This week we learned that U.S. authorities at the DoJ, who have for years not only accused various JPMorgan Chase & Co. employees of rigging precious-metals futures but also got many to plead guilty. The US Department of Justice (DoJ) is now, more importantly, building a criminal case against America's biggest bank itself.
The previously unreported investigation of the global bank’s parent company, part of a wide-ranging attempt by the Federal government to maintain shreds of its former financial market credibility, raises the now new prospect of criminal charges against higher up executives within the United States’ largest bank.
And perhaps even larger implications are coming to this once considered too big to fail, therefore we must bail them out bank.
One which today in 2020, and seemingly year after year the Bank for International Settlements’ Financial Stability Board ascribes as being the #1 Global-Sytimatic Important Bank (G-SIB). In terser terms, JP Morgan’s stability is consistently ranked by the central bank of central banks, as being the largest threat to our global financial system functioning smoothly (new Bank Bail-In Laws on the books still).
Today we will dig into some details about this coming criminal case against JP Morgan Chase.
JPMorgan Criminal Case | Silver Podcast | Gold Podcast
And too, we will have a brief look back at what happened the last time entities this powerful were in the business of suppressing precious metals prices both for-profit and power.
Hello out there, this is James Anderson with SD Bullion.
For the past dozen years investing and working in the bullion industry, I can humbly say that I have a pretty sharp understanding of the sentiment that many precious metals interested investors have out there.
They range of our perspectives is wide and colorful with delusional bulls to the world’s going to end bears.
But this week’s news builds burgeoning hopes that our financial markets might one day see some criminal higher-up market rigging bankster prosecutions once and for all.
Cynics will rightly claim our financial markets have for some time been acting under shades of criminality, with anti-competitive behaviors, and crony capitalism runs amok.
It is too exhaustive to even recount all the evidence those cynics have for making such points, but we’ll cover a few here.
To begin we have a quick clip from a channel whose program I was humbled to be on this past week.
The Kennedy Financial hour today published a live roundtable with other precious metals analysts discussing their thoughts on this newest JP Morgan criminal bank probe news.
We’ll begin with the close of a somewhat broken-hearted cynical take by Chris Marchese, only to be followed up by Rob Kirby rattling some off potential fraud as a business model evidence at hand.
Swinging back and forth from the optimistic to the cynical camp we have a couple of financial tweets for the week.
Given that nothing of any substance has happened yet, I found this back and forth interesting and telling, you might too.
Blah blah blah whatever. Their ship full of $1.3 bn in DRUGS was caught and nothing happened there. JP Morgan’s job is to short the metals markets, like Bear before it. Spoofing was only considered a crime for the first time last year. This is a #diversion.— Evie Courtlandt (@eviecourtlandt) February 5, 2020
Pam and Russ Martens over at WallStreetOnParade.com have some interesting points regarding JP Morgan’s seemingly endless alleged financial criminality.
They wrote this week some of the following points to consider,
Yesterday, Bloomberg News reporters Tom Schoenberg and Liam Vaughan broke the story that JPMorgan Chase is under a criminal probe by the U.S. Department of Justice (DOJ) over charges of rigging gold, silver and other precious metals markets. Six traders who worked on the precious metals desk at JPMorgan Chase have been indicted thus far but this is the first report that the bank itself is also under a criminal investigation. This marks the fourth criminal probe of the bank in the past 8 years by the U.S. Department of Justice with the bank pleading guilty to three felony counts in two of the prior criminal investigations.
There was a time in America when a criminal probe of the nation’s largest bank, which holds $1.6 trillion in the life savings of moms and pops at more than 5300 bank branches across the country, would have been worthy of a front-page headline. Not today. Crime and fraud are so de rigueur at the bank led by Dimon that not one major newspaper ran the headline on the front page or anywhere else in the paper.
… in August, September and again in November of last year (2019), the Board of Directors of JPMorgan Chase were put on notice that the bank they were overseeing under their designated leader, Jamie Dimon, was accused of running a criminal enterprise out of its precious metals desk. They were also aware that at least two of those indicted are cooperating with the DOJ in the ongoing investigation. And yet, they still awarded Jamie Dimon a pay package of $31.5 million and allowed him to announce that he planned to remain at the bank for another five years.
This is demonstrably a criminal recidivist bank. Dimon and the Board need to be removed. The bank needs to be broken up with the federally-insured bank placed under a sane, ethical, competent Board of Directors.
It’s debatable when was the last time we had this much financial chicanery and criminality. I presume if we asked those who had to sober up during the great depression, they might admit that things got a little crazy and over-leveraged during the Glass-Steagall-less 1920s Wall Street era.
For anyone who has bothered to look at the current US car loan debt bubble, perhaps similar deals measured in gold will be rhyming to in time.
This current stock bubble by some massively important far-reaching measures is now more extended than ever before.
By looking back at the Dow Jones measured in gold we can see we are at 1929 levels here again in the year 2020.
The trouble for higher bullish stock values on that chart is the rolling over and the likely return beyond 5 and perhaps to parity again one day to come.
Regarding the last time forces at large tried to fix and rig precious metals at artificially low values, our own history shows us the inevitable results which follow.
Thanks for visiting us here at SD Bullion.