…from the quill of Antisthenes the Younger
Normally I would write that I have only an academic interest in finance, but with Koroly, Flannery, Briffa and such like being academics… I don’t want any taint by association. My interest in high finance is only for its entertainment value. So when an ex-Goldman Sachs operative Greg Smith had his epiphany on the pages of New York Times a week days ago, I thought – no big deal. Now if ex-Goldman Sachs operative Malcolm Turnbull, currently masquerading as a Liberal, wrote something, it could be different. Perhaps one day, an immunity will be offered or the statute of limitation kicks in.
There is no excuse for a literate person not to know what finance houses “do” to people, though “how” is complex, devious and harder to grasp. Even I once read a book by Michael Lewis, formerly of Solomon Brothers, Liar’s Poker, thought was surprised that it was first published so long time ago, in 1989. I realised it when I read the article Greg Smith v. Goldman Sachs on zero hedge blog, which is saying what I would have, if I knew how. I recommend it.
Now an e-mail by, supposedly, a JP Morgan Chase employee surfaced. It was sent to US Commodities Futures Trading Commission, stayed on its website for 48 hours and disappeared. Since then it appears and disappears from websites as Scarlet Pimpernel during the Reign of Terror in France, almost as if designed to attract attention to the otherwise forgettable writing. The e-mail rehashes the obvious without any additional, “smoking gun”, details. Booooring. Why now? A distraction for what purpose?
It could be just a silly hoax. Some people have nothing to do and enjoy making fools out of their fellow citizens. Or perhaps such hoaxes are needed to make citizens out of fools. Something is certainly needed to bring the citizens’ attention to what has been for far too long happening right under their noses and with the connivance of their elected representatives.
Hello, I am a current JPMorgan Chase employee. This is an open letter to all commissioners and regulators.I am emailing you today b/c I know of insider information that will be damning at best for JPMorgan Chase. I have decided to play the role of whistleblower b/c I no longer have faith and belief that what we are doing for society is bringing value to people. I am now under the opinion that we are actually putting hard working Americans unaware of what lays ahead at extreme market risk. This risk is unnecessary and will lead to wide-scale market collapse if not handled properly. With the release of Mr. Smith’s open letter to Goldman, I too would like to set the record straight for JPM as well. I have seen the disruptive behavior of superiors and no longer can say that I look up to employees at the ED/MD level here at JPM. Their smug exuberance and arrogance permeates the air just as pungently as rotting vegetables. They all know too well of the backdoor crony connections they share intimately with elected officials and with other institutions.It is apparent in everything they do, from the meager attempts to manipulate LIBOR, therefore controlling how almost all derivatives are priced to the inherit and fraudulent commodities manipulation. They too may have one day stood for something in the past in the client-employee relationship. Does anyone in today’s market really care about the protection of their client? From the ruthless and scandalous treatment of MF Global client asset funds to the excessive bonuses paid by companies with burgeoning liabilities.Yes, we at JPMorgan that are in the know are fearful of a cascading credit event being triggered in Greece as they have hidden derivatives in excess of $1 Trillion USD. We at JPMorgan own enough of these through counterparty risk and outright prop trading that our entire IB EDG space could be annihilated within a few short days.The last ten years has been market by inflexion point after inflexion point with the most notable coming in 2008 after the acquisition of Bear.
It is rather surprising that what should be well known liabilities on our balance sheet have not erupted into wider scale scrutinization. I call all honest and courageous JPMorgan employees to step up and fight the cronyism and wide-scale manipulation by reporting the truth.We are only helping reality come to light therefore allowing a real valuation of our banking industry which will give investors a chance to properly adjust without being totally wiped out. I will be contacting a lawyer shortly about this matter, as I believe no other whistleblower at JPMorgan has come forward yet. Our deepest secrets lie within the hands of honest employees and can be revealed through honest regulators that are willing to take a look inside one of America’s best kept secrets. Please do not allow this to turn into another Enron.
By the way, that e-mail appears to have been edited. / … / Some commentators mention mistakes, grammar and the writing style of the piece as suspicious. True, but it is no proof that the author is not JP Morgan employee. Firstly, ability to lie, sell and manipulate figures does not necessarily mean an equal skills in English. Secondly, many anonymous ‘contributors’ try to disguise themselves by altering, invariably by dumbing down, their writing style.