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Chief Advisor To US Treasury Becomes JPMorgan's Second Most Important Man

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Recall from "The Supercommittee That Really Runs America":

With Tim Geithner having proven repeatedly and beyond a reasonable doubt he has insurmountable intellectual challenges, many have wondered just who it is that makes the real decisions at the US Treasury? The answer is, The Treasury Borrowing Advisory Committee, or the TBAC in short, chaired by JP Morgan and Goldman Sachs, which meets every quarter, and in which the richest people in America set the fate of the US for the next 3 months....

Recall further: the TBAC's composition:

Naturally, recall that 40% of US spending is debt-funded. In other words, the US Treasury will gladly take all "advice" on borrowing it can get. And the key person providing said advice would have a very high position in the hierarchy of the US Wall Street-controlled muppet state.

Next, recall how Mr. Zames recently rose to prominence at another venue: JPMorgan itself. He took over for former CIO head Ina Drew in the aftermath of the biggest government backstopped prop-trading desk implosion in history. That's ok though, Matt was well-versed in spectacular blow ups. After all he worked at LTCM previously.

As reported yesterday, here it is officially:

  •     JPMORGAN SAYS INA DREW TO RETIRE; MATT ZAMES NAMED NEW CIO
  •     JPMORGAN SAYS DANIEL TO STAY CEO OF EUROPE/MIDEAST/AFRICA
  •     JPMORGAN SAYS CAVANAGH TO LEAD TEAM OVERSEEING RESPONSE TO LOSS
  •     JPMORGAN CHASE SAYS ZAMES NAMED NEW CIO

Good bye Ina: we are sure that you will voluntarily claw back your $15 million bonus from 2011 one day ahead of the JPM shareholder meeting.

 

Now... Matt Zames... Matt Zames... where have we heard that name before... OH YES: he just happens to be the Chairman of the Treasury Borrowing Advisory Committee, aka the TBAC, aka the Superommittee that Really Runs America. The Matt Zames who... "previously worked at hedge fund Long-Term Capital Management LP, may have benefited as the collapse of Lehman Brothers Holdings Inc. and JPMorgan’s takeover of Bear Stearns Cos. left companies and hedge funds with fewer trading partners in the private derivatives markets."

Finally, recall from one of our FleeceBook entries, that Mr. Zames, who subsequently was promoted to co-COO at JP Morgan, is quite fascinating in every possible way.

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.

The reason we asked readers to recall all of these trivial facts is because Jamie Dimon just gave Matt a challenge... Quite a big challenge in fact: he just promoted him to the sole position of "Number Two" at the biggest Too Big To Fail bank - JPMorgan. From NYT:

A senior executive in the inner circle of JPMorgan Chase’s chief executive, Jamie Dimon, is leaving the nation’s largest bank, the latest chapter in management turnover after the bank’s multibillion-dollar trading loss.

 

The executive, Frank Bisignano, the co-chief operating officer, is expected to leave as early as this week, according to several people with knowledge of his decision. The trading losses at the bank have swelled to more than $6.2 billion since first disclosed almost a year ago.

...

With Mr. Bisignano’s departure, executives who once surrounded Mr. Dimon as he helped steer the bank through the 2008 financial crisis will be even thinner. Several other executives have already left, including Heidi Miller, James E. Staley, Bill Winters and Steve Black.

...

 

Mr. Bisignano will become chief executive of First Data Corporation, a payment processing firm, people with knowledge of the matter said. Matt Zames, who had shared the role of chief operating officer with Mr. Bisignano, is expected to take over all aspects of the job, according to people with knowledge of the decision, which they said, should make for a smooth transition.

Obviously, the rotation of the old guard at JPMorgan has started, and it is only a matter of time before Jamie Dimon says enough, and hands over full control of the company to the fascinating Mr. Zames.

* * *

To summarize: the man who is the chief advisor to the US Treasury on its debt funding and issuance strategy was just promoted to the rank of second most important person at the biggest commercial bank in the US by assets (of which it was $2.5 trillion), and second biggest commercial bank in the world. And soon, Jamie willing, Matt is set for his final promotion, whereby he will run two very different enterprises: JPMorgan Chase and, indirectly, United States, Inc.

And that, ladies and gentlemen, is how you take over the world.

 

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Sun, 04/28/2013 - 20:12 | 3508559 Dudeskis
Dudeskis's picture

And if there was even a line of definition left between the FED, US Government, and Banksters it has blurred more.

Sun, 04/28/2013 - 20:18 | 3508570 wee-weed up
wee-weed up's picture

A nest of writhing snakes comes to mind.

Sun, 04/28/2013 - 20:20 | 3508579 TwoShortPlanks
TwoShortPlanks's picture

Revolving Door

Sun, 04/28/2013 - 20:22 | 3508587 Richard Chesler
Richard Chesler's picture

I'm from the gubmint and I'm here to help.

Sun, 04/28/2013 - 20:27 | 3508593 ihedgemyhedges
ihedgemyhedges's picture

He definitely looks like one of 'em.........

Sun, 04/28/2013 - 20:41 | 3508649 DeadFred
DeadFred's picture

With such short hair how does he hide the horns???

Sun, 04/28/2013 - 21:10 | 3508661 Colonel Klink
Colonel Klink's picture

Because they grow on his heart, not his head.

Sun, 04/28/2013 - 23:22 | 3508960 Go Tribe
Go Tribe's picture

Looks like somebody I beat up on the playground years ago. Dweebs grew up to be bloodsucking bankers, who'da figured?

 

Sun, 04/28/2013 - 20:34 | 3508594 TwoShortPlanks
TwoShortPlanks's picture

Allow me to furnish you with the JP Morgan company structure

http://www.herinst.org/BusinessManagedDemocracy/government/national/images/Revolving-Door.jpg

Sun, 04/28/2013 - 22:23 | 3508837 20834A
20834A's picture

I'm from the grubmint and I'm here to help myself.

Sun, 04/28/2013 - 20:30 | 3508619 tip e. canoe
tip e. canoe's picture

more like Revolting Door

Mon, 04/29/2013 - 00:54 | 3509121 putaipan
putaipan's picture

you had me At LCM.......

Sun, 04/28/2013 - 20:34 | 3508635 Son of Loki
Son of Loki's picture

"There's never been a better time then now to buy........moar KY."

Sun, 04/28/2013 - 22:26 | 3508847 DawgAss
DawgAss's picture

Let me be the first to say, Welcome Aboard and FUCK YOU!!!!!!!

Sun, 04/28/2013 - 23:51 | 3509033 StopIt.Now
StopIt.Now's picture

Yea, like cocaine, sniffed away.  Is coke still #1 at the Central Bank?

Sun, 04/28/2013 - 20:13 | 3508560 W T F II
W T F II's picture

Whew...What a RELIEF...Now I can sleep like a baby, secure in the knowledge that we are in capable hands...!!

Sun, 04/28/2013 - 20:24 | 3508585 TwoShortPlanks
TwoShortPlanks's picture

Certainly not Culpable Hands

Sun, 04/28/2013 - 20:43 | 3508665 W T F II
W T F II's picture

Them too...

Sun, 04/28/2013 - 20:14 | 3508563 Hedgetard55
Hedgetard55's picture

The only question now for some ZH posters is, is he a Joo?

Sun, 04/28/2013 - 20:28 | 3508600 Colonel Klink
Colonel Klink's picture

Just look at him, there is NO doubt!

Sun, 04/28/2013 - 20:39 | 3508650 General Decline
General Decline's picture

The question MUST be asked. It is an important one these days.

Sun, 04/28/2013 - 23:53 | 3509034 Crash Overide
Crash Overide's picture

What a tool...  

Mon, 04/29/2013 - 01:32 | 3509152 Colonel Klink
Colonel Klink's picture

Yep to them I'll be happy to be a useless one.  FOAD

Sun, 04/28/2013 - 21:16 | 3508718 quasimodo
quasimodo's picture

Good grief, stating fact and downvotes? What the fuck?  They are all joos, so big fucking deal? Call an ace of spades like it is, I don't give a fuck if someone is offended. 

I had an interesting convo with co worker the other day, and it got pretty heated to the point of "we have to help them etc etc they are the chosen race bla bla bla" to which I told him go grab your fucking skull cap and join them

Sun, 04/28/2013 - 23:31 | 3508997 Go Tribe
Go Tribe's picture

According to this article he and wife Jill attend synagogue.

 

http://www.northjersey.com/news/151659635_Banker_vows_to_refocus.html?c=...

 

Mon, 04/29/2013 - 00:06 | 3509056 StopIt.Now
StopIt.Now's picture

I will rarely differ with ZH fans, but this I cannot support, that is inciting racial criticism... the race put-down, derogatory, you know... I suppose one could also say 'jealousy' and 'envy'.  While a great cliche', it smacks of Hitler, or Iraq, or Iran, or Egypt, or England, or 'put historical country here'.

I don't say this to spike anger, only to point out the truth and spur the speech I normally enjoy hearing from the logical and well-informed ZH comment contributors.  We should not allow the oh-so-easy race-goating to slip under the door.  The issue is people, people that lie and deceive and love power and control, and are destroying our most unique country.  And race has never been a problem for anyone to pursue those goals, which historically have ended in revolution and scores of crushed lives.

That said, it will never cease to amaze me how in-your-face the JP Morgan's of the world are, and yet the People are continuously duped, over and over, by the well-oiled machine (i.e. the Press, White House, Fed, and UNfrastructure such as the other central banksters and government hacks across the world.

Mon, 04/29/2013 - 04:00 | 3509236 Henry Hub
Henry Hub's picture

***that is inciting racial criticism...***

Is Judaism a race or a religion?

Sun, 04/28/2013 - 20:19 | 3508565 Kirk2NCC1701
Kirk2NCC1701's picture

Queuing Francis in 5,4,3...

Sun, 04/28/2013 - 20:17 | 3508566 Seasmoke
Seasmoke's picture

Looks like he 100% belongs to the tribe.

Sun, 04/28/2013 - 20:22 | 3508575 Kastorsky
Kastorsky's picture

you can take that to the bank!

Sun, 04/28/2013 - 20:30 | 3508618 Colonel Klink
Colonel Klink's picture

I guess it'd be the same as saying you can take that to the government.  Aren't they one and the same now?

Sun, 04/28/2013 - 20:17 | 3508568 Jim in MN
Jim in MN's picture

And that, ladies and gentlemen, is why the US is pretty much the same as China at this point.

Sun, 04/28/2013 - 21:45 | 3508767 Seer
Seer's picture

And who could have thought that POWER was POWER? </sarc>

BIG = FAIL!

Sun, 04/28/2013 - 20:19 | 3508574 Mr. Mandelbrot
Mr. Mandelbrot's picture

Another Khazarian at the helm . . .

Sun, 04/28/2013 - 23:09 | 3508929 ebworthen
ebworthen's picture

You must mean Neal "Kash'n-carry", Hank Paulson's fluffer.

Sun, 04/28/2013 - 20:20 | 3508576 cristo
cristo's picture

This fool doesn't have a wikipedia page yet !!!! what's his ethnicity ?

Sun, 04/28/2013 - 20:38 | 3508638 nmewn
nmewn's picture

Francis is working on it ;-)

Sun, 04/28/2013 - 20:42 | 3508662 DeadFred
DeadFred's picture

Most reptilians hail from the home world.

Sun, 04/28/2013 - 20:31 | 3508580 Colonel Klink
Colonel Klink's picture

Just another innocent member of the tribe, who got to the top through his hard work and diligent effort.  It's all by design.  Welcome to preWWII German conditions, except now in Amurika!  Control of the 5 critical elements for a bloodless takeover of a nation.

Sun, 04/28/2013 - 20:21 | 3508582 fonzannoon
fonzannoon's picture

This article make it pretty clear that whether or not JPM's gold vault will empty tomorrow life will go on as usual.

Sun, 04/28/2013 - 20:26 | 3508586 ekm
ekm's picture

Correct

He's just a pawn who obeys orders.

Sun, 04/28/2013 - 20:28 | 3508597 fonzannoon
fonzannoon's picture

If Zames knows he is eventually going to rule the world but Jamie rules the world now...what does Zames say when Jamie tells him they have to play hide the sausage?

Sun, 04/28/2013 - 20:27 | 3508606 Colonel Klink
Colonel Klink's picture

At this point they just stack up like legos!

Sun, 04/28/2013 - 20:30 | 3508612 ekm
ekm's picture

People against Dimon have put Zames in power to control Dimon. Standard stuff. 

One clueless is checked by another clueless.

 

Shareholder meeting is on may 21. It looks like Dimon will be losing one position, hence forced to resign.

Pure entertainment, that's the only worth of it. Other than that, they both clueless and it makes absolutely no difference who's running JPM because it is simply NOT RUNNABLE.

 

Sun, 04/28/2013 - 20:31 | 3508620 fonzannoon
fonzannoon's picture

but it will continue running. 

Sun, 04/28/2013 - 20:35 | 3508634 ekm
ekm's picture

Existing is not the same as running.

JPM and US Gov are one thing, inseparable. Is Obama competent? Anser is no, but he is the CEO of US Gov Inc.

 

For mammoths like JPM there is no such a thing as a competent leader. You just need one that sucks up to the major shareholders, skills are not only not necessary, but it actually works against you if you have any skills.

You just need to say yes all the time. JPM is the state, state is the JPM

Sun, 04/28/2013 - 20:39 | 3508648 fonzannoon
fonzannoon's picture

700 trillion in notional derivatives and incompetant assholes running the show. 

Sun, 04/28/2013 - 20:45 | 3508652 ekm
ekm's picture

Again, nobody, absolutely nobody is running anything.

They are simply REACTING DAY BY DAY.

 

That's why I say, just one Obama order, would make the whole thing collapse in 72 hrs.

85billion/month is no longer enough, it's pretty clear and congress won't allow them to do more, besides, not much left to buy anyway.

Sun, 04/28/2013 - 20:49 | 3508675 Colonel Klink
Colonel Klink's picture

Who coulda seen it coming!?!?!

Sun, 04/28/2013 - 20:51 | 3508679 ekm
ekm's picture

Insiders know very well that it's coming, they just don't when and they keep playing with ...other's money.

But know..they do

Sun, 04/28/2013 - 20:46 | 3508672 DeadFred
DeadFred's picture

"Where ya from?"

"The JPMorgue"

Great party conversation

Sun, 04/28/2013 - 21:41 | 3508759 Seer
Seer's picture

"Is Obama competent?"

For what?

Mon, 04/29/2013 - 00:25 | 3509089 RebelDevil
RebelDevil's picture

The man in charge doesn't need to be 100% competent if he has a smart advisory board (the cabinet).
Obama is a puppet. Period.

Mon, 04/29/2013 - 00:22 | 3509080 RebelDevil
RebelDevil's picture

Like I said, they are NOT clueless, but rather excellent and smart liars and thieves.
If Jamie resigns, it's cause he's tired and had enough. (So that he can enjoy an amazing retirement with all that cash he piled up)

Is there any way we can charge him with moneylandering? (for MF Global paying his salary?) :)

Sun, 04/28/2013 - 20:26 | 3508590 DeathandTaxes
DeathandTaxes's picture

Exactly ! Like we had any concerns

Sun, 04/28/2013 - 20:24 | 3508589 Yen Cross
Yen Cross's picture

     Is he wearing 'Google Glass'?

Sun, 04/28/2013 - 20:24 | 3508591 YHC-FTSE
YHC-FTSE's picture

Don't these idiots ever stop these incestuous musical chairs? They make nepotism seem like fair play.

The last sentence should really be in third person plural past tense. They have already taken over, hence the shit state of the world,  bubba.

Sun, 04/28/2013 - 20:27 | 3508605 ekm
ekm's picture

Correct. Same as in communism during the last 5 years from 1985 - 1990 in eastern europe.

 

All countries kept changing the ministers, as if replacing a clueless leader like Dimon with another clueless like Zames will make any difference.

Sun, 04/28/2013 - 21:07 | 3508704 oddjob
oddjob's picture

You are a clueless apologist.

Sun, 04/28/2013 - 21:09 | 3508708 ekm
ekm's picture

Do you have anything to teach me? If not, please ignore me.

Sun, 04/28/2013 - 21:17 | 3508719 oddjob
oddjob's picture

I could tell you Toronto is the armpit of Canada, but you already know that.

Sun, 04/28/2013 - 21:20 | 3508727 ekm
ekm's picture

ignore me

Sun, 04/28/2013 - 21:26 | 3508732 oddjob
oddjob's picture

not until you stop making apologies for criminals.

Sun, 04/28/2013 - 21:37 | 3508756 ekm
ekm's picture

what the fuck are you saying?

I am saying that one clueless criminal is replaced by another clueless criminal

 

Sir, if I remember your name I will ignore you from now on.

Sun, 04/28/2013 - 21:48 | 3508769 oddjob
oddjob's picture

Your whole mantra is closet statism.

You never said they were criminals , you said they were leaders. Start backpedaling now.

Sun, 04/28/2013 - 21:48 | 3508779 Seer
Seer's picture

Made me have to really think...

It's been my belief that it's not that they're idiots but that they are criminals.  If that is what you're arguing then I'm in.

Sun, 04/28/2013 - 21:55 | 3508791 oddjob
oddjob's picture

Yes, of course. Its nothing more than a criminal operation. All it would take is a few DA's to actually do their job and it all comes down.

Sun, 04/28/2013 - 22:12 | 3508814 ekm
ekm's picture

A criminal does not need any management skills.

In communism the leaders were all criminals and had zero skills.

 

I lived it, most of people can only imagine it.

Conclusion: Whoever has zero skills but is chosen to run a government department and accepts the job, he/she is a criminal, because the only reason to accept the job is to steel people's money

Sun, 04/28/2013 - 22:34 | 3508860 Kirk2NCC1701
Kirk2NCC1701's picture

Like you, I do not have to imagine it. :-)

Sun, 04/28/2013 - 22:56 | 3508902 Cabreado
Cabreado's picture

Good show.

All ye above with good intentions demonstrate well what happens when the Sociopaths gain Control.

Chaos takes the place of concerted efforts to squelch the true perpetrators.

It is a sick game, and nobody wins.

Sun, 04/28/2013 - 22:47 | 3508893 oddjob
oddjob's picture

So rather than taking names back home and serving up some just desserts, you come to Canada to warn everybody they are helpless.

Sun, 04/28/2013 - 23:11 | 3508933 fonzannoon
fonzannoon's picture

ekm is just putting out a theory that at some point very soon a PD or several will have to hit the alter so the game can go on. It's very plausable. If you read ekm's posts he has the audacity of hope (pun intended) that people are waking up. If anything I am the guy arguing with him that people are hopelessly stupid and ignorant.

Who knows anymore. Bernank missing Jackson hole is a tell. Either he finally realized he has been set up all along and is giving the politicians the finger, or he finally broke down and can't handle it anymore. He knows something is coming is my guess, and he broke down and tapped out.

My guess is still QE4eva. If they just go to 200 bil a month it will be fine. If not just go higher.

Sun, 04/28/2013 - 23:22 | 3508962 Teamtc321
Teamtc321's picture

Odd job don't you think we are way past coming back home to tell anyone they are helpless? Pick a just fight, this you argue is not one imho. If you have intel to share, please do so at any moment.

Sun, 04/28/2013 - 23:50 | 3509028 oddjob
oddjob's picture

I was refering to his chicken little schtick here, I realize he had given up on his own country long ago.

Sun, 04/28/2013 - 23:29 | 3508970 RebelDevil
RebelDevil's picture

I think at the end of the day, these points are the truth of the matter.
1) The leaders enforce stupid policies that benefit a few (themselves and the cartels), and put down the many, which makes them seem stupid.
2) The "stupidity" is so bad, that it shows us they actually do know what they're doing.
(Bernake knows calculus and got a near perfect SAT, but doesn't know that supply and demand applies to currency!? WOW he must be "stupid". - NOT.)
3) and thus, because they know better, they are plain out lying to everyone (except for the small insider communities that we are aware of, like the Bilderberg conference.)

Three points that prove that they are smart (and sometimes genius) criminals. Think of Blythe Masters; a perfect example there.

Mon, 04/29/2013 - 04:56 | 3509252 goldsansstandard
goldsansstandard's picture

My father in law ran the water , sewage , and dams construction for Slovakia.
Even the commies liked clean drinking water and dams that did not break.

Best I could tell, he was a decent guy.

The country did not do as badly as one would think, It had a history and culture of industry, and the Russians liked the products, so they let the slovaks a little room.

In some ways they were better off than under the Euro bankster fascists.

The market never goes away. Otherwise everybody dies. It just moves underground.

Sun, 04/28/2013 - 20:28 | 3508592 random shots
random shots's picture

Tyler you are incorrect.  The world was taken over a long time ago now they are just flaunting it in our faces. 

Sun, 04/28/2013 - 21:54 | 3508789 Seer
Seer's picture

I think that it's always been flaunted.  It's just that now its more visible (lots more ways to view the narcissism); and, most recently, things tightening up always causes the animals to start to spook and look for the predators.

The "game" was set when the objective was growth.  Pretty hard to sucker people to support you if they cannot generate excesses.  If you want to understand how pervasive this is, how trained people are, just go out and randomly ask people if growth is good or bad.

Sun, 04/28/2013 - 23:39 | 3509010 RebelDevil
RebelDevil's picture

Most people are too stupid to think about the effects of self-interest (and greed) on supply, so they'll always think "growth" is good.

However, true growth comes from more abundance in supply combined with a recycling plan, and that will always be a good thing economically. (Supply curve shifting to the right)

Greed tied to limited supply = a crisis of scarcity in the near-future.

Sun, 04/28/2013 - 20:25 | 3508596 q99x2
q99x2's picture

Hahahahahahaha. Uh hahahahahahah.

Sun, 04/28/2013 - 20:27 | 3508607 Fuku Ben
Fuku Ben's picture

In like Flynn 

We need to update that saying

It just doesn't seem to fit anymore

 

Sun, 04/28/2013 - 20:34 | 3508625 Colonel Klink
Colonel Klink's picture

If you're Joo you're due?

Sun, 04/28/2013 - 20:27 | 3508608 Dyhana
Dyhana's picture

He looks like he's smirking.

Sun, 04/28/2013 - 21:51 | 3508786 Fuku Ben
Fuku Ben's picture
Smirking is yiddish for smiling
Mon, 04/29/2013 - 01:09 | 3509134 putaipan
putaipan's picture

schmirking.

Sun, 04/28/2013 - 20:28 | 3508611 fonzannoon
fonzannoon's picture

since this is a JPM article...you can't tell me that gold vault was not emptied on Friday. there is no way you get that close to the bottom and end there.

Mon, 04/29/2013 - 00:11 | 3509069 teolawki
teolawki's picture

Up Shit Creek without a paddle comes to mind.

Sun, 04/28/2013 - 20:30 | 3508617 FieldingMellish
FieldingMellish's picture

The maggots feast on the festering corpse.

Sun, 04/28/2013 - 20:38 | 3508647 Colonel Klink
Colonel Klink's picture

Unfortunately it's the US population that doesn't realize they're dead meat.

Sun, 04/28/2013 - 20:34 | 3508626 Son of Loki
Son of Loki's picture

Ha ha ha ha.....you've got to laugh...or.....

Sun, 04/28/2013 - 20:32 | 3508627 Downtoolong
Downtoolong's picture

Thar she blows. I can hardly wait for the next whale to surface. They all have to come up for air eventually.

 

 

Sun, 04/28/2013 - 20:36 | 3508628 Seize Mars
Seize Mars's picture

I pointed out in a previous post how Jamie Dimon is the Saruman to Rothschild's Sauron. Of course Saruman thought he was a partner with the Great Eye. He was not. In fact, if you read the book, Sauron had planned all along to supplant Saruman with "The Mouth of Sauron," the wizard who had studied so hard he had forgotten his own name.

Well here you have it. Your days as CEO are numbered, Mr. Dimon, petty thief and bad liar.

You will be replaced, and you will be forgotten.

Sun, 04/28/2013 - 23:22 | 3508959 Cabreado
Cabreado's picture

"Well here you have it. Your days as CEO are numbered, Mr. Dimon, petty thief and bad liar.

You will be replaced, and you will be forgotten."

I'm pretty sure that's a relatively benign sentiment for the parties involved.

This ain't a novel, ya know.

 

Mon, 04/29/2013 - 00:26 | 3509091 teolawki
teolawki's picture

It is only a matter of time before our esteemed Monsieur Dimon is gutted, skewered, slow roasted with apple in mouth for his true masters' dining. Served up with a fine bottle of 2005 Château Pétrus.

JPM is obviously steeped in some deep shit that has been brewing for a while now.

Mon, 04/29/2013 - 01:16 | 3509138 putaipan
putaipan's picture

jamie = mark rich of the future.

Mon, 04/29/2013 - 00:35 | 3509096 RebelDevil
RebelDevil's picture

HOLD ON! - (to my memory) The last time a major bank CEO stepped down, it was right after its collapse! (Dick Fuld @ Lehman)
Forshadowing?....

Sun, 04/28/2013 - 20:38 | 3508639 Everyman
Everyman's picture

 

WHERE do they get these people?  Do they grow them in pods???  All these financial people look like arrogant assholes, even in their PR pictures!!!  What a smarmy looking POS ass kisser.  Suprized his lips aren't brown from all the asses kissed.  FRIENDS this is what an ASSCLOWN looks like

 

Sun, 04/28/2013 - 20:41 | 3508654 Colonel Klink
Colonel Klink's picture

They grow them in Israel in pods.  Wrapped in the Talmud.

Sun, 04/28/2013 - 20:44 | 3508658 caimen garou
caimen garou's picture

where do they get these people you ask, why they took a pimple off jamie diamons ass and made him in a test tube mixed with shit.

Sun, 04/28/2013 - 20:45 | 3508670 Ralph Spoilsport
Ralph Spoilsport's picture

Looks like a Mennonite insurance salesman.

Sun, 04/28/2013 - 20:53 | 3508682 Seer
Seer's picture

Hey!  Leave Mennonites alone!

Sun, 04/28/2013 - 20:56 | 3508691 Ralph Spoilsport
Ralph Spoilsport's picture

I do. I avoid them and the Amish.

Sun, 04/28/2013 - 21:14 | 3508711 Seer
Seer's picture

Good to hear that you're abiding by their wishes :-)

But the Quakers! what about the Quakers?...

Sun, 04/28/2013 - 21:20 | 3508721 Ralph Spoilsport
Ralph Spoilsport's picture

I fear the Quakers. Nobody messes with the Quakers.

Sun, 04/28/2013 - 23:29 | 3508988 Go Tribe
Go Tribe's picture

Unable to up-arrow your comment for some reason, but yes, these people would look best with a guillotine around their necks.

Sun, 04/28/2013 - 20:49 | 3508671 W T F II
W T F II's picture

His 'contribution' is rounding up the tens of thousands of gold watches given to Chase and JP M retirees, melting them down and making 'good delivery' from the "then not-so-empty" empty vault

Sun, 04/28/2013 - 20:50 | 3508681 W T F II
W T F II's picture

From the looks of him, if he underwent an emergency "Douchectomy" he would feel much better in the morning, but then again, he would have amnesia as far as his new 'duties' go...

Sun, 04/28/2013 - 20:58 | 3508689 Zer0head
Zer0head's picture
Who is Matt Zames?


 

Zames’ past includes stints at Long Term Capital Management (where he was apparently a mortgage backed securities trader) and Credit Suisse, where he was head of prop trading and then co-head of US rates trading. http://news.efinancialcareers.com/13124/who-is-matt-zames/

Sun, 04/28/2013 - 21:07 | 3508702 W T F II
W T F II's picture

Cool...the man has pedigree

Sun, 04/28/2013 - 20:57 | 3508694 blindman
blindman's picture

I hope he has experience as an astronaut.
liquidity in zero gravity, result, surface tension dominance,
no flow and a great loss of temporal normalcy or relevance to
planetary surface relationships.
.
Wet Washcloth In Space - What Happens When You Wring It? | Video
http://www.youtube.com/watch?v=lMtXfwk7PXg
.

Sun, 04/28/2013 - 21:09 | 3508706 CURWAR2012
CURWAR2012's picture

Incestuous creeps

Sun, 04/28/2013 - 21:14 | 3508710 Vooter
Vooter's picture

Just look at his fucking face. That's all you need to know...

Sun, 04/28/2013 - 21:17 | 3508717 Quinvarius
Quinvarius's picture

It is all about kicking the colossal moron, Jamie Dimon, out into the street where he belongs.

Mon, 04/29/2013 - 06:21 | 3509301 W T F II
W T F II's picture

You may, in fact, be correct. There is a long history of "long knives" moments in Corporate Amerika, where you actually hire the guy who then fires you, with Board 'support' of course.

Jamie may be forced to walk away with only a few hundred million and never get to the "Billionaire Boyz Club", which would piss him off to no end and prove that Sandy Weill's daughter, Jessica Biblowitz, was right all along...!!

Sun, 04/28/2013 - 21:21 | 3508728 Zer0head
Zer0head's picture
Bankers Named Who Doubted Madoff

 

"but took no action to protect investors or alert regulators."

 

three guesses  hint last name starts with Z and ends with s

 

http://www.nytimes.com/2011/04/15/business/15madoff.html?_r=0

 

 

Sun, 04/28/2013 - 21:56 | 3508792 Radical Marijuana
Radical Marijuana's picture

Good news link, Zer0head!

Confirms what many presumed.

Sun, 04/28/2013 - 22:21 | 3508830 blindman
blindman's picture

@link..
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, the bank created and sold its clients derivatives that were linked to various feeder funds that invested with Mr. Madoff, and it invested in those funds to hedge its risks on those derivatives.

In December, Mr. Picard filed a lawsuit seeking $6.4 billion in damages, fees and profits from the bank, asserting that its high-level doubts about Mr. Madoff’s honesty and its failure to act on those doubts to protect investors made it complicit in Mr. Madoff’s fraud.

That lawsuit did not disclose the identity of the bank executives who were involved in the bank’s assessment of Mr. Madoff, but a federal bankruptcy judge ruled earlier this week that the names had to be disclosed, and a new version of the case was filed on Thursday.

In response to the new filing, Jennifer Zuccarelli, a spokeswoman for the bank, again denied the trustee’s assertions that the bank was complicit in Mr. Madoff’s fraud, calling such accusations “patently false.”
"
.
comment: you can take as absolutely true anything a bankster or their
spokesperson/spacehead denies as "patently false", that is just simple logic.
.
repeat
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."
"...Mr. Madoff operated his fraud primarily through an account he maintained at JPMorgan Chase. In addition, .."

Sun, 04/28/2013 - 21:24 | 3508729 Downtoolong
Downtoolong's picture

he will run two very different enterprises: JPMorgan Chase and, indirectly, United States, Inc.

And since the latter is most important to the survival of JPM, I think Matt and everyone else at JPM should get compensated according to the Government Service pay scale.

Sun, 04/28/2013 - 22:44 | 3508848 Radical Marijuana
Radical Marijuana's picture

Have you been Downtoolong that it looks up to you? Those kinds of guys make their money on the side when the revolting revolving door has them in the corporation, not the government. Still, you make a good point. The reason why people spend $millions and $billions to get elected is that they then can control who gets $trillions. What they make, or what those who they appoint make, while in public service, is always almost nothing compared to what they and their buddies make when they swing through to the private sector.

NONE of those big banks could make any money, IF they did not covertly control the government. One historical case in point was the Second Bank of the United States.

http://encyclopedia.thefreedictionary.com/Second+Bank+of+the+United+States

Like the First Bank, the Second Bank was also chartered for 20 years, and also failed to get its charter renewed. It existed for 5 more years as an ordinary bank before going bankrupt in 1841.

If the banks were not able to corrupt the government, then they would be almost nothing like they are now. Their business model is totally based on being able to legally counterfeit the "money" supply, which fraud everyone else is forced to accept.

I like the metaphor that JPM is the government's bank clerk, while GS is the government's bank manager. All combined, it is practically impossible to comprehend the magnitude of evil represented by privatizing the power to make "money" out of nothing. However, that has been going on for so long now that we can barely imagine what "banking" would be, if it were no longer based on the power to create "money" out of nothing, as debts, which faith-based money is the state religion, that everyone else is forced to worship, at the point of a gun.

If there were some series of political miracles, whereby some politician like President Andrew Jackson could survive assassination attempts, in order to again "Kill the Bank," then there is little doubt that all the biggest banks would be bankrupt within five years.

Of course, that is the problem, to fix any of the profound problems based on runaway triumphant financial frauds controlling EVERYTHING, almost everything would have to be rebuilt ...  At the present time, we can not imagine that, and it looks like the status quo must continue to drive itself mad, and horribly collapse into chaos beyond comprehension, before it might be possible to see more radical truth return to our world.

Privatized fiat money made out of nothing is simply runaway fraud, backed by the force of government, which flatly contradicts all the laws of nature, EXCEPT that it IS possible to back up huge lies, with violence, for a while, or even longer, until the consequences of civilizations doing that too much drives them mad, and therefore, into phases of self-destruction.

Taking over the world in that way is a series of short-term increments of more successful force backed frauds, driving the entire society to become increasingly psychotic, since it is the most basic law of nature that nothing can be made out of nothing, EXCEPT fiat money, as an accounting trick, is made out of nothing, which would still be an absurd nothingness, BUT, that it was able to take control over the government, so that those legalized lies would be backed up by legalized violence.

The real "money" of the USA was supposed to be gold and silver, whose value was regulated by Congress, but which could NOT be made out of nothing, because the conservation of matter is an aspect of the conservation of energy, which is the most proven scientific fact, so far. However, today, we have global electronic fiat money frauds, backed up with the threat of atomic weapons!

The revolving doors between the biggest banks and the government are operating pyramid systems of social robberies, through endless frauds, automatically getting worse, faster, at an exponential rate. The best organized gangs of criminals, the biggest gangsters, are the banksters, which have taken control over the government, in a way which is like a home invasion of the American Family, having a gang of criminals move into their house, who are then able to tell all the members of that Family what they priorities are, and how they must behave, according to what that gang of criminals demands.

All the members of this Fleecebook club are participating in that system ... which has already gone over the edge, past the point of no return. Everything that Americans are doing has become legalized lies, backed by legalized violence, which developments have been on an exponential growth curve of social insanities for more than a Century.

Our entire financial accounting system IS FUNDAMENTALLY FRAUDULENT. Everything we are doing is controlled by dishonesty, backed by coercions, which is driving our entire civilization to behave in increasingly psychotic ways, with no end in sight to those processes which can be coherently imagined at the present time!

In that context, each little news story about what kind of guy goes through the revolting revolving doors between the banksters and the governments is adding just a little more twisting spin to the growing social storms' potentials.

Sun, 04/28/2013 - 21:25 | 3508737 AndrewJackson
AndrewJackson's picture

Is anyone else confused how a 41 year old with 18 years of experience becomes the #2 at a multi trillion dollar bank? Seriously, what type of corporate ladder are they running at JP Morgan? How anyone can give a person so inexperienced a position this high up is beyond me. Who knows maybe Dimon is setting up the fall guy when the next rout begins. 

Sun, 04/28/2013 - 21:37 | 3508757 Zer0head
Zer0head's picture

read his CV

he cut his teeth at LTCM

Sun, 04/28/2013 - 22:44 | 3508877 espirit
espirit's picture

I'd bet he stayed at a Holiday Inn Express. 

Sun, 04/28/2013 - 21:42 | 3508761 blindman
blindman's picture

Saturday, April 27, 2013Breaking: Uncle of Boston Bombers Was Married to Top CIA Official
Well, this makes things interesting. The uncle of the two suspected Boston bombers in last week’s attack, Ruslan Tsarni, was married to the daughter of former top CIA official Graham Fuller, reports MadCow morning news.

MCMN continues:
...."
http://www.economicpolicyjournal.com/2013/04/breaking-uncle-of-boston-bo...

Sun, 04/28/2013 - 22:30 | 3508852 Seer
Seer's picture
"I've never heard of him, nor has anyone that I know," Hilda Avedissian, executive director at the Armenian Cultural & Educational Centre. "For an Armenian to convert to Islam is like finding a unicorn in a field," Nerses Zurabyan, 32, an information technology director who lives in nearby Cambridge told USA Today. The report reveals that the bomber’s Uncle, made famous for his outspoken condemnation of his nephew’s which aired repeatedly on international news networks, is a well-connected oil executive who at one point worked for a Halliburton shell company used as a front to obtain oil contracts from the Kazakh State.

 

Sun, 04/28/2013 - 22:56 | 3508912 blindman
blindman's picture

USAID History
http://www.usaid.gov/who-we-are/usaid-history
....
"International Aid Becomes Foreign Policy

Building on the success of the Marshall Plan, President Harry S. Truman proposed an international development assistance program in 1949. The 1950 Point Four Program focused on two goals:
• Creating markets for the United States by reducing poverty and increasing production in developing countries
• Diminishing the threat of communism by helping countries prosper under capitalism

From 1952 to 1961, programs supporting technical assistance and capital projects continued as the primary form of U.S. aid, and were a key component of U.S. foreign policy.
"
.....
Boston bombers ‘Uncle Ruslan’ was Halliburton contractor
Posted on April 24, 2013 by Daniel Hopsicker
Two oil fields with a side of natural gas, please
.
http://www.madcowprod.com/2013/04/24/boston-bombers-uncle-ruslan-was-hal...

"....Reported first here two days ago, there has already been a big surprise in Ruslan Tsarni’s background: Tsarni did a two-year stint, beginning in 1992, as a “consultant” for the U.S. Agency for International Development (USAID), in the former Soviet Republic of Kazakhstan.

At a time when vast natural resources and enormous fortunes were ‘in play’ during the economic free-for-all after the collapse of the Soviet Union, the 24-year old Tsarni was already a ‘player.’

Its long been an open secret that USAID is often used overseas to house CIA and other US intelligence operatives.

Oddly enough, just six months ago the country competing with the US for influence in the region, Vladimir Putin’s Russia, unceremoniously kicked USAID out of Russia for, Putin spokesmen alleged, encouraging his political opposition.

However Ruslan’s involvement with USAID, while suggestive, might still be irrelevant, were it not for the discovery of his decade-long involvement with companies in the orbit of the Sun God, Halliburton, which stands accused in numerous and increasingly-credible accounts as "lead dog" in an invading force of “non-state actors.”

All of this, mind, was in support of a noble cause. We were fighting communism. No, wait? We weren't anymore. " ...

Sun, 04/28/2013 - 21:31 | 3508744 jonjon831983
jonjon831983's picture

Hmm... maybe I'm wrong... maybe the Bernank is skipping Jackson Hole not because he'll be announce joining Goldman.

Sun, 04/28/2013 - 21:30 | 3508747 disabledvet
disabledvet's picture

I think the technical term is "seemless transition." Be that as it may the days of rock star CEO's has been winding down for some time. Banks and bankers live by consensus as Jamie Dimon discovered in London...have no doubt the guy is over qualified for the job but again ...I'm really unimpressed with the technological terror they've created. No amount of math can better gold as a store of value, as a way to "communicate" confidence and ultimately "to be the capital of the bank itself." I really like Citi far more than Morgan's "modelers" and I think the real winner in all this are railroads and General Electric. We shall see of course...clearly this is not the "shake of a hand" type of risk management however.

Sun, 04/28/2013 - 21:38 | 3508754 blindman
blindman's picture

Influential economist says Wall Street's full of 'crooks'
By JOHN AIDAN BYRNE
Last Updated: 3:55 PM, April 28, 2013
Posted: 11:26 PM, April 27, 2013
http://www.nypost.com/p/news/business/wall_st_criminal_behavior_Rg3GqOXP...

"...Sachs pulled no punches. “What has been revealed, in my view, is prima facie criminal behavior,” he said.

“It’s financial fraud on a very large extent,” the adviser to the World Bank and IMF added. “There’s also a tremendous amount of insider trading — you can even watch when you are living in New York how that works.”

In his live remarks, via video teleconference from New York, an emotionally charged Sachs also ripped into practices at Goldman Sachs and into the political classes on both the left and right. (The Post listened to the audio.)

“We have a corrupt politics to the core, I am afraid to say, and . . . both parties are up to their neck in this. This has nothing to do with Democrats or Republicans,” Sachs told the Philadelphia conference, “Fixing the Banking System for Good.”

Sachs described an environment of Wall Street buying off politicians with their huge campaign contributions. In the 2012 election cycle, political contributions by the securities and investment sector totaled some $271.5 million, compared with $176 million in 2008, according to the Center for Responsive Politics.

“I meet a lot of these people on Wall Street on a regular basis right now,” Sachs told the conference, hosted earlier this month by the nonprofit Global Interdependence Center. “I am going to put it very bluntly: I regard the moral environment as pathological. And I am talking about the human interactions . . . I’ve not seen anything like this, not felt it so palpably.”

Sachs said these same people on Wall Street are out to make billions of dollars, and believe nothing should stop them from doing that. “They have no responsibility to pay taxes; they have no responsibility to their clients; they have no responsibility to people, to counterparties in transactions,” he said. “They are tough, greedy, aggressive and feel absolutely out of control in a quite literal sense, and they have gamed the system to a remarkable extent.”

Sachs’ outburst stunned the crowd. “There was an initial shudder, is how I would describe it, because they could feel the passion that was in the discussion,” said attendee Dennis Peacocke, head of Strategic Christian Services, a religious group that advocates on topics of economic and social justice. “Jeffery Sachs’ comments were full of conviction. I was applauding him for bringing values and ethics into the discussion.”

Sachs also attacked:

* Hedge fund titan John Paulson: “He worked together with Goldman Sachs to defraud, massively, many European banks which bought the toxic mortgages that Paulson put together.”

* Goldman Sachs: Paid out a “small fine” [$550 million in 2010] to settle charges with the SEC in the controversial Abacus deal linked to John Paulson’s hedge fund, but Paulson wasn’t mentioned once in the proceedings.

* Former US Treasury Secretary Larry Summers: “He continued to really institute moral-hazard policies, right and left, by fighting against any limits on [bankers’] compensation” as America grappled with the financial crisis.
"

Sun, 04/28/2013 - 22:16 | 3508823 Seer
Seer's picture

One can "make" more by owning a bank than robbing one.

There are clowns at the circus.

Translation: it should be of no surprise to find that banking lends itself to attracting the biggest of criminals.

Sun, 04/28/2013 - 22:37 | 3508867 blindman
blindman's picture

reminder,
"the best way to rob a bank is to own one." w.k.b.
.
When Fragile becomes Friable: Endemic Control Fraud as a Cause of Economic Stagnation and Collapse
William K. Black
Executive Director, Institute for Fraud Prevention
IDEAS Workshop: Delhi, India
Financial Crime and Fragility under Financial Globalization
December 19-20, 2005
Abstract
Individual “control frauds” cause greater losses than all other forms of property crime combined. They are financial super-predators. Control frauds are crimes led by the head of state or CEO that use the nation or company as a fraud vehicle. Waves of “control fraud” can cause economic collapses, damage and discredit key institutions vital to good political governance, and erode trust. The defining element of fraud is deceit – the criminal creates and then betrays trust. Fraud, therefore, is the strongest acid to eat away at trust. Endemic control fraud causes institutions and trust to become friable – to crumble – and produce economic stagnation." ....
...
Why neo-classical economics produces policies that cause economic crisis
Because neo-classical theory is virulently hostile towards government and has no explicit theory of fraud and implicitly assumes that control fraud cannot be material, it repeatedly produces recommended praxis that, if adopted, would optimize the criminogenic environment for control fraud. When neo-classical thought triumphs societies adopt simultaneously many elements of this anti-governmental agenda. This produces waves of control fraud and crisis." ..wkb
.
Professor William Black-We've Decriminalized Fraud
http://www.informationclearinghouse.info/article32175.htm
.
"Professor William Black is a former bank regulator and professor of law and economics, he says, "Outright fraud caused the great recession and they are able to do it now with impunity." wkb

Sun, 04/28/2013 - 22:57 | 3508909 CompassionateFascist
CompassionateFascist's picture

"Sachs pulled no punches...ripped into practices at Goldman Sachs...". Mr. Inside, meet Mr. Outside. Mr. Outside, meet Mr. Inside. 

Sun, 04/28/2013 - 21:39 | 3508762 sfisher
sfisher's picture

Is it not enough to hate this guy because he is the number two at a corrupt company that is TBTF and thus has a license to play at the "heads I win tails you lose casino", or is there also a need to hate him for his religion?

Sun, 04/28/2013 - 21:54 | 3508785 blindman
blindman's picture

what if his religion is stealing money and committing fraud and
everything else, the stories and whatnot, are just linguistic
cover? a beard if you will?
the distractions are designed to be irresistible to a significant
segment of the population. if they are then they become part of
the paradigm for culture, linguistic triggers and tools to be
used to deflect, defend and exploit the resources and minds
of the many.

Sun, 04/28/2013 - 21:59 | 3508793 Seer
Seer's picture

" linguistic triggers and tools to be
used to deflect, defend and exploit the resources and minds
of the many."

Yup, you can even see this playing out with many people here (ring the bell!).

Sun, 04/28/2013 - 22:02 | 3508807 Andy Lewis
Andy Lewis's picture

Rhetorical question for sure. ZH slimebags galore

need to hate him for his religion

The whole lot of them together ain't worth two shits.  Maybe one on a good day.

 

Sun, 04/28/2013 - 21:50 | 3508778 fuu
fuu's picture

JPM has issues.

Sun, 04/28/2013 - 21:57 | 3508794 Seer
Seer's picture

And it collects on them! </sarc, kind of>

Mon, 04/29/2013 - 06:32 | 3508797 zenharmonics
zenharmonics's picture

.

Mon, 04/29/2013 - 06:31 | 3508798 zenharmonics
zenharmonics's picture

.

Sun, 04/28/2013 - 22:35 | 3508804 news printer
news printer's picture

Matthew E. Zames

 

Born: October, 1970  Educated: MIT Sloan School of Management, Bachelors Degree, 1993 Career: Long-Term Capital Management (trader,mortgage-backed securities) Morgan Stanley (proprietarytrading) Credit Suisse First Boston (co-head of global US rates trading, proprietary trading) since November 2004 -JPMorgan, MD, liquid securitiestrading since 2009 - JPMorgan, co-head global fixed-income group current - chief investment officer Memberships: US TreasuryBorrowing Advisory Committee chairman MIT Sloan Advisory Board member JPMorgan Chase investment bank management committee member.                                                                                               Source: http://moneyblog.ch/wp-content/uploads/2012/05/Dimon-shakes-up-JPMorgan-...
Sun, 04/28/2013 - 22:05 | 3508815 sfisher
sfisher's picture

Not to offend, but my personal feelings are that religion is just one more avenue for a group of men to control a larger group, complete with tremendous pomp, costumes and threats of violence for non-compliance.

That said, I would not want to deny anyone from pursuing their chosen faith and do not give a rats ass what religion this bankster thief belongs to.

Sun, 04/28/2013 - 22:22 | 3508831 Seer
Seer's picture

Neither religion and power or govt and power mix well.  I'm kind of thinking that the common troubling ingredient is POWER...

Sun, 04/28/2013 - 23:26 | 3508986 FeralSerf
FeralSerf's picture

Do you give a rat's ass what tribe he belongs to? I seriously doubt he's very religious.

Isn't it about time we have a little affirmative action for gentiles? This is getting ridiculous.

Mon, 04/29/2013 - 00:44 | 3509107 Kirk2NCC1701
Kirk2NCC1701's picture

I posed this to Mr Spock because he understands ancient cultures, and responded thus:

Captain, if one brackets out the sometimes laden or encumbered label of a particular religion, and also brackets out its customs and practices, what is usually left is a very strong and primal bond of affiliation and trust.

If a group were tasked with an extremely difficult task that was deemed 'necessary', and could not risk any cracks over a prolonged period of years, then one needs such a cohesive and trusted group to carry it out.

Such groups are, as you know, Captain, not a new phenomenon to Earth or other such planets.

The question then becomes: What might such a group be tasked with? [raises one eyebrow]

Mon, 04/29/2013 - 00:58 | 3509117 Kirk2NCC1701
Kirk2NCC1701's picture

Dr McCoy chimes in: "Oh for God's sake, Jim! He's just saying that they're jockeying for the best seats for after First Contact goes public.

Who wouldn't want to have their people have the inside track with... 'God', and thus play 'The Chosen People' card?"

Sun, 04/28/2013 - 22:17 | 3508827 buzzsaw99
buzzsaw99's picture

Another joo banker but it's not a conspiracy or anything. [/sarc.]

Sun, 04/28/2013 - 22:44 | 3508884 web bot
web bot's picture

I wonder how he will help JPM in their precious metals department?
Sometimes the simple observations are the most accurate...

Sun, 04/28/2013 - 22:50 | 3508897 yogibear
yogibear's picture

Wow! He looks like a real Wall Street scumbag.

Sun, 04/28/2013 - 22:55 | 3508901 kchrisc
kchrisc's picture

Of course he, and all the rest, should remember that the "revolving door" stops at the steps of the guillotine or in front of a wall.

Enjoy it for now.        hujel

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