New Revelations On MF Global and Bank Complicity in 'Missing' Customer Funds

Financial violence and repression with impunity.

CFTC Rips Trustee, Says Customers Must Be Paid First

FSA Pressures NY Banks To Release Customer Funds

JP Morgan At the Center of the MF Global Failure

Futures Industry Regulator: No Way To Stop Brokers From Stealing
Especially in a culture of corruption and privilege where crimes are rarely prosecuted,
fraud is widely tolerated, and there is a general contempt for the customers and the law.

JP Morgan Chase Accused of 'Brazen Bankruptcy Fraud'

Maybe this was their warm up for the shenanigans in the MF Global bankruptcy case. Or their long term manipulation of the silver market. 

If these allegations are true, why doesn't the California Attorney General or the Justice Department investigate this criminal conspiracy to abuse the legal system? (rhetorical question).

The only presidential candidate that the bankers fear and respect is Ron Paul.

Courthouse News Service
Chase Accused of Brazen Bankruptcy Fraud
By MATT REYNOLDS
January 17, 2012

LOS ANGELES (CN) - JPMorgan Chase routinely fabricated documents to deceive bankruptcy judges, going so far as to Photoshop documents to "create the illusion" of standing "in tens of thousands of bankruptcy cases," according to a federal class action.

Lead plaintiff Ernest Michael Bakenie claims that Chase's "pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players" bore rich fruit: that Chase secured motions for relief of stay and proofs of claim in 95 percent of its cases.

"Through the use of fabricated assignments, endorsements and affidavits that purport to transfer deeds of trust, notes and the rights to all monies due under the terms of tens of thousands of non-negotiable promissory notes (the 'MLNs'); Chase has demonstrated a pattern and practice of playing 'hide-and-seek' with debtors, judges and other bankruptcy players," the complaint states.

"Chase intentionally conceals the identity of the true parties in interest entitled to enforce the tens of tens of thousands of residential non-negotiable promissory notes (the 'MLNs') for its own financial benefit, at the expense of the class and to the detriment of the integrity of the bankruptcy system."

Bakenie says Chase used a network of attorneys to file more than 7,000 motions for relief from automatic stay in bankruptcy cases in the Central District of California, "wherein they falsely claim to be the party entitled to monies due under the terms of MLNs."

Chase rewards attorneys based on how quickly they can secure the stays, and uses fabricated documents to establish chain of title on loans, according to the complaint...

Read the rest here.

Gold Daily and Silver Weekly Charts

I hate the correlation of the metals and stocks here, as the equity markets look fluffy and puffed up on light volumes.

These are trader's markets.

PSLV came out at the low end of the range. I heard but have not confirmed that the offering was placed at least in terms of the secondary distribution channels. I do not know about the underwriters and their allotments.

SP 500 and NDX Futures Daily Charts

Markets are overbought but volumes are light.

Only 47% of firms are beating their numbers this earnings season so far according to Bloomberg.

Notice the tight uptrending channels on the charts. This looks like a 'market operation.' Try not to get in front of it, but choose your positions wisely and plan for the worst.

The low VIX gives traders a freer hand to play their games. But make no mistake, if some headline falls on this market it could deflate rather quickly. Still, that's a big 'if.'