Considering JPM has the full co-operation of the printing presses behind them to prevent any losses, we will see what demands follow this planned event.

Regards - VHF

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Could This Be The Start Of The Big One

Dave in Denver

May 10, 2012

JAMIE DIMON'S TEMPEST IN A TEAPOT

I wondered why the SPX futures crapped out right after the market closed. JP Morgan disclosed that it has lost $2 billion on synthetic credit derivative bets in its Chief Investment Office division. Not sure why JPM had to wait until the market closed. Surely they knew about this before the market closed. LINK

Rest assured that the true magnitude of losses is several multiples of this "mark to fantasy" disclosure. Also note that the Chief Investment Office is the division in which JPM conducts its precious metals trading/manipulation activities.

I have to believe, given that Wall Street is monkey see, monkey do, that several other Too Big To Fails have similar problems with their credit derivative portfolios. But don't lose sleep over this because the SEC, CFTC, FINRA, FASB and the Justice Department will see to it that Wall Street will never have to honestly disclose its true financial condition. The big collapse that eventually ensues will be used to cover the mess and they'll blame everything on Europe or Iran.

This is what I envision: Jamie Dimon gets on tv and says "we didn't see this coming, but some rogue dressed in white Islamic rags wearing a Star of David around his neck, gold coins falling out of his pockets and speaking Italian came rushing onto our trading floor and detonated a bomb stuffed in his underwear. Our systems blew up and Wall Street collapsed - sorry dudes."

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Banker Rampant On a Field of Broken Dreams