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Tag Archives: JPMorgan Chase

No Need For A Safe Haven? That’s Hogwash!

A Pfennig For Your Thoughts November 26, 2019 * Currencies go back to drifting on Monday… * You really need to read the FWIW article today! Good Day… And a Tom Terrific Tuesday to you! Since this is the last Pfennig before the Thanksgiving holiday, I have a special treat for you… Well, the same treat as I have every year! And we’ll start the letter off with it to put everyone in a good mood! (I’m sure to change that later! HA!) Our Blues were on the ice last night, and my Missouri Tigers...

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Why Banks Didn’t Lend to the Repo Market When Rates Blew Out: JPMorgan CEO Dimon

“Does that mean that we have bad markets?” This still doesn’t show who or what triggered the fire in the repo market in mid-September when overnight lending rates more than quadrupled and briefly hit 10%, but it confirms who sat there and watched the fire and fanned it though they could have extinguished it. During the earnings call today, JPMorgan Chase CEO Jamie Dimon told analysts that the bank had $120 billion in cash on deposit at the Fed in the morning of those days, and that...

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Citibank, Deutsche Bank, ANZ to Fight Possible “Criminal Cartel” Charges in Australia

There’s unconfirmed speculation JPMorgan may have been granted immunity as the whistleblower. By Charles Benavidez, Safehaven.com: Amid an ongoing investigation in Australian banks, insurers, financial service providers and pensions funds for everything from rate-rigging to mistreating customers and questionable consumer lending practices, two major global banks are now facing criminal charges in the country. Prosecutors are now expected to lays “criminal cartel” charges against...

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Here Are The Biggest Winners And Losers From Trump’s Corporate Tax Cuts

Credit Suisse Chief US Equity Strategist, Jonathan Golub, has estimated that corporate tax cuts in the U.S. could boost average earnings of companies in the S&P by about 8-10%.  Now, as those tax cuts get priced into the market for the 10th time today, we decided to take a look at which industries will benefit the most and how they will spend their extra cash flow. Of course, as Jamie Dimon noted last week (see: Jamie Dimon Says Corporations Will Fund Buybacks With Tax Cuts And That's...

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After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering

Score one for the poetic irony pages. Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a "fraud" which is "worse than tulip bulbs, warning it won't end well", will "blow up" and "someone is going to get killed" and threatened that "any trader trading bitcoin" will be "fired for being stupid" as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over...

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Each Bitcoin Transaction Uses As Much Energy As Your House In A Week

While Bitcoin bulls will probably never have it so good as they have in 2017, we wonder whether many of them have stopped to think about the environmental downside of this roaring bull market. After all, back in the dot.com boom, people had ideas about potential internet businesses, issued pieces of paper representing ownership and watched their prices go parabolic parabolic. All it took was a Powerpoint presentation, some computer programming expertise and a “research” report, courtesy of...

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Don’t Mention Madoff: JP Morgan Whistleblower Not Fired For Whistleblowing (Allegedly) In Third Trial

Here we go again, the third trial, following two appeals, in which former JP Morgan Wealth Manager, Jessica Sharkey, claims she was unfairly dismissed after whistleblowing on one of the bank’s clients shortly after the Bernie Madoff scandal came to light. The client in question, an Israeli with involvement in the diamond cutting and pre-paid calling card businesses, was a “big fish”, was generating about $600,000 of revenue annually for the bank. Sharkey had alleged that...

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ScotiaMocatta Put For Sale After Multibillion Money-Laundering Scandal

The world's oldest gold trader is for sale after a massive money laundering scandal may have terminally crippled one of the most iconic names in the business. Canada’s Bank of Nova Scotia is exploring options for its gold business ScotiaMocatta, the Financial Times reported, which include a possible sale of Canada's most popular precious metals trader. Scotiabank made a decision to sell ScotiaMocatta following a massive money laundering scandal centered on a U.S. refinery that involved...

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The U.S. Justice System Must Focus On Elite Criminality

Authored by Mike Krieger via Liberty Blitzkrieg blog, Two very important articles published in recent days serve to once again highlight America’s metastasizing elite criminality problem. A problem which our justice system simply refuses to address. This corrupt two-tier justice system is something I’ve been focused on from the very beginning of my writings, and I continue to see it as a civilization-level threat for this country if not aggressively addressed and confronted in the very near...

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Macquarie Identifies The Winners And Losers Of MiFID II

Macquarie's equity research team has just offered up a valuable economics lesson which seems to perfectly, if inconveniently, explain why their business model is doomed by the upcoming implementation of MiFID II.  So what happens when you compete in a 'slightly' fragmented market (see below) to sell a highly commoditized product to a customer that places so little value on the product that it has historically only existed courtesy of subsidies from trading revenues...then a regulatory body...

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