JP Morgan Fined for Manipulation et al – Reaching $20 Billion
Beginning with February 24th, 2013, the tide has changed against the market manipulators and little by little the curtain is being pulled back to expose to the world what really is going on that the government and the media have ignored for so long. I have stood my ground against the banks that have engaged in market manipulations under their proprietary trading departments. What has been taking place the press would never report.
Ever since Goldman Sachs’ Robert Rubin and Larry Summers worked to get Glass Steagall repealed, the financial world has never been the same. These people have not been “traders” but manipulators for they are only interested in the “guaranteed trade”. They have put out bogus research and misled people into buying crap and have then turned around and trade against their clients knowing who has what position. The level of inside info is off the charts.
When Bernard Madoff went down for a $60 billion Ponzi scheme, the banks all said they had no idea. Isabel Ring from the NY Post interviewed me, but that interview was pulled and never published. She was interested in that I had said Republic National Bank was illegally trading in our accounts (now HSBC). Republic/HSBC plead criminally guilty under a division and agreed to pay back 100% and make everyone whole. You do not do that unless they were illegally trading in the accounts. Her opening question shocked me. She asked ifRepublic was laundering money for the Columbian Drugs Cartel and the Russian Mafia “as was taking place in Madoff” accounts?
I was stunned. I knew the bank was illegally trading for even the
accountant could not believe the number of “errors” taking place in the accounts that were being backed out routinely (fcl-accountant). The government protected the banks and would never provide the documents we kept asking for. Although the contracts were in yen, the receiver kept using dollars to pretend there were losses when their were gains and then Alan Cohen was given a board member job at Goldman Sachs for someone who made it seem he did not even understand currency transactions. It is just so unbelievable, you cannot make up this stuff.
accountant could not believe the number of “errors” taking place in the accounts that were being backed out routinely (fcl-accountant). The government protected the banks and would never provide the documents we kept asking for. Although the contracts were in yen, the receiver kept using dollars to pretend there were losses when their were gains and then Alan Cohen was given a board member job at Goldman Sachs for someone who made it seem he did not even understand currency transactions. It is just so unbelievable, you cannot make up this stuff.
While I cannot swear that Republic was laundering money and that is what all these “errors” were, it has to be noted that HSBC has been caught money laundering paying $1.9 billion in fines for that as well. All I can say is these people never go to jail and just write checks. The government always goes away until it can ring the cash register on the next scam they pull.
Berni Madoff curiously pleaded guilty right away. That was very odd. What that did was END the investigation and cut off other people being added. This created the appearance to those who understand the system, that he was protecting someone. The banks all said they had no idea. After Berni was in prison he said the banks knew. To set the record straight, it would have been IMPOSSIBLE for a bank not to know what was going on. You have to comply with know your client rules and every wire in and out requires documentation and the bank legally has to know where it comes from and is going to.
Now J.P. Morgan has agreed to pay about $2.0 billion to US authorities to avoid litigation, in the biggest fraud on record – Madoff. There has been a sea-change that appears to be targeting the banks to make them at least pay up and admit taking part in these sorts of criminal activity. Madoff, who masterminded a massive and long-running Ponzi scheme, that is defined as not actually having an investment operation just taking money from one person and handing it to another as their pretended profit, came to light in 2008 as the financial crisis crushed the economy. With the assistance of the banks, had it not been for the economic downturn, the operation would have continued. The staggering amount of money Madoff Securities claimed it had under management was about $65 billion in client assets, whereas in fact it had only about $300 million. The fraud destroyed many investors and exposes the fact that many Jewish operations handed him money assuming he was a Jew and would never do something like that to his own race.
Now JPMorgan Chase, according to the Wall Street Journal, will agree to plead guilty and pay $2 billion that is expected to be routed to victims of Mr. Madoff. JPMorgan Chase, the biggest US bank by assets, was the main bank used by Madoff for more than 20 years. They are paying these fines to shut down a criminal investigation by the feds who have put together the facts that the bank had ignored signs that Madoff was operating a fraudulent scheme. Anyone in the business knows the bank simply HAD to know under the law to perform Know Your Client requirements.
This will bring the total amount of fines paid by JPMorgan Chase up to the $20 billion level over the last 12 months to settle various government investigations. Welcome to Behind the Curtain. It is like the Land of Oz where nothing is what it ever appears to be. I have stated point-blank, there has been wholesale manipulations of a lot of markets to ensure they ALWAYS made money. When I first publicly stated that, they tried to paint me as just making this stuff up. Easy when you have the Receiver confiscate all the evidence and it amazingly vaporized with the collapse of World Trade Center 7. Little by little, the curtain is being pulled back. When it opens all the way, you will be absolutely shocked at the goings on in New York.
I saw the movie Wolf of Wall Street. That was what we called a bucket shop. I never encountered that sort of wild party mentality. Only one time I was asked to open an office and stock it with women in another country for the head of that country to pretend he was going for consulting. I refused. I cannot imagine the stories had I agreed to such a thing. But it does exist.
Super-Cycles How to Detect & Do they Exist
QUESTION & OBSERVATION:
Hello Mr. Armstrong,
Thank you so much for your public work. I was turned on to your work a few years ago while you were still writing prison newsletters. At the time I was still on the Goldbug / Conspiracy bandwagon, and your views were like a fresh of breath of fresh air. The idea that cycles run everything SHOULD be something that every human recognizes, but rarely do. I myself have seen cycles in action in my small business and personal life but never connected the dots until I was told the dots even existed!
Your insights saved me from jumping head-first into the worst of the Goldbug nonsense. A common claim among the bugs is that gold maintains a relatively constant buying power, a claim that is easily blown out of the water with even the most basic fact-checking. It is wrongly stated by many bugs that an ounce of gold could buy you either a fine set of formal clothing in ancient Rome or a comparable set of modern formal wear today.
Yet doing my own research tells me that the only clothing that could have been so expensive in Rome would have been the Emperor’s purple garments themselves! You likely would have gotten change from that purchase as well. A high-end Armani suit these days would set you back at least a couple of ounces, and you would still be under-dressed if you were meeting an Emperor! So much for gold being immune to inflation…..
It was very heartbreaking to follow the story of your legal troubles. I work in bail bonding (a very unique form of insurance) and see the injustices the legal system piles on to the average person who grabs the attention of law enforcement over something minor and has their lives ruined. What happened to you is extremely common among people who are generally law-abiding, but have a minor drug possession charge, or God forbid, a domestic dispute. These people feel the full weight of the system come crashing on their heads while the drug dealers, armed robbers, thieves, and murderers who are in trouble on a weekly basis have their cases dismissed with no punishment. They are familiar with the system and know how to cause prosecutors enough trouble that they go pick on the first time offenders who are not so savvy.
It is 100% true that DAs and Officers prefer to go after and convict the small fry because it is much easier for them. 100 pot convictions look better on their records and resumes than locking up 1 serial killer. I have documentation of all of this in my county, but finding a local media outlet willing to go with the story is next to impossible. It is the same problem that Snowden encountered; media refuses to rock the boat of anyone who has the potential to cause them problems. It is better to print more fluff stories about nonsense than do real reporting.
Most of the questions that I would have liked to ask you have already been asked by other readers. I can only think of one question I have not seen addressed yet. Is the model equipped in any way to deal with super-cycles that may either be completely undiscovered, or do not have enough data to be fully understood yet? It is clear that cycles can have any length and some are so large that they pre-date human existence without having completed a full cycle that we would be capable of observing. Do these factor at all into the model or is this simply impossible without the proper data (dinosaurs were notoriously poor record keepers unfortunately, they probably bought gold at the high too)?
Once again thank you for your hard work and all the educating that you have done.
ANSWER: I have been so busy I have not gotten around to writing the book I would like to yet about what I saw. In the movie they are shooting that I believe will be out this fall, if it makes it in the final cut, there was a dinner with some of my old partners. One asked me why I was not angry. Another jumped in before I could even answer, and he said it for me. It was an experience for him – a journey. I do not believe in regrets for everything good and bad combines to make us who we are. Because I am not angry, I have been call America’s Nelson Mandela. Whatever we go through prepares us for what we must do and we are never given more than we can endure. Going through what I did opened my eyes to the full circle. I helped people and did their legal work for them. I managed to win some completely and others pulled their pleas and got their sentenced reduced so they could be near their family. There were several trials of Italians all doing life for conspiracy to kill a mob guy where the only evidence they had been his car at JFK airport. No body. No witnesses. Nothing. Yet they were all sentenced to life for “conspiracy” that is effectively wanting to having someone killed and each group was tried with a different theory. The amount of innocent people in American prisons is probably about 25%. Most were doing a favor for someone. I met a priest in for money laundering because a Chinese drug dealer asked him to wire some money home to his sick mother and the Feds said he knew. So I know well of what you speak and yes the press will not report even the great number of suicides of people who just cannot endure the stress.
The computer finds everything because it is not hard-wired. But the one thing that is fundamental is the universe is fractal so it is the same structure throughout all time scales. Therefore, if a cycle is VALID, it must be fractal and appear on all levels of time. The 8.6 time 3 is 25.8. The Precession of the equinox is 25,800 years. Not only is 8.6 years equal to the perfect number of Pi * 1,000 days, but then every level of time must conform as well. Therefore, a super-cycle measured in thousands of years must be a fractal of the lowest level in order to be valid.
Global Market Watch for January 7th, 2014
The Global Market Watch has been posted for the close of January 6th, 2014.