Ties Between DOJ and London Whale Trade Suggest Collusion.
Today, the news announced a settlement amount for the London Whale trade done by JP Morgan in their London office.
Holder has apparently agreed to a $13 billion settlement. Far lower than the estimated $23 billion the DOJ was reportedly going after the week before. Why the difference. Because Holder decided to only go after the money owed to the govt, and left out civilian funds, opting to let them fight JP Morgan in the courts on their own.
How nice of him. What a creep.
You see, back in 2010, Tali Farimah Farhadian, an attractive Iranian Jewish lawyer, whom had been defending prisoners at Guantanamo, and then gets hired by the Dept Of Justice, marries Boaz Weinstein in an elaborate Jewish wedding.
Boaz Weinstein, one of the worlds leading Derivatives traders, and owner of Saba Capital, tells Jamie Dimon about a major trade coming up. It’s an overnight swap, between the value of the dollar and the euro, based on the LIBOR rate.
So Dimon musters up a bunch of money through govt treasury funds and muni bond funds, and lays a bet in the tune of billions (some estimates a trillion) of dollars in a single overnight swap, knowing full well the bet was going to tank, because the LIBOR rate was being manipulated. That’s why Jamie Dimon made a side bet.
Saba Capital Management, Blue Mountain Capital, BlueCrest Capital, Lucidus Capital Partners, CQS, and III are hedge funds which are known to have benefited from taking the other side of the trade to JPMorgan.[2] A separate unit of JPMorgan was also on the winning side.
http://en.wikipedia.org/wiki/2012_JPMorgan_Chase_trading_loss
So, it’s a win win. The British Banking Association gets the biggest cut because they are the benefactor of the LIBOR manipulation. JP Morgan makes a ton through leveraged side bets. The Jewish Bankers get their cut, The govt players get their cut.
Really, the only losers are the American people.
Sources:
http://dealbook.nytimes.com/2013/10/20/u-s-deal-with-jpmorgan-spurred-by-a-phone-call/
http://en.wikipedia.org/wiki/Boaz_Weinstein
http://www.ynetnews.com/articles/0,7340,L-3988003,00.html
http://dealbook.nytimes.com/2013/10/20/u-s-deal-with-jpmorgan-spurred-by-a-phone-call/
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