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An Ex-LTCM Trader Will Be Overseeing $70 Trillion In Derivatives
We wish to welcome former LTCM trader, and current TBAC chairman, Matt Zames to his new post as head of the world's biggest, government backstopped prop trading desk, with a hearty and sincere "good luck." Because an ex-LTCMer in charge of ~$70 trillion in derivatives? Why, what can possibly go wrong...
Well, maybe this?
Finally, we urge readers to go easy on the JPM HR department: obviously all the JT Marlin traders were currently gainfully employed elsewhere and unable to step in and fill Ina Drew's very big shoes.
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You are joking...?
Fuck You Bernanke!
Relevant:
http://www.zerohedge.com/news/double-or-nothing-how-wall-street-destroying-itself
Matt is due.
I guess once you know the secret handshake, you're in the club for life.
So who still says zombies do not exist?
That's why the mob's rule #1 is to trace your Sicilian roots on both sides.
What could 'possibly' go wrong?
I guess once you learn to give the secret blowjob, you're in the club for life.
Now its fixed.
Speak for yourself, chief. My posts don't need fixing.
I don't think we have enough ass left to take this one.
He must know where all the bodies are buried. Can't wait to see the skeleton crew he puts together.
He's about as qualified as they come.
I don't think anyone stopped to notice his health problems that are more than a little concerning.
Hey, does anyone know Matt Zames email address, I'd like to send him my resume and apply for a job on his prop-desk.
I mean, after the Clinton-Bush-Obama menage a trois, even I the great evil one has lost all scrupples.
His real email address that skips the army of personal assistants and his Black Berry PIN?
It can be arranged, I'm sure it's in his medical form somewhere.
Install TOR
Go to HiddenWiki
Profit.
He's been on the Anon watchlists for a long time...a lot of personal habits of his have been recorded as well thanks in part to the Kami Anons.
Ask Moochelle. She should have some to spare since Oblumber has "come out".
He doesn't know it yet but he is the next guy in line for the guillitine.
Don't worry.....they've got all the kinks worked out now.
I am concerned that derivative production will accerlerate destruction of the whirled.
We've got the perfect way to play this scenario here at J.T. Marlin.
Contact our friendly staff to setup a meeting. Your parking will of course be validated.
Yep, all the bugs have been resolved.
So, logically, this time is different.
This guy must have connections with the underworld because hell is about to break loose.
Man on a roll....
ori
Without the fraud fed there are no buyers. Take today for example, green close to buffer European racket.
I keep telling myself you can't make this shit up and then another dog takes a dump on the lawn.
k
What? It's only paper...
Not even paper, but electronic ponzi.
Charles would love the digi age.
hehehe, not de zombies again..
the liquefying man for the job ( who else can put hands on the people's money with more ease?) i mean where are the DAs. pure corruption
Martingale works with ZIRP for the Fed, not so fast Jake Dimon and MF Corzine. Use that paper up with vigor my lad, JFK is long gone, your last friend.
Jesus Tyler.
Don't JPM read Zero Hedge?
Don't they realise picking up nickels in front of a steamroller is a fast and easy way to lose all your money?
It's scientific finance, what could possibly go wrong?
I think the great danger is that it's mathematical finance, where perfect-world models that ignore hidden variables get broken up against the rocks of reality. The science (i.e. the data) says that it is a quick way to go broke, and all the fucking LTCM mathemagicians (they can make your money disappear) should know this better than anyone (except they don't).
They did not watch this video of Benoit Mandelbrot explaining why he thinks the global economy is in dire straits.
http://www.youtube.com/watch?v=DLFkQdiXPbo
Privatized profit - socialized risk.
If I make money, it's MINE. If? I lose money, it's OURS.
Banking and insurance are screwing us in ways we can't even fathom.
We pay them for 'essential services' that we MUST have by law, yet when the house of cards they construct collapses, they run to the government (that they condemn for overregulation) for assistance like bunch of whining brats with empty bottles and full diapers.
They screw the pooch, and we pay the child support.
Insert cliche here
Science is never a defense for fraud.
Shame on you.
Please send that gem over to NIST regarding their 9/11 investigation.
He's learned from his mistakes.
Repeating history, bitchez!
The Blackest of the Black Swans.
Yep...the Blackhole Swan. When it emerges, it sucks all fiat into its pull.
~Blackhole Swan, won't you come, and wash away the rain.
"Hang my head...drown my fears...til all the fiat just disaaaapppeeearsssss Blackhole Swan won't you come, wooon't you come."
Love it Silvertree genius! WB7 worthy material.
LOL.
Ah, the irony is rich with this one.
i prefer the motivational speech of Baldwin in Glengarry Glenross
ABC Bitchez
Sure wish we'd get a nice set of steak knives for our troubles...
This will end well.
Everyone lube up and get ready to bend over.
Yep sure. Let them regulate themselves. They never repeat those mistakes. /sarc off
A manipulated and medicated market cannot self correct until it sobers up. No one sending it to rehab though.
Going long on survival food buckets at Costco
How much ya wanna bet he shows up to his first day in the big CIO seat wearing his "I Heart Geithner" lapel pin?
It's like making a player with a 0 average, MVP...
It's Bizarro World
I feel better now.
That looks like the chart of a depth finder for the Mariana Trench.
as long as numbers can be intered in a central banks computer terminal, there wil be dice rolled... it's not like it's real money or anything; just keep raising the stakes, eventually it'll pay out...right?...
Ow and screw you Ben and Mario... you die, you go to hell and die...
The circle jerked faster while the flames went higher.
Going long in this market. Should be interesting.
Primary elliott wave count is wave 3 down. http://bullandbearmash.com/chart/sp500-daily-11-2012/
See I heard it was PeeWee Herman who got the nod...
I'm NOT sorry I took the money! Muaah!
Yet another example of how "they could give a fuck about what we think or say"....
Until these fucking sociopaths meet bullets n their heads nothing will change GOD DAMMIT.......
This from CNBC........ Doom and gloom are everywhere at the moment.Greece, aslowdown in China, and fears over the U.S. economy are rampant, but an analyst who is hardly one of the market’s great optimists is predicting the Dow Jones Industrial Average could hit 100,000.I bet a lot of banks are searching for Government employees to make the move...they have all the contacts..insider info..you know.....the good stuff...and since noone is going to jail anymore....its full cheat speed ahead....
It's not fascism - it's farcism.
The stupid, it burns!
http://www.commodityonline.com/news/imf-to-buy-gold-worth-$23-billion-as-credit-risk-increases-48052-3-48053.html
I thought the IMF was only allowed to sell gold?
"I thought the IMF was only allowed to sell gold?"
Just ownership transfer from dispossessed nations.
Where real positions of 'hundreds of times the underlying
physical' are just swapped casually to masquerade the derivatives thereof, low frequency trading will still do.
Yep, everybody is getting gold now.
This is bearish for gold, isn’t it ?
Hell no.
Try this link: http://www.commodityonline.com/news/imf-to-buy-gold-worth-$23-billion-as-credit-risk-increases-48052-3-48053.html
The pygmies in Africa the IMF sold the 500 tonnes for must be out of danger.
Priceless. Each time I think it is inconceivable a more moronic decision will be made it ís made. By comparison, this makes Saddam's minister for information positively look sane.
Same thinking that put Pandit in charge at C.
No doubt he's the most experienced for the job.
Feeling like entire Interest Rate Swap market is gigantic farse. Like the morgue and the Fed will always take on the counterparty risk to make sure anyone holding on to Treasuries can liquidate them at any time.
Beginning to wonder why someone wouldn't leverage themselves up to their eyeballs and buy the IRS to cover the downside.
Buffett gave Dimon a shout out in his latest annual letter to Berkshire Hathaway shareholders, which was released in February. On the matter of share buybacks:
One CEO who always stresses the price/value factor in repurchase decisions is Jamie Dimon at J.P. Morgan; I recommend that you read his annual letter.
Days after Buffett's letter came out, the Oracle of Omaha was on CNBC to give Dimon even more praise. "I think Jamie Dimon writes the best annual letter in corporate America," said Buffett. "Every viewer will learn a lot by reading his annual report. He thinks well and he writes extremely well and he works a lot on his report. He told me that."
Read more: http://www.businessinsider.com/warren-buffett-jp-morgan-berkshire-hathaway-2012-5?nr_email_referer=1&utm_source=Triggermail&utm_medium=email&utm_term=Clusterstock%20Select&utm_campaign=Clusterstock%20Select%20Mondays%202012-05-14#ixzz1uqwxepiDEver seen the Human centipede? These guys love each other's bull shit.
Perfect imagery.
B7, if you are reading I believe it could become a magnum opus for you ala Maplethorp.
So spot on and yet I have ZERO desire to see that mental imagery become actual imagery. *puke*
Failing upwards I see.
JPM with over $70 trillion in derivatives, over four times the GDP of the US. It's no wonder Reggie Middleton calls JPM a "sovereign entity". In any event, this is simply grotesque.
Bear Stearns and Lehman were big names too before they got sacrificed. Could it be, that all the US would have to tell the unfortunate holders of their former debt that some evil big private bank failure is to blame ? JPM music stops all deck chairs gone ?
In the name of the plan (eg BIS one bank/currency to rule them all) everything and everyone can be sacrificed. The bigger the names held "accountable" and liquidated, the more convincing the shadow play for the proles in Plato's Cave. JPM, Goldman even the FED can be shit canned for the NWO's world system 2.0 to be put into place.
+1 for 'grotesque'
How the hell can you manage $70T? If it "unexpectedly" moves one way or another, it'll be like a force of nature. Your best bet is to leave the planet WHEN not IF it you lose control.
"it'll be like a force of nature"
Polytheism explained those forces with competing gods without any blame passed around because all gods were strong and unforgiving in their own way.
We have evolved and today god-like bankers will do.
That dude is probably really good at getting bailouts by now. Very experienced in rolling over failure to the government.
Yep. And if anything goes wrong (surely not!), and he has to leave the country, quickish-like, he can make a donation to ... oh I don't know ... the Brown Clown's presidential library. In return for a presidential pardon.
Marc Rich can tell him how it works.
Wash, rinse and repeat.
It never seems to end, does it.
Geez, come on guys how times do you have to be told it's all bilateral netted out.
That's right. As long as your counterparties are TBTF, net never becomes gross. You can bank on it.
Bloomberg TV just ran a profile of Matt Zames. While they did note that he was a trader with LTCM, they managed to leave out the detail that he's the current TBAC Chairman. They say he has a "maniacal" attention to detail. How nice...
Ina Drews big shoes? More like big underwear. Depends that is.
Wow that LTCM line looks really epic...
http://www.nytimes.com/2011/04/15/business/15madoff.html?_r=2
http://www.bloomberg.com/apps/news?pid=newsarchive&sid=a8x9y9iJlvys&refe...
Well LTCM was able to unwind without destroying the world, maybe that's why he's there...
Yeah what kind of money was LTCM playing with that very nearly tanked the world? 1/100th JPM's derivitive position 1/1000th?
FLASH------JP Morgan Chase announces it will relocate CIO Risk Management Operation from London to Las Vegas in order to provide a better environment for derivatives risk assesment. Majority leader Reid calls decision brilliant as does Bernanke and Barney Frank.
Big deal. It's only one years worth of global GPD and 10% of the entire derivatives market. Now if it were 11%, now then I'd worry...
"..to his new post as head of the world's biggest, government backstopped prop trading desk.."
just gotta love the free market policies of the Fed
Krugman must be wishing socialism had a look-in in banking as it's done so well with US housing, healthcare and education
In another move, George Costanza will take over Jamie Dimon's position.
what at the Fed ?
..or his post at JP Morgan??
..interchaneable these guys, loads of talent, like the revolving doors between regulators and banking which has done such a brilliant job cleaning up the slime
SHRINKAGE!
$70 Trillion in derivatives against $1.8T in assets? No problem, because it is all hedged. Somebody took care of that. Unless she is no longer with the firm... uh... okay... the new guy has it covered.
$70 Trillion in derivatives is too much for any one company to be managing, let alone one division or one sane and rational person. I'm not even sure God would take on that responsibility. So, what options does that really leave us to fill this role?
GS $44T vs $103B of assets. Those boys know how to get some leverage on, dude. With BBernake's balls in the vice, nothing to stop them. If Ben had a spine, he would have unwound them in 2008, burned at the stack, and then be worshipped in the history books as the Great Ben who saved the world. Not many men left on the planet who will fall on their sword anymore. That is evident. So, these great minds chase endless money as the make money worthless. Just like Fukushima. What good is money if the Planet you live on is Toxic? Humans are pathalogical. It has taken me awhile to accept it. If you watch a pack of Hyena tear apart an antelope kill after they have cooperated in its killing it, snarling at each other the whole time they devour it, you understand the Hyenas today wear Gucci suits and charm you to death. They are simply living out their DNA, until their is nothing to hunt, or a larger predator shows up and puts them in their place.
Can we put John Meriwether in charge of the Treasury?
When the word " trillion " is used, I translate it to one million, million. Makes it easier to grasp the reality behind what the number stands for. Most people seem to think a trillion is just a really big number and have no context in which to put it.
Here's a great visual on the amount of money the banks are playing with: http://demonocracy.info/infographics/usa/derivatives/bank_exposure.html
All we need is 10's of trillions of derivatives to blow up for icing on this pile of dung.
Makes perfect Sense. If its OK for someone to build Titantic II, its only logical that some rebuild LTCM II!
Coming to an economy near you "LTCM II". See Quants make complex trading systems that no one else can understand (and the quants don't even understand) run the economy! See the economy go down in Flames. Oh wait this isn't a movie, Its really going to happen!
dealing in illusion, fake money turned to digital 0s1s..cds, are the outcome of the no basis in reality for the illusion called the FRN..all those at the top know to keep the illusion going one more week one more month one more year.
would not be surpised to see them come up with century bonds roll over EU and USA debt and get super CDS's on it. the game will never end, LTCM nobel winning scammers did they ever really feel the pain of the collapse?
kill the FRN and all the worlds banks implode along with many governments..
real money is death to the finance world..fiat is the only tool to keep the ball in the air. the biggest hoax continues to generate these obsurd financial instruments and the evil pig men who pursue them. convincing the common man to give them physical objects for this worthless paper nothing for true wealth and most fall for it.
"An Ex-LTCM Trader Will Be Overseeing $70 Trillion In Derivatives"
I feel better already!!!
(keep on stacking bros...)
JPM can have so much exposure to Derivatives because it owns the FED. Bernanke is their prostitute.
This LTCM trader becomes headline seen a bit earlier today drove me sane - I ordered up more silver.
Hello, Ben?
Yeah, I know about the "Save the Whale" pic. Ha. Ha.
Listen. I have a new guy over at CIO, and he's wondering if you want this toxic shit in crates or drums.
Now, I have to be honest with you. This stuff really stinks. So you might want to go with drums, but it's your call.
Stuff it?
Oh, stuff it in bags. Sure we can do that.
Allright, then. Before I let you go, let me just say...
hello?
Ben?
Helloooo?