This page has been archived and commenting is disabled.

Is Jamie Dimon Really Master of the Universe?

rcwhalen's picture




 

 

“Questions swirl around the character and timing of Dimon's disclosures to shareholders. Given the widespread speculation about JPMorgan's potential losses, which proved to be accurate, it raises the question of why people outside of JPMorgan were more aware of JPMorgan's risk and potential losses than Jamie Dimon claims to have been. His public estimates of losses have been a fraction of reality, and it raises the issue of whether he has materially misled stockholders.”

 

Janet Tavakoli

“JPMorgan Raises Fraud Questions: Rising Trading Losses Top $5.8 Billion”

Huffington Post

July 16, 2012

 

Coming out of the JPMorgan analyst meeting, two thoughts were top of mind.  First and foremost, the surreal, “we’re in command” perspective that still governed at JPM despite the teapot tempest.  Second, the face of Ken Langone, sitting in the front of the room as CEO Jamie Dimon and his traveling circus buried us in “facts” about JPM’s massive breakdown in internal systems and controls.

 

Langone, who we will always love because of his defiance of the hypocrite Elliott Spitzer and also his defense of Dick Grasso, looked like a worried baseball team owner fretting over his starting pitcher, i.e. Jamie Dimon.  The JPM CEO is a prized asset in the view of many JPM shareholders, but let’s ask ourselves what kind of asset.  Is Dimon really the hands on operator guiding JPM through a sea of risk, or rather the source of instability in the enterprise by tolerating the bank’s heavy dependence upon derivatives?

 

To say that Dimon typifies the corporate “cult of personality,” to steal the phrase from Living Color, is an understatement.  As I noted in a discussion with Lauren Lyster on RTV, the officers and directors of public companies have no duty to shareholders under Delaware's medieval laws:

 

http://www.youtube.com/watch?v=J5QBwtQa_Kk&feature=youtu.be

 

The numerous corporate and individual customers of JPM’s “fortress” balance sheet have also become the bank’s cheerleaders, openly mocking anyone who would suggest that the House of Morgan is anything less than invincible.  This was very much the tenor of last week’s meeting, but it also made us think back to some recent history.

 

 A risk trader we know as Nom de Plumber writes:

 

“Counterparties were asking why different parts of JPM were internally valuing the same CDS index differently, and then requesting inconsistent margin postings.   If true, this would reinforce how VAR risk modeling was irrelevant to the controls breakdown, and how the CIO culture barring independent risk-management scrutiny enabled financial reporting and employee compensation on an unchallenged assertion of ‘one plus one equals three’.  This internal-controls breakdown is most fundamental and simple, explaining the turnover of CIO senior risk managers, years before this London debacle.”

 

You see, if you accept the latest version of reality from JPM that the CIO losses were caused 1) during actions taken during 2012 and 2) that traders mismarked trades deliberately in an effort to evade JPM risk management, then the whole notion that VAR models are somehow relevant to this process is seen to be a tissue of lies.  This raises the more interesting question, namely did JPM management know the risks they were taking?  More, even if you accept the timeframe in the latest JPM investigation, the question still remains how this “trading” operation somehow escaped the notice of Dimon and his CSUITE.  The CIO office contributed significantly to income over the years, so how does this profit center somehow fly below the radar screen?

 

You see, we keep coming fact that a number of “traders” who worked in the CIOs office were let go by JPM because, they were told, their activities were not consistent with the Volcker Rule.  JPM personnel who were engaged in legitimate hedging activity were not fired, but the traders who were managing leveraged principal trading positions in the CIOs office were fired.  The London Whale and his rogue hedge fund was left intact, so the story goes, because the counsel at JPM believed that the UK domicile of these principal trading activities somehow escaped the as-yet incomplete Volcker Rule.

 

So let’s work on another hypothesis, namely that Dimon knew entirely what was happening in the CIOs office and that a good bit of the profit from this small, heretofore unnoticed business unit came from principal trades.  This is not such an unusual position for JPM nor is it uncommon for Dimon to literally bet the proverbial farm with the bank’s derivatives activities.  In fact, Dimon has a history of rolling the dice and missing risks that beg the question as to why he had not been removed by the bank’s board (and regulators).  Consider the failure of Bear Stearns & Co.  

 

It is widely assumed that JPM acquired the crippled broker dealer in March 2008 because it was the clearing bank for and credit provider to Bear Stearns, and this is true.  But the real reason, we have always believed, was that JPM had been aggressively selling credit default protection on Bear Stearns to its clients.  When the broker-dealer started to fail, the discussions with JPM became intense.  This intensity came not just because JPM holders were panicked, but also because JPM’s short book in CDS on Bear could have reportedly cost the bank tens of billions of dollars.  Instead, by purchasing Bear, JPM kept all the fees from the CDS sales on Bear’s default – and all of the nasty legacy of the Bear Stearns RMBS business.  

 

So the story goes, JPM bit the bullet and paid $10 per share for Bear Stearns and thereby avoided a default against the CDS position.  Saving Bear was not about systemic risk or saving civilization, as then Fed President Tim Geithner has us believe, but a more basic desire to avoid an event of default for JPM.  Bear management had leverage, in other words.  That JPM was willing to write default protection on Bear Stearns in the weeks before the firm failed might be considered a bold, if not reckless gamble.  But this assumes that the JPM CSUITE knew about the exposure and the open-ended risk in OTC products.   And had Bear filed bankruptcy, JPM would have suffered a large CDS loss in such a scenario.  

 

In the case of Bear Stearns and the CIO trading scandal, the senior management of JPM clearly should have known what was happening and who was taking the risk.  And in both cases, it is unclear whether the JPM CSUITE even knew what risks were being taken.  These decisions caused great financial and reputational loss to the bank.  The willingness of Dimon to put JPM in the path of vast, potentially catastrophic risk is something that the bank’s customers and investors ought to consider.  This is why, incidentally, I asked Dimon during the analyst meeting about his ability to risk manage these complex OTC derivative products.  Had to get that on the record.

 

Far from being an isolated event that was limited to the CIO office, JPM’s behavior in the credit markets seems to be part of a deliberate culture of risk taking by Dimon and his lieutenants.  One has to wonder, do the good citizens of the Wall Street establishment broadly defined understand the risks taken by the House of Morgan with their money?  And does Dimon himself fully comprehend these risks?  That is really the scary question.  

 

 

 

 

 

 

 

- advertisements -

Comment viewing options

Select your preferred way to display the comments and click "Save settings" to activate your changes.
Tue, 07/17/2012 - 10:47 | 2624181 William113
William113's picture

This isn't Yahoo comments. You can actually spell the words out we are all big boys and girls here.

Speaking of Yahoo. Why this Meyers chick? I'm curious it doesn't sound right.

Tue, 07/17/2012 - 09:12 | 2623824 ptoemmes
ptoemmes's picture

Seesm to call for a WB7 org chart.

Tue, 07/17/2012 - 08:37 | 2623699 Ghordius
Ghordius's picture

good attempt, waaaay too simple. you are describing something that used to be this way in the financial world and you are leaving the whole industrial world out. And your "Tribe" is "strong" in NY, less in the City of London, and that's it.

It's a powerful narrative, deviding the world in Vampires, Muppets, Puppets and Proles. But it's mostly wrong, in the same way as describing "Evil" as a centralized, organized force, with powerful all-scheming cabals in the middle, pulling strings left and right. It reminds me a quest for a negative God, the Devil, to explain all...

Power in the UK and US has become, as their economies, centered on financialization. This is a temporary phenomenon in this current magnitude.

IMO a sickness like cancer is the better image. The City of London before the Tatcher Revolution was full of "bespoke" financial firms with traditions and culture. Afterwards came the great merger, and the results looked like hybrids, but were infected by the US corporate "ethos" of the Eighties and Nineties. An unwholesome cocktail...

Tue, 07/17/2012 - 09:27 | 2623863 JOYFUL
JOYFUL's picture

... And your "Tribe" is "strong" in NY, less in the City of London, and that's it...

yu have just discredited yu entire argument sir. It would be best that yu desist from further howlers in order to maintain a pretence of dignity here.

Tue, 07/17/2012 - 12:09 | 2624562 Ghordius
Ghordius's picture

and you, sir, are for sure not the judge of my dignity. so by rejecting a "Khazar Cabal Theory" my arguments are discredited? do you have any shred of evidence for your claim, except for antique propaganda? Are your Khazars active in the BRICs or in Turkey, or in Iran, btw?

antisemitism, in all it's forms, is just boring, IMHO. Nevertheless, the hallmark of an educated mind is the ability to entertain strange and even illogical thoughts, so please go on and present some reasoning that leads to your beliefs, and I promise I'll read them with an open mind...

Wed, 07/18/2012 - 00:44 | 2627043 JOYFUL
JOYFUL's picture

yur promise of open mindedness gives one cause to reflect upon the Nol Kidre prayer, and I shall treat it as of the same spirit...

the dissimulationist at work, the false witnessing of the cornered cabbalist and it's coterie of hangers on...

my heartfelt desire to save what I hoped to be an honest soul from further fallacies has been corrected to the necessary degree by patient exegesis[see below exposure of yur record] of the clever verbiage...engagement with yur duplicitiousness would not be a rewarding investment of time.

btw...yu are correct - "antisemeticism" is just boring...altho I don't think yu have been able to grasp  the reason why it is...my antique propaganda is a tru and necessary antidote to yur modernist mendacity, and will stand as previously stated...those seekers for whom it is of interest will be able to pursue it's truth with their own resources.

Wed, 07/18/2012 - 11:31 | 2628236 Ghordius
Ghordius's picture

To be frank, I have no clue about this and what you are hinting at. Perhaps the Marranos? And this whole theory of the Thirteenth Tribe from the Khazar Khaganate is beyond my knowledge. If you wish to read a flippant response: sounds like a recent New World fancy.

I'd wish someone would explain to me why it's cool to spell badly, luckily you were not the only one spelling Kol Nidre the wrong way round. The whole point of being discharged from a vow is a tad distasteful, for me, but, again, I have little clue about jewish customs...

Tue, 07/17/2012 - 12:27 | 2624615 i-dog
i-dog's picture

 

"antique propaganda  ....  just boring  ....  strange and even illogical thoughts  ...."

Ahhh, Ghordie ... you crack me up!!

BTW, nice try down below on the 'Conspiracy For Dummies' first edition. It should be a real hit among the kiddies and ostriches! "MegaBanksters" has a nice ring to it, too -- could even become a meme (your boys are certainly working hard enough on it!). But, where did you pull that "1994" date from?

Tue, 07/17/2012 - 14:10 | 2624819 Ghordius
Ghordius's picture

ah, my apologies, you were referencing about the "conspiracies for dummies" on this same thread here 2623615. I'd be delighted to read what you think about it.

I'd say it would make me proud to produce a strong meme, though it also would make me quite sad if it would be a wrong or deleterious one. btw, who are "my boys"?

it's "about mid nineties", what I mean, and it's more from a long discussion I have with friends where we compare prices with the last "sane" levels, which were, in our opinion, so around 1994-1995...

I memorize several statistics from either 1994 or 1995 since then.

Tue, 07/17/2012 - 13:02 | 2624744 Ghordius
Ghordius's picture

i-dog, the US BigBiz Corporate Model is something undeniable, as it's changing ethos and workings since decades. The same applies to what I call the MegaBanks. And I am not alone in calling the CDS market pure BS - though I maintain that it's main deleterious effect is not even the TBTF "effect", it's the price-signalization that it causes, which makes it a legitimate target to antitrust or cartel-busting measures - because it's pure market manipulation on a grandiose style.

What I mean is that I prefer to moan about things that can be changed - i.e. we can't change the ancestry of people.

Nevertheless, is any tangible or "deductive" evidence on the Khazars or any other Cabal? I repeat, I like theories and I'm symphatetic to many causes.

I start to think you are dogging me because of my avatar or because I maintain that the EUR is - against all this bankster-paid AngloSphere propaganda, a quite intelligent proposition.

Tue, 07/17/2012 - 23:23 | 2626808 i-dog
i-dog's picture

Ghordie: Your minimization of the Khazarian Klique reminds me so much of the following well-rehearsed and wonderfully benign minimization of the Jesuit-initiated grouping of bankers, politicians, diplomats and industrialists -- that has been meeting in secret once a year to receive the messages from above for the past 58 years (and it is, after all, just one of many such groupings in the Khazarian Komplex):

"The Bilderberg is not real. It's just a bunch of old white rich guys sitting around drinking tea and eating crumpets and playing backgammon. They have no power. Pay no attention to these guys. It's just Obama and Romney and the American voters that make all the decisions in the world."

Indeed, it was your initial attempt last year to similarly minimize the Knights of Malta (another of the Khazarian-kontrolled groups in the globalist complex) -- by equating them to the volunteer charity workers in the rank and file of the Order of St.John -- that first alerted me to your allegiance and agenda (or your breathtaking naivete, though I don't for a minute buy that defense!). I don't hold it against you...we each choose what ideals we wish to defend.

As to "evidence" of the Khazarian Klique: it is far too comprehensive to post all the manifestations and common links on here. Suffice to say only that, to the contrary, I have seen no evidence of any planning group comprising solely your "MegaBanksters" (are they maybe telepathic?), or solely of the controlling shareholder families of your "US BigCorps" (do they maybe meet in secret at one of the European chateaux of the Rockafellas or DuPonts and draft 3,000-page laws between games of croquet?). LOL.

Wed, 07/18/2012 - 03:08 | 2627192 Ghordius
Ghordius's picture

LOL - one thought for you regarding this: "I have seen no evidence of any planning group comprising solely your "MegaBanksters" (are they maybe telepathic?)"

No, they are not telepathic, they have databases.

>>>>   80% of all derivatives are originated/held by 5 companies   <<<<

It's the biggest pricing intent signaling system ever set up. It's the ultimate accord. Who needs meetings, secret or open, when you have something like this? It's the center of the great TBTF and pricing cartel.

where did you get that quote, btw? not from me, if you are paraphrasing me, then quite badly

Wed, 07/18/2012 - 00:10 | 2626987 JOYFUL
JOYFUL's picture

so that's the game is it?

I had not found reason to take any note of the fellows' previous comments here, and I did wish to give him the benefit of the doubt...

but yur useful backgrounding shows him to be, underneath the surface veneer of cultured discourse, yet another squire of the squid, in the mold of the departed(but not mourned)"Chindit" - a top drawer apologist for tptb, fighting a rearguard action against the surfacing of information that embarrasses and exposes them for the 'masters of mendaciousness' that they be.

"the tribe" is everywhere - Ghordius - and yur imitation of the von Rompuy here is proof positive that their minions are as well!

Wed, 07/18/2012 - 04:51 | 2627276 i-dog
i-dog's picture

I'm fairly sure that our first exchange has been "archived" by Tyler, and therefore hidden from review ... but I spotted him early on.

However, being the good Maremmano that I seek to be (that's quite the opposite of a Marano!), I like to periodically point these wolves out to the sheep. I'm not one to get bogged down in nasty name-calling exchanges -- like those of Akak and the Mouse, or the FlimFlamMeister and Mosely -- and neither is our friend Ghordius, though he can be pushed to show his fangs when his guard is down ;-)

Understanding that "By their fruits, ye shall know them", I give you my simplified guide to their entirely predictable tactics (so predictable is their use of these tactics, that I assume they are given a checklist to work from!):

1. Secrecy: Operate in secret and/or disguise and cover tracks wherever possible. The Khazarians are well-known khameleons, so don't ever believe their cover stories. When challenged on here, they just outright lie. If it walks like a duck, quacks like a duck,.......

2. Denigration: Ridiculing the critic by any one of a number of means. Questioning their motives (eg. "you're trying to hurt the poor"); ascribing false consequences to their actions (eg. "you'll destroy confidence in the system"); using belittling insults (eg. "you're too dumb to understand the real situation"); brow-beating (eg. "you're anti-semitic" or "your mother sleeps with horses").

3. Reinterpretation: Explaining that the way things are done is perfectly normal and legitimate. Examples include: politicians describing bribes as gifts; pressure groups describing their efforts as simply expressing opinions; executives describing misconduct or failures as oversights; saying that something suspicious is nothing to worry about.

4. Minimization: Attempt to downplay the extent or impact of activities. Examples include: "It is only a few bad priests, errrr, rogue traders, errrr, apples", and "they're just an incompetent bunch of ignorant politicians". Nothing could be further from the truth!

5. When all of those tactics don't work, or they don't have the intellectual horsepower to be able to carry them off, then they just become downright insulting!!! (See: FlakMeister and LetThemEatRand for daily examples).

[edit] LOL ... I see that Mr Falak has, true to form, interposed a selection from the "Ridicule" section! Too funny.....

Thu, 07/19/2012 - 06:48 | 2631025 Ghordius
Ghordius's picture

i-dog, peace, please, don't bother with an answer, particularly if it costs you time. All I wanted to tell you is that I "prowl those woods and howl from time to time" because I'm - very lazily, here - after that most elusive of preys: truth. And I could not care less about "sheeps" in all forms - yours or anybody else's, even if you see me trying to give "simple" answers to (youthful? mostly...) questioners or call BS to some others.

Since you will come back to this spot, I'd prefer to tell you a story that might funny for you, too. The first time I partecipated to a boar hunt, long time ago, my host, in his infinite compassion and wisdom, gave me a spear (I still have it) and assigned to me a Maremmano called Daimos (though he answered to Gigi, too). I had no idea how much this dog would shatter in a few days all my preconceptions of this breed. First, he was not there for the hunt - he was there to keep an eye on me. And a very suspicious one, at least at the beginning. Second, I had no chance in excerting any dominance on him - as you usually have to with any kind of working or hunting dog. In this, the Maremmano is not typical and has little of the wolf in him, it has more kinda of feline qualities - for lack of other terms. He expected and exacted a form of peerhood. Very unusual for a dog. And boy, no petting or praising allowed! I was allowed to somehow lead him, but only by respecting him first. He was only collaborating with me if I explained things first (please don't laugh, if you spend long spells of time alone with a dog of this kind of intelligence it's normal - and it worked). And even then, it was on his terms, if it suited his mood. Teached me quite a few lessons...

A bit of hunter's lore & superstition: you don't pick a "totem" for "spiritual" guidance or for your arms. "It" picks you. And it changes you. As it might even change your line. And whatever you hunt changes you, too. This as an explanation why I'm not that strongly interested in the hunt for the pitiful, sordid lords of lies and I prefer, if I can, to go after the more elusive golden hinds of truth.

Wed, 07/18/2012 - 07:44 | 2627427 Ghordius
Ghordius's picture

i-dog, I love the Maremmano breed. Their loyalty is legendary, particularly to the sheep they are exposed to as puppies. you have picked a very powerful totem (though I do have a weak spot for Snoopy the cartoon character, too), my compliments.

on one thing I agree with you, I do strive for gentility, but if you really push the whole human experience in the genetics of "sheep", "sheepdogs" and "wolfes", then, by my bloody pedigree/breeding I'm over 90% wolf. this going back to the 12th century, with some traces to the 8th.

so yes, your sheepdog persona probably growls at my attitude. my "fangs" are, the way I see it, a dispassionate view at human hierarchies and powerplays. I take for granted that there is always a pack of wolfes somewhere, and that most sheepdogs aren't really loyal to the interests of the sheep.

Yes, I expect in every society overt and covert hierarchical power-structures, corruption and betrayal. My emphasis is on how much. I firmly believe that you can minimize those influences, wich I summarize as corruption. In fact, I see it as a duty for a citizen of a polity and/or multi-polity.

So, my dear Maremmano, to whom belongs your loyalty? Mine belongs to me, to my family and in a lesser degree to my habitat, this old continent called after a pretty girl, and to an even lesser degree to humanity in general. But I have very strict "wolfish" standards on my own behaviour, a socio-cultural gap very few people can bridge. What are your standards? Or, better, do you have standards that you put above your life? If yes, then what is the true difference between the sheepdog and the wolf? Values? Principles? Property? The Sheep (bless 'em)?

Yes, I do value the time you take for our chats, I do find our exchanges interestings, and yes, I am "showing my fangs" at an implication of being something different than what I am. You see my "guard down" because my guard is not up, here. This is a realm of anonymous discussion and (hopefully) reasoned arguments. That's why I like it, an argument should be alone and fatherless, here.

---------

Anyway, I don't accept the view of my questions as tactics and I don't recognize recognize your quote as my own. Here, my POV:

"Old" Bilderberg: they met, they confabulated, they organized some weapon deals (Hercules scandal pops in my mind), they were keen on their primary goal of keeping NATO growling at the Soviet Union. Lots of sleaze. Sounding board for "new leaders", for example Ms. Tatcher.

"New" Bilderberg: a shadow of the former, lots of journalists and financial commentators. Too much public attention to function the old way. This was the gist of our first Bilderberg dispute: I maintain that it's not important, both in it's old and new format.

Obama: informal member of the Kennedy Clan. Campaign financed mostly by banks and several Oligarchs, including the Sage of Omaha.

Romney: Campaign financed mostly by banks and several US Oligarchs (not familiar with those structures, though).

I doubt I would ever write that an US President takes "all the decisions of the world". This would be preposterous, in my eyes. You can't even get a sniff of a possible election without selling key policy decisions in advance to the various power-brokers, which in turn serve powerful interests.

One example of what I call "powerful interests": tax-advisors. In every country we have legions of people living off the intricacies of our tax systems. I call this waste. Another form of corruption.

Wed, 07/18/2012 - 10:02 | 2627797 i-dog
i-dog's picture

I'll try to reply tomorrow afternoon, when I have some time.

Wed, 07/18/2012 - 04:18 | 2627250 falak pema
falak pema's picture

the only tribe worth talking about is this one :

And the Coca Cola bottle symbolises it all !

The Gods Must Be Crazy - Television Tropes & Idioms

Tue, 07/17/2012 - 08:59 | 2623776 Don Diego
Don Diego's picture

I don’t claim the Top has full control, just effective control. The world is too complex to have major decisions taken by a few individuals around a table. The Top is not homogeneous either and they have serious infighting among them. The Top just care about keeping the fiat money system of debt slavery going. They leave most decisions to lower levels, just don’t mess with “their” money. The Top don’t want all the money either, you can make a fortune and be allowed to keep it as long as you don’t challenge their oligopoly of debt creation.

Tue, 07/17/2012 - 23:12 | 2626826 engineertheeconomy
engineertheeconomy's picture

He who prints the most, steals the most and makes the rules

When it comes to being wealthy, no entity even comes close to the US Military and their puppet Bernanke

not  close at all

Tue, 07/17/2012 - 08:02 | 2623584 MillionDollarBoner_
MillionDollarBoner_'s picture

Dimon is Disposable

To see this you have to look at the big picture. Goldman Sachs are the chosen ones, doing "God's Work" per Blankfein.

It is Goldman alumni who are filling the positions of influence - Treasury, ECB, Italian Premier and soon the BOE.

Goldman are going to be the winners here. That means JPM are (one of) the losers.

Look for the Goldman plants to make their excuses and leave. This means they have completed their appointed tasks and everything is in place for the "reset".

Until then is all just windowdressing and hype.

Tue, 07/17/2012 - 12:15 | 2624582 sgt_doom
sgt_doom's picture

You reasoning in general is sound, but in the particular is weak.

The ruling triad is always JPMorgan Chase, GS and Morgan Stanley.  We still haven't quite figured out what GS is other than a conduit for the Pentagon, but the "the House of Morgan is anything less than invincible" (Really?  Shouldn't that be the House of Morgan-Schilling, one must stay current!), the Rockefeller-Morgan establishment, rules through JPMorgan Chase, Morgan Stanley (Morgan-Schilling), Citigroup, etc., and is not to be toyed with.

Whether it's the previous CEO, Dimon, or the next CEO, JPMC's record has been consistent:  just examine the SEC's litigation releases over the past decade --- absolute consistency!

Ancient saying:  If you don't know who owns anything, how will you know who owns everything!

Tue, 07/17/2012 - 13:00 | 2624755 Precious
Precious's picture

Where is Bill Cosby when you need him.

Tue, 07/17/2012 - 07:37 | 2623539 negative rates
negative rates's picture

No, the almighty green back is still king.

Tue, 07/17/2012 - 12:59 | 2624752 Precious
Precious's picture

Just Citibank doing their part to keep interest rates low.

Tue, 07/17/2012 - 07:33 | 2623525 ihedgemyhedges
ihedgemyhedges's picture

Yes.  Next question please.

Tue, 07/17/2012 - 20:35 | 2626479 vachon
vachon's picture

Ditto.  And one more thing: no one steam rolls congress better. 

If I had a billion dollars to dump somewhere, I'd give it to JPM.

Tue, 07/17/2012 - 13:01 | 2624739 Precious
Precious's picture

Hopefully he will soon be the master of Club Fed.

Tue, 07/17/2012 - 23:02 | 2626803 knukles
knukles's picture

He may be a Master of the Universe, but he Has Not a Permanent Seat at Mansion House, City of London

Tue, 07/17/2012 - 23:01 | 2626801 engineertheeconomy
engineertheeconomy's picture

Jail Bernanke with the rest of the crooks and throw away the key

All we really need to do business is one digital counter/live videocamera on each dollar printing press so we know exactly what the M3 is

then all the moronic talking heads can shut the fuck up

Do NOT follow this link or you will be banned from the site!