FBI investigates JPM trading loss [NotSoBreaking]

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Drench Posts: 28631 Incept: 2009-11-10	FBI director confirms bureau has opened preliminary investigation into JPMorgan Chase's massive trading loss CNN.com Breaking 2012-05-16 12:39:41 Permalink
Argos Posts: 6305 Incept: 2008-03-23 The Green Mountain State	The FBI's hand was forced when the subject of JPM's trades was broached on "The View." Seriously, though, with all the blatantly illegal stuff that has transpired in recent years . . . Last modified: 2012-05-16 12:52:49 by argos 2012-05-16 12:50:45 Permalink
Frat Posts: 1934 Incept: 2009-07-15 NKY	Well, yeah, of course they need to investigate. When the elite LOSE money, they've got to find the reason and prevent it the next time. ---------- We're ***ed. Where's Henry Bowman when you need him? 2012-05-16 12:59:08 From PDA* Permalink
Drench Posts: 28631 Incept: 2009-11-10	http://news.blogs.cnn.com/2012/05/16/fbi.... 2012-05-16 13:07:23 Permalink
Lowbeyond Posts: 16864 Incept: 2008-02-11 CO aka West NJ/East CA	Result of the investigation: Obama campaign $ from JPM ---------- Maybe it was a birdy bread-bomber from the future?! 2012-05-16 13:25:02 Permalink
Gamma Posts: 5546 Incept: 2008-01-20 Northern CA	I really do not understand this. If Exxon makes too much money, they get investigated. If JPM loses money, they get investigated. $2 billion is***** for JPM. JPM has made gobs of money over the last 2-3 years of effectively zero interest and their inside track on Fed moves via Dimon's seat on the board. And let's not think they are not blazingly sharp traders, with every tool big money can buy. So they screwed up on one deal. BFD. Where does Congress get off investigating this? What laws were broken? And who thinks for one second that the douchebags in Congress have even the most basic ability to understand the types of deals that can snake a JPM? JPM made giant money long oil and various commods, and they lost money on this deal. Big deal. I guess it's just diversion. Congress is engaged in so little activity that benefits anyone but themselves, I guess this is a piece of theater they can engage in. Like Barry Bonds on steroids. Who gives a crap? Now, if you want to say that because this was a "mark to market" loss, and that is new, and that threatens banks, I fully agree. But Congress has no ability to comprehend this. ---------- This stuff we're going through, this is nothing compared to the Middle Ages. They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough... 2012-05-16 13:35:29 Permalink
Asimov Posts: 103848 Incept: 2007-08-26 East Tennessee Eastern Time Online	Gamma: $2B is what they have admitted to. Rumors are floating that it's actually more in the $20-30B range. ---------- It's justifiably immoral to deal morally with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente. 2012-05-16 13:38:16 Permalink
Lowbeyond Posts: 16864 Incept: 2008-02-11 CO aka West NJ/East CA	20-30B ? err.... ---------- Maybe it was a birdy bread-bomber from the future?! 2012-05-16 13:39:20 Permalink
Asimov Posts: 103848 Incept: 2007-08-26 East Tennessee Eastern Time Online	Shrug ---------- It's justifiably immoral to deal morally with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente. 2012-05-16 13:40:41 Permalink
Peterm99 Posts: 4981 Incept: 2009-03-21 SoCal	Asimov - Even if it were in the 20 - 30 billion range (or even higher), I believe that the points raised in Gamma's first paragraph are valid. I don't agree with his statement that a mark-to-market loss deserves a criminal investigation because, thanks to Kanjorski et al, mark-to-market is no longer the law of the land. Except for the matter of Dimon possibly (probably?) having lied in his April presentation, what is there about JPM's losses here that merit either an FBI or a Congressional investigation? ---------- ". . . the Constitution has died, the economy welters in irreversible decline, we have perpetual war, all power lies in the hands of the executive, the police are supreme, and a surveillance beyond Orwell�s imaginings falls into place." - Fred Reed Last modified: 2012-05-16 14:24:30 by peterm99 Reason: added "no" to make it "no longer" 2012-05-16 13:53:16 Permalink
Genesis Posts: 130662 Incept: 2007-06-26	If he lied it's a crime. Of course we know how much Congress and Holder have cared about that thus far, right? ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2012-05-16 13:56:12 Permalink
Gamma Posts: 5546 Incept: 2008-01-20 Northern CA	But Asi, for JPM to "declare" a $2 bill loss and then to have a $20 Bil loss, especially afer a conference call and news reports given by Dimon himself, would be such a flaming violation of SEC rules that I doubt even Jamie Dimon, even JPM could escape prosecution. They would be 500 times smarter reporting an $8 bill loss and then revising it downwards to only a $3 bill loss. Rumors? Come on. Tell you what, I believe a wise speculator would be starting to first-nibble some JPM long here right at 36. Maybe some LEAPs if the vol is reasonable and has settled down---I haven't checked. ---------- This stuff we're going through, this is nothing compared to the Middle Ages. They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough... 2012-05-16 13:57:32 Permalink
Genesis Posts: 130662 Incept: 2007-06-26	The problem isn't the MTM loss, it's that the position is still on and we don't know if there are OTHERS that presently are ALSO on and, while "ok" now, might not be in the near future. ---------- I don't care* if it makes sense -- only if it makes money. -- Me* Bank (n): See scam, fraud and theft. *Eat a bankster -- they're low-carb.* *What part of "shall not be infringed" was unclear?* 2012-05-16 13:59:15 Permalink
Asimov Posts: 103848 Incept: 2007-08-26 East Tennessee Eastern Time Online	Gamma: Might want to read this: www.zerohedge.com/contributed/2012-20-16/jp-morgan-used-�hedginess�-engage-illegal-speculation There's a lot more screwiness here than a "hedge" that lost $2B. [Edit: Sorry, you'll have to cut and paste the url. The screwy characters in it are disliked by the TF code.] ---------- It's justifiably immoral to deal morally with an immoral entity. If you trade based on what other people say, you will lose money. Especially what I say. I won't be held responsible. Festina lente. Last modified: 2012-05-16 14:14:59 by asimov 2012-05-16 14:13:40 Permalink
Gamma Posts: 5546 Incept: 2008-01-20 Northern CA	Thanks for the link, Asi, I will peruse further. Peterm, I didn't mean to imply that an admitted M2M loss "threatens" banks from the legal standpoint...it's a "new" (of course, not really) loss in terms of being finally admitted, acknowledged. I believe it is or could be a valid fear that recognition of M2M losses as a "new piece of news" is threatening to banks and the health (or even the very existence of) their bal sheets. I think it's safe to say that we all believe that a full dose of M2M recognition would instantly detonate all the major banks. ---------- This stuff we're going through, this is nothing compared to the Middle Ages. They told me if I voted for John McCain, an idiot would be a heartbeat away from the presidency. Sure enough... 2012-05-16 14:20:52 Permalink
Jslique Posts: 464 Incept: 2008-07-28 Melbourne	If Corzine has not been charged with anything they sure are not going to find anything here. This class of people is fast becoming the untouchables. Martha stewart must have****ed off someone real bad. 2012-05-16 22:47:19 Permalink*
Inez Posts: 360 Incept: 2009-07-08	Now jpm loss is 3B. http://www.marketwatch.com/story/jp-morg.... 2012-05-17 00:09:04 From PDA Permalink
Tickerfan Posts: 2847 Incept: 2008-01-02	Any word on what this mystery trade was? 2012-05-17 06:43:01 Permalink
Loudoungroup Posts: 3739 Incept: 2008-02-01 San Antonio, TX	Drip Drip Drip....do I hear 5B by the weekend? Snicker.... One massive fraud vessel ---------- http://caps.fool.com/player/loudoungroup.... - Amazing once in the top 30, now shooting for -7000 via the Ben Bernank POMO operation. 2012-05-17 11:37:27 Permalink


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