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JPMorgan Joins "Perfect 10" Club With Flawless Trading Quarter, Morgan Stanley Loses Money On Just 4 Days

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Tue, 05/11/2010 - 14:05 | 343940 sweet ebony diamond
sweet ebony diamond's picture

how do i join this club?

and where is the hamptons?

Tue, 05/11/2010 - 14:11 | 344032 AnAnonymous
AnAnonymous's picture

Same way as usual: write the question test yourself.

Take example, never hand down a perfect test. A 100 pc record draws suspicion.  Always stage a few mistakes here and there as an evidence you dont cheat. Because a cheater would have it fully right, right? Especially if he is a greedy cheater.

Tue, 05/11/2010 - 13:46 | 343941 Jesse
Jesse's picture


It's good to be the King.  Or to at least buy the King.

Tue, 05/11/2010 - 13:49 | 343958 MyFriendMises
MyFriendMises's picture

"In life, we are Kings or Pawns."  I guess we know who is which. 

Tue, 05/11/2010 - 13:47 | 343948 Toiletducky
Toiletducky's picture

The World is Saved - No loss Everyday - Collusion of the Oligarchy Continues

Tue, 05/11/2010 - 13:57 | 343980 Divided States ...
Divided States of America's picture

I would like to know just who the FUCK is losing...besides me, that is.

Tue, 05/11/2010 - 14:08 | 344021 Cognitive Dissonance
Cognitive Dissonance's picture

And that's the point. Very few are "losing" including all those who have money in 401(k)s, IRAs, variable annuities etc. Consider this. When playing Monopoly, did you ever refuse the "Bank error in your favor" card? As long as the "middle class" is dealt into the Ponzi and the quarterly statements go higher, no one is going to make much of a fuss about this.

Fact of life Jack. The people are corrupt so why are we expecting the leaders to be different?

Tue, 05/11/2010 - 14:39 | 344131 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Ah yes, Catherine Austin-Fitts' "Red Button" scenario.

Tue, 05/11/2010 - 15:04 | 344204 DaveyJones
DaveyJones's picture

because people are stupid?

Tue, 05/11/2010 - 15:15 | 344241 drwells
drwells's picture

Yep. Rule #1 is to make the mark think he's conning you.

Tue, 05/11/2010 - 14:39 | 344128 moneymutt
moneymutt's picture


Tue, 05/11/2010 - 13:48 | 343950 silvertrain
silvertrain's picture

Wow, alot of home runs being hit here..Kinda reminds me back when I was watching the famous home run chases..With the likes of Bonds and Sosa and Maquire,wait a minute, Maquires keep showing up..You dont think they may be on the roids do ya? Or is all these numbers legit..

Tue, 05/11/2010 - 13:49 | 343955 prkr01
prkr01's picture

I have pretty much given up any hope of ever seeing change.Today I wrote my Senator Mark Udall pertaining to his Neah vote on the Vitter bill which Im sure was a waste of my time.Everything is corrupt in this country and suppose its time to just accept it.Lie cheat and steal is obviously the American Way.

Fri, 01/14/2011 - 02:19 | 875444 Bringin It
Bringin It's picture

Yes, it was a waste of time.  Yes, everything looks corrupt and likely is.  But you don't need to lie, cheat and steal.  You only damage yourself by doing so, IMO.

Tue, 05/11/2010 - 13:49 | 343957 buzzsaw99
buzzsaw99's picture

A lucrative and risk free business model. Congrats to the squid and JPMorgueman!

Tue, 05/11/2010 - 14:01 | 343998 mikla
mikla's picture

Yeah, and the only take-away is that Morgan Stanley is incompetent.  FOUR losing trading days?  Morons.

Tue, 05/11/2010 - 14:29 | 344094 sheeple
sheeple's picture

These guys are geniuses! When I grow up, I'll be a TBTF banker just like them!

Tue, 05/11/2010 - 13:51 | 343960 JW n FL
JW n FL's picture

What are you saying?


Algo's plus 0% Fed Window equal no losses? how?


I can't see it?


Investor confidience builds in a segment, luquidity... and BAM! POW!! SLAM!!! that segment is drained, BITCHES!!!!


I still cant see it???


0% Fed Window equals Purchaser of last resort, T-Bills? What the fuck kind of arbatraige is that? FED ON FED? porn?


I still am a little fuzzy...

Tue, 05/11/2010 - 13:56 | 343974 JW n FL
JW n FL's picture

Nice. Thanks!

Tue, 05/11/2010 - 14:00 | 343993 dan10400
dan10400's picture


++ as well.    

Tue, 05/11/2010 - 13:54 | 343965 Rick64
Rick64's picture

And what do these companies attribute their perfect and near perfect trading records to? Its not that incredible when you have a monopoly and access to interest free money.

Tue, 05/11/2010 - 13:55 | 343970 RobotTrader
RobotTrader's picture

I'm predicting a fresh, new, world record highs in cost of Hamptons rentals this summer.


Tue, 05/11/2010 - 14:56 | 344174 Hulk
Hulk's picture

I'll take the one third from the left...

Tue, 05/11/2010 - 15:25 | 344272 living on the edge
living on the edge's picture

I agree....

Tue, 05/11/2010 - 22:44 | 345255 Dehrow
Dehrow's picture

Cool, you guys share that one, I'll take the rest.

Tue, 05/11/2010 - 13:55 | 343971 Mad Max
Mad Max's picture

All the banks are above average!

This time is different!

You're just jealous of their skill!


Query: would it be statistically possible for a large casino to have a quarter with no days of losses?  (Incidentally this question was intended to be rhetorical, but I actually don't know the answer.)

Tue, 05/11/2010 - 14:11 | 344033 moneymishap
moneymishap's picture

I would like to see the statistical likelihood of two major banks having simultaneous flawless quarters.

Tue, 05/11/2010 - 14:43 | 344142 nedwardkelly
nedwardkelly's picture

All the banks are above average!


We may need to change the name from Wall Street to Lake Wobegone St.

Tue, 05/11/2010 - 14:10 | 343973 Howard_Beale
Howard_Beale's picture

Goldman Sachs

Putting the douche in fiduciary

Check it out at the ZH approved fundraiser store. Shirts available in a variety of colors.


If you want it on black--here it is!


Tue, 05/11/2010 - 15:22 | 344263 DaveyJones
DaveyJones's picture

putting the douche in fiduciary (nice)

leave it to the french to fix our ethics

Tue, 05/11/2010 - 22:40 | 345249 Miyagi_san
Miyagi_san's picture

I laughed so hard the dog got spooked....is that stuff legit. I want the Audit The Fed, bumper sticker x 10 

Tue, 05/11/2010 - 13:57 | 343982 Ragnarok
Ragnarok's picture

Perfect 10 Club? Hardly.  Everybody knows the last 4 days is what separates the Gods from the demigods.

Tue, 05/11/2010 - 13:57 | 343983 ArkansasAngie
ArkansasAngie's picture

The reform votes are correlated with whether the Senator is up for election come November.

Vote -- it's the preferred method of throwing the bums out. 

You've been double and triple dog dared by the Senators who are counting on you not voting.


Tue, 05/11/2010 - 13:59 | 343990 williambanzai7
Tue, 05/11/2010 - 14:51 | 344159 Cognitive Dissonance
Cognitive Dissonance's picture

I just knew you were holding out on me. :>)

Tue, 05/11/2010 - 13:59 | 343991 JW n FL
Tue, 05/11/2010 - 14:00 | 343997 AccreditedEYE
AccreditedEYE's picture

“These franchises create numerous opportunities for the firm.”

Indeed... opportunities to front run, manipulate, defraud, lie, cheat, steal and become a monopolistic blood sucking Squid.  Getting so tired of the tolerance for this sh*t.

Tue, 05/11/2010 - 14:03 | 344007 no cnbc cretin
no cnbc cretin's picture

The rape and pillage of the middle class - history is repeating.

And the unemployed and under employed are losing money

in this permanent contraction.

Tue, 05/11/2010 - 14:06 | 344018 fuu
fuu's picture

Is it ok to call bullshit?

Tue, 05/11/2010 - 14:09 | 344028 gridlock
gridlock's picture

And it's not ending anytime soon - great report on Huffpost on the lobbying armies that made it perpetual - http://www.huffingtonpost.com/2010/05/11/big-bank-takeover-report_n_570847.html

Tue, 05/11/2010 - 14:11 | 344034 The Rogue Trader
The Rogue Trader's picture

Only way to compete with criminals in this market is to think like a criminal yourself....

Tue, 05/11/2010 - 14:14 | 344042 mister_x
Tue, 05/11/2010 - 14:19 | 344057 AR
AR's picture

TYLER -- Please, tell us to stop re-posting this.  We can't help ourselves.  Last Thursday's market action will be repeated in the future (no matter what government agencies put in place). Everyone should read Atlas Shrugged. These are grossly manipulated markets on many levels. They will eventually break down. It's a matter of timing. Be patient.  There is no Market...

by AR
on Mon, 02/22/2010 - 16:35

It's slow today, so I'll add to your comment. I've repeated this story over the last 6 months from time to time, and I'll do so again here. Back in June 2009, a colleague of ours (a $5+ Billion dollar hedge fund) traveled to Europe on a meet-n-greet, money raising campaign. At the time, he returned and said "there is 50% LESS MONEY out there to invest." I presumed his observation was due to lost investments, the meltdown, margin calls, etc..  Then, a month later (keep in mind they are large) he told us, "...there is no market..."  I said, what do you mean there is "no market?" He literally said, there is no market. What he meant was, they could not find market participants to take the other side of their trades -- literally. Bid/Ask spreads were huge, and there was no liquidity anymore for them initiate trades as they’ve done in the past (or, much less).

Since then (the last 4-6 months) all of us, have now discovered, exactly what he was talking about. There is NO MARKET (period). Volume is gone. Government, computers, quants, algos, HFT's -- whatever you want to label them – now are said to dominate 70% of all volume today. Thus, keep in mind too, that they dominate 70% of "today's volume" (which on the above premise, is 50% LESS than the real volume the market traded before the credit crisis).

So, think about all this. One, there is 50% less real volume. 70% of the existing (50%) volume is computer led. Thus leaving, theoretically, only 15% of the actual volume in today's markets being "true or real volume" (when compared to volume prior to the crisis).  Only 15%.  So... now we see the problem with the market's today. This is a huge structural shift (and problem). We don't see it getting better in the short-term.  Interesting dilemma. Good luck everyone...


Tue, 05/11/2010 - 14:26 | 344067 Tesla
Tesla's picture

Sorry, I'm a little slow. Can someone please explain to me how this works (The mechanics behind it)?

So Goldman, JPM, Morgan Stanley, etc all get free money, and they use that money for prop trading.

OK, fine--no cost of capital. I get this part, but how do you get zero losing trading days this way? When Goldman's prop desk takes a position, who is on the other side of this? I assume the gov't, since nobody else can keep losing money like this indefinitely (maybe some pension funds and a bunch of hedge funds in the aggregate, but I'm not hearing anything about any of them blowing up. Retail for the most part isn't even in the bond markets, so it's not them), but even then, how does this work? What are the mechanics?


Tue, 05/11/2010 - 14:40 | 344135 mikla
mikla's picture

They front-run their clients, and operate bucket shops (trades execute in dark pools off the exchange) so they can skim automatic profits on every trade.

Fraudulent, and illegal, but hey:  It's state-of-the-art.

Google "front running" and "bucket shops" for more (like:  http://en.wikipedia.org/wiki/Bucket_shop_%28stock_market%29 )

Further, they "sell" access to capital markets, market-make the commodities, and otherwise operate a "protection racket" for large funds (e.g., municipalities and pensions).  Really, there are a lot of sources to their guaranteed income, but the initial post is explicitly in reference to their trading/speculation desk (front-running and bucket shops), as well as their insider info fixing the daily market's activities.

Tue, 05/11/2010 - 14:43 | 344138 Tesla
Tesla's picture

I'll take a look--thanks.

Tue, 05/11/2010 - 14:24 | 344074 jory
jory's picture

I made a fortune last quarter.  Whiners and Complainers don't make money.  Play the Game, Losers.



Tue, 05/11/2010 - 14:26 | 344084 Tesla
Tesla's picture

Did you manage to do it without a single losing trading day?

Tue, 05/11/2010 - 14:43 | 344140 Mr Lennon Hendrix
Mr Lennon Hendrix's picture

Jory also hates gold and thinks silver is a small wooden spike in the hand.

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