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Old 05-10-2012, 05:35 PM   #1
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JPM Crashing ???

From Zerohedge:
http://www.zerohedge.com/news/jpm-cr...-market-losses

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Old 05-10-2012, 05:41 PM   #2
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yeah been following this little show
kinda feels good but could be the start of something very bad

always got to allow for zerohedge making things seem a bit more dramatic than they need to though
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Old 05-10-2012, 05:53 PM   #3
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More Info:
http://www.cnbc.com/id/47377555


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Old 05-10-2012, 06:36 PM   #4
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These banks really make me sick. They are like blackjack junkies. They bet balls to the wall and when it works out they get paid a ton when it doesnt they just get bailed out, can't let the financial system fail etc. craziest legalized racket there is.
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Old 05-10-2012, 07:43 PM   #5
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Originally Posted by BigJim View Post:
More Info:
http://www.cnbc.com/id/47377555
Quote :
...
"Just because we're stupid doesn't mean everybody else was," Dimon added. Investigation into trade was started by a Wall Street Journal report, Dimon said, which led to his admitting the mistake "violated the Dimon rule."

Bloomberg News reported in April that a single JPMorgan trader in London, known in the bond market as "the London whale," was making such large trades that he was moving prices in the $10 trillion market.
...
Yeah, JPM never manipulates markets. Tin foil hat suckers.
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Old 05-10-2012, 11:45 PM   #6
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Originally Posted by rblong2us View Post:
yeah been following this little show
kinda feels good but could be the start of something very bad

always got to allow for zerohedge making things seem a bit more dramatic than they need to though
Frankly, I am getting less enamoured with ZH by the week. Still drop by, but there are very few comments worth reading below the opinion articles.
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Old 05-11-2012, 03:26 AM   #7
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Good time to buy some silver? Hit them while their down?
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Old 05-11-2012, 05:47 AM   #8
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If my tracking of Apmex physical inventories is any indication, it would appear that people are BTFD.
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Old 05-11-2012, 07:05 AM   #9
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Local news channel today said something about JPM losing 2 billion dollars over the past 6-8 weeks, but I didn't catch the whole story.

Should be interesting!
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Old 05-11-2012, 07:05 AM   #10
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I wonder if the upcoming ISDA rule change meeting has something to do with JPM distress.
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Old 05-11-2012, 07:07 AM   #11
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lol...

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Old 05-11-2012, 07:08 AM   #12
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I just read that the losses for JPM prop desk are something like 4 billion instead of the reported 2 billion. So, if these monkeys have a couple of trillion dollars worth of market presence, isn't a few billion dollars just a bit of chump change?

<sarc>
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Old 05-11-2012, 09:02 AM   #13
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ancona - well of course, couple of billions that way or another - that is apparently the way they think - honestly, why shouldn't they, if instead of see some heads rolling, Uncle Sam is always to the rescue, when things go wrong.

PMBug, I've seen that piece about "Jamie Dimon tapeworm" - I must admit, Max Kaiser is sometimes over the top in how he reports that whole financial cesspit (though he is always right with regards of what he is saying), but that one was h.i.l.a.r.i.o.u.s

Obviously, I do believe that all of this will end badly, and it has to start with something "too big to bail"* - so I am awaiting the inevitable with mixed emotions - I do know it is needed to flush all that scum out of the system, and even rebuild the system itself - but it ain't going to happen, without some EXTREME disturbances, both politically, socially, and economically. You just DON'T change systems of that size, complexity, and powerful connections, unless you are absolutely FORCED to do that by the "higher need" circumstances.

Is it a beginning of the end - no... it has begun in 2006, if not in 1989 (when Russian empire went under - first and foremost, financially). It is just another stage in the final act, I suppose...

* "too big to bail", used with regards to our Her Majesty Financial Institutions, I thereby claim copyrights Please use it as often as you wish, together with that license/disclaimer, and send some money my way every time you do so
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Old 05-11-2012, 09:07 AM   #14
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Too big to bail is the lynchpin in the system which if pulled, collapses the whole fucking thing. We had all better be careful what we wish for here. These monstrosities need to be carefully and slowly dismantled and made to be a much smaller size. Failure of a Goldman or JP Morgan sized firm would burn down the entire financial complex in less than a fortnight.
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Old 05-11-2012, 10:00 AM   #15
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...I am fully aware, ancona... That is why I have mixed emotions, but on the other hand, I do not think there really is another way than a shock therapy, not with all the connections, power, and the amounts of speculations in a totally abstract bets, that are at play here.

There will be a hell to pay for everybody - and especially, for have-nots, I suppose. I just can't see it working out another way. I wish I was wrong, though, and that there would be some moderately painful way of dismantling that cesspit, instead of extremely painful one.
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Old 05-11-2012, 10:23 AM   #16
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Yeah, the descent in to hell will be long and painful, even for folks that have prepareed themselves.
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Old 05-11-2012, 10:43 AM   #17
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...another media piece on that - questioning if yesterday's JPM's release is just the tip of the iceberg, and "ahead damage control" technique

http://www.bloomberg.com/video/92465009/
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Old 05-11-2012, 10:43 AM   #18
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DOW,S&P,Nasdaq,ALL UP!!!
Metals Down...
Move along now....Huge JPM losses mean nothing...


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Old 05-11-2012, 11:03 AM   #19
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Must be all those green shoots.
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Old 05-14-2012, 02:07 PM   #20
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http://finance.yahoo.com/blogs/daily...165144546.html

Let me get this straight, it should be illegal for companies to take risks and make a losing bet?!

a) If a company goes bankrupt, DO NOT bail it out! This only encourages risk taking behavior!

b) For all of those that would complain about the little guy's that get hurt because thier bank went under, shouldn't it be thier responsibility to make sure the company they had thier life savings to is solvent?

This would be like giving all of your money to an investment company that picks the wrong stock and you lose all your money. Instead of taking personal responsibility for picking a bad investment firm, you tell the governement to give that investment firm billions of dollars so you can get your money back?
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