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Tempest In A Towering Inferno: JPM's Head CIO Trader: "Things Like This, It's Like The Twin Towers Falling Down"
On April 13, 2012 Jamie Dimon described the situation at the CIO as massively overblown and said it was just "a tempest in a teapot." A few days later, the head CIO trader, Javier Martin-Artajo, when speaking to the former JPM Chief Investment Officer, Ina Drew, had a less sanguine description: "and, and, you know, things like this, it's like the twin towers falling down." (highlighted below) Let's agree to disagree and just compromise on "tempest in a towering inferno." But that's not the point of this post. The point is in the same transcript we learn that it was none other than Ina Drew who told Artejo that "it would be helpful, if appropriate, to get, to start getting a little bit of that mark back" and instructed the Spaniard to go ahead and "tweak" the daily P&L on the CIO portfolio by "an extra basis point." Nothing like your supervisor telling you to fudge marks just to demonstrate that the "curve is starting to trend."
For those confused what this refers to, we suggest rereading "The Second Act Of The JPM CIO Fiasco Has Arrived - Mismarking Hundreds Of Billions In Credit Default Swaps" in which we explained precisely how JPM was fudging the marks on hundreds of billions in securities just to show a smaller top line hit in the days after the London Whale was exposed to the entire world leading to a LTCM-style run on the JPM banks by every hedge fund trader in the world.
Needless to say, if any of the above had been revealed about any other firm, not JPMorgan, they would be barred and precluded from doing any finance-related business in perpetuity.
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Go Corzine personal non-intention clause! ShaZam!!
Corzine and Benzine have dissolved your industry, blokes. And that's the Reagan Blues comin' at you. Step right up for internships in marathon dancing.
Between the yellow high-lighted text in the transcript and the job and inflation "stats" (i.e. lies) presented by the USSA government, pray tell, what is the difference?
As someone else posted: "Yawn" until we dust off the guillotines.
there was no whale. another illusion. repeat often.
there was no whale.
I predict the outcome of this investgation will involve some severe tsk-tsking.
And it will take 6 months just to get to that part.
Hmm.
The words that come to mind when reading that are "craven" and "abhorrent".
Reminds me of the good old days... When they told us a group of highjackers took over 4 planes with box cutters (can't even penetrate the skin unless you try extremely hard). And those terrorists brought down two of the highest buildings in New York. Now we have to take off our shoes at Airport security and pay 6 trillion for it, and on top of that now they say pocket knives (20 times more lethal than a box cutter) can be allowed on planes. Do they have to go through an underwear check everyday at Gitmo before they get their happy meal?
2. The misconception: We know how the hijackers seized the planes. Within days of Sept. 11, Americans believed they knew how the planes were grabbed: Terrorists had taken control by stabbing pilots, passengers, and flight attendants with box cutters and knives.
What's wrong with the story: It's incomplete and misleading. We don't really know what happened on the planes. The cockpit voice recorder survived neither New York crash and was damaged beyond salvage in the Pentagon crash. The Flight 93 voice recorder doesn't start until several minutes after the hijackers took the plane. What little we know about tactics and weapons comes from phones calls made by passengers and flight attendants. As Edward Jay Epstein has pointed out, the evidence is incredibly paltry. No one on United Flight 175, which crashed into the World Trade Center, reported anything about weapons or tactics. One flight attendant on American Flight 11, which also crashed into the World Trade Center, said she was disabled by a chemical spray, while another flight attendant said a passenger was stabbed or shot. On the Pentagon plane, American Flight 77, Barbara Olson reported hijackers carrying knives and box cutters but did not describe how they took the cockpit. And on United Flight 93, passengers reported knives but also a hijacker threatening to explode a bomb. The box cutter-knives story isn't demonstrably false, but it serves to divert attention from the other weapons and to mask the fact that we don't have any idea how the hijackings happened.
What? You gotta problem with the jewish owners of the Twin Towers doubling and tripling their insurance policy payout just prior to 9-11? The same Jewish owners of the Towers that needed about a billion dollars worth of seismic and life safety upgrades till 9-11 solved all their problems and they flew home to jew-land with the winnings of their huge insurance payout? Same jew-man religion as the Israeli nationals arrested on 9-11 who were next to their van, jumping up and down with joy while video recording the Towers falling? The same jew-men who were strangely freed and sent home to jew-land scott free?
Judaism: The worship of the Judaic male as god.
god damn, after reading that phone transcript i'm stuck with the thought.......this is the 'top talent' i keep hearing about? they sound like 8th graders with all the stammering and 'i know, i know' over and over......WTF!
Honestly, I can hardly believe my eyes that TPTB allow ZH to exist, and in particular such threads as this one.