Wait a minute, that’s not a Diamond that’s a Dimon.
It turns out that Jimmy D’s Sausages are of higher value than Jamie Dimon’s acronym soup backed securities. Who really believes this guy? Seriously. Here he goes again testifying to a bunch of “representatives” many of whom have received money from Jamie D and/or JPM or one of the affiliated acronym entities.
Last week Jamie played public patty cake with the Senate who asked him leading questions and lavished him with compliments for having such a solid balance sheet. It was even said that they JP Morgan Chase is in better shape than the United States.
I watched this on C-SPAN in awe as these Senators kept making these “brown nose, sucking up” comments. I’m thinking do they really believe their own words? How could it be that the bank that ACTUALLY received who know’s how many trillions in tax payer money is the example of stability? This is the lunacy that has taken over our society. If they don’t get that money in 08′ they go belly up just like Lehman Brothers and everyone knows it.
The game that is being played is an obvious ponzi scheme but these guys are choosing to play anyway. Meanwhile the crisis in EUROPE continues to boil over. People are acting like they don’t remember how much of the “toxic assets” the Europeans are now holding first came from U.S. banksters in 2008. The only thing that’s happen is now the EURO has the “hot potato”. How long before they are saying its a second U.S. Recession b/c of Europe?
Remember, it was the European debt market where these bankster geniuses stashed tons of debt from the 2008 crisis. Now time has passed and those chickens have come home to roost. What is the solution? More debt.
The Fed has already pre announced a new round of quantitative easing although they won’t call it that and simultaneously Jamie D hasn’t confirmed JPM is out of its failed trade. So, when the FED says it’s buying mortgage backed securities who knows if the treasury will end up owning JP Morgan Chase’s loosing position.
How would that work? Tim Geithner needs paper to sell to the FED in order to raise capital. Where will the fed find some “toxic paper” to sell to Ben Bernanke? Do you think it’s possible that JP Morgan’s current bad trade position could end up on the balance sheet of the U.S. Treasury? This is like a stealth bailout. People are worried about the big three for the Miami Heat but they need to think about the big three banksters Dimon, Bernanke, and Geithner.
Watch out for the announcement that JP Morgan Chase is out of its “FAILED” trade after the QE announcement. Coincidence? You be the judge.
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