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Breakfast with Jamie [Dimon]
Reprinted with permission from EconomicPolicyJournal.com
Want to front-run the Fed? If you're Obama's favorite banker, Jamie Dimon, president of JP Morgan Chase, there's no need to parse FOMC statements or obscure speeches by Fed governors. No need to analyze hundreds of Treasury securities to make an educated guess as to just which ones Brian Sack (of the NY Fed) will buy any given week. Even hiring expert networks staffed with ex-Fed officials is unnecessary.
06:30 PM - 08:00 PM HOLD for dinner with Jamie Dimon Location: TBD in midtown
To provide greater support to mortgage lending and housing markets, the Committee decided today to increase the size of the Federal Reserve’s balance sheet further by purchasing up to an additional $750 billion of agency mortgage-backed securities, bringing its total purchases of these securities to up to $1.25 trillion this year, and to increase its purchases of agency debt this year by up to $100 billion to a total of up to $200 billion. Moreover, to help improve conditions in private credit markets, the Committee decided to purchase up to $300 billion of longer-term Treasury securities over the next six months.
09:00 AM - 09:15 AM Conference Call with Bill Dudley and Jamie Dimon, JPMorgan Chase Location : Bill Dudley's Office
07:30 AM - 08:30 AM Breakfast with Jamie Dimon, JPMorgan Chase Location : 270 Park Avenue 49th Floor Dining Room (Stop off at Reception Area, then proceed to 49th Floor)
In light of improved functioning of financial markets, the Federal Reserve will be closing the Asset-Backed Commercial Paper Money Market Mutual Fund Liquidity Facility, the Commercial Paper Funding Facility, the Primary Dealer Credit Facility, and the Term Securities Lending Facility on February 1, as previously announced. In addition, the temporary liquidity swap arrangements between the Federal Reserve and other central banks will expire on February 1. The Federal Reserve is in the process of winding down its Term Auction Facility: $50 billion in 28-day credit will be offered on February 8 and $25 billion in 28-day credit will be offered at the final auction on March 8. The anticipated expiration dates for the Term Asset-Backed Securities Loan Facility remain set at June 30 for loans backed by new-issue commercial mortgage-backed securities and March 31 for loans backed by all other types of collateral. The Federal Reserve is prepared to modify these plans if necessary to support financial stability and economic growth.
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Just a correction: The article says QE1 "would eventually become a $1.75 billion bank largess program."
I know that the author meant QE1 would eventually become a $1.75 trillion bank largess program.
Carry on.
Thanks...corrected.
Pilbara faces cyclone risk December 30, 2010 - 2:23PM
A tropical depression over Australia could develop into a cyclone over the next few days and bear down on offshore oil and gas installations, and iron ore shipping zones, Australia's Bureau of Meteorology said today.
Gale-force winds may develop along the Pilbara coast in Western Australia by Saturday as the storm makes its way out to sea, though flooding was not expected due to the storm's steady movement, the bureau said in a warning notice.
BHP Billiton, Rio Tinto and Fortescue Metals export hundreds of millions of tonnes of iron ore mined annually from inland Pilbara deposits via coastal terminals at Port Hedland, Dampier and Cape Lambert.
Also Cockatoo Coal ceases operations as mine flooded
Be Careful with longs of miners
Why the hell is the CEO of the 2nd most prominent bank in the world
(sorry jamie... GS rules) sitting on the board of directors of the NY federal
reserve branch (for those that don't know...this branch is the one that wields
far more power & influence the other 11...consider it the head of the hydra).
Talk about conflict of interest.
The US is throughly corrupt.
It's markets are corrupt.
I can't directly fight that, but I sure as hell can ensure as little as possible
of my net worth support it.
Economic Policy Journal is among my favorites I read it daily as I do ZeroHedge it was from EPJ that I learned Jamie was Obama's favorite banker. I see the banker's are now feigning outrage over Obama's remarks and Jamie had to set the President straight...
Obama and Wall St.: Still Venus and Mars
“Jamie Dimon, chairman and chief executive officer of JPMorgan Chase and a supporter of Obama in 2008, has been among the more outspoken critics of the White House’s anti-Wall Street rhetoric. “It’s harmful, it unfair and it leads to bad policy,” Dimon recently told The New York Times Magazine, adding that he told Obama: Former “President [Abraham] Lincoln could have denigrated all sSoutherners. He didn’t.”
http://dyn.politico.com/printstory.cfm?uuid=2A8140B2-C586-FED2-2F5B406630C0DD88
(does Obama or the lamestream news really think we buy this propaganda that the bankers are mad at him? Jamie was just over visiting him on 12/8)
Barack’s Wall Street Problem is Now America’s
http://www.noquarterusa.net/blog/2008/09/21/baracks-wall-street-problem-is-now-americas/
JPMorgan CEO Jamie Dimon Donates Serious Cash to Democrats
http://www.opensecrets.org/news/2009/07/jpmorgan-ceo-jamie-dimon-donat.html
Obama, Dimon Met at White House to Talk Economy, Official Says
December 08, 2010
http://www.businessweek.com/news/2010-12-08/obama-dimon-met-at-white-house-to-talk-economy-official-says.html
The great bank heist of 2010
Commentary: Wall Street wins, Main Street pays — again
http://www.marketwatch.com/story/wall-street-wins-main-street-pays-again-2010-12-21?pagenumber=2
Go long waiters! Talk about the chance of making big money off tips
Dimon is a talentless arrogant prick. If he had to operate under the same rues of the road as everyone else, he would be eating out of my garbage bucket every night.
Of course Jamie Dimon meets with Dudley, Dimon is a class A director of the NYFRB.
No need to concoct some shady dinner/policy conspiracy theory, its a lot more direct and out in the open than you allude:
http://www.ny.frb.org/aboutthefed/org_nydirectors.html
Richard Carrion? The IOC for chrissakes? Puerto Rico for chrissakes?
Is Jan Hatzius also a Class A director? Dudley had dinner with him on March 11 and April 6, 2009... And this is only through pages 50.
Nice.
Mar 11 09:
06:00 PM - 07:00 PM Informal meeting with Jan Hatzius (GS) Location : Pound & Pence
Apr 6 09:
05:30 PM - 06:30 PM Informal meeting with Jan Hatzius Location : Pound and Pence
double
I don't dispute his thesis. As we all know, Class A directors are appointed by the Banks to protects the banks' interests.
I am pointing out the supporting evidence is more out in the open than he alludes, in part by pointing out Dudley already answers to Dimon as Dimon is a Class A director of the NYFRB.
One doesn't need to go through appointment books to establish this relationship.
http://www.ny.frb.org/aboutthefed/fedpoint/fed10.html
I wonder who appointed Dudley? oh yeah:
http://www.ny.frb.org/aboutthefed/fedpoint/fed10.html
http://www.ny.frb.org/aboutthefed/orgchart/dudley.html
In 2007, Dimon was elected to a three-year term as a class A director of the Federal Reserve Bank of New York.
Hmm, looks like Jamie had a hand in appointing Dudley. Hmm indeed.
duplicate
@lookma: I'm well aware of the regular meetings between Fed branch directors and Fed staff, but many are not, so it's worth accentuating. The off-the-record nature of breakfast and dinner meetings, as opposed to regularly scheduled conference calls that would at least have an official note-taker present suggests (at least to me) these meetings were when the real dealing went down. Had not connected that Dimon had a part in nominating Dudley, so thanks for that.
do we really think that 'dinner' in this day and age means anything but photo ops? and don't they all meet back at their masters of the universe lair at night?
I'm sort of picturing the Secret Society of Super Villains hideout from the old DC comics with Jamie Dimon chatting up Gorilla Grodd, Sinestro and Lex Luthor.
You can't call it casino capitalism when there are no losing bets.
The 'house', the TBTF cocksuckers, never lose...you should know how casino's work by now.
What happened to all the guillotines from the French revolution? Anyone got a key to that warehouse and a few Dustbusters?
It's a brave new world, a do-it-yourself world guillotine-wise:
http://www.rebelart.net/diary/sokkomb-die-ikea-guillotine/001708/
Who would have thought? From quiet Sweden?
They put a stolen Egyptian obelisk on the spot. Fitting.
Well, at least someone is tracking this stuff, but what's a few more drops in a sea of criminality? Nothing short of Armageddon is going to make much difference at this juncture.
You never know what will gain traction. The fingers of instability continue to multiply.
Shoplifting a pack of gum gets you 30 days with a roadside trash bag
I wonder how many days Jamie will get? I'd love to see that man with a trashbag in the ditch.
And no one's in jail for all the previous thievery
our government is so corrupt now that...i mean, who exactly isn't on the payroll who is going to challenge these guys? we ought to be grateful, i'm sure in their minds, that they are even bothering with maintaining the charade of free markets and a non-rigged stock and bond markets....
we are completely and totally toast. i mean, this has penetrated the dim misty regions of even ashton kutcher's mind.......
why is this newsworthy? the federal reserve bank works for the global banks. this is not a secret.