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Four Bullet Points Explaining How JPMorgan Doubled Its Money From MF Global's Corpse In Seven Months

Tyler Durden's picture





 

Don't read this if you have high blood pressure or if you are a client of MF Global's, whose money is still held by JP Morgan.

  • JPMorgan is put on MF Global bankruptcy committee on November 7, 2011
  • Two weeks later, JPMorgan buys MF Global's 4.7% in LME for 39 million in a "competitive bidding" process
  • 7 months later, on June 15 2012 the LME gets an offer for $2.2 billion from China's HKEX, making JPM's stake worth $103 million
  • JPMorgan makes over 100% cash on cash return in 7 months while MFGlobal money is still stuck at JPM.

In the meantime, Jon Corzine was, is and will always be a free man.

* * *

P.S. the topic of why China is buying the world's biggest metals exchange, one which in a lovely harbinger of things to come 2 months ago very symbolically replaced Sterling settlement with Renminbi, is a different matter entirely. One which just may have to do with the fact that domestic Chinese companies have unprecedented stockpiles of everything, pledged as collateral everywhere. Collateral whose prices would be easier to manipulate if one also controlled the exchange where they all trade...

h/t Zach

 


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Fri, 06/15/2012 - 14:59 | Link to Comment Mr. Fix
Mr. Fix's picture

The lawlessness continues..........

Fri, 06/15/2012 - 15:04 | Link to Comment eatthebanksters
eatthebanksters's picture

Tim Geithner, Larry Summers and Barry Obama:  saving the world's financial system to save the world, only to destroy the world as society realizes there are no rules or laws and therefore no justice.  

Fri, 06/15/2012 - 15:11 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

This is way too conspiratorialistic. JP Morgan profited from a smart trade. Simple as that. Why do ZHers have to make everything into a conspiracy?

Fri, 06/15/2012 - 15:18 | Link to Comment resurger
resurger's picture

LBO Chinese money "Vaporised"

 

Fri, 06/15/2012 - 15:49 | Link to Comment Max Fischer
Max Fischer's picture

 

 

I think it's important for ZH readers to know that all the money held at JPM has been returned to MF Global's bankruptcy trustee. To say that the money is "still stuck" at JPM is factually incorrect.    

MF

Fri, 06/15/2012 - 15:54 | Link to Comment Rahm
Fri, 06/15/2012 - 16:13 | Link to Comment Silver Shield
Silver Shield's picture

Thanks brother for posting :)

Lots of moving pieces to put together...

All moving towards the destruction of the middle class.

Keep stacking!

Fri, 06/15/2012 - 20:05 | Link to Comment YBNguy
YBNguy's picture

Who else bought some JPM stock in the wake of their loss and low price only to see it go up even with big JD before the congresscritters? I know I did. JPM is teflon and will be around long after the apoclypse. If you can't beat the corruption why not jump on the bandwagon to profit?

Sat, 06/16/2012 - 00:23 | Link to Comment markmotive
markmotive's picture

Just another step in the slow death of the global financial services sector.

 

Egan-Jones: As the banking sector goes, so goes the country

http://www.planbeconomics.com/2012/06/15/egan-jones-as-banking-sectors-go-countries-go/

Fri, 06/15/2012 - 17:19 | Link to Comment macholatte
macholatte's picture

 

The LME received binding offers from Hong Kong Exchanges, CME Group Inc., IntercontinentalExchange Inc. and NYSE Liffe, the London-based derivatives arm of NYSE Euronext. It knocked out NYSE Liffe and CME in May, and eliminated ICE after a board meeting this week.

Hong Kong Exchanges says it will be the best possible steward for the LME in Asia and particularly in China, where it will help the LME achieve its long-sought-but-to-date frustrated goal of warehouses to store metal.

 

JP Morgan is the biggest shareholder with a 10.8% stake held by various of its subsidiary firms, giving it a stake worth around GBP150 million based on the current offer price. Goldman Sachs holds the next largest stake at around 9.53%, followed by Metdist, the ring dealing firm owned by Lord Raj Bagri whose subsidiaries have a combined stake worth 9.39%.

 

Q&A: How Did Hong Kong Exchanges Woo LME? So Far at Least

http://blogs.wsj.com/source/2012/06/15/qa-how-did-hong-kong-exchanges-woo-lme-so-far-at-least/

 

Fri, 06/15/2012 - 19:06 | Link to Comment sgt_doom
sgt_doom's picture

Thanks or the info.

Ya know, this reminds me of that Patman Report, detailing the ownership of $607 billion through foundations and trusts by the super-rich (published by congress in 1968, so the figures were up to around 1966).

Now, with over 50,000 foundations in America, and the actual number of trusts can no longer be counted, since so many of them are offshore in OFCs which don't require official registration of trusts (now wasn't that a grand scheme???), it is virtually impossible to determine this number today, but officially the listed assets of American foundations is ........... $50 billion! ! !

Hahahahah....even if they mistakenly dropped a zero -- which they didn't -- it should be far greater than $607 billion (over half a trillion $$), and that wasn't an estimated figure, but a compiled number.

It's all a magical mystery tour today....

Sat, 06/16/2012 - 07:11 | Link to Comment imaginalis
imaginalis's picture

The great oxymoron of non-profit

Sat, 06/16/2012 - 11:45 | Link to Comment WillyGroper
WillyGroper's picture

Checkmate.

Fri, 06/15/2012 - 15:58 | Link to Comment resurger
resurger's picture

in what form, paper?

Fri, 06/15/2012 - 19:29 | Link to Comment prodigious_idea
prodigious_idea's picture

Your source?

Sat, 06/16/2012 - 04:12 | Link to Comment jomama
jomama's picture

^

Fri, 06/15/2012 - 22:30 | Link to Comment FiatFobia
FiatFobia's picture

Jamie, is that you?

Sat, 06/16/2012 - 00:08 | Link to Comment CPL
CPL's picture

All 2 trillion and the 41 trillion in unfunded liabiliities.

 

The hollow mountain looks good right doesn't it spook.  Suck the masters dick closer.  Just ignore the woman that gave birth to you as she feels the hot iron in her groin.  Same place that made you maggot.

Sat, 06/16/2012 - 07:12 | Link to Comment Sean7k
Sean7k's picture

The Wall Street Journal also reported Saturday that a bankruptcy trustee representing MF Global's customers might pursue JPMorgan for several hundred million dollars in additional claims.

Like normal Max, always the liar.

Sat, 06/16/2012 - 07:19 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

http://articles.boston.com/2012-06-02/business/31987826_1_jpmorgan-chase-returns-bankruptcy-trustee

$600MM back to bankruptcy trustee. Score one for the good guys (customers).  Must have been pretty blatant thievery for JPM to not duke it out.

Sat, 06/16/2012 - 07:41 | Link to Comment Sean7k
Sean7k's picture

I'll score one for the good guys when the money gets back to the customers. The 600 million is just part of the picture. JPM is still on the bankruptcy board and the trustee still has to have court approval to disperse funds. No one has changed the type of bankruptcy yet- which puts JPM at the head of the line.

Great piece over at silver seek on JPM manipulation and the President's working group- get the word out:

http://www.silverseek.com/commentary/few-questions-one-answer

Fri, 06/15/2012 - 15:19 | Link to Comment El Oregonian
El Oregonian's picture

You are one dense dude, dude...

Fri, 06/15/2012 - 15:26 | Link to Comment Pure Evil
Pure Evil's picture

That's why he always get's the Million Dollar Bonus.

Fri, 06/15/2012 - 15:33 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Only in Wall Street and DC can failure be rewarded by upward mobility. 

As Luke of WeAreChange recently said, "Politics, it's Hollywood for ugly people."  I believe the same holds true for Wall Street cronies and cuflinks.

Fri, 06/15/2012 - 15:41 | Link to Comment Colombian Gringo
Colombian Gringo's picture

 

The wall street banksters are nothing more than glorified thugs and extortionists, and deserve to be tossed into jail. Unfortunately, in addition to the politicians and courts, they own the jails.

Fri, 06/15/2012 - 19:07 | Link to Comment sgt_doom
sgt_doom's picture

Trust some rocket scientist to make the intelligent and damning point which now fully depresses me and has ruined my day.

Fri, 06/15/2012 - 16:07 | Link to Comment Raynja
Raynja's picture

Wall street, it's criminal enterprise for educated people.

Fri, 06/15/2012 - 17:26 | Link to Comment JohnKozac
JohnKozac's picture

'Crime has no respect for the Sabbath.'

Fri, 06/15/2012 - 15:37 | Link to Comment ebworthen
ebworthen's picture

MDB said: "JP Morgan profited from a smart trade."

Jon?  Jon Corzine?

Fri, 06/15/2012 - 15:40 | Link to Comment francis_sawyer
francis_sawyer's picture

"smart trade" = cash out of a pyramid scheme one level above the next base...

Is it any wonder why a PYRAMID is on the back of a US dollar note?...

Fri, 06/15/2012 - 15:35 | Link to Comment BlandJoe24
BlandJoe24's picture

Here's my conspiracy/fantasy du jour: 

3:55pm today "They" release their pre-programmed 5 minute Massive Market CRASH algos...

Fri, 06/15/2012 - 15:43 | Link to Comment Colombian Gringo
Colombian Gringo's picture

Quoting MDB: This is way too conspiratorialistic. JP Morgan profited from a smart trade. Simple as that. Why do ZHers have to make everything into a conspiracy?

 

Because it is a conspiracy, you fucking idiot. Or do you doubt that a group of ruthless men wouldn't meet in private to figure out how to collectively benefit by screwing everyone else? Get you head out of your ass.

Fri, 06/15/2012 - 15:55 | Link to Comment MillionDollarBonus_
MillionDollarBonus_'s picture

It's not even supported by proper facts or statistics. This conspiratorialistic story has not featured on ANY established television network. Is it on CNN? No. CNBC? No. MSNBC? Lol - this is too easy. If this is such a big story, how do you explain the fact that it hasn't featured on any of these respected channels.

Fri, 06/15/2012 - 15:59 | Link to Comment Texas Ginslinger
Texas Ginslinger's picture

read...scroll...read....scroll......see MDB's drivel and automatically hit red arrow....read....scroll....read...scroll...

Fri, 06/15/2012 - 16:47 | Link to Comment Ignatius
Ignatius's picture

M$B is a fucking genius.

What a man (I assume man, as women aren't typically this funny).

Fri, 06/15/2012 - 19:04 | Link to Comment Overfed
Overfed's picture

Just put a /sarc behind his post, then all will be clear.

Fri, 06/15/2012 - 23:05 | Link to Comment Deo vindice
Deo vindice's picture

I hope so. Because it is the only way one can hold out any hope for the guy.

Fri, 06/15/2012 - 20:05 | Link to Comment eatthebanksters
eatthebanksters's picture

MDB is all about tongue in cheek...no one who has his intellect is that misguided or stupid.  Since when have CNN, CNBC or MSNBC been major and reliable news outlets?  They have the lowest ratings on cable... 

Fri, 06/15/2012 - 23:03 | Link to Comment Deo vindice
Deo vindice's picture

He (MDB) did call them respected channels, did he not?

I almost choked while reading that ... and I wasn't even chewing on anything.

Fri, 06/15/2012 - 23:17 | Link to Comment Taint Boil
Taint Boil's picture

 

 

And the Number 1 in "News" is ..... Fox  ROFL ..... Fair And Balanced

Sat, 06/16/2012 - 03:49 | Link to Comment John_Coltrane
John_Coltrane's picture

MDB also failed to mention the lack of coverage in "people", my major source for FACTS as well as factiods. 

"If it ain't on the cover of People, I'm not interested"  -Vladimir Lenin

Fri, 06/15/2012 - 16:09 | Link to Comment Zero Govt
Zero Govt's picture

why hasn't Corzine been cuffed, interviewed, held in custody, prosecuted and jailed yet MDB?

Bumma, Biden and presumably the Democratic Party used Corzine as a key economic advisor, seeing him stone cold bankrupt with high risk bets back-stopped by thieving customer money should have been a major embarrasment and cause for them to make a statement surely? ...but not a squeek, quiet as church mice from the rotten lot.

What's your take on this defeaning silence?

 

Fri, 06/15/2012 - 16:16 | Link to Comment Dr. Richard Head
Dr. Richard Head's picture

Because he wears magical Obama cufflinks and has an entire Senate Committe in his pocket.  Additionally, his Class A Board seat at the Federal Reserve gives him diplomatic immunity.  Oh.....and National Security executive signing statements by Bush. Corzine's seat in the Obama Administration, exemptions within Dodd/Frank bill.  I can go on and on, but I am just a conspiracy guy and just screams the sky is falling.  i have no idea of what I speak and I am ignorant according to those around me.

Sorry, I read Dimon when you wrote Corzine.  Fuck em both.

Fri, 06/15/2012 - 16:15 | Link to Comment Matt
Matt's picture

As mentioned by another poster in another thread, the people who actually took the money from the segregated funds and posted them as collateral for MF Global's own trades, were not registered with the regulator. Apparently, not being registered makes you immune to the regulations.

Also, this article is a dumbed down version of this story that was posted yesterday or the day before.

Fri, 06/15/2012 - 23:00 | Link to Comment RiverRoad
RiverRoad's picture

Right.  And the people who "signed off" on all those mortgages weren't lawyers either.  Funny thing about that......Sure worked for the lawyers.

Fri, 06/15/2012 - 22:58 | Link to Comment HoofHearted
HoofHearted's picture

I would love to see MDB spin this one. He probably has some good evil genius way of making Corzine look like a preacher, Obama look like Barney Fife, and Biden...well, nobody can do anything for Biden, but I'd love to see MDB try.

Sat, 06/16/2012 - 08:15 | Link to Comment Ghordius
Ghordius's picture

perhaps because Corzine has been framed? Some thoughts:

- MF Global was "too EUR-friendly" in their bets and "failed", or perhaps was "brought to failure". So that JPM could scavenge the juicy parts out of it's carcass, as pointed out in this excellent article.

- The other side of the bets, i.e. the very "EUR-unfriendly" "hedge book" is at JPM, and it is also leaking because it was too "EUR-unfriendly".

- This inbalance could also be explained by the many Britons in JPM's leadership, for example our beloved Blythe Masters, who were all brought up in the utter unshakable belief that the EUR has to die, somehow. But the frequency and tenor of articles in the British and Murdoch press against the EUR-and-all-that-is-attached-to-it can also be explained by a concerted action for USD-complex strenghtening, which at this point was quite necessary.

- The SNB card might have been misread in it's consequences: the money fleeing EUR cash accounts in the southern EZ is flowing more than expected into CHF (in eurozone banks, though), regardless, which then forced the SNB to diversify even into GBP and other currencies, too.

All in all, my presumption* is that the JP Morgan crew have the following enemies in their book that they want to bring down, in this order of importance: EUR, Silver, Greek Banks, Gold, Spanish Banks, Yen, Belgian Banks, Credit Suisse, Danish Banks, GBP, Portuguese Banks, Deutsche Bank, Spanish Bonds, Italian Bonds and Copper. Not exactly the "EUR Complex", more something roughly resembling an non-or-anti-"USD Complex".

The interesting side in taking the other side of a bet against JP Morgan is that you don't know if the vehicle of your bet is going to be torpedeod or not. Sorry, I mean corzined, a word that might gain many more meanings, in the next future.

 

(*) very happy to be corrected me as my data is quite spotty

Sat, 06/16/2012 - 08:26 | Link to Comment Seize Mars
Seize Mars's picture

Ghordius: Fascinating. This construct would seem to fit with a larger picture. Although I'm not sure about the order of importance in your hit list, whatever it is I'm sure it's close.

The Anglo-American alliance versus continental Europe has always been a real dynamic. This was nicely described ( in detail) in Engdahl's book "A Century of War: Anglo-American Oil Politics and the New World Order." What an eye-opener that one is.

Still, even if MF Global was intentional, why put Corzine in the middle of it? Why bother? Why not set up some patsy who can absorb media time, and go to jail, like that Gupta guy?

Sat, 06/16/2012 - 10:03 | Link to Comment cranky-old-geezer
cranky-old-geezer's picture

 

 

All in all, my presumption* is that the JP Morgan crew have the following enemies in their book that they want to bring down ...

Good analysis, makes sense.  Keep USD strong by torpedoing all the competition

...instead of just doing what would keep USD strong without torpedoing the competition, which of course won't be done because it would stop their looting scheme, which USD is the vehicle for.

 

Sat, 06/16/2012 - 09:09 | Link to Comment Sean7k
Sean7k's picture

Zero,

Did you see that Bruce Krasting's article has disappeared from the site?

Fri, 06/15/2012 - 18:26 | Link to Comment Henry Hub
Henry Hub's picture

I like to modestly think I have some talents with irony and satire, but MDB is the top of the game. The best. I salute you sir.

Sat, 06/16/2012 - 07:10 | Link to Comment Ned Zeppelin
Ned Zeppelin's picture

MDB: the Stephen Colbert of ZH,

Sat, 06/16/2012 - 07:15 | Link to Comment imaginalis
imaginalis's picture

MDB is the Rabelais of ZH

Fri, 06/15/2012 - 15:56 | Link to Comment binomial
binomial's picture

LOL -  keep them coming MDB.  Some of us get it.

Fri, 06/15/2012 - 15:58 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Madoff just profited from a smart trade.

Stanford just profited from a smart trade.

Gupta just profited from a smart trade.

Ponzi just profited from a smart trade.

 

If crime got legalized doesn't mean it's not a crime.

Fri, 06/15/2012 - 23:03 | Link to Comment Unique Snowflake
Unique Snowflake's picture

It doesn't get legalised, it gets renamed and all the dumbass people suddenly feel all warm and fuzzy again.

Remember, War? Kinetic military action.

Dead, injured or mutilated civillian corpses? - Collateral damage

Theft? - Permanent irreversible rehypothecation

Murder? - Remote dronal Obamanisation.

Creating poverty? - Doing God's work.

Lies? - Becoming serious or 'Junkering'

Rape? - Ego entitled one-eyed vaginal examination. (replace vaginal with anal, for politicians)

Law/Justice? - One percentification support.

USD? - Sucker juice

1984? - Essential government policy.

I welcome any additional contributions.

 

Sat, 06/16/2012 - 01:38 | Link to Comment New World Chaos
New World Chaos's picture

Torture?  Enhanced interrogation

Child molesting?  Enhanced pat-down

Despot?  Unitary executive

Tyrannical decree?  Signing statement

Highway robbery?  Civil forfeiture

Murdering henchman?  Peace officer

Gulags?  Relocation centers

Gulag slavery?  Civilian labor internment program

Shredding everything America stands for?  Patriot Act

Spying on everyone?  Security

Propaganda + celebrity gossip?  "Real News, Fair and Balanced"

Squashing protests?  Counterterrorism

Terrorism?  "They hate us for our freedoms"

Coverup?  Investigation committee

Terrorist state?  Essential ally in the War on Terror

Injustice?  Justice

 

Perversion of the language is one of the key ways in which they transform the law from protector to oppressor without most people noticing.  The fact is that the law now santifies their plunder and protects them from us.  It has been this way for a while.  "When the president does it, it's not illegal"  -Nixon.  "[the Constitution] is just a goddamn piece of paper" -Bush

Sat, 06/16/2012 - 07:09 | Link to Comment Burticus
Burticus's picture

Bullseye, NWC.

As observed by the 19th century Frawg legal philosopher Frederic Bastiat, the law is originally established for the collective defense of individual rights from the force, fraud and injury of others, but is always ultimately perverted into a means for the power elite to plunder and murder.

http://www.constitution.org/cmt/bastiat/the_law.html

Sat, 06/16/2012 - 08:32 | Link to Comment Oquities
Oquities's picture

Taxes - revenue     this one the most obvious linguistic obfuscation

Fri, 06/15/2012 - 15:59 | Link to Comment Peter Pan
Peter Pan's picture

JPM is a disease that will continue on until the US economy has been gutted. The people of the US are powerless to do anything about it and should be prepared for more evil given that control of all levels of government is in the hands of such evil and unconscionable beings.

The people of the US are to be reduced to one sorry huddle of broken, hungry, confused and without hope citizens. Resistance is futile and your guns will be silenced one by one.

You can vent all you like but nothing but that is all you can do, until even that is forbidden.

Fri, 06/15/2012 - 23:03 | Link to Comment RiverRoad
RiverRoad's picture

True.  JPM is the metaphor for what this country has become.

Fri, 06/15/2012 - 16:40 | Link to Comment sessinpo
sessinpo's picture

Conspiracy in the sense that a group of people worked together to do something unlawful. Probably not so.

But conspiracy in the sense that a group of people worked together to do something within the law that might be unethical, maybe.

There are many ways that business take advantage of others and competitors. They conspire to do so and for those that don't understand this, you aren't living in the real world.

Our marketing team and our financial group did some research and decided with certain marketing techniques and certain products, we could separate certain amount of money from people and steal business away from competitors. They just conspired. All legal - that is business.

It is when you have a large amount of people lose their way of living and possibly their life savings when it becomes tragic and a problem. Eventually those businesses can't survive because you can't steal or take advantage of people that have nothing left. That is where the anger is at MF and JP.

Fri, 06/15/2012 - 17:17 | Link to Comment dizzyfingers
dizzyfingers's picture

Million-Bonus: BECAUSE IT IS A CONSPIRACY?!!

Fri, 06/15/2012 - 18:53 | Link to Comment SaveTheBales
SaveTheBales's picture

This has been up for hours, and still, the first person to mention a conspiracy was....you.  If everyone here is a Tin Hat, then everyone but you is crazy.  Must be the heat. 

Sat, 06/16/2012 - 11:17 | Link to Comment Vendetta
Vendetta's picture

just say no to drugs

Sun, 06/17/2012 - 06:24 | Link to Comment rayduh4life
rayduh4life's picture

MDB, it's not a conspiracy to the ones involved.

Fri, 06/15/2012 - 15:15 | Link to Comment Manthong
Manthong's picture

Barbarous stockpiles of everything?

How uncivilized.

Fri, 06/15/2012 - 15:32 | Link to Comment Marginal Call
Marginal Call's picture

They are wreaking havok on prices for commodities like copper that actually are needed for manufacture because they are pledged as collateral and now off market being used as a "store of value" instead of indoor plumbing like god intended.   

Fri, 06/15/2012 - 15:42 | Link to Comment sunaJ
sunaJ's picture

I really want to try to understand this.  Even if it is madness, so please add or take away if I am missing something:

 

Industry and Farmers convert real products into the currency of our fiat system. 

They take this "limbo" capital and deliver possession to MF Global for safekeeping and investment.

MF Global fails in its investment model and customer funds go missing with the company's demise.

MF Global customers still have not been fully reimbursed.

JP Morgan is known to this day to hold much of what is believed to be MF Global customer money.

JP Morgan, as a privileged cannibal on the liquidation board of MF Global, pays ripped prices for MF Global assets.

JP Morgan then sells assets to a Chinese company at a much more fair-market value, profits reaching 100%.

Nobody has been arrested.

 

Do I understand this?

Fri, 06/15/2012 - 15:54 | Link to Comment Benjamin Glutton
Benjamin Glutton's picture

perhaps "pays" belongs in quotes.

 

not much different than the housing pinata party.

Fri, 06/15/2012 - 16:34 | Link to Comment Matt
Matt's picture

As I understand it:

Farmers had their own accounts with MF Global so they could hedge the risk of their crops losing value, whether by selling futures contracts or whatever. 

The money was in segregated accounts.

Somehow, the money became desegregated and 'lost' to JPM.

the farmers etc have gotten back about 70 percent of their money.

Other than that little bit, pretty much the same as you posted.

Fri, 06/15/2012 - 16:56 | Link to Comment alien-IQ
alien-IQ's picture

Not only do you understand it, but if you can also perform that function...you are ready to become a senior partner of a TBTF institution. Then the world will truly be your Federal Reserve guaranteed oyster.

Ain't Amerika grand?

Fri, 06/15/2012 - 15:34 | Link to Comment hangemhigh77
hangemhigh77's picture

THAT'S BULLSHIT!! There are laws!!!  If I spit on the sidewalk or steal a stick of gum from WalMart they will swat team me.  I feel safe that there are laws in this country. I'm going to an airport so I can have my scrot sac groped to make me safe.

Fri, 06/15/2012 - 15:49 | Link to Comment knukles
knukles's picture

Say, may I recommend congressional stall in the last men's room on the left at the end of concourse G at Minneapolis International?.  Scratched on the door says "Larry's been here", as advertised on "Craig's List".

Fri, 06/15/2012 - 16:02 | Link to Comment Peter Pan
Peter Pan's picture

You forgot to mention that airport security will also give you a free colonoscopy if they see you squirming suspiciously.

Fri, 06/15/2012 - 17:57 | Link to Comment Widowmaker
Widowmaker's picture

I don't even try with Cunt Napoleons TSA.  I don't empty pockets, I don't remove shoes, I am belligerent and cause as much consternation as possible.  When they say "make like antlers" I give them what a big rack really looks like.  The trick is to provide literally as much resistence as possible while looking clueless.

No matter what I get my dick sucked by those faggots and make sure to tell every one with their hands on me that I know they are not a peace officer and TSA rules do not apply when they are clocked out.  It's best not to assault an off duty peace officer but you can cream and make curb gravy of TSA fuckup "personnel."

I pray every night I get to run into one without their faggot-star of ill-repute for a job on, and I encourage every US citizen to do the same.

TSA needs to become high risk (they don't pay them for that), and the more personal harm comes to those faggots that apply the better.

Liberty hurts, espescially to those with their hands on mine.

 

Fri, 06/15/2012 - 19:48 | Link to Comment prodigious_idea
prodigious_idea's picture

Just curious if they've ever delayed you to the point that you miss your flight?  If so, did the airline make good on the ticket you couldn't use?

Sat, 06/16/2012 - 23:06 | Link to Comment Phil Free
Phil Free's picture

They just put you on stand-by;  and you catch the next flight.

Sat, 06/16/2012 - 08:06 | Link to Comment swamiluv
swamiluv's picture

George Bush????????

Fri, 06/15/2012 - 15:29 | Link to Comment Peter Pan
Peter Pan's picture

Seems to me that even China would like to join the manipulators's club.

Fri, 06/15/2012 - 15:33 | Link to Comment ITrustMyGut
Fri, 06/15/2012 - 23:09 | Link to Comment RiverRoad
RiverRoad's picture

Ol' China is sitting in the catbird's seat and they are gonna clean up on the mess the West has made.  The LME for starters.

Sun, 06/17/2012 - 06:29 | Link to Comment rayduh4life
rayduh4life's picture

Shocker.

Fri, 06/15/2012 - 15:30 | Link to Comment JailBank
JailBank's picture

I want to punch Jamie Dimon in the dick.

Fri, 06/15/2012 - 15:35 | Link to Comment hangemhigh77
hangemhigh77's picture

you can't he's dickless.  Kick his skinny little crooked ass instead.

Fri, 06/15/2012 - 15:42 | Link to Comment francis_sawyer
Fri, 06/15/2012 - 17:16 | Link to Comment Widowmaker
Widowmaker's picture

Just fucking destroy him.   That would put you near the top of the list of those that cracked a Nazi fuckhead or two.  History is full of heros and there is plenty of room opening up in the name of organized fraud.

These faggots in pinstripes will either be dead or relocate to Asia.  That's a promise, not a prediction.

Fri, 06/15/2012 - 15:44 | Link to Comment knukles
knukles's picture

Hey....

Ya'll ever wonder why many of the folk/clearing operations/etc. of the LME are located in the City of London?

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Rehypothecation.
I knew you could spell it.
Kinda like some sort of barbarous shit being vaulted within the legal purview thereof....

Fri, 06/15/2012 - 15:54 | Link to Comment resurger
resurger's picture

They wont accept a Re-Rehypothecation knuckles, they just love that shit ..

REMINDER

“Gold is money.  Everything else is credit.”  -J.P. Morgan, testifying to Congress in 1912.

Fri, 06/15/2012 - 17:21 | Link to Comment Paul Atreides
Paul Atreides's picture

You forgot the word infinite for nowhere else in the world is infinite re-hypothecation permitted but in the City of London.

Fri, 06/15/2012 - 16:16 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

psst!  k-nuk!

i think you mis-spelled "withering"

Fri, 06/15/2012 - 19:17 | Link to Comment l.kimbot
l.kimbot's picture

LOL!

Fri, 06/15/2012 - 17:12 | Link to Comment JustObserving
JustObserving's picture

Ted Butler explains silver manipulation by J P Morgan:

Please read this article carefully because I’m disclosing for the first time that the U.S. government has given JPMorgan the green light to manipulate the silver market. This fact explains the shenanigans in the silver market. It answers all the questions and exposes this tawdry affair for all to see.

The scandal recently became more outrageous. The June Bank Participation Report, as of Tuesday, June 5, along with the COT confirmed that JPMorgan’s silver short position has increased by at least 5,000 contracts in the past two reporting weeks. That is the equivalent of 25 million ounces of silver, truly an enormous amount in a two week period and about equal to all the silver produced and consumed in the world in the same period. I calculate JPMorgan’s net short position in COMEX silver futures to be between 16,000 and 17,000 contracts. JPMorgan has been the sole net commercial silver short seller over the past two weeks. That is the clearest proof yet of manipulation. A market dominated by one buyer or seller is the ultimate definition of manipulation.

Had JPMorgan not sold short 5,000 or more net additional contracts in COMEX silver over the past two weeks, the price of silver would have climbed even higher. Why? Because without JPMorgan selling, someone else would have had to sell in their place. Those sellers would have demanded a higher price. Furthermore, JPM’s short position alone equals the entire 16,500 contract total net commercial short position in COMEX silver. In other words, if JPMorgan did not hold a 16,000 to 17,000 contact net short position, there would be no commercial net short position at all. The additional proof of silver manipulation includes the two massive price takedowns of last year, when the silver price fell more than 30% in a matter of days, benefitting JPMorgan more than any other trader.

http://www.silverseek.com/commentary/few-questions-one-answer

 

Fri, 06/15/2012 - 17:47 | Link to Comment El Oregonian
El Oregonian's picture

Lawyers for Ron Paul have taken over Paul's campaign and will have him nominated as the Presidential candidate and have Mitt Romney stripped of his delegates! Great interview and a MUST LISTEN.  Finally, some really great news on dismantling this Tyranny! Long Live Liberty!!

http://www.talkshoe.com/talkshoe/web/audioPop.jsp?episodeId=635553&cmd=apop

Fri, 06/15/2012 - 22:30 | Link to Comment ToNYC
ToNYC's picture

The Law is made by Perfect by "not-really-sleeping" Regulators.

Fri, 06/15/2012 - 23:15 | Link to Comment CPL
CPL's picture

And yet the civil service of the states pretends it's pensions weren't spent on hookers and blow by a bunch of wall street faggots.

Sat, 06/16/2012 - 08:13 | Link to Comment Mentaliusanything
Mentaliusanything's picture

Ah ha... someone has his thinking hat on. Thanks and to think it was "undercover"

Zero hedge will bust this thing wide open one day.

Knock Knock Knocking on Heavens door.

The Japanese however are ....... So fucked, but it is unspoken between the creditors and the debtors of the internal Island... Yin and Yang and insurmountable debt of 200% of GDP with a dying old people just does not compute. but Shuuuuush, don't wake the World to the inutterable truth. They are an Island that is dying. 

Why should I speak, when your awake I am asleep and when your awake I'm catching ZZZZ. such is life

Sat, 06/16/2012 - 08:36 | Link to Comment Gully Foyle
Gully Foyle's picture

Mr. Fix

I am of the opinion that the recent JPM multi-billion loss was in fact merely moving part or all of the MF global money to it's intended owners.

It was the payoff, not the final one, but a payoff to whatever powers considered themselves deserving of other peoples money.

Yet no one wants to link the two activities.

How odd that the most banal explanation of the JPM loss is accepted.


Sat, 06/16/2012 - 08:59 | Link to Comment AnAnonymous
AnAnonymous's picture

The lawlessness continues..........
_________________________

US citizenism still at work, US citizenism still at work...

Fri, 06/15/2012 - 15:03 | Link to Comment lolmao500
lolmao500's picture

http://www.nowlebanon.com/NewsArticleDetails.aspx?ID=409588

Fitch downgrades Egypt over political uncertainties

http://worldnews.msnbc.msn.com/_news/2012/06/15/12238938-us-official-rus... 

US official: Russia sends troops to Syria as peace hopes fade

http://www.naharnet.com/stories/en/43581-nasrallah-says-hizbullah-missil...

Nasrallah Says Hizbullah Missiles Can Hit All Vital Sites in Israel

Bullish... so within the next week we have...

- Election in Greece that could crash the EU

- Election in Egypt and attempted coup by the military could turn Egypt into a clusterfuck

- Syria getting worse with big powers being involved

 

Fri, 06/15/2012 - 15:16 | Link to Comment azzhatter
azzhatter's picture

Maybe Putin will beat the shit out of Obama at the G20 just for fun

Fri, 06/15/2012 - 15:50 | Link to Comment knukles
knukles's picture

LOL

Fri, 06/15/2012 - 16:15 | Link to Comment lolmao500
lolmao500's picture

That would be nice. Putin breaking Obama's nose... Putin could do it without repercussion... what will Obama do? Start WW3 over his broken nose? I don't think so.

Fri, 06/15/2012 - 18:06 | Link to Comment IAmNotMark
IAmNotMark's picture

Actually, I wouldn't put it past Obama to start WW3 over a broken nose.  If he thought it would help him get re-elected.

Fri, 06/15/2012 - 15:01 | Link to Comment ebworthen
ebworthen's picture

Crime does pay, apparently.

Fri, 06/15/2012 - 16:16 | Link to Comment Zero Govt
Zero Govt's picture

the Mafia is small beer compared to Big Govt and Big Banks

there are literally millions of fraudulent mortgages and MBS's

Fri, 06/15/2012 - 23:22 | Link to Comment CPL
CPL's picture

The mafia HAD their investments in Spanish banks.   Gone.  Tokyo banks.  Gone.  Bikers in Canada best understand their investments are about to go tits up.

 

Just a matter of fact.  The free and evil element of society has lost.   Their children will be slaves to these pricks.  There is no humanity without a touch of evil.  Why don't you gentlemen show your true power.  Anonymous is on stand by, ask an engineer today that gives a shit and a list will be produced of people to talk to.

Fri, 06/15/2012 - 15:03 | Link to Comment dbTX
dbTX's picture

More good news from Wall Street.

Fri, 06/15/2012 - 15:05 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

JP Morgan Chase & Co are financial tear or wrist...........

Ps....Fuck you Jamie D.

Fri, 06/15/2012 - 15:05 | Link to Comment AL_SWEARENGEN
AL_SWEARENGEN's picture

Gold backed Yuan Bitchez!

Fri, 06/15/2012 - 15:10 | Link to Comment LULZBank
LULZBank's picture

No such thing is decided before the big cull.

Fri, 06/15/2012 - 15:05 | Link to Comment eatthebanksters
eatthebanksters's picture

Get out your foil hats...

Fri, 06/15/2012 - 15:06 | Link to Comment LULZBank
LULZBank's picture

Brits sold LME to the Chinese, probably because TATA or Mittel could'nt afford it?

Whats next, huge loss's uncovered in LME's books? LME needs multi billion vital upgrades? Or Global non-PM metals demand nosediving?

Fri, 06/15/2012 - 15:10 | Link to Comment Turin Turambar
Turin Turambar's picture

Okay, let me get this straight.  John Edwards, John Corzine, and Eric Holder walk around free, but George Zimmerman's WIFE is going to probably end up in prison.  <?>  You can't make this stuff up.  We are no longer a nation of laws, we are a nation of men.

Fri, 06/15/2012 - 15:15 | Link to Comment Shameful
Shameful's picture

Laws have always been for the little people.  The rare occurrences of those with power/influence with the State being punished by the State is when they crossed swords with someone more powerful/connected.  If Madoff had scammed Ma and Pa Kettle he would be walking free today.

Sat, 06/16/2012 - 07:27 | Link to Comment New World Chaos
New World Chaos's picture

Yup, should have stuck to scamming the Goyim.  The only reason he is in jail is because he scammed Zionist charities. 

Fri, 06/15/2012 - 15:16 | Link to Comment island
island's picture

We are no longer a nation of laws, we are a nation of crooks.

Fri, 06/15/2012 - 19:29 | Link to Comment Everybodys All ...
Everybodys All American's picture

The fact that Corzine is still freely walking around should make every freedom/democratic loving American very angry. Your freedom along with the rule of law are at risk when this type of lawlessness goes unpunished. God help this country if this continues unabated for much longer.

Fri, 06/15/2012 - 22:32 | Link to Comment ToNYC
ToNYC's picture

Speak for yourself. I am not a crook and if you think you are, you are.

Honi soit qui mal y pense.

Fri, 06/15/2012 - 16:06 | Link to Comment Strider52
Strider52's picture

Where the heck are the Cartwrights when you need them? Ben, Little Joe, Hoss?

Fri, 06/15/2012 - 23:17 | Link to Comment RiverRoad
RiverRoad's picture

And John Boy for god's sake.

Fri, 06/15/2012 - 15:11 | Link to Comment resurger
resurger's picture

so the dealer still provides the junkie with cash needles  ...

They sold their stake or not yet?

Fri, 06/15/2012 - 15:12 | Link to Comment youngman
youngman's picture

I think this a very big news....but no one is covering it.....the LME is/was THE metals exchange...why sell it????...why sell it now?????  and why sell it to the Chinese????   We all know this is the HQ for the metals casino playing....Are there contracts that the LME can´t cover so the "sale" to the Chinese?????

I don´t know but something smells here.....time will do the forensics on this I guess...to me its intriging

Fri, 06/15/2012 - 15:20 | Link to Comment LULZBank
LULZBank's picture

Maybe they could'nt deliver on the Barclays or HSBCs short copper and nickel positions?

Fri, 06/15/2012 - 15:24 | Link to Comment youngman
youngman's picture

For me its something like that.......I do not know....but I think the next 10 years are going to be great years for metals as hyperinflation kicks in....lots of trading as it will become the new world currency.....and I assume they make money trading??????  What do  I know..I just think there is more to the story..

It would be like the Chinese buying the Federal Reserve Bank......would be wierd huh??????

Fri, 06/15/2012 - 15:39 | Link to Comment Temporalist
Temporalist's picture

My take is that when people hold some knowledge over you, like perhaps information about manipulating markets, they will either want to crush you by using that information against you, or they will want a piece of the action.

Maybe it's that simple.

Fri, 06/15/2012 - 15:26 | Link to Comment steve from virginia
steve from virginia's picture

 

At issue is less than a 5% stake in LME.

What stinks is the self-dealing and that customers of MF aren't likely to see any of their accounts.

MF account holders should go to Federal District Court and demand a master to oversee the disposition of MF Global assets. The bankruptcy Trustee is very limited as to what he can do to claim assets.

Fri, 06/15/2012 - 17:34 | Link to Comment Seorse Gorog fr...
Seorse Gorog from that Quantum Entanglement Fund. alright_.-'s picture

If you can't beat the casino, then buy the casino

Fri, 06/15/2012 - 22:40 | Link to Comment ToNYC
ToNYC's picture

Why bother with the meaning or method? You waste your time not looking around and forward because now that they bent you that way after the last time they did you; they got a whole new way ready for you you better see coming. Brew a fresh pot and stay up as you show up.

Fri, 06/15/2012 - 15:15 | Link to Comment ArrestBobRubin
ArrestBobRubin's picture

But they stole it b/c they're dying, bleeding out all over the place along with Deutsche Bank.

They could make 50 billion out of it and still be $85.5 trill short in the 'ole Dimon Derivative Book.

Jamie's playing for time while the rest of Team Chaos gets WW3 going. 'Cause we know the really BIG money is to be made there!

Go World War! Yay death! Go JPM!!!

 

Fri, 06/15/2012 - 15:19 | Link to Comment LULZBank
LULZBank's picture

Jamie went to so much hassle to make 100% on 39 million?

Are we talkin about Jamie The JPMoron Dimon?!

Fri, 06/15/2012 - 15:21 | Link to Comment Bansters-in-my-...
Bansters-in-my- feces's picture

The article would be a better read if the headline was..............

............"Four (4) Bullets for JP Morgan"...................................

Ps....Nothing but Silver ones will do.

Fri, 06/15/2012 - 15:30 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

there may have been more "the sky is falling" certainties at different times

maybe that effects prices for gold and Mexchanges? 

how long would it be before the people who sold the LME could start another exchange? (for those of you who have never started, owned, bought, sold, or brokered a real business, this is called a non-competition clause) until then, the crimex may hafta open4delivery in paris, madrid, dublin, and athens   L0L!!!

Fri, 06/15/2012 - 15:37 | Link to Comment TideFighter
TideFighter's picture

spinning pie plates....

Fri, 06/15/2012 - 15:57 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

slewie will get into the worldRecord book for spinning a paper pie plate

i almost have it down

i need to get some more bankster blood to dry on my plate samples for the required mass and turgidity

and here comes the bloodmobile from downtown, now!

i will paint smiley faces on the bloody paper and spin them on theFunway!

Fri, 06/15/2012 - 15:31 | Link to Comment anonnn
anonnn's picture

 

  

OT :Schneiderman surprised by U S Gov sham investigation of Banker-RealEstate-MERS fraud, [Notes simiarity between Japan's "Nuclear Village" and US Real EstateWall St. regulation]

From Reuters via JIm White at

http://www.emptywheel.net/2012/06/15/cozy-ties-between-regulators-politicians-and-utilities-gives-new-nuke-agency-in-japan-business-as-usual-on-wall-street/  

?

..."In fact, the new Residential Mortgage-Backed Securities Working Group was the sixth such entity formed since the start of the financial crisis in 2009. The grand total of staff working for all of the previous five groups was one, according to a surprised Schneiderman. In Washington, where staffs grow like cherry blossoms, this is a remarkable occurrence..."

 

 

 

Fri, 06/15/2012 - 15:34 | Link to Comment falak pema
falak pema's picture

Oligarchy cannibalism; social darwinism, crony opaque financial despotism...if the market were the market the winner would be in the pillory post with the loser. Can't lose when you can live off the meat of the fat cats as they get gutted 'cos you have powerful friends...until its your turn, as your friends have become vampires.

Fri, 06/15/2012 - 15:35 | Link to Comment junkyardjack
junkyardjack's picture

"I'm Mitt Romney, and I approve this transaction"

Fri, 06/15/2012 - 15:43 | Link to Comment debtor of last ...
debtor of last resort's picture

That's why Europe is going to vote more extreme. People don't know, but they can smell the rotten flesh.

Fri, 06/15/2012 - 15:47 | Link to Comment Atlantis Consigliore
Atlantis Consigliore's picture

they GOOD - fellas,    wonderful traders.......   astute and top in ethics and strategerie,  real long term credit,  THE RIGHT STUFF,  honorable, traders,

word their bond...

 

Love the Laugh.....Rule of Law......LOL  print it...

 

http://youtu.be/zdJ8x6lyrfo

Fri, 06/15/2012 - 15:47 | Link to Comment Youri Carma
Youri Carma's picture

MF Global trustee, CME in deal to return $130 mln, 14 June 2012, by Ronald D. Orol – Washington (MarketWatch) http://www.marketwatch.com/story/mf-global-trustee-cme-in-deal-to-return-130-mln-2012-06-14-1091745

The trustee for bankrupt MF Global on Thursday reached an agreement with CME Group to get more than $130 million in property held by the derivatives marketplace firm.

The trustee is seeking bankruptcy court approval for the deal. New York-based MF Global filed for bankruptcy on Oct. 31 after disclosing exposure to derivatives and other investments related to billions of dollars in European sovereign debt and leading to $1.6 billion in missing customer funds.

Fri, 06/15/2012 - 15:55 | Link to Comment spooncutter
spooncutter's picture

jon corzine will ALWAYS be free? is there any chance at all that he'll be made an example of in order to save te skin of someone else higher on the totem pole? really, really, REALLY hoping he'll eventually be behind bars (ideally in attica giving skulljobs)

Fri, 06/15/2012 - 17:03 | Link to Comment wonderatitall
wonderatitall's picture

the next one up the ladder is kony-obama and you saw what happened to the last one in chicago...corzine will go only if obama sissy girl slaps him...we are in good hands

 

Fri, 06/15/2012 - 15:57 | Link to Comment RobotTrader
RobotTrader's picture

4 years after the biggest financial collapse in modern history.

 

Nothing has changed.

1) PigMen still in power, getting richer and richer

2) Big firms still engaged in skimming and picking up the pieces of dead corporations for huge profits

3) SEC looks the other way

4) Massive PAC donations continue from the PigMen and bluebloods

5) Fractional Reserve Banking is expanding, not contracting

6) Derivatives market is growing exponentially, not contracting

7) Interest rates still pinned at 50-year lows, while debt soars into outer space

8) Old fiat currencies simply replaced by new fiat currencies

9) No sign of a PM or specie-backed currency anywhere.

10) Doug Noland's "Ponzi Finance" schemes and scams continue unabated, getting bigger, larger, and with even more fantastic complexity.

11) Financial market turmoil always rescued in typical "Wash, Rinse, Repeat" fashion

In other words, same old same old.

Fri, 06/15/2012 - 15:59 | Link to Comment fuu
fuu's picture

Dude, you're slipping out of character.

Fri, 06/15/2012 - 23:47 | Link to Comment slewie the pi-rat
slewie the pi-rat's picture

see? clothing optional nite...

...blythe just twittered that tyler is getting a little tired tweeting...

Fri, 06/15/2012 - 16:03 | Link to Comment Village Smithy
Village Smithy's picture

All true and extremely depressing. Thank you.

Fri, 06/15/2012 - 16:06 | Link to Comment Bunga Bunga
Bunga Bunga's picture

Rome did not collapse within one day.

Fri, 06/15/2012 - 16:11 | Link to Comment unununium
unununium's picture

9) No sign of a PM or specie-backed currency anywhere.

Bitcoin back over $6 today.

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