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"Through my role as the co-founder of the Commodity Customer Coalition and pro bono counsel for some 8,000+ customers whose property it looks like your institution may be holding without their consent, I have loudly advocated for JPMorgan Chase to return this property.
In response to this, rather than doing the right thing, you closed all of my personal and corporate bank accounts and my personal credit card.
I have been told by multiple members of the media that JPMorgan Chase has called them and stated that if their media outlet has me on television again, that JPMorgan Chase will pull their advertising from the offending network."
James Koutoulas
James Koutoulas has published an open letter to Jamie Dimon of JP Morgan which I saw at a site called Prudens Speculari.
It has also been picked up by ZeroHedge. I imagine it may obtain some wider viewing on the internet, but little fair mention in the mainstream media.
It is a fairly stiff admonishment, and a sign of the times.
You may read it here.
It is what they call a 'hum-dinger.'
And other markets as well.
There will be a 'reversion to the mean' and a return to the primary trends. And if it happens precipitously, it will shake the nation.
The problem with the Fed's 'stimulus' is that it is a blunt instrument, and is largely channeled by those with their hands on the financial throttle into their own pockets, and not into the productive efforts of the real economy.
'Modern Monetary Theory' merely shifts the money printing power from the Fed directly into the hands of the Treasury and the politicians.
This is not Keynesianism but crony capitalism. Austerity is also another Wall Street alternative, allowing the monied interests to obtain productive assets on the cheap.
There is only one path that the status quo hates and fears, and that is genuine reform.
The early bear raid on the metals in honor of the Non-Farm Payrolls report fizzled and the shorts got stuffed as the metals rebounded back.
This was highly bullish action.
Late in the day the ISDA declared the Greek bond action as a credit default event triggering the CDS. The market largely ignored it, but it did take the wind out of a fairly insubstantial equity rally.
See you Sunday evening.
The market sloughed this late day news that ISDA declared a Greek credit event.
Let's see how they chew on it over the weekend. I think the algorithms missed it.
(Reuters) - Greece triggered the payment on default insurance contracts by using legislation that forces losses on all private creditors, the International Swaps and Derivatives Association said on Friday.
The decision by the EMEA Determinations Committee to declare a so-called credit event was unanimous, ISDA said in a statement.
Markets showed little reaction to the widely expected decision. The euro edged lower against the U.S. dollar while U.S. Treasury prices saw losses pared after the ISDA announcement.
