Is NYPD Police Commissioner Ray Kelly is About to Take a Job at JP Morgan?

Thought the revolving door couldn’t get any worse? Think again. The Banana Republicization of these United States is now traveling at hyperloop speed. It’s one thing for folks at the SEC and Congress to jump ship for Wall Street, but the head of the country’s largest police force going to JP Morgan? This is particularly timely since it was just yesterday that I published an article titled: How the NYPD is in Bed with JP Morgan.

NYPDbankster

If this is true, what an incredible slap in the face to all New Yorkers. If you don’t get that you live in neo-feudalism by now, you never will.

From the New York Post:

Police Commissioner Ray Kelly is in advanced talks to take the top security job at JPMorgan Chase Inc. – and he may leave his current post before Bill De Blasio is sworn in, The Post has learned.

De Blasio, a sharp critic of Kelly’s stop-and-frisk policy, was widely expected to name a different top cop.

Kelly’s potential position with JPMorgan Chase would make him responsible for security at the giant financial firm, with emphasis on cyber-security, people familiar with the ongoing talks said.

Kelly’s new job could come with a seven-figure package of salary and bonuses.

Kelly has a great rapport with JPMorgan’s senior leaders, in particular Chief Executive Jamie Dimon.

NYPD spokesman John McCarthy would only say, “the story is false.”

Still confused about who runs this country? Enjoy your indentured servitude.

Full article here.

In Liberty,
Mike

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Video of the Day: Interview with Matt Taibbi About JP Morgan and the CNBC “Presstitutes”

The top definition of presstitute according to Urban Dictionary is:

1. presstitute
A member of the media who will alter their story and reporting based on financial interests or other ties with usually partisan individuals or groups.

It has become abundantly clear in recent years that the mainstream media can not be identified as anything other that a collective of mediocre, corporate/government ass-kissing presstitutes. Different media outlets cater to different special interests, but the end result is all the same. MSNBC for example is essentially a straight up PR outlet for the Democratic Party, while Fox News represents the neo-con arm of the Republican Party and the military-industrial complex generally. CNBC has a special position in the presstitute media hierarchy. They basically defend Wall Street at all costs. The station represents the most important media gatekeeper for the financial oligarch, crony class.The following video is an interview on the daily political talk show Majority Report, hosted by Sam Seder. In this episode, he discusses with Matt Taibbi the recent appearance of Salon’s Alex Pareene on CNBC in which Maria Bartiromo unabashedly presstitutes herself out for Jaime Dimon and JP Morgan in an utterly embarrassing manner.The clip is a little over 16 minutes, but well worth your time. Sam Seder is pretty hilarious and his rapport with Taibbi is excellent.

So here’s my question for Maria. If all that matters is the bottom line “ex-legal problems” then why did the Feds raid the Silk Road rather than allow them to “settle without admitting guilt?” After all they were a “cash generating machine” too. Take that one on Money Honey.

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JP Morgan Targets Twitter Activist and Subsequently Takes His Handle

In one of the more bizarre stories I have seen in a while, Dallas-based graphic designer Chase Giunta was forced to give up a Twitter handle he had been using for years after JP Morgan complained. He had been using the handle to retweet criticisms of the TBTF bank, and after he refused to sell the handle for what he claims was a $20,000 offer, the bank simply convinced Twitter to push him out. Amazingly, Jaime Dimon didn’t even have to threaten martial law to get his way this time.

This looks like another case of Goliath stomping on David. It’d be one thing if this person’s name wasn’t Chase, but it is, and so why doesn’t a human being have just as much if not more of a right to use that handle as a corporate entity?

Here’s a screen shot of Chase’s Twitter account from late August. You be the judge, seems clear to me he wasn’t trying to fool anyone that he was actually associated with the bank.

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More from the New York Post:

Twitter yanked the handle @Chase from Chase Giunta, who had been aggressively re-tweeting other people’s criticisms of the nation’s biggest bank.

On Thursday, JPMorgan, which had been using the clunkier @ChaseNews, immediately snapped up the @Chase handle.

A source said that JPMorgan had been following @Chase for about a year and filed a complaint alleging trademark infringement in recent weeks.

In an interview with The Post, Giunta said an anonymous broker offered him as much as $20,000 to relinquish the @Chase handle, which he refused, citing Twitter’s policy forbidding selling user names.

Pathetic.

Full article here.

In Liberty,
Mike

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Of Course, J.P. Morgan is Right at the Center of the Latest Italian Bank Scandal

This should come as no surprise to anyone paying even the slightest bit of attention to the ongoing theft and fraud being perpetrated by the “too big to jail” financial oligarchs.  J.P. Morgan in particular these days seems to have its grubby, crony paws in almost every degree of theft one can imagine.  From Vatican money laundering, to running the food stamp program, to ripping off U.S. veterans, these guys have all their bases covered.  The latest?  Well it seems they were right there in the center of the latest scandal at the oldest bank in the world; Italy’s Monte dei Paschi.   From Reuters:

Feb 6 (Reuters) – Monte dei Paschi lied to the Bank of Italy about the terms of the so-called FRESH 2008 hybrid instrument, worth around 1 billion euros, which it used to partly fund its acquisition of Antonveneta, prosecutors alleged in a document obtained by Reuters on Wednesday.

In the document, prosecutors alleged that Monte dei Paschi’s then chief financial officer Marco Morelli had signed an indemnity document in favour of J.P. Morgan which was hidden from the regulator. J.P. Morgan in 2008 underwrote a 1 billion euro capital increase in Monte dei Paschi, and then structured the Fresh 2008 hybrid instrument, convertible in Monte dei Paschi’s shares, and sold it to a number of investors.

J.P. Morgan in Milan declined to comment.

Of course they did.  J.P. Morgan only likes to comment when Jaime Dimon is running his big mouth about how important his crony ass is.

Yep, clearly civilization would cease to exist without the too big to jail bankers.

Read the rest here.

In Liberty,
Mike

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It’s About Time: JP Morgan Enters the Housing Slumlord Trade

It was just a matter of time before the most powerful crony capitalist bank in America decided to join the housing trade.  Making money running the food stamp program just wasn’t enough for Your Crony Highness Jaime Dimon and company, it’s time to join his financial oligarch brothers in the bidding war to corner the housing market and become your overlord.  That way they can control how you eat (food stamps) and where you sleep.  It’s become very clear what the large financial interests in these United States are attempting.  Funnel all the low interest crony American money, with a dash of Chinese laundered money, into the “housing recovery.”  From Bloomberg:

JPMorgan Chase & Co. (JPM) is giving its wealthiest clients the chance to invest in the single-family rental market after other investments linked to the U.S. housing recovery jumped in value.

The firm’s unit that caters to individuals and families with more than $5 million, put client money in a partnership that bought more than 5,000 single family homes to rent in Florida, Arizona, Nevada and California, said David Lyon, a managing director and investment specialist at J.P. Morgan Private Bank. Investors can expect returns of as much as 8 percent annually from rental income as well as part of the profits when the homes are sold, he said.

The bank’s wealthy clients are joining a growing number of private-equity firms and individuals buying rental homes in the regions hardest hit by the U.S. housing crash. Blackstone Group LP (BX) has spent $2.7 billion, and said last month it accelerated purchases as home prices rise faster than anticipated. Even after home values in November gained by the most in six years, investors are wagering on rental properties as an alternative to housing-related stocks and mortgage debt that’s already soared.

The strategy is similar to institutional buyers including Blackstone, the world’s largest buyout firm, Thomas Barrack’s Colony Capital LLC, and Oaktree Capital Group LLC. (OAK) They’re aiming to profit from low prices on distressed properties, often those in foreclosure and sold at auction — and the demand for rentals from people who don’t want to own a home or can’t qualify for a mortgage.

Now here’s where the article gets really interesting.

“It’s hard to find a private-equity firm on the planet that doesn’t have a strategy in this space,” Gary Beasley, chief executive officer at Waypoint Homes, said last week at the American Securitization Forum’s annual conference in Las Vegas. The Oakland, California-based company has bought homes in California, Arizona, Illinois and Georgia.

Sure seems like the right time to buy housing.  You know, after every single pool of aggressive private capital in the nation and abroad is already bidding.

Now take a look at how poor the returns are.  This is what happens when things get too crowded.

Continue reading

JP Morgan Under Investigation for Manipulating Power Markets

JP Morgan is a criminal enterprise sanctioned at the highest levels of the U.S. government.  Jaime Dimon is nothing more than a mob boss.  Period.  End of story.

Key Quotes:
The bank has twice received subpoenas in the last three months to produce 25 e-mails detailing how it bid for energy contracts. The bank has said the correspondence is privileged. The commission, which polices energy markets, is investigating whether the bank manipulated markets to gain $73 million and then failed to be truthful about it.

As evidence, they cite an initial series of e-mails the bank refused to share because they were “privileged.” In reality, the commission says, they were not. To make their point, the commission reprinted several of the e-mails.

In one e-mail from March 2011, the head of principal trading in the bank’s commodities group tells the head of JPMorgan’s commodities group: “I will handle it but it may not be pretty.”

Read the full article here.

Why the American Economy is Chronically Dysfunctional in One Article

This is a must read article from Bloomberg.  So the banksters steal billions (if not trillions) from the American economy and then they spit out a couple of million to desperate charities at black tie events in order to feel good about themselves.  Robot-man himself, John Thain (I remain unconvinced that he is human), then comes out and says the following: “The demonization of Wall Street and bankers is very much a function of the press and of Washington, and not much more broadly held.”  Really?!  Thanks for the memo Johnny.  Oh and the best part…his three children have apparently followed him into finance.  I need a shower.

Key Quotes:
Dimon was named executive of the year by the University of Rochester’s Simon Graduate School of Business at its May 3 conference, “Economic Action and the Management of Risk.” The honor is given to a leader who “demonstrates a deep respect for our nation’s fiscal health,” according to the school’s website.

A week later, Dimon, 56, disclosed a $2 billion trading loss in a division that helps manage the firm’s risk.

“In a difficult situation you find out what people are made of, who runs for help and who runs away, who takes responsibility and who scapegoats others, who you can trust and who makes it all about them,” Dimon said, according to a transcript of his remarks. “To all the active military members and veterans in the room: I’d go into the foxhole with any of you, and I hope I wouldn’t let you down.”

Last year the bank agreed to pay $56 million to settle claims that it overcharged soldiers on their mortgages and improperly seized the homes of active-duty military personnel. Dimon said then that he and the bank “deeply apologize.”

Jeffrey Peek, Thain’s predecessor at CIT and its CEO when the company filed for bankruptcy in 2009, was honored with his wife at a February gala for the Citizens Committee for New York City, which funds volunteer-led neighborhood groups.

School children sang “Bridge Over Troubled Water” to a crowd that included Paul Simon, the song’s writer. Peek oversaw CIT’s expansion into subprime mortgages, leaving the firm after it emerged from bankruptcy protection. He is now vice chairman of investment banking at Barclays Plc.

Move along serfs, nothing to see here.  Full article.

Jaime Dimon is a Welfare Baby

There is nothing more annoying than seeing the giant “welfare baby” gangster named Jaime Dimon parade around dismissing criticism of the banks, acting as if he has skills, when in reality his entire existence would have vaporized if not for his ability to infinitely suck at the teat of the Federal Reserve.

Hey, but don’t take my word for it.  Here are some excerpts from a Bloomberg article published Monday:

To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.

JPMorgan’s share of the subsidy is $14 billion a year, or about 77 percent of its net income for the past four quarters. In other words, U.S. taxpayers helped foot the bill for the multibillion-dollar trading loss that is the focus of today’s hearing. They’ve also provided more direct support: Dimon noted in a recent conference call that the Home Affordable Refinancing Program, which allows banks to generate income by modifying government-guaranteed mortgages, made a significant contribution to JPMorgan’s earnings in the first three months of 2012.

Read full article here.

Jamie Dimon And The Fall Of Nations

Excellent article here by Simon Johnson, the former chief economist for the IMF and a professor at MIT’s Sloan business school.  I think the following paragraph pretty much summarizes the root cause of America’s decline into Banana Republic status…

The historical evidence is overwhelming. Many societies have done well for a while – until powerful people get out of hand. This is an easy pattern to see at a distance and in other cultures. It is typically much harder to recognize when your own society now has an elite less subject to effective constraints and more able to exert power in an abusive fashion. And given the long history of strong institutions in the United States, it appears particularly difficult for some people to acknowledge that we have serious governance issues that need to be addressed.

Full article here.