Constitutional Deception

473
Thu, Jun 28, 2012 - 11:50am

Article 1. Section 7. Congress shall make any law it pleases, regardless of whether the citizens were lied to, deceived or otherwise misled into supporting its passage.

George and Obama debate health care taxes

The metals are, of course, up against it this morning. If you haven't yet read this (https://www.tfmetalsreport.com/blog/3940/lookout) or this ( https://www.tfmetalsreport.com/blog/3963/lookout-part-ii), please do so immediately. It is looking increasingly likely that the triple bottom in silver will soon fail. IF stops below 26.25 are tripped (maybe on The Globex this afternoon), silver may rapidly descend toward 25 and then continue, over the next couple of weeks, down toward 22 in a final washout move. Please be prepared for this and do not panic if it happens.

Gold is still in its 1530-1630 range but it is, of course, subject to a breakdown, too. Be vigilant.

Hang in there and don't be surprised by anything.

TF

About the Author

Founder
turd [at] tfmetalsreport [dot] com ()

  473 Comments

Spoofy
Jun 29, 2012 - 3:23am
The Green Manalishi
Jun 29, 2012 - 3:25am

More Bank Wankers

Banks face ban from selling interest rate swaps

Banks will be banned from selling interest rate swaps to small businesses as part of a settlement package to be announced by the Financial Services Authority (FSA), which could see lenders make large compensation payments to firms mis-sold complex derivatives.

9:34PM BST 28 Jun 2012

The FSA was last night in discussions with major banks, including Barclays, HSBC and Royal Bank of Scotland, on the final terms of a deal designed to compensate potentially thousands of small and medium-sized businesses across the country that claim to have been mis-sold interest rate swaps.

​More:https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9363553/Banks-face-ban-from-selling-interest-rate-swaps.html

maravich44 The Green Manalishi
Jun 29, 2012 - 3:38am

@The Green Manalishi......

....been trying to follow these dominoes along and Greece failing was almost acceptable, Italy wobbling and then falling will change everything. Thank You for the update. 49949446161

slacker
Jun 29, 2012 - 5:02am

Banking Crisis and the End

chunkymark, the artist taxi driver's take from England...

https://www.youtube.com/watch?v=2qcSehYr0Gw&feature=g-all-u

You gotta love a good rant...

Biochar
Jun 29, 2012 - 5:09am

@Bluefin... 2010 all over again?

Wrong. The Tea Party movement hadn't been fully hijacked by the current GOP string pullers back then. Democrat voters were complacent and stayed home. This coming election cycle 2 things will happen... 1) Millions have now benefited from those aspects of Obamacare that already kicked in, so Romney's "repeal" mantra will come off foolish. 2) Obama may be a total corporate and bankster sellout but he is a more clever liar than Mitt, a less repulsive wolf in sheep's clothing. Dem voters will rally, the election will be close but go O's way. Personally, I'll be writing in a different choice. Democrats will hold the Senate.

Healthcare, look at the statistics of healthiest nations, what kind of systems do they have in place? Those who want a "free market" here in the US , take off your rose colored glasses.

Quinn's Burning Platform 'Destruction of the Middle Class part 3' includes 2 bullet lists of outstanding proposed solutions to put the US back on track politically and financially, check 'em out and email to friends. Basic stuff... www.theburningplatform.com

koan
Jun 29, 2012 - 5:38am

Only half joking here...

But mods, how about we banish the lib/dem, left/right thing to the forums like religion? To me, they're just as odd as far as concepts go and create the same dogmatic, divisive effect between fellow human souls.

Must also say it is encouraging that the thread progressed to, or at least touched upon, the crux of the matter (i.e. underlying reason we are here in the metals etc) - freedom. Freedom from economic, religious, political, etc oppression in any shape of form. The fact some complain so vehemently about the current power structures but would happily keep centralised power is bemusing to me. Einstein's definition of insanity anyone?

Hammer
Jun 29, 2012 - 6:52am

A Little light entertainment.

A Little light entertainment. (but listen to the words carefully...........recession..meltdown.....hypocrites....... etc etc.......classic)

Smash Mouth - Walkin' On The Sun
Video unavailable
Excalibur
Jun 29, 2012 - 7:06am

Could this be last act of bankers when they face their crimes?

Shocking moment a ruined millionaire collapsed and DIED in court after 'taking pill' as he was found guilty of torching his $3million home

Read more: https://www.dailymail.co.uk/news/article-2166303/Arsonist-Michael-Marin-53-collapses-dies-Phoenix-court-guilty.html#ixzz1zB8amMlG

​History rhyming, as criminals face their crimes against humanity. Imagine a Pining photoshop of Dimon's face over Himmler....

Chilling picture emerges of Nazi leader Himmler taken just moments after he swallowed cyanide pill

By DAILY MAIL REPORTER
UPDATED: 11:13, 17 February 2011

The moustache is gone but the familiar round glasses are still there in this chilling photograph of Heinrich Himmler seconds after he killed himself.

This is the first time this picture has been seen of the architect of the Holocaust, which claimed the lives of six million Jews, just after he crunched a cyanide capsule in his mouth.

The photograph, which is due to be auctioned, was taken by British intelligence officer Guy Adderleyin in May 1945.

Dishevelled Himmler, who had been arrested by the British, was due to be interrogated by intelligence chiefs over his war crimes the following day.

Moments after death: This photograph of Nazi death camp overlord Heinrich Himmler was taken just minutes after he committed suicide by biting into a cyanide pill in 1945

Moments after death: This photograph of Nazi death camp overlord Heinrich Himmler was taken just minutes after he committed suicide by biting into a cyanide pill in 1945



Read more: https://www.dailymail.co.uk/news/article-1357847/Picture-Heinrich-Himmler-taken-moments-suicide-sale.html#ixzz1zB9z09Wo

Slick
Jun 29, 2012 - 7:07am

Banker suicide!

It's nice to fantasize however, i think bankers are far too cowardly when comes to doing the right thing.

Big L
Jun 29, 2012 - 7:10am

47

Natural rights were assumed to come from god. That's why it's been so important to remove religion from our culture.

Without natural rights we're simply subjects of the state and they hand out the rights as they see fit. In this system nepotism really pays off.

thurd aye
Jun 29, 2012 - 7:19am

Small point.Why I wonder, am

Small point.Why I wonder, am I being asked to read bot-walls on here all of a sudden.I know I am pretty slow,but I ain't a machine,yet!Anybotty else been challenged by Turd-Brother? Tick-Tock-whir-buzz-click.

And it took me ten goes before I could even read one of the darned words.(((

;)

Excalibur
Jun 29, 2012 - 7:33am

Suicide bankers

http://www.independent.co.uk/news/world/europe/greek-banker-jumps-from-acropolis-7897086.html

FRIDAY 29 JUNE 2012

A Greek bank worker plunged to his death from the Acropolis yesterday, in what police said could be the latest in a growing number of suicides caused by economic suffering in the debt-ridden nation.

The man was in his 40s and worked at Greece's troubled state-owned ATEbank. He took a break shortly after starting work in the morning but never returned.

"Guards and tourists saw him at the spot before the jump," a police official said. "Others heard a loud scream and saw him lying on the ground. It could be suicide, but there's no note." The man did not appear to have any financial problems, police said.

achmachat
Jun 29, 2012 - 7:35am

@excalibur

i think I know exactly from what spot he jumped... 

it's where the greek flag is flying on the acropolis. On the other side there's an impressive cliff.

Really-
Jun 29, 2012 - 7:38am

European Summit

It looks like some optimism from their latest meeting has had a positive affect on the markets. Crisis avoided a few more months?

boatman
Jun 29, 2012 - 7:42am

gold the most oversold in last nine years

from Droke....a big 'kress cycle' guy.......at the end of the article:

"It’s hard to imagine gold declining much further given the enormous oversold internal condition this indicator is flashing. The “quants” and other smart money technical traders will undoubtedly view this condition as a major opportunity to accumulate new long positions in the yellow metal in the weeks and months ahead. The implication here is that the gold market is “juiced” and the next confirmed short-term buy signal could prove to be explosive. Accordingly, we’ll be watching the relative strength indicator very closely in the coming days for an improvement."

https://news.goldseek.com/ClifDroke/1340975700.php

Patrancus
Jun 29, 2012 - 7:52am

Silver foil hat , you have my

Silver foil hat, you have my sediments on the darkest of evil tptb having gotten to the chief "here come the judge", at this time he and his family live off the goob which is pretty darned nice and he obviously would like to remain amongst the living and breathing for awhile longer, the monkey business going on with the elect is one matter, then blend in all the ape-sh-t going on with the unelected and appointed goobureaucrats, its stretches the limits of credulity to think the republic of america has endured this long. I for one have experience first hand the malicious calamity of gooberment operated healthcare having lost a very close loved one to their medical terror in 1979 we continue to prepare for the very worst of times coming for not only this republic but this world. 

silver foil hat
Jun 29, 2012 - 8:02am

Random thoughts on yesterday's SCOTUS, etc.

The government can now force you to pay a TAX (well, it always could) but now for behavior.

There are some places / towns in the US where you are REQUIRED to own a GUN.

I suggest now that those localities enact a TAX for those that will not comply. After all, not owning a GUN means that the local government has to hire more LEOs to protect those that refuse to comply.

I would also suggest that all "red" counties pass a county law requiring their citizenry to own a GUN. And TAX those that won't. The precedent has been set. Thanks, Obamacare.

Red County map of the 2008 elections.

When I first heard the news (as it happened) that it was upheld, I immediately thought that sealed a Romney presidency. After it was dissected and the announcement made that the reason it survived is that it was a "TAX" I was even more sure of that.

(Note the "googlebomb" in the word TAX. I suggest everyone in the future, whenever the word "TAX" is used, to link it to Obamacare. I used this link: https://www.conservapedia.com/ObamaCare )

As to Big Chief's Astrologers (not shooting the messenger here) ""It's a wise man who rules the stars. It's a fool who's ruled by them. {Over and Out}" - The Cosmic Muffin  (And believe me, Libs will hate this guy.)

There are now TWO issues Romney has to win on. The economy and Obamacare. With some polls showing up to 70% disapproved of Obamacare, Soetoro has just been dealt a second blow to his campaign.

If Roberts was 'influenced', I would opine that TPTB got to him to rule this way (it was already noted that he wrote that this law can be cured by a 'correct' vote) since they want Soetoro OUT as well. Originally they wanted him in, but he has gotten to be too much of a radical and TPTB have lost control of him. (Romney will play their game. We all know Paul wouldn't, and after recently driving on roads in my neck of the woods I've never been on on a recent trip, there's no was Paul got so few reported votes here. His signs are still everywhere , with Romney signs otherwise posted. What is notably absent even before yesterday were the "O" signs.)

A message has been sent by SCOTUS. I think the message has been received by the populace.

edit: Oh yeah, and enjoy the pyrrhic victory, Soetoro.

OVER AND OUT!

BigChief
Jun 29, 2012 - 8:08am

@Stephanie

Astrology post for entertainment purposes only. Not good analysis. No need to try to come up with a counter analysis. Birth certificate? I don't know. HOw do you know? Repeating what you read is not good information. They also used Romney's birth information. No question about it's accuracy. 

 Elites actions will create the next pres. Effect of QE will determine the next Pres and the degree which the American Public's loyalties have turned toward liking a socialist program. Give kids candy, they will eat it until it's gone. 

Really-
Jun 29, 2012 - 8:17am

@BigChief

If I may ask, where did you get the 4.5% number for European Union average debt/GDP ratio? Last list I saw had a lot of the larger European countries at or over 80%?

BigChief
Jun 29, 2012 - 8:21am

@Really

Euro debt average total debt is about 85% of their total GDP. UK being the highest deficit. USA surpassed 100% of GDP. Euro has more gold. Merkel has a plan. Slave union will work for a time. Billions being poured into the system. Obama has NO plan. Civilizations only collapsed after inflationary pressures. We're not there yet.

From Max Keiser

From

E-TARP sticks to storyline (that Euro survives) written by James Rickards in Currency Wars.  Euro not going anywhere. Let's make the rest of 2012 the year of good analysis using good information. Let's stop predicting from our emotions.

The muscles of a dead snake can wiggle for hours after it's head is cut off. This thing can be drawn out for years or until the public realizes what's really going on. Don't hold the breath with the public. 

BUDDHA PRINCESS
Jun 29, 2012 - 8:22am

S&P 500 Soars, US $ Sinks into Final Hours of the Trading Week

S&P 500 – Prices are testing above resistance in the 1334.40-1341.90 area after bouncing from support above 1305.90, the 38.2% Fibonacci expansion. A break higher exposes 1363.90. Alternatively, a turn back through support targets the 1300 figure followed by the 50% Fib at 1288.10.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_5.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

CRUDE OIL – Prices have shown little follow-through after completing a bullish Piercing Line candlestick pattern above support at 77.34, the 38.2%Fibonacci expansion, but the setup remains valid. Positive RSI divergence continues to reinforce the case for an upside scenario. Initial resistance lines up at 81.07, the 23.6% Fib, with a break higher exposing the June 7 high at the 87.00 figure. Alternatively, a push through support exposes the 50% Fib at 74.35.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_6.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

GOLD – Prices snapped support at a rising trend line support set from the mid-May swing low, a barrier is reinforced by the 50% at 1568.46, to challenge the 61.8% level at 1551.50. Continued selling from here targets the 1522.50-32.45 region. The 1568.46 level has been recast as resistance.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_7.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

US DOLLAR – Prices are testing below resistance-turned-support at 10134, the October 4 2011 high, with sellers aiming to challenge 10081 from here. A break below that boundary exposes 10032. Near-term resistance lines up at 10172, the 14.6% Fibonacci expansion, with a reversal back above that clearing the way for a test of the 23.6% expansion at 10261.

SP_500_Soars_US_Dollar_Sinks_into_Final_Hours_of_the_Trading_Week_body_Picture_8.png, S&P 500 Soars, US Dollar Sinks into Final Hours of the Trading Week

Daily Chart - Created Using FXCM Marketscope 2.0

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

BUDDHA PRINCESS
Jun 29, 2012 - 8:24am

Dollar, Yen May Fall Further as EU Leaders Turn to Growth Agenda

The US Dollar and the Japanese Yen slumped overnight after EU leaders delivered an unexpectedly forceful response to the region’s debt and banking crisis following the first day of negotiations at a summit in Brussels, boosting risk appetite and sapping demand for the go-to haven currencies. The stocks-linkedAustralian and New Zealand Dollar outperformed adding as much as 1.6 and 1.4 percent respectively against the greenback.

Policymakers agreed to create a joint bank supervision scheme, to be established by the end of the year. Once that is operational, the EFSF/ESM bailout funds will be given authority to recapitalize banks directly without funneling funds through the governments of member states (which otherwise increases sovereign debt levels).

Finally, the terms of Spain’s bank rescue will be amended such that the EFSF/ESM funds will not gain seniority status. This would have given them priority to get paid out ahead of the country’s other creditors in the event of default and restructuring (which would discourage private buying of Spanish bonds, driving borrowing costs higher).

Looking ahead, S&P 500 stock index futures are pointing firmly higher, suggesting the risk-on mood is likely to carry forward and continue to keep haven currencies under pressure against their major counterparts. All eyes remain on Brussels as the second day of the summit gets underway, with the focus now likely to shift toward measures aimed at boosting regional economic growth.

As we discussed previously, agreement on this front is likely to prove easier, particularly as the latest batch of economic data shows slumping growth in the periphery is making its way to the Eurozone core (namely, Germany and France). The recession in the currency bloc and its consequences for other economies is the most significant headwind facing global performance this year. Consequently, a convincing set of pro-growth measuresthat helps soften the downturn ought to prove further supportive for sentiment.

Asia Session: What Happened

GMT

CCY

EVENT

ACT

EXP

PREV

22:45

NZD

Building Permits (MoM) (JAN)

-7.1

3.0%

-7.6% (R+)

23:01

GBP

GfK Consumer Confidence Survey (MAY)

-29

-29

-29

23:15

JPY

Markit/JMMA Manufacturing PMI (JUN)

49.9

-

50.7

23:30

JPY

Jobless Rate (MAY)

4.4%

4.5%

4.6%

23:30

JPY

Job-To-Applicant Ratio (MAY)

0.81%

0.8

0.79

23:30

JPY

Household Spending (YoY) (MAY)

4.0%

2.5%

2.6%

23:30

JPY

National CPI (YoY) (MAY)

0.2%

0.2%

0.4%

23:30

JPY

National CPI Ex-Fresh Food (YoY) (MAY)

-0.1%

0.0%

0.2%

23:30

JPY

National CPI Ex Food, Energy (YoY) (MAY)

-0.6%

-0.6%

-0.3%

23:50

JPY

Industrial Production (YoY) (MAY P)

6.2%

6.7%

12.9%

23:50

JPY

Industrial Production (MoM) (MAY P)

-3.1%

-2.8%

-0.2%

23:50

JPY

Loans & Discounts Corp (YoY) (MAY)

-0.53%

-

-0.64%

1:30

CNY

Industrial Profits YTD (YoY) (MAY)

-2.4%

-

-1.6%

1:30

AUD

Private Sector Credit (MoM) (MAY)

0.5%

0.4%

0.4%

1:30

AUD

Private Sector Credit (YoY) (MAY)

4.0%

3.9%

3.8%

1:35

CNY

MNI Business Condition Survey (JUN)

53.21

51.92

54.40

3:00

NZD

Money Supply M3 (YoY) (MAY)

6.3%

-

5.5%

4:00

JPY

Vehicle Production (YoY) (MAY)

59.5%

-

173.8%

5:00

JPY

Construction Orders (YoY) (MAY)

-0.9%

-

16.2%

5:00

JPY

Annualized Housing Starts (MAY)

0.903M

0.881M

0.896M

5:00

JPY

Housing Starts (YoY) (MAY)

9.3%

6.6%

10.3%

Euro Session: What to Expect

GMT

CCY

EVENT

EXP/ACT

PREV

IMPACT

5:30

EUR

French Gross Domestic Product (QoQ) (1Q F)

0.0% (A)

0.0%

Low

5:30

EUR

French Gross Domestic Product (YoY) (1Q F)

0.3% (A)

0.3%

Low

6:00

EUR

German Retail Sales (YoY) (MAY)

-1.1% (A)

-4.3%

Low

6:00

EUR

German Retail Sales (MoM) (MAY)

-0.3% (A)

-0.2%

Low

6:45

EUR

French Consumer Spending (YoY) (MAY)

0.6% (A)

0.4%

Low

6:45

EUR

French Consumer Spending (MoM) (MAY)

0.4% (A)

0.7%

Low

6:45

EUR

French Producer Prices (MoM) (MAY)

-1.0% (A)

0.0%

Low

6:45

EUR

French Producer Prices (YoY) (MAY)

2.2% (A)

2.7%

Low

7:00

CHF

KOF Swiss Leading Indicator (JUN)

1.16 (A)

0.80

Medium

8:00

EUR

Euro-Zone M3 s.a. (3M) (MAY)

2.8% (A)

2.7%

Medium

8:00

EUR

Euro-Zone M3 s.a. (YoY) (MAY)

2.9% (A)

2.5%

Medium

8:30

GBP

Index of Services (3M/3M) (APR)

-0.2%

0.1%

Low

8:30

GBP

Index of Services (MoM) (APR)

0.0%

0.5%

Low

9:00

EUR

Euro-Zone CPI Estimate (YoY) (JUN)

2.4%

2.4%

Medium

Critical Levels

CCY

SUPPORT

RESISTANCE

EURUSD

1.2392

1.2692

GBPUSD

1.5461

1.5682

--- Written by Ilya Spivak, Currency Strategist for Dailyfx.com

BUDDHA PRINCESS
Jun 29, 2012 - 8:25am

The CME Daily Delivery Report

The CME Daily Delivery Report managed to squeeze a few more contracts into the June delivery month, as 1 gold and 1 silver contract were posted for delivery today. Now that June is off the board, I can report that 6,073 gold and 133 silver contracts were delivered during the month. This is NOT physical delivery off the exchange, this is just gold and silver bars changing owners [members of the exchange] in the Comex-approved warehouses.

As expected, the CME also posted the July 2nd first day notice numbers as well. In gold, there were 652 contracts posted for delivery. The only short/issuer was JPMorgan with all 652 contracts...365 in its client account and 287 in its proprietary [in-house] trading account. The big long/stopper was the Bank of Nova Scotia with 643 contracts.

But it was silver that was the stunner. July is a big delivery month for silver...and the CME report showed that only eleven [11] silver contracts were posted for delivery on Monday. That's it. I expect this to change...and rather dramatically...as the days pass, but this is not even a rounding error of the number that I was expecting. The link to theIssuers and Stoppers Report, which is well worth a look, is here.

By Ed Steer

Gold & Silver daily

Be Prepared
Jun 29, 2012 - 8:27am
BigChief
Jun 29, 2012 - 8:28am

You are right Really.  I used

You are right Really. I used Seeking Alpha numbers and put in the wrong number. typo. 85% is an acceptable number. Still below US debt/GDP ratio. That, gold reserves and the political will to keep it together. This is a long an winding road. No kicking the can down a few months. Much longer. some week institutions will fall off the cliff. But right now, no psychotic break downs in the market. 

Check out Euro nominal GDP rate!!!

BUDDHA PRINCESS
Jun 29, 2012 - 8:28am

A Huge Break in the LIBOR Banking Investigation: Matt Taibbi

On Wednesday, Barclays won the race to reach a deal with U.S. and British regulators, beating UBS, which was reportedly the first bank to begin cooperating with international antitrust authorities. Barclays agreed to pay at least $450 million to resolve government investigations of manipulation of Libor and the Euro interbank offered rate (or Euribor): $200 million to the U.S. Commodity Futures Trading Commission, $160 million to the criminal division of the U.S. Department of Justice and $92.8 million to Britain's Financial Services Authority.

I wrote about the Libor investigation in the current issue of Rolling Stone, in "The Scam Wall Street Learned From the Mafia," about muni bond bid-rigging. Throughout this spring, while the Carollo bid-rigging case played out in a Manhattan courtroom, negotiations between banks and regulators were going on in this far larger cartel-corruption case. It’s been clear for some time now that a number of players had begun cooperating, and the only question was which bank was going to settle first.

Despite widespread expectation that it would be UBS, it turned out to be Barclays. You know how in Law and Order Jack McCoy always puts the two murder accomplices in separate rooms and tells them both that whoever talks first wins? Something like that happened here. In any case, the Department of Justice filing on the settlement contained excerpts of emails and other evidence that recall the taped phone conversations in the Carollo case: once again, we have seemingly incontrovertible evidence of wide-scale market manipulation. From Alison Frankel at Reuters:

Read more: https://www.rollingstone.com/politics/blogs/taibblog/a-huge-break-in-the-libor-banking-investigation-20120628#ixzz1zBVnTdlr

Rollingstone story

Be Prepared
Jun 29, 2012 - 8:28am
BUDDHA PRINCESS
Jun 29, 2012 - 8:30am

JPMorgan's Trading Loss Could Be $9 Billion

Banking competitors are trying to lure away top talent at JP Morgan by highlighting the recent prop trading losses are likely to affect bonuses and Jamie Dimon isn’t being honest about how bad the loss will be. On July 13th the banking giant will announce 2nd quarter earnings and a real-time number is expected on how many billions net income gets wacked with because the London whale trade has been wound down or they’re willing to admit how bad the wind down will be. Last week Mark DeCambre at the New York Post wrote his JPM sources expect the loss to be between $4-6 billion – JPM’s estimate in May was only $2bn. But I heard this week JPM managing directors are being told it’s more. To the tune of $9 billion – Ouch!

That could be two quarters worth of net income and since JPM staffers are paid in part on how the whole company earns that rumor about a yearend lack luster bonus is looking more like a reality. Not good if you are killing your quota this year and working in a group that has nothing to do with the wrong way derivative trade. So a few seasoned wealth managers I spoke with are weighing competitor offers and seriously thinking of jumping ship – even if that means they give up their not yet vest $JPM stock.

Losing $9 billion on a single trade strategy gone so very wrong will put a lot of pressure on the White House’s favorite banker and make the Senate look even more foolish for their fluffy congressional hearings on the failed trade. If a $9bn gross trading loss becomes reality then the 3 notch downgrade by Moody’s could slid even further which increases their cost of borrowing and well – that sucks for anyone contingent on a JPM paycheck.

Posted over at theteribuhl.com website

The link is here.

murphy
Jun 29, 2012 - 8:30am

Give me a f'n break

Why can't they do the right thing and arrest all of them? OH NO! Not the Serious Fraud Office. Next they are going to put them on double secret probation.

The Serious Fraud Office has begun talks with regulators over potential criminal investigations into senior Barclay’s executives and other bankers.

*George Osborne said the scandal was a “shocking indictment of the culture at banks like Barclays” as he pledged to tighten the law to make criminal prosecutions possible.

*A Barclays whistleblower accused the Government of failing to address the scandal which he first exposed more than four years ago.

*A former trader at the Royal Bank of Scotland claimed that it was “common practice” among senior employees to make requests to fix the Libor rate - and that senior management knew about the tactic.

*An independent analysis presented to American courts estimated that the scandal may have cost $45 billion (£30 billion) during the financial crisis alone. Most of the losses may have been incurred by pension funds and other investors.

https://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9363445...

Be Prepared
Jun 29, 2012 - 8:30am
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Key Economic Events Week of 1/14

1/15 8:30 am ET Producer Price Index
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Key Economic Events Week of 1/7

1/7 10:00 ET ISM Services Index
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Key Economic Events Week of 12/31

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