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FleeceBook: Meet JP Morgan's Matt Zames

Tyler Durden's picture




 

Previously, in our first two editions of FleeceBook, we focused on "public servants" working for either the Bank of International Settlements, or the Bank of England (doing all they can to generate returns for private shareholders, especially those of financial firms). Today, for a change, we shift to the private sector, and specifically a bank situated at the nexus of public and private finance: JP Morgan, which courtesy of its monopolist position at the apex of the Shadow Banking's critical Tri-Party Repo system (consisting of The New York Fed, The Bank of New York, and JP Morgan, of course) has an unparalleled reach (and domination - much to Lehman Brother's humiliation) into not only traditional bank funding conduits, but "shadow" as well. And of all this bank's employees, by far the most interesting, unassuming and "underappreciated" is neither its CEO Jamie Dimon, nor the head of JPM's global commodities group (and individual responsible for conceiving of the Credit Default Swap product) Blythe Masters, but one Matt Zames.

It is our humble opinion that Matt is one of the most interesting people not only at JPMorgan but in all of modern finance, courtesy of his dominant role at the Treasury Borrowing Advisory Committee (of which he is Chairman, profiled here: The Supercommittee That Really Runs America"), a group of Wall Street individuals best known for telling the current (and future) Treasury Secretary what to do, and thus effectively represent the handful of people, all of which are employed by various financial firms, that decides the fate of US public spending (and deficit creation, which incidentally must always go on - i.e., no spending cuts... ever, because if there were no deficits to be monetized the Fed would no longer create excess reserves, which are now the lifeblood of bank profitability in the New Normal as explained previously).

But perhaps just as important, Matt Zames is now the head of JPM's infamous Chief Investment Office. As also explained previously, courtesy of the London Whale massive prop trading faux pas in early 2012, we have the CIO to thank for providing us the insight into just how banks funds their massive, Volcker-rule skirting prop trading operations (which incidentally are far more pervasive than the recent Bloomberg's expose on a certain group at Goldman, which has openly been involved in prop trading since its inception), namely via excess deposits over loans. We are certain that it is not only JPM, but every other commercial US bank (see Wells Fargo's record delta reported earlier today), that takes advantage of what is now a cumulative $2 trillion imbalance of excess deposits, driven by the Fed's excess reserves, to do just what JPM did and reinvest deposits, no longer firewalled from trading activities, in risky assets, such as buying stocks and selling CDS. But mostly buying stocks. As a "hedge" of course. 

In other words, it is Mr. Zames whose dual role of continuing to be on the TBAC on one hand, and indirectly determining how many excess reserves will be created by the Fed as a result of excess Treasury monetization - an issue he has direct input on in his capacity as quasi public servant, to then flip, and on the other hand, use said reserves, transformed via repo or (ab)used directly, as prop trading dry powder in his private sector capacity as CIO head, and proceed to invest as he sees fit. All of this, of course, will be done with absolute stealth: after all has JPM released anything more than broad strokes details of what precisely went so wrong at the JPM CIO aside from a $200 billion notional CDS position going horribly wrong? Because, naturally, the regulators are complicit on this scheme too.

It is precisely his role at the proverbial core of the US ponzi scheme, where he takes public funds, indirectly, with one hand, and proceeds to invest it for private benefit, with the other, that is what makes Mr. Zames quite so fascinating.

Among the other things that make Mr. Zames quite fascinating, is that he used to be a trader for none other than the first hedge fund to feel the unwrath of the Federal Reserve, and receive a bailout: Long-Term Capital Management (the same LTCM, its management team, and of course its legal team, that ushered in the parasitic and destructive era of Too Big To Fail... but that is a story for another day). It is somewhat ironic that Mr. Zames had to go from the original hedge fund blow up, to head another (one located deep in the bowels of JP Morgan) that blew up just before his arrival.

But fear not: Mr. Zames is quite qualified for all of the above - after all he graduated from MIT. Sadly, Matt is not on the "MIT engineers" list of central bankers (profiled previously) who meet secretly at the BIS every now and then and decide the fate of public funding in the "free world."  At least not yet. Or at least, not that we know of.

Yet, that Zames does all of the above with virtually no public exposure is most fascinating.

Which is why we are happy to make him the third honorary inductee into the Zero Hedge FleeceBook half of fame.

More on Mr. Zames courtesy of Bloomberg's Max Abelson:

Zames Rises From JPMorgan Battlefield to Dimon’s War Council

Twice in the past 100 days, JPMorgan Chase & Co. (JPM) Chief Executive Officer Jamie Dimon has turned to a 41-year-old former hedge-fund trader to tackle challenges facing the largest U.S. bank.

Matt Zames, named chief investment officer in May to contain trading losses that have cost at least $5.8 billion, became the firm’s co-chief operating officer last week. Zames, who began the year as co-head of the bank’s fixed-income business, now oversees senior executives including Chief Financial Officer Douglas Braunstein, 51, and regulatory affairs head Barry Zubrow, 59.

“He had the guts and the brains,” Dimon said in an interview after announcing the management shakeup on July 27. “Matt is straight, direct, does his work. He’s got that kind of confidence without arrogance.”

Zames shoots sporting clays, described by its national association as “golf with a shotgun.” He studies military history, reading books about World War II and more recent conflicts. A husband and father of three, he leaves his bed in New Jersey at 4:45 a.m., he said in an interview.

“I wake up every morning -- every morning -- excited to actually make this place a better place,” he said. “I am truly humbled and honored to have been given the opportunity.”

Zames will continue to lead the chief investment office while adding oversight of finance, strategy and regulatory affairs, according to a memo sent to employees last week. The additional duties place him among senior executives who might one day succeed Dimon. Zames will serve as co-COO alongside Frank Bisignano, 52, whose responsibilities include technology and security.

Two JPMorgan executives who weren’t authorized to speak on the matter said Zames is particularly interested in trying to help shape regulatory policies so they’ll be better for the New York-based bank and the broader economy.

He and Dimon, 56, were both involved in an earlier multibillion-dollar trading crisis. After graduating from the Massachusetts Institute of Technology’s Sloan School of Management in 1993 and spending some months at Goldman Sachs Group Inc. (GS), Zames became a trader for Long-Term Capital Management LP.

The hedge fund was bailed out in 1998 after Russia’s debt default led to $4 billion of losses in what was then one of the largest collapses in U.S. investment history. The Federal Reserve Bank of New York organized support from banks including the firm Dimon was leading, Salomon Smith Barney. Zames said he “definitely” remembers meeting Dimon then, though his boss doesn’t. “No,” Dimon said when asked about the encounter.

Even so, Long-Term Capital veterans recall Zames as one of the firm’s most-trusted young traders.

Zames was trusted and mentored by senior colleagues, according to Rickards and Long-Term partner Eric Rosenfeld.

He’s a mathematician and he’s a poet: He understands the math, but he understands qualitatively what’s going on,” said Rosenfeld, who now teaches fixed-income at Sloan. Zames is one of the people on Wall Street who “live and breathe the trades they’re doing,” he said.

The trading that Zames has overseen at JPMorgan has made the firm billions of dollars. Fixed-income trading revenue last year was $14.8 billion excluding accounting adjustments, more than any other global bank. JPMorgan posted the only increase in debt trading among the largest firms that year, while Bank of America Corp. (BAC) and Goldman Sachs slid more than 30 percent.

In last week’s interview, Dimon praised Zames’ handling of the crisis and recounted their meeting in May to discuss the situation. Dimon had called Zames into work on a Saturday, and the two were standing in a hallway when the CEO asked him to take over the money-losing unit. Zames’ promotion came fewer than three months later.

“When you have a talent like that, you got to give him a challenge,” Dimon said.

...

While Dimon said in last week’s interview that he hopes to keep leading JPMorgan for “many, many more years,” Zames’ promotion fueled speculation that the former trader is now a potential successor...

* * *

Read more here

 

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Fri, 01/11/2013 - 14:43 | 3144907 ninja247
ninja247's picture

nice

 

Fri, 01/11/2013 - 16:08 | 3145265 LongSoupLine
LongSoupLine's picture

Just yet another layer in an increasingly infinite stinking fucking pile of global financial shit.

fuck you JPM, fucking wastes of fucking humanity.

Fri, 01/11/2013 - 16:17 | 3145277 whstlblwr
whstlblwr's picture

Looks like a good guy for once. Never mind, read the mathematician poet line and thought not bad, before reading the article.

Fri, 01/11/2013 - 16:46 | 3145399 Robot Traders Mom
Robot Traders Mom's picture

TABC?

 

He fucks taxpayers to 'pay tribute' to the Fed. Scumbag.

Fri, 01/11/2013 - 19:58 | 3145889 TwoShortPlanks
TwoShortPlanks's picture

Hey ZH, what about a 52 card deck with the top 52 bankers's picture and bio on the back?

Dimon, Blankfein, Bernanke and Geithner being the Jokers of course.

I'll buy a dozen packs, at least.

Fri, 01/11/2013 - 21:04 | 3146065 whstlblwr
whstlblwr's picture

Actually this guy looks like SUPER-Jew. He trains with guns, he gives to charity, I bet he would throw high quality cardboard in the dumpster just to be nice for @francis_sawyer

Fri, 01/11/2013 - 21:38 | 3146149 Sofa King
Sofa King's picture

I was wondering what had become of MC Search from 3rd Base.

http://en.wikipedia.org/wiki/File:3rd_Bass.jpg

 

Sat, 01/12/2013 - 07:26 | 3146791 Short Memories
Short Memories's picture

What a fucking waste.

If he's such a fucking genius then why not do something for mankind and not just a scourge of the earth like JP

In fact, if he's suck a fucking genius, he should realised he's fucking the planet for his own greed and self gratification and greed.

Fuck you Matt! You suck! No one suffers just so that my kids can eat, can you say that?

 

Fri, 01/11/2013 - 14:43 | 3144908 inevitablecollapse
inevitablecollapse's picture

one look at that guy and i can tell he's an asshole

Fri, 01/11/2013 - 14:49 | 3144929 e_goldstein
e_goldstein's picture

(beady-eyed weasel)

Fri, 01/11/2013 - 14:50 | 3144932 francis_sawyer
francis_sawyer's picture

beaker

Fri, 01/11/2013 - 14:53 | 3144951 Divided States ...
Divided States of America's picture

This crony a Jew too? He sure looks like one

Fri, 01/11/2013 - 14:55 | 3144958 James_Cole
James_Cole's picture

"The trading that Zames has overseen at JPMorgan has made the firm billions of dollars. Fixed-income trading revenue last year was $14.8 billion excluding accounting adjustments"

He's a bad guy blah blah blah, all the same that's very impressive performance.

Fri, 01/11/2013 - 15:01 | 3144977 francis_sawyer
francis_sawyer's picture

All the cat food eating grannies out there bow to his mastery of the universe at their expense...

Fri, 01/11/2013 - 15:25 | 3145064 Stackers
Stackers's picture

So if this is the Masters of the Universe series I nominate this guy to be Stinkor master of all that smells

http://www.he-man.org/collecting/toy.php?id=1256

 

Fri, 01/11/2013 - 15:10 | 3144988 nope-1004
nope-1004's picture

Usain Bolt robbing a bank, stealing millions of taxpayer dollars and outrunning police in record time, is equally "impressive".  Actually, more impressive, because Bolt has skill and can run, this guy is just a crony dude milking the system off of inside information.

There is no skill in being a successful insider.

 

Fri, 01/11/2013 - 16:06 | 3145256 Totentänzerlied
Totentänzerlied's picture

Depends, do you consider having the moral fiber of a sea slug (no offense to sea slugs) a skill?

Fri, 01/11/2013 - 22:11 | 3146246 Ned Zeppelin
Ned Zeppelin's picture

There is no skill in being a successful insider.

SOOOO well said.

Fri, 01/11/2013 - 15:34 | 3145118 rawsienna
rawsienna's picture

Actually quite talented and risk adverse from what I have heard -conflict of interests aside

Fri, 01/11/2013 - 17:09 | 3145470 gckings19
gckings19's picture

how can you be risk averse and make that muchmoney.  who are you trying to kid?  its not possible....without the inside info i guess.

Sat, 01/12/2013 - 15:34 | 3147382 Blankenstein
Blankenstein's picture

Risk averse because he has stacked the deck and knows what the cards are.  Also, risk averse because if he does make the wrong bet, the government will be there to bail him out.  Easy to be "risk averse" when you are a deck-stacking insider. 

Fri, 01/11/2013 - 15:47 | 3145178 hooligan2009
hooligan2009's picture

yes, but I think you have made brazillions of pixie dust money if you got to see all the trades that were going to be put on at tax payers risk BEFORE they are put on, and BEFORE you ring your buddies to tell them what you have done and why you did it

Fri, 01/11/2013 - 17:07 | 3145462 gckings19
gckings19's picture

yeah....impressive....lets see, he gets to make the rules and policy, then trade on that knowledge.   wow, that must be difficult.

Fri, 01/11/2013 - 17:52 | 3145594 Bay of Pigs
Bay of Pigs's picture

You aren't the same James Cole from Mish's board are you?

I don't remember you as being this misinformed and stupid.

Fri, 01/11/2013 - 21:36 | 3146145 Blano
Blano's picture

Ok there was 14.8 billion in revenue, but was there any profit??

Shit I can generate 14 billion in revenue, making a buck is another matter.  But then again, in Bailout Nation I guess profit is just an interesting sidenote.

Fri, 01/11/2013 - 16:15 | 3145296 caimen garou
caimen garou's picture

no, he is a asshalf it take two of him to make a asshole

Fri, 01/11/2013 - 14:47 | 3144918 BrigstockBoy
BrigstockBoy's picture

He's a poet, eh?

Roses are red
Violets are blue
Matt is a piece of shit
Jamie Dimon is too

Fri, 01/11/2013 - 14:54 | 3144948 A L I E N
A L I E N's picture

lol, thanks for the friday humor!

Fri, 01/11/2013 - 14:49 | 3144921 LouisDega
Fri, 01/11/2013 - 15:15 | 3144927 BattlegroundEur...
BattlegroundEurope2011's picture

Now this is just a guess.  May be a long shot but...

 

 

 

 

 

 

 

 

Is he Jewish?

 

Fri, 01/11/2013 - 15:40 | 3145148 Mad Mohel
Mad Mohel's picture

Shabbat Shalom muthafucka!

 

Fri, 01/11/2013 - 15:48 | 3145170 hooligan2009
hooligan2009's picture

you get that from the Daily Show about AIG being sued by....?

Fri, 01/11/2013 - 16:33 | 3145357 WTFx10
WTFx10's picture

How come all the anti-anti-semites don't post a list of all the goyim that control banking, industry,hollywood and media?

Where is that goyim list? How many dual citizenship non jewish people in Israelis Government?

 

Fri, 01/11/2013 - 17:37 | 3145560 Mad Mohel
Mad Mohel's picture

LOL

Fri, 01/11/2013 - 20:06 | 3145900 whstlblwr
whstlblwr's picture

Hey small dick, why don't you post a list of what really matters. Post a list of who controls oil, and military. Our MASTERS! Nice try STOOGES.

Sat, 01/12/2013 - 20:43 | 3147863 Parrotile
Parrotile's picture

Your MASTERS? Who might they be?

Presidents new and old, Congress??

Seems that they all have the same ideas doesn't it? Slight variations on a central theme.

Wonder just who provides their obviously very consistent "guidance"?

Wonder just who THEIR MASTERS are (hint - "Old" money, "Family" money - "Intergenerational Wealth Accumulation" money.)

Modern puppets, like modern technology, have become very impressive, and the ill informed might almost argue a degree of autonomy, but never forget that the puppet is ultimately controlled by the puppeteer - and even an autonomous puppet will have  a convenient "On-Off" swich held by the covertly ultimately powerful.

Think about it . . . .

Fri, 01/11/2013 - 14:57 | 3144934 SamAdams
SamAdams's picture

Just another tool of the real power brokers, i.e. the private investment banks that control the BIS. 

Fri, 01/11/2013 - 14:53 | 3144939 Cognitive Dissonance
Cognitive Dissonance's picture

It seems to me that the way to identify sociopathic banksters is by their male pattern baldness.

<Ummmm.....wait a minute, that could include me as well.> :>)

Fri, 01/11/2013 - 14:55 | 3144961 SamAdams
SamAdams's picture

I resemble that remark...

Fri, 01/11/2013 - 14:53 | 3144949 piceridu
piceridu's picture

Think about how many lives would be spared worldwide if someone nuked Massachusetts Institute of Technology’s Sloan School of Management 

Fri, 01/11/2013 - 14:57 | 3144966 Cognitive Dissonance
Cognitive Dissonance's picture

Nah. That would just piss off the surviving alumni. Then we'd really be in big trouble.

Fri, 01/11/2013 - 14:55 | 3144959 Glass Seagull
Glass Seagull's picture

 

Lives in a locked trunk in Jamie Dimon's basement.

Fri, 01/11/2013 - 14:57 | 3144968 williambanzai7
williambanzai7's picture

MINI MADOFF

Fri, 01/11/2013 - 14:59 | 3144973 koncaswatch
koncaswatch's picture

Great series Tylers.

I'm informed, repulsed and angered all at once... long live crony capitalism!

Fri, 01/11/2013 - 15:05 | 3144990 disabledvet
disabledvet's picture

"Like a Sherrif in Ye Olde West he arrived. He had a past...but this did not concern him. He had a job to do. The town needed him. 'there's always another who says they can draw faster' the townspeople complained. But he was quiet...and they felt assured." (cue Ye Olde West music here.)

Fri, 01/11/2013 - 15:06 | 3144999 CharliePrince
CharliePrince's picture

live and breathe the trades they’re doing

 

so they were all huffing @ LTCM

Fri, 01/11/2013 - 18:53 | 3145768 sgt_doom
sgt_doom's picture

That LTCM thingy, it's been a while, but wasn't that an end run to takeover Bank of America?

BofA's unsecured loan on the Russian Bonds blows up, so NationsBank, ganging up with Goldman Sachs and Mellon Bank, do a deal and pick up BofA, right?

Not sure of the details, but that's sort of the way I recall it?

 

Fri, 01/11/2013 - 15:17 | 3145031 Titus Flavius C...
Titus Flavius Caesar Vespasianus Augustus's picture

It takes a tough man to recognize a tender ponzi.

http://blogs.reuters.com/felix-salmon/2011/04/15/how-matt-zames-reads-barrons/

Keep fucking those chickens, Matty boy.

From the comments:

 

JD05,
I think you are absolutely correct:

“There’s another possibility here, which is that Zames had received additional information – beyond what he’d read in Barron’s – that convinced him that Madoff was a Ponzi. But, as a cautious and sophisticated person, he knew that it was unwise to reveal his sources. So he played it close to the vest and simply mentioned the one piece of evidence that was already in the public domain. This seems to me like an entirely plausible scenario; if true, then Picard’s case against JP Morgan could turn out to be stronger than it may look now.”

I believe his secret sources were wealthy friends in the Jewish community,…that networking is how Madoff got his clients. Zames may have heard personal stories about the great returns on investments from Madoff. Some of these investors might have been JPM clients and Zames did not want to rock the boat by revealing anything obviously embarrassing to his friends or JPM. Mentioning the Barrons article was merely a safe, publicly available source

 

 

I think that Madoff is in jail because he stole from the tribe. 

 

Pretty fucked up how verboden it is to note the disproportionate amount of Jews at top posts in these banks and the federal agencies which are supposed to regulate them.  It begins to look deliberate, but it doesn't help that genuine antisemites are the only ones chattering about it.  I just want to be able to state the fucking obvious - it's insider trading, based on who learned what from whom at the synagogue.

 

Pretty easy to maintain a headlock on power when you preferentially hire from within your own group, and you can rest easy that no major paper or news source will talk about it.

 

Pretty sweet deal.   Affirmative action is only for the poors, working in their blue collar jobs...

Fri, 01/11/2013 - 16:19 | 3145186 Blazed
Blazed's picture

What is a "genuine anti-semite"? To be anti-semitic means to be against semitism, simply being against any preferential treatment and special privilege for semites. Or since 85% of Jews are Ashkenazi, with varying amounts of European/Asiatic/Semitic admixture, and they have virtually genocided actual semitic people in Palestine, are they the actual anti-semites? Of course in reality Jews use the term to fend off ANY CRITIQUE of their destructive behaviors and/or political/social activism, simply observe the ADL, JDL, SPLC, AIPAC, etc.

Fri, 01/11/2013 - 16:29 | 3145335 WTFx10
WTFx10's picture

But the anti-anti-semites don't want hear that shit. Its just a fluke that they all Jewish, it must be muslims?

Its not the Banksters fault they are all Jewish, Its not the media propaganda whores fault they are Jewish. Its not Hollywoods fault they are all Jewish. Its not the fault of the wealthiest individuals on the planet that they are all Jewish Its just a coincidence that one jew in American government is replaced by another especially when it has to do with economics. Treasury Secretary? Its not the Jews fault that our foreign policy is what ever Israel says it is. It's not the fault of the Jews. Its the Organized Criminal gangsters fault who happen to be Jewish. Not all Itailians are in the Mafia but that doesn't stop people associating the mafia with itailians.

If the non criminal Jews care so much about the rape,theft and murder of the rest of the planet maybe they should be the ones complaining instead of us goyim?

Fri, 01/11/2013 - 18:49 | 3145756 Doctor Faustus
Doctor Faustus's picture

I know I should ignore this rabbit hole because whatever I say won't be heeded by those who will always blame the "Joooos", but hell, I'll give it a shot and try to answer your question.

For a couple of milleniea since the destruction of the Second Temple, the Jewish people have been whacked pretty good by a variety of empires, governments, and other religions (to include Christianity & Islam). Again, read Mark Twain's short Letter to the Jews for his theory on why they were/are persecuted. Twain basically concluded they were not politically organized as the Irish were and needed to become so if they were to overcome continuing persecution.

 

Jewish culture, like many others, emphasizes family, education, and hard work. In a hostile world where you're always the minority, folks have a tendency to stick with their own. Hence, the "tribal" affinity in whatever industry is represented and why they generally punch much higher out of their weight class in proportion to the rest of the population. Unfortunately, without morality, it devolves into simple greed and cronyism. Generally, it's the secularists who primarily worship material wealth and power instead of God that get all the attention and give ALL Jews a bad name. Besides, as history has shown too many times, it's fairly easy to scapegoat the Jews. Unlike the Muslims, they won't go jihad on you.

 

As a redneck MOTT (Marine Corps, life member NRA, ultra-conservative), it baffles me to no end why the majority of Jews keep trusting (and voting) in governments and not guns but perhaps they figure it will be different this time. Me, I'm a student of history and will never forget.

As for all of the ZH posters believing in some Protocals of the Elders of Zion global conspiracy shit, you're working too hard. I and many other Jews can't stand these (or any other) pompous, thieving assholes any more than you do, but like you, don't have a lot of options except to stock up on guns, ammo, knowledge and try to lead a life worth living. 

 

BTW, I find ZH an excellent source of macro-economic data and candid, insightful commenters. That includes even the anti-semtic pricks such as Otto, Francis, and rest!

 

Doctor Faustus

 

 

 

Fri, 01/11/2013 - 20:21 | 3145958 hustler etiquette
hustler etiquette's picture

Israel is a metaphor for the body. Good day

Sat, 01/12/2013 - 08:29 | 3146818 N57Mike
N57Mike's picture

After years of studying Edgar Cayce and others, the “new Jerusalem” of Revelations is a metaphor for the coming world of spirituality, as opposed to todays  material world of insanity, (what the Bible calls life in the “flesh”) so well documented and discussed here on ZH. Why the Jewish race play such a central casting role in the schoolhouse of Earth is an interesting subject.

 

Thank you Doctor Faustus and Hustler Etiquette for those interesting comments.

Sat, 01/12/2013 - 08:41 | 3146828 N57Mike
N57Mike's picture

Or to explain in another way,  the essence of spirituality and why the fuck we are here..… life on Earth is like a Shakespeare play (“all the world is a stage”). God runs the production, especially the central casting department, and he likes to use the Jewish Race as some of his favorite repertoire of actors to accomplish the lessons to be learned here in the material world (life in the “flesh”).

 

Love & Visions to all.

Sat, 01/12/2013 - 09:27 | 3146859 hooligan2009
hooligan2009's picture

God didn't evolve so there is God?

Sat, 01/12/2013 - 09:26 | 3146854 hooligan2009
hooligan2009's picture

ponders whether if you go around saying "it's us against the world" it will always end up with "the world is against you".

Sat, 01/12/2013 - 16:06 | 3147420 ZerOhead
ZerOhead's picture

Good post.

I agree with your observations... a couple of thousand years of persecution (by christiians predominantly btw...) are sure to have a tribalising effect on a culture and a people.

The Jewish tradition of excellence has given the world many great scholars, scientists, businessmen etc. etc. ... but it has also given the world it's greatest banksters, drug dealers (see Sassoon, Opium China) and a host of other extremely successful sociopaths.

Too many people (jews included) have made the quest for money and power their own personal g-d at the expense of the powerless, underpriviledged and the not-so-smart.

Here's to hoping one day all this will change.

Fri, 01/11/2013 - 19:00 | 3145785 sgt_doom
sgt_doom's picture

I know there were at least two Treasury secretaries who weren't Jewish (Alexander Hamilton, essentially assassinated, of course, and Robert Anderson -- under Eisenhower -- one of the triad or evil trinity who established that secret super-slush fund, the Black Eagle Trust [the other two being Allen Dulles and Robert Lovett] -- of course, Dillon changed his name and was of Swiss-Jewish ancestry)?

Not that I would ever cast aspersions against Jackhole Lew, the latest Treasury Secretary appointed by Brock Obomber -- Lew being the dood who ended collective bargaining rights for grad students at NYU, and of course is on the advisory board of Robert Rubin's project to privatize EVERYTHING, the Hamilton Project located within the Brookings Institution.

Fri, 01/11/2013 - 15:19 | 3145037 Village Smithy
Village Smithy's picture

Maybe if we hadn't always picked these guys last for pick-up teams they wouldn't be so obsessed with fucking us now.

Fri, 01/11/2013 - 15:25 | 3145070 jmcadg
jmcadg's picture

Don't worry, it's given them a taste of what's to come. Now just add the pitch forks.

Fri, 01/11/2013 - 15:20 | 3145042 jmcadg
jmcadg's picture

He gets up at 4.45am every day.

So every day he wets the bed, does the guy have no shame, no way to bring up three kids.

Fri, 01/11/2013 - 15:34 | 3145117 nantucket
nantucket's picture

the anti semitism here is sickening

Fri, 01/11/2013 - 15:55 | 3145204 localsavage
localsavage's picture

Maybe if all of the good Jews on Wall Street started working to prosecute scum like this everyone wouldn't think they were all in on it....or maybe there silence speaks volumes.

Fri, 01/11/2013 - 20:07 | 3145916 whstlblwr
whstlblwr's picture

Maybe you should get off food stamps.

Sat, 01/12/2013 - 00:06 | 3146471 hooligan2009
hooligan2009's picture

heh...that's gonna be the new "your village called, they miss their idiot" slogan

Fri, 01/11/2013 - 18:54 | 3145771 All Out Of Bubblegum
All Out Of Bubblegum's picture

I agree, but the anti-goyism of the banking structure is worse.

Fri, 01/11/2013 - 19:04 | 3145791 sgt_doom
sgt_doom's picture

There's no anti-semitism here, we often attack that Greek dood, Jamie Dimon, and I personally have it in for another Greek dood and Rockefeller super-lackey, Peter G. Peterson, etc.

But that will never stop us from attacking the Larry Summers, Paul Krugmans, Timmy Geithners and other scumbags, of the Group of Thirty, which is made up of self-described Christians, Jews and Muslims (but really all devil-worshippers).

Sat, 01/12/2013 - 04:22 | 3146720 Colonel Klink
Colonel Klink's picture

Yeah that's right.  They're all just picked on with no reason whatsoever.  It couldn't be how many of them look at anyone else not jooish as goyim, or how they continue to fuck the world? ESAD

Unfortunately the ones who cause the problems seem to escape the noose and the poor joos who were innocent end up paying the price.  History will repeat itself.

Fri, 01/11/2013 - 15:35 | 3145121 Kaiser Sousa
Kaiser Sousa's picture

hey Matt,

better keep yo ass in familair settings cause if u ever cross paths with me out n Cali....

well, lets just say "BANKER BITCHES GET STITCHES...."

FUCK YOU MATT....

Fri, 01/11/2013 - 15:38 | 3145137 hooligan2009
hooligan2009's picture

ponders...hmmm corner the market in CDS...long CDS protection on company..(burn the building - ring regulator and the Fed to withdraw funds) short CDS (lend money from the Fed, tell regulators to look away) 

CDS portfolo = roll out prototype above until "diversified" portfolio of regulatory and central bank capture CDS positions exists!

Fri, 01/11/2013 - 15:40 | 3145146 silverserfer
silverserfer's picture

six million ways to fuck the sheep out of ther money choose one.

Fri, 01/11/2013 - 15:44 | 3145164 devo
devo's picture

Is that guy in Weezer?

Fri, 01/11/2013 - 16:22 | 3145319 Monetative Easing
Monetative Easing's picture

I know Matt.  I am not a friend of his nor am I employed at his firm.  I am not a PR person either.    I have no agenda to post this but what I perceive to be the truth.

Zames certainly has access to information and I am sure he and his employer benefit from that.  However that is the way of the entire world and anyone who thinks otherwise is dellusional.  People in positions of power, be they bankers, corporate titans or elected officials always have an information advantage and its a given that they "trade" off of such knowledge.

That said, he is exceptionally bright, thoughtful and straightforward.  He is also one of the few people who is qualified for the jobs he has held.  Again, he isn't perfect but if you wanted someone running your bank or advising the TBAC, you could do far worse than him.

 

Fri, 01/11/2013 - 16:39 | 3145380 hooligan2009
hooligan2009's picture

Question: who said?:

"We must decide in the near future (1) how to allocate these capital losses; (2) how to "trade" them so that they are held in high-valued hands; and (3) how to plan to be able to enjoy the benefits of the use of these losses for the longest period of time. If we are careful, most likely we will never have to pay long-term capital gains on the 'loan' from the Government." He went on, "How should LTCM pay those who brought the Tax Losses to Fruition and allocate the expenses of undertaking the trade?"

Answer: Myron Scholes of LTCM. I suspect Myron Scholes (principal of LTCM and partner) may have been an inspiration to the young Matt in the early 1990's. 

Notice any parallels between the above statment and the regulatory capture that exists at the moment around the defintion of non-performing loans, robo-signing, rolling over three to thirty year IRS, 5 year CDS, manipulation of gold prices and other precious metals, not mark to marketing of non-recourse mortgages on houses that are underwater?

I am pretty sure that you don't get to the top of anything bu just being nice. 

Fri, 01/11/2013 - 16:53 | 3145420 Hobie
Hobie's picture

Fuck off!

Fri, 01/11/2013 - 17:24 | 3145522 Kaiser Sousa
Kaiser Sousa's picture

"I know Matt."

good tell him that the good people over here at ZH say - 

FUCK MATT, JAMIE DIMON,  & JP MORGAN... 

Fri, 01/11/2013 - 16:25 | 3145331 williambanzai7
williambanzai7's picture

Dimon had to flush his old A team down the toilet, yet he is still around. What a condescending gas bag of rino flatulence.

Fri, 01/11/2013 - 17:17 | 3145497 Shizzmoney
Shizzmoney's picture

Everytime I see Dimon's mug, bonzai, I am often reminded of the Dallas Cowboys.

Dubbed, "America's Team". the NFL's most prized and valued franschise is owned by a power-hungry owner who won the DNA lottery (Jerry Jones, son of Big Oil in TX).

Right after he buys the team in 1990, he hires Jimmy Johnson, who wins him two titles.  When Jimmy wanted a raise, and to keep his GM responsibilities.....he forces the guy out, especially since Jerry never got any credit for the Cowboys' dynasty (which hurt his feelings). 

In 2003, he brings in the legendary Bill Parcells, not to win, but just so he could do well enough so he could con TX taxpayers into paying for part of his billion dollar stadium (which he admitted while drunk in a Dallas bar). 

And now, he's gone through a carosel of coaches who are basically puppets...lackeys who won't question him....which is why Dallas continiously sucks because you need to let a coach just do his thing without the owner meddling in every decision (The Patriots' Bob Kraft learned this lesson).  The Jets are going through this now (owned by their own DNA Lottery winner, shampoo salesman Woody Johnson).

It took the fan base of the Cowboys 10 years to figure out that it isn't the shaky Tony Romo who is the problem, it's the owner (who you can't fire), who couldn't give 2 shits about the fans because in the end, Jerry's gonna make money.

It will probably take the JPM shareholders, never mind America, probably 10x's longer to figure out that JPMorgan and Jaime Dimon (another DNA lottery winner), will not only probably lose all of their money.....but also could give 2 shits about America.

Fri, 01/11/2013 - 22:54 | 3146337 williambanzai7
williambanzai7's picture

The Jets have other demons as well ;-)

But you are right, assholes wind up fucking everything up.

Fri, 01/11/2013 - 22:35 | 3146309 Falconsixone
Falconsixone's picture

yeah wb7, hebs love to dance in circles so no one can tell which one stinks the worst.

 

Fri, 01/11/2013 - 16:31 | 3145348 Kreditanstalt
Kreditanstalt's picture

BTW, the end-of-day market ramp is currently underway...!  Courtesy of all those "excess deposits" they love so much...

Fri, 01/11/2013 - 16:35 | 3145370 schatzi
schatzi's picture

I must say, Zerohedge is by far the most valuable site on the net. It has become a shining light for free speech, transparency and democracy. Yeah, it sounds lame, but I genuinely feel that way. Tyler Durden, you are the new and occasionaly shrill and one-eyed Messiah.

Fri, 01/11/2013 - 16:49 | 3145409 robnume
robnume's picture

So, Zames is "...truly humbled and honored to have been given the opportunity..." to fleece the American taxpayers on behalf of the Masters of the Universe. JP Morgan should change it's name to JP Hubris!  To Zames CIO duties will be added finance - nothing vague there - strategy - milking the teet of the public cow - and regulatory affairs - they have regulators somewhere in this industry? "A poet?" Would'nt you know it? If Zames is any example of MIT graduates, nuking MIT's Sloan School of Flim Flamanagement sounds like a plan! Zames, Dimon, et.al.; FOAD!!!

Fri, 01/11/2013 - 17:14 | 3145491 MrBoompi
MrBoompi's picture

"It is precisely his role at the proverbial core of the US ponzi scheme, where he takes public funds, indirectly, with one hand, and proceeds to invest it for private benefit, with the other, that is what makes Mr. Zames quite so fascinating."

So by all means we must cut social security and medicare, so that this ponzi scheme is not disrupted.  The poor and the elderly will suffer so these people can live high on the hog.  It's racketeering and fraud on a scale never seen before.  Anyone who dares disrupt this will be designated a terrorist and treated accordingly.

Fri, 01/11/2013 - 18:36 | 3145720 hooligan2009
hooligan2009's picture

there you go...solving two wrongs would make both things (looking after the elederly and breaking up JPM) right!

Fri, 01/11/2013 - 17:25 | 3145526 larz
larz's picture

this guy even looks the part of a tool

Fri, 01/11/2013 - 17:31 | 3145538 Bansters-in-my-...
Bansters-in-my- feces's picture

Hey Tylers(s) ,Stop picking on JPM&Co,cause they wack silver down every time you do.
Love that silver chart today.
Ps....Fuck you Blythe

Fri, 01/11/2013 - 17:44 | 3145574 Miss Expectations
Miss Expectations's picture

Apparently, even Matt's neighbor got a talking points memo:

Joseph Pisa, a contractor who lives across the street from Zames on Wooded Trail in Franklin Lakes, said Tuesday he was "not surprised at all" to learn that his friend and neighbor had been elevated this week to the high-profile, high-stakes position.

"He is brilliant guy and he is very on top of his game," Pisa said. "He's not a bragger or a boaster. He seems like a guy who would always do the right thing."

http://www.northjersey.com/news/151659635_Banker_vows_to_refocus.html

Fri, 01/11/2013 - 17:47 | 3145578 Sweedumz
Sweedumz's picture

Jesus. Never before have I had to endure so much tripe about so many people being so GAR for a 41 year old up-jumped yuppie whose only talent is failing upwards into the office of the next smitten executive. This is nauseating. Even Tyler seems caught under whatever spell this serial insider is casting. Everybody make a saving throw against charisma please.

 

Fri, 01/11/2013 - 18:35 | 3145717 hooligan2009
hooligan2009's picture

good to know the JPM trading desk reads ZH..if your head gets any further up Dimon's ass someone will need a rope to pull you out..(it won't be me!)

Fri, 01/11/2013 - 18:35 | 3145714 MaxThrust
MaxThrust's picture

Antisemitism is a term used by the jewish controlled media to silence any dissent. You only have to look at the make-up of the past 4 presidential administrations and you will see a very similar pattern that jews control the state.

As for the banking industry, well that's been their bedrock vocation since time immemorial.

Fri, 01/11/2013 - 20:11 | 3145930 whstlblwr
whstlblwr's picture

You are so perceptive MaxThrust. You must know the truth.

Sat, 01/12/2013 - 14:58 | 3147304 Bay of Pigs
Bay of Pigs's picture

We've asked you to tell us who the "bad guys" are.

Instead you keep trolling. 

Fri, 01/11/2013 - 18:53 | 3145764 All Out Of Bubblegum
All Out Of Bubblegum's picture

He looks like a maitre d that enjoys turning people away.

Fri, 01/11/2013 - 21:19 | 3146095 AgAu_man
AgAu_man's picture

You know, at some point in Nazi Germany, more and more Germans objected to Hitler & his Followers, Minions, etc.  They were, what we now call "Good Germans".  As opposed to the "Bad Germans" who collaborated with and benefited from the Ruling Elite of Nazis.

What troubles me is not that a definable group of people -- Jewish men, in this case -- rise to positions of great wealth, influence and power, but...

Given the universally corrupting effect of power -- especially great/absolute power -- that there are no people in the Jewish community, no "Good Jews" to raise their voice. 

Given that many Jews are rightfully for 'social biodiversity', and so many liberal and Jewish people were opposed to having an elite racial and cultural group dominate America ("Too many white guys!"), why they don't see the double-standard and hypocrisy in the current system, which is so heavily dominated by their kin.   The shoe is truly on the other foot, and no "Good Jews" seem (overly) troubled by this.  Interesting.

Why, only yesterday the news on all MSM media (even on 'open-minded and intellectual' NPR) the False Flag misdirection about Jack Lew's appointment was -- you guessed it! -- "Why aren't there any women appointed?"  Yeah!  Everything seems 'managed'.  Goebbels would be proud at the homogenous 'pap' being served up as "talking points", and any trial lawyer would be most impressed by how 'The Argument In The Case' is being defined by a small group.

I don't care that "...he's a nice Jewish boy", mom.  And enough Tribe-crap already, dad!  Whatever happened to "Country"?

I suggest and advise -- in a neutral, objective and fair manner -- that it is high time that the Jewish community takes proper ownership of addressing these glaring imbalances.   For the greater good.  If the health and future of the Union is to be maintained.  Please, enough Tribalism ("My Tribe at any cost!") already!  We get enough of that in the rest of the (even more) troubled areas of the world.

That being said... How about we get to the salient (other) point:

Just what benefit is this guy's appointment to the US as a whole?  And how will his appointment help you or me as a Chase customer?  Quis Bono?

Sat, 01/12/2013 - 17:22 | 3147522 laozi
laozi's picture

I like your post.

You can find one example of "the good jew" in titus flavious post above. But generally "the good jews" do not make much noise in public. I know one personally, so I know there are some.

Except banking, what are your thoughts of the extreme success of jews in other areas, like philosophy or litterature or science? For me I do not know what to think. It is just ... Incredible.

Sat, 01/12/2013 - 17:21 | 3147523 laozi
laozi's picture

Double

Fri, 01/11/2013 - 21:25 | 3146109 Sizzurp
Sizzurp's picture

Why is it that guys like Zames, who get rich by taking advantage of their position to front run the Fed on their bond purchases and interest rate manipulations, are looked upon as geniuses? I mean what is so special about being a middleman bond dealer that you should be rewarded the way these guys are?  Do they actually produce anything?  Obviously these are rhetorical questions.  We all know the answers.

http://www.professorfekete.com/articles/AEFNoBusinessLikeBondBusinessSti...

Fri, 01/11/2013 - 22:13 | 3146255 Falconsixone
Falconsixone's picture

“I wake up every morning -- every morning -- excited to actually make this place a better place,” he said. “I am truly humbled and honored to have been given the opportunity.”

 

Only he and his gold sucking tribesmen know what he really means by this magnanimous statement (and you guys).

Fri, 01/11/2013 - 23:00 | 3146352 Aurora Ex Machina
Aurora Ex Machina's picture

Dead man walking.

 

 

That is all.

Sat, 01/12/2013 - 01:42 | 3146610 q99x2
q99x2's picture

Arrest that pedophile. Somebody call the police.

Sat, 01/12/2013 - 14:05 | 3147210 Downtoolong
Downtoolong's picture

Well at least the Fed managed to create one job with its money printing excess reserve yielding policies; a job for Matt Zames.

Sat, 01/12/2013 - 22:22 | 3148001 TheObsoleteMan
TheObsoleteMan's picture

This is what you have to understand: Jews at an early age are taught NEVER to screw over another tribesman. It is the ultimate sin, that is why they came down so hard on Madoff, he "shit where he eats". Everybody else is fair game, we were all put here to be fleeced by them. Gypsies have the same code, except they just don't do it on such a macro level.

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