Nov 11


3 Jews, including 2 Israelis, charged in theft of hundreds of millions:

NEW YORK (JTA) — Three Jewish men, two of them Israeli citizens, are among those charged with hacking the website of JPMorgan Chase & Co. and stealing hundreds of millions of dollars.

The indictments of Gery Shalon, Joshua Samuel Aaron and Ziv Orenstein in U.S. District Court, Southern District of New York were unsealed Tuesday. The 23-count indictment encompasses the Chase hack along with numerous alleged crimes targeting 12 other companies, including nine financial service companies and The Wall Street Journal, Reuters reported. Continue reading »

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Nov 04

This will surely end well.

gold dilution nov

There Are Now 293 Ounces Of Paper Gold For Every Ounce Of Physical As Comex Registered Gold Hits New Low:

As of today, the gold “coverage” ratio, or the amount of paper claims for every ounce of physical, has just hit a new all time high of 293 ounces of paper per ounce of registered physical.

Curiously, the last time we observed a comparable surge in the Comex dilution ratio took place just two months ago when a comparable “adjustment” reduced JPM’s “Registered” inventory by 122,124 ounces. Back then many said the adjustment would be promptly reversed. Continue reading »

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Nov 03

S&P Puts Too-Big-To-Fail US Banks On Ratings Downgrade Watch:

Having watched the credit markets grow more and more weary of the major US financials, it should not be total surprise that ratings agency S&P just put all the majors on watch for a rating downgrade:


Despite all the talking heads proclamations on higher rates and net interest margins and ‘strongest balance sheets’ ever, S&P obviously sees something more worrisome looming. This comes just hours after Moody’s put Bank of Nova Scotia on review also (blaming the move on concerns over increased risk appetite).

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Sep 16

Comexodus: JPMorgan’s Vault Is One Withdrawal Away From Running Out Of Deliverable Gold

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Sep 08



Vinyl rip from my personal collection. Best audio on the net.

This 3x LP record set documents the activities of a secret society known as The Illuminati, and their New World Order.

Mr. Fagan describes with documentary evidence how the ILLUMINATI became the instrument of the House of Rothschild to achieve a “One World Government”.

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Aug 06

JPMorgan Helps Comex Avoid Gold Depletion, Boosts Registered Gold By 78% Overnight (ZeroHedge, Aug 6, 2015):

We were less than surprised to see that just 2 days after our report, the Comex once again succeeded in sweeping default fears under the rug by boosting its eligible gold by a whopping 78% overnight, from 362K ounces to 643K, thereby pushing deliverable gold from its all time lows. However, this was not achieved with an infusion of actual new gold into the Comex, but thanks to JPM reclassifying 276K ounces of gold from the Eligible into the Registered category, even as actual eligible gold continues being withdrawn from the Comex.

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Jul 09

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? Continue reading »

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Jul 05


The “Nightmare Of The Euro-Architects” Is Coming True: JPM Now Sees Grexit, Eurogroup “Split In Coming Days” (ZeroHedge, July 5, 2015):

Perhaps the best summary – or epitaph, some would say – of the shocking events that took place in Greece this afternoon, and the resultant falling dominoes that are about to be unleashed, was given by Slovakia’s finance minister Peter Kazimir, who summarized events as follows:

He followed it up with a Dylan Thomas quote:

We assume the next lines goes as follows:

“Rage, rage against the dying of the “irreversible” currency” Continue reading »

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Jun 30


JPMorgan Just Cornered The Commodity Derivative Market, And This Time There Is Proof (ZeroHedge, June 29, 2015):

For years there had been speculation, rumor and hearsay that JPM had cornered the US commodities market. Now, finally, we have documented proof.


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Jun 03

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! Continue reading »

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May 28

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.”


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. Continue reading »

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Apr 26


Why Is JP Morgan Accumulating The Biggest Stockpile Of Physical Silver In History? (Economic Collapse, April 24, 2015):

Why in the world has JP Morgan accumulated more than 55 million ounces of physical silver?  Since early 2012, JP Morgan’s stockpile has grown from less than 5 million ounces of physical silver to more than 55 million ounces of physical silver.  Clearly, someone over at JP Morgan is convinced that physical silver is a great investment.  But in recent times, the price of silver has actually fallen quite a bit.  As I write this, it is sitting at the ridiculously low price of $15.66 an ounce.  So up to this point, JP Morgan’s investment in silver has definitely not paid off.  But it will pay off in a big way if we will soon be entering a time of great financial turmoil. Continue reading »

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Apr 09

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.”



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Feb 24

From the article:

Under scrutiny are Bank of Nova Scotia , Barclays PLC, Credit Suisse Group AG , Deutsche Bank AG , Goldman Sachs Group Inc., J.P. Morgan Chase & Co., Société Générale SA, Standard Bank Group Ltd. and UBS AG , according to one of the people close to the investigation.”

Ten Banks, Including JPM, Goldman, Deutsche, Barclays, SocGen And UBS, Probed For Gold Rigging (ZeroHedge, Feb 23, 2015):

No matter how many times the big banks are caught red-handed manipulating precious metals, some failed former Deutsche Bank prop-trader (you know who you are) will take a vociferous stand based on ad hominem attacks and zero facts that no, what you see in front of you is not precious metal rigging at all but a one-off event that has nothing to do with a criminal banking syndicate hell bent on taking advantage of anyone who is naive and dumb enough to still believe in fair and efficient markets. Continue reading »

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Feb 09

– Another JPMorgan Banker Dies After Murder-Suicide: Chokes Wife, Stabs Himself To Death (ZeroHedge, Feb 9, 2015):

By now, there have been so many banker-related suicides that it has become a moot point of i) tracking them all or ii) trying to find a pattern. And yet, one name continues to stand out: JPMorgan. The bank which has been most prominent among the list of “suicided” bankers notched one more casualty over the weekend when “a JPMorgan Chase & Co. employee strangled and stabbed his wife to death before turning the knife on himself, according to police who are treating the couple’s death in Bergen County, New Jersey as a murder-suicide.”

Bloomberg reports the gruesome details according to which Michael A. Tabacchi, 27, and his wife, Iran Pars Tabacchi, 41, were found dead Friday about 11:30 p.m. in the bedroom of their Closter home after a 911 call placed by the husband’s father, Bergen County Prosecutor John Molinelli said in an interview. Closter is located in northern New Jersey, about 20 miles (32 kilometers) from midtown Manhattan.

Michael Tabacchi

It wasn’t a nail-gun this time. It was a knife:

Autopsy results on Sunday showed the wife died of strangulation and a stab wound to the chest while Michael Tabacchi died from a single self-inflicted stab to the chest, he said. Continue reading »

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Feb 09

No 741831

Europe, US Risk Off After Greece Rejects European Ultimatum, Ukraine Peace Talks Falter (ZeroHedge, Feb 9, 2015):

In the absence of any notable developments overnight, the market remains focused on the rapidly moving situation in Greece, which as detailed over the weekend, responded to Europe’s Friday ultimatum very vocally and belligerently, crushing any speculation that Syriza would back down or compromise, and with just days left until the emergency Eurogroup meeting in three days, whispers that a Grexit is imminent grow louder. The only outstanding item is what happens to the EUR and to risk assets: do they rise when the Eurozone kicks out its weakest member, or will they tumble as UBS suggested this morning when it said that “the escalation of tensions between the Greek government and its creditors is so far being shrugged off by investors, an attitude which is overly simplistic and ignores the risk of market dislocations” while Morgan Stanley adds that a Grexit would likely lead to the EURUSD sliding near its all time lows of about 0.90. Continue reading »

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Dec 21

oil jobs manhattan institute

“Houston, You Have A Problem” – Texas Is Headed For A Recession Due To Oil Crash, JPM Warns (ZeroHedge, Dec 21, 2014):

It was back in August 2013, when there was nothing but clear skies ahead of the US shale industry that we asked “How Much Is Oil Supporting U.S. Employment Gains?” The answer we gave:

The American Petroleum Institute said last week the U.S. oil and natural gas sector was an engine driving job growth. Eight percent of the U.S. economy is supported by the energy sector, the industry’s lobbying group said, up from the 7.7 percent recorded the last time the API examined the issue. The employment assessment came as the Energy Department said oil and gas production continued to make gains across the board. With the right energy policies in place, API said the economy could grow even more. But with oil and gas production already at record levels, the narrative over the jobs prospects may be failing on its own accord…. The API’s report said each of the direct jobs in the oil and natural gas industry translated to 2.8 jobs in other sectors of the U.S. economy. That in turn translates to a total impact on U.S. gross domestic product of $1.2 trillion, the study found.

Two weeks ago we followed up with an article looking at “Jobs: Shale States vs Non-Shale States” in which we showed the following chart: Continue reading »

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Dec 04

A JPMorgan Employee Uses a Photo of Oliver Twist to Joke in an Email About How His Group Is Manipulating Electric Markets in California.

JPMorgan Rushed to Hire Trader Who Suggested on His Resume That He Knew How to Game Electric Markets (Wall Street On Parade, Dec 3, 2014):

On April 29, 2010 at 7:47 in the evening, Francis Dunleavy, the head of Principal Investing within the JPMorgan Commodities Group fired off a terse email to a colleague, Rob Cauthen. The email read: “Please get him in ASAP.”

The man that Dunleavy wanted to be interviewed “ASAP” was John Howard Bartholomew, a young man who had just obtained his law degree from George Washington University two years prior. But it wasn’t his law degree that Bartholomew decided to feature at the very top of the resume he sent to JPMorgan; it was the fact that while working at Southern California Edison in Power Procurement, he had “identified a flaw in the market mechanism Bid Cost Recovery that is causing the CAISO [the California grid operator] to misallocate millions of dollars.” Bartholomew goes on to brag in his resume that he had “showed how units in reliability areas can increase profits by 400%.” Continue reading »

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Dec 04

PoLiCe BRuTaLiTY IN AMeRiKa: SaY ALL You WaNT… (ZeroHedge, Dec 4, 2014):

Police Brutality In America


Nov 22

Obamas Historic Immigration Decree

Obama the tyrant king unleashes dictatorial order that will now invoke “open rebellion” – Senate aide:

With the stroke of a pen, President Obama has now set America on the path toward open rebellion and revolt. By declaring that he alone has the right to dictate immigration policy without the legislative approval of Congress, he has committed yet another lawless act in a long series of illegal schemes that cement his position in history as nothing more than a sociopathic liar and destroyer of nations.


Obama extends deportation reprieve to 5 million undocumented immigrants:

President Barack Obama announced an executive order on immigration reform Thursday, which he will sign on Friday. The actions will affect up to 5 million undocumented immigrants in the US, many of whom are the parents or spouses of legal residents.

Obama announced his plan for unilateral action on immigration via a prime-time address from the White House. He will sign the executive order during a rally in Las Vegas on Friday. Because the plan will not be passed by Congress, it could also be easily reversed by a new president after Obama’s term runs out in just over two years.


“Accidental discharge”…:


The FBI Is Very Excited About This Machine That Can Scan Your DNA in 90 Minutes

The FBI Is Very Excited About This Machine That Can Scan Your DNA in 90 Minutes:

Rapid-DNA technology makes it easier than ever to grab and store your genetic profile. G-men, cops, and Homeland Security can’t wait to see it everywhere.


Least Transparent Ever – Obama Administration Fighting to Prevent Release of C.I.A. Torture Report:

His latest intervention on behalf of the forces of opacity, revolves around the release of a report on CI.A. torture put together by The Senate Intelligence Committee, which is 6,000 pages long and has been five years in the making. Naturally, the Obama Administration is taking painstaking efforts to block its release.

Gold Repatriation Stunner: Dutch Central Bank Secretly Withdrew 122 Tons Of Gold From The New York Fed:

A week ago, we penned “The Real Reason Why Germany Halted Its Gold Repatriation From The NY Fed“, in which we got, for the first time ever, an admission by an official source, namely the bank that knows everything that takes place in Germany – Deutsche Bank – what the real reason was for Germany’s gold repatriation halt after obtaining a meager 5 tons from the NY Fed:

… the gold community paid great attention to the decision of the German Bundesbank to “bring German gold home”. At the beginning of 2013, the Bundesbank announced it would repatriate 300 tonnes of gold stored in the US by 2020. It is well behind schedule, citing logistical difficulties. Yet diplomatic difficulties are more likely to be the chief cause of the delay, especially seeing as the Bundesbank has proven its capacity to organise large-scale gold transports. In the early 2000s, the Bundesbank incrementally repatriated 930 tonnes of German gold held by the Bank of England.

Some took offense with this, pointing out, accurately, that the gold held at the NY Fed in deposit form for foreign institutions had continued to decline into 2014 despite the alleged German halt. Well, today we know the answer: it wasn’t Germany who was secretly withdrawing gold from the NYFed contrary to what it had publicly disclosed.  

It was the Netherlands.

Rothschild agent

“Gold Is Money And Nothing Else” – JP Morgan’s Full December 1912 Testimony To Congress:

In December 1912, no lessor man than J.P.Morgan testified to Congress to “justify Wall Street,” during investigations over alleged manipulation and collusion. The transcript reads like it could have been given yesterday (as nothing ever changes) but at its heart the banker laid out 33 “Morgan Epigrams” which appear – in the ensuing 102 years – have been lost to greed and arrogance… The irony is wondrous: “Securities do not always prove good”, “Money is gold, and nothing else”, “I think manipulation is always bad.”


12 Charts Show Connection Between Roundup and Disease:

Roundup is found in 75% of air and water samples.  Many farmers drench crops with Roundup right before harvest. About 100 million pounds are applied to U.S. farms and lawns every year, according to the EPA.

Monsanto claims that Roundup is totally safe, and can be dumped on everything without problem.

Is it true?

In reality, Roundup is linked to a number of diseases. And the ingredients in Roundup are deadly to human cells.

A study from the Journal of Organic Systems includes the following 12 charts which show the correlation between Roundup (technically known as “glyphosate”) and disease:

CIA wants to delete thousands of emails as Obama administration stalls release of torture report:

The CIA wants to erase tens of thousands of internal emails sent by most covert and counterterror officers after they leave the agency, leading US senators and transparency advocates to fear the plan would mean the loss of vital government records.

10 Examples Of The Social Decay That Is Eating Away At America Like Cancer:

It isn’t just our economy that is crumbling.  Something is happening to America that no amount of money will be able to fix.  Everywhere around us we can see evidence of the social decay that is systematically eating away at the foundations of our society.

Wall Street Stunned As Iceland Dares To Jail Banker Involved In 2008 Crash:

The impossible is possible. Never say never. Wall Street bankers are staring agog at headlines coming from Europe where, in Iceland, the former chief executive of one of the largest banks in the country which was involved in crashing the economy in 2008 has been sentenced to jail time. As Valuewalk reports, in receiving a one year prison sentence, Sigurjon Arnason officially became the first bank executive to be convicted of manipulating the bank’s stock price and deceiving investors, creditors and the authorities between Sept. 29 and Oct. 3, 2008, as the bank’s fortunes unwound, crashing the economy with it. It appears he was as shocked by the verdict as Wall Street-ers are, “this sentence is a big surprise to me as I did nothing wrong.” It was likely all for the people’s own good…

Europe’s New Scariest Chart:

Recent polls show pro-default parties growing popular in peripheral euro-area countries such as Greece, Italy and Spain. As Bloomberg Brief’s Maxime Sbaihi notes, in a depressed economic environment, their promises to restructure public debt might soon bring them to power and tempt traditional parties to adopt their ideas. This return of political risk in the euro area doesn’t appear to be priced in by market participants. As Italy’s Beppe Grillo recently exclaimed, “we will leave the Euro and bring down this system of bankers, of scum.”



‘AIDS, Ebola, Obama – Thanks Africa’ roadside sign causes a stir in Nebraska:

A homemade sign proclaiming “AIDS, Ebola, Obama – Thanks Africa” caused a commotion in the town of Minden, Nebraska this week after a local man drew the ire of area residents when he erected it on his own property.

A “little” late:

Charles Schwab Urges The Fed To Raise Interest Rates “As Quickly As Possible”:

Authored by Charles Schwab (yes, that Charles Schwab), originally posted op-ed at The Wall Street Journal,

For America’s 44 million senior citizens, plus tens of millions of others who are on the threshold of retirement, last month marked a watershed moment that is worth celebrating. At the end of October, the Federal Reserve announced the first step in returning to a more normal monetary policy. After nearly six years of near-zero interest rates and quantitative easing, the Fed is ending its bond-buying program and has signaled a plan to eventually begin raising the federal-funds rate, raising interest rates to more normal levels by 2017.

U.S. households lost billions in interest income during the Fed’s near-zero interest rate experiment.

Jerusalem mayor: Revoke citizenship for terrorists’ families:

The mayor of Jerusalem has called on Israeli authorities to revoke the citizenship of family members of terrorists. This proposal was made in response to growing tensions between Palestinians and Israelis.

40,000 to 60,000 tons of sulphur dioxide spewing out of Bárðarbunga volcano per DAY:

A few days ago I posted an article saying that Iceland’s Bardarbunga volcano was pumping out 35,000 tons of sulphur dioxide per day, more than twice the amount spewed from all of Europe’s smokestacks.

Turns out that it’s even worse than that.

According to the Icelandic National Broadcasting Service, RUV, some 40,000 to 60,000 tons […]

TV: US nuclear workers’ brains eaten away, hallucinating, mental capacity of preschooler — Wife films frightened, trembling husband on deathbed — It’s indescribable what they’ve done and they don’t care — They want you to die — Gov’t Experts: It’s allergies from cats or feathers… or B-12 deficiency — Doctor: Quit helping workers get help (VIDEO):

KING 5 News, Oct 14, 2014: Gary Sall… [worked at Hanford] for 28 years… 10 years ago… his brain function got worse and worse. Within 5 years he… could barely speak, hallucinated, and operated on the level of a 4-year-old… Doctors diagnosed him with work-related toxic encephalopathy, a degenerative brain disorder… [His wife] Barb documented the suffering in a difficult to watch video taken in 2011… in a hospital bed, trembling and frightened and on a feeding tube… The DOE’s insurer wrote that not Hanford, but alcohol consumption or a B-12 deficiency could be making him sick… He died 3 years ago at the age of 57.

Twice as much Fukushima radiation near California coast than originally reported; Highest levels found anywhere in Eastern Pacific — Scientist: Very little we can do… It’s unprecedented… God forbid anything else happens — Gundersen: Multiple plumes now along west coast… Will be coming “for century or more” (AUDIO)

Ice forces earliest closure EVER of upper Mississippi:

Halts shipments of corn, soybeans, wheat, fertilizer, salt and other goods from the most northern reaches of the nation’s busiest waterway.

New York State officials – Things will only get worse:

Another three feet (1 meter) of snow forecast for Buffalo.

Buffalo – 30 major roof collapses, 100 minor collapses:

More collapses expected. Homeowners and store employees scrambling to remove the snow before rainfall adds even more weight to overloaded roofs.


‘We will hunt you down’: KKK threatens to shoot Anonymous ‘n***** lovers’:

A bitter war of words between hacker collective Anonymous and the Klu Klux Klan risks spilling over into real violence, with the right-wing hate group allegedly threatening to shoot dead activists wearing the Guy Fawkes mask in southern Missouri.

Obesity price tag: $2trn annually and ‘rapidly getting worse’:

Around 30 percent of the world’s population is now obese, while 50 percent is expected to fall into the category by 2030. Meanwhile, 5 percent of global deaths each year are linked to the condition, creating a drag on the global economy.

Stocks Close At Recordest Highs As All Central Banks Go All In:

Despite the knee-trembling awesomeness of a double-whammy promise of liquidity, US equity markets ended the week on a decidedly down note. The realization that Draghi’s all talk (no impact on US stocks) and PBOC’s move is not a liquidity surge and has limited impact on the economy left stocks tumbling once the opening OPEX levels had printed. The USD rose notably on the day after EUR plunged under 1.24 on Draghi (USD +0.9% on the week). Despite USD strength, gold rose 1% (as did Silver) on the week, rising for the 3rd week in a row for the first time in 4 months (and the 3rd Friday surge in a row). Oil rose 1% on the week, breaking an 8-week losing streak but Copper prices fell around 0.3% on the week, having given back the kneejerk gains post-PBOC today. Treasury yields dropped after kneejerking higher on PBOC. 30Y at 3.01% had its 2nd lowest weekly close since May 2013. VIX melted down into the close to 13.01. Late-day buying panic lifts stocks off their lows leaving Dow & S&P at all-time recordest highs of all-time ever in history (as small caps closed red).


I stumbled across two mind blowing charts yesterday that had me pondering how generations of Americans had frittered their lives away, spending money they didn’t have  on things they didn’t need, utilizing easy to acquire debt, and saving virtually nothing for their futures or a rainy day. We are a nation of Peter Pans who never grew up. While I was driving home from work, one of my favorite Pink Floyd tunes came on the radio and the lyrics to Time seemed to fit perfectly with the charts I had just discovered.

– HFT War Stories: The Algo that Couldn’t Count:

This is the first in MKTSTK’sHFT War Stories series. Submitted anonymously by a high frequency trader. Names of people, places, and products have been omitted:

Algo trading has a way of making your hair turn white. Sometimes it’s the wild market action. The response then is to cut risk and keep on trading. The big losses come from avoidable human errors. Those are the losses you might not come back from.

The trading world is increasingly automated. Every year there are fewer human eyes watching the market at any given time. Traders employ algorithms to cut latency and market impact. Dealers find automation indispensable in quoting thousands of different exchange traded derivatives.

Russia Can Survive An Oil Price War:

After a frosty reception at the G20 summit in Australia this week, Russian President Vladimir Putin required some much needed rest, at least according to the official explanation given for his conspicuously early departure from the proceedings. All things considered it could have been a lot worse. Russia finds itself in familiar territory after a controversial half-year, highlighted by the bloody and still unresolved situation in Ukraine. Nonetheless, the prospect of further sanctions looms low and Russia’s stores of oil and gas remain high.

Did The Tech Bubble Just Quietly Pop?:

While some might scoff at the idea of there even being a bubble in hi-tech start-ups, it appears the massive wall of money that has been thrown at dot-com 2.0 names – all money-losing, social, mobile, cloud name-droppers – has dried up. As The TechCrunch Bubble Index shows, the last 90 days have seen startup-funding announcements collapse over 40% to their lowest level in almost 3 years

 – Gold Tops $1200 As China Cuts, Draghi Jawbones:

First Mario Draghi made some strong statements speaking in Asia that “It is essential to bring back inflation to target and without delay,” which sent EURUSD tumbling BUT did not spark moves in the S&P 500 (though Gold slipped). It was not until the PBOC cut rates (and sent AUD surging) that the US equity market perked up and started ripping… along with gold and as the morning progressed, gold has kept going as it is clear the Central Banks of the world have only one policy left… (no wonder the Dutch want their gold back)

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Nov 13

How The Government Punished Wall Street, Explained In 1 Cartoon
(Click on cartoon to enlarge.)

JP Morgan Chase cost US taxpayers millions, had them pay for settlement – Matt Taibbi (RT, Nov 12, 2014):

“Ordinary people lost enormous amounts of money” when JP Morgan Chase sold millions in faulty loans – and taxpayers still paid a big chunk of its billion-dollar settlement with the government, investigative journalist Matt Taibbi told RT.

In recent story published in Rolling Stone, Taibbi detailed how a former JP Morgan employee Alayne Fleischmann helped the Justice Department in its investigation against the bank. Eventually, a $9 billion settlement was reached. However, that agreement did not require the bank to admit guilt for fraud – and it all came about to keep the information Fleischmann divulged from surfacing. Continue reading »

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Nov 12

From the article:

“Yet, our political-financial system has gone from the dysfunctional to the failed to the surreal. Speculation, once left to individuals and investors, is now federally sponsored, subsidized and institutionalized.  When this sham finally buckles and the next shoe falls and rates do eventually rise, the stock market will tank, liquidity will die, and the broader economy will plunge into a worse Depression than before. We are not there yet because of these coordinated moves and the political force behind them. But we are on a precarious path to that inevitability. “

QE isn’t dying, it’s morphing (Nomi Prins, Nov 10, 2014):

A funny thing happened on the way to the ‘end’ of the multi-trillion dollar bond buying program known as QE – the Fed chronicles. Aside from the shift to a globalization of QE via the European Central Bank (ECB) and Bank of Japan (BOJ) as I wrote about earlier, what lingers in the air of “post-taper” time is an absence of absence. For QE is not over. Instead, in the United States, the process has simply morphed from being predominantly executed by the Federal Reserve (Fed) to being executed by its major private bank members. Fed Chair, Janet Yellen, has failed to point this out in any of her speeches about the labor force, inflation, or inequality. Continue reading »

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Nov 10

Nov 7, 2014

Democracy Now!, is an independent global news hour that airs weekdays on 1,300+ TV and radio stations Monday through Friday. Watch our livestream 8-9am ET at

As a side note: Democracy Now is – in my opinion – NOT independent.

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Nov 09

 From the article:

Back in 2006, as a deal manager at the gigantic bank, Fleischmann first witnessed, then tried to stop, what she describes as “massive criminal securities fraud” in the bank’s mortgage operations.

And now, with Holder about to leave office and his Justice Department reportedly wrapping up its final settlements, the state is effectively putting the finishing touches on what will amount to a sweeping, industrywide effort to bury the facts of a whole generation of Wall Street corruption. “I could be sued into bankruptcy,” she says. “I could lose my license to practice law. I could lose everything. But if we don’t start speaking up, then this really is all we’re going to get: the biggest financial cover-up in history.”

They’re gonna destroy her for that … sooner or later. The elitists are ‘patient’.

JPMorgan whistle-blower Alayne Fleischmann
Chase whistle-blower Alayne Fleischmann risked it all.

The $9 Billion Witness: Meet JPMorgan Chase’s Worst Nightmare (Rolling Stone, Nov 6, 2014):

By Matt Taibbi

She tried to stay quiet, she really did. But after eight years of keeping a heavy secret, the day came when Alayne Fleischmann couldn’t take it anymore.

“It was like watching an old lady get mugged on the street,” she says. “I thought, ‘I can’t sit by any longer.'”

Fleischmann is a tall, thin, quick-witted securities lawyer in her late thirties, with long blond hair, pale-blue eyes and an infectious sense of humor that has survived some very tough times. She’s had to struggle to find work despite some striking skills and qualifications, a common symptom of a not-so-common condition called being a whistle-blower.

Fleischmann is the central witness in one of the biggest cases of white-collar crime in American history, possessing secrets that JPMorgan Chase CEO Jamie Dimon late last year paid $9 billion (not $13 billion as regularly reported – more on that later) to keep the public from hearing. Continue reading »

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Oct 25

Fastest Pace Of Withdrawals From JPM’s Gold Vault In Over A Year (ZeroHedge, Oct 24, 2014):

While JPM’s eligible gold holdings are nowhere near the record lows hit in the summer of 2013, when they dropped to a tiny 46K ounces, sparking concerns of a potential deliverable default, yesterday according to the daily CME gold depository report, JPM saw a whopping 321,500 ounces, or about 10 tons of gold, withdrawn. This was the biggest outflow since the August 5 rebalance when nearly 1.5 million ounces were withdrawn and added, and was the biggest, and is tied with two identical 321,500 oz outflows recorded in early January. As of yesterday, JPM’s eligible gold tumbled by 40% in one day, declining to 485.K ounces from over 800K the day before: the lowest eligible gold inventory since almost exactly a year ago.

Eligible Gold JPM Oct 2014

What is perhaps more notable, is that the recent outflows of eligible golds are taking place at the same time as there has been a significant reduction in the NAV/gold holdings of the GLD ETF. A question thus arises once again: where is the gold being withdrawn to and who is doing these not insubstantial withdrawals. Continue reading »

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Oct 22

Europe Demands Banks Hand Over Their Lunch Money Following Swiss Franc Libor Rigging (ZeroHedge, Oct 21, 2014):

…And don’t do it again!

Having confirmed that RBS, UBS, JPMorgan,,and Credit Suisse operated a cartell to manipulate bid-ask spreads of Swiss Franc libor, the European Commission has unleashed unmerciless vengeance on these law-breaking institutions:

JPMorgan fined EUR 72.2 Million, UBS fined EUR 12.7 Million, Credit Suisse fined EUR 9.17 Million, & RBS Nothing (for whistle-blowing). Continue reading »

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Oct 17


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Oct 12

The $70 Trillion Problem Keeping Jamie Dimon Up At Night (ZeroHedge, Oct 11, 2014):

Yesterday, in a periodic repeat of what he says every 6 or so months, Jamie Dimon – devoid of other things to worry about – warned once again about the dangers hidden within the shadow banking system (the last time he warned about the exact same thing was in April of this year). The throat cancer patient and JPM CEO was speaking at the Institute of International Finance membership meeting in Washington, D.C., and delivered a mostly upbeat message: in fact when he said that the industry was “very close to resolving too big to fail” we couldn’t help but wonder if JPM would spin off Chase or Bear Stearns first. However, when he was asked what keeps him up at night, he said non-bank lending poses a danger “because no one is paying attention to it.” He said the system is “huge” and “growing.” Dimon is right that the problem is huge and growing: according to the IMF which just two days earlier released an exhaustive report on the topic, shadow banking (which does not include the $600 trillion in notional mostly interest rate swap derivatives) amounts to over $70 trillion globally.

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Oct 05

JPMorgan hack exposed data of 83 mln, among biggest breaches in history (Reuters, Oct 2, 2014):

Oct 2 (Reuters) – Names, addresses, phone numbers and email addresses of the holders of some 83 million households and small business accounts were exposed when computer systems at JPMorgan Chase & Co were recently compromised by hackers, making it one of the biggest data breaches in history.

The bank revealed the scope of the previously disclosed breach on Thursday, saying that there was no evidence that account numbers, passwords, user IDs, birth dates or Social Security numbers had been stolen.

It added that it has not seen “unusual customer fraud” related to the attack which exposed contact information for 76 million households and 7 million small businesses. Continue reading »

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Sep 09

JPMorgan Stunner: “The Current Episode Of Excess Liquidity Is The Most Extreme Ever” (ZeroHedge, Sep 8, 2014):

“The ECB’s quantitative expansion is hitting the financial system at a time when broad liquidity is also very high. The rise in excess liquidity, i.e. the residual in the model of Figure 3, is supportive of all assets outside cash, i.e. bonds, equities and real estate. The current episode of excess liquidity, which began in May 2012, appears to have been the most extreme ever in terms of its magnitude and the ECB actions have the potential to make it even more extreme, in our view…. These liquidity boosts are not without risks. We note that they risk creating asset bubbles which when they burst can destroy wealth leading to adverse economic outcomes. Asset yields are mean reverting over long periods of time and thus historically low levels of yields in bonds, equities and real estate are unlikely to be sustained forever.”
– JPMorgan

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