• Tag Archives 9-ll
  • American Express CEO Ken Chenault Is Retiring

    Despite credit card giant American Express reporting another round of solid quarterly earnings, with revenue of $8.40bn beating expectations of $8.19bn, and generating EPS of $1.50, also above the $1.48 expected, and boosting its profit guidance for good measure, now projecting full year EPS of $5.80 to $5.90, up from $5.60 to $5.80 (above the consensus estimate of $5.75), AXP stock initially spiked, then immediately slumped back to unchanged, following news that the company’s CEO since 2001, Ken Chenault, is retiring effective February 1, 2018.
    The unexpected departure prompted Warren Buffett, the company’s largest shareholder, to share the following parting words ‘Ken’s been the gold standard for corporate leadership and the benchmark that I measure others against. He led the company through 9/11, the financial crisis and the challenges of the last couple of years. American Express always came out stronger. Ken never went for easy, short-term answers, never let day-to-day challenges distract him from what was right for the moderate to long term. No one does a better job when it really counts and he’s always done it with the highest degree of integrity.’
    Chenault will be replaced by Stephen Squeri, who has been Vice Chairman since 2015 and prior to that was Group President of the Company’s Global Corporate Services Group.
    Full press release below:
    American Express Announces Stephen J. Squeri to Succeed Kenneth I. Chenault as Chairman and Chief Executive Officer
    American Express Company (AXP) said today that its Board of Directors has appointed Stephen J. Squeri Chief Executive Officer and elected him Chairman of the Board, each effective February 1, 2018. Mr. Squeri, 58, will succeed Kenneth I. Chenault, 66, who will retire after a distinguished 37-year career with the Company.

    This post was published at Zero Hedge on Oct 18, 2017.


  • Trump Left Saudi Arabia Off His Immigration Ban… Here’s Why

    Submitted by Nick Giambruno via InternationalMan.com,
    On August 15, 1971, President Nixon killed the last remnants of the gold standard.
    It was one of the most significant events in US history – on par with the 1929 stock market crash, JFK’s assassination, or the 9/11 attacks. Yet most people know nothing about it.
    Here’s what happened…
    After World War 2, the US had the largest gold reserves in the world, by far. Along with winning the war, this let the US reconstruct the global monetary system around the dollar.
    The new system, created at the Bretton Woods Conference in 1944, tied the currencies of virtually every country in the world to the US dollar through a fixed exchange rate. It also tied the US dollar to gold at a fixed rate of $35 an ounce.
    The Bretton Woods system made the US dollar the world’s premier reserve currency. It effectively forced other countries to store dollars for international trade, or to exchange with the US government for gold.

    This post was published at Zero Hedge on Feb 18, 2017.


  • Trump Left Saudi Arabia Off His Immigration Ban: Here’s the Reason Why

    On August 15, 1971, President Nixon killed the last remnants of the gold standard.
    It was one of the most significant events in U.S. history – on par with the 1929 stock market crash, JFK’s assassination, or the 9/11 attacks. Yet most people know nothing about it.
    Here’s what happened…
    After World War 2, the U.S. had the largest gold reserves in the world, by far. Along with winning the war, this let the U.S. reconstruct the global monetary system around the dollar.
    The new system, created at the Bretton Woods Conference in 1944, tied the currencies of virtually every country in the world to the U.S. dollar through a fixed exchange rate. It also tied the US dollar to gold at a fixed rate of $35 an ounce.
    The Bretton Woods system made the U.S. dollar the world’s premier reserve currency. It effectively forced other countries to store dollars for international trade, or to exchange with the U.S. government for gold.

    This post was published at International Man


  • Paul Krugman’s Latest Conspiracy: Trump Is A Gold Bug

    Paul Krugman’s decay from Nobel Prize winning economist to partisan hack has only escalated since taking control of his Twitter account (it was previously used to simply link to his New York Times columns.) Some notable 2016 lowlights include Krugman accusing the FBI of working with Russia, one of the more impressive election night meltdowns, and his suggestion last week that Trump losing the popular vote gives him extra incentive to have his own 9/11.
    This morning however, Krugman took to the President-elect’s favorite medium to make the case that Donald Trump was actually a secret ‘gold bug.’
    As I noted last week, Trump himself has taken a number of various position on money, the Fed, and gold (giving the gold standard a literal thumbs up last year during an interview with GQ), so it was interesting to see Krugman’s case. Did he manage to confirm the fears of Tim Duoy at Bloomberg, that Trump may put Austrians in the Fed?
    Krugman’s first point is essentially as simple as pointing out that Treasury nominee Steve Mnuchin knows John Paulson, who invested heavily in gold, therefore Mnuchin must share Paulson’s world view.

    This post was published at Ludwig von Mises Institute on December 21, 2016.


  • How Millennials Are Reshaping the Survivalism Industry

    With Donald Trump’s stunning victory, a sense of change is sweeping across nations and financial markets worldwide – change that has citizens feeling more unsettled than ever about the future. This is likely to further boost an industry with a uniquely dark outlook on America’s future. Although ‘survivalism’ (a movement defined by active disaster preparation) has been around since the 1930s, the latest wave has reached a fever pitch thanks to two distinct drivers. The first is widespread anxiety about the future. The second is generational change. Boomers and Xers have created today’s survivalist frenzy – marked by extreme individualism and institutional distrust. But as Millennials age, this version will give way to a more community-oriented one. Looking back, the ebb-and-flow of survivalism should hardly come as a surprise – it’s been years in the making.
    Since the Great Depression, survivalism has gone through three waves. The first began in the late ’60s and ’70s, when rampant inflation fueled fears of economic collapse and energy shortages, and peaked in the ’80s as concerns shifted to nuclear war. The second wave peaked in 1999 – coinciding with the impeachment of Bill Clinton, the Y2K scare, and the deepening of the ‘Culture Wars.’ The third wave was triggered by 9/11 and has continued to surge with every natural disaster, national tragedy, and presidential election.
    The latest wave has transformed survivalism from a hobby to a lifestyle. Survivalists (or ‘preppers’) take disaster preparation seriously. Some own bunkers located ‘off the grid’ (particularly in Idaho, Montana, and Wyoming) stockpiled with MREs, gold, weapons, and alternative power sources. Others simply keep a stash of canned goods, water, and medical supplies – usually in a ‘bug out bag’ – and take wilderness training courses.

    This post was published at FinancialSense on 12/12/2016.


  • Trump Sets Stage for Huge Gold Rally in 2017

    Wolf here: This is a sponsored post, but it’s interesting in its own right: It’s about gold itself and about a gold mining company, at a time when gold has gotten crushed and has become one of the most hated investments out there, just when the world is facing enormous uncertainties. For once, it’s an article – unlike many of my own articles – that is positive in tone. Think of it as an antidote.
    *** Global political tensions have not been this palpable since 9/11, when gold prices jumped 32.87% in a single day, and the amount of uncertainty being ushered in for 2017 promises to be great for the precious metal – our age-hold hedge against chaos and instability.
    For a fully-funded junior gold miner backed by heavy hitters in one of the world’s hottest venues – Fiore Exploration Ltd (TSXV – F. V) the timing is excellent, the production costs appealing, and the future golden.
    What we have right now is a situation in which gold prices are stable, but mining and exploration, which has been all but halted, is very cheap, leaving all kinds of plays up for grabs.
    Combine this with the fact that an unpredictable and inflation-bent Trump is preparing to take office in the U. S., the British prime minister is set to trigger a ‘hard Brexit’, China’s economic problems are mounting and most of the world is explosively tense, and you have a situation in which gold is set for a premium.
    Gold is the ultimate safe-haven and the ultimate means of payment when all else fails, or when the uncertainty is high enough to fear this failure.

    This post was published at Wolf Street on December 5, 2016.


  • World Suffers From Trump Shell Shock – Here’s What Will Happen Next

    I’ve been saying this for a long time, and I’ll say it again here – in life there are only two kinds of people: those who know and those who don’t. Some might claim there is a third option: those who don’t want to know. In any case, if you want to be able to foresee geopolitical and social trends, you have to be one of the people who know.
    Above all else, in order to know you must be willing to step outside of the confusion and theater of the circus and look at developments from above. If you are biased and retain too many sacred cows you will never understand how the world works. You will be too busy trying to reinforce your own fantasies to see anything else.
    Beyond this, you must also understand that political and social developments are not random; they are either reactions to deliberate policies of special interests or they are driven by policies of special interests. Therefore, these developments are predictable and can be calculated (to a point).
    I usually refer to these ‘special interests’ as global elites, or globalists, because that is how they often refer to themselves. The point is, most of the events you see in the political world are engineered events designed to elicit a specific psychological response from you and the people around you. You are not a human being to these people; you are either an asset to be molded or an obstacle to be disposed of. This is how our world works. Period. And until we fully understand this and accept it, things will never change.
    So, to be clear, if you understand the minds of globalists and understand what they want, you can understand the basic direction of the future.
    It is this philosophy which has allowed me to consistently and accurately predict geopolitical and economic events that very few other people have been able to predict. For example, I correctly predicted the Federal Reserve taper of QE, I predicted the inclusion of China in the IMF’s Special Drawing Rights years in advance, I predicted the exact timing of the first Fed rate hike, I predicted the success of the Brexit referendum when most of the world and the liberty movement said it was never going to happen, I predicted that the Saudi 9/11 bill would pass, that Barack Obama would veto it and that congress would override his veto, I predicted that Hillary Clinton would be the Democratic candidate and that Donald Trump would be the Republican candidate for president of the U. S. and, for the past five months, I have been predicting that Donald Trump would win the 2016 election.
    People can either attribute these series of successful predictions to pure ‘luck,’ or they can consider the possibility that I know what I am talking about. I’ll leave that to them.
    The real issue, though, is not that my predictions were correct. What is more important is WHY they were correct. To begin with, I am often correct because it is a fact that globalists influence events. Globalists are human (at least partially); thus, they are predictable, making events predictable. If you can see from the perspective of a globalist, you will know what they want and what they are likely to do to get it.

    This post was published at Alt-Market on 16 November 2016.


  • 9/11/16: Bitcoin vs Ether: MIIS Students Case Study

    Following last night’s election results, Bitcoin rose sharply in value, in line with gold, while other digital currencies largely failed to provide a safe haven against the extreme spike in markets volatility.
    In a recent project, our students @MIIS have looked at the relative valuation of Bitcoin and Ether (cryptocurrency backing Ethereum blockchain platform) highlighting
    Fundamental supply and demand drivers for both currencies; and Assessing both currencies in terms of their hedging and safe haven properties

    This post was published at True Economics on Thursday, November 10, 2016.


  • Total disbelief…

    I must apologize for being scarce over the last few days, I have been in Munich Germany speaking at a gold conference. I did two interviews and one Q A session. Hopefully we will have 2-3 links leading you to my speaking engagements early this coming week. At this point, I can only pray to God that I land in Texas and return to my family before the pending news blows the doors off the world. Apparently news will come out in the next 24 hours that is so far beyond belief the average person will not believe it even with pictures provided. I have spoken of ‘truth bombs’ for close to two years now. I must confess, it was my original belief the truth bomb to come was 9/11 centric and Mr. Putin would be the author. I now am understanding that even WikiLeaks and Anonymous are shocked with what is allegedly coming out. My only fear is that the news may be so far over the top that no one believes it because ‘it cannot’ be true … even in a Stephen King novel.

    This post was published at JSMineSet on November 6th, 2016.


  • Hillary Steals The Presidency While Atlas Shrugs

    Must have been some kind of time/space warp while we slept last night… today Obama says if illegals vote they become a citizen and the NY Post headline is the Filipino maid who printed Hillary’s classified emails then Comey bails on 650,000 damning emails. F#%k me Dave, I feel like I’m on LSD. – email from a reader
    About 12 years ago I was chatting with the friend who dragged me feet-first into the ‘dark side’ and the world of precious metals in 2001. We were discussing Eastman Kodak’s likely demise a few years before the Company went into the tank. We knew a 2008-type event was going to happen at some point. At the time, we said that eventually we would see events occur in this country that would blow our minds. Mind you, this was a couple years after Enron, 9/11 (which we knew was a Government false-flag operation), Bernie Madoff and the U. S.’ illegal invasion based on admitted (eventually) lies propagated by Colin Powell.
    I have to say, the way in which Hillary Clinton’s criminal organization has gained complete control over the political and justice system and the media in this country is truly mind-blowing. Hillary is a criminally insane sociopath. That point is unequivocally inarguable. But the true Devil in her organization is John Podesta, who’s persona has been made available to anyone willing to spend time reading just a portion of the ‘Podesta’ emails given to us by Wikileaks.

    This post was published at Investment Research Dynamics on November 7, 2016.


  • At Home in the SkyDome

    I just got back from Toronto, the first time I had been there in a really long time – certainly before all the fancy buildings went up. The city could easily have passed for the set of Tomorrowland. And that’s only a slight exaggeration.
    All comments about overvalued real estate aside, I learned a lot on this trip, stuff that you don’t get from staring at Bloomberg all day.
    So I went to see a ballgame at the SkyDome (now known as the Rogers Centre, but people still call it the SkyDome). It’s great having a ballpark downtown. I was just in San Diego a few months ago and caught a Padres game downtown. Baseball is meant to be played in a city.
    The SkyDome is pretty old now, has to be one of the top five or six oldest parks in the league, even though it was only built in the late ’80s. It’s showing a little age – the seats are uncomfortable and meant for when people were smaller – but when you close the roof and get 47,000 people cheering, it’s an amazing place to watch a game.
    So since I’m in Canada, and the Jays are playing the Yankees, we get to hear both national anthems. They bring out this big 100-person choir, and they sing the US national anthem, which gets warm applause from the Canadian crowd.
    Then they start singing O, Canada. You can hear a pin drop in that place.
    Then something incredible happens. About two-thirds of the way through, people start cheering. Then more people start cheering. Then there’s this huge crescendo, and it gets louder and louder, and by the end of it, people are going absolutely nuts. I mean, they are going crazy. For O, Canada!
    I have never seen anything like it. Maybe in post-9/11 US. But nowhere else.

    This post was published at Mauldin Economics on SEPTEMBER 29, 2016.


  • Saudi Devaluation Bets Surge, Stocks Crash As Debt Deal Falters On 9/11 Legislation Anxiety

    Despite its peg, Spot Riyal is trading at its weakest in 8 months as turmoil mounts in The Kingdom as a failed ‘deal’ in Algiers, pay cuts for royalty, and now growing concerns that the US vote/veto on 9/11 Legislation will delay Saudi Arabia’s first international bond sale. Forward bets on Saudi currency devaluation are surging and default risk is on the rise again as Bloomberg reports, a Senate vote to override President Barack Obama’s veto could cause some investors to balk at the issue.
    The country is planning to sell at least $10 billion of bonds next month, four people said. As Bloomberg adds,
    Senate leaders in both parties said Tuesday they expect the vote to succeed, though Congress has yet to override a veto by Obama. Senator Ben Cardin of Maryland, the ranking Democrat on the Foreign Relations Committee, said last week that the Saudi government has warned that enacting the bill would cause a ‘significant change’ in the U. S.-Saudi relationship. Saudi stocks tumbled and the currency weakened the most in four months. Overriding the bill ‘could dent investor demand in near term,’ said Kaan Nazli, who helps oversee $4.8 billion of emerging-market debt at Neuberger Berman Europe Ltd. in The Hague.
    ‘It would subject the new bonds to some headline noise but ultimately the U. S.-Saudi relationship is very deep and the thinking would be that this issue would be overcome somehow.’

    This post was published at Zero Hedge on Sep 28, 2016.


  • Hillary’s ‘Partner in Government’

    As a U. S. senator, Hillary Clinton helped arrange for $1.65 billion in low-interest, federally guaranteed ‘Liberty Bonds’ (supposedly earmarked for post-9/11 rebuilding in New York City) to subsidize the construction of Goldman Sachs’ gleaming new headquarters building in Lower Manhattan. During the 2005 groundbreaking ceremony for the project, she affectionately called the firm her ‘partner in government.’ Three years later she supported the $10 billion Federal Reserve bailout of her too-big-to-jail ‘partner.’ In return, Goldman paid her at least $675,000 for three speeches; has donated huge sums to her campaign; and recently prohibited its employees from donating anything to the Trump campaign. Her son-in-law was handed a hedge fund to manage by the CEO of Goldman Sachs (and reportedly lost 90% of the fund’s value).
    So it was no surprise that Hillary feigned great offense at Donald Trump’s recent criticism of the Federal Reserve Board’s policy of ‘easy money’ that pushes interest rates close to zero. ‘You should not be commenting on Fed actions when you are either running for president or you are president,’ she indignantly declared.
    Hillary Clinton apparently believes that there are four branches of government, not three and that the fourth branch – the Sacred Fed – should never be criticized by any of the other three. It’s OK for President Obama to criticize the Supreme Court during a state-of-the-union address; and for congress and the executive branch to engage in verbal sparring on a daily basis; but no president (let alone a lowly congressman) should ever make a negative comment about the Sacred Fed, according to the Hillary Doctrine.

    This post was published at Lew Rockwell on September 17, 2016.


  • Media Locked Out After Hillary Abruptly Calls It A Day, Heads Back To Chappaqua

    While the press is scrambling to blame Hillary’s dramatic “medical episode” on New York’s balmy (and/or blamy) weather with the urgency of an economist who wants to accuse the “harsh weather” for the GDP forecast missing expectations by 2% or more, Hillary is hightailing it out. After Clinton abruptly left Sunday’s 9/11 anniversary ceremony in New York after feeling “overheated,” according to her campaign, and retreated to her daughter’s nearby apartment, she has decided to call it a day even after she exited Chelsea’s apartment shortly before noon, adding “I’m feeling great.” There may have been more to the official “narrative” since she had zero intention of sticking around.
    Clinton spokesman Nick Merrill, quoted by AP, said in a statement that the Democratic presidential nominee attended the morning ceremony for 90 minutes before departing. Merrill said Clinton was “feeling much better,” but offered no additional details, including whether the 68-year-old Clinton required medical attention.
    More surprising for a presidential candidate who is “feeling great”, Hillary’s campaign also did not take reporters in the motorcade after Clinton’s departure from her daughter’s apartment. An aide said the former secretary of state was heading to her home in Chappaqua, New York.

    This post was published at Zero Hedge on Sep 11, 2016.


  • Dead Pulses And Urgent Systemic Reform

    Several important factors work in a powerful manner to debilitate, to distort, and to wreck the global financial and economic system. It is long past the point of effective remedy. After the Lehman kill event, every conceivable wrong move and policy was made and implemented. The investment in the corrupt elements has been so profound in the last several years, as to make remedy impossible. The official policies have been so errant and heretical, as to make remedy impossible. The distortions with the broken elements have been so dedicated in service to the ruling banker class, as to make remedy impossible. The degree of destruction has been so comprehensive and complete from desperate measures taken to preserve the system, as to make remedy impossible. The only working goal and objective for the ruling banker class is to prolong the inevitable death event, the collapse, the breakdown assured to cause a powerful sequence of events where the financial and economic system is seen as totally wrecked by even the nave and ignorant unwashed masses. The ruling bankers realize no remedy is possible. They are just trying to steal as many assets and accumulate as much gold as possible before the main bust event.
    By ruling banker class is meant the central bankers who control the critical government offices in the United States and its primary allied states, who assign their henchmen in significant ministry posts and regulatory bodies, and who issue orders to the puppet generals who wage war to obstruct the Eurasian Trade Zone and to disrupt foreign nations as policy. We are witnessing the climax conclusion of failure for the Fascist Business Model which arrived on center stage following the Inside Job of 9/11. The event crystallized the move into power for the NeoCon fascists who favor big bank fraud, who pervert the legislative process, who conclude false cause for war in numerous venues. They have destroyed everything they touch, in every arena they are involved in. Their consistent trait is failure.

    This post was published at GoldSeek on Friday, 8 July 2016.


  • The Rush to Gold: A New Respect Is Growing

    You didn’t come here today for bad news. There’s plenty of that everywhere you look, and even where you don’t look.
    So here’s the good news. A new rush to gold has begun. To see where we’re headed, let’s first see where we’ve been.
    Gold and silver owners in the first ten years of this new century were in for quite a ride, watching gold soar to $1,895 and silver to $49 by 2011. Even those who jumped in midway saw their paper money values zoom.
    Gold had bottomed at $255.95, Apr 2, 2001. Note the gold bull began months before the attacks of 9/11. Silver bottomed nine weeks after the attacks at $4.06, alongside crashing stock markets.
    The national debt in 2001 was $5.8 trillion, on its way to today’s $20 trillion. Savers and retirees could depend on CD and bond returns well north of 5%. U. S. bonds were still triple-A rated. You could take your cash from your bank without federal snooping.
    ‘War on cash’ was an unknown socio-economic term. No one predicted massive, taxpayer funded bail-outs, threats of bail-ins, or the terrible twins, ZIRP and NIRP – zero and negative interest rates.

    This post was published at GoldSeek on 15 June 2016.


  • The FBI and NSA Won’t Keep Us Safe

    The NSA was too busy spying on your family to stop the Orlando gunman. But why aren’t night clubs keeping tabs on people who walk in with rifles?
    According to various sources, the gunman in Orlando’s Saturday massacre, Omar Mateen, was being investigated by the FBI. (See Judge Napolitano’s interview for more, here.) But, as was the case before 9/11, the FBI keeps such a long list of so many many people, that the list tells them nothing about who is a real threat. Meanwhile, we have been told countless times that the NSA should be able to spy on anyone it wishes in order to “keep us safe.” Given that Mateen was already on an FBI threat list, was the NSA eavesdropping on Mateen? If not, why not? Was the NSA too busy spying on dirt-poor backwoods members of “militias” to bother keeping track on Mateen, who, by many accounts, was a man who spoke often of his sympathy for terrorists? It’s becoming increasingly evident the NSA simply collects so much information on so many people and casts far too wide of a net. What the NSA does is great for blackmailing powerful people. It’s less useful in actually catching terrorists.
    We have also learned that Mateen worked for a taxpayer-funded “private” security agency that is under contract with numerous government agencies around the world including the CIA. The company often provides security for Federal buildings, and presumably has access to numerous federal installations. His co-workers believed he was unhinged.
    Basically, it sounds just like another “success” story we’ve come to expect from the FBI and the US federal government in general. The Feds maintain huge lists of “suspects” but have no way of separating out the real threats from the people who just say things. The Feds insist they should be able to spy on everyone, but ignore crucial information. The Feds pay private security firms that hire people like Mateen.

    This post was published at Ludwig von Mises Institute on June 13, 2016.


  • Is OPEC A U.S. National Security Threat?

    Republican Kevin Cramer from North Dakota is cosponsoring a bipartisan bill that will set up a commission to probe whether OPEC has used unfair means to bolster its dominance over the market and propose possible remedies on the grounds that the matter is important from a national security standpoint, reports the Financial Times.
    Though similar efforts in the past against OPEC have been ineffective, another cosponsor, Republican Trent Franks, is optimistic about the outcome this time around.
    ‘If our bill does nothing more than to raise this question on to the agendas of business leaders and policymakers’.’.’.’it will have achieved something,’ he said.
    The move holds significance due to the forthcoming Presidential elections, a flurry of U. S. shale bankruptcies, the growing closeness between Russia and Saudi Arabia, and souring relations between the U. S. and Saudi Arabia.
    Recently, Saudi Arabia threatened to dump $750 billion of U. S. treasury securities and other American assets if the U. S. passed a bill allowing the family members of those killed in the 9/11 terror attacks to sue Saudi Arabia in U. S. courts. Nonetheless, the threat was unfounded as Saudi Arabia only holds $116.8 billion, and the OPEC nations combined hold $281 billion in U. S. treasuries as of February 2016, reportsBloomberg.

    This post was published at Zero Hedge on 05/24/2016.


  • Gold: The “First Wave” in a 40-Year Cycle

    Interview with Eric Hadik of 40yearcycle.com and Insiide Track Trading on the stock market, gold, and the possibility of food crises ahead. Subscribers can access the full audio by logging in and clicking here. Not a subscriber? Click here.
    Stealth Bear Market
    ‘I look at the overall market as being in a major transition. As we talked about in late 2014, there were a number of generational multi-decade and even multi-century cycles all coming to a head and I was looking at the timeframe of 2015-2017 as being really the first phase of that transition with a larger phase moving into 2021…
    I have expected a very stealthy bear market where the majority of observers and participants would not be convinced that a bear market was actually unfolding until the second shoe, whatever that ends up being, drops. And that’s kind of what we saw in 2000-2001. You had the dot.com bubble bursting in the beginning of 2000 and…that weighed on some of the other indices but wasn’t enough to really drag them down until the events of 9/11 in 2001.
    That was when the markets [finally gave in]…and that continued on until October of 2002. That’s the type of thing that I have expected in the indices this time around and everything I’ve seen up to this point has confirmed that with some precision that I wasn’t even expecting…”

    This post was published at FinancialSense on 03/28/2016.


  • The Craziest Video You’ll Ever Watch on JPMorgan’s Jamie Dimon

    Two interesting things happened this week in Jamie Dimon’s world: two gutsy attorneys, Helen Davis Chaitman and Lance Gotthoffer, published a book comparing JPMorgan Chase to the Gambino crime family, explaining how the bank could and should be prosecuted under RICO statutes for serial frauds against the investing public. Taking a diametrically different tack, Bloomberg Markets magazine editor, Joel Weber, fawned over Dimon in a Bloomberg TV interview, repeatedly asserting that Jamie Dimon is all about the customer.
    This Bloomberg video is so hilarious we had to watch it several times to make sure it wasn’t satire. As Weber makes his case that Dimon is all about the customer, his Bloomberg colleague, Stephanie Ruhle, is having none of it, reminding the obviously star-struck Weber that the big banks are hated in this country for good reason. Instead of acknowledging the serial frauds at JPMorgan, Weber suggests (and this is the belly laugh/roll on the floor part) that banks are hated because when you go to a car dealer to buy a car you walk out with one. But if you go into a bank for a loan or credit card, it might turn you down. This brand of logic is on a par with Hillary Clinton suggesting that Wall Street was lavishing millions of dollars on her in speaking fees because she was kind to Wall Street during 9/11.
    Weber’s interview on Bloomberg TV was to promote the cover story on Dimon in the relaunch of Bloomberg Markets magazine. The article mentions in passing that JPMorgan Chase has paid ‘more than $36 billion in settlements and fines since the financial crisis’ but then it fails to deliver the gory details of what those fines were about. Other than the London Whale fiasco, where $6.2 billion of depositors’ money was lost to reckless derivatives gambling in London, there is barely a mention of the endless stream of crimes that JPMorgan Chase has been charged with over the past four years. That history is whitewashed in the article with this comment from Dimon: ‘Businesses are going to make mistakes. They shouldn’t be shot and hung every time,’ along with allowing Dimon to have the final word in the article with this: ‘But I’ve always believed business is here to serve your clients, your shareholders, your communities. If we do this well, everyone benefits. We have to do a good job for all of them.’

    This post was published at Wall Street On Parade By Pam Martens and Russ Marte.