Jamie Dimon will hold a town hall-style meeting with junior bank examiners from the Office of the Comptroller of the Currency next week in an effort to "answer all staff inquiries." According to WSJ, the meeting comes on the heels of an earlier meeting with senior examiners during which Dimon was told that "regulators don't trust [the firm's] management" and believe JPM simply "isn't getting the message." Scrutiny seems to be coming to a head (I, II) lately just as Dimon is set to face shareholders this month. [View news story]
Justa, the message will be the same as it was to the senior examiners last week - if you want the revolving door to work for you....alll these investigations go away
It tells you all you need to know, says Danske's Owen Callan, that the ECB would consider negative deposit rates rather than buying government paper. Draghi saying he has an "open mind" on negative deposit rates looks to be what sent the euro tumbling about 100 pips on one 5-minute bar. FXE -0.6% premarket. [View news story]
The problem is, it's not negative interest rates for banks to stash money w/the ECB...it's -60% for common depositors ala Cyprus that will become all the rage.
According to CME reports, J.P. Morgan accounted for nearly all of the physical gold sales at Comex in the last three months, writes blogger Mark McHugh. The sales, representing nearly 2M ounces, is 74% more gold than the U.S. Mint delivered through its American Eagle program in all of 2012. The very idea of "broad-based" selling is a farce, says McHugh. “One thing’s very clear: When it comes to selling physical gold, J.P. Morgan is acting alone.” [View news story]
So as soon as the judge tossed the GATA lawsuit by saying they hadn't shown JPM intended to effect the price via their shorts, they promptly drive the metals down 30% because they won't be touched. Time to remake the entire regulatory system.
I don't know... I think the realization that printing isn't working is starting to dawn on even Bennie and the rest of the doves. More importantly, the level of the game has changed. The Cyprus debacle (and soon to be other confiscations) have pulled the curtain on the entire banking/fiat kingdom. The resulting rush to secure physical gold is exposing the fractional underbelly of our corrupt system. That genie can't be put back in the bottle and is orders of magnitude bigger then an issue like the Fed distorting rates. The situation has changed from say possibly loosing a few small countries from the Eurozone to the entire worldwide banking system getting reset. Get your canned goods and firewood ready.
Smoking the euro (FXE -1%) but offering no help to European stocks (FEZ -3%) is the ECB's (and Germany's) hawkish Jens Weidmann suggesting the central bank could slash rates if punkish economic data keeps rolling in. He brushes aside the idea the region's debt crisis is anywhere near over. "The calm that we are currently seeing might be treacherous." [View news story]
The unemployed won't be repaying their loans depending on whether the interest rate is .5 or 1%
A steady slide has brought gold (GLD) down $40 from this morning's highs and to about flat for the session at $1,362/oz. "There are two types of crashes - those when fundamentals change, and corrections in an ongoing bull market," says Guggenheim CIO Scott Minerd. "Gold's in the latter." [View news story]
Looks like Dimon has just decided to outperform and earn double his bonus next year...under the watchful eye of his current and future employee - Propeller Bennie
Banks and lobbyists got a look at the latest Fed minutes yesterday afternoon according to a list which shows the 150 e-mail addresses that received the release Tuesday. Among the big banks whose officials got the message: JPMorgan, Goldman Sachs, Nomura, and Citigroup.[View news story]
Wow. Just cuz they tipped us early, they weren't following our instructions. And even w/though we get advance notice, its tough for us to deploy our unlimited funds of the public's money. So what if the regulators we bought ignore us breaking every law and we get bailed out as soon as we're on the wrong side of things. You forgot to add - that's why I'm richer then you. I'd say you are lucky to be where we can't get our hands on your throat.
The EU is preparing to take the apparent non-template that is the Cyprus bailout and incorporate some elements of it into a new law that would force haircuts on large deposits in banks that fail, economic affairs chief Olli Rehn has said. Bundesbank Jens Weidmann says that the Cyprus crisis shows that banks can be wound up. Along with Rehn's comments, it also shows that depositors' money is no longer safe in Europe. [View news story]
Since Putin gave the Russians a time limit to bring their cash home or risk dismissal, you are going to see 2 things happen - bank runs in all tax haven countries ahead of the deadline and a lot of job openings in Russia if the official feels they have stolen enough already.
Next month, shareholders will decide whether to support a proposal to strip Jamie Dimon of his chairmanship (I, II, III). Supporters of the plan to split the CEO and chairman roles will lobby major shareholders prior to May's JPMorgan (JPM) shareholder meeting, while Dimon's supporters have already engaged large JPM shareholders such as Blackrock, T. Rowe Price, and Vanguard. "I can't think of another company where independent board leadership would be a more useful correction for CEO hubris," says AFL-CIO's head of investment Brandon Rees.[View news story]
I think a little time in a cell w/Leroy is the cure JD needs.
China takes further measures to cool the property market, with Beijing banning single-person households from purchasing more than one home. The city is also increasing the minimum down-payment for those who want to acquire a second property. Researcher Yi Xianrong isn't convinced by the measures, which "are aimed more at short-term problems rather than the long-term healthy development of the property market." [View news story]
That's right. The Dems think even our section 8 folks should have a vacation home.
A trend to watch: The sharpest drop in corn prices in nine months on a higher-than-expected tally of domestic corn inventories could bode well for a number of food companies expecting to see high commodity costs. Though the implications can be broad if lower corn prices take hold, a few firms which might see a margin kick include General Mills (GIS +0.6%), PepsiCo (PEP +0.6%), Coca-Cola (KO +0.3%), Post Holdings (POST +1%), and Kellogg (K -0.3%). [View news story]
This sounds like a complete croc of dung to me. Corn production was down huge here and abroad last year due to drought. I can promise you nobody magically grew any over the winter...and it sure didn't sit unnoticed on a barge somewhere. Drought is already an issue this spring over much of the midwest and the price of corn seed is through the roof. Something stinks here like a smiling banker; just not sure what yet.
Given his soft outlook for employment and inflation, the Fed needs to be more accommodative, says Minneapolis Fed chief (and former hawk) Kocherlakota. He suggests lowering the unemployment threshold for tightening to 5.5% from 6.5% as his models tell him those magic 100 basis points will increase spending, and drive up employment and prices. [View news story]
You seem to prefer the future the German kids had in the 40's...the ones w/blue eyes and blonde hair anyway.
Citigroup (C) is thinking about cutting its cash on hand by $35B, which could help the bank boost its earnings by 2% this year by allowing it to cut debt or purchase higher-yielding assets. Even after reducing its available capital, Citigroup's liquidity would still be 10% more than will be required under Basel III. [View news story]
The original idea behind that was exactly what we need to see in this country. That's exactly why the politicians and special interests quickly hijacked it to derail any true reform. It will re-surface in time...hopefully with guillotines.
Given his soft outlook for employment and inflation, the Fed needs to be more accommodative, says Minneapolis Fed chief (and former hawk) Kocherlakota. He suggests lowering the unemployment threshold for tightening to 5.5% from 6.5% as his models tell him those magic 100 basis points will increase spending, and drive up employment and prices. [View news story]
It's not working well. How anybody can't see that after 5 years of more, more, more is beyond me...except those that taking part in the pillaging w/this approach.
Only 2 things come from Minnesota, son. Hawks ain't one of them. Not that there is anything wrong w/that.
Citigroup (C) is thinking about cutting its cash on hand by $35B, which could help the bank boost its earnings by 2% this year by allowing it to cut debt or purchase higher-yielding assets. Even after reducing its available capital, Citigroup's liquidity would still be 10% more than will be required under Basel III. [View news story]
It usually just mean the thieves will pay out more in compensation
Jamie Dimon will hold a town hall-style meeting with junior bank examiners from the Office of the Comptroller of the Currency next week in an effort to "answer all staff inquiries." According to WSJ, the meeting comes on the heels of an earlier meeting with senior examiners during which Dimon was told that "regulators don't trust [the firm's] management" and believe JPM simply "isn't getting the message." Scrutiny seems to be coming to a head (I, II) lately just as Dimon is set to face shareholders this month. [View news story]
It tells you all you need to know, says Danske's Owen Callan, that the ECB would consider negative deposit rates rather than buying government paper. Draghi saying he has an "open mind" on negative deposit rates looks to be what sent the euro tumbling about 100 pips on one 5-minute bar. FXE -0.6% premarket. [View news story]
According to CME reports, J.P. Morgan accounted for nearly all of the physical gold sales at Comex in the last three months, writes blogger Mark McHugh. The sales, representing nearly 2M ounces, is 74% more gold than the U.S. Mint delivered through its American Eagle program in all of 2012. The very idea of "broad-based" selling is a farce, says McHugh. “One thing’s very clear: When it comes to selling physical gold, J.P. Morgan is acting alone.” [View news story]
Time to remake the entire regulatory system.
Apr. Richmond Fed Mfg. Survey: -6 vs. +3 expected, +3 previous. [View news story]
Smoking the euro (FXE -1%) but offering no help to European stocks (FEZ -3%) is the ECB's (and Germany's) hawkish Jens Weidmann suggesting the central bank could slash rates if punkish economic data keeps rolling in. He brushes aside the idea the region's debt crisis is anywhere near over. "The calm that we are currently seeing might be treacherous." [View news story]
A steady slide has brought gold (GLD) down $40 from this morning's highs and to about flat for the session at $1,362/oz. "There are two types of crashes - those when fundamentals change, and corrections in an ongoing bull market," says Guggenheim CIO Scott Minerd. "Gold's in the latter." [View news story]
Banks and lobbyists got a look at the latest Fed minutes yesterday afternoon according to a list which shows the 150 e-mail addresses that received the release Tuesday. Among the big banks whose officials got the message: JPMorgan, Goldman Sachs, Nomura, and Citigroup. [View news story]
The EU is preparing to take the apparent non-template that is the Cyprus bailout and incorporate some elements of it into a new law that would force haircuts on large deposits in banks that fail, economic affairs chief Olli Rehn has said. Bundesbank Jens Weidmann says that the Cyprus crisis shows that banks can be wound up. Along with Rehn's comments, it also shows that depositors' money is no longer safe in Europe. [View news story]
Next month, shareholders will decide whether to support a proposal to strip Jamie Dimon of his chairmanship (I, II, III). Supporters of the plan to split the CEO and chairman roles will lobby major shareholders prior to May's JPMorgan (JPM) shareholder meeting, while Dimon's supporters have already engaged large JPM shareholders such as Blackrock, T. Rowe Price, and Vanguard. "I can't think of another company where independent board leadership would be a more useful correction for CEO hubris," says AFL-CIO's head of investment Brandon Rees. [View news story]
China takes further measures to cool the property market, with Beijing banning single-person households from purchasing more than one home. The city is also increasing the minimum down-payment for those who want to acquire a second property. Researcher Yi Xianrong isn't convinced by the measures, which "are aimed more at short-term problems rather than the long-term healthy development of the property market." [View news story]
A trend to watch: The sharpest drop in corn prices in nine months on a higher-than-expected tally of domestic corn inventories could bode well for a number of food companies expecting to see high commodity costs. Though the implications can be broad if lower corn prices take hold, a few firms which might see a margin kick include General Mills (GIS +0.6%), PepsiCo (PEP +0.6%), Coca-Cola (KO +0.3%), Post Holdings (POST +1%), and Kellogg (K -0.3%). [View news story]
Given his soft outlook for employment and inflation, the Fed needs to be more accommodative, says Minneapolis Fed chief (and former hawk) Kocherlakota. He suggests lowering the unemployment threshold for tightening to 5.5% from 6.5% as his models tell him those magic 100 basis points will increase spending, and drive up employment and prices. [View news story]
Citigroup (C) is thinking about cutting its cash on hand by $35B, which could help the bank boost its earnings by 2% this year by allowing it to cut debt or purchase higher-yielding assets. Even after reducing its available capital, Citigroup's liquidity would still be 10% more than will be required under Basel III. [View news story]
Given his soft outlook for employment and inflation, the Fed needs to be more accommodative, says Minneapolis Fed chief (and former hawk) Kocherlakota. He suggests lowering the unemployment threshold for tightening to 5.5% from 6.5% as his models tell him those magic 100 basis points will increase spending, and drive up employment and prices. [View news story]
Only 2 things come from Minnesota, son. Hawks ain't one of them. Not that there is anything wrong w/that.
Citigroup (C) is thinking about cutting its cash on hand by $35B, which could help the bank boost its earnings by 2% this year by allowing it to cut debt or purchase higher-yielding assets. Even after reducing its available capital, Citigroup's liquidity would still be 10% more than will be required under Basel III. [View news story]