Charlie Rose

Janosh  05/03/2013 11:08 PM Report

Mr. Diamond is "widely respected" by sycophants. He isn't a leader, he's a hustlery

Janosh  05/03/2013 11:08 PM Report

Mr. Diamond is "widely respected" by sycophants. He isn't a leader, he's a hustlery

Janosh  05/03/2013 11:08 PM Report

Mr. Diamond is "widely respected" by sycophants. He isn't a leader, he's a hustlery

Ricardo_Amaral  05/18/2012 05:42 PM Report

Facebook - IPO Fiasco

http://www.elitetrader.com/vb/showthread.php?s=77ad34dc069b55cca71eedaf3ebef6f7&threadid=235856&perpa ge=6&pagenumber=9

*****

Goldman Sachs/Facebook IPO/Zynga Connection

http://www.elitetrader.com/vb/showthread.php?s=77ad34dc069b55cca71eedaf3ebef6f7&threadid=235856&perpa ge=6&pagenumber=9

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Ricardo_Amaral  05/17/2012 05:08 PM Report

I just posted the following on Brazzil magazine and on the Elite Trader Economic forum:

Another “Heist” well done in Wall Street - Facebook IPO

written by Ricardo C. Amaral, May 17, 2012

Ricardo: Welcome to La La Land....

Facebook - IPO

http://www.elitetrader.com/vb/showthread.php?s=c7fc6135daa2f966be0b79b2402a2761&threadid=235856&perpa ge=6&pagenumber=7

Another “Heist” well done in Wall Street - Facebook IPO

http://www.elitetrader.com/vb/showthread.php?s=59dff90a5636aa214a40c42ef5eb4165&threadid=195957&perpa ge=6&pagenumber=61

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IRISH  05/17/2012 03:48 PM Report

Rattner is dead wrong to support idea that banks are a hedging organization. Banks should not be in big hedge funds that swing sharply. Why? A bank has client deposits which are FDIC protected and have access to ultra-low cost capital from Fed Reserve. Banks should take in deposits, make loans and invest in the real economy. The casino (investments) should stand alone and fall alone in bankruptcy without taxpayers paying the losses. Question is ---is JPM a bank or a giant hedge fund. Canada has it right.

charliesheep  05/17/2012 10:20 AM Report

ELIZABETH WARREN; HAS 'THE" PERSPECTIVE THAT'S NOT JADED, AND THE LEVER WILL 'NOT" BEND TO FAIRNESS--UNTILL FAILURE IS EMINENT! BUT, TODAY IF CHINA CALLED IT'S DEBT OWED-- BY USA-IT WOULD EXCEED 1 YEAR OF THE PRESENT G.D.P--SO; GET REAL! HI HO HI HO SOON ;--DIMON "WILL" GO

charliesheep  05/17/2012 10:05 AM Report

THREE YEARS--AGO THE FED FORCED TAXPAYER DOLLARS TO SORE UP A LYING CHASE NAK-[DIMON] WHO; I THEN SAID [SEE THE PAST COMMENTS] HE[DIMON] WOULD BE A STREET VENDOR; SELLING HOT DOGS TO CHARLIE! -AS RESULT OF THE FALSE WORLD IN WHICH HE LIVES-;--EVEN CHARLIE[1%ER] IS MORE GROUNDED THAN DIMON WHO HAS DRANK THE COOL-AID OF DISASTER1 CLOSURE WILL COME AS PER;-"KRUGMAN" WHO "IS" CORRECT-ONE;-OBAMA WILL BE PRESIDENT;TWO MONEY WILL DRIVE THE BUS!-THREE;-A CATACLYSMIC SHIFT IN 40 YEARS OF 'FROZEN" INCOME GROWTH AND LIES; I.E.THAT ; A MIDDLE CLASS "EXISTS" 1986 TAX LAW CLASSIFIED TWO CLASSES-THOSE ABOVE 50K-THOSE BELOW-WE KNOW WHO PICKED UP THE FREIGHT! BUT WE KNOW IT WASN'T I%'S !

NeilMacCallister  05/17/2012 03:17 AM Report

"Wall Street Lepers", tabby?? .."nothing to do with regulatory environment"? ..and you say "My eyes are open"??

Go ahead, join up with roman2011's idiocy, if you find the continuing of that kind of procrastination of reality "amusing".

I respect your opinion, but not your thinking that the answers to the current governmental thefts of today, are somehow resolved by small group library review of some 1914 incident occuring in a land Sarah Palin monitors through her 1280x telescope.

I love Sarah, I love you tabs, but Mr. Dimond is hiding money from Mr. Obama's demand. Simple as that, deal with it.

roman2011  05/17/2012 01:50 AM Report

How much can this economy go on when these financial people make big profits without contributing intellectually and materially to the world? Is all they do is gamble on debt?

tabs  05/16/2012 05:34 PM Report

Point Of Clarification:

Mr Mac. When one says that, "The pain was not severe enough," one means that the Wall Street Lepers didn't have to suffer through a protracted Great Depression. It has nothing to so with a more stringent Regulatory environment.

Also one finds that your comment about being a "True Democrat, with eyes wide shut" to be amusing. For an answer to that one would direct you to the Democrats for their take on the matter.

NeilMacCallister  05/16/2012 10:52 AM Report

Hah! ..tabs says "the pain was not severe enough in 08"

Spoken like a true Democrat!!! (..with eyes wide shut!)

tabs  05/16/2012 08:32 AM Report

All They Can See

Tue, 12/14/2010 - 01:50 — tabs

The problem with political and financial leadership is that it lacks clarity of vision and thus incisiveness in the decision making process. What we find as standard fare is that men are guided by narrow self interest, pettiness, ambition, which all combined makes them myopic to the larger concern. This phenomenon exhibits itself in leaders either in the particular or in combination with others. The result is that no matter what decisions or combination of decisions are made the river eventually reaches its inevitable destination.

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tabs  05/16/2012 07:52 AM Report

Mr Amaral, They know not what they do.

Several years ago on another Board a very bright man (PhD Bio-Chem, Cal Tech)was talking about having his son learn Chinese. One told him not to bother, as a likely outcome of

the continuing 2008 debacle would be a Global financial collapse whose ramifications would in essence be a new Dark Ages. His response was that one should "Chill."

Yet today if one looks around and assesses the situation realistically nothing any government does causes the economies to gain traction. The Central Banks have to continue to provide liquidity in one form or another to keep their economies from slipping either into stagnation or recession/depression. Sooner or later gravity will prevail. Further one would have thought that all those bright minds on Wall Street would have had an epiphany in 2008 that the abyss of a financial collapse was in fact a reality. Mr Dimon who was virtually the only guy not to get caught with his pants down in 08, now gets caught. What this tells us is that the lesson wasn't learned, possibly because the pain was not severe enough in 08.

Perhaps what one told Mr Buffet (during his CNBC interview) should be reiterated. The question that should be asked is did Czar Nicholas II ever think in 1914 that by 1918 that he and his family would be dead and that Czarist Russia would only be a memory? That is the question that those bright minds on Wall Street and those politicians and bureaucrats in DC should ask themselves and answer. History is replete with civilizations that have come to an end. There is nothing in the book that says it can not happen again.

NeilMacCallister  05/16/2012 05:29 AM Report

In 2008, Barack "TaxTheRich" Obama scared all American money into hiding.

A truce was made, Barack signed "Bailout Bonuses" for those rich, and then bragged he himself would receive "a Billion dollars" for his next campaign.

But "The People" grew tired of their unemployment, and Barack's presidential continuance came to appear unlikely.

So the money is going back into hiding again. It will now become "lost" once more. And it will stay there, until the now possibly angry and dangerous Mr. "TaxTheRich" has fully left the house of presidential power.

Ricardo_Amaral  05/16/2012 04:27 AM Report

Goldman Sachs is it a Cancer or just a Parasite of the US financial system?

http://www.elitetrader.com/vb/showthread.php?s=407c7f7daf33c726e53d19b9684bce6d&threadid=195957&perpa ge=6&pagenumber=60

May 15, 2012

SouthAmerica: I had posted about 2 weeks ago the link to this excellent documentary produced by Frontline and on part 1 they explained in detail the development of the “Derivatives” market, and the creation of a new lethal product called the “Credit Default Swaps”, and the important role that JP Morgan Chase played in the creation of this house of cards.

The program shows how smart these bankers were supposed to be and how they took a lot of people for a ride because they did not understood these instruments that they were buying from JP Morgan Chase - and various JP Morgan employees gloated over about how smart they were, and how dumb the other banks were that were buying their crap.

Today there are trillions of US dollars of that crap created by JP Morgan in global markets, and if the innovators, the supposed smart people turned out to be so clueless about what they were doing – I just imagine how many banks are going to blow up in the near future, and start a catastrophic domino effect in the international banking system.

The JP Morgan recent blowout of US$ 2 billion, with more losses to come on the pipeline, this event it's the canary in the coal mine - and it's just the tip of the iceberg.

Capital Account – May 14, 2012

Gerald Celente calls out Jamie "two-bit" Dimon and his Financial Crime Syndicate

http://youtu.be/MFIdCDh6R2s

**********

May 2, 2012

SouthAmerica: On the episode One of this series Frontline includes a very well done documentary explaining the “Derivatives” market, and the creation of a new lethal product called the “Credit Default Swaps”.

This documentary about “Derivatives” and “Credit Default Swaps” is very important for people to grasp what is behind the latest estimate figure of US$ 730 trillion dollars “derivatives nuclear weapon” market that can explode at any time resulting in a catastrophic meltdown of the global economy.

Frontline 4-Part series about Wall Street and the collapsing US financial system - one hour each episode:

Money, Power, & Wall Street – May 1, 2012

http://www.pbs.org/wgbh/pages/frontline/money-power-wall-street/?autoplay

Part 1 – Frontline explain the development of “Credit Default Swaps” a type of derivative.

Part 2 – Henry Paulson and the Wall Street bailout

Part 3 – Ben Bernanke and the Federal Reserve and the collapsing global banking system.

Ben Bernanke and the Federal Reserve supply US$ 7.7 trillion dollars to keep the game going for a while longer until the entire House of Cards meltdown.

Part 4 – Wall Street has specialized in scamming people around the world – that is how the system works, and it is how Wall Street has been making money for many years.

Wall Street doesn't screw only communities around Europe, they also screw communities around the United States, and as these predators leave wreckage and wastelands behind them, they have moved in for the kill on their next victim, it will be an easy prey: Brazil

*****

The derivatives market is an unregulated market that is in automatic pilot, and since the financial meltdown in September/October 2008 when the entire global financial system was collapsing – at that time the total outstanding notional amount of all derivatives rose from $673 trillion at June 30, 2008 to $708 trillion at June 30, 2011 – and to the latest estimated figure of US$ 730 trillion dollars as of December 31, 2011.

In a 1994 cover story by Carol J. Loomis on Fortune magazine, Fortune called derivatives, then relatively new on the scene, "The Risk That Won't Go Away."

Years later derivatives grabbed everyone’s attention when Warren Buffett called it “financial weapons of mass destruction”

The derivatives market was at the core of the events regarding the global financial meltdown of the September/October 2008.

The derivatives threat is back in a big way, and that market is ripe to explode into a catastrophic chain reaction that can result in a massive meltdown of the entire global financial system.

I have no idea who is in the other side of these derivatives with a notional amount outstanding of US$ 708 trillion US dollars as reported by the Bank for International Settlements.

BIS Quarterly Review – December 2011 – Page A 131

Table 19: Amounts outstanding of over-the-counter (OTC) derivatives Notional amounts outstanding as of June 2011 = US$ 708 trillion

...According to the Bank for International Settlements, the total outstanding notional amount is US$708 trillion (as of June 2011). Of this total notional amount, 67% are interest rate contracts, 8% are credit default swaps (CDS), 9% are foreign exchange contracts, 2% are commodity contracts, 1% are equity contracts, and 12% are other. Because OTC derivatives are not traded on an exchange, there is no central counter-party. Therefore, they are subject to counter-party risk, like an ordinary contract, since each counter-party relies on the other to perform.

*****

In a Nutshell:

The global banking system is at the edge of the abyss, and we would have a massive global financial meltdown, if they were not trying to play games with the figures, and trying very hard to hide their massive losses the best way they can.

What this US$ 730 trillion dollars figure is telling me is that most of the derivatives is nothing more than a humongous “Ponzi Scheme” that can blow up at any time and start a massive chain reaction that can destroy the entire global financial system – it will be remembered as: the mother of all financial meltdowns.

During the great depression of the 1930's we had the stock market collapse of 1929, then in the following 3 years the stock market bounced back, then in 1932 started the real nasty decline that sunk the stock market and the US economy into the bottom of the abyss.

Today, we have reached that special 1932 turning point: the point where the stock market and the US economy it will sink like the Titanic.

What I am saying is: it does not matter who will be the next president of the United States, because we are entering the catastrophic phase of the new great depression similar to the period from 1932 to 1940.

We are going to have real rough years ahead of us. It's not going to be a pretty sight.

You can bet on that!!!!!!!

By the way, this new great depression that is underway, it will be a lot worse than the great depression of the 1930's.

You might be wondering why the US mainstream media has not been using the term “Great Depression” to described what has been going on in the economy of many countries all over Europe, and in the United States?

Only few years in the future they will look back to this period that we are going through, and then they will start calling this period the “First Great Depression of the 21st Century.”

My guess is that in 2012 we will have another massive global financial meltdown worse than the one we had in 2008.

We never had before so much government interference and manipulation on the financial markets the way that we have today, and it is hard to predict what would create the spark that would blow up the entire global financial system – but that could happen at any time.

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Ricardo_Amaral  05/16/2012 04:23 AM Report

I saw Steve Rattner all over the place starting with CNBC early in the morning doing his PR job in favor of JP Morgan.

What a BS artist......

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SharkswithfrikingLazers  05/16/2012 02:43 AM Report

He received a $23 million pay package for fiscal year 2011, more than any other bank CEO in the United States.[7]

Guess who?

SharkswithfrikingLazers  05/16/2012 02:41 AM Report

In the interest of full disclosure Jamie Dimon is NOT a friend of mine nor of the United States of America.

SharkswithfrikingLazers  05/16/2012 02:39 AM Report

Rattner baby, I don't want to look in their in-test-tines.

I want to look in their skulls because apparently the zombies have got 'em.

And their brains have been eaten.

crose1024  05/15/2012 07:11 PM Report

Rattner has an interesting choice of metaphors:

3:07 "JP Morgan has not been able to come full kimono, open kimono..."

7:34 "now he has been emasculated for lack of a better word..."

15:08 "but I would create some group of people to do a full colonoscopy

for lack of a better word..."

NoPardonforMichaelMilken  05/15/2012 05:06 PM Report

A sincere tip of the cap to Gillian Tett for asking a series of hard, direct, common sense questions of Jamie Dimon, JPMorgan, and the banking industry in its current size and positions.

Were I to seek a highly biased, selective, and dismissive spin doctor, I would pursue Steve Rattner. In this discussion, Rattner eschewed any sort of common sense, logical approach to the topics and, instead, did everything short of offering to slay those who dare to question his good personal friend, Jamie Dimon, or, by extension, Dimon's firm, JPMorgan, for its complete absence of sound risk management and excess of greed and hubris in this matter.

Of course, I wouldn't give Steve Rattner a single penny to invest on my behalf. Rattner is solely in the business for himself and his customers, the market, the nation, and his fellow man be damned. A truly pathetic form of being, Rattner clearly is.

Saultxyca  05/15/2012 04:03 PM Report

The at fault division was in another country: the UK (London). Fortunately for the viewer, Dr. Tett stayed well above the colluded, chummy swamp in this conversation about the JP Morgan controversy.

vongleichent  05/15/2012 02:16 PM Report

JP Morgan is the biggest market manipulator out there. They have such a huge market cap they can do whatever they feel like it. If hedging is not allowed, the division would simply move to a different country. If for anything, I'm glad the light is on them. NO matter how good the CEO is there's no excuse for manipulation.

tabs  05/15/2012 12:28 PM Report

In a town full of Lepers Mr Dimon was the only one left with all his fingers. Sadly that is no longer true. Mr Dimon is being enumerated handsomely and as such should be able to think through ALL the ramifications of all the decisions he makes. Even larger than the financial risk that JP was taking was the POLITICAL RISK and that was a consideration that Mr Dimon failed to consider. Now from what little one has heard Mr Dimon say, he seems to now be well acquainted with that risk and has made statements that he hopes will ameliorate the political fury into nothing more than sound.

Let one reiterate what one has previously stated.

1. The American people grudgingly went along with the first Bailout, because they were told it was the lessor of two evils. However they do not TRUST the Lepers on Wall Street and if there perchance should occur the need for a second bailout the tar and feathers will be followed by a public lynching.

2. There will be NO SECOND BAILOUT of Wall Street. With the current debt levels the United States, Europe and Japan are running any further bailout would sink the system. In other words there ain't no more money to give, print nor borrow.

There is a popular notion that the United States if it should continue on the unsustainable path it has chosen will turn into a Greece. Reality suggests that the United States already has turned into a Greece with a printing press. For the unalterable truth is that the Federal Reserve now buys 61% (WSJ) of American Treasury Bonds. The rest presumably are being bought by foreigners who are pursuing an ON THE BEACH STRATEDGY because they are deathly afraid of their own nations insolvency and are opting for that last safe haven that the United States represents.

REMant  05/15/2012 11:24 AM Report

It's reported that the trader, one Bruno Iksil, a London-based derivatives expert working for JPMorgan, whose bets and portfolio at a reported $350 billion, were so out-sized he became known in the markets as "the London Whale," gambled that corporate debt was becoming less risky, and if so, it could not be as Dimon said, a hedge, because the bank is presumably already long on corporate debt. If not, it would have had to have been a so-called "portfolio" hedge, considered a loophole in the Volcker rule, and for which Dimon has been quite vocal in his support. I imagine, hedge or no, it is connected with the apparently worsening financial situation, and, particularly, the continuing decline in Treasuries. Whatever, the size of the positions taken, it is said, made it no secret from where they came, and that encouraged others to gang up on them.

To tell the truth I don't think it's good for JPMorgan to MAKE as much money as they say, much less lose it. They've lost not only the $2 billion, and perhaps more, but another $13 billion or more of shareholder value. But the only real problem I see is if the Fed decides to make such losses as these good. And this took place a long ways from any the Treasury Dept's regulators. I think the only really effective regulation would be that exerted by the shareholders, and if it's not, then we have to look at corporate governance. I don't think banks should be gambling with either their depositors' or their shareholders' money. And I'm sorry I don't see any real utility to hedging, either. If you're going to be offsetting every loan you make, you might as well not be in the loan business. But, of course, JPMorgan is only partially in the loan business.