J.P. Morgan

From Bloomberg via Zero Hedge here's just one more example of the pervasive collusion between our government the banks and in this case the seemingly ubiquitous J.P. Morgan.

Click on the photo of Mr. Dimon below for the entire story.

Among the real good questions you didn't hear from anyone in Congress during the Jamie Dimon festival of love recently held on Capital Hill.

Dear Mr. Dimon, Is Your Bank Getting Corporate Welfare?

When JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon testifies in the U.S. House today, he will present himself as a champion of free-market capitalism in opposition to an overweening government. His position would be more convincing if his bank weren’t such a beneficiary of corporate welfare.

To be precise, JPMorgan receives a government subsidy worth about $14 billion a year, according to research published by the International Monetary Fund and our own analysis of bank balance sheets. The money helps the bank pay big salaries and bonuses. More important, it distorts markets, fueling crises such as the recent subprime-lending disaster and the sovereign-debt debacle that is now threatening to destroy the euro and sink the global economy.

How can all this be? Let’s take it step by step.

From Tyler Durden at Zero Hedge

Don't read this if you have high blood pressure or if you are a client of MF Global's, whose money is still held by JP Morgan.

1.  JPMorgan is put on MF Global bankruptcy committee on November 7, 2011

2.  Two weeks later, JPMorgan buys MF Global's 4.7% in LME for 39 million in a "competitive bidding" process.

3.  7 months later, on June 15 2012 the LME gets an offer for $2.2 billion from China's HKEX, making JPM's stake worth $103 million.

4.  JPMorgan makes over 100% cash on cash return in 7 months while MFGlobal money is still stuck at JPM.

In the meantime, Jon Corzine was, is and will always be a free man.

I had never heard of Ferdinand Pecora.

The fact that his name is never mentioned in anybody's high school government class is a damnable shame.

He should have a day all his own in every government class at every school in every state of this union.

As an aside, his book is presently going for $550.00 at Amazon.

The following excerpt is taken from a short story at Smithsonian.com titled "The Man Who Busted The Banksters.

Click anywhere below for the entire piece.

Way super double highly recommended ..... plus ... and then some.

Just months before Hoover left office, Pecora was appointed chief counsel to the U.S. Senate’s Committee on Banking and Currency.  Assigned to probe the causes of the 1929 crash, he led what became known as the “Pecora commission,” making front-page news when he called Charles Mitchell, the head of the largest bank in America, National City Bank (now Citibank), as his first witness.

“Sunshine Charley” strode into the hearings with a good deal of contempt for both Pecora and his commission.  Though shareholders had taken staggering losses on bank stocks, Mitchell admitted that he and his top officers had set aside millions of dollars from the bank in interest-free loans to themselves.  Mitchell also revealed that despite making more than $1 million in bonuses in 1929, he had paid no taxes due to losses incurred from the sale of diminished National City stock ..... to his wife.  

Pecora revealed that National City had hidden bad loans by packaging them into securities and pawning them off to unwitting investors.  (Ever heard that one before?)  By the time Mitchell’s testimony made the newspapers, he had been disgraced, his career had been ruined, and he would soon be forced into a million-dollar settlement of civil charges of tax evasion.  “Mitchell,” said Senator Carter Glass of Virginia, “more than any 50 men is responsible for this stock crash.”

Whoa, a regulator actually doing his job.

As opposed to a regulator spending his time working on his next job.

From Reuters.

It's always interesting when the thieves start turning on each other.

Click on the photo for the entire story.

In MF Global, JPMorgan again at center of a financial failure

(Reuters) - In late October, as MF Global Holdings Ltd teetered toward bankruptcy, Jon Corzine phoned his close-knit circle of Wall Street friends for help.

His firm, facing demands from customers and other firms for cash, needed to sell billions of dollars in securities to raise the money. As the week progressed, MF Global executives came to believe that JPMorgan Chase & Co., one of MF Global's primary bankers and a middleman moving that cash, was dragging its feet in forwarding the funds.

Scroll down one post to see who the boys are supporting in this years presidential election, having supported Obama in 2008.

From Open Secrets.