month participation.

Read more

Forget Deutsche Bank, These 2 American Banks Are Now “The Most Systemically Dangerous In The World”

Forget Deutsche Bank, These 2 American Banks Are Now “The Most Systemically Dangerous In The World”:

Back in the summer we wrote about an IMF report that flagged Deutsche Bank as the “most important net contributor to systemic risks” (see “‘Deutsche Bank Poses The Greatest Risk To The Global Financial System’: IMF“).  Those who read our site frequently were likely not terribly surprised by the IMF’s conclusion.

Among the G-SIBs, Deutsche Bank appears to be the most important net contributor to systemic risks, followed by HSBC and Credit Suisse. In turn, Commerzbank, while an important player in Germany, does not appear to be a contributor to systemic risks globally. In general, Commerzbank tends to be the recipient of inward spillover from U.S. and European G-SIBs. The relative importance of Deutsche Bank underscores the importance of risk management, intense supervision of G-SIBs and the close monitoring of their cross-border exposures, as well as rapidly completing capacity to implement the new resolution regime.

That said, we suspect the latest ranking of global systemically important banks (G-SIBs) by the Financial Stability Board may be a bit more surprising to our readers, among others, as it features two of America’s largest banks right at the very top. 

Read more

The Hidden Billionaires Behind Trump

trump-establishment-1


EXCLUSIVE: The Hidden Billionaires behind Trump (June 27, 2016):

By Greg Palast with Dennis J. Bernstein

Trump desperately needs to get his tiny hands on some cash to fund his presidential campaign. On TV, Trump may play the role of a gazillionaire, but the reality of his reality TV persona is that it’s all paid for with other people’s money. His self-funding pledge is going the way of all Trump’s promises — down the gilded crapper. This week on The Best Democracy Money Can Buy: Election Crimes Bulletin, we focus on where and how Trump is going to get his campaign funds — and the deal he’s made with Wall Street’s devils in order to get it.

TRANSCRIPT (Originally broadcast on June 22, 2016)

Dennis J. Bernstein: All the news is about how Hillary has raised zillions and Donald has a mere one or two million dollars… I thought Donald Trump was a billionaire — he could pay for anything!

Greg Palast: Yeah, thats the TV show, isnt it? As he says, he loves debt. So, yes, he has a lot of money, OPM, other people’s money. He’s an OPM addict, and other peoplesmoney addict. But as far as using it for himself, theres very good reason, he doesnt have close to what hes talking about. So just like bank robbers, hes going where the money is.

DB:Hes got some cagey friends?

Read more

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

jamie dimon cufflinks

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…

Read more