Wednesday, February 11, 2009

J.P. Morgan and the Crisis
Effects of Departure from Ideal Proportions - art by Paul Bond

Whenever the crimes and scandals of the banks come up, J.P. Morgan is always right in the middle.

That's because they are one of the supposed 'owners' of the Federal Reserve, possibly falling under the umbrella of the Bank of England and are a main player in the world wide schemes of theft.

James Dimon is the CEO of J.P. Morgan and has a big responsibility in maintaining the globalist central banker control of world economies.

ABC News Reports:

James Dimon, chief executive officer, JPMorgan Chase & Co.

2007 Compensation: Salary of $1 million plus $14.5 million bonus and $13 million in stock awards.
JPMorgan TARP Funding: $25 billion

JPMorgan CEO James Dimon

In early 2008, as the fissures in the financial system first started to show and banks began to collapse, Dimon, CEO of JP Morgan Chase and one of the toughest negotiators on Wall Street, saw an opportunity.

When Bear Stearns faced bankruptcy in March 2008, Dimon struck a deal to buy Bear for $2 a share -- later increased to $10 a share, a tenth of its closing price.

As Dimon, 53, closed the Bear deal that spring, he began to eye Washington Mutual, a teetering giant brought to its knees by bad mortgages. By September 2008, after a summer of plummeting house prices, the savings and loan giant was seized by federal regulators, resulting in the largest bank failure in U.S. history. JPMorgan Chase paid $1.9 billion in an emergency sale of WaMu, taking over the troubled bank's bad mortgages and credit card loans and assuming $31 billion in loses that would have otherwise been paid by taxpayers. In doing so, JP Morgan Chase took over WaMu's hundreds of bank branches, leaving Chase with the second largest nationwide franchise.

Dimon has been vocal about holding governments to task for the economic meltdown, but his spending has also come under scrutiny: Dimon ran up a $211,182 tab for private jet travel last year, when his family lived in Chicago and he was commuting to New York.

Bowing to public and political pressure, Dimon, like many of the CEOs whose companies were benefactors of the government bailout, agreed not to receive a bonus last year.

JP Morgan Chase has received $25 billion in TARP money, but would not reply to ABC News' questions last month about how those taxpayer dollars were being spent.

Earlier this month, Dimon was the only head of a U.S. bank to attend the annual World Economic Forum, which brings together executives and policymakers in Davos, Switzerland.

He said financial institutions needed to accept some responsibility for the crisis, but he put much of the blame on regulators.

"JPMorgan would be fine if we stopped talking about the damn nationalization of banks. We've got plenty of capital. To policymakers, I say where were they?" he said during the conference. "They approved all these banks. Now they're beating up on everyone, saying, 'look at all these mistakes, and we're going to come and fix it.'" source

ABC 'News' does not mention that James Dimon is jewish and a possibly a billionaire.

At Muckety there is an interactive map of the Michelle Obama, James Dimon relationships
where someone seems to care about these connections.

Today before Congress Dimon spoke:

"The devil is in the details," JPMorgan Chase chief executive James Dimon said at a House of Representatives hearing, as he and seven other bank bosses defended their conduct in the US banking meltdown.

Dimon said he wanted to hear more from Treasury Secretary Timothy Geithner, especially on a key component of the plan designed to shore up the stricken housing market.

But he said: "I do think that if all these things are done well and properly, it will have a very beneficial impact on this country ... and start to turn this thing around." source AFP

The 'devil is in the details,' OK, that's one thing I'll believe coming from Dimon's lips.

The details are that the Federal Reserve, the Treasury with Geithner, J.P. Morgan and the whole Obama administration are an intertwined serpent ready to pounce on the public for a poisonous bite from which we may have a hard time recovering.


  1. Listen to what Louis T. McFadden, who was the Chairman of the House Banking Committee in the 1930's, had to say about the Federal Reserve:

    "Mr. Chairman, we have in this country one of the most corrupt institutions the world has ever known. I refer to the Federal Reserve Board and the Federal reserve banks. The Federal Reserve Board, a Government Board, has cheated the Government of the United States and he people of the United States out of enough money to pay the national debt. The depredations and the iniquities of the Federal Reserve Board and the Federal reserve banks acting together have cost this country enough money to pay the national debt several times over. This evil institution has impoverished and ruined the people of the United States; has bankrupted itself, and has practically bankrupted our Government. It has done this through the maladministration of that law by which the Federal Reserve Board, and through the corrupt practices of the moneyed vultures who control it".

    (Congressional Record, House pages 1295 and 1296 on June 10, 1932)

    There were two attempts on McFadden's life, a failed shooting and an apparent poisoning that made him "violently ill" after attending a political banquet in Washington. [6][7] He was again poisoned in 1936 on a visit to New York City this time proving fatal, and was interred in East Canton Cemetery in Canton, Pennsylvania.

    Who'd want to murder McFadden? The same loathsome bastards that got upset, very upset, when JFK tried to take back OUR money from the Fed.

    On June 4, 1963, a virtually unknown Presidential decree, Executive Order 11110, was signed with the authority to basically strip the Federal Reserve Bank of its power to loan money to the United States Federal Government at interest. With the stroke of a pen, President Kennedy declared that the privately owned Federal Reserve Bank would soon be out of business.

    But don't even think these two murders are related, why, that would be a conspiracy.

    Look at it this way: If an armed gang pulls off a bank robbery and in the process of stealing $22,000.00 dollars, kills a few people to make their getaway, how many people do you think a well armed gang would be willing to kill to get their hands on trillions of dollars?

  2. Wall Street Winners Get Billion-Dollar Paydays

    Published: April 16, 2008

    Hedge fund managers, those masters of a secretive, sometimes volatile financial universe, are making money on a scale that once seemed unimaginable, even in Wall Street’s rarefied realms.

    One manager, John Paulson, made $3.7 billion last year. He reaped that bounty, probably the richest in Wall Street history, by betting against certain mortgages and complex financial products that held them.

    Mr. Paulson, the founder of Paulson & Company, was not the only big winner. The hedge fund managers James H. Simons and George Soros each earned almost $3 billion last year, according to an annual ranking of top hedge fund earners by Institutional Investor’s Alpha magazine, which comes out Wednesday.

    Hedge fund managers have redefined notions of wealth in recent years. And the richest among them are redefining those notions once again.

    Their unprecedented and growing affluence underscores the gaping inequality between the millions of Americans facing stagnating wages and rising home foreclosures and an agile financial elite that seems to thrive in good times and bad. Such profits may also prompt more calls for regulation of the industry.

    Even on Wall Street, where money is the ultimate measure of success, the size of the winnings makes some uneasy. “There is nothing wrong with it — it’s not illegal,” said William H. Gross, the chief investment officer of the bond fund Pimco. “But it’s ugly.”

    The richest hedge fund managers keep getting richer — fast. To make it into the top 25 of Alpha’s list, the industry standard for hedge fund pay, a manager needed to earn at least $360 million last year, more than 18 times the amount in 2002. The median American family, by contrast, earned $60,500 last year.

    Combined, the top 50 hedge fund managers last year earned $29 billion. That figure represents the managers’ own pay and excludes the compensation of their employees. Five of the top 10, including Mr. Simons and Mr. Soros, were also at the top of the list for 2006. To compile its ranking, Alpha examined the funds’ returns and the fees that they charge investors, and then calculated the managers’ pay.

    Top hedge fund managers made money in many ways last year, from investing in overseas stock markets to betting that prices of commodities like oil, wheat and copper would rise. Some, like Mr. Paulson, profited handsomely from the turmoil in the mortgage market ripping through the economy.

    As early as 2005, Mr. Paulson began betting that complex mortgage investments known as collateralized debt obligations would decline in value, much as Wall Street traders bet that shares will drop in price. In that case, known as shorting, they borrow shares and sell them, wait for the price to fall, buy the shares back at a lower price and return them, pocketing the profit.

    Only 3 BILLION a year? My god, how do they eek out a living on that paltry sum?