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Tags: Banking, Economy, Global News, Government, Politics, Society, U.S., Wall Street

- Jamie Dimon Says JPM Could Lose Up To $5 Billion From PIIGS Exposure (ZeroHedge, Jan. 14, 2012):

In an interview with Italian newspaper Milan Finanza on Saturday, JP Morgan CEO Jamie Dimon said that he could lose up to $5 billion from the firm’s exposure to the PIIGS countries. As Reuters reports, “Dimon said the bank was exposed to the five countries (PIIGS) to the tune of around $15 billion. “We fear we could lose up to $5 billion … We hope the worst won’t happen, but even if it did happen, I wouldn’t be pulling my hair out,” he said. Dimon said Europe was the worst problem for the banking sector. “But the EU and euro are solid even if the states will have to be financially responsible and do all they can to develop common social policies,” he said.” While it is admirable of JPMorgan to disclose some of its dirty laundry, as this was a topic that received hardly any mention in the firm’s prepared quarterly release, and is predicated surely by the fact that its Basel III Tier 1 Common of $122 billion dwarfs this possible impairment, there are some questions left open. Such as what happens if and when Greek CDS, now most likely before March 20, were triggered? And the logical follow up – what happens when Portugal, Ireland, Spain and Italy, and who knows who else (Hungary?) follow suit and decide that a coercive restructuring is actually not suicidal, even though it most certainly is once a given threshold is reached. In other words, how long can Europe tolerate the same two-tiered sovereign debt market that S&P warned about so explicitly yesterday? Finally what happens to JPM’s Tier 1 Common when the European dominos impact not only the directly exposed PIIGS nations, and specifically their bonds, but all those other banks, insurance and reinsurance companies, whose current viability makes up the balance of JPM’s remaining $117 billion in Tier 1? Because in its essence, stating that JPM is “fine” even if Europe were to collapse is analogous to Goldman telling Congress it would collect on its AIG CDS if and when the CDS market were to implode absent the government bailout of AIG, which itself was accountable for over $2 trillion of the entire CDS market itself.

More on what Jamie said:

Continue reading »

Tags: Derivatives, Derivatives market, Economy, EU, Europe, Global News, Goldman Sachs, JPMorgan, Wall Street

- Bill Gross: Enjoy The Santa Rally – The Hangover Is Coming As “US Is Not An Island” (ZeroHedge, Dec. 20, 2011):

Just tweeted from the bond titan who is getting more and more concerned about those asset management fees in a world in which fixed income is increasingly becoming risk free, courtesy of central planning, until Gresham’s law unwind destroys everyone.

Source: Twitter

Tags: Bill Gross, China, Economy, EU, Europe, Global News, PIMCO, Stock Market, Wall Street

YouTube Added: 17.12.2011

Description:

In this edition of the show Max interviews Gerald Celente from Trendsjournal.com.

Gerald Celente is a trends forecaster who was recently defrauded by MF Global run by former New Jersey governor, Jon Corzine, who was also former head of Goldman Sachs.

When MF Global collapsed, client cash was taken and apparently transferred to creditors, like JP Morgan.

This commingling of funds has violated the very foundation of the futures market and we talk to Celente about whether he will ever invest money with a brokerage again?

Tags: Banking, CME, Economy, EU, Europe, Gerald Celente, Global News, Gold, Goldman Sachs, Government, Jon Corzine, JPMorgan, Max Keiser, MF Global, Obama administration, Politics, Ponzi schemes, Silver, Society, U.S., Wall Street

YouTube Added: 09.12.2011

Tags: Banking, Bonds, Debt, ECB, Economy, EU, Europe, Global News, Goldman Sachs, Government, Greece, Lucas Papademos, Politics, U.S., Wall Street

YouTube Added: 22.11.2011

Tags: Banking, Barack Obama, Bonds, China, Crime, Debt, Economy, Environment, Fannie Mae, Fed, Freddie Mac, Global News, Gold, Government, Jim Rogers, Jon Corzine, M2, MF Global, money supply, Obama administration, Politics, Society, Stock Market, U.S., Wall Street

- The Denials Begin: Interactive Brokers Is First To Claim It Has Not Engaged In Commingling Rehypothecation (ZeroHedge, Dec. 10, 2011):

Now that the rehypothecation bogeyman has been let loose, and the question of just how many paper (and apparently physical) assets have been double, triple, and n-counted (where n can be a number up to “infinity”) by the infinitely daisy-chained modern global financial system in which one’s liability is someone else’s asset….apparently up to infinity times, the next logical step was for the firms named in the original Reuters article (‘MF Global and the great Wall St re-hypothecation scandal’) to step up and begin denials they had anything to do with anything. Sure enough, below is the first (of many) such response, by Interactive Brokers, claiming it has been greatly misunderstood and unlike MF Global, it has done nothing wrong at all. Of note is that IB was simply one of many brokers mentioned in the Reuters piece, where we read that

“Engaging in hyper-hypothecation have been Goldman Sachs ($28.17 billion re-hypothecated in 2011), Canadian Imperial Bank of Commerce (re-pledged $72 billion in client assets), Royal Bank of Canada (re-pledged $53.8 billion of $126.7 billion available for re-pledging), Oppenheimer Holdings ($15.3 million), Credit Suisse (CHF 332 billion), Knight Capital Group ($1.17 billion),Interactive Brokers ($14.5 billion), Wells Fargo ($19.6 billion), JP Morgan($546.2 billion) and Morgan Stanley ($410 billion).“

Sure enough, we predicted a firm would have to promptly step up and “deny all charges.” To wit: “Oh Jefferies, Jefferies, Jefferies. Barely did you manage to escape the gauntlet of accusation of untenable gross (if not net) sovereign exposure, that you will soon, potentially as early as tomorrow, have to defend your zany rehypothecation practices.” As it turns out Jefferies, and all the other mentioned banks tried to avoid this festering can of worms by completely ignoring the topic… until Interactive Brokers’ response now demands that every single named bank has to do the same and come out with an outright explanation of why it has billions in hyper-hypothecation, or else not journalists and bloggers, but the market itself will suddenly start asking questions. Something tells us it will not be nearly as easy enough for the others to deny all charges… Incidentally, if this indeed becomes “the next big thing”, what the potential collapse of (re) hypothection means is that PBs will be unable to lend out shares anymore, in effect collapsing stock shorting as there is one giant short stock recall/forced buy in. Ironicaly the unwind of the biggest market fraud could result in the entire market pulling one last “Volkswagen“style hurrah, before all hell breaks loose.

From Interactive Brokers Continue reading »

Tags: Banking, Credit Suisse, Economy, Global News, Goldman Sachs, Hypothecation, JPMorgan, MF Global, Morgan Stanley, Rehypothecation, Wall Street, Wells Fargo & Co.

- Surviving The Rollercoaster – UBS Charts The Global Secular And Cyclical Shifts (ZeroHedge, Dec. 9, 2011)

Tags: Banking, Bonds, Debt, Dollar, Dow Jones, Global News, Gold, Government, Politics, Stock Market, U.S., UBS, Wall Street

- In Past Week Americans Pull The Most Money From Stock Market Farce Since US Downgrade, Despite Market Surge (Dec. 7, 2011):

As if we needed another confirmation that the sad joke of a market has now succeeded in driving virtually everyone out courtesy of precisely the kind of bullshit we saw in the last 30 minutes of trading today, here comes ICI with the latest weekly fund flow data. It will not surprise anyone that in the week in which the S&P rose by a whopping 8 points on absolutely nothing but more lies, rumors and innuendo, US retail investors pulled a whopping $6.7 billion from domestic equity funds: the most since the week after US downgrade when a near record $23 billion was withdrawn. Only unlike then when the market bombed, this time it simply kept rising, and rising, and rising. In other words, every ES point higher serves no other purpose than to provide an even more attractive point for the bulk of that now extinct class known as investors to call it a day, and pull their cash out of this unprecedented shitshow that central planning has converted the market into. And for those keeping score, a total of $123 billion has now been pulled from stocks in 2011, well over the $98 billion withdrawn in 2010.

There’s nobody left: just the occasional robot.

SkyNet has won.

Tags: Economy, Global News, Stock Market, U.S., Wall Street

A MUST-SEE!

And watch Joe Biden in the second video!

See also:

- The Federal Reserve And The $16 Trillion Bankster Bailout

If Nostradamus were alive today, he’d have a hard time keeping up with Gerald Celente.
– New York Post

When CNN wants to know about the Top Trends, we ask Gerald Celente.
– CNN Headline News

There’s not a better trend forecaster than Gerald Celente. The man knows what he’s talking about.
- CNBC

Those who take their predictions seriously … consider the Trends Research Institute.
– The Wall Street Journal

A network of 25 experts whose range of specialties would rival many university faculties.
– The Economist

YouTube Added: 03.12.2011

YouTube Added: 03.12.2011

Don’t miss:

- The New American: US Senate Traitors Pass ‘Indefinite Detention’ Bill S.1867, Create A Military Police State – Senator Rand Paul’s Adress To The American People (Video)

- Business Insider: The Media’s Blackout Of The National Defense Authorization Act Is Shameful – ‘IF THIS BILL PASSES IN ITS CURRENT FORM THE UNITED STATES WILL BE A MILITARY POLICE STATE’ (Video)

- Constitutional lawyer (Yale Law School graduate) & Founder Of Oath Keepers Stewart Rhodes: Senate Bill Declares War On Americans (Video)

- Wired: U.S. Senate Wants The Military To Lock You Up Without Trial

- Natural News: Occupied America: Senate Bill 1867 Would Allow US Military To Detain And Murder Anti-Government Protesters In American Cities

- FOX News: Freedom Watch – Judge Napolitano Interviews Rand Paul On Unconstitutional INDEFINITE DETENTION Bill S. 1867 (Video)

- InfoWars: Senate Bill Would Allow US Military To Indefinitely Detain Americans Without Charge Or Trial Anywhere In The World

- Mother Jones: Is the US Getting Domestic Indefinite Military Detention (Also For US Citizens And Legal Permanent Residents) For Thanksgiving?

Tags: Banking, Barack Obama, Bonds, CFTC, CME, Debt, Defense Department, Democrats, Dictatorship, Economy, EU, Europe, Fascism, Gerald Celente, Global News, Gold, Goldman Sachs, Government, Henry Paulson, Indefinite Detention, Joe Biden, Jon Corzine, Law, Martial Law, MF Global, Military, New World Order, Obama administration, Pentagon, Police State, Politics, Republicans, Robert Rubin, Society, U.S., Wall Street