Thursday, June 28, 2012

Ehh - $2 billion or $9 billion ... What's a Few $Billion Between Friends?

Well imagine that!  JP Morgan CEO Jamie Dimon and Congress's most favoritest BFF, it appears, hasn't been totally truthful on the size of the losses in his company's (and by company I really mean Mafia Crime Syndicate) most recent roll of the dice at the GWOPM (Gambling With Other People's Money) craps table:

Losses on JPMorgan Chase’s bungled trade could total as much as $9 billion, far exceeding earlier public estimates, according to people who have been briefed on the situation.

When Jamie Dimon, the bank’s chief executive, announced in May that the bank had lost $2 billion in a bet on credit derivatives, he estimated that losses could double within the next few quarters. But the red ink has been mounting in recent weeks, as the bank has been unwinding its positions, according to interviews with current and former traders and executives at the bank who asked not to be named because of investigations into the bank.

The bank’s exit from its money-losing trade is happening faster than many expected. JPMorgan previously said it hoped to clear its position by early next year; now it is already out of more than half of the trade and may be completely free this year.

Just last week there was a magnificent charade on Capitol Hill, where the estimable Mr. Dimon was gang fellated by the Senate Banking Committee, a group of grifters posing as Senators, and who incidentally, have been on the generous receiving end of JP Morgan's political donations Christmas list for years.

Dimon and his hedge-fund cowboys have donated somewhere in the neighborhood of half a $million dollars to these Senate Banking Committee members just this past year alone, with the breakdown being 60% to Republicans and 40% to Democrats.  The only positive aspect of those breakdown percentages is that it proves, if anything, that Dimon is an equal opportunity corrupter when it comes to political party support.

Bottom line is that JP Morgan initially reported only $2 billion (only!) in losses on their London Whale's dicey dice throw.  That loss number is now estimated to be $9 billion, and since they are likely lying about that number too, don't be surprised if the tally vaults in to double-digits territory once the end-all, final truth is known.

But once again I point out to you all - these are the people who own you.  They own your country.  They own your government.  They own your finances.  They own yours, your children's and your grand children's destiny.

How much longer are you going to sit around and allow them own you?


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