Wednesday 16 May 2012

JP Morgan: Rum

You don't need us to give you links to the current slew of lurid JP Morgan / London Whale stories: you can hardly move for them.  And what about that Ina Drew, eh?  (Must be OK with a name like that.)  Her with the "enviable reputation as one of its best managers of balance sheet risk" - and the $32m pay-off.  Nice work !

But if this seems to have come from out of a clear blue sky, here are a couple of suggestions for google searches in a quiet moment.  Try JP Morgan / silver:  the word 'manipulation' pops up before you've barely entered s-i-l-v, and you'll need a whole afternoon to sift what you find.  Or you could try prospecting for JP Morgan / gold -  blow me, it's 'manipulation' again, and away you go for another afternoon at the races.  (That Blythe Masters ... what a gal!  Imagine her pay-off when she retires.)

Then type in JP Morgan / coal: the word 'loss' will beat you to the punch, and you're off on another fascinating thread.

Seems these chaps have, errr, form: it's beginning to look distinctly careless.  Either that or Astonishing Bad Luck.  And some rather unenviable public relations episodes, too.  What are we to think ?



Sebastian Weetabix said...

I daresay the delicacies of libel law preclude a full run down of their market activities, especially in gold and silver.

It would be very interesting if all JPM's holders of "gold" went to them and asked for it.

James Higham said...

They've been at it for a very long time, 1857 in fact:

Corsair, in the Life of J.P. Morgan, tells us that the Panic of 1857 was caused by the collapse of the grain market and by the sudden collapse of Ohio Life and Trust, for a loss of five million dollars. With this collapse nine hundred other American companies failed. Significantly, one not only survived, but prospered from the crash.

Bill Quango MP said...

Put more women on boards of big banks, urges Harman.
Harriet Harman appeared to suggest too many male bankers may be to blame for the depth of the credit crunch and global economic downturn.
……..1:02PM BST 03 Aug 2009

JP Morgan said Miss Ina Drew will retire as chief investment officer, following a $2bn (£1.24bn) trading loss as a result of a failed hedging strategy.
........2:35PM BST 14 May 2012

Can everyone remind her of this next time the silly mare blabbers on with her half baked, childish nonsense.