Here’s the BEST part of the JPM document.
It’s easy to see on the PDF:
http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf
Go to page 9. Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over. Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.
Holy mark to bullshit. Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.
It gets better. Go to page 10. The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion FDIC reality adjustment’, which leaves them in a negative equity position of (-$16 billion).
So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books.
Max Keiser
Financial War Reports
I stalk comments sections bcause of no formal financial learning-I glean alot
http://www.nakedcapitalism.com/2012/08/reuters-runs-interference-for-elite-corruption-scrubs-article-that-shows-how-banks-get-out-of-jail-free.html
Yeah, but don’t forget the Goodwill.
http://tradewithdave.com/?p=11483
What happens if equity markets tank?
Here’s how the banks like Chase can fix their balance sheet, with more stealing:
http://www.activistpost.com/2012/08/gauss-virus-targets-banking-system-may.html
excerpt:
“Recently, we have seen other types of theft out of customer accounts held in major banks like Bank of America (BoA) wherein they drilled into a customer’s safety deposit box, confiscated family heirlooms and transferred them out of the bank. The customer’s property was sent to North Carolina before the theft was detected. When the customer attempted to retrieve their property, BoA claimed they did not have a social security number on file which was why they emptied out the safety deposit box. However, when opening a safety deposit box, the customer’s social security number is provided on the initial documentation.
The lie BoA perpetrated on the customer was simply to distract from the fact that they overtly stole from their customer’s private account. And this small-time thievery may be a symptom of a larger banking scheme looming in the distance.
Gauss, which is an online banking surveillance virus, has the capability of electronically transferring information out of customer accounts to be redirected to another location. The banking industry would be devastated if suddenly they were infiltrated by Gauss, which would cause every banking customer to become insolvent overnight.
This sets the stage for the banking holiday that we’ve all been warned about. For example, the mainstream media would be used to announce that Gauss has infected all domestic banking computer systems. In order to purge the virus, all banks would need to shut down for a specified amount of time in order to reconfigure their computers. Perhaps on a Friday afternoon, the major banks will all announce that they will shut down to customer activity so they can “get rid of” Gauss from their system. The banks might say that they will reopen to the public on Monday morning.”
Yes, JPM’s market cap is determined by the aggregate value of it’s common shares. This price is marked to market on the Dow. I think it’s about $30 now, but this “mark to fantasy” accounting model really means that the share price should be $5.00.
Do Macbeth’s 3 witches rule? Does the mythical, nonsense content, of their cauldron predetermine our conversation, just as Motorshipsarrived suggested?
“Maynard Keynes foresaw systemic perpetual war” … the keyword “systemic”. So just what the hell, will “perpetual”, variations on the “systemic” theme produce?
Replace the system … . Engineer a new, non monetary, system or all future conversations are empty, meaningless predetermined dysfunction. A game of media manipulation a malfeasance doctrine, for the benefit of those who have absolutely no humility in front of the powerhouse of biological force.
@Max, Stacy
me and mine are ready for this VAMPIRE bank to be dragged into hell.
these masters of the UNDEAD never go willingly or quietly though, so stand back.
.
Jamie’s probably thinking …. “what’s all the fuss , we’ve got $80 Trillion in Derivatives and they’re worried about a measly $150 Billion ?”
JPMorgue is MK Ultra…………… http://www.redicecreations.com/radio/2012/08/RIR-120809.php
(2 hours)
Thanks for killing the auto-play feature!
It will not be “like” Enron, it’ll be a fair bit worse, expect it to cascade. And since the SLA keeps growing, it’s merely a matter of time