The federal government’s $13 billion settlement with JPMorgan Chase is being widely touted as a major step towards Wall Street redemption. But like so many settlements before it, this deal has much more bark than bite.
A bit of opening perspective: The $9 billion cash fine component represents just three-tenths of 1% of JPM’s $2.44 trillion of assets.

But it’s not just about the money. The intent of the settlement relates to something in which JPM has a vested interest, as does the Federal Reserve: keeping the prices of mortgage-backed securities from imploding yet again.

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.

cartel taken to kneesIn this excellent interview, our friend T.F from TFMetals reports joins Perpetual Assets to discuss the latest gold take-down.
TF discusses the motives for the massive gold take-down that began in April in the wake of the Cypriot bail-in, stating that the metal HAD to be taken down to allow the bullion banks to cover their historic short positions which were in jeopardy of being obliterated.
TF’s full interview is below:

JPMorganThe financial mainstream media has an ongoing love affair with JP Morgan Chase, the alleged largest culprit in a massive precious metals conspiracy.
The level of fraud in the financial system with utter lack of prosecution or accountability, combined with the ongoing love affair between the largest offenders and collective mainstream, results in financial media being a victim of the so-called Stockholm syndrome.

“At least two big banks, I would say Goldman Sachs, JP Morgan, maybe a big hedge fund…are trying to push gold down to that support zone at around $1000. I think they’re already short, and right now they’re letting the reversing dollar do the work for them.
I think gold tests the June low by the middle of next week.
When gold bottoms, it will bottom in a v-shape—& it’ll come roaring back out…because those three funds that have been trying to drive this down…will flip and go long. I think any smart hedge fund manager is looking for this $1000 level, and they’re just like me—they’re sitting in cash and waiting and licking their lips. If a washout comes, they’re going to put the money to work…so I think the buying pressure…is going to be huge.

T
he bottom will be an event—very short and we will very quickly rally back up to test $1520…and then I think by next summer we’ll already be testing $1800-$1900.

Blythe Masters Jamie DimonThis latest move in eligible gold deception at the COMEX is so brazen in its audacity, even I am stunned. But, since no one else is talking about it, maybe I’m just crazy. Let me lay it out for you and you can decide for yourself.
This is NOT business as usual. The extraordinary and counter-intuitive price raids, the massive depletion of the GLD, persistent backwardation in the GOFO rates and JPMorgan’s cornering, 70,000-contract, NET LONG gold futures position all warn you that we are in uncharted territory and major changes are afoot. This eligible gold deception currently being employed by The Comex is just another indicator.
By the looks of it, the end of the fractional reserve bullion banking system is rapidly approaching.

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.

Jamie DimonThe CFTC has announced Wednesday evening that it has settled with JP Morgan for $100 charges that the bank violated prohibition on manipulative conduct in connection with the London Whale swaps trades which saw the firm lose nearly $9 billion.
In the settlement, JP Morgan admitted that its traders (no mention of Mr. Dimon, who assuredly approved his traders actions removing IG9 swaps delta hedging interest rates) acted recklessly, and agreed to the $100 million penalty.

Blythe Masters Jamie DimonThe information in this report is taken from sources believed to be reliable; however,  the Commodity Exchange, Inc. disclaims all liability whatsoever with regard to its accuracy or completeness.  This report is produced for information purposes only.

The above legal disclaimer mysteriously, and with no explanation, showed up one day on the Comex gold and silver warehouse stock reports about 8 months ago (roughly).  After several years of publishing the warehouse stock reports, why all of a sudden did the CME feel compelled to stick this disclaimer specifically on the gold and silver warehouse reports?
IF the banks are honestly reporting the CME data, it would be the ONLY aspect of their financial reporting that is being done honestly.
My view is that the data being reported by the CME/Comex and the CFTC is not to be trusted
.
   In fact, if we could get a completely independent audit done of the CME/Comex, I think we would find a fraudulent horror show there beyond anyone’s imagination.

Play

On this week’s Metals & Markets Wrap The Doc & Eric Dubin cover:

  • Ongoing metals manipulation visible across the board; we’ll document this week’s gold and silver lunacy- & cartel signaling minutes prior to dumping 17,000 paper gold contracts on the market between 8:43 and 8:45am: triggering a stop of Comex gold trading as the market went dark for 20 seconds!
  • Signs that physical market demand is tightening up again in Asia, which should limit cartel maneuverability;
  • Shut-down, Obama Care and debt ceiling debate analysis and its relationship to precious metals trading

The SD Weekly Metals & Markets Wrap With The Doc & Eric Dubin is below!

Precious metals markets are now the Wild West: a lawless territory where the Judges are bought and paid for, and where brutal and rapacious men are allowed to pillage the populace at will, unchecked by the rule of law.  The Sheriff is too cowardly to emerge from his office, let alone do anything to go after the bad guys.  He slumps impotently behind his desk, mourning his receding hairline and hoping against hope that nobody brings in more evidence of wrongdoing- not because he would then have to do something (there is no crime so egregious to cause him to bestir himself) but because such revelations make his inaction and cowardice even more publicly humiliating than they already are.
Meanwhile, the townsfolk are realizing they are completely on their own.  They stay inside and keep their heads down, trying not to get preyed-on by the gangs of sanctioned looters roaming the territory.  The smart ones are quietly stacking all the gold and silver bullets they can lay their hands on, knowing that they and they alone are responsible for their own safety.

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.

City of London School JP MorganIn the latest Keiser Report, Max Keiser and Stacy Herbert discuss the Lilliputian view on fraud and theft and how this applies to the chief banking knaves at JPMorgan. In the second half, Max interviews Marc Armstrong of PublicBanking.org about turning depositors into shareholders as a fraud recipe shared amongst the Too-Big-To-Fail banks. With public banking, interest is returned to the economy from whence it came.

Bernanke-Dimon-Fed-TunnelFebruary, April and June were Comex delivery months that saw the price of gold get hammered. August was a delivery month that saw the price of gold rally. October is a delivery month and gold is getting hammered again. What’s the difference?
I think at this point it’s safe to say that we’re onto something.

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.

ChiltonTheNewsDoctors.com Exclusive:

Open Letter & Petition to CFTC Commissioner Bart Chilton
Petition Background (Preamble):

CFTC Commissioner Bart Chilton has claimed he stands for honest markets. We, the undersigned, call upon him to read the open letter below and take the only appropriate action remaining. Mr. Chilton: Resign, become a whistleblower and take your rightful place in history.
Click here for The News Doctors’ Exclusive open letter to Bart Chilton calling for the CFTC commissioner to resign and become a whistle-blower on the manipulation of gold and silver markets:

 

 

bankstersIn this MUST WATCH interview with Sprott’s Ask the Expert, silver analyst Ted Butler discusses how JP Morgan inherited Bear Stearns massive short gold and silver positions in early 2008 at the request of the US Treasury Department, and makes the case that requesting JP Morgan inherit Bear Stearns’ positions should not have been a license to steal and freely manipulate the gold and silver markets.
Ted Butler’s full Ask the Expert Q&A session is below:

*Updated 11pm EST 9/25*
Well, that didn’t take long.  After Andrew Maguire went public last Friday that the CFTC is holding evidence that JP Morgan manipulated the gold and silver markets, moments ago the CFTC announced it is closing its 5 year investigation into silver market manipulation, and that after 5 years of investigation the CFTC has found:

“Based upon the law and evidence as they exist at this time, there is not a viable basis to bring an enforcement action with respect to any firm or its employees related to our investigation of silver markets.”
Something tells us Mr. Chilton won’t be releasing any contrary statements by the end of September as promised either.
Let the manipulation continue indefinitely until the last ounce of physical gold and silver are removed from COMEX vaults!

Why mince words?  The last 48 hours of price movement are transparent for those with eyes to see (and in the case of the CFTC, maybe a brain to process data, and a spine to fulfill their mission would help).
Leading up to the Fed’s surprise “no taper” decision, and during the lead-up to what was initially going to be a near certain US attack on Syria, gold and silver prices were managed lower by cartel action during the first week of September.  Hedge funds and “hot money” followed the trend, justified by increasing worries of consensus-view tapering.  This brought gold and silver lower in advance of the “no taper” surprise.  Silver would have been in a position to possibly retake it’s 200 day moving average were it not savagely managed downward since early September in advance of the “no taper” news.

JP Morgan Dimon MastersIn the latest Keiser Report, Max Keiser and Stacy Herbert discuss America’s curse: dollar printing or JP Morgan? They also examine the truth about the fact that despite a mere $4 extra to manufacture a smartphone in America rather than in China, production will remain overseas. In the second half, Max travels upriver to interview Turd Ferguson of TFMetalsReport.com outside JP Morgan’s Park Avenue headquarters. Turd reports that JPMorgan has ‘cornered’ the Comex gold market and also comments on the bank’s silver short and their ‘rogue’ commodities desk, reportedly being investigated by the FBI for obstruction of justice.

Bill MurphyWhile the Federal Reserve continues flooding the financial system with newly printed dollars and discussion of war between the U.S. and Syria continues, the only investments that have never gone to zero and have proven throughout history to preserve wealth through times of economic and political turmoil ironically continue to fall! In this exclusive interview*,  GATA chairman, Bill Murphy, explains why the prices of precious metals are falling and questions if JPMorgan Chase & Co. has really been investing in gold amid the most devastating and blatant gold price suppression scheme he has ever witnessed.