These are the most serious allegations of fraudulent activity in the entire financial collapse to date. If proven true, while Jon Corzine still deserves serious hard time for using client funds to meet said margin call; sulfur, fire, and brimstone would be too light a judgement for one JPMorgan CEO.
It can now be reported that the U.S. Senate Committee on Banking has new evidence showing that JP Morgan had a $200 million overdraft aka a second margin call on the London LIFFE Exchange three days before the MF Global bankruptcy fiasco was triggered.
The second margin call (the first margin call was four days earlier for $175 million) dealt with cross-collateralized, compounded naked euro currency put options that were written by JP Morgan with the transactions being placed through the CME Group and the aforementioned London LIFFE Exchange.
We can now divulge that, thanks to PROMIS software, MF Global took the opposite side of the trade.
Note: The fact that MF Global took the opposite side of the trade is a significant development and it completely torpedoes the ISDA's (International Swaps and Derivatives Association) legal standing that declared the latest Greek bailout a non-credit event rather than what it really is, a Greek default.
The ISDA's decision has temporarily rewarded crooked banks, as well as Goldman Sachs and JP Morgan, and screwed the hedge funds as well as the looted customer segregated accounts that were tied to MF Global.
The fact that two margin calls were issued in a span of one week against JP Morgan is clearly a game changer.
The first margin call aka the overdraft was triggered when the JP Morgan SWIFT wire transfer (to pay for their derivative trades) was rejected by the London LIFFE Exchange after the Dallas Federal Reserve Bank refused to honor the JP Morgan float aka line of credit.
Dallas Fed President and CEO Robert W. Fisher actually notified the New York Fed on that day that JP Morgan was using TARP money (Troubled Relief Asset Program) to write their euro currency option derivatives.
This illegal trading done by JP Morgan violated the terms of the 2008 Bush-Pelosi bank bailout that forbid banks like Goldman Sachs and JP Morgan from using U.S. Taxpayers' money to engage in any type of derivative trading.
What followed was the largest 24-hour crime spree aka money laundry in financial history.
Forty-eight hours after JP Morgan's line of credit was rejected (their electronic check bounced creating an overdraft), a second larger margin call was issued to JP Morgan, which set off the following change of events:
Immediately financial terrorist Jamie Dimon, CEO of JP Morgan phoned Federal Reserve Chairman Bernard Bernanke, U.S. Treasury Secretary Timothy Geithner and CFTC Chairman Gary Gensler and discussed his predicament.
Within an hour the CME Group re-issued the second margin call singling out only MF Global and removing JP Morgan from its liability.
Fifteen minutes later Jamie Dimon called MF Global CEO Jon Corzine threatening his life and demanding that MF Global meet the $200 million margin call that was originally issued for JP Morgan.
One hour later the crooked ISDA ruled the MF Global trades to be null and void, which then allowed JP Morgan and Jamie Dimon to short the MF Global stock and then, with the approval of the Federal Reserve Bank of New York laundered the proceeds into the London LIFFE Exchange, and issued new naked derivatives which would be used in the latest Greek-Euro bailout ponzi scheme.
Note: Dallas Federal Reserve President and CEO Richard W. Fisher immediately phoned Fed Chairman Bernanke to protest this latest JP Morgan money laundry involving customer segregated accounts.
Bernanke told Fisher, and I quote "Timothy Geithner calls the shots".
Reference: The Federal Reserve Bank of New York tried to disguise this ponzi scheme by first moving the MF Global customer segregated funds through the Dominion Bank of Toronto, Canada and then on to the London LIFFE Exchange.
At this hour we can divulge that Dallas Fed President and CEO Richard W. Fisher is cooperating with U.S. Marshals who are investigating this financial treason and will shortly offer his resignation.
Read more:
36 comments:
HOLY SHIT!
This all sounds very "explosive" but, Who the f!@#k is Tom Heneghan. I gotta consider the source of the "reports" before I bite.
We'll see....we'll see
Crazy Canuck
Their stock was up $1.01 today at $46.17. If this is true, it would take a sharp nosedive real soon, wouldn't it?
I'll be waiting for it.
Oh man..
-conax
Buford, get some rope
Agree with CC and CONAX. Who is Heneghan and let's watch for a serious dip in the $46.17. watch also for "no comment" from FED Fisher.
2 OZ.
Is this for real? Of course I wouldn't find this to be funny if this is some sort of a practical joke.
If it's true, I have been waiting for this for I don't know how long!
Ok, perhaps I do know. Ever since I was 18 I knew something was wrong because I knew the Constitution of These United States was not being followed. I am 48 now.
In the past decade it became very obvious that the Federal Government has not just disregarding the Constitution, but has been totally out of control.
excuse my typo
...has not just been* disregarding...
I assume Dickie Fisher has sold his Jacuzzi and moved his office to the first floor.
Fry the f****** bastards! In really hot peanut oil.... The truth MUST out.
Is it 1st of April already? Man oh man if this can be substantiated this could be finally be the beginning of the end for the JPM mob. How is the MSM going to play this one down? I worried about a 'Black Swan' event now to sweep this one under the rug...just saying.
John Corzine and Jaime Dimon are NOT Jewish. Good innocent Gentile white boys.
Fuck you Hugo Salinas Price.
so where s Jamie? he should also be caught
myspace? People still use that?
This explains nicely the annual report recently issued by Fisher and the Dallas Federal Reserve titled:
Choosing The Road to Prosperity; Why We Must End To Big To Fail-Now
http://dallasfed.org/assets/documents/fed/annual/2011/ar11.pdf
Finally it appears we have people with a moral character starting to step up to the plate.
Heneghan is the notorious mythologist responsible for prolonging the 'Wanta' hoax. There is always some 'guys in white hats' ready to release the trillions in cash for the benefit of the American people. Its only the 'bad guys' in black hats that have the power to close accounts holding TRILLIONS in cash to be returned to the rightful producers. All of these mythologists (Fulford, Sasha Faal, Heneghan, etc.) should be returned to junior high school to complete their courses in non-fiction exposition.
@JC- I agree 100%. When this is over, some people we once thought were crooks, will prove to be moral and be patiotic(I will soil myself and fall over DEAD if the clintons are in that group)and others we THOUGHT were good will turn out to be scumbags. The only thing I like about baseball is heckling, I can't waite for the end of the 9th,but its going to be painful for all of us, but things need to change. WE NEED RULE OF LAW BACK!
jp morgan crash and burn ,is this a dream come true?
They feel 'powerful' being able to misuse and control client funds. How long does it take customers to wake up and realize 100% of their funds are at risk in these houses of fraud? These games have been going on for years, it is about time for justice to close their doors. I suspect the main characters such as Dimon will walk away with nice fat paychecks while the shell game just gets moved to another entity. Good thing is, these matters are being exposed, but the sources of information cannot always be trusted. Just look at how they conduct their business, try and follow the money, the truth is there and as far as MFG is concerned, Corzine of MFG gave the order to transfer the 200M$ to JPM according to the woman who followed his orders. SO of that is so, why do regulators not go after JPM for fraud and get those funds back to their actual owners? Because they are at this time fully protected by the feds and the SEC who have turned their gaze the other way. Corruption is an ugly thing, and it is present from the top to the bottom.
Wow!!
If this is true this could be the end for JPM and I would think that they would bring others down with them.
Hopefully an evidence squeeze is going on. Why maybe Corzine is now the little guy who's going to sing in the choir. Corzine doesn't want to be on the chopping block for the memo his adminions kept for the 200 million. So, he should be able to shed some light on this to save his own butt. Oh yea, here's your 200 million in the shape of a torpedo JPM. Enjoy!
why isn't this mentioned in any reputable source... also I've looked for articles on putins warrant for soros and can't find any... only one i can find is the same video clip with a voice oversight... why not also show the original one...
I hope the Feds go after JP Morgan and shut them down...........they are a bunch of crooks
Would be nice, but the feds do not go after those they protect and utilize, they go after little kids selling lemon aid without proper permits and organic milk farmers, and...and the list could go on...I think you get the picture, sad as it is.
oh Mr. D the cats out of the bag now....no where to run no where to hide....
This story may very well be 110% true and accurate, but we all know that absolutely nothing is going to come of this - no firings, no charges, no changes - nothing. It's like we are all playing inside a crooked casino getting ripped off day after day, praying that soon the regulators will come in and stop the corruption, while the regulators sit on the board of directors for the casino!
Nothing is going to be done - we just have to wait it out until the fraud implodes under its own weight.
Silverstax
From the article/report not posted:
"We can now divulge that at the time the JP Morgan audit was issued its margined derivative exposure exceeded their capital assets by 2500 to 1."
2500 to 1- This is HUGE. WOW, WOW, WOW.
Read the entire article/report from the link the Doc posted.
All these people are equally corrupt within the silver market. Its unbelievable how sick this financial system is. The public needs to wake-up!
You have to love the sunlight shining on the stink of corruption. This may be one of the best revelations of the foulness of Wall Street carried to the highest levels of government I hvae ever seen. If Tim Geithner is the ultimate thief in this saga then his overlord, Obama, is primary part of this criminal conspiracy.
From my small and lowly perspective as an investor being dragged into this Ponzi scheme, it is clear that our money and investments are nothing more than a stack of dead presidents waiting for the right time to be stolen by criminals in $3,000 suits.
I've become an advocate for conspiracy theories that have a nasty habit of coming true, like the MFG scam and the latest Executive Order signed by Obama on Friday March 17, called the National Defense Resource Preparedness order, another key part of the scheme to stripmine us of our financial assets.
MFG was an inadvertent but highly effective test run of this plan. It's failure set the stage for an coup that will involve the wholesale expropriation and blatant taking of OUR RESOURCES, our money.
By a simple executive fiat, Obama or Geithner could strip away trillions of our assets from retirement plans and cash accounts from any brokerage house.
This order would force these firms to convert our assets into electronic funds, shipped in a microsecond to some bank in London, Germany, Belgium or other safe harbor.
Imagine waking up to find your account balance is zero.
Just like the $1.6 billion in MFG client funds that disappeared with the kick of a mouse, our money goes to cover some Federal Reserve counterparty bailout of the US Treasury or one of the Too Big To Fail banks. Think of B of A, Citi, GS or JPM.
If we believe that our sovereign rights are protected under the Constitution and 'takings' are prevented by the 5th Amendment, we are delusional. Nothing will stop these takings.
If you recall that FDR forced expropriation of citizens gold for FRNs, you know these events of late 2011 set the stage for government theft of your money.
When the top officials in the Fed and Treasury are a phone call away from your money being stolen, just as the customers segregated accounts were whisked away by order of these same officials, we need to take a serious look at this criminality and utter disregard of the Constitution.
Obama's mentor and spiritual guide is FDR. BHO and his henchmen would not give a second's thought to ordering our money into the hands of the US government for any reason, or for that matter, no reason except that it seems timely to do so.
Here's a scenario.
No one will buy our junk bonds.
China dumps $1 trillion in US treasuries overnight.
Bonds drop in value by 25-50% in this fire sale.
Who gets to bail out $10 trillion in bonds?
WE DO.
There is not enough money in the world to bail us out unless you seek the funds of the US citizens. It's just that simple.
Bear in mind that as little as a couple of weeks ago this MFG theft was being called a Cold Case File.
Nothing to see here, move along.
Oh, and sorry about your $1.6 billion in missing funds.
It seems like things are heating up a bit now. Doc has done a real service in getting these facts out in the public eye, often days in advance of the MSM disclosures.
Ann Barnhardt and Warren Pollack have called out these criminals and made the case that our money is NOT SAFE.
This crime will not go down easily since there are very powerful people who must see serious jail time. And I'm taking about people that go right into the Oval Office.
But this stink has to be eradicated, or simply put, every dime we have saved in any financial institutions is not safe from outright theft by the government and their banksters cronies.
Our reputation in the world will be damaged beyond repair and destroyed forever, right along with our hard earned savings. If you don't believe this, leave your funds with your trusted broker, whoever he or she is. I'm sure they will make you whole when TSHF
This is horse shit. Sorry, I do not believe it.
JPM and the Fed are the same entity. No way in hell JPM gets taken down.
Move along...
I wonder what this means for the obama administration?
Spore
YAWN...wake me up when someone actually gets arrested and it's front page news on CNN.
Gee what a shock!
Personally I think this is all a distraction to focus the attention of the very few, like most of you guys, who are NOT sheeple, away from the real and imminent threat, which is the pole shift, do yourself a favor and check it out, it will be the best spent minutes of your life:
http://poleshift.ning.com/
MrG
Hey Doc,
The link to the full report does not seem to be working. Can you repost or tell me where to find. Thanks.
Ordinary Joe
Dimon is too a Hebrew, as is Corzine. Before Obama was elected he picked Corzine to solicit money in Israel and meet and greet the Rabbis. Dimon is well known Crypto Hebrews like Dimon. This is typical of the Hebrews to blame the Gentiles for their crimes. Wall Street has been since 1913 a Hebrwe/Anglosaxon partnership. see Murray Rothbards, 'the case against the fed'.
Agreed. Fed will not investigate this properly. The State of Texas should investigate this matter and turn information over to public/Feds and get is exposed.
Then, if the Fed wishes to ignore, then Texas can officially file its notice of withdrawal from the Corporation of the United States of America. At this point, this is probably the only option.
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