After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering

Score one for the poetic irony pages.
Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a “fraud” which is “worse than tulip bulbs, warning it won’t end well”, will “blow up” and “someone is going to get killed” and threatened that “any trader trading bitcoin” will be “fired for being stupid” as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over money laundering and “seriously violating supervision laws.”
As the newspaper adds, the Swiss sanctions relate to breaches of due diligence in connection with money laundering standards. In other words, JPMorgan was actively aiding and abeting criminal money laundering.

This post was published at Zero Hedge on Nov 17, 2017.

Are Cryptocurrencies Inflationary?

There’s a debate raging over what, exactly, bitcoin and the thousand or so other cryptocurrencies actually are. Some heavy-hitters are weighing in with strong, if not always coherent opinions:
Jamie Dimon calls bitcoin a ‘fraud’
JPMorgan Chase CEO Jamie Dimon did not mince words when asked about the popularity of virtual currency bitcoin.
Dimon said at an investment conference that the digital currency was a ‘fraud’ and that his firm would fire anyone at the bank that traded it ‘in a second.’ Dimon said he supported blockchain technology for tracking payments but that trading bitcoin itself was against the bank’s rules. He added that bitcoin was ‘stupid’ and ‘far too dangerous.’
– – – – – – – –
Peter Schiff: Even at $4,000 bitcoin is still a bubble
One of the best-known among the bears, investor Peter Schiff, is now making his case in even stronger terms for why bitcoin has advanced ever farther into bubble territory.
Schiff, who predicted the 2008 mortgage crisis, famously referred to bitcoin as digital fool’s gold and compared the cryptocurrency to the infamous bubble in Beanie Babies.

This post was published at DollarCollapse on OCTOBER 22, 2017.

The “Missing Slide”: JPM Credit Card Charge-Offs Just Shy Of Four Year Highs

While JPM was quick to provide all the favorable data in its earnings presentation (and not so favorable when it comes to the unexpectedly sharp, 27% drop in its fixed income revenues) one thing was conspicuously missing: the slide on “Mortgage Banking And Card Services” which has traditionally been part of the bank’s earnings presentation and was certainly featured prominently in Q1, if dropped last quarter.
Of course, it is possible that JPM simply forgot to include it, or perhaps it did not want to bring attention to a troubling trend: the concerning increase in net credit card charge-offs, which earlier in the year rose to just shy of $1 billion, and which prompted JPM to report an unexpected increase in credit costs (driven also by JPM’s write-down in its student loan portfolio).
So we decided to recreate the chart using data JPM disclosed in its earnings supplement, and which may explain why JPM “forgot” to add that particular slide. It shows that after rising to the highest level since March 2013 last quarter, JPM’s net credit card chargeoffs remained over $1 billion as of Sept 30, at $1.019BN to be precise, and just shy of the highest level going back to March 2013, suggesting that contrary to Jamie Dimon’s commentary, the US consumer is not doing all that hot after all.

This post was published at Zero Hedge on Oct 12, 2017.

Goldman Shuns JPMorgan’s Dimon – Plans Bitcoin Trading Operation

GOLDMAN SACHS SAID TO WEIGH BITCOIN TRADING OPERATION: WSJ
wait what… pic.twitter.com/WKyrfDIHca
— zerohedge (@zerohedge) October 2, 2017

While JPMorgan CEO Jamie Dimon said he “would fire” any employee found trading Bitcoin, Goldman Sachs’ leadership is embracing reality as WSJ reports the bank is weighing a new trading operation dedicated to bitcoin and other digital currencies.
On the heels of IMF Chief Christine Lagarde’s comments that:
“… the technology itself can replace national monies, conventional financial intermediation, and even puts a question mark on the fractional banking model we know today… So I think it may not be wise to dismiss virtual currencies.”
Bitcoin’s price has continued higher – erasing the losses from China and Jamie Dimon’s comments…

This post was published at Zero Hedge on Oct 2, 2017.

Bitcoin ‘Is A Bubble’ but Gold Is Money Says World’s Biggest Hedge Fund Manager

– Bitcoin ‘is a bubble’ but gold is money says world’s biggest hedge fund manager
– Gold is a better ‘store of value,’ Ray Dalio of $160 billion Bridgewater tells CNBC
– Bitcoin has climbed over 300% this year on speculation and expectation that it will continue to climb
– Bitcoin is not a valid currency due to volatility and lack of spending ability says Dalio
– Bitcoin is ‘worse than tulip bulbs’ says JP Morgan’s CEO Dimon
– Crypto buyers need to be concerned with government regulations
***
The manager of the world’s biggest hedge fund, Ray Dalio has declared his preference for gold over bitcoin.
Earlier this week Dalio, of $160bn Bridgewater Associates, labelled bitcoin ‘a bubble’. Dalio believes the 300% plus rise in price of the most popular cryptocurrency is down to speculation over its expected price rise, as opposed to confidence in its future role as a currency.
Dalio’s comments come less than a week after J. P. Morgan’s Jamie Dimon said bitcoin ‘is worse than tulip bulbs’ and a month after Professor Robert Shiller said it was the best example of ‘a bubble right now’.
Bitcoin had a tough week last week, taking a hit following an announcement by Chinese authorities to shut down exchanges. However, it has since begun to recover.
It’s strong performance this year has prompted many experienced investors and economists to call it out for what it seems to be – a bubble.

This post was published at Gold Core on September 23, 2017.