KeithGram: The “Crash JP Morgan” Campaign

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 [...]


A Feral Pit Of Total War

“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, [...]


JPM’s Whale Problem Still Roiling As Bloomberg News Disputes Key Management Assertion

The blogger’s gift that keeps on giving appears to be Jamie Dimon’s whale of a problem. 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 [...]


JPM’s Whale of a Problem and Futures Market Scandals May Help Lead to Negative Rates on Bank Deposits

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 [...]


Moody’s: Too Much Risk

After the shock wore off from Moody’s announcement of its new ratings for the Big Banks, only two U.S. megabanks now have an “A” rating, and just barely.

As you can see from the above chart,  JPM went down two notches to A2 and Goldman was down two notches at A3 (lowest A rating). 



The JPM Crony Capitalist Show Trial

“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 [...]


KeithGram: Losses At JPM

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 [...]


Must Read

“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 [...]


JPMorgan and Central Banking

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 [...]


Dimon Geezer

“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.

“The [...]


More Recessionary Market Signs

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; [...]