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Did Jamie Dimon Just Stop Jon Corzine From Going To Jail?
Update: JPMORGAN SAYS IT DOESN'T HAVE MF GLOBAL MISSING MONEY. Ok, now we need to check with JT Marlin
Last week we heard of glitches which resulted in Germany finding $55.5 billion in missing "debt" and a €3.6 billion error in Irish debt. It was only a matter of time before MF Global also uncovered a "glitch"
- MF ACCOUNT WITH $658.8M IN CLIENT FUNDS SAID TO BE AT JPMORGAN
- MF GLOBAL'S MISSING CLIENT FUNDS SAID TO BE LOCATED AT JPMORGAN
Ignore the fact that MF admitted it had commingled and abused client funds. After all, the big boys take care of their own. And what is $660 million to JPM? Here's what - less than the taxpayer money profit the bank makes on one POMO.
And yes, absolutely nobody could have seen this coming:
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Score!
Why would this stop him form going to jail? His firm still admitted to co-mingling the funds? He still committed fraud.
You will Rot in fucking hell Corzine you evil bastard!
Yep, there they go! Rampin the whole damn mess GREEN from -150 to only single digits away from a market wide RALLY oh HOORAY!!
Thats right..We cannot have Corzine revealing all the secrets if faced with jail time. This is far from over.
Correct - those that know where the bodies are burried will always skate...until they end up hanging on a shower curtain bar
JD IS A DOUCHEBAG.
IF IF IF...there comes a "clerk" who in all the processes of upcoming investagtions, doesn't get bought off and tells the F'ing truth, this will blow up and take down JT Marlin...pray for rain!
I found a twenty in the dryer last night.
Hey, it could happen, right?
What a bunch of fucking bullshit. Can they prove this? I can't believe the joke this whole thing has become from the Great Recession, to the Europe thing, to now this. When will there be justice in this fucking country? When will bankers/Wall Streeters go to jail?
It's time to get medieval on these motherfuckers. There is simply NO ALTERNATIVE!!!
Not only do I not feel guilty about those credit cards I had to let lapse......I feel vindicated and even heroic ! Thanks Corzine.....! Monedas 2011 Comedy Jihad Heroic Relativism
What a complete and total joke, 100% fascist USA...any problem they just throw money at each other and face-sit america....and americans think theyre going to do something about it all? Ok, WHEN? Election day? Dont make me laugh.
And there go the Maniacal Monetizers shooting all indexes green because there can never be less than 1% daily stock gains....while you get under 1% YEARLY to save.
another SWO event not surprising. (Swimming With Osama) SWO get reported but are exceptionally hard to believe.
for a moment i thought corsine had come over from the darkside and was being persecuted. then i remembered where he was indoctrinated, GS.
foolish me...................
JC is part of the club. Members of the club don't go to jail. I am sure his resigning and giving up his parachute was all part of the deal being worked out behind the scenes. Jaime D's fiefdom holds the most cash deposits. Who else you going to call to find a loose $1 billion lying around - Bank of America, Chase? :) Gimme a break. Now the FBI spends a few weeks ordering in some food on the taxpayer dime and then call the entire thing case closed. Just don't wake up Mr Holder from his afternoon nap.
oh look, whoops! Warren Buffet misplaced it under his sofa cushion.
Fights will go on as long as they have to.....
Last night in an article here, it was written about bailout this, bailout that (the article was about the IMF getting set to bailout Europe) and there was a list of bailouts. Left off was the House of Saud making Bernanke jealous by litterally dropping money from helicopters. Just thought I would put that ut there; every ascist state is bailing out the fiat ponzi.
...So, it took JPM a WEEK to find $658M sitting around their shop that wasn't theirs?
Stupid or corrupt are the ONLY choices here, Jamie- which one are you?
How long ARE people going to put up with this shit?
Oh nevermind, all is well, the criminals are ramping markets green again because everyone knows we have to have daily +1% stock ramps, or people start maybe feeling all grumpy.
Hey Jamie, who's going to save your ass?
Bart Chilton - There is Manipulation in the Silver Market
"As an example, when asked if there is nefarious activity (manipulation) going on or that has gone on in the silver market, Chilton responded, “I think there has been, Eric. I talked last year about this, I urged the agency to say something. I just think it’s fair that after so long, on an investigation that you’ve publicly announced, that you give some sort of update.”"
"I believe that there’s been violations of the law, The Commodity Exchange Act.
They’ve taken place in the silver market and I think any such violation, of course, should be prosecuted to the full extent of the law. I believe there has been repeated attempts to influence prices in the silver market. And there’s been fraudulent efforts to persuade and deviously control the price.”"
http://kingworldnews.com/kingworldnews/KWN_DailyWeb/Entries/2011/11/4_Ba...
Jamie ...... I have been looking for my cousin's lost treasure from the Mines at Moria. Could you check your basement please?
Still think there is any ledger around the globe?
Too much magick in the books. Is your money standing to all these debts or is it all fake?
The question is, what's JPM hiding that they're willing to take the fall for MF Global?
What's that smell???
Johnny Corzine is my hero. He's just spreading the wealth around and green shoots are popping up all over. Thank you for you service, John.
-Your friend, Barak
Disgusting, yet mercifully numbing. Hurt me more!
How about we all agree to beat the Christ out of scumbags like Dimon and Blankfein and Corzine any time they appear in public... I mean really work them over... so they will develop a little fear over ripping off the taxpayers... remember, I mean a REALLY frightfull, savage full body ass whippin'. Repubs and demos unite!!
Ooh, ooh! I see a trend!
Math is hard, and thus has no place in the world of high-finance.
Amirite?
Hilarious.
PigMen never go to jail.
He'll be CEO of yet another firm soon enough.
Or maybe simply collect director fees and give speeches at $100k/shot.
Don't forget about the book deal.
RT is right. Who's slamming him?
Have you been watching planet of the apes again with uncle gorilla.
You know that movies just pretend right?
Jon Corzine = George Bailey
I missplace my $658,800,000.00 all the time. Jamie always calls me and tells me it is parked at the Morg. he's such a swell guy. He and Lloyd doing God's work.
What a stroke of OVERWHELMINGLY GOOD luck.----"Small change can often be found in seat cushions."
in other news, JC will now be lobbying for the banking industry(JPM) to work off his debt.
Oh you money "MIGHT" be at JP Morgan.....
Like the letter you get in the mail from a sweestakes that says you "MIGHT" be a millionaire
i always thought the money was safely sitting in the barn at Carla Katz farmhouse
Unbefuckinglievable!
Now you see it now you don't.
Looks like recent press releases out of europe.
I would suggest that this was a grab by JPM last week and could have precipitated MF global's fall. Now that the Trustee has been given a go ahead to take control, the money suddenly re-appears. Where do you think many of the client accounts would be transferred? - JPM of course. JPM wants to be the biggest in commodities and futures and this was convenient. The more important client base you have - the better the informatin on flows and the better their proprietary trading.
This is too similar to Wamu and BS! First JPM takes stuff from the other bank, then the other bank bankrupt.
Ok guys. We have seen some horseshit over the last few years, but this takes the cake. Things are so messed up and so close to the edge of the cliff, that we have resorted to the unthinkable, the outrageous, and the laughable, just to get through one more day.
I've heard a lot of talk about 2013, or even 2015, being the end of this fiat system. Based on this horseshit, I say we are right at the edge of the cliff. I say it shatters right around the start of next year. I smell desperation and denial. I give it about 3 more months.
Oh by the way, ever hear of bank holidays?
Fuck you's USA Bankstas......
Your day is comming dogs.....!!!!
Monday MF Global will reopen for business, as if nothing happened.
The entire US government relies upon these banks to finance their adventures, their payola, the NWO, budget deficits, CIA ops and cushy retirements. JPM, GS, et al are doing exactly what the owners have commissioned them to do. Like controlling PMs. If they didn't have private entities doing this, the congress might interfere (someday).
Nobody inside this system will be prosecuted, any more than ex-presidents go to the ICC on war criminal charges. Expecting a sudden burst of justice is a little naive after a hundred years of collusion, don't you think?
Jamie :These are not the funds you're looking for.
Regulators:These are not the funds we are looking for.
Jamie: Move along ...move along.
Regulators: Move along ...move along.
Buy gold and silver, sweep the shelves clean, and keep them that way. Close out your accounts, this is our only hope.
makes me feel good all over to see that JP morgan only comes out now with this news....but now they deny it. amazing that in this day and age, we can lose 600+ Milion?
Good ol Rumsfeld lost $2 Trillion. Then a war started almost immediately after and all the buildings with records about it burned to the ground. Then gold disappeared from WTC.
Finding $600 mil seems like a walk in the park.
Oh, there will be an audit. I can see Barney Frank saying "Oh, this was signed and dated on October 25. That's good enough for me!!!!!!!!!!!" Now find me Laphonso for my back rub.
I don't buy that. I would rather have fools like MF stay JUST in biz.
Must be funding that new drug to help premature TBTF's develop properly.
Glass-Steagall
No, that failed in stage 3 trials. It was given a black box warning label. Oh, wait a minute.....
No one goes to jail. Under Obama all crooks get a get out of jail free pass. You can try a private suit, but these crooks have a lot of money. They can pay the best lawyers in town, buy off the judges, etc. Good luck. The most likely solution is a class action lawsuit that will pay off the victims in a settlement at about 5 cents on the dollar in about 5 years. Of course, the lawyer's get half. This is the way it's done in Amerika. Don't complain. You don't need a lot of money in Amerika. You can watch American Idol, dancing with the retards , or hear or watch all you want about the Kim Kardashian wedding for free. Seeing Kim's sex video might cost a little, but all in all it's a pretty good tradeoff for allowing the elites to rip us off and steal our 401ks. Better then the lions eating the Christians or gladiator fights the mobs used to get from the Roaman emperors. Things have never been so good in AmeriKa.
Call came from Obama, to Jamie, to Jon.
This will not happen in an election year. Money gets found. Co-mingling, co-schmingling...no harm no foul.
Pass the Jobs Bill....Print da paper....burn all the books !! Sieg Heil !
It's the new QE bitchez!
Goddamn now where did I put those keys, where the heck. . . . wait. . . they're right here GODDAMN IT JON YOU LEFT THAT $658.8MM YOU'VE BEEN BITCHING ABOUT FOR DAYS RIGHT ON TOP OF MY GODDAMN KEYS . . . Jesus H. Christ that guy is so disorganized. . .but I still love him.
- Jamie.
JT Marlin FTW..Classic ZH
Thenadrill... it's in the third stage of FDA approval...
http://www.youtube.com/watch?v=4zakyg3thfY
that's where jonny c got his training.
Have they tried germany. Those sloppy ass germans are always losing things. They need to get more serious. LOL
OK, who's hiding the salami?
Of course they don't have it. Those funds have been re-directed to their joint tranny-porn IPO venture with the SEC. The SEC could probably be more successful with that than they are at regulating fraud.
Wow. What are the odds? They co mingled the and stole their clients funds before they went bankrupt and lost everything including their clients money but by complete miracle JPM stumbled onto the exact dollar amount to the penny that they stole from their clients in a fund they forgot they had worth over 1/2 billion. No harm no foul I guess. Complete luck. Let's keep these guys in charge of our money forever. Keep them printing it. Keep them making our laws. Like we really have a choice. They ain't going anywhere until we tear them from power. This goes to show you what they think of us. They steal from us in the open now. In broad daylight. They don't even try hard to conceal it anymore. Their is no law. They are the law. The law only applies to the prisoner citizens of this country.
they all crave money, so take it away from them! national strike, everything shuts down, leave your car in the driveway. if you drive, do not get any kind of traffic violation. do not pay any bills early. only buy essentials. black market what you can, barter when you can. won't work unless everyone contributes. being canadian, i'll have to watch it all unfold on CNN, but, i'll be rooting for you!!!!!
What's a few hundred million between friends?
Occupy Wall-Streeters arrested for stealing the MF money Jamie Dimon found, in his basement, while painting his titanium slugs gold.
Tungsten not Titanium...
Not so fast, Tyler Durden.
Dimon would have no idea whose money MF Global transfered to JPMC to meet any margin requirements. Dimon does not do the financial and back-office accounting for MF Global, so his statement is an attempt to get the spotlight off of shining JPMC as the bad guy.
Look, JPMC is going to take a huge charge-off in the 4th Quarter for lending losses on the MF Global revolver, which Corzine probably drew down last week and which had o remaining availability before he tapped client funds.
Operationally, JPMC just gets a series of in-house account transfers or wires in from the banks od other counterparties, banks, oMFG accounts at other banks, or the accounts of other exchanges. It is opaque as to the ultimate source/owner of the inbound funds JPMC receives.
The FBI's forensic accounting team, not to mention the SEC's forensic accounting team, will evaluate all of the activities and use subpoena power to connect the dots across institutions, because the screwed customers will squawk loudly.
I actually trust the government in this instance because the investigative types will try to make their careers at nailing MF Global in the name of saving investors and the financial markets from a crook.
It will take time, though...as in many, many news cycles from now, so this will temporarily go away and then re-surface at a later time.
I actually trust the government in this instance because the investigative types will try to make their careers at nailing MF Global
are you brain dead?
the global banks run the gov. don't you get it?
No, I am not brain dead, and I am much closer to how these investigations operate than is the average bear (such as yourself).
The global banks do own many ofthe elected politicians, but this is beyond their scope, and they do not own all of the bureaucrats, who also want to makes names for themselves and gain their own political leverage in the big game.
The world we live in is not as over-simplified as you carelessly propose, Whisper.
Will they get Corzine? (no.) so who gives a shit?
Carl. I'll be neutral here in stating the problem: Bankers make loans they hate running things. The poverty levels tell me so. Now let me ask you a serious question. What do you think the people of this world should do about that?
I can only speak for the people in the USA, because legal jurisdiction matters. The term world implies an idealistic fantasy.
So, in realistic terms, they might put their money under their mattress and buy a gun to defend it.
Ergo, no reason to worry about the bankers.
obama will not save corzine .....im pretty sure he hates him
LOL
HEADLINE: Rumor Contagion Jumps Atlantic.
There aren't many dumb posts on ZH but JP Morgan just doesn't want to return any money. If Corzine was in The Club he wouldn't be in danger of going to jail in the first place, IMO.
JP Morgan [JPM 33.97 -0.41 (-1.19%) ] told CNBC Friday that, much like other banks, it has been holding MF funds and awaiting instructions from the bankrupt company's trustee.
The bank said the funds are not the missing client funds and the account has always been "transparent" to MF and its trustee.
Government rules require securities firms to keep clients' money and company money in separate accounts. Violations can result in civil penalties.
Bloomberg had reported earlier that as of Oct. 31, the JPMorgan account had $658.8 million in it, citing a person with knowledge of the matter.
Estimates on the missing client funds have ranged from $1 billion to $700 million.
MF Global's chief executive, Jon Corzine, resigned from the brokerage firm earlier Friday.
Under Corzine's leadership, MF Global bet $6.3 billion on debt issued by Italy, Spain and other European nations with troubled economies. Those bonds have lost value in recent weeks, as fears have intensified that some European countries might default.
Regulators said in September that MF Global was overvaluing some of its European debt investments. It required the company to raise more cash, according to court papers filed on Monday.
MF Global reported its biggest ever quarterly loss last week, mainly because of losses on proprietary trading. Credit rating agencies downgraded the company's bonds to junk status. Business partners demanded that it put up more cash to guarantee its trades. The result was a cash crunch that forced MF Global into bankruptcy court.
—Reuters contributed to this report.
Precisely. Whatever Dimon says, the client money is still unaccounted for.
That is one reason why Corzine hired a criminal defense attorney and resigned from the company.
Interestingly, had he stayed with the company (and known he wasn't facing possible legal jeopardy, then his legal fees are paid by the DIP, and he is covered by the company's O and D liability policy).
By resigning, he is more exposed, both criminal and civil, and he has to pay his defense fees.
All in all, he is not scot free, yet.
so it is you, 'Mephistopheles [diamond]', that barters for 'Morton's Fork',... thus yours shall be the grandest of misanthropy two-fold [madoff & corzine] -
My antenna was raised when I saw the name of the signator on the account Jamie serendipitously found: Sharon Green.
As it turns out, this is just another false rumor:
dealbook.nytimes.com/2011/11/04/corzine-out-as-search-for-mf-global-funds-continues/?hp
If you were able to "sacrifice" a $12 million severance package for $600 million in untracable funds, would you do it? Let's do the math - $12 million less tax at 35% = $7.8 million. $600 million less zero tax = $600 million. I think I'll take door number 2 Alex.
You f***ing betcha! And you better believe Timmy G. has his hands all over this.
I believe JP Morgan is telling the truth that they do not have MF Global customer's missing money.
What JP Morgan needed was MF Global customer's Silver Warehouse Receipts.
JP Morgan needs to fill their recently created Silver warehouse to cover their significant Silver sort position. They were having difficulty getting longs to sell, so they did the next best thing. Bankrupt the company holding the silver longs warehouse receipt then offer a loan for the liquidation process requiring collateral including among other things, customer’s silver warehouse receipts. In short, if you can’t get those pesky silver longs to sell, just steal it.
From the New York Post:
At issue is a lien and other protections given to JPMorgan, MF’s largest lender, in exchange for an $8 million loan the bank gave to MF on its first day of bankruptcy.
In short, the lien appears to give JPMorgan the right to some assets that creditors might otherwise try to claw back through lawsuits.
The bankruptcy judge in the case, Martin Glenn, acknowledged he doesn’t normally grant such special rights for a lone lender and said he would re-evaluate the matter at a hearing today.
In an interview, Koutoulas called the loan “a farce” and “a cheap ploy for them to jump the line.”
Stanley Haar, owner of a small commodities trading firm in Boca Raton, Fla., who is part of Koutoulas’ group, said if the bankruptcy judge confirms JPMorgan’s lien, “We would automatically be stepped on by the bank.”
A person close to JP Morgan, which declined to officially comment, said the bank is entitled to be lead creditor because it was MF’s biggest lender as the result of a revolving $1.2 billion credit line given to MF before the broker-dealer imploded.
Read more: http://www.nypost.com/p/news/business/dimon_dominator_XgEnS4bOQHprlWey7K...