JPMorgan Chase

JPMorgan Settles Jeffrey Epstein Case For $75 Million

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JPMorgan Settles Jeffrey Epstein Case For $75 Million, Avoiding TrialTyler Durden – JPMorgan Chase has agreed to pay the US Virgin Islands (USVI) a scant $75 million to settle a lawsuit alleging that the bank knowingly aided Jeffrey Epstein’s underage sex-trafficking operation, ending a legal battle that exposed all sorts of embarrassing ties between the bank and the dead pedophile.

The settlement was reached one month before the sides were scheduled to go to trial in Manhattan, where the USVI sought $190 million from the bank.

JPMorgan admitted no wrongdoing in the settlement. Continue reading →

Did The FED Just Save The COMEX From Default? [Video]

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comexSGT Report – Andy Hoffman from Miles Franklin is back to help document the collapse for the second week of June, 2015. And the evidence of collapse is everywhere.

This past weekend Anshu Jain and Jürgen Fitschen, Deutsche Bank’s co-chief executives both resigned unexpectedly. With Deutsche Bank holding the second largest derivatives portfolio in the world, second only to JP Morgan, one must wonder if a sudden move in interest rates and Deutsche’s derivatives position is to blame.

[youtube=https://youtu.be/vCgDZIXX_ZU]

Adding fuel to the collapse fire is the recent report from Avery Goodman that the FED, via JP Morgan appears to have bailed out the Comex with just enough physical gold to meet physical delivery demand on or around June 1st. The Comex faced net claims of 550,000 troy ounces against only 370,000 registered ounces left in the warehouses. The Comex registered inventory is at an all-time low, and the smoke coming from the warehouse suggests the end is near. We cover that and much more, thanks for joining us.

SF Source SGT Report  June 2015

Did COMEX Just Receive A Physical Gold Bailout From The Feds?

Summary

  • On June 1, 2015, JPMorgan added almost exactly enough ounces of physical gold to patch the deficiency between supply and delivery demand at COMEX, avoiding widespread dealer default.
  • Declassified documents, along with strong circumstantial evidence indicate that it was not JPMorgan, but its most important customer, the US Federal Reserve, that just bailed out COMEX.
  • The deficit in world physical gold supply will be at least 606.1 tons in 2015, but may be much larger, and similar incidents are likely in the future.
  • The deficit in world gold supply versus demand will grow much larger in 2016 and beyond.
  • Even if the entire remaining US gold reserves were mobilized, prices could not be permanently held down to current levels, making gold and gold mining stocks a good deal now.

In an article dated June 1, 2015comex, I pointed out that COMEX clearing members had gotten themselves to the edge of a widespread default on physical gold delivery obligations. They faced net claims of 550,000 troy ounces against only 370,000 registered ounces left at the COMEX warehouses. That left a deficiency of 170,000 ounces, or 5.29 tons of gold.

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Why Bankers Will Always Stay Out Of Jail [Video]

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Breaking the Set host Abby Martin speaks with Rolling Stone journalist, Matt Taibbi, about a JP Morgan Chase whistleblower that has come forward to expose how the company knowingly sold toxic mortgages to investors and how the Justice Department used her as a pawn in its settlement negotiations with the financial giant.

[youtube=http://youtu.be/bE8Gd_71274]

SF Source BreakingTheSet  Nov 19 2014

The Global Banking Game Is Rigged, And The FDIC Is Suing

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GlobalResearch  April 13 2014

Ellen Brown
Ellen Brown

Taxpayers are paying billions of dollars for a swindle pulled off by the world’s biggest banks, using a form of derivative called interest-rate swaps; and the Federal Deposit Insurance Corporation has now joined a chorus of litigants suing over it. According to an SEIU report:

Derivatives . . . have turned into a windfall for banks and a nightmare for taxpayers. . . . While banks are still collecting fixed rates of 3 to 6 percent, they are now regularly paying public entities as little as a tenth of one percent on the outstanding bonds, with rates expected to remain low in the future. Over the life of the deals, banks are now projected to collect billions more than they pay state and local governments – an outcome which amounts to a second bailout for banks, this one paid directly out of state and local budgets.

It is not just that local governments, universities and pension funds made a bad bet on these swaps. The game itself was rigged, as explained below. The FDIC is now suing in civil court for damages and punitive damages, a lead that other injured local governments and agencies would be well-advised to follow. But they need to hurry, because time on the statute of limitations is running out.

The Largest Cartel in World History

On March 14, 2014, the FDIC filed suit for LIBOR-rigging against sixteen of the world’s largest banks – including the three largest USbanks (JPMorgan Chase, Bank of America, and Citigroup), the three largest UKbanks, the largest German bank, the largest Japanese bank, and several of the largest Swiss banks. Bill Black, professor of law and economics and a former bank fraud investigator, calls them “the largest cartel in world history, by at least three and probably four orders of magnitude.”

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Sniffing The Ethical Rot In Wall Street’s Culture

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NationOfChange  April 9 2014

jimHightowerNot too many years ago, any news story about bonus money would’ve been about some 20-year-old baseball player — an up-and-coming superstar getting $100,000 or so on top of his salary as an extra incentive to join the Yankees, Giants, Red Sox or whatever team. Sportswriters dubbed them: “Bonus Babies.”

How quaint. These days, stories about bonus money don’t elicit cheers, for they feature some of society’s least admirable people: Wall Street bankers. Far from superstars, they can be subpar performers or even what amounts to crime syndicate bosses overseeing everything from simple fraud to laundering money for drug cartels. Yet, in the first part of each year, we witness this cluster of greedmeisters quaffing champagne, laughing uproariously and shouting, “It’s bonus time, baby!”

This year, even though the Wall Street bosses have presided over a 30 percent drop in their banks’ profits, they’ve extracted a 15 percent raise in overall bonus money, totaling a ridiculous $27 billion. That averages out to $165,000 in extra pay to each Wall Street banker. But averages deceive, for thousands of lower-level bankers are given a dab, while those up in the executive suites make off with the bulk of the bonus heist.

Michael Corbat, CEO of Citigroup, for example, didn’t just grab a 15 percent increase in bonus pay, but nearly three times that. His total haul was $16 million. Then there’s Jamie Dimon, boss of JPMorgan Chase. He had a really terrible year in 2013, forcing his shareholders to shell out some $22 billion in penalties for tallying up a long list of illegalities. But that didn’t stop Jamie from taking a 74 percent hike in bonus money this year — he pulled in a cool $18.5 million.

In a time when the 90 percent majority of Americans see their income falling, you’d think Wall Street might show a bit of modesty.

But, instead, they choose to show us just how much Wall Street crime really does pay.

Let’s review the rap sheet of Wall Street banks: Defrauding investors, cheating homeowners, forgery, rigging markets, tax evasion, credit card ripoffs … and so sickeningly much more.

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