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Estimating JP Morgan's Profits From Bernie Madoff: $483 Million
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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.
You steal 100 from 7/11 and you go to jail, you steal 100B and you get scolded by congress!
Scolded??? Surely, you are kidding.
http://www.youtube.com/watch?v=A-DOwLnQ4nk Surely, I am not kidding! Which one of these banksters are in jail??
On second thought, maybe my comment wasn`t appropriate to this article... Man, lately I am just plain pissed off with everyone.
Great Tom Wolfe piece in Vanity Fair, the Rich have Feelings too:
http://www.vanityfair.com/style/features/2009/09/tom-wolfe200909
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.......
yea i wonder..
Can we just start taxing financial institutions with a 50% corporate tax and move on?
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.
The rabbit hole gets deeper
bernie madoff was a us intelligence operation...he was not a modern day ponzi artist looking for personal self-aggrandizement....
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
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.
who f-ing cares, there's more serious concerns in the world than your tabloid journalism. big yawner.
"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
Hey--that's my line.
"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
Wow!
Thank You.
Sorry Howard_Beale and...
Oop's!
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.
many red flags were ignored
The article is also available at http://ssrn.com/abstract=1460706