The man who trades freedom for security does not deserve nor will he ever receive either. – Benjamin Franklin
– 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.
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– 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.”
– JPMorgan Has Some Bad News For Bitcoin Bears:
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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.
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– 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 moreJamie Dimon Faces Market Abuse Claim Over “False, Misleading” Bitcoin Comments
– 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 moreJPMorgan Goes In On Bitcoin: Kolanovic Asks “Are Cryptocurrencies A Pyramid Scheme?”
– 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.”
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…
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https://youtu.be/FHNAZMIcFNg
Mar 17, 2017
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– 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?
– 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 moreIndonesia Terminates All Business Relationships With JPMorgan After Downgrade
Related info:
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– 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.”
And who is (not) going to jail this time???
– 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 moreEU fines JPMorgan, HSBC and Credit Agricole $520 MILLION for rate manipulation
– 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.
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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, that’s the TV show, isn’t 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 peoples’ money addict. But as far as using it for himself, there’s very good reason, he doesn’t have close to what he’s talking about. So just like bank robbers, he’s going where the money is.
DB:He’s got some cagey friends?
– 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.
Hearing @jpmorgan ceo jamie Dimon will get treasury secy job. Big meeting tomorrow @MorningsMaria@FoxBusiness will discuss tmrw
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
down to jamie Dimon & Steve Mnuchin. will be decided tmrw for Friday announcement…they’ve now shut down info @MorningsMaria@FoxBusiness
— Maria Bartiromo (@MariaBartiromo) November 16, 2016
Shareholders are not happy…
Read moreJPMorgan Stock Slides After Rumors CEO Jamie Dimon Offered Treasury Secretary Role
‘Anti-establishment’ President Trump considers Illuminati bank JPMorgan’s Jamie Dimon for Treasury Secretary …
Related info:
Trump and Clinton are both Rothschild puppets.
– Trump Said To Consider Jamie Dimon For Treasury Secretary; Dimon Not Interested:
One week ago, when the prospect of a Trump presidency was “calculated” as being anywhere between 0% and 20% by so-called experts, we reported that Trump’s campaign finance chair, Goldman Sachs partner and Soros Fund management alum, Steven Mnuchin, was being positioned for something much larger as Donald Trump reportedly told his aides today that he wants Mnuchin to serve as his Treasury Secretary.
Now, according to CNBC, Trump has decided to expand beyond just Goldman alumni, and is allegedly considering JPMorgan CEO Jamie Dimon as the next US Treasury Secretary.
BREAKING: Trump advisers considering $JPM CEO Dimon for Treasury post – sources https://t.co/Unij5oIyNe pic.twitter.com/TezAC3aOn0
— CNBC (@CNBC) November 10, 2016
Needless to say, we can only hope that this is an attempt to scare clicks by CNBC instead of the actual truth, because if Trump hopes that he can “drain a swamp” by hiring the swamp puppet master, he – and millions of his supporters – will be very disappointed.
Read moreTrump Said To Consider JPMorgan’s Jamie Dimon For Treasury Secretary; Dimon Not Interested
Two sisters from Minnesota were found dead inside their luxury resort villa a week into their vacation in the Seychelles.
Annie Korkki, 37, and Robin Korkki, 42, were discovered in their villa at the Maia Luxury Resort and Spa last Thursday around noon, authorities in the Seychelles said.
– The Dirty Business of U.S. ‘Think Tanks’:
Many of you have already read this past Sunday’s excellent and deeply disturbing article published by the New York Times regarding the shady and inappropriate activities regularly conducted by U.S. “think tanks.” If you haven’t read it yet, I highly suggest you take the time to do so.
It’s important to acknowledge that the U.S. economy has morphed into one gigantic lawless crime scene. An environment in which crony insiders who add zero value to society parasitically feast on the country’s treasure. In the case of so-called “think tanks,” we have organizations receiving copious taxpayer subsidies for the privilege of screwing over the American public.
To understand the topic further, I present you with some excerpts from the article titled, Researchers or Corporate Allies? Think Tanks Blur the Line:
Think tanks, which position themselves as “universities without students,” have power in government policy debates because they are seen as researchers independent of moneyed interests. But in the chase for funds, think tanks are pushing agendas important to corporate donors, at times blurring the line between researchers and lobbyists. And they are doing so while reaping the benefits of their tax-exempt status, sometimes without disclosing their connections to corporate interests.
I’ve said many times that if you want to protect your financial assets physical gold and silver are (in my opinion) the place to be (and especially silver, which is still my favorite “investment”).
Only physical gold and silver are real, everything else will (in my opinion) turn out to be an illusion.
Of course you’ll need to prepare (for the greatest financial collapse in world history) on all levels: Water, food, survival gear, etc.
Just buying gold and silver will not nearly be enough, but it’s a good start.
– Stand Aside JP Morgan, A New Player In The Silver Market Has Arrived:
The days of JP Morgan controlling the silver market may be numbered as a new player in the silver market has arrived. For the past several years, JP Morgan held the most silver on a public exchange in the world. While the LBMA may hold (or did hold) more silver, their stockpiles are not made public.
Regardless, JP Morgan held the most silver at nearly 74 million oz (Moz) in its warehouse, up until recently. Over the past two months, JP Morgan’s silver inventories have fallen nearly 7 Moz to 67.1 Moz today:
As I mentioned in my previous article, Why Are The Chinese Stockpiling Silver? Big Move Coming?, JP Morgan increased their silver inventories from 4 Moz in April 2011 to 69.4 Moz April 19, 2016. However, the Shanghai Futures Exchange silver inventories surged from 7.5 Moz in August 2015 to 54.7 Moz on April 19, 2016:
Basically, JP Morgan added an average 16.3 Moz of silver each year for the past years, whereas the Shanghai Futures Exchange added nearly 7 Moz per month. Furthermore, the majority of gains came since the beginning of 2016. Again, here is my previous Shanghai Futures Exchange silver stock chart from the article linked above:
Read moreStand Aside JPMorgan, A New Player In The Silver Market Has Arrived
