JP Morgan doubles CEO Jamie Dimon’s salary despite billions in fines. Dimon will receive a total pay package of $20 million in the same year his bank agreed to pay over a $13 billion settlement with the Justice Department. JPMorgan Chase payed $2.5 billion in penalties tied to Bernie Madoff’s $65 billion scam (Too Big Too Jail–Again). Add the $2.5 billion to the $13 billion settlement late last year to satisfy a civil penalty for selling tainted mortgage bonds. That settlement did not release the bank from additional criminal charges. Also, add the $6.2 billion trading losses for the so-called London Whale trading scandal and the more than $1billion fine and it adds up to nearly $23 billion in losses and fines in just the last year!
Now here are few questions you should ask is:
- Why don’t any bankers go to jail for obvious fraud?
- How does CEO Jamie Dimon still have a job after losing nearly $23 billion in trading losses and fines?
- How does JP Morgan maintain any credibility with its shareholders and customers?
- How did JP Morgan’s stock price continue to climbed from $14.51, or 33%, to $58.48 in 2013 (a bigger gain than Standard & Poor’s 500 index, which rose almost 30%)?
- Why does President Obama continue to say that Jamie Dimon is, “one of the best bankers we got”?
- Why doesn’t anybody care?
In 1985, there were more than 18,000 banks in the United States. As of today – there are only 6,891 left, and that number continues to drop every single year. The six
largest (too big to fail – TBTF) banks in the United States – JPMorgan Chase,
Bank of America, Citigroup, Wells Fargo, Goldman Sachs and Morgan Stanley – have
gotten 37% larger since the 2008 financial meltdown.
Now if even one of these TBTF banks collapse, it would create a massive rippling “domino” effect to the U.S. economy that could plunge the nation into an economic depression unlike anything it has seen before. Why? Because just four of these TBTF banks each
have more than 40 trillion dollars of exposure to derivatives.
Total Assets: $1,947,794,000,000
(nearly $1.95 trillion)
Total Exposure To Derivatives: $71,289,673,000,000
(more than $71 trillion)
JP Morgan Blackbox Forecast
The astrological blackbox forecast based on planetary transits to the JP Morgan Chase first trade horoscope again indicate extreme stresses on the troubled investment from late 2013 throughout 2014.
Below is the Timeline of the Missing and the Dead Bankers:
January 11, 2014
MISSING:David Bird, 55 was a long-time reporter for the Wall Street Journal working at the Dow Jones news room, went for a walk on Saturday, January 11, 2014 near his New Jersey home and disappeared without a trace. Mr. Bird was a reporter of the oil and commodity markets which happened to be under investigation by the U.S. Senate Permanent Subcommittee on Investigations for price manipulation.
January 26, 2014
DECEASED: Tim Dickenson was a U.K.-based communications director at Swiss Re AG, was reportedly found dead under undisclosed circumstances.
DECEASED:William Broeksmit, 58 was a former senior manager for Deutsche Bank, was found hanging in his home from an apparent suicide. It is important to note that Deutsche Bank is under investigation for reportedly hiding $12 billion in losses during the financial crisis and for potentially rigging the foreign exchange markets. The allegations are similar to the claims the institution settled in 2013 over involvement in rigging the Libor interest rates.
January 27, 2014
DECEASED: Karl Slym, 51 was a managing director of Tata Motors was found dead on the fourth floor of the Shangri-La hotel in Bangkok. Police said he “could” have committed suicide. He was staying on the 22nd floor with his wife, and was attending a board meeting in the Thai capital.
January 28, 2014
DECEASED: Gabriel Magee, 39 was a JP Morgan employee, died after reportedly “falling” from the roof of its European headquarters in London in the Canary Wharf area. Magee was vice president at JPMorgan Chase & Co’s (JPM) London headquarters.
Gabriel Magee, a Vice President at JPMorgan in London, plunged to his death from the roof of the 33-story European headquarters of JPMorgan in Canary Wharf. Magee was involved in “Technical architecture oversight for planning, development, and operation of systems for fixed income securities and interest rate derivatives” based on his online Linkedin profile.
It’s important to note that JPMorgan, like Deutsche Bank, is under investigation for its potential involvement in rigging foreign exchange rates. JPMorgan is also reportedly under investigation by the same U.S. Senate Permanent Subcommittee on Investigations for its alleged involvement in rigging the physical commodities markets in the U.S. and London.
January 29, 2014
DECEASED: Mike Dueker, 50 who had worked for Russell Investment for five years, was found dead close to the Tacoma Narrows Bridge in Washington State. Dueker was reported missing on January 29, 2014. Police stated that he “could have” jumped over a fence and fallen 15 meters to his death, and are treating the case as a suicide.
Before joining Russell Investments, Dueker was an assistant vice president and research economist at the Federal Reserve Bank of St. Louis from 1991 to 2008. There he served as an associate editor of the Journal of Business and Economic Statistics and was editor of Monetary Trends, a monthly publication of the St. Louis Federal Reserve.
In November 2013, the New York Times reported that Russell Investments was one of several investment companies that were under subpoena from New York State regulators investigating potential “pay-to-play” schemes involving New York pension funds.
February 3, 2014
DECEASED: Ryan Henry Crane, 37 was the Executive Director in JPMorgan’s Global Equities Group. Of particular relevance is that Crane oversaw all of the trade platforms and had close working ties with the now deceased Gabriel Magee of JPMorgan’s London desk. The ties between Mr. Crane and Mr. Magee are undeniable and outright troublesome. The cause of death has not yet been determined, pending the results of a toxicology report.
February 6, 2014
DECEASED: Richard Talley, 57 was the founder and CEO of American Title, a company he founded in 2001. Talley and his company were under investigation by state insurance regulators at the time of his death. He was found in the garage of his Colorado home by a family member who called authorities. Talley reportedly died from seven or eight “self-inflicted” wounds from a nail gun fired into his torso and head.
February 18, 2014
Deceased: Mr. Lee, 33 year-old man who was said to have been an FX trader for JPM, just jumped to his death.