Jamie Dimon

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"Too Many Zeros": China's Stock Bubble Proves Too Much For Computers





"The exchange's trading turnover exceeded 1 trillion yuan ($161.28 billion) for the first time on Monday, but the data could not be properly displayed because its software was not designed to report numbers that high," Reuters reports, in what looks like further evidence that China's self-feeding equity mania is reaching epic proportions. On the bright side, it's not often in today's market that man overcomes software, so score one for human traders.

 
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Fed Study Finds Fed Insolvency "Would Not Create Serious Problems"





While it is 'possible' that The Fed's net worth could become negative, such a phenomenon would be "temporary and would not create serious problems."

 
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One Last Look At The Real Economy Before It Implodes - Part 5





The endgame has indeed arrived. At the very least, the international elites seem to think success is within their grasp, for they now openly expose their own criminality. But they do so in a way that attempts to divert blame or to rationalize their actions as being for the "greater good." All signs and evidence point to what the IMF calls the "great global economic reset.”" The plans for this reset do not include U.S. prosperity or a thriving dollar.

 
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"Biggest Worry" Is "Dramatic Decline" In Bond Market Liquidity, Prudential Says





“The biggest worry of the buy side around the world is that there has been a dramatic decline in liquidity from the sell side for many fixed income products,” Prudential's David Hunt tells Bloomberg, echoing Jamie Dimon and confirming what we've been shouting about for years.

 
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This Is What Happens When The US Treasury Market Is Taken Hostage By "Malfunctioning Algos"





"In some instances, malfunctioning algorithms have interfered with market functioning, inundating trading venues with message traffic or creating sharp, short-lived spikes in prices as a result of other algorithms responding to the initial erroneous order flow."... "If liquidity is as bad as it is now, what’s going to happen when things really get adverse?” said Richard Schlanger, who co-manages about $30 billion in bonds as vice president at Pioneer Investments in Boston.

 
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Human Bond Traders Barely Show Up To Work As Machines Take Control





"A slow start to the week has become customary, as Monday appears to have become the new Friday," Barclays says, noting that the humans simply aren't trading in a credit market where opportunities are scarce. Meanwhile, the robots do not rest, and on the Monday they simultaneously decide that some random data point or unduly hawkish/dovish soundbite out of an FOMC voter is cause for all the algos to chase down the same rabbit hole sending ripples through a fixed income market devoid of any real liquidity, the humans will be in for a rude awakening when they get to work on Tuesday morning.

 
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Stan Druckenmiller's "Horrific Sense" Of Deja Vu: "I Know It's Tempting To Invest, But This Will End Very Badly"





“I just have the same horrific sense I had" before, Druckenmiller said to an audience at the Lost Tree Club in North Palm Beach, Florida (according to a transcript obtained by Bloomberg). "Our monetary policy is so much more reckless and so much more aggressively pushing the people in this room and everybody else out the risk curve that we’re doubling down on the same policy that really put us there."

 
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5 Things To Ponder: Don't Fight The Fed





Randolph Duke: Money isn't everything, Mortimer.
Mortimer Duke: Oh, grow up.
Randolph Duke: Mother always said you were greedy.
Mortimer Duke: She meant it as a compliment.

 
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Why The BRICs Are Less Worried About The Next Crash





When even Jamie Dimon warns that "another crisis is coming", and points to the utter lack of market liquidity and the likelihood of another flash crash, it probably means that not only has he been reading this website, but that JPM's chief prop trading group, the Chief Investment Office, infamously long three years ago is already short and just waiting for the bottom to fall out of the market. One group, however, that is not be too worried about the next global financial crash - at least superficially - are the BRICs, because according to the Russian Prime Minister Dmitry Medvedev, "the creation of the BRICS reserve currencies pool worth $100 billion will allow member states to depend less on negative processes in the world economy and bypass market volatility."

 
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"Another Crisis Is Coming": Jamie Dimon Warns Of The Next Market Crash





The Treasury flash crash and similar recent events in currency markets are "shots across the bow," Jamie Dimon says in his latest letter to shareholders. The JPM chief goes on to warn, as we have for years, that declining liquidity in credit markets is likely to exacerbate future crises: "The likely explanation for the lower depth in almost all bond markets is that inventories of market-makers’ positions are dramatically lower than in the past. For instance, the total inventory of Treasuries readily available to market-makers today is $1.7 trillion, down from $2.7 trillion at its peak in 2007. The trend in dealer positions of corporate bonds is similar."

 
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Frontrunning: April 9





  • Greece pleads cash running out, told to hasten reforms (Reuters)
  • ECB Cash Said Likely to Fall Short of Greek Request This Week (BBG)
  • Chinese Stock Buying Frenzy Sweeps Into Hong  (WSJ)
  • Shell’s $70 Billion BG Deal Meets Shareholder Skepticism (BBG)
  • Yemen's Houthis seize provincial capital despite Saudi-led raids (Reuters)
  • Iran Nuclear Deal Gives Syria’s Bashar al-Assad Reason to Worry (WSJ)
  • Slow apps, low battery life limit appeal of Apple Watch (Reuters)
  • Gilead’s $1,000 Pill Is Hard for States to Swallow (WSJ)
  • The Oil Industry's $26 Billion Life Raft (BBG)
 
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JP Morgan To Use Algorithms To Predict Which Employees Will Go Rogue





The future is upon us. JP Morgan, in an effort to stop its employees from rigging markets, aiding criminals, and generally doing all of the things that appear on the unofficial global investment bank perks of employment list, is going into full-on Minority Report mode by deploying algorithms designed to predict which employees will go rogue before it actually happens.

 
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Guest Post: Russia's Central Bank Governor Is Way Smarter Than Ours





It wouldn’t be a first, but it would certainly be a – bigger – shock. That is to say, the Bank of England hijacked the head of Canada’s central bank some time ago, but, while unexpected enough, that would pale in comparison to the US hiring the present razor sharp and fiercely independent Governor of the Russian central bank, Elvira Sakhipzadovna Nabiullina. It would still seem to be a mighty fine idea, though. Not that we think it will happen. Yellen is obviously neither; she’s a cog in a machine that huffs and puffs and pumps and dumps to make sure her overlords in the blissful world of US finance make ever more profit no matter how bad things get in American society.

 
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Bernanke Has The Courage To Call His Upcoming Memoir The "Courage To Act"





Ben Bernanke can now add another headline to his impressive resume... Fed Chair... Blogger... and writer of fiction. As AP reports, Blogger Ben's memoir will be released in October, and the title will be "The Courage To Act," apparently inspired by the Fed's "moral courage" in the face of "bitter criticism and condemnation." While we thought perhaps "The Courage To Print" was more appropriate, it appears the book is non-fiction and thus, we suggest, the title needs an additional word of clarification: "The Courage To Act ........."

 
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Bubble Confirmed: From Sock Puppets To Action Heroes





There are times when not only truth is stranger than fiction, but also, when serendipity coincides with moments that are branded into the pages of history where they become the allegory of the times. Sometimes its hard to judge or pick just one. Reason being they’ll seemingly come one right after another instead of that just one, almost surreal, moment. There’s no better illustration of these than the dreaded “front page magazine cover” proclaiming not only that the good times are here; but rather, the far more important underlying premise: they’re here to stay and will only get better! All the while insinuating – to worry about anything is a fool’s errand. i.e., “everything is awesome!”

 
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