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May 14, 2012

JP Morgan Executive Resigns, Replaced By $4.8 Billion Loser

JP Morgan executive Ina Drew has taken the fall for last week's $2 billion loss at the investment bank. He has been replaced by Matt Zames, previously a trader at LTCM.

Matt Zames is the 41 year old co-head of fixed income at JP Morgan investment bank, and head of capital markets at the mortgage bank.

As the new CIO, he will continue manage mortgages, but he will also be placed in charge of $70 TRILLION of derivatives contracts.

Prior to joining JP Morgan, Zames worked for Credit Suisse, and before that, he was a trader at Long Term Asset Management (LTCM), the hedge fund which collapsed in 1998 after a $4.8 billion loss.

January 23, 2012

European Finance Ministers Meet Today To Confirm Euro Collapse

European finance ministers will meet today to finalise the terms for Greek debt restructuring.

Resolving the issue of the Greek debt swap is considered key to keeping the Euro going for another few weeks. Under the terms of the deal, private investors will swap their current, unrepayable, Greek government bonds for some equally unrepayable bonds of lesser value. Private investors are expected to take a so-called "haircut" of between sixty and seventy percent.

February 14, 2011

Is There No End To The Financial Insanity?

The last forty years have seen record levels of insanity in the financial sector. Drunk on the possibility of "making money", individuals with no thought to the impact on the lives of the real human beings on this planet, have demonstrated a willingness to do anything to make a quick buck. "I wish they'd get this war started," one such person said to me just prior to Blair's invasion of Iraq.

Over the decades we have seen bubble after bubble expand and burst. We've seen currencies attacked. We've seen banks collapse as a result of fraud, and the taxpayer bail them out, as a result of treason.

And today, we see the stock market back up over the 6000 mark, despite the fact that the real economy is dead, and Britain produces a mere fraction of its historic output. How can this be?