http://www.guardian.co.uk/commentisfree/2010/dec/02/jp-morgan-silver-short-selling-crash
Sounds like a plan in motion.
Do your part and tell your friends.
We've got to kill the beast somehow.
As part of the ongoing exposé, it has now become clear that JP Morgan is sitting on what is estimated to be 3.3bn ounce "short" position in silver (which they have sold short, meaning they don't own it to begin with) in an attempt to keep the price artificially low in order to keep the relative appeal of the dollar and other fiat currencies high.
On my show, Keiser Report, I recently invited Michael Krieger, a regular contributor of Zero Hedge (the WikiLeaks of finance). We posited that if 5% of the world's population each bought a one-ounce coin of silver, JP Morgan would be forced to cover their shorts – an estimated $1.5tn liability – against their market capital of $150bn, and the company would therefore go bankrupt. A few days later, I suggested on the Alex Jones show that he launch a "Google bomb" with the key phrase "crash jp morgan buy silver".
Within a couple of hours, it went viral and hundreds of videos have been made to support the campaign.
Right now, silver eagle sales for the month of November hit an all-time record high and the availability of silver on a wholesale level is drying up. The most important indicator is the price itself – holding just under a 30-year high. With each uptick JP Morgan gets closer to going bust or requiring a bailout.
Showing posts with label Banks JP Morgan. Show all posts
Showing posts with label Banks JP Morgan. Show all posts
Saturday, December 4, 2010
Saturday, October 9, 2010
The "Nothingburger" Defense Gets Destroyed
http://market-ticker.org/akcs-www?post=168629
If there was a pool of money to dip from, that wasn't the banks, then how did the bank itself, make you a loan?
The simple answer is, is that they didn't.
They took the property deed and registered it in the pool and then took the cash out and gave it to you, but they did not make you a loan. Not with their own money anyway they didn't.
Which is why they didn't give a damn who they gave the loans to, because they were never responsible for the out come.
They didn't register the loan with MERS, they registered the deed, and that's a big difference.
There is NO existing paper work on the loan.
That was proved in the deposition of TAMMIE LOU KAPUSTA
What little information there was came out of Guam or the Philippines.
They had to use other people SS#'s to run Military checks to see if the person was in the military to be able to serve them with papers if they couldn't find them to do so.
A judge kicked back their filings for foreclosure because they hadn't done a full search for the person to be served.
If there were actually loan documents the SS# would have been on them, so there would have been no need to commit a further act of fraud by using someone else's SS#.
There is no way, shape, or form, that this situation can be unwound, because the documentation is just not there to do it.
Not legally anyway.
That's why it's actually mortgage-gate, it started there, and wasn't found out until foreclosure-gate brought it out in the open for the public's eye.
Bernie Madoff is going to have some very elite company.
If there was a pool of money to dip from, that wasn't the banks, then how did the bank itself, make you a loan?
The simple answer is, is that they didn't.
They took the property deed and registered it in the pool and then took the cash out and gave it to you, but they did not make you a loan. Not with their own money anyway they didn't.
Which is why they didn't give a damn who they gave the loans to, because they were never responsible for the out come.
They didn't register the loan with MERS, they registered the deed, and that's a big difference.
There is NO existing paper work on the loan.
That was proved in the deposition of TAMMIE LOU KAPUSTA
What little information there was came out of Guam or the Philippines.
They had to use other people SS#'s to run Military checks to see if the person was in the military to be able to serve them with papers if they couldn't find them to do so.
A judge kicked back their filings for foreclosure because they hadn't done a full search for the person to be served.
If there were actually loan documents the SS# would have been on them, so there would have been no need to commit a further act of fraud by using someone else's SS#.
There is no way, shape, or form, that this situation can be unwound, because the documentation is just not there to do it.
Not legally anyway.
That's why it's actually mortgage-gate, it started there, and wasn't found out until foreclosure-gate brought it out in the open for the public's eye.
Bernie Madoff is going to have some very elite company.
This is NOT a "minor clerical error."
It is NOT correctable at this point in time.
These securities are FATALLY DEFECTIVE. The parties with the legal duty to check these facts did not do so.
It gets worse.
Most people don't understand that these securities were (and are) typically "sold forward."
That is, the bank doesn't take its own money, loan it to homebuyers, and then take the notes and securitize them, selling the pieces to recover its money.
No, what happened then (and still does today) is that these MBS are sold first and filled after!
That is, a pension fund calls up Vampire Squid Bank and says "I need $100 million of MBS that pay a 5% coupon."
Vampire Squid Bank takes the $100 million dollars and then proceeds to securitize loans.
But in doing so it took the $100 million on a prospective pooling and servicing agreement in which they agreed to provide loans of a certain credit quality and specification to the buyer.
So it's much worse than "we didn't know." It's "we took the money, then we build the security and didn't look, even though we told you we would."
There's no fix for this without something like an RTC structure.
Janet Tavakoli: This is the biggest fraud in the history of the capital markets. And it’s not something that happened last week. It happened when these loans were originated, in some cases years ago. Loans have representations and warranties that have to be met. In the past, you had a certain period of time, 60 to 90 days, where you sort through these loans and, if they’re bad, you kick them back. If the documentation wasn’t correct, you’d kick it back. If you found the incomes of the buyers had been overstated, or the houses had been appraised at twice their worth, you’d kick it back. But that didn’t happen here. And it turned out there were loan files that were missing required documentation. Part of putting the deal together is that the securitization professional, and in this case that’s banks like Goldman Sachs and JP Morgan, has to watch for this stuff. It’s called perfecting the security interest, and it’s not optional.
Wednesday, October 6, 2010
JPMorgan, Bank of America Face `Hydra' of Foreclosure Probes
http://www.bloomberg.com/news/2010-10-06/jpmorgan-bank-of-america-face-hydra-of-state-foreclosure-investigations.html
Ohio has some pretty stiff penalties per incident for filing false affidavits or documents.
That's one way to bring some revenue back to your state without having to borrow it.
How fitting is it to that the banks are the reason the states have lost so much revenue.
“You’re going to see a tremendous amount of activity with all the AGs in the U.S.,” Ohio Attorney General Richard Cordray said in an interview. “We have a high degree of skepticism that the corners that were cut are truly legal.”
Title insurers will be “on the hook if foreclosures are reopened,” Henning said. “The title insurers will be going after the banks or whoever assured them there was a clear title.”
While homeowners in those states and elsewhere must usually show damages to win a lawsuit, “attorneys general can just sue over deceptive sales practices and get penalties,” said Christopher Peterson, a University of
Ohio has some pretty stiff penalties per incident for filing false affidavits or documents.
That's one way to bring some revenue back to your state without having to borrow it.
How fitting is it to that the banks are the reason the states have lost so much revenue.
“You’re going to see a tremendous amount of activity with all the AGs in the U.S.,” Ohio Attorney General Richard Cordray said in an interview. “We have a high degree of skepticism that the corners that were cut are truly legal.”
Title insurers will be “on the hook if foreclosures are reopened,” Henning said. “The title insurers will be going after the banks or whoever assured them there was a clear title.”
While homeowners in those states and elsewhere must usually show damages to win a lawsuit, “attorneys general can just sue over deceptive sales practices and get penalties,” said Christopher Peterson, a University of
Utah law professor who specializes in commercial and contract law.
In Ohio, penalties include fines of up to $25,000 per violation, with each false affidavit or document considered a violation, according to state law enforcement officials. In Iowa, fines rise to a maximum of $40,000 for each violation.
Foreclosure Freeze
This penalty would apply to “every instance of an affidavit that was filed improperly or every time facts were attested to that weren’t true,” Cordray said
Thursday, September 30, 2010
JPMorgan Suspending Foreclosures
http://www.nytimes.com/2010/09/30/business/30mortgage.html?ref=business
So if they have been doing it wrong now, what have they been doing for the past 3 years?
It's called foreclosing on homes you don't hold a title for....in other words.....FRAUD.
There are millions of homes that have been processed for foreclosure in the past in this very same manner.
Ladies and Gentleman this is a very wide spread Corporate crime that entails millions of victims.
The punitive damages alone should bust this bank and many more like them.
It takes alot of audacity to take taxpayer funding to keep your doors open from the bad bets of gambling habits and the commit fraud against them to reap even more.
JPMorgan Suspending ForeclosuresBy DAVID STREITFELD
In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures.
The lender, JPMorgan Chase, said on Wednesday that it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents. All of the suspensions are in the 23 states where foreclosures must be approved by a court, including New York, New Jersey, Connecticut, Florida and Illinois.
So if they have been doing it wrong now, what have they been doing for the past 3 years?
It's called foreclosing on homes you don't hold a title for....in other words.....FRAUD.
There are millions of homes that have been processed for foreclosure in the past in this very same manner.
Ladies and Gentleman this is a very wide spread Corporate crime that entails millions of victims.
The punitive damages alone should bust this bank and many more like them.
It takes alot of audacity to take taxpayer funding to keep your doors open from the bad bets of gambling habits and the commit fraud against them to reap even more.
JPMorgan Suspending ForeclosuresBy DAVID STREITFELD
In a sign that the entire foreclosure process is coming under pressure, a second major mortgage lender said that it was suspending court cases against defaulting homeowners so it could review its legal procedures.
The lender, JPMorgan Chase, said on Wednesday that it was halting 56,000 foreclosures because some of its employees might have improperly prepared the necessary documents. All of the suspensions are in the 23 states where foreclosures must be approved by a court, including New York, New Jersey, Connecticut, Florida and Illinois.
Thursday, July 30, 2009
No profits? Here's a fat bonus!
http://money.cnn.com/2009/07/30/news/companies/bonuses_tarp/index.htm
And where did they get the money from? You and your children's children my taxpaying friends.
You saved their lifestyle on the perils of your own.
Citi and Merrill Lynch paid big bonuses despite losing money last year while fellow TARP recipients Goldman and JPMorgan paid more than they earned.
NEW YORK (CNNMoney.com) -- Even as top banks delivered abysmal performances last year, they still managed to pay out billions of dollars in bonuses to employees, according to a study published Thursday by New York Attorney General Andrew Cuomo.
In an analysis of compensation practices of the original nine banks that received money under the Troubled Asset Relief Program, or TARP, most financial firms paid out compensation that was nowhere close to their overall yearly performance.
Citigroup (C, Fortune 500), for example, which suffered more than $27 billion worth of losses in 2008, paid an estimated $5.33 billion worth of bonuses last year, according to Cuomo's report. Citigroup has been one of the biggest recipients of government aid, taking in $45 billion in TARP funds. Taxpayers now own a third of the bank.
Several banks that were profitable last year paid out bonuses that were substantially higher than what they earned. Goldman Sachs (GS, Fortune 500), which has come under significant scrutiny recently over this year's bonus pool, paid out some $4.8 billion in bonuses despite earning just $2.3 billion. The company collected $10 billion under the TARP program but has since paid it back.
And where did they get the money from? You and your children's children my taxpaying friends.
You saved their lifestyle on the perils of your own.
Citi and Merrill Lynch paid big bonuses despite losing money last year while fellow TARP recipients Goldman and JPMorgan paid more than they earned.
NEW YORK (CNNMoney.com) -- Even as top banks delivered abysmal performances last year, they still managed to pay out billions of dollars in bonuses to employees, according to a study published Thursday by New York Attorney General Andrew Cuomo.
In an analysis of compensation practices of the original nine banks that received money under the Troubled Asset Relief Program, or TARP, most financial firms paid out compensation that was nowhere close to their overall yearly performance.
Citigroup (C, Fortune 500), for example, which suffered more than $27 billion worth of losses in 2008, paid an estimated $5.33 billion worth of bonuses last year, according to Cuomo's report. Citigroup has been one of the biggest recipients of government aid, taking in $45 billion in TARP funds. Taxpayers now own a third of the bank.
Several banks that were profitable last year paid out bonuses that were substantially higher than what they earned. Goldman Sachs (GS, Fortune 500), which has come under significant scrutiny recently over this year's bonus pool, paid out some $4.8 billion in bonuses despite earning just $2.3 billion. The company collected $10 billion under the TARP program but has since paid it back.
Thursday, June 4, 2009
Bailout banks hoard oil, eyeing price hikes
Bailout banks hoard oil, eyeing price hikes
--------------------------------------------------------------------------------
http://rawstory.com/08/news/2009/06/...ice-increases/
Nothing like being bitten by the bank you fed
The giant US bank JPMorgan Chase has reportedly hired a newly-built supertanker to store heating oil off the Mediterranean island of Malta. Other companies, including BP and a unit of Citigroup, have also hired ships to store either crude oil or oil products.
According to Bloomberg.com, “Traders were already using smaller tankers to store record volumes of jet fuel and heating oil in Europe as on-shore tanks filled up.”
This latest move comes amid suggestions that recent increases in oil prices may be the result of speculators looking for a new financial bubble, prompting fears that increases in energy costs could stall any hope of an economic recovery.
According to MSNBC, “Even though most analysts say crude is still overpriced, the market has created its own momentum with an enormous amount of money fleeing equity and currency markets. … With so much money flowing into the market, prices are likely to hold close to where
--------------------------------------------------------------------------------
http://rawstory.com/08/news/2009/06/...ice-increases/
Nothing like being bitten by the bank you fed
The giant US bank JPMorgan Chase has reportedly hired a newly-built supertanker to store heating oil off the Mediterranean island of Malta. Other companies, including BP and a unit of Citigroup, have also hired ships to store either crude oil or oil products.
According to Bloomberg.com, “Traders were already using smaller tankers to store record volumes of jet fuel and heating oil in Europe as on-shore tanks filled up.”
This latest move comes amid suggestions that recent increases in oil prices may be the result of speculators looking for a new financial bubble, prompting fears that increases in energy costs could stall any hope of an economic recovery.
According to MSNBC, “Even though most analysts say crude is still overpriced, the market has created its own momentum with an enormous amount of money fleeing equity and currency markets. … With so much money flowing into the market, prices are likely to hold close to where
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