JPM Refuses To Comply With Broad PFG Subpoena
Last week we wrote that we were not surprised to learn that the first party of interest in the PFG bankruptcy was "none other than JPMorgan, which together with various other banks, will be the target of a subpoena by the PFG trustee." We added "How shocking will it be to find that Dimon's company is once again implicated in this particular episode of monetary vaporization." It appears that we were not the only ones shocked to learn that Jamie Dimon's firm could make a repeat appearance again when it comes to missing client money: JPM itself seems to not have expected this development. The result, as just reported by Reuters: "JPMorgan Chase & Co on Monday sought to limit the power the bankruptcy trustee for Peregrine Financial Group has to subpoena information from financial institutions that did business with the failed brokerage." Why, whatever may JPMorgan be hiding, and whyever is it taking preemptive steps from preventing such information from leaking into the public domain: because it is too "burdensome" - it is only logical that Jamie can not dedicate one person of his 261,453 employees to this modest matter. No fear though: even if it is found that just like in the MF Global bankruptcy JPM may have overreached just a tad when it comes to money that doesn't belong to it, the CFTC can just say that as a result of an extensive 4 year investigation, JPM was found to have done nothing wrong, and if the public can please already disperse.Explaining The Knightmare
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(Economic) Drivers, (QE) Drive By's And Dives
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Summer Doldrums: Unchanged Market On Collapsing Volume
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This is the where we would normally do our daily market summary, but frankly there is no longer a market left to summarize: today's volume may not have been the lowest of 2012, including holidays, but it was close. Total volume on Tape A for all exchanges was just above 3 billion shares, 20% below the YTD average, which in turn is 20% below the 2011 average, and so on. As more and more firms such as Knight are carted out, and as confidence in the market follows the US corn reports percentage of corn in "good excellent" condition lower to zero, and then negative (why not? We have NIRP in half the developed world after all) more firms will have no choice but to go out of business: some may blame their extinction on a rogue algo, some on a social network IPO, but the reality is that unless trading volume picks up, banks and trading desks, in their current shape, are doomed.
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Keys to Success
Jim Rogers' Keys to Success (taken from the titles and sub headings of each
chapter of the new book, "A Gift To My Children"):
1. Do not let others do your thinking for you
2. Focus on what you like
3. Good habits for life & investing
4. Common sense? not so common
5. Attention to details is what separates success from failure
6. Let the world be a part of your perspective
7. Learn philosophy & learn to think
8. Learn history
9. Learn languages (make sure Mandarin is one of them)
10. Understand your weaknesses & acknowledge your mistakes
11. Recognize change & embrace it
12. Lo... more »
Faulty London Financial times story on silver/Summer doldrums
Good
evening Ladies and Gentlemen:
Gold closed up today up by $6.90 to $1612.90. Silver finished the comex
session up by 6 cents.
We have lot of ground to cover as I guess you all saw the London
Financial times article by Jack Farchy which suggests that the silver
manipulation is over. I can tell you that it is bogus. We will go over
this story and others from Europe, but first let us head
In The Near-Term Markets Can Still Rally
In the near-term, I believe that markets can still rally somewhat for the
simple reason that in every market you have a few strong stocks and they
are breaking out on the upside. And then you have a lot of stocks that are
down 40-50% and very oversold, so they can also rebound.
We have a lot of liquidity in the world that has been created essentially
by central bankers. We have negative real interest rates practically
everywhere. So if people keep their money on deposits, they are losing out
in terms of purchasing power. The sentiment among investors, at the
beginning of June, was v... more »
To Be Or Not To Be, Is The Silver Market Truly Free?
*We now live in a nation where doctors destroy health, lawyers destroy
justice, universities destroy knowledge, governments destroy freedom, the
press destroys information, religion destroys morals and our banks destroy
the economy* - Chris Hedges, "Days of Destruction, Days of Revolt"
Moment of silence for the end of the CFTC investigation into silver
manipulation - or is it? In the back of my mind when I read last night's
Financial Times article, behind the immediate swell of anger and
frustration, I was wondering if the article was a "plant" by someone
motivated to force the ... more »
Knight Capital Implosion: The Latest Wall Street Alarm Bell That Everyone Will Ignore
"Ok folks, shows over, nothing to see here, OH MY GOD!" Everyone looks but no one really wants to see. Alarm bells always get swept under the rug until a full-blown crises makes it impossible to ignore them. This is followed by lots of finger pointing, taxpayer money, and regulations designed to avert the next crisis that always comes. Law schools teach it... [[ This is a content summary only. Visit my website for full links, other content, and more! ]]Get A Citi Rewards Card, Buy Women
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The Olympic Evolution Of The World's Fastest Men
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Gold, Price Stability & Credit Bubbles
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Quarto Reich: Italy Goes "There" Again
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