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S.E.C. Opens Investigation Into JPMorgan's $2 Billion Loss

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posted on May, 11 2012 @ 09:16 PM

Originally posted by tkwasny
Looks like a repeat of 2008 crash is set to roll. This one could go all the way to the bottom regardless of anything the fed or world bank does. Most likely not. Too many useful idiots around to prop up the illusion so it doesn't happen "on their watch".

The difference is this time there won't be a bailout to slow it down. I think it will be a major disaster, and the only solution will be the forgiveness of a lot of debt.

A reset button for the whole system.

Ron Paul's comments on the situation make sense to me. "When you remove a bandaid that is stuck to the wound you don't weedle it off suffering for a long time, you grab it and rip it off, it'll hurt at first but then the healing starts"

posted on May, 11 2012 @ 09:22 PM
reply to post by Corruption Exposed

Jamie Dimon is a stain on humanity. This is just the latest in a long history of him and JP Morgan taking the American public for every penny they can. I hope Jamie and pals die a slow, agonizing death for all the misery they have caused the people of the United States.

posted on May, 11 2012 @ 09:35 PM
reply to post by Daedal

I read that too. Sounds encouraging, but the idea is coming from the bankers, so I'm suspecting it's not very sincere. I'm guessing that the idea is to create an illusion to dupe the public while continuing business as usual.

Since the anti-trust laws are either disintegrated or not enforced, the banks and other major corps just spawn off smaller entities of themselves and buy into each other, creating the illusion of competition when in truth they're all still the same big creeps.

posted on May, 11 2012 @ 10:08 PM
Price is right guess would maybe come closer to $200 billion.

This doesn't feel like a fart that will be soon forgotten.

The Federal Reserve does not exist as God.

It must deal with the law of diminishing returns.

If you had money in a JPM account. Would you keep it there?

Bye bye Jamie.

216mm shares traded so far. Who is on the buy side OTHER than the Fed? Blatantly obvious they're trying to contain this.

Jp Morgan posts over at ZH

edit on 11-5-2012 by bubbabuddha because: Made an additional post of a video....

edit on 11-5-2012 by bubbabuddha because: Video link didn't work right

posted on May, 11 2012 @ 10:17 PM
Question, hypothetically speaking of course. If one were to have an annuity retirement managed by JPMorgan that was over 100 thousand would there be a possibility of losing said annuity? Or does the deal in the news have little bearing on such a circumstance?

posted on May, 11 2012 @ 10:21 PM
reply to post by queenofsheba

Your annuity is classed as a long-term insurance contract, so if your provider went bust, you would be entitled to 90 per cent of its value, with no upper limit.

posted on May, 11 2012 @ 11:13 PM
I love it that when all hell breaks loose the bureaucrats will often say lets have an investigation? Does anything ever get done with any of it? The word "investigation," is just a term used to appease the public and nothing more. Where the heck was the SEC during the lead-up to the 2008 Collapse? Perhaps, the wining and dining by the very people they are supposed be regulating and monitoring got in the way of doing their jobs? As if the bailouts did anything. As they say, "Can't teach old dogs new tricks." Did JP Morgan repay any of that bailout money they so graciously accepted? By the looks of it, JP Morgan and other banks received a heck of a lot of money.

Where's the bank bailout money?

Citigroup, JPMorgan Chase and Wells Fargo each received $25 billion -- the largest amount given to any bank.

Nobody is going to be put in bracelets, do the perp walk, or even spend a night in jail over this $2 billion dollars vanishing into thin air. The same SEC was actually in-house at Lehman Brothers before the collapse and after. What the heck where they doing the whole time. Playing around with their laptops at the local Starbucks? Here is the official response by the SEC Chairwoman, Mary Schapiro, during a session of Congress via a previous 60 Minutes piece on the subject.

SEC says action against Lehman Brothers is still under review

In response, Schapiro told members of House financial service committee that although she wasn't at the SEC at the time, she believes that the agency's program that put regulators in Lehman "was wholly, inadequately funded and supported by the agency."

Said Schapiro: "There were a small handful of people - I believe less than a dozen - responsible for the five largest investment banks. . . . If you're going to take on the regulation of the largest banks in the world, you need more than a dozen people to do it and they need to be adequately trained and have authority."

We are talking about the same SEC who did nothing before and after the 2008 Collapse investigating JP Morgan? Congress should investigate the SEC while we are talking about investigating. It seems fairly evident they have some explaining to do as well. What a circus!
edit on 11-5-2012 by Jakes51 because: (no reason given)

posted on May, 11 2012 @ 11:18 PM

Originally posted by queenofsheba
Question, hypothetically speaking of course. If one were to have an annuity retirement managed by JPMorgan that was over 100 thousand would there be a possibility of losing said annuity? Or does the deal in the news have little bearing on such a circumstance?

Regardless, I would recommend looking into other potential portfolio managers. Stay away from BOA, JP Morgan Chase, Wells Fargo, and Citi. Look at other options with smaller guys like Regions, or Ally. Or possibly even some larger firms like Charles Schwab, who don't have a history of consistently screwing over their customers and the people of this nation. And if you haven't already done so, you also might want to look into increasing your precious metals holdings, at least as your primary hedge option. On that end, always opt for personal custody of the metals, as opposed to having them stored. Gold and silver won't do you any good when you need it if your holdings are inaccessible.

posted on May, 11 2012 @ 11:32 PM
All we can do is pray that the men and women in the SEC and its periphery make good decisions that benefit mankind!

posted on May, 12 2012 @ 04:05 AM
What is $2 billion compared to $8 trillion the Federal Reserve apparently can't account for?

Or the $3 trillion the Pentagon lost?

You go to jail for robbing a convience store for a few thousand(if you are lucky enough to have a full register) because you use a gun, and people wearing suits and ties can embezzle billions or worst trillions with a simple pen stroke AND NEVER SEE A DAY IN COURT!

I see so many people still clinging on to a false recovery of capitalism, and some ron paul fanatics says lets do away with corporatism or somehow constrain though that is possible in 2012(something like 200 years from the beginning of the industrial revolution). Do you not see how trickle down economics means a few pennies trickle down to the masses and the people at the top who had the head start with capitalism get to keep the 98 cents? It is not just about taxation where the trillionares are masquerading as "the government" and collecting money from everyone else, they are also spending it wherever they see fit to create smoke screens of illusion and appeasement.

Unless capitalism dies and socialism takes over....THERE IS ZERO HOPE! Let that sink in after hundreds of years of anti-socialist propaganda. Why do you think Karl Marx created the communist manifesto and equated communism to people owning the means of production? I can understand being super-dense in the head from all the propaganda, but still I would expect it to have 5% of the vote in america rather than the absolutely pathetic 0,05%.

posted on May, 12 2012 @ 08:59 AM
I don't know if anyone is interested in listening or not, but I did find an audio recording of the JPM annoucement of the $2B loss. I found it interesting and disturbing at the same time, have a listen if you care to:

JPMorgan Chase Conference Call

If you decide to have a listen be aware that once you click the link above it audio will start playing. There is no written comentary on this, just the audio file.

What I found most interesting here is that, if I am comprehending correctly, they are estimating that it will take approximately $1B to 'fix' this little whoopsie. Can anyone confirm this for me? So basically, they had a big loss in this particular portfolio and are already in the hole going into the 2ndQ due to the fact they have to have a massive clean up on isle 5.

I could be comprehending this all wrong, anyone wanting to set me straight on this is more than welcome to do so.


posted on May, 13 2012 @ 08:35 PM
Looks like the whale they have harpooned this time is Ina Drew the JP Morgan CIO. After earning a master's degree in international economics from the School of International Affairs at Columbia University, she couldn't land a job in lending, then the hot banking field. So she jumped into trading, starting at the Bank of Tokyo Trust Co. in New York in 1979. She loved financial crisis usually coming out on top in the turmoil. She was a natural at this.

I wouldn't be surprised if she was set up by some competitor Humps considering the size of this loss. She obviously stepped on a lot of toes during her long career and made a lot of enemies. Bad whale!

posted on May, 14 2012 @ 01:03 AM

Stories began circulating in April that a London-based JP Morgan trader in London – nicknamed "the London whale" or "Voldemort" – had taken huge bets in the credit derivatives market.

Couldn't help but laugh at that. From here : JP Morgan 'dead wrong' to dismiss concerns over trading, admits boss

posted on May, 15 2012 @ 12:16 PM

Originally posted by Rockpuck
reply to post by Corruption Exposed

I'd go as far to say the SEC is 100% involved in some of this.. Take Murdoch for example.. I know, for a fact, that it would be impossible to hide the obvious fraud that was committed from the SEC. They knew. They had to, there is simply no possible way he went that long without even a random audit from the SEC. Someone, or more likely many people, were being paid off. I'm sure there is a whole office in the SEC to watch over just JP Morgan. And I'm sure they are nicely compensated to keep quite about what they see.

The SEC is the government 'overseers'. The banks run the government. It's all a farce designed to launder billions in drug money and buy off politicians to look the other way. Harry Markopolos said it all when he fingered Madoff; the SEC was afraid of the big trading companies, and by extension, the big bankers. There's billions at stake and they will kill for mere millions.

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