The
Crazy Things That One Whistleblower Says Are Happening At JP Morgan Will Blow
Your Mind
http://theeconomiccollapseblog.com
http://albertpeia.com/crazythingshappeningatjpmorgan.htm
‘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. The
whistleblower also warns of a "cascading credit
event being triggered" by derivatives related to Greek government
debt. Unlike Greg Smith at Goldman Sachs, this
whistleblower has chosen to remain anonymous for now. According to the
letter, the whistleblower is still an employee of JP Morgan and has not
resigned. But that does make it much more difficult to confirm what he is
saying. With Greg Smith, we know exactly who he is and what he was doing
at Goldman. As far as this anonymous whistleblower is concerned, all we
have is this letter. So we must take it with a grain of salt.
However, the information in this letter does agree with what whistleblowers such as Andrew Maguire have said in the past
about silver manipulation by JP Morgan. And this letter does mention Greg
Smith's resignation from Goldman, so we know that it must have been written in
the past few days. Hopefully this letter will cause authorities to take a
much closer look at the crazy things that are going on over at JP Morgan and
the other big Wall Street banks.
This anonymous letter was addressed
to the CFTC, but unfortunately it looks like the CFTC has already chosen to
ignore it.
The original letter from this
anonymous whistleblower has already been taken down from the CFTC website. When
you go there now, all you get is this
message....
"The
Comment Cannot Be Found. Please Return to the Previous Page and Try
Again."
Fortunately, there are many in the
alternative media that copied this entire letter from the CFTC website.
The following is a copy of the
original letter that the anonymous whistleblower from JP Morgan submitted to
the CFTC....
----------
Dear CFTC Staff,
Hello, I am a current JPMorgan Chase
employee. This is an open letter to all commissioners and regulators. I am emailing
you today b/c I know of insider information that will be damning at best for
JPMorgan Chase. I have decided to play the role of whistleblower b/c I no
longer have faith and belief that what we are doing for society is bringing
value to people. I am now under the opinion that we are actually putting hard
working Americans unaware of what lays ahead at extreme market risk. This risk
is unnecessary and will lead to wide-scale market collapse if not handled
properly. With the release of Mr. Smith’s open letter to Goldman, I too would
like to set the record straight for JPM as well. I have seen the disruptive
behavior of superiors and no longer can say that I look up to employees at the
ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air
just as pungently as rotting vegetables. They all know too well of the backdoor
crony connections they share intimately with elected officials and with other
institutions. It is apparent in everything they do, from the meager attempts to
manipulate LIBOR, therefore controlling how almost all derivatives are priced
to the inherit and fraudulent commodities
manipulation. They too may have one day stood for something in the past in the
client-employee relationship. Does anyone in today’s market really care about
the protection of their client? From the ruthless and scandalous treatment of
MF Global client asset funds to the excessive bonuses paid by companies with
burgeoning liabilities. Yes, we at JPMorgan that are in the know are fearful of
a cascading credit event being triggered in Greece as they have hidden
derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these
through counterparty risk and outright prop trading that our entire IB EDG
space could be annihilated within a few short days. The last ten years has been
market by inflexion point after inflexion point with the most notable coming in
2008 after the acquisition of Bear.
I wish to remain anonymous as of now
as fear of termination mounts from what I am about to reveal. Robert Gottlieb
is not my real name; however he is a trader that is involved in a lawsuit for
manipulative trading while working with JPMorgan Chase. He was acquired during
our Bear Stearns acquisition and is known to be the notorious person shorting
in the silver future market from his trading space, along with Blythe Masters,
his IB Global boss. However, with that said, we are
manipulating the silver futures market and playing a smaller (but still
massively manipulative) role in manipulating the gold futures market. We have a
little over a 25% (give or take a percentage) position in the short market for
silver futures and by your definition this denotes a larger position than for
speculative purposes or for hedging and is beyond the line of manipulation.
On a side note, I do not work
directly with accounts that would have been directly impacted by the MF Global
fiasco but I have heard through other colleagues that we have involvement in
the hiding of client assets from MF Global. This is another fraudulent effort
on our part and constitutes theft. I urge you to forward that part of the
investigation on to the respective authorities.
There is something else that you may
find strange. During month-end December, we were all told by our managers that
this was going to be a dismal year in terms of earnings and that we should not
expect any bonuses or pay raises. Then come mid-late January it is made known
that everyone received a pay raise and/or bonus, which is interesting b/c just
a few weeks ago we were told that this was not likely and expected to be paid
nothing in addition to base salary. January is right around the time we started
increasing our short positions quite significantly again and this most recent
crash in gold and silver during Bernanke's speech on February 29th is of
notable importance, as we along with 4 other major institutions, orchestrated
the violent $100 drop in Gold and subsequent drops in silver.
As regulators of the free people of
this country, I ask you to uphold the most important job in the world right
now. That job is judge and overseer of all that is justice in the most
sensitive of commodity markets. There are many middle-income people that invest
in the physical assets of silver, gold, as well as mining stocks that are being
financially impacted in a negative way b/c of our unscrupulous shorts in the
precious metals commodity sector. If you read the COT with intent you will find
that commercials (even though we have no business being in the commercial
sector, which should be reserved for companies that truly
produce the metal) are net short by a long shot in not only silver, but gold.
It is rather surprising that what
should be well known liabilities on our balance sheet have not erupted into
wider scale scrutinization. I call all honest and
courageous JPMorgan employees to step up and fight the cronyism and wide-scale
manipulation by reporting the truth. We are only helping reality come to light
therefore allowing a real valuation of our banking industry which will give
investors a chance to properly adjust without being totally wiped out. I will
be contacting a lawyer shortly about this matter, as I believe no other
whistleblower at JPMorgan has come forward yet. Our deepest secrets lie within
the hands of honest employees and can be revealed through honest regulators
that are willing to take a look inside one of
Kind Regards,
-The 1st Whistleblower of Many
----------
Another Enron?
If what this letter says is true,
then the problems facing our financial system are more serious than most of us
thought.
And the allegations of corruption at
JP Morgan are absolutely shocking.
But this is not the first
whistleblower to come forward to the CFTC with charges of rampant market
manipulation by JP Morgan.
Back in 2010 I wrote about the
stunning allegations that a former silver trader named Andrew Maguire presented
to the CFTC. The following is an extended excerpt from that article....
----------
Back in November 2009, Andrew
Maguire, a former Goldman Sachs silver trader in Goldman's
Maguire told the CFTC how silver
traders at JPMorgan Chase openly bragged about their exploits - including
how they sent a signal to the market in advance so that other traders
could make a profit during price suppression episodes.
Traders would recognize these
signals and would make money shorting precious metals alongside JPMorgan Chase.
Maguire explained to the CFTC how there would routinely
be market manipulations at the time of option expiries, during non-farm
payroll data releases, during commodities exchange contract rollovers, as well
as at other times if it was deemed necessary.
On February 3rd, Maguire gave the
CFTC a two day warning of a market manipulation event by email to Eliud Ramirez, who is a senior investigator for the CFTC’s Enforcement Division.
Maguire warned Ramirez that the price
of precious metals would be suppressed upon the release of non-farm
payroll data on February 5th. As the manipulation of the
precious metals markets was unfolding on February 5th, Maguire sent
additional emails to Ramirez explaining exactly what was going on.
And it wasn't just that Maguire
predicted that the price would be forced down. It was the level of
precision that he was able to communicate to the CFTC that was the most
stunning. He warned the CFTC that the price of silver was to be
taken down regardless of what happened to the employment numbers and that
the price of silver would end up below $15 per ounce. Over the next
couple of days, the price of silver was indeed taken down from $16.17
per ounce down to a low of $14.62 per ounce.
Because of Maguire’s warning,
the CFTC was able to watch a crime unfold, right in front
of their eyes, in real time.
So what did the CFTC do about it?
Nothing.
Absolutely nothing.
----------
You can read the rest of that article
right here.
So will the CFTC do anything about
all of this?
Based on past
history, probably not.
Basically, the CFTC is a government
agency that appears to do next to nothing.
Another scandal involving JP Morgan
has come out in recent days as well.
This one involves their credit card
division. If you have a moments, you should really read the recent American Banker expose of
credit card debt collection practices at JPMorgan Chase. It exposes some
things that will absolutely blow your mind.
Linda Almonte,
a former executive at JPMorgan Chase's Credit Card Litigation Support Group,
has revealed some incredible stuff regarding the debt collection practices at
the company. Almonte says that she was shocked
at what she saw when she began examining the details of a $200 million package
of debt collection judgments to an outside debt collection agency....
Nearly
half of the files her team sampled were missing proofs of judgment or other
essential information, she wrote to colleagues.
Even more worrisome, she alleged in her wrongful-termination suit, nearly a
quarter of the files misstated how much the borrower owed.
In
the "vast majority" of those instances, the actual debt was
"lower that what Chase was representing," her suit stated.
Almonte says that she warned that this sale of
debt collection judgments must be stopped, but that a company executive told
her that "she
had better go along with the plan to sell the misrepresented asset".
Almonte refused to go along, and she was fired on
November 30th, 2009.
You are probably thinking that this
sounds very much like the "robo-signing"
foreclosure scandal and you would be right.
The more we dig into these giant
financial companies the more corruption we find.
It really is shocking.
And remember, JPMorgan Chase is also
the company that makes more money whenever the
number of Americans on food stamps goes up.
JPMorgan Chase issues food stamp
debit cards in 26 U.S. states and the District of Columbia,
and they actually want more Americans to go on food stamps so that they can
make bigger profits from the division that issues them.
So now are you starting to understand
why so many Americans are upset about the corruption on Wall Street?
This isn't a "conservative
issue" or a "liberal issue" - it is an American issue and the
outrageous behavior of these firms has brought our financial system once again
to the edge of disaster.
Over the past six months, more than 350
prominent executives have resigned from major banks and financial
institutions all over the globe.
Is this a sign that the rats are
fleeing a sinking ship?
Do they know something that we don't?
What we do know is that the financial
crisis in
Very few of the things that caused
the financial crisis of 2008 were ever corrected and our financial system is
even more vulnerable today than it was back then.
In the end, this entire pyramid of
debt, leverage and corruption is going to come crashing down really hard, and
the consequences are going to be absolutely catastrophic.
