Are Dimon & JPMorgan Throwing Blythe Masters Under the Bus?

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BlytheThe Doc & Eric Dubin are back for the Metals & Markets to discuss:

  • Gold & silver capped by the cartel at $1300 & $22- is a big move on the horizon? 
  • The Dollar’s death by a thousand cuts suffers numerous flesh wounds as Russia prepares major oil deal with China
  • The Doc updates listeners with the state of the physical gold & silver market in the US via the eyes of SDBullion- Silver Eagles live in stock with all the Authorized Mint purchasers for the first time in 2014!
  • Blythe Masters reportedly under investigation by Federal Prosecutors in Manhattan- will Blythe Masters be the first top level banker convicted in the aftermath of the financial crisis? 

 The Doc & Eric Dubin discuss all this and more in the latest SD Weekly Metals & Markets:

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JPMorgan Sells Commodities Unit to Mercuria for $3.5 Billion

JP Morgan Dimon MastersIt appears that silver investors’ days of deriding Blythe Masters as the face of JP Morgan’s alleged gold & silver manipulation may be over, as Jamie Dimon has formerly announced the sale of JPM’s commodities division to Switzlerland’s Mercuria for $3.5 billion.  
The Morgue will however reportedly continue its global commercial gold vaulting business, as well as financial products (derivatives) and will continue to “make markets“. 
Perhaps Blythe should re-apply for a position at the CFTC?  [Read more...]

Bank Participation Report Reveals JPMorgan Engaging in a Civil War, Goes Long Gold!

Blythe Masters Jamie DimonThe Civil War in gold continues. JPM Morgan is still NET LONG 45,000-50,000 contracts. The other 23 banks are desperately shorting gold, attempting to cap price and keep it below the technically-critical $1350-1360 area.
Which side will win in the end? That’s hard to say but I certainly think it would be foolish to bet against the ultimate Masters of Darkness. I mean, seriously…the other 23 banks continue on as if it’s business as usual…selling while prices rise and covering on dips…while JPM maintains it’s NET LONG position acquired while price from $1800 in October of 2012 to $1200 in June of 2013.
Clearly, the other 23 banks have a lot of ammo left to use to contain rallies,  but the key to 2014 and beyond continues to be JPMorgan. What will they do with their NET LONG position? Will they flip it back to NET SHORT? Will they stand for delivery?
Will they <gasp> actually 
add to it on continued price strength? 

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JPMorgan Loses 44% of Gold Inventories in 4 Days!

Blythe Masters Jamie DimonIn another stunning withdrawal, JP Morgan had  an additional 321,500 oz  gold ounces removed from its vaults today.
Since last Thursday, JP Morgan has lost 44% (20 metric tons = 643,000 oz) of its gold inventories.

If a picture is worth a thousand words, then the table below is worth over $400 million (at current market prices): [Read more...]

Manipulation Going Mainstream as Bloomberg Asks: ‘How to Keep Banks From Rigging Gold Prices?’

Jamie DimonLast week the financial MSM admitted for the first time that the West’s gold is being physically drained to Asia and that London’s gold vaults are “virtually empty.
Now, allegations that banks are rigging the gold and silver markets continue to gain credence among the mainstream as Bloomberg has published an article by Rosa Abrantes-Metz entitled How to Keep Banks From Rigging Gold Prices’’.

Rosa Abrantes-Metz concludes that gold prices may be manipulated and gives evidence to support her assertion.

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Bill Black on Why Jamie Dimon Will Not Be Prosecuted For Explicitly Violating Sarbanes-Oxley

DimonDespite the long list of violations already committed by JPMorgan Chase over the past several years, CEO Jamie Dimon added one more to the list. The executive explicitly violated a federal statute that has the potential to put him in jail for decades. The law violated can be found in Section 906 of the Sarbanes-Oxley Act, which aimed to reform accounting practices and protect investors. RT’s Meghan Lopez asks William K. Black, associate professor of economics and law at the University of Missouri-Kansas City, why Dimon nor any other fraudulent have not been charged for their crimes. [Read more...]

Guest Post: JP Morgan Wants Their Gold Back Before the Coming Currency Reset!

Blythe Masters Jamie DimonJPM wants their gold back before the current fractional reserve bullion banking system breaks, prices skyrocket again and a new global currency regime takes hold.
And now, for the first time ever, they’ve cornered the Comex gold futures market in order to ensure that it happens.
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JP Morgan Mortgage Fraud Settlement – The Real Story

JPM, that arrogant too-big-to-fail bank and its corrupt CEO Dimon, backing all those corrupt politicians in Washington D.C., only came to the settlement table in earnest, when faced with the prospect of a CIVIL lawsuit [where the government could conduct discovery, asking questions under oath, thereby exposing individuals to actual accountability, blame, and perhaps perjury charges], and JPM only increased its settlement offer when faced with the prospect of criminal charges.  
The Presidential cuff-link-wearing Dimon, called Holder, only hours before the press conference at which the civil lawsuit would be announced.
Why the hell would Holder “scuttle the news conference?”  If Dimon was reaching out to settle, only hours before the news conference, then why did not Holder demand more than $13 Billion?  Why did not Holder demand disgorgement of ALL profits, plus a fine, from the fraud that JPM committed?  If the lawsuit was all teed up, what would the harm have been from filing it and pursuing it with discovery, depositions, the works?
One negotiates successfully either from a position of weakness or a position of power.  The one in the position of power gets the better deal.
Why the hell did Holder cave at this point?  Dimon had NOTHING to offer, and the case would only have gotten stronger once depositions and discovery started in earnest.
The obvious truth here, is that BOTH Holder and Dimon needed a settlement for their own personal reasons.

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The Best #AskJPM Tweets

DimonAs we reported, JPMorgan’s PR team Wednesday made the epically bad decision to host a public twitter Q&A with Vice Chairman Jimmy Lee While the entire #AskJPM thread would make for excellent entertainment this weekend, award-winning actor Stacy Keach…the voice from American Greed picked out a few of the best, and read them verbatim.
The Best #AskJPM tweets (including The Doc’s personal favorites) are below:
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#AskJPM Announces Public Twitter Q&A With Vice Chairman, Hilarity Ensues

*Update 8pm: According to FT reports , JPM has just foreclosed on tomorrow’s #AskJPM event, stating: “#That idea back to the drawing board.”

We’re not exactly sure what JP Morgan was thinking when they came up with the PR stunt of having Vice Chairman Jimmy Lee take over The Morgue’s @JPMorgan handle for an hour for a public Q&A.
What we do know is that unless Mr. Lee’s secretaries and interns start submitting a few soft-balls, Jimmy is in for the longest 60 minutes of his life if these quickly going viral responses are any indication… [Read more...]

JPMorgan ‘Agrees’ to Tentative $13 Billion Penalty for Role in 2008 Financial Crisis

AFP Photo / Robyn Beck

In a telephone call on Friday between the US attorney general and the bank’s CEO, the two sides tentatively agreed to a $13billion settlement for JPMorgan’s alleged sales of fraudulent mortgage-backed securities.
The tentative agreement concludes a civil investigation by the California attorney general over the bank’s sale of mortgage-backed securities (MBS) to Fannie Mae and Freddie Mac from 2005 to 2007, as well as the New York attorney general’s probe of Bear Stearns’ sale of MBSs to these two companies. JPMorgan, the largest US bank by assets, still faces a criminal investigation by the state of California. [Read more...]

Chase Bank Initiates Capital Controls, Limits Cash Withdrawals & Bans International Bank Wires!

jp morgan chaseIt appears that any small American business not already shut down by Obamacare regulations will be helped along by the banksters.
In an apparent effort to front-run official government capital controls, JP Morgan Chase has issued letters to ALL Business account holders notifying them that as of Nov 17th, the bank will limit all cash transactions (including deposits, withdrawals, and ATM usage) to $50,000/month, and will ban all outgoing international bank wires!
Bank officials confirmed Wednesday that the new capital controls apply to all business account holders, the bank will stop processing any outgoing international bank wire,  and that any monthly cash transactions in excess of the new $50,000 limit will be subject to penalties and fees for each dollar over the $50k cap. [Read more...]

The Saga Of How JP Morgan/Jamie Dimon Ripped Off America With Barack Obama’s Full Endorsement

Blythe Masters Jamie DimonJP Morgan is one of the best managed banks there is. Jamie Dimon, the head of it, is one of the smartest bankers we got. – Barack Obama on “The View,” May 14, 2012

Is Jamie Dimon smart? I dunno. You give me a couple hundred billion in taxpayer money and freedom from any fear of criminal prosecution and I’ll do things with that money to create profitability would make make me look like a financial Einstein.
The beast named Jamie Dimon, of whom President Obama speaks so glowingly, is a liar, perjurer, criminal and, worst of all, a taxpayer thief. [Read more...]

Breaking Bad With Big Bank CEOs: How Bad Bank CEOs Use the Bystander Effect to Dupe Good People Into Working For Them

Fractional reserve banking is a criminal, deceitful and wealth-destroying platform, and perhaps the greatest contributor to economic in-stability in existence today.
Usually when there is smoke, there is a good chance there is fire
. A really good chance.
Except if you work for the commercial banking industry. When there is smoke, deny, deny, deny is the meme for bank CEOs and this is how they have deceptively convinced thousands of good people around the world to turn away from their collective consciousness and  “break bad” with them. [Read more...]

Dominatrix Of Silver: Blythe Masters May Part From JP Morgan

From time to time, don’t you wish you could step into the mind of someone like Blythe Masters to see what she really thinks.  OK, you can stop getting “the creeps” now.  But seriously, this woman knowingly  lied to CNBC last April, stating “JPM’s commodities business is not about betting on commodity prices but about assisting clients.“  Now that her energy market operations have come under fire, she has a wee-bit more than just a public relations problem.
Nevertheless, the Dominatrix of the silver market will likely sail off with the divisions JP Morgan sells, while JP Morgan will pay fines as a cost of doing business.
Meanwhile, with her eventual JPM departure and the statute of limitations on the CFTC’s silver investigation set to run out at five years, the mega scandal that should have been on the headlines years ago – silver manipulation in service of capping gold, suppressing interest rates and buying years of extra life for the reserve status of the U.S. dollar – fades down the memory hole.
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