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JPMorgan Officially Apologizes For Being A Criminal Market Manipulator
Presented with little comment, aside to ask - how many 'people' went to jail for this?
MAY 20, 2015 DISCLOSURE NOTICE
The purpose of this notice is to disclose certain practices of JPMorgan Chase & Co. and its affiliates (together, “JPMorgan Chase” or the “Firm”) when it acted as a dealer, on a principal basis, in the spot foreign exchange (“FX”) markets. We want to ensure that there are no ambiguities or misunderstandings regarding those practices.
To begin, conduct by certain individuals has fallen short of the Firm’s expectations. The conduct underlying the criminal antitrust charge by the Department of Justice is unacceptable. Moreover, as described in our November 2014 settlement with the U.K. Financial Conduct Authority relating to our spot FX business, in certain instances during the period 2008 to 2013, certain employees intentionally disclosed information relating to the identity of clients or the nature of clients’ activities to third parties in order to generate revenue for the Firm. This also was contrary to the Firm’s policies, unacceptable, and wrong. The Firm does not tolerate such conduct and already has committed significant resources in strengthening its controls surrounding our FX business.
The Firm has engaged in other practices on occasion, including:
- We added markup to price quotes using hand signals and/or other internal arrangements or communications. Specifically, when obtaining price quotes for bids or offers from the Firm, certain clients requested to be placed on open telephone lines, meaning the client could hear pricing not only from a salesperson, but also from the trader who would be executing the client’s order. In certain instances, certain of our salespeople used hand signals to indicate to the trader to add markup to the price being quoted to the client on the open telephone line, so as to avoid informing the client listening on the phone of the markup and/or the amount of the markup. For example, prior to agreement between the client and the Firm to transact for the purchase of €100, a salesperson would, in certain instances, indicate with hand signals that the trader should add two pips of markup in providing a specific price to the client (e.g., a EURUSD rate of 1.1202, rather than 1.1200) in order to earn the Firm markup in connection with the prospective transaction.
- We have, without informing clients, worked limit orders at levels (i.e., prices) better than the limit order price so that we would earn a spread or markup in connection with our execution of such orders. This practice could have impacted clients in the following ways: (1) clients’ limit orders would be filled at a time later than when the Firm could have obtained currency in the market at the limit orders’ prices, and (2) clients’ limit orders would not be filled at all, even though the Firm had or could have obtained currency in the market at the limit orders’ prices. For example, if we accepted an order to purchase €100 at a limit of 1.1200 EURUSD, we might choose to try to purchase the currency at a EURUSD rate of 1.1199 or better so that, when we sought in turn to fill the client’s order at the order price (i.e., 1.1200), we would make a spread or markup of 1 pip or better on the transaction. If the Firm were unable to obtain the currency at the 1.1199 price, the clients’ order may not be filled as a result of our choice to make this spread or markup.
- We made decisions not to fill clients’ limit orders at all, or to fill them only in part, in order to profit from a spread or markup in connection with our execution of such orders. For example, if we accepted a limit order to purchase €100 at a EURUSD rate of 1.1200, we would in certain instances only partially fill the order (e.g., €70) even when we had obtained (or might have been able to obtain) the full €100 at a EURUSD rate of 1.1200 or better in the marketplace. We did so because of other anticipated client demand, liquidity, a decision by the Firm to keep inventory at a more advantageous price to the Firm, or for other reasons. In doing so, we did not inform our clients as to our reasons for not filling the entirety of their orders.
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We have helped a little here...
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Mea FX Culpa...
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Jamie Dimon and his cohorts all belong in prison...
Won't work.
They'll just privatise that prison and turn it into a 5 star resort... maybe even 6 stars... with it's own airport overseen by their Wall Street regulators.
NOW you can begin the lawsuits. And I'd applaud if those motherfuckers were driven out of business in the process. Clearly nobody is going to jail so I guess the consolation prize is sending the lawyers after them. As much as I despise lawyers (and don't even get me started about those scumbags), they have their time and place. This is the time. This is the place. Go get 'em.
The TBTFs have enough $$$ to drag court proceedings out til the Rapture.
TBTF banks have collectively paid billions in fines. They consider fines to be the "price of doing business" in this fashion. Corruption to the core.
FUBAR.
"It's really tough being a cynic these days. It is too much work to keep up."
––Lily Tomlin
"To begin, conduct by certain individuals has fallen short of the Firm’s expectations."
Well, if that's the case, those certain individuals have not lived down to JP's really low bar of criminals, liars, frauds and cheats. They certainly have served as fine scapegoats through.
JP Management thanks you for your service! (and keeping the heat off us whilst we do god's work.)
APOLOGY NOT ACCEPTED.... If he's not jailed, there is no justice in America, period.
....and yet no one gets to wear the orange jump suits in federal prison.
http://leveragestock.com/wp-content/uploads/2012/10/Jamie-Dimon-prisoner...
What the mother fucking shit. If any one of us did anything resembling this in our day to day lives, make no mistake where we'd be getting pounded.
I think its a bad idea to send banksters to prison, they might be a corrupting influence on the murderers and rapists.
And if they don't go to prison, the Legal implications and precedent is...
1. Incorporated entities ('corporate persons') have superior rights to biological entities ('real persons').
BTW. this also manifests itself in Elections: although a real person may have only one vote, corporate persons may hijack the very election process by its ability to provide endless funds.
2. If corporate leaders ('Members and Managers') do not go to jail, but have the corporation pay an affordable fine -- that will be passed on to its customers anyway, rather than paid by its Members and Managers -- then... the Moral and Lesson is that "Though shall Incorporate". And, if possible and practical, "Though shall move significant assets offshore", which can then be used to fund Elections.
3. If you cannot or will not do Step 2 above, and elect to remain a Real Person, then you risk the likelihood of having your vital assets (home, car, cash) confiscated and your real ass(et) sent to jail.
Plan accordingly.
Prison is more about revenge than actual benefits for society. Revenge has no place in civilized society. Instead, the fines should be much larger.
The other morning I heard the president and CEO of the JP Morgan Chase Institute, Diana Farrell, formerly of the Obomber Administration, formerly of McKinsey Global, where she earned her super-big-bucks by offshoring as many American jobs as possible (to get a more concise picture of what Farrell and Rajat Gupta did there, please see the book by Anita Raghavan, The Billionaire's Apprentic, pp. 139-140), giving endless presentations to the elites of China, India, Vietnam, Bangladesh, etc., on having those jobs shipped there, and editing the book, Offshoring, which, of course, extolled the wonderful virtues of offshoring every fucking job in America, etc., etc. etc.
Farrell claims this institute is for the public good, so would everyone kindly email her and explain to Satan's own that the best thing to do for the public good is for her to buy a Glock, stick it in her slitch mouth, and pull the effing trigger!
Thank you!
institute@jpmchase.com
http://www.jpmorganchase.com/corporate/institute/institute.htm
http://www.jpmorganchase.com/corporate/institute/document/54918-jpmc-institute-report-2015-aw5.pdf
so sorry... we'll do it again next week
"so sorry...but we're still doing it."
FIFY
Yes, they Are still doing it even while paying the fine.
I bet they enjoyed writing that. Not only did we do this, we did this this and this. Fuck you, we did this, too. Made a shitload of money. I wonder if I'll make a snuff film this weekend? Oh yea, we will keep doing this to you. Yes, a snuff film - what would stop me? HA HA HA. (Note: I do not condone snuff films).
well.... if they apologized i guess it is ok.
I know I feel better
Time for pitchforks, torches,
and heads on pikes
'Oh, we are SO contrite'.
DavidC
Oh, I am so touched. Hand me a tissue.
WOW
"To begin, conduct by certain individuals has fallen short of the Firm’s expectations."
Yeah.........as in, they got caught.
Reading in between the lines, "we are deeply disappointed and shocked that certain individuals were careless enough to leave incriminating evidence to be caught..."
There fixed it for ya ;)
What's the fucking purpose of having a RICO act if you don't use it to prosecute huge criminal organizations?
You have the right to remain silent, anything you say can be used against the taxpayer.
can and WILL BE....
Not accepted.
"The firm" ?
I always thought that was something else.
C*cough*I*cough*A*cough*
It's like they busted a rapacious thief and conman for shoplifting a candy bar.
LOL
Liberty is a demand. Tyranny is submission..
Guillotines are to banksters what penicillin is to bacteria.
TAKE NOTE.
These criminals did more damage then any serial murderer and no one went to jail.
Want to bet no one will go to jail in the future?
Every time I walk in a brokerage office I feel the slime..............
Never been a better time to learn long-distance shooting with a scope....
Well they have shown contrition and will now attempt to mend their errant ways. We must have pity and mercy, so that they may find a true and honorable path forward. That may of course take time, how much is indeterminate and so all support and effort should expended to enable and ampliphy those efforts lest recidivism occur, which it must and so further there educational and moral journey to a better more fulfilling engligthenment of policy that will utlimately with much hard work at some future time hopefully produce postive results. All Patence should therefore be extended to this errant entity in it's moral journey on the path of truth.
This sentence should have explanatory parentheticals: "To begin, conduct by certain individuals has fallen short of the Firm’s expectations (to not get caught)."
Crony capitalists the whole lot of them. I hope you all die a miserable death and I hope all your ill gotten gains be confiscated from your children and their children.
I also hope anyone even remotely connected to these scumbags and turned a blind eye so that they could reap what wasn't theirs also fucking die.
Not one of these fuckers could make it in the real world without their proceeds of crime.
This idea of not prosecuting TBTF only comes from those that benefit the most from it.
Who cares if the system implodes? it already imploded for 99.9% of the world.
It is said they do god's work.Well, I checked. They're not working for my god.
WAKE THE F UP...ITS ON GOING IN FIXING OIL PRICES AS WE SPEAK AND SYSTEMATICALLY DOING SO BY FX MANIPULATION...$$$ UP OIL DOWN.,....OVERSTATING SUPPLY AND UNDER DEMAND TOO
I applaud Jamie/JPM's admitting their criminal acts and their contrition.
Everyone, including child molesters, serial killers, rapists and big banks, deserves a second chance and a fresh new start!
Are we allowed to sue? OR did only DOJ profit from this in fines?
...disclosures such as this only serve to emphasize the complete uselessness of the United States government regulatory agencies in prosecuting severe meaningful widespread corruption and cheating in manipulated markets.
it's kind of like they're thumbing their noses at the public and the folks who are supposed to have put some of them in jail, like "na na na na na... look what we got away with!"
Maybe the rogue SEC commissioner Kara Stein's compelling dissent from the rest of the Commission's white washing of JPM's crimes is having an affect -- but I doubt it.
http://www.globaldeflationnews.com/sec-commissioner-stein-fed-up-with-cr...
When is Dwayne Elizondo Mountain Dew Herbert Camacho gonna smoke these foolz?
That's why Dimon gets to wear the presidential cufflinks.
To remind him of his bought and paid for puppet president.
'
'
'
Not one mention of 'guilty' or 'sorry'.
All this BSing does is lead to more cynacism.
•?•
V-V
Hang the fucking bankers
maybe slightly off topic. is this old or did i miss this latest dead banker story...
http://yournewswire.com/another-dead-banker-body-of-morgan-stanley-trade...Naaah, those of us following and replenishing the DEAD BANKERS FILE noted that it was a natural death, admittedly rare among the bankster class, not the usual mysteriously dead JP Morgan Chase banker who has been insured by Chase under the BOLI, or Bankers Own Life Insurance, a clause included in the Dodd-Frank "financial reform" legislation which appears to be the ONLY FUCKING PART OF DODD-FRANK that is being followed!
(So he died by mysteriously drowning, that's a natural cause, after all . . . .)
Please help me.
I am a victim of cash.
I have no idea how all this money got into my bank account.
I simply drag a big number from the left side of my tablet screen to the other and hit enter.
How can that make me rich?
The system has conspired to create aglos which somehow infected my computer and every time I use it; it generates cash to my bank accounts without my knowledge.
I cannot be held accountable for algos gone wild.
I even invested $60.00 for an anti-virus application, but somehow this vicious app gets through the firewall and put money in my hands.
Please pity me. I am an innocent victim of the trading systems in use today.
Thank you.
The Financial System and Wall Street.
For all the technological wizardry deployed by all sides it turns out they use "hand signals". unfucking believable.
And what does it tell you that "customers" wanted to hear "live" quotes over the phone? if they didnt trust them what the hell were they doing business with them in the first place.
God forbid they start using smoke signals or morse code
New "necessary skill" for JP Morgan job postings:
"Must be fluent in sign language"
Love the way they use '$100' as the figure, that's the amount a tourist converts at a bureau de change!
Most of these orders would probably have been in the $5,000,000 to $50,000,000 range, maybe even higher. 1-2 ticks on those tickets on a regular basis is great money if you're willing to be a thief because make no bones about it, it's theft.
Client (who recently requested open phone lines): "Where would you offer 100 Million Euro?"
Salesperson: "One second. Steve, offer on 100 Million Euro?"
Client: "You're signalling to him, aren't you"
Dbl post, sorry
Old dog, old tricks. Nothing changes. JPM handled the 2 billion takeover of Sino Gold bought out by Eldorado Gold.
I owned Sino. Generally takeovers where stock is given out, which was the case, the EGO stock should have shown up in my account within a week or two. But many, many weeks went by. I pressed my broker who I'm pleased to say looked into the matter and got back to me. He said: Usually stock is exchanged by electronic means but apparently in this case JPM used a certificate which "got lost."
Hmm..."got lost," for what...6-8 weeks? A person holding 2 billion of EGO stock can make oodles simply by writing covered straddles. JPM is as crooked as they come.
And on we go....steal a candy bar and get shot dead or put in jail. Steal a few billion and as someone already said: "Darn...now we have to pay some of it back..."
Maybe the world has always been dishonest but I wonder why it's so bloody apparent today?
Abolish the banks.
They're clearly criminal enterprises whose only purpose is to defraud. They pay no interest. They provide no liquidity. They only steal.
Abolish the banks.
They're clearly criminal enterprises whose only purpose is to defraud. They pay no interest. They provide no liquidity. They only steal.
JUMP YOU FUCKERS.
https://www.youtube.com/watch?v=yge311sFhC8
For joy? Move along. Nothing to see here.
The really sad part about all this is that most Americans (99.99%) will go to bed tonight without any of this registering on their radar.
I'm sorry, but the details of what JPM did just sounds like the average American mindset to me.
Substitute JP for BP
https://www.youtube.com/watch?v=xyl5H5a09f0
I wonder whether there will be a class action lawsuit on behalf of the victims? It would be a slam dunk since the charges have already been admitted to.
Tomorrow these vampires of hell will say that since we have confessed , so we are clean now , the public has been informed, there is no resistance from any quarter.
Hell awaits you banksters , its closer than you think, its only below your feet where the burning lava awaits, the inferno awaits to devour & blaze within your every internal organ. For robbing the poor.