More Rats Off A Sinking Ship?

More Rats Off A Sinking Ship?


By Silver Shield, on March 15th, 2012 Yesterday, Zerohedge published an article from a former Goldman Sachs employee that finally grew a conscious. Today, we may have another one, except this time from JP Morgan Chase…?

http://comments.cftc.gov/PublicComments/ViewComment.aspx?id=57019&SearchText

From: Z A N
Organization(s):
JPMorgan Chase
Comment No: 57019
Date: 3/14/2012
Comment Text:

Dear CFTC Staff,

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.

I wish to remain anonymous as of now as fear of termination mounts
from what I am about to reveal. Robert Gottlieb is not my real name;
however he is a trader that is involved in a lawsuit for manipulative
trading while working with JPMorgan Chase. He was acquired during our
Bear Stearns acquisition and is known to be the notorious person
shorting in the silver future market from his trading space, along with
Blythe Masters, his IB Global boss. However, with that said, we are
manipulating the silver futures market and playing a smaller (but still
massively manipulative) role in manipulating the gold futures market. We
have a little over a 25% (give or take a percentage) position in the
short market for silver futures and by your definition this denotes a
larger position than for speculative purposes or for hedging and is
beyond the line of manipulation.

On a side note, I do not work directly with accounts that would have
been directly impacted by the MF Global fiasco but I have heard through
other colleagues that we have involvement in the hiding of client assets
from MF Global. This is another fraudulent effort on our part and
constitutes theft. I urge you to forward that part of the investigation
on to the respective authorities.

There is something else that you may find strange. During month-end
December, we were all told by our managers that this was going to be a
dismal year in terms of earnings and that we should not expect any
bonuses or pay raises. Then come mid-late January it is made known that
everyone received a pay raise and/or bonus, which is interesting b/c
just a few weeks ago we were told that this was not likely and expected
to be paid nothing in addition to base salary. January is right around
the time we started increasing our short positions quite significantly
again and this most recent crash in gold and silver during Bernanke’s
speech on February 29th is of notable importance, as we along with 4
other major institutions, orchestrated the violent $100 drop in Gold and
subsequent drops in silver.

As regulators of the free people of this country, I ask you to uphold
the most important job in the world right now. That job is judge and
overseer of all that is justice in the most sensitive of commodity
markets. There are many middle-income people that invest in the physical
assets of silver, gold, as well as mining stocks that are being
financially impacted in a negative way b/c of our unscrupulous shorts in
the precious metals commodity sector. If you read the COT with intent
you will find that commercials (even though we have no business being in
the commercial sector, which should be reserved for companies that
truly produce the metal) are net short by a long shot in not only
silver, but gold.

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.

Kind Regards,
-The 1st Whistleblower of Many

Couple of other comment about this all:

NEW YORK (The Borowitz Report) – The following letter to Goldman Sachs’ worldwide clients was issued today by Goldman Sachs CEO Lloyd Blankfein:

Dear Goldman Client:

By now, many of you have probably read the regrettable resignation letter published in today’s New York Times by former Goldman executive Greg Smith, explaining why he is leaving the firm after twelve years.

In the letter, in which he excoriates Goldman and his practices, Mr. Smith comes across as a man of conscience, ideals, and high moral standards. And as you read his words, you no doubt asked yourself this troubling question: how could Goldman have hired such a person?

At Goldman, we pride ourselves on our ability to scour the world’s universities and business schools for the finest sociopaths money will buy. Once in our internship program, these youths are subjected to rigorous evaluations to root out even the slightest evidence of a soul. But, as the case of Mr. Smith shows, even the most time-tested system for detecting shreds of humanity can blow a gasket now and then. For that, we can only offer you our deepest apology and the reassurance that one good apple won’t spoil the whole bunch.

As to those of you who were serviced by Mr. Smith, it’s understandable that you would be concerned about who will be taking his place going forward. On that front, I have some exciting news: today, Goldman is pleased to announce that our new executive director and head of the United States equity derivatives business in Europe, the Middle East and Africa will be Mr. Joseph Kony. For those unfamiliar with Mr. Kony’s resume, let me assure you that he has the character and moral standards you have come to expect from Goldman, and like the rest of us here at the bank, he has dedicated his life to doing the Lord’s work.

Sincerely,

Lloyd Blankfein

CEO, Goldman Sachs

======================

"Right now JP Morgan, BoA, Goldman, et al. are in damage control mode. Pandora’s box is being opened. Yesterday the FDIC said they are serious about making “too big to fail” NOT becoming a theme.
As Whistleblowing Becomes The Most Profitable Financial 'Industry', Many More 'Greg Smiths' Are Coming".

Submitted by Tyler Durden on 03/15/2012 - 09:47

Minutes ago on CNBC, Jim Cramer announced that Greg Smith will never get a job on Wall Street again as "one never goes to the press. Ever." Naturally, the assumption is that the secrets of Wall Street's dirty clothing are supposed to stay inside the family, or else one may wake up with a horsehead in their bed. There is one small problem with that. Now that compensations on Wall Street have plunged, and terminations are set for the biggest spike since the Lehman collapse, the opportunity cost to defect from the club has also collapsed. And if anything, Greg Smith's NYT OpEd has shown that it is not only ok to go to the press, but is in fact cool. So what happens next? Well, as the following Reuters article reports, 'whistleblowing' over corrupt and criminal practices on Wall Street is suddenly becoming the next growth industry. Yes - people may get priced out of the industry, but since the industry will likely fire you regardless in the "New Normal" where fundamentals don't matter, and where the only thing that does matter is the H.4.1 statement (as Zero Hedge incidentally pointed out back in early 2010), why not expose some of the dirt that has been shovelled deep under the coach, and get paid some serious money for it?




Jamie Dimon Warns Employees To Stay Mum On Muppetgate

Submitted by Tyler Durden on 03/15/2012 - 09:43

As Goldman's Muppet-Gate moves from the pink sheets to the Today Show, the Fed-ignorer-in-chief has sent down the message to the holier-than-thou throng at JTMarlin JPMorgan that thou shalt not use the word of Greg Smith in vain. While GS once did God's work, Jamie Dimon's message to his people that "I want to be clear that I don't want anyone here to seek advantage from a competitor's alleged issues or hearsay - ever. It's not the way we do business," Reuters is reporting that Dimon's memo has been distributed to a wider audience with JPMorgan after initially being for the global operating committee. Unfortunately, as every sell-side competitor and buy-side client or prospect knows, its sheer hypocrisy since every dealer is just as likely to fall in the eat-what-you-kill, manipulate-the-Muppets, take-em-on-the-exits camp as this (now described as disgruntled) employee from Goldman so bitterly recounts. Keep up the good work and the next time we want to unwind those CDS, please don't stretch the bid-ask too far, pretty please.

muppet gate.....how fitting.....

are those letters even real???