Another whistle-blower this time from JP.

[DCal430]

http://theeconomiccollapseblog.com/...re-happening-at-jp-morgan-will-blow-your-mind

Rampant silver manipulation? Rampant gold manipulation? Rampant LIBOR manipulation? Hiding MF Global client assets? These are all happening at JP Morgan according to an open letter reportedly written by an anonymous employee of the firm.

Reading all of this makes me sick. How can the banks get away with such criminal activity. These people must have morals, and if there was a hell they need to burning in it

 

[LegendKiller]

http://theeconomiccollapseblog.com/...re-happening-at-jp-morgan-will-blow-your-mind



Reading all of this makes me sick. How can the banks get away with such criminal activity. These people must have morals, and if there was a hell they need to burning in it

Yeah, because this guy is going to know the details behind CDS (greece), silver positions, MF global and a plethora of other topics. What silliness. That is, unless it's Jamie Dimon himself. The email is a fraud, I call it now.

 

[trenchfoot]

The smartest people in the world are in the finance sector. They know how to cover their asses better than a fourth timer in the slammer.

If there is anything to this, the sacrificial lambs have already been anointed and the rest of the exclusive club have come to the feast with knives and forks in hand. Nobody raking in obscene profits at that level wants to kill the golden goose, so if there is some blood letting to be done, it's going to happen in such a way that the club remains intact and firing on all cylinders without skipping a beat.

 

[bradley]

Over the last decade, all of these revelations have been stated before, in one capacity or another. So either we have someone regurgitating these stories, or finally an insider willing to confirm them. Just like a complete rank novice who reads the consensus of a site like Zero Hedge, and then pretends to be the expert's expert.

I have no doubt that JP Morgan is powerful enough to take short positions to manipulate gold and silver with perhaps the assistance of central banks. And the CDS market is large enough and unregulated enough to believe that anything goes. I have a feeling we haven't heard the last of this, and I'm glad.

 

[bradley]

BTW, interesting series of semi-related reports in American Banker about whistleblowers exposing fraud in JP Morgan's credit card collection services division. Seems like a lot of work for just some chump change, when an effort in manipulating gold and silver could net staggeringly more.

OCC Probing JPMorgan Chase Credit Card Collections
http://www.americanbanker.com/issue...e-1047437-1.html?zkPrintable=1&nopagination=1

JPMorgan Chase & Co. took procedural shortcuts and used faulty account records in suing tens of thousands of delinquent credit card borrowers for at least two years, current and former employees say.

The process flaws sparked a regulatory probe by the Office of the Comptroller of the Currency and forced the bank to stop suing delinquent borrowers altogether last year.

The bank's errors could call into question the legitimacy of billions of dollars in outstanding claims against debtors and of legal judgments Chase has already won, current and former Chase employees say.