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  • An Open Letter to President Obama
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Estimating JP Morgan's Profits From Bernie Madoff: $483 Million

Tyler Durden's picture
Submitted by Tyler Durden on 08/29/2009 15:41 -0500



Submitted by Linus Wilson, Assistant Professor Of Finance, University of Louisiana At Lafayette

 

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by Frank Owen
on Sat, 08/29/2009 - 16:10
#52940

Possession of stolen goods > 1 million= No problem.  WTF, If you stole a car and sold it to someone you`d go to jail and the new owner would have to forfeit it.

 

by Sqworl
on Sat, 08/29/2009 - 16:24
#52945

You steal 100 from 7/11 and you go to jail, you steal 100B and you get scolded by congress!

by taraxias
on Sat, 08/29/2009 - 16:48
#52955

Scolded??? Surely, you are kidding.

by Sqworl
on Sat, 08/29/2009 - 17:56
#53004

http://www.youtube.com/watch?v=A-DOwLnQ4nk  Surely, I am not kidding!  Which one of these banksters are in jail??

by Frank Owen
on Sat, 08/29/2009 - 17:08
#52965

On second thought, maybe my comment wasn`t appropriate to this article... Man, lately I am just plain pissed off with everyone.

by Anonymous
on Sat, 08/29/2009 - 17:53
#53000

Great Tom Wolfe piece in Vanity Fair, the Rich have Feelings too:

http://www.vanityfair.com/style/features/2009/09/tom-wolfe200909

by Anonymous
on Sat, 08/29/2009 - 18:27
#53022

Nobody scolds JPM -- they smile, they wink....and they say, hey, need a little more? let us keep pretending that situation in the silver and gold markets don't exist for a few more months......we'll let you run another managed "plunge" in the prices to clear a few billion more .....

JPM and GS own the government these days, and tell the regulators what they can regulate....ya know, the small stuff that the "little people" and the peasants could possibly turn profits on....gotta catch any "cheating" among them......

what's martha doing these days? gotta keep an eye on that chick...she might be trying to save another 89K.......

by sigmadelta (not verified)
on Sun, 08/30/2009 - 18:11
#53492

yea i wonder..

by Anonymous
on Sat, 08/29/2009 - 18:38
#53030

Can we just start taxing financial institutions with a 50% corporate tax and move on?

by Careless Whisper
on Sat, 08/29/2009 - 18:55
#53046

If the Professor's number is correct, he neglects to take in to account the ability of Chase to make 20 x the amount on deposit, in loans. So, the amount on deposit in the checking account has a multiplyier effect because of the Bank's ability to make more loans. Multiply Chase's alleged profit of $483 million (just from Bernie's account) times 20 and that would be a better picture of the alleged profits that Chase enjoyed from Madoff's account over 15 years.

That's $9,660,000,000 so let's just round it to $10 Billion.

 

by Anonymous
on Sun, 08/30/2009 - 15:44
#53437

The rabbit hole gets deeper

by Anonymous
on Sat, 08/29/2009 - 18:59
#53049

bernie madoff was a us intelligence operation...he was not a modern day ponzi artist looking for personal self-aggrandizement....

by Anonymous
on Sat, 08/29/2009 - 19:32
#53079

The writer doesn't make the real point-Madoff never traded! So, no trades, no settlement...No settlements, no income to the cash account! So how can a fund achieve consistent monthly returns WITHOUT trading?

JPJMorganChase will have MORE to answer for...

CrocodileChuck

by Veteran
on Sat, 08/29/2009 - 22:02
#53172

No shit.  I know ZH has a hard on for those douche bags at GS, and I can hardly blame them.  However, at least GS 'attempts' to operate in the shadows.  Chase shits down America's throat through usurious lending  and rapacious, barely legal business practices and blithely tells us it's in our own best interest.  Small wonder Diamond Dimon is Obama's favorite.

by Sqworl
on Sat, 08/29/2009 - 22:57
#53186

This Sunday Fox news, is going to air a very important documentary about Barack Obama, Sunday night at 8:00 PM central / 9 PM Eastern.  

The report will go back to Obama's earlier days, showing even then his close ties to radical Marxist professors, friends, spiritual advisers, etc.  It will also reveal detail his ties to Rev. Wright for 20+ yrs.   How he was participating with this man, and not for the reasons he states!

The report has uncovered more of Obama's radical past and we will see things that no one in the media is willing to put out there.  It will be a segment to remember.Mark your calendar and pass this on to everyone you know:  Sunday night, 8 PM. CT; 9 PM ET.  Democrat or Republican, this report will open your eyes to how YOUR country is being sold down the road to Totalitarian Socialism.  If you care about the direction of our country, pass this notice on to everyone you know.

by Anonymous
on Sun, 08/30/2009 - 00:16
#53204

who f-ing cares, there's more serious concerns in the world than your tabloid journalism. big yawner.

by My cognitive di...
on Sat, 08/29/2009 - 23:18
#53193

"I'm as mad as hell, and I'm not going to take this anymore!

Ha Ha huh.

http://www.youtube.com/watch?v=8dHUfy_YBps&NR=1&feature=fvwp

by Howard_Beale
on Sun, 08/30/2009 - 11:00
#53320

Hey--that's my line.

by Frank Owen
on Sun, 08/30/2009 - 12:45
#53361

"You have meddled with the primal forces of nature, Mr. Beale, and I won't have it! Is that clear? You think you've merely stopped a business deal. That is not the case! The Arabs have taken billions of dollars out of this country, and now they must put it back! It is ebb and flow, tidal gravity! It is ecological balance! You are an old man who thinks in terms of nations and peoples. There are no nations. There are no peoples. There are no Russians. There are no Arabs. There are no third worlds. There is no West. There is only one holistic system of systems, one vast and immane, interwoven, interacting, multivariate, multinational dominion of dollars. Petro-dollars, electro-dollars, multi-dollars, reichmarks, rins, rubles, pounds, and shekels. It is the international system of currency which determines the totality of life on this planet. That is the natural order of things today. That is the atomic and subatomic and galactic structure of things today! And YOU have meddled with the primal forces of nature, and YOU...WILL...ATONE!" hehe

 

by My cognitive di...
on Sun, 08/30/2009 - 22:55
#53653

Wow!

Thank You.

by My cognitive di...
on Sun, 08/30/2009 - 23:03
#53659

Sorry Howard_Beale and...
Oop's!

by rapier
on Sun, 08/30/2009 - 12:16
#53351

The existence of this much cash was a gigantic fireworks display that something absurd was going on. Everyone know Bernie was claiming to make great returns and that had to mean every stinking penny had to be committed to the market at most times.

i'd hazard a guess and say this was JPM's biggest cash equivalent account, excpet perhaps some sort of soverign ones or the largest corporations.

 

There is simply no way in the world the VP's and higher there didnt know something was rotten in Bernie's world.

by sigmadelta (not verified)
on Sun, 08/30/2009 - 18:13
#53495

many red flags were ignored

by Anonymous
on Sun, 08/30/2009 - 22:45
#53638

The article is also available at http://ssrn.com/abstract=1460706

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