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Now that prosecutors have blamed what they have described as a criminal organization operating inside JP Morgan, it appears the largest bank in the US by assets is resorting to an old strategy for sloughing off accusations of corporate fraud: Blaming it all on an acquisition.
According to Bloomberg, two traders who joined JPM's precious metals trading desk after the takeover of Bear Stearns helped introduce the illegal manipulation strategy known as 'spoofing' to their peers on the desk, including the bank's now-former head of the bank's precious metals trading desk, Michael Nowak, who was one of three employees charged with participating in an organized fraud yesterday.
The two men who purportedly brought 'spoofing' to JP Morgan are Gregg Smith, one of the men arrested yesterday, and Christiaan Trunz, who joined the desk after JPM's government-backed takeover of Bear Stearns. Trunz was famously quoted in yesterday's indictment, including one exchange where he was telling a co-conspirator about fake orders being put out by Smith.
Earlier, Trunz, a former Georgetown lacrosse player, and the other former JPMorgan trader who admitted guilt said the manipulation was routine and sanctioned by higher ups on the desk.
"While at JPMorgan I was instructed by supervisors and more senior traders to trade in a certain fashion, namely to place orders that I intended to cancel before execution," former trader John Edmonds said at a October 2018 hearing, after admitting to commodities fraud and conspiracy. Edmonds entered into a cooperation agreement with the CFTC in July.
Trunz told a federal judge in Manhattan last month that spoofing trades of precious metals was rampant at the bank and that he learned the technique from other traders at Bear Stearns and JPMorgan.
Just departed New Mexico for California, where we are delivering results!
1:05 PM - 17 Sep 2019
Anonymous ID: hHkrVD7x No.148154941 📁
Nov 5 2017 19:54:47 (EST)
Operators are in harms way.
High value targets.
Please pause and give thanks to those who would die to save our republic.
More to follow.
Anonymous ID: pGukiFmX No.147588421 📁
Nov 2 2017 01:18:35 (EST)
War is needed for someone to survive, both vibrationally and economically.
A war that will not happen.
They plan for it and later profit from it. House always wins.
originally posted by: PokeyJoe
a reply to: cherokeetroy
Stallman is a HUGE deal in the nerd/computer world. He pretty much invented open source software as we know it today, among many other things. Dude is a genius. IDK what all these claims are about today, but hes always been rather eccentric.
The Department of the Treasury has called in a 2.8 Quadrillion Dollar debt against the Federal Reserve. The FED requested time to create the liquidity. The DOT has told them NO. PAY NOW. This has been verified from top levels of the Government.
originally posted by: IAMTAT
Commence 'MAGIC' Time.
John Adams called the drafting of the Constitution—the bedrock of the rule of law for our Nation—"the greatest single effort of national deliberation that the world has ever seen."
Happy #ConstitutionDay! 45.wh.gov...
10:48 AM - 17 Sep 2019
Anonymous ID: KKIreCTB No.148287473 📁
Nov 6 2017 16:52:24 (EST)
Why were the acts that recently occurred in SA so critically important?
What US assets are in place in/near SA?
What assurances were made to protect the Kingdom?
Who shot down the missile from Yemen?
Was it really from Yemen?
How do we know?
Why is this relevant?
Who are the puppets?
Who are the puppet masters?
Who pulls the strings?
What provides power?
What if US elections can be rigged?
How are JFK, Reagan, and Trump different from the rest?
Why did JFK surround himself w/ family much like POTUS?
What if it was bought and paid for?
How would this be possible?
Why are there no voting ID laws in place?
What do you need an ID for? List. Compare. Laugh.
What is the argument for not allowing voter ID laws to be enacted?
Why are immigrants important? (MB)(Votes)(Attacks)
Why are illegals important? (MS13)(Votes)(187)
Why is open border important?
What did BO say on the campaign trail last year to illegals within the US?
What did BO encourage?
Was this illegal?
Who owns sizeable stakes in voter machine co’s?
Who decides what voter machines are used in elections?
Why are some ‘important’ counties still manually/hand counted?
God save us.
originally posted by: 0311Warrior
Good Day Patriots,
Nonstop work has been producing greatly.
It’s been very hot lately.
Our boys and girls holding the line are doing their jobs greatly.
Don’t be shaken, we are winning.
Spotty Service, will reply when able.
Interesting Retweet by Ted. (short clip)