JP Morgan Chase is attempting to assure its investors that in the “worst-case scenario”, the firm will lose another $1.7 billion on bad derivatives trades, but earned nearly $5 billion in profit, according to new disclosures from the cabal bank. The bank already lost $4.4 billion that it claim it lost in the second quarter, but other sources speculate that the amount is much, much higher, with this blog catching sources months ago saying the losses were as high as $30 billion – one thing is for sure, this elusive exact figure on bad derivatives bet is a fluctuating number depending on the source. Nonetheless, let’s pretend this bank is being honest in light of the Libor crime syndicate and bank money laundering on a global scale.
This amounts to JP Morgan Chase admitting that traders deliberately lied about their trading positions, which is feared to bring greater regulatory scrutiny, but should probably bring out law enforcement to begin listing who they should arrest. Currently, according to Rothschild run Reuters, the FBI and the UK Financial Services Authority, you know, the agency that works with banker’s associations are already investigating Chase.
Jamie Dimon is desperately trying to play this off so he can move on, because he knows that the critical eye is now on his industry and no one can trust a bank CEO further than they can throw one – “We have put most of this problem behind us and we can now focus our full energy on what we do best,” Dimon said.
Others are not so forgiving about what happened at Chase: “(Dimon) has a lot of explaining to do about how this could happen,” said Kim Forrest, an analyst at Fort Pitt Capital.
Story is HERE.
Something has to turn up during the investigation of Chase or reality will harshly catch up to the bank. Sure, Jamie Dimon managed to get Congressional representatives and Senators to kiss his ass while his hearing ended up turning out more like an exit interview before the next cushy job, but rest assured, his counterpart Bob Diamond and Barclays has made it next to impossible to breathe easy from here on in.
You see, bought law enforcement will be in a quandary along with bought politician and bought regulator and everyone in between. The incentive for one of these parties becomes higher in terms of them cracking because of the rising level of awareness among the general population – we now live in a world where the term “bankster” has become popularized after combining the words gangster and banker.
Thus, I suspect that there will eventually “be a Barclays” when it comes to the next phase – exposing American megabanks. One CEO and one bank is ready to take the role of sacrificial lamb, but that role will convert to that of the bank that continues the damning of the whole industry. I sincerely hope cabal slave Jamie Dimon is that candidate, but I won’t be picky.