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...]

ZH Discovers JPM’s Largest Gold Vault in the World is Across the Street, & Connected by Tunnel, to NY Fed!

JPM ChaseAfter uncovering JPMorgan’s secret gold vault in London last week, the Tylers at ZeroHedge have discovered via several documents buried at the CFTC’s website revealing that JPMorgan’s secret gold vault in Manhattan is across directly the street from none other than the NY Fed.

The vault, according to one of the original architects, is the largest gold vault in the world at over a football field in length, was built on the Manhattan Island bedrock 5 stories below street level to withstand a direct nuclear blast, and is literally connected by underground tunnel to the NY Fed’s gold vault.  

Can you say gold rehypothecation?

[Read more...]

Financial Innovation: A Risky Business? Blythe Masters Defends Derivatives at Columbia Debate

When the $1 QUADRILLION plus derivatives market fails, the inventor of the financial weapon of mass destruction known as the derivatives market- Blythe Masters could quite literally surpass Lenin and Mao Tse-tung as the person responsible for the greatest loss of human life in history.
The Columbia Business School recently conducted an interactive debate entitled “Financial Innovation: A Risky Business?with the aforementioned Blythe Masters of JPMorgan, along with Barny Frank, Gary Gensler, and a panel of experts debating the merits of financial innovation.

The one thing we can say with certainty after watching the 65 minute discussion/debate: (other than that there is a reason that Joe-6 Pack has no comprehension of what is facing the derivatives and entire financial market when the first domino fails) is don’t expect the CFTC led by Goldman alum Gensler to take ANY action against Blythe’s commodities division at JPM over alleged silver manipulation.

Full nausea inducing discussion on the merits of financial innovation below:
[Read more...]

FERC Suspends JPMorgan Unit’s Power-Trading Authority

The Federal Energy Regulatory Commission Wednesday suspended JP Morgan Chase’s electrical trading for 6 months, effective April 1st, 2013 (no comment on whether this is an April fool’s joke that the gov’t is actually making an enforcement action against JPM fraudulent activity).

FERC claims that the penalty is due to JP Morgan’s ‘“factual misrepresentations” in which the firm submitted false information in communications with the California Independent System Operator [Read more...]

Fed Delays Basel III Rules Indefinitely

The Fed issued a statement Friday morning that they are delaying the implementation of the Basel III capital rules which were to go into effect January 1st. 
Apparently JPM and Goldman whined that they were not ready for the implementation of the new rules, so they have been postponed indefinitely.  Is anyone surprised?

Full Federal Reserve statement below:

U.S. regulators on Friday delayed the effective date of a global agreement on greater bank capital buffers reached in response to the financial crisis of 2008. [Read more...]