Tag Archives: White Shoe Boys

Treasury Secretary Lew: Jamie Dimon and I share ‘incredulity’ on bitcoin

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“Treasury Secretary Jack Lew called bitcoin a ‘phenomenon,’ but told CNBC that the U.S. government needs to make sure the digital currency doesn’t become a funding haven for criminals and terrorists.  At the World Economic Forum in Davos, Switzerland, Lew told ‘Squawk Box‘ he has spoken to JPMorgan Chairman and CEO Jamie Dimon about bitcoin, and the two share a certain ‘incredulity’ about it. ‘From the government’s perspective, we have to make sure [bitcoin] does not become avenue to funding illegal activities or to funding activities that have malign purposes like terrorist activities,’ Lew said.  ‘It is an anonymous form of transaction. And it offers places for people to hide.'”

http://www.cnbc.com/id/101357809

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Jamie Dimon is not a Bitcoin fan despite JPMorgan filing similar patent

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“JPMorgan chief executive Jamie Dimon is not a fan of Bitcoin because ‘a lot of it is being used for illicit purposes’. Speaking at the World Economic Forum in Davos, the Wall Street supremo said the virtual currency is a ‘terrible store of money’ and questioned its legal status over allegations that it is used to fund illegal activities. ‘It doesn’t have the standing of a government,’ Dimon told CNBC.  Dimon, 57, also warned that Bitcoin faces major regulatory hurdles going forward and drew an interesting comparison between the banking industry and the virtual currency.”

http://www.independent.co.uk/news/business/news/jamie-dimon-is-not-a-bitcoin-fan-despite-jpmorgan-filing-patent-for-online-payment-system-9081120.html

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The end of the mortgage party? Home lending plummets at big banks

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“Rising mortgage rates mean that fewer people are refinancing their homes, which bludgeoned fourth-quarter mortgage results at Wells Fargo & Co. and J.P. Morgan Chase & Co., the country’s leading residential lenders, according to earnings reports released Tuesday.  It’s all quite a change from a year ago, when mortgage revenue was still propelling results at both Wells and J.P. Morgan. Fifteen months ago, J.P. Morgan CEO Jamie Dimon declared that the housing market ‘has turned a corner,’ and Wells Fargo CEO John Stumpf added, ‘Every quarter, we have more confidence.'”

http://blogs.marketwatch.com/thetell/2014/01/14/the-end-of-the-mortgage-party-home-lending-plummets-at-wells-fargo-j-p-morgan-chase/

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Shock: Reuters Compares Madoff Scam to Street Practices

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“This article comes right out and expresses the position that what Madoff did illegally is similar to what Wall Street – specifically the hedge fund portion of it – does every day.  While this point has often been made in the alternative media, to see it plainly posted at Reuters is startling.  While the article has another agenda (more on that below), it is somewhat anomalous, and its posting can be justified by current events: specifically, the fine that was just paid by JP Morgan based on findings that JP Morgan assisted Madoff in the fund that proved to be fraudulent.  This Reuters article comes tantalizingly close to revealing the truth about Wall Street.”

http://www.thedailybell.com/news-analysis/34939/Shock-Reuters-Compares-Madoff-Scam-to-Street-Practices/

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The Hows and Whys of Gold Price Manipulation

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“This manipulation by the Fed involves the short-selling of uncovered Comex gold futures. ‘Uncovered’ means that these are contracts that are sold without any underlying physical gold to deliver if the buyer on the other side decides to ask for delivery. This is also known as ‘naked short selling.’ The execution of the manipulative trading is conducted through one of the major gold futures trading banks, such as JPMorganChase, HSBC, and Bank of Nova Scotia. These banks do the actual selling on behalf of the Fed. The manner in which the Fed dumps a large quantity of futures contracts into the market differs from the way in which a bona fide trader looking to sell a big position would operate.”

http://www.paulcraigroberts.org/2014/01/17/hows-whys-gold-price-manipulation/

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JPMorgan Chase CEO denounces bitcoin as ‘terrible,’ predicts its downfall

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“The head of the largest bank in the US said Thursday that bitcoin is a ‘terrible store of value,’ in part because international governments, bankers, and other officials are unsure whether they can trust the digital currency.  Jamie Dimon, the CEO of JP Morgan Chase – which has $2.509 trillion in total assets – told CNBC that the cryptocurrency does not have much staying power because the hurdles it faces are insurmountable.  ‘It’s a terrible store of value. It could be replicated over and over,’ he said. ‘It doesn’t have the standing of a government.’  Dimon went on to cite media coverage that reported on the use of bitcoin for nefarious purposes.”

http://rt.com/usa/chase-ceo-bitcoin-terrible-downfall-100/

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The Consequence of Complacency Is Catastrophe

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“It’s precisely because of rising stock markets — and the accompanying complacency — that we have the most to be concerned about for the long-term future.  Stock market euphoria is a powerful drug.  It’s an artificial stimulant for the economy, an antidepressant for investors who’ve suffered big losses, and a memory-blocker for bankers who helped cause the great debt crisis.  Moreover, it does nothing to resolve the continuing — and growing — threats. So before the great forgettery of 2014 sets in, let me remind you about just the main ones.”

http://www.moneyandmarkets.com/the-consequence-of-complacency-is-catastrophe-57597

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JPMorgan CEO: Target breach is a wake-up call

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“More Target-sized security breaches will happen if banks and retail stores don’t start working together to further protect customers’ data, JPMorgan Chase’s CEO Jamie Dimon said Tuesday.  JPMorgan has replaced 2 million credit and debit cards as a result of the Target breach, Dimon said. That number is expected to rise. JPMorgan is the world’s largest issuer of credit cards.  Dimon expects that cybercrimes such as the Target breach will become more common if retailers and banks do not work on security, he said.  ‘This might be a chance for retailers and banks, for once, to work together as opposed to suing each other like we’ve been doing the last decade,’ Dimon said.”

http://www.usatoday.com/story/money/business/2014/01/14/jpmorgan-ceo-dimon-target-breach/4475665/

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Goldman Predicts More Gold Manipulation?

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“We live in a central banking era – one that has never occurred before. A handful of men have the power to manipulate markets on a global scale. Four central bankers control some 70% of the circulating money supply – the US, the EU, China and Japan. It is in Switzerland under the watchful eye of the BIS that these bankers come together to ‘coordinate’ the market. They are running a legalized money cartel and use their state-derived powers to justify all sorts of interference in the market. Goldman Sachs, of course, is a main servant of this sort of money power. There’s a good chance that Currie may know something the rest of us don’t.”

http://www.thedailybell.com/news-analysis/34931/Goldman-Predicts-More-Gold-Manipulation/

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Banking group sceptical about bitcoin’s future; it’s ‘inherently fragile’

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“The report by the International Institute of Finance, which represents more than 450 banks and financial institutions, said more regulation of bitcoin exchanges and transactions could strengthen its legitimacy among consumers and ease regulators’ doubts about it.  Said the report, its functionality and ultimate success ‘is determined by programmers – and their goodwill is taken for granted’.  Thus the IIF characterised bitcoin as effectively a ‘fiduciary currency’ with no intrinsic value. ‘Despite bitcoin’s ‘ingenious features’, it cannot provide a currency of stable value, and its use as a broadly accepted medium of exchange appears limited,’ the report concluded.”

http://www.scmp.com/business/banking-finance/article/1402262/banking-group-sceptical-about-bitcoins-future-calling

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