It is now the second anniversary of a campaign to “crash” JP Morgan by encouraging people to buy silver (see Max Keiser). The idea is that JP Morgan has a large naked short position in silver. If people buy physical silver it will drive the price up and deprive JP Morgan of the metal it [...]
“When I arrived in Amsterdam recently I took a taxi to my hotel. Over the radio came this uplifting and heartfelt lyric: ‘I’ve had a s**t day and I’ve had enough’ (having gone through airport security I knew exactly how the singer felt). The following day, in the taxi on the way back, [...]
The blogger’s gift that keeps on giving appears to be Jamie Dimon’s whale of a problem. Bloomberg.com is taking direct aim at a key assertion the firm’s top execs made just two days ago, in a hard-hitting report today titled JPMorgan Blaming Marks on Traders Baffles Ex-Employees, which begins:
JPMorgan Chase & Co. (JPM)’s assertion that traders [...]
The Telegraph (U.K.) had a terse description of JPM’s Chief Investment Office that helped crystallize my thinking:
The bank stunned Wall Street when it disclosed that a series of bets made by the CIO on the health of major companies had triggered the . The CIO’s job is to invest deposits that the bank has yet [...]
“Dimon, who has been chief executive officer of JPMorgan since 2006, has a reputation as a savvy political player, and the bank’s lobbying expenditures have increased under his leadership.”
The American Banker has a long article today (see below) about JPMorgan’s ties to politicians serving on the [...]
JP Morgan’s CEO Jamie Dimon announced a few weeks ago that the bank may take a loss as high as $2B on a trading position established by a London traded dubbed “the whale”. Now, some estimates are as high as $6B and some people are saying that Dimon will have to step down. If this [...]
“Working at my desk today was somewhat surreal. Global risk markets were closing out a dreadful week. Newswires were full of disconcerting articles – J.P. Morgan, Greece, Spain, Italy, China, etc. Meanwhile, CNBC was in the midst of blanket coverage of the Facebook initial public offering. Mark Zuckerberg rang the bell to open NASDAQ [...]
Whenever I struggle with an issue, such as banking regulation and the JPM situation, I find that the eminent Dr. Frank Shostak has already solved the problem. I’ve been thinking a lot about the current banking system and how it perpetuates Too Big To Fail banks. There is a free market solution to the banking system, actually, a [...]
“JP Morgan Chase last night announced a surprise $2 billion trading loss on credit derivatives trading, which chief executive Jamie Dimon blamed on “errors, sloppiness and bad judgment”, warning it “could get worse”.
- From The Financial Times, Friday 11th May 2012.
As regular Daily Capitalist readers know, I have been observing a topping process for the U.S. stock market for a few months now. Last fall, near the market bottom in late September, I suggested that despite their outperformance in the prior months, tax-free municipal bonds looked pretty attractive. That piece was titled Gold on Hold; [...]