Transnational Plutocrats Behind JPMorgan Chase

Behind the Scenes at JP Morgan Is An Army of Plutocrats from the Global Elite: Bilderbergers, CFR, Trilateralists, Henry Kissinger, World Economic Forum, Group of 30, Industrialists, Oil men and Billionaires from around the World Control the 4 Trillion Dollar Bank Operations

Occupy.com’s report on the Banking Influence by Andrew Gavin Marshall Exposes the Globalist Powers Infesting the Bank.

Global Power Project, Part 4: Banking on Influence with JPMorgan ChaseWed, 7/3/2013 – by Andrew Gavin Marshall

In May, JPMorgan Chase was listed as the largest bank in the world with assets at roughly $4 trillion — some $1.53 trillion of it in derivatives. This was reported a month after the announcement that the bank had posted a record first-quarter profit of $6.5 billion.

Jamie Dimon, the bank’s CEO and Chairman, has faced a host of scandals in relation to his management of the megabank, including the loss of roughly $6 billion through the London branch of the bank — losses that Dimon was accused of hiding. A 300-page report by the U.S. Senate, investigating the “creative accounting” of JPMorgan, noted that the bank “hid losses, did not share information with its regulators, and misled the public” in what one banking regulator referred to as “make believe voodoo magic.” Stated bluntly in The New York Times, JPMorgan Chase, the largest derivatives dealer in the world, “is too big to regulate.”

In the midst of the scandal, the bank faced a potential “revolt” of its shareholders in a bid to strip Dimon of his dual role as CEO and Chairman. In confidential government reports which were leaked to The New York Times, the bank was accused of “manipulative schemes” which transformed “money-losing power plants into powerful profit centers” while executives made “false and misleading statements” under oath.

Yet even in the midst of scandal, Jamie Dimon was praised in a storm of support by billionaires, corporate kingpins and media barons. Calling JPMorgan Chase “as good a bank as there is,” New York City mayor and billionaire media baron Michael Bloomberg went on to call Dimon “a very smart, honest, great executive.” News Corporation chairman Rupert Murdoch praised Dimon as “one of the smartest, toughest guys around,” while Jack Welch, former chairman and CEO of General Electric, referred to him as a “great leader” and said he had earned the “right to hold both Chairman and CEO titles.” To top it off, billionaire investor and CEO of Berkshire Hathaway, Warren Buffet, dubbed Dimon “a fabulous banker.”

And the adoration goes all the way to the top rung. In 2009, The New York Times referred to Jamie Dimon as “President Obama’s favorite banker.” In 2010, Obama told Bloomberg BusinessWeek that he didn’t “begrudge” bank CEOs like Jamie Dimon and Lloyd Blankfein of Goldman Sachs for their massive bonuses of $17 and $9 million, respectively. Obama explained: “I, like most of the American people, don’t begrudge people success or wealth. That is part of the free-market system.” The president added, “I know both those guys; they are very savvy businessmen.”

In May of 2012, Obama rushed to Jamie Dimon’s defense in light of the financial scandals, stating that Dimon was “one of the smartest bankers we got.” The Financial Times referred to Dimon as “the last king of Wall Street.” And when finally faced with the decision to strip Dimon of his dual role as chairman and CEO, Obama’s “favorite banker” ended up winning “a decisive victory” by maintaining both his roles.

But this is just the surface of JPMorgan Chase’s financial manipulations. The bank, in fact, was at the forefront of creating Credit Default Swaps (CDS), a key aspect of the derivatives market that led to the inflation and subsequent blowout of the housing bubble. JPMorgan developed these “financial instruments” as a type of insurance policy in 1994, allowing the bank to trade its debt (in the form of loans to corporations and governments) to third parties, thus handing off the risk and removing the debts from its accounts, which allowed it to make further loans. JPMorgan opened up the first CDS desk in New York in 1997, “a division that would eventually earn the name the Morgan Mafia for the number of former members who went on to senior positions at global banks and hedge funds.” Back in 2003, the same Warren Buffet who would later praise Dimon referred to credit default swaps as “financial weapons of mass destruction.”

JPMorgan was also at the forefront in the United States pushing for financial deregulation, particularly the slow-motion dismantling of the Glass-Steagall Act that had been put in place in 1933 in response to the financial speculation which had helped spark the Great Depression. After hearing proposals from banks such as Citicorp, JP Morgan and Bankers Trust, which advocated the loosening of “restrictions” put in place by Glass-Steagall, the Federal Reserve Board in 1987 voted to ease many of the regulations. That same year, Alan Greenspan, who had previously been a director of JP Morgan, became the chairman of the Fed. In 1989, the Fed approved an application submitted by JP Morgan, Chase Manhattan, Citicorp and Bankers Trust to further reduce the regulations imposed by Glass-Steagall. In 1990, JP Morgan became “the first bank to receive permission from the Federal Reserve to underwrite securities.”

Financial deregulation accelerated under President Clinton, much to the delight of Wall Street banks, which were then permitted to merge into megabanks, with JPMorgan merging with Chase Manhattan to form JPMorgan Chase. As early as 2006 and 2007, multiple megabanks were beginning to bet against the housing market through various hedge funds, allowing them to make profits on the housing collapse they created. JPMorgan continued to sell mortgages as it bet against the mortgage market, passing on the risk while it hedged its bets to profit from the failure and losses of others. In 2011, the bank paid a $153 million fine to the Securities and Exchange Commission (SEC) to settle allegations of “securities fraud.”

In the midst of the financial crisis in 2008, JPMorgan Chase became not only a major criminal, but also a prime beneficiary. In 2007, the global investment bank Bear Stearns was named by Fortune magazine as the second “most admired” financial securities company in the United States, while Lehman Brothers was put in first place. As the financial crisis erupted, Bear Stearns executives “discovered” that they were “nearly out of cash” in March of 2008. The CEO of Bear Stearns, Alan Schwartz, made a phone call to Jamie Dimon — JPMorgan Chase was the clearing agent for Bear Stearns — asking for an overnight loan. Dimon, who also sat on the board of directors of the Federal Reserve Bank of New York, turned there instead of providing the loan through his own bank. The president of the New York Fed – who was elected by the banks that own the New York Fed – was Timothy Geithner. Geithner began discussions with Bear Stearns, and the following morning he held a meeting with Federal Reserve Chairman Ben Bernanke and Treasury Secretary Henry Paulson, the former CEO of Goldman Sachs, where they agreed to an emergency loan for Bear Stearns, providing the funds through JPMorgan Chase.

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E.U. Bankers Rob Depositors of up to Astounding 40%

Massive Demonstrations Rock Cyprus – E.U. Banksters Steal Billions From Depositor’s Accounts – Parliament Shut Out of Process

Massive Protests Rock CyprusThe “Troika of Doom”, the European Central Bank, the European Union, and the International Monetary Fund (IMF) Sign A Deal With the President of Cyprus Nicos Anastasiades.

The bullies of the so-called “Troika” have signed a piece of paper that they are calling an “agreement” with the new rightist President of Cyprus, Nicos Anastasiades that reorganizes the banking system of Cyprus.  The Cypriot Parliament was totally shut out of the process – the voice of the peoples’ representatives silenced and ignored in one of the most heavy-handed operations yet mounted by the European banks and Bilderberg ruling class.

And in one of the most cynical statements made yet this year, Daniel Gros, from the Centre for European Policy Studies, in an interview with Euronews, said that “It was necessary to have some theatre”, letting the Cypriot Parliament to say “no” to the first bailout offer.  Then a second deal was signed by the President with the “Troika”, with no vote from the Parliament at all.  This is a cynical admission that the entire process is being stage-managed by the euro banksters.

Troika Buys Nations

Good Bank vs Bad Bank

The deal as forced on Cyprus is the most onerous that can be imagined for the middle class, the poor, and small business, as well as some of the wealthy and foreign investors.  The “Troika” has seized the Second largest bank in Cyprus, the popular Laiki Bank, and divided it into 2 parts, a “good bank” where all deposits under euro 100,000 were transferred and will be given to the remaining Bank of Cyprus, and a “bad bank” which will carry all the debt and derivitives, plus all the accounts that have over euro 100,000.  The depositors who have money in the “bad bank” will be subject to a loss of their funds of up to 40% of their accounts. ECB appointed Bank Gov. Panicos Demetriades, who is also on  the ECB board, said that the funds transferred to the “bad bank” will be used to pay off bad debt.  In addition, the bond-holders of the Laiki Bank will likely suffer a 100% loss and the bond-holders of the Bank of Cyprus will also take a heavy loss.

Bank of Cyprus Gov Panicos Demetriades is an ECB Board Member

Bank of Cyprus Gov Panicos Demetriades is an ECB Board Member

Food Markets Slump 50%

The fresh fruit and vegetable markets have dropped 50% in sales.  A Euronews video reported that the poor people have been hit hard, now only affording to buy potatoes, just the basics.  The banks were completely shut down on March 16th, throwing the population into chaos, with no money to buy anything.  On Sunday, March 24th, currency controls allowed a withdrawal of only 100 euros per day.  Not only have mass demonstrations rocked the island, but the employees of the now closed Laiki Bank tried to storm the bank.  Police kept the employees out by using force.  These employees will now be out of work permanently.

In a recent interview, Eurogroup Chief Jeroen Dijsselbloem, said that Cyprus is being used as a “model” for future operations of the ECB that might be put on to other countries, probably referring to the problems of the “P.I.G.” nations. This admission caused an uproar in the E.U. as the ruling elites were upset that the Eurogroup Chief had let the cat out of the bag, so to speak.

With the collapse of the financial system, Cyprus now faces a rolling crises, poverty, unemployment, business failure, and a total dissolution of trust in the banking system.  Now the entire world knows that their deposits in any bank can evaporate in an instant.  Likewise the investors in the banks themselves, the shareholders and bondholders can easily be hung out to dry by the big Central Banks.  Meanwhile, the Wall Street derivatives peddlers who caused all this get off scot free.

Better to die on your feet