JP-Morgan-Chase-Manhatten bald Konkurs???? - 500 Beiträge pro Seite

[ThaiGuru]

Dieser Artikel in der NYPOST hat es in sich!

Was der Author dieses Berichtes anscheinend nicht weiss, ist das JPM auch die mit Abstand grössten Shortverkäufe im Goldgeschäft getätigt hat. Nach GATA, mindestens ca. 2 ganze Weltjahresgold-Produktionen. Ein steigender Goldpreis, wird den Fall nur noch beschleunigen.

TG

************************************************************************************************



TROUBLED J.P. MORGAN CHASE IS POISED FOR A FALL


By JOHN CRUDELE
--------------------------------------------------------------------------------
January 31, 2002 --

IS J.P. Morgan Chase too big to fail?
This question is admittedly a bit premature. But you can bet this concern will start going around in the next few weeks if the giant New York bank continues its recent streak of bad luck.

Back in early December this column speculated that Global Crossing Ltd. would be the next Enron, bitten by the bankruptcy bug. That happened this week as Global entered a pre-packaged bankruptcy with a couple of Far East firms.

In that December column I also speculated on the much more important aspect of Global Crossing`s problems - that J.P. Morgan Chase, Citicorp and BankAmerica were each lead bankers for one part or another of Global`s borrowings.

Global is said to have spent $15 billion in five years building a fiber-optic cable network around the world. Those banks largely got the money together, including putting in a lot of their own.

Even though other banks were lured in by Global Crossing`s pitch, the focus will be on J.P Morgan Chase mainly because the company has been bathing in misfortune lately - having been heavily involved in Kmart and Enron as well.

The Chase part of the organization, meanwhile, made heavy and risky bets in the dot.con bubble a couple years ago. And we all know how that turned out. Those losses were one of the reasons Chase ended up in a merger with J.P. Morgan.

And if corporate failures weren`t enough, J.P. Morgan Chase also was heavily involved in the banking situation in Argentina. Could all of this lead to a big problem? Yes.

Could all of this lead to - just perhaps - the failure of J.P. Morgan? Probably not, but only because the giant banking conglomerate is too big for Washington to allow it to fail.

PNC Bank this week shocked Wall Street by increasing its losses, mainly because of deficits that lay hidden off its main books. PNC, unlike J.P. Morgan Chase, isn`t that important to the U.S. financial system. But the fears are similar.

Charles Peabody, one of Wall Street`s best banking analysts, agrees that J.P. Morgan Chase will be preserved by the government, if it ever comes to that. "But that doesn`t mean it won`t be a $10 stock."

J.P. Morgan`s shares were selling at $33 yesterday. But that`s down from over $40 in December. The stock had been this low before: during the terror scare in September. Although it still recommends the stock, Merrill Lynch this week reduced J.P. Morgan Chase`s forecast because it felt expenses would be higher than expected.

But what has the pessimists worried, very worried, is that some banks - think PNC - haven`t been forthright in their financial reporting. Part of this is just a general concern about bank accounting, but it also has something specific to do with J.P. Morgan Chase itself.

Yesterday, for instance, J.P. Morgan Chase told Argentine authorities that a bank it co-owns down there may have broken the law by illegally moving $260 million overseas as that country`s troubles increased.

Peabody, who works at a investment boutique called Ventura Capital, recently laid it all out for his clients.

"I remain convinced that J.P. Morgan Chase will emerge as the poster child for what ails this economy - excessive leverage, financial engineering, aggressive accounting and conflicted interests."

http://www.nypost.com/business/40279.htm

[Boersenburschi]

Der 1.Schritt zur Anlageentscheidung!

http://hometown.aol.com/rvbrakel/myhomepage/index.html

[hbbbh]

so also funktioniert die Story vom "Tellerwäscher zum Millionär" .... tz tz tz
.
was die dann wohl über jpm zu berichten haben ???

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

http://www.nypost.com/seven/01272002/business/39932.htm


THERE`S AN ENRON JR.

By TERRY KEENAN


Rebecca Mark, ex-CEO of Azurix, an Enron spin-off, walked away from scandal with millions, possibly at shareholder expense. - AP

January 27, 2002 -- A MISSOURI farm girl goes to Texas, gets into the oil business, meets a powerful mentor. He hires her, she goes to Harvard Business School and eventually he makes her the vice-chairman of his Fortune 500 company.
It`s not long before she`s the CEO of her own publicly traded company. Along the way she earns millions, globe-trots on the company jet and becomes one of the richest women in Texas selling more than $70 million in stock over two years.
An American fairy-tale? Perhaps it could have been. But the Fortune 500 company in this story is Enron. The boss and mentor is Enron`s now former CEO Kenneth Lay, and the Missouri farm girl who made millions eventually loses her job. The company she ran, Azurix, takes its shareholders to the cleaners.
In the sordid saga of Enron, the story of Rebecca Mark and Azurix, a water utility company that she headed, when it was spun off from Enron is particularly enlightening. What emerges is a company I call "Enron Jr."
With Mark at the helm, Enron took Azurix public in June 1999. The IPO prospectus reads like a who`s who of Enron insiders: The same auditors, lawyers and, incredibly, the same board of directors.
Like Enron`s secret partnerships, Azurix played an important role in off-loading debt from the Enron balance sheet and funneling cash back to the mother ship. However, because Azurix was a publicly traded company, some of the shenanigans had to be disclosed.
In June 1999, Enron and two partnerships identified in SEC documents only as "Marlin Trust" and "Atlantic Water Trust" took Azurix public raising $800 million.
One month later, with Azurix trading right near an all-time high, these same insiders sold more stock to the unsuspecting public, raking in another $140 million.
But when Azurix failed to live up to the hype, the stock plunged - giving the company an opening to buy back shares from the public for a steal. The cost to shareholders for this 18-month round trip to the NYSE and back - nearly $500 million.
Was there no one standing up for the little guy? Certainly not Mark - in August 2000, she left the company, with a fat severance package and at least $70 million she earned after selling her Enron stock, most of it while she was running Azurix.
(Mark did not return calls to her New York home, or her Houston office.)
Certainly not Ken Lay-as a board member of both Enron and Azurix it`s hard to believe there were many discussions about whether Azurix shareholders got a fair shake.
In the end, there are few, if any, fairy tales to come out of the Enron mess, but still plenty of multi-millionaires who used Wall Street as their own lucrative playground.

TERRY KEENAN is senior business correspondent and anchor of Cashin` In, an investing program that appears on the Fox News Channel on Sunday mornings at 8:30.

[AlexTheGreat]

Ich lese immer wieder: "Too big to fail!"
Bald wird es aber heißen:

"Too big to bail out!"

und JPM könnte der erste Kandidat für dieses Motto werden... *grins*

ATG

[ThaiGuru]

Die Meldungen zu JP-Morgan in den USA häufen sich!

Dieser Artikel in der Los Angeles Times beschäftigt sich ebenfalls mit JPM.

Charges of collusion with Enron, big losses
raise questions about J.P. Morgan`s judgment

By E. Scott Reckard
Los Angeles Times
February 1, 2002

In the rubble of recent financial collapses,
one prestigious institution seems especially
vulnerable: J.P. Morgan Chase & Co., the
nation`s second-largest bank.

The New York company, a lead lender to Enron
Corp., Kmart Corp., and telecommunications
firm Global Crossing Ltd., is at risk of
losing billions in dealings with bankrupt
firms, as well as losing heavily in
Argentina`s economic meltdown.

J.P. Morgan also lost $1.1 billion last year
on its stakes in businesses, including many
ailing technology companies, and is accused
by insurers of helping Enron conceal vast
losses. Morgan strongly disputes the charge,
but the allegation, coupled with the hefty
losses, raises questions about the judgment
of an institution that traces its roots back
more than 200 years. The bank`s woes,
accompanied by sizable losses on loans at
many other financial giants, also reveal
chinks in a banking industry generally
regarded as a pillar for the nation`s
recovery from an economic slowdown and from
Sept. 11.

J.P. Morgan fares badly in comparison with
big competitors such as Citigroup Inc., the
largest U.S. banking concern, and Bank of
America Inc., the third-largest. Despite
their huge losses in Argentina, Enron and
other corporate collapses, Citigroup earned
$4 billion and BofA posted a profit of $2
billion in the fourth quarter, bolstered in
part by robust consumer lending.

Morgan, by contrast, lost $332 million in the
fourth quarter, compared with a $708-million
profit a year earlier. For the year, the
company still earned $1.6 billion.

Wall Street`s skittishness over projected
losses at J.P. Morgan has been apparent in
the steady stock selloff in recent weeks
after a "parade of train wrecks," in the
words of analyst E. Reilly Tierney at Fox-
Pitt Kelton in New York.

The stock, which traded above $40 early in
December, hovered near $32 this week before
closing Thursday at $34.05, up 99 cents a
share, on the New York Stock Exchange.

Some analysts remain bullish on Morgan,
saying the institution is fundamentally sound
and the financial setbacks are only
temporary. And by some industry measures,
J.P. Morgan`s financials look sturdy. A key
ratio of nonperforming assets to total
assets, for example, was just 0.87 percent as
of Dec. 31, well below the 2 percent figure
regarded as a sign of potential trouble.

Investors` concerns surfaced in December
after Enron`s bankruptcy, when J.P. Morgan,
which had a reputation for usually disclosing
bad news promptly and completely, suddenly
tripled its estimate of its potential Enron
losses, to $2.6 billion.

Nearly $1 billion of the total stemmed from
insurers` refusals to pay Enron-related
claims on unfulfilled energy contracts. The
insurers contended in a lawsuit filed in
federal court in New York that the losses
resulted from J.P. Morgan`s setting up "sham"
offshore energy trading concerns to do
business with Enron.

J.P. Morgan contends its energy trading
companies were above-board, adding that --
unlike Enron -- it included the results on
its balance sheets.

The bank also says the hefty loan losses from
the mammoth bankruptcies are a result of J.P.
Morgan`s position as the leading arranger of
the biggest credit lines to the biggest
businesses. These so-called syndicated loans
are carved up and shared by dozens of banks.

"We`re handling 40 percent of the syndicated
loans, and when companies go down we tend to
be exposed," said J.P. Morgan spokeswoman
Kristin Lemkau.

But other banks in the syndicates typically
take on responsibility for more than 90
percent of the amounts lent. Though J.P.
Morgan arranged $1.6 billion in credit lines
for Kmart, for example, it had just $117
million in unsecured loans when the retailer
filed for bankruptcy last month. Likewise,
though J.P. Morgan had helped arrange $2.25
billion in loans for Global Crossing, it`s
now owed less than $100 million by the
telecom firm, according to people close to
the situation. And while J.P. Morgan still
has a $500-million exposure to Argentina,
Citigroup and FleetBoston have far more.

Indeed, only about 10 percent of J.P.
Morgan`s earnings come from lending these
days, compared with 50 percent a decade ago,
Lemkau said, meaning its comparative credit
risk exposure actually has declined
dramatically.

Still, there`s no denying the bank`s
missteps, which include an 8 percent stake in
an Argentine bank accused of fraud, and loans
to a European cable TV company that has
threatened to default on $17.5 billion in
debt.

Prospects looked far brighter at the end of
2000, when J.P. Morgan Chase & Co. emerged in
its current manifestation via the colossal
merger of Chase Manhattan Corp. and J.P.
Morgan & Co.

After deregulation tore down walls separating
banks, brokerages, and insurers, the idea was
to compete better with Citigroup -- itself
formed in the merger of Citicorp and
Travelers Group -- by selling more services
to clients. The newly formed giant hoped
especially to persuade companies with bank
loans to use J.P. Morgan`s investment banking
services, which typically are more profitable
than commercial lending.

But the technology meltdown, the recession,
and Sept. 11 combined to create the worst
environment in years for stock offerings,
mergers and other staples of investment
banking.

The big question now, Tierney said, is
whether J.P. Morgan failed to assess credit
risks properly at companies because it
figured making loans was a sure path to
bigger profit on other services.

However, Lemkau said the dollar amount of
corporate loans on J.P. Morgan`s books has
declined for the last three years. "It`s a
misconception we`re lending like a drunken
sailor so we can get our hand on more
profitable businesses," she said. "It`s just
not true."

No doubt reflecting the uncertainties facing
all financial institutions after Sept. 11 and
the Enron meltdown, the range of expert
opinions about Morgan is astonishingly wide.

Some analysts, such as Michael Mayo at
Prudential Financial, have slapped "sell"
ratings on the bank while others, such as
Diana P. Yates at A.G. Edwards & Sons Inc.,
rate it a "strong buy."

Yates characterized concerns over the
insurers` allegations of collusion with Enron
as "overdone." She also warned against
judging J.P. Morgan by its admittedly
atrocious last quarter.

"They`re taking some hits, but they`re a big
company with a $41-billion equity base. It`s
not like they`re going out of business," she
said.

-END-

[ThaiGuru]

Am Freitag ist die Aktie JP-Morgans in den USA eingebrochen, und hat 5.55% verloren!

Schlusskurs 32.16 US$


TG

[hbbbh]

... na dann Prost. Ich werde vorsichtshalber am montag noch`n halbes Unzchen Gold kaufen .... solange es das noch zu diesen Preisen gibt ;-).
Axo ... und nochn paar Gold- und Silberminenwerte drauflegen ... :-)

[Blecheuro]

Kennt jemand einen vernünftigen Put, der weit aus dem Geld ist und nicht viel kosten?

[Blecheuro]

Bin fündig geworden, das gibt es in deutschland:

PUTS auf JP MORGAN CHASE & CO. Anzahl: 4 Treffer 1 - 4


WKN Emittent Basis-
preis Währ-
ung Fälligkeit Bez.-
Verh. Geld-Kurs Brief-Kurs Zeit Datum Omega Spread
(homogen.) Implizite
Volatilität
(Brief)






















653060 Sal. Oppenheim 40,00 USD 12.12.02 0,100 1,130 1,140 22:39 01.02.02 -2,08 0,10 41,02%
653059 Sal. Oppenheim 30,00 USD 12.12.02 0,100 0,400 0,410 22:39 01.02.02 -3,11 0,10 41,42%
711964 Société Générale 30,00 USD 20.09.02 0,500 1,690 1,720 22:39 01.02.02 -3,71 0,06 41,67%
658836 Lehman Brothers 80,00 USD 19.06.02 0,100 5,510 5,610 22:39 01.02.02 -0,63 1,00 97,42%

[Blecheuro]

Wie man sieht, sind die Scheine Schrott, Schrott und nochmnals Schrott. Der optisch billige Schein von Sal, Op. hat ein bezugsverhältnis von 1:10. Fällt die Aktie um 30 Dollar, steigt der Schein um 3 Dollar. Aktueller Preis ca. 0,50 Dollar und noch aus dem Geld. Mich würde ein Schein mit Bezugsverhältnis 1:1 interessieren. Der dürfte auch wenn er aus dem Geld ist, ruhig 1 Dollar kosten. Aber Ihr seht wieder, wie es bei den Scheinen läuft und warum 95% mit Verlust enden.

[Blecheuro]

Sollte JP das Buch zumachen, gibt es im Tal der Tränen Scheine! So etwas habe ich vor ca. 10 Jahren einmal gekauft. Financial Corporation of Santa Barbara. In solchen Abstauberlimits setzen bei 0,0...... In der Regel gibt es bei Großbanken o.ä. noch Liquidationserlöse und die können bei Billigsteinkäufen beträchtlich sein. In der Regel besteht bei Konkursphantasie auch die Möglichkeit die Aktie mehrmals zu bewegen und während einer einzigen Börsensitzung mehrmals zu drehen. Also kaufen wir keine Scheine und warten auf akute Konkursgefahr und kaufen legen einfach ein paar utopische Limits in den Markt, wenn es so weit kommt. Aber wenn es so weit kommen sollte, müssen wir uns über Strategien hier austauschen und wachsam sein.

[big_mac]

die ny-post ist ein revolverblatt der schlimmsten sorte.

die bild-zeitung ist seriös dagegen.

[ThaiGuru]

@big_mac

Die Los Angeles Times bezeichnest Du wohl nicht auch als Revolverblatt?

Damit Du sogar auch noch etwas seriöseres, als die Los Angeles Times lesen kannst, habe ich Dir noch einige Artikel ausgesucht, in denen ganz seriös!darüber berichtet wird, dass die JP-Morgan, und weitere Banken, vor seriös ausgedrückt, grossen finanziellen Problemen stehen, die noch zu bewältigen sind.

Von:

The Sunday Times


NTL investors to be warned of debt plans
http://www.thetimes.co.uk/article/0,,5-2002043658,00.html

NTL: £12,000,000,000: Gone... all gone
http://www.sunday-times.co.uk/article/0,,9008-2002042927,00.…

Um die Berichte der Sunday Times, in denen es auch um die starke Involvierung der JP-Morgan-Chase-Manhatten geht, lesen zu können muss mann sich einmal kostenlos registrieren.

Hoffe gedient zu haben.

ThaiGuru

[ThaiGuru]

Da haben wir noch einen Fall in dem es um die, seriös ausgedrücktUmstruktuierung von 7500000000.- Euro, des grössten europäischen Kabel Netzwerk Betreiber, UPC geht.

JP-Morgan, steckt auch hier wieder tief mit drinn!

http://www.thetimes.co.uk/article/0,,5-2002054612,00.html

TG

[ThaiGuru]

Den wie ich selbst finde, sehr guten Bericht von PATIENCE WHEATCROFT in der *The Times* vom 30. Januar 2002, in dem es sich auch wiederum unter anderen von der Firma JP-Morgen und ihre Versuche handelt, sich dem Finanzdesaster Enron und Global Crossing zu entziehen.

Diesen Bericht möchte ich Euch auch nicht vorenthalten.

http://www.thetimes.co.uk/article/0,,37-2002047059,00.html

Die Goldstory von JP-Morgan wird jedoch auch von diesem Bericht (noch) nicht erfasst. Wird aber vermutlich sicher schon bald die Zeitungen erreichen.


Demnächst in diesem Theater!


ThaiGuru

[ThaiGuru]

Time is running out for WorldCom!

Dieser Bericht veröffentlicht von Christopher Byron, bei MSNBC: http://www.msnbc.com/news/697962.asp?0si=-



Unglaubliche Zahlen zu WorldCom.

Weiss jemand mit wieviel von den angegebenen 100 Milliarden US Dollar, JP-Morgan Chase Manhatten mit involviert ist ?


WORLDCOM’S HOUSE OF CARDS

That is the problem facing the telecom space now, because its return on invested capital is, basically speaking, bupkis — the most vivid example of which is WorldCom, Inc., one of the biggest house of cards ever erected by the financial engineers of Wall Street.


Over the last 19 years, investors have poured more than $100 billion into this rural Mississippi telephone company, and basically, Worldcom has done nothing with the money except buy other phone companies. As a result, the company now sits, as of Sept. 30, 2001, with worthless goodwill on its balance sheet totaling more than $50 billion — so far as I am aware, the biggest such mountain of fake assets in all of corporate America. Add to that some $30 billion of long-term debt, plus $10 billion of unpaid bills and other short-term obligations, and you’ve pretty much got the whole WorldCom financial picture.
And here’s the really interesting thing: Over the course of the 1990s, this $100 billion Mont Blanc of waste has not been able to generate a single dime of net new cash for the business, with all free cash flow coming from stock sales and debt financings (the “cash Flows From Investing” part of the company’s financials). In other words, the second largest telecommunications carrier in the country hasn’t actually been a sound business from Day One, but has only seemed to be so because the economy was growing and stock prices were rising.

Now, investors in WorldCom stock are discovering the shocking truth that this entire business is no longer being valued on its “growth story,” but rather, on a modest multiple of the tangible assets on its balance sheet.

With roughly 3 billion shares outstanding, and tangible net worth of less than $8 billion, the whole company has a meltdown value of not much more than $2.50 per share, which is why WorldCom’s stock price has fallen from $50 per share at the peak of the tech bubble, to a current price of less than $10 — even though the company actually swung into the black in 1998 on an income basis.

Simply put, investors no longer care about accrual earnings. The want instead to see companies that can stand on its own and generate cash by itself at the trough of a business cycle. There are almost no such companies in the telecom space, and one by one the losers are being taken out and shot. Two weeks ago we had Global Crossing. Sooner or later it will be the turn of WorldCom as well. It is the way Wall Street works.

**********************************************************************************************************
ThaiGuru

[big_mac]

danke für die links!

[ThaiGuru]

Wollte doch mal sehen wie der Gründer von JPM ausgesehen hat!

John Pierpont Morgan

Geboren am 17. April 1837 in Hartford, Connecticut USA



Der Mann würde sich vermutlich im Grabe umdrehen, falls er sehen könnte, was seine heutigen Nachfolger mit seiner Firma, und dem Goldpreis angestellt haben?

Link zur spannenden Kurzbiogrphie über John Pierpont Morgan!

http://www.obituary.com/morganjp.html

Gruss

ThaiGuru

[Sovereign]

Mal sehen wann wir gleichlautende Nachrichten mit den Namen "Japan" und "USA" lesen werden?


Argentinien taumelt Bankenchaos entgegen Newssuche
WKN / Symbol / Stichwort




Werden die Konten wie geplant freigegeben und der Dollar aus dem Verkehr gezogen, sind die Tango-Banken pleite.

Der argentinische Staatspräsident Eduardo Duhalde plant, den Dollar komplett aus dem Wirtschaftsverkehr des südamerikanischen Landes zu ziehen. Hierfür sollen nach vorläufigen Planungen Dollar-Schulden eins zu eins in Peso getauscht werden. Die Guthaben werden hingegen im Verhältnis 1 Dollar zu 1,40 Pesos umgetauscht. Darüber hinaus soll die Teilsperrung der Bankguthaben zumindest gelockert werden, nachdem das höchste Gericht in Argentinien die Sperrung als verfassungswidrig abgeurteilt hat. Bisher konnten die Argentinier maximal 1.500 Pesos pro Monat abheben. Hiermit sollte der komplette Zusammenbruch des faktisch schon maroden Bankensystems verhindert werden.

Eine komplette Freigabe des Devisenkurses des Peso gegenüber dem Dollar soll „zur angemessenen Zeit kommen“, wie aus Regierungskreisen zu hören ist. Den offiziellen Wechselkurs von 1,40 Pesos je Dollar hat die Währung ohnehin schon lange nicht mehr gesehen: Derzeit werden am freien Markt mehr als 2 Pesos für den Greenback bezahlt.

Derzeit ist die Finanzierung des Mammutprojekts „Weg mit dem Dollar“ absolut unklar. Den Banken des Landes werden aus der Tauschaktion von Dollar in Pesos nach Schätzungen von Experten mehr als 30 Mrd. Euro Verlust entstehen - falls sie überhaupt in der Lage sind, die Forderungen zurückzuzahlen, wenn die Argentinier die Bankfilialen stürmen. Banken und Devisenmarkt bleiben am Montag und Dienstag auf Anordnung der Notenbank erst einmal geschlossen - aus Angst vor Konto-Plünderungen. Nun drohen neue Unruhen in der Bevölkerung, die den Peso nicht aufgezwungen bekommen will, sondern die Rückzahlung ihrer Dollar-Guthaben in Dollar statt Pesos fordert.

Die Entschädigungsfrage für die Verluste der Banken steht dazu noch offen; ohne finanzielle Hilfe wäre dies der endgültige Bankrott des Bankensystems. Wirtschaftsminister Jorge Remes Lenicov hat bereits nach Hilfe durch den Internationalen Währungsfonds gerufen und hofft auf erste Verhandlungen noch in dieser Woche.

Autor: Michael Barck, 12:14 04.02.02

[orpheo]

tja,
ab und zu rentiert es sich, die verlustposten mal zu memorieren:

wir (D-west) zahlen jährlich seit über zehn jahren
ca 100mrd euro nach D-ost.
weshalb es uns nicht so sonderlich gut geht, sollte sich
auch daraus (zT) erklären.

die Afghanistan-aktion hat ca 30-50mrd $ gekostet

die Schäden in NY durch den WTC-anschlag belaufen sich
nach "vollkosten" auf ca 100-120mrd $

Israel-Sharon dürfte zZ per jahr weltwirtschaftliche schäden von ca 10-20mrd$ generieren.

Argentinien stellt ein risiko von ca 30-80mrd$ dar.

Bush verwandelt binnen eines jahres einen budgetüberschuss
von ca 200mrd$ aus der Clinton ära in ein defizit von
geschätzt 100mrd$


die Enron-pleite erzeugt einen schaden von ca 30-50mrd$

JPM dürfte ein risiko von 50-300mrd$ darstellen

... usw.

interessant dabei ist, dass praktisch alle diese risiken
durch den "mann auf der strasse" getragen werden,
ausser JPM.
was mich zuversichtlich stimmt, dass DIESER schaden so nicht eintreten wird.
eher geht Argentinien und manches andere in flammen auf.

[ThaiGuru]

JPM Aktie weiter gefallen, heute minus 5.04%, und steht jetzt noch bei 29.02 US$!

Schlusskurs in New York heute:

JPM JP MORGAN CHASE AND CO JPM
Feb. 5, 2002 Market Closed

Last Sale: $ 29.02 Net Change: 1.54 -5.04% New SEC Filings
Week Low
Web Site
Latest News
Today`s High: $ 30.57 Today`s Low: $ 28.30
Best Bid: N/A Best Ask: N/A
Volume: 28,271,000 Previous Close: $ 30.56
Market: NYSE Common Stock

Noch bedeutend mehr hat heute die Luftbubble Firma WORLCOM verloren, heute minus 14.27%

WorldCom, Inc. WCOM
Feb. 5, 2002 Market Closed

Last Sale: $ 6.97 Net Change: 1.16 14.27% Week Low

Web Site
Latest News
Today`s High: $ 7.95 Today`s Low: $ 6.90
Best Bid: $ 6.97 Best Ask: $ 6.98
Volume: 146,111,600 Previous Close: $ 8.13
Market: Nasdaq-NM WorldCom Group Common Stock

Der Countdown läuft!

TG

[SchwarzGold]

Das ist die einzige Sprache, die die Herren Bankster und Goldmanipulateure verstehen:
http://finance.yahoo.com/q?s=jpm%2C%5Ehui&d=c&k=c1&t=3m&a=v&…
Ich könnte mich Kringeln vor Lachen! Es trifft die Richtigen! Aufregende Zeiten liegen vor uns!
P.S.: Ob die wohl auch ihre Renten ín JPM-Aktien angelegt haben??

[Traderfritz]

>ich bin ja weder schadenfroh noch selbstgerecht, aber wir werden noch viele neue XAU Investoren sehen.

Japan`s Death Spiral?
Forbes.com staff, Forbes.com, 02.05.02, 7:00 PM ET

NEW YORK - Japan is one step closer to a full-blown financial crisis, after Tokyo shares fell to 18-year lows Feb. 5 and are expected extend losses for the fourth straight day Feb. 6. Prime Minister Junichiro Koizumi is pledging to stick by his plan to liberalize the economy, but his popularity, once well above 70%, has abruptly plunged to just above 50%. Last week, the Nikkei 225 Stock Average fell below the Dow Jones Industrial Average for the first time since 1957.

The steadily eroding situation in Japan has some economic experts warning of a financial crisis that would dwarf 1997`s problems in Thailand and drag the world`s economies into depression. Former Federal Reserve Board Chairman Paul Volcker told Forbes magazine`s Benjamin Fulford that he can`t recall in his career a touchier global economic situation

[ThaiGuru]

Kommentarlos!

http://www.financialsense.com/Market/wrapup.htm



The Big 3 -- Hedge Funds on Methamphetamine and Steroids
Today the nation’s top three banks, J.P. Morgan Chase, Bank of America and Citigroup have become "The Big Three" in the derivatives market. The three banks combined have a derivative book mounting to close to $46 trillion! This amount is equivalent to 90% of the nation’s top banks derivative book and nearly half the outstanding derivatives around the globe. Our nation’s top banks are beginning to look, run and act like hedge funds on methamphetamine and steroids. If you want to see into the future where future problems lay, look no further than these three banks. They have disaster written all over them.

Gruss

TG

[jeffery2]

@Schwarzgold, wenn diejenigen, die wir alle nicht leiden können, voll auf die Schnauze fallen, dann gibt es für niemanden mehr etwas zu lachen.
Dann trifft es uns leider alleJ2

[SchwarzGold]

@jeffery2: Das dürfte vom Ausmaß der Erschütterung abhängen. Solange keine Anarchie eintritt oder die Goldbugs nicht enteignet werden, kann ich weiter lachen. Ein David gegen Goliath Sieg ist einfach zu schön.

[SchwarzGold]

JPM dementiert Gerüchte, angeblich lachen sie auch mit:

http://biz.yahoo.com/rf/020206/n06308986_1.htmlRelated Quote
JPM 29.16 +0.14
delayed 20 mins - disclaimer
Quote Data provided by Reuters



Wednesday February 6, 12:24 pm Eastern Time
JP Morgan says suffered no gold trade loss
NEW YORK, Feb 6 (Reuters) - J.P. Morgan Chase & Co. on Wednesday squashed rumors in financial markets that it sustained a loss during Tuesday`s powerful gold rally, saying instead it made a profit on gold`s run to two-year highs.

``We had a very good day yesterday,`` said a senior bank official with knowledge of the bank`s bullion trading operations. ``There is no truth to the rumor that we have a short position in the market, and I don`t know where that came from.``

He emphasized, ``We did not lose money.``

COMEX benchmark April gold futures shot up $9 on Tuesday and continued to rally early Wednesday, topping at $309 an ounce, up more than $20 since Monday. The contract was last down $1.10 at $298 an ounce.

Spot gold was quoted at $296.90/8.40, off from New York`s close Tuesday at $298.00/75. Earlier Wednesday it hit a two-year high at $305 an ounce.

[ThaiGuru]

Habe dieses kleine Posting heute im USA Goldboard gefunden!

Was könnte das bedeuten?

*********************************************************************************************

Carl H (2/6/02; 09:56:37MT - usagold.com msg#: 69473)
Restrictions on Savings Withdrawls
Good Morning All:

I just got a statement from one of my bank accounts the following notice is on it:

Beginning April 1, 2002, withdrawls from savings accoutns are limited by the Federal Reserve Board Regulation D to a total of 6 per month. These include preauthorized, automatic, & online transfers, point-of-sale purchases, payments to other persons, & transfers by telephone. There will be a $10 fee for each limited withdrawl, over 6 per month, from your savings account.

This sounds disturbingly like a precursor to the restrictions in Argentina.

[Dottore Lupo]

JPM...nicht in bullion Geld verlocht ...aber könnte nicht beim Derivatehandel ein bisschen was verloren worden sein.

cu DL...to hell with them

Und darauf einen DRINK...dervisex an Sovereign

[manfred1_I]

Hiobsbotschaft aus Argentinien.

Freigabe des Peso zum US $ auf Montag verschoben.
Also bis zum Wochenende erstmal gerettet.

[ThaiGuru]

Ein weiterer Bericht zu JPM aus der New York Post!

ThaiGuru



Is J.P. Morgan Chase too big to bail?

By John Crudele
New York Post
February 7, 2002

Is J.P. Morgan Chase too big to bail?

Last week I posed the more common question: Was the
bank too big to fail, or allowed to fail by the government?

It`s a logical question, since J.P. Morgan Chase has had
a string of bad luck recently, including involvement with
Enron. The bank says its luck hasn`t been as bad as it
looks, and I`ll get to that in a minute. But J.P. Morgan
chief exec William Harrison admitted publicly yesterday
that the bank had assumed too much risk in dealings
with Enron.

But I saved potentially the most ominous and admittedly
most confusing of J.P. Morgan Chase`s bets for last --
derivatives. Lot and lots and lots of derivatives. Enough
derivative exposure, in fact, to dwarf the entire gross
domestic product of the United States.

What are derivatives? They are investments -- gambles,
really, like those made by Enron -- on things that are
"derived" from other investments. The dollar, interest
rate spreads, stocks, livestock -- you name it, because
your guess will be as good as anyone else`s outside
of J.P. Morgan.

J.P. Morgan declined a request to discuss its massive
derivative position even as it was defending its streak
of bad luck.

Just how massive is Morgan`s derivative gamble? Get
this -- it has a potential, or notional, value of $29
trillion. That is in addition to net credit exposure
of $94.7 billion. Trillions in derivatives. As in
three times the nation`s entire annual gross domestic
product.

Here is another comparison to consider: Citigroup,
another giant bank, only has $9 trillion in derivative
exposure. Says Jim Grant of Grant`s Interest Rate
Observer: "So dominant is Morgan Chase in the
derivatives market that its exposures look like
typographical errors."

Adds bank analyst Charles Peabody of Ventana
Capital, "It`s an incredible figure and it`s very
dangerous. There`s no exit."

On the bright side, J.P. Morgan Chase`s derivative
position has been growing steadily for years, so far
without an apparent mishap. But, then again, the
country and the banking industry hasn`t been through
a recession in recent years. As for its bad luck in
loans to companies like Kmart, Global Crossing,
Enron et al., as well as Argentina, J.P. Morgan
Chase says that its losses on commercial loans
are equal to less than 1 percent of its total portfolio.
And it promises that it isn`t hiding any losses off the
balance sheet -- like PNC Bank is accused of doing.

And apparently taking one from the Ken Lay quote
book, J.P. Morgan Chase says I`m relying too much
on a small group of bank industry analysts in my
critique.

I hope the bank is right, because J.P. Morgan Chase`s
dabbling in derivatives makes it too big for even the
Federal Reserve to bail out.

-END-

[SchwarzGold]

Auszug aus: http://www.zealllc.com/2002/gold300.htm

...
Interestingly, on the volatile gold derivatives front, mega gold-derivatives player JPMorganChase was deluged with rumors that it had lost huge amounts of money on the gold spike to $300 this week. How do I know this? Reuters actually ran an official story on February 6th titled “JP Morgan says suffered no gold trade loss”. An unnamed “senior bank official” at JPM told Reuters, “We had a very good day yesterday. There is no truth to the rumor that we have a short position in the market, and I don’t know where that came from. We did not lose money.” Nevertheless, it is quite easy to say anything one wants when they are anonymous and off the record! The plot thickens.

The fact alone that the rumors swirling in the gold trading pits of JPM up to its eyeballs in gold-derivatives trouble were so rampant that JPM had to address them is quite provocative. Other rumors are also spreading regarding JPM, with potentially serious implications as JPM metals executives are someday hauled before Congress in a future inquiry.

For example, some investors believe that JPM, which officially reported $2.6b in unsecured exposure to Enron and was a major Enron advisor, actually intentionally sloughed-off a large portion of its metals derivatives to the doomed Enron before it declared bankruptcy. As I mentioned in my recent “JPM Derivatives Monster Grows” essay, there was an enormous and sudden drop in JPM’s total notional gold derivatives positions reported to the US government in the Q3 2001 OCC Bank Derivatives Report. Provocatively, this period of time is exactly when Enron was sliding into chaos and when the primary architect of Clinton’s gold-capping scheme, former Clinton Treasury Secretary Robert Rubin who now runs Citigroup, actually called the US Treasury and asked it, free markets be damned, to intervene with private credit-rating entities so Enron’s debt would not be downgraded. The “coincidences” multiply!

Still other investors believe that JPM and the other major gold derivatives players have set up covert offshore subsidiaries like Enron did in order to push gold derivatives exposure off the corporate books. In light of the bitter Enron hearings these allegations are very interesting and the executives at the major gold derivatives players involved in any of these schemes face a world of hurt as what was formerly secret becomes known. Hell hath no fury like the Congressfolk pursuing American corporate rogues after a major scandal breaks where their constituents lost retirement money!
...

[SchwarzGold]

Sollte der Goldpreis wirklich explodieren, werden wir endlich erfahren, was Sache ist. Zum Vertuschen ist das zu gewaltig. Das wäre fast so schön wie die Gewinne selbst.

[Basic]

Black Blade (2/10/02; 07:50:07MT - usagold.com msg#: 69722)
Gold Digest - More on JP Morgan Chase and PM Derivatives
http://www.gold-eagle.com/gold_digest_02/chapman021102.html
Snippit:

Morgan does have $30 trillion in derivatives. Morgan is the leader of the gold manipulation cartel. They have many gold loans outstanding and they are mega short. It now comes out, as we guessed, that Morgan as reported by the Comptroller of the Currency, as of 9/10/01, held 80% of the gold derivatives the COC reported. It looks like Morgan could have been dumping short gold derivative positions on Enron to lower its exposure and this explains the mega loans Morgan made to Enron as it was going under. This also means Morgan and probably Citigroup are left to defend the gold manipulation position. They don`t have that kind of strength left, which means anything can happen.

The key of course is JP Morgan. Their exposure on gold is colossal, but as congress digs into Enron, Morgan will get deeper and deeper into the financial quagmire. Morgan could go bankrupt and that means these gold shorts and derivatives could implode. That would give very serious upside velocity to gold, which would pull silver and platinum with it.


Black Blade: There are rumors that JPMC has engaged in trading in short positions on Gold and Silver derivatives. Didn`t they move their Gold and Silver trading activities to a London-based subsidiary before the reporting rules on derivatives were implemented? We have learned that Enron was heavily involved in Silver derivatives and now it comes to light that they may have been involved in large Gold derivative positions as well. There are louder and more urgent concerns over the last few days that JPMC could be close to collapse. "Interesting Times"

[hbbbh]

@#34 von Basic

"Morgan does have $30 trillion in derivatives"

eine Million = one million

eine Milliarde = one billion

eine Billion = one trillion ?

hmm dann wären das so in etwa das 30-fache der Staatsverschuldung der BRD ??? http://www.scantax.de/servlets/SchuldenUhrServlet

hmmm . .scheint ne ganze Menge zu sein .. wenn das mal gut geht.

[trinchen]

eher wird noch ein asbestverseuchtes gebäude wie WTC entsorgt, bevor die morgans den abend sehen

[jeffery2]

oh,oh trinchen, Du kommst ja ganz schön auf den Punkt.
J2

[ThaiGuru]

Le Metropole Members,

(Insight magazine is a part of the Washington Times
organization. This is perfect to be circulated ahead of
GATA`s luncheon at the National Press Club in Washington,
D.C. this coming Tuesday, February 12, which just happens
to be Lincoln`s Birthday.)

[GATA] Insight magazine examines the gold price
suppression scheme
Date: 2/9/2002 8:24:14 PM Central Standard Time
From: [e-mail]
To: [e-mail]


All That Glitters Is Not Gold
By Kelly Patricia O`Meara

Insight Magazine

March 4, 2002, edition
Posted February 8, 2002

http://www.insightmag.com/media/paper441/template/
templatemedia/subscription.html" target="_blank" rel="nofollow ugc noopener">http://www.insightmag.com/media/paper441/template/
templatemedia/subscription.html

Even though Enron employees and the company`s
accounting firm, Arthur Andersen, have destroyed
mountains of documents, enough information
remains in the ruins of the nation`s largest corporate
bankruptcy to provide a clear picture of what happened
to wreck what once was the seventh-largest U.S.
corporation.

Obfuscation, secrecy, and accounting tricks appear
to have catapulted the Houston-based trader of oil
and gas to the top of the Fortune 100, only to be
brought down by the same corporate chicanery.
Meanwhile, Wall Street analysts and the federal
government`s top bean counters struggle to
convince the nation that the Enron crash is an
isolated case, not in the least reflective of how
business is done in corporate America.

But there are many in the world of high finance
who aren`t buying the official line and warn that
Enron is just the first to fall from a shaky house
of cards.

Many analysts believe that this problem is
nowhere more evident than at the nation`s bullion
banks, and particularly at the House of Morgan
(J.P. Morgan Chase). One of the world`s leading
banking institutions and a major international
bullion bank, Morgan Chase has received heavy
media attention in recent weeks both for its
financial relationships with bankrupts Enron and
Global Crossing Ltd. as well as the financial
collapse of Argentina.

It is no secret that Morgan Chase was one of
Enron`s biggest lenders, reportedly losing at
least $600 million and, perhaps, billions. The
banking giant`s stock has gone south, and
management has been called before its
shareholders to explain substantial investments
in highly speculative derivatives - hidden
speculation of the sort that overheated and
blew up on Enron.

In recent years Morgan Chase has invested
much of its capital in derivatives, including
gold and interest-rate derivatives, about which
very little information is provided to
shareholders. Among the information that has
been made available, however, is that as of
June 2000, J.P. Morgan reported nearly $30
billion of gold derivatives and Chase Manhattan
Corp., although merged with J.P. Morgan, still
reported separately in 2000 that it had $35
billion in gold derivatives. Analysts agree that
the derivatives have exploded at this bank and
that both positions are enormous relative to the
capital of the bank and the size of the gold
market.

It gets worse. J.P. Morgan`s total derivatives
position reportedly now stands at nearly $29
trillion, or three times the U.S. annual gross
domestic product.

Wall Street insiders speculate that if the gold
market were to rise, Morgan Chase could be in
serious financial difficulty because of its "short
positions" in gold. In other words, if the price of
gold were to increase substantially, Morgan
Chase and other bullion banks that are highly
leveraged in gold would have trouble covering
their liabilities. One financial analyst, who
asked not to be identified, explained the
situation this way: "Gold is borrowed by Morgan
Chase from the Bank of England at 1 percent
interest and then Morgan Chase sells the gold
on the open market, then reinvests the proceeds
into interest-bearing vehicles at maybe 6 percent.
At some point, though, Morgan Chase must return
the borrowed gold to the Bank of England, and if
the price of gold were significantly to increase
during any point in this process, it would make
it prohibitive and potentially ruinous to repay the
gold."

Bill Murphy, chairman of the Gold Anti-Trust
Action Committee, a nonprofit organization that
researches and studies what he calls the "gold
cartel" (J.P. Morgan Chase, Deutsche Bank,
Citigroup, Goldman Sachs, Bank for International
Settlements (BIS), the U.S. Treasury, and the
Federal Reserve), and owner of
www.LeMetropoleCafe.com, tells Insight that
"Morgan Chase and other bullion banks are
another Enron waiting to happen." Murphy
says, "Enron occurred because the nature of
their business was obscured, there was no
oversight and someone was cooking the books.
Enron was deceiving everyone about their
business operations - and the same thing is
happening with the gold and bullion banks."

According to Murphy, "The price of gold always
has been a barometer used by many to determine
the financial health of the United States. A steady
gold price usually is associated by the public and
economic analysts as an indication or a reflection
of the stability of the financial system. Steady gold;
steady dollar. Enron structured a financial system
that put the company at risk and eventually took it
down. The same structure now exists at Morgan
Chase with their own interest-rate/gold-derivatives
position. There is very little information available
about its position in the gold market and, as with
the case of Enron, it could easily bring them down."

In December 2000, attorney Reginald H. Howe, a
private investor and proprietor of the Website
www.goldensextant.com, which reports on gold,
filed a lawsuit in the U.S. District Court in Boston.
Named as defendants were J.P. Morgan & Co.,
Chase Manhattan Corp., Citigroup Inc., Goldman
Sachs Group Inc., Deutsche Bank, Lawrence
Summers (former secretary of the Treasury),
William McDonough (president of the Federal
Reserve Bank of New York), Alan Greenspan
(chairman of the Board of Governors of the
Federal Reserve System), and the BIS.

Howe`s claim contends that the price of gold
has been manipulated since 1994 "by conspiracy
of public officials and major bullion banks, with
three objectives: 1) to prevent rising gold prices
from sounding a warning on U.S. inflation; 2) to
prevent rising gold prices from signaling weakness
in the international value of the dollar; and
3) to prevent banks and others who have funded
themselves through borrowing gold at low
interest rates and are thus short physical gold
from suffering huge losses as a consequence
of rising gold prices."

While all the defendants flatly deny participation
in such a scheme, Howe`s case is being heard.
Howe tells Insight he has provided the court with
very compelling evidence to support his claim,
including sworn testimony by Greenspan before
the House Banking Committee in July 1998.
Greenspan assured the committee, "Nor can
private counterparties restrict supply of gold,
another commodity whose derivatives are often
traded over the counter, where central banks
stand ready to lease gold in increasing quantities
should the price rise." Howe and other "gold
bugs" cite this as a virtual public announcement
"that the price of gold had been and would
continue to be controlled if necessary."

According to Howe, "There is a great deal of
evidence, but this is a very complicated issue.
The key, though, is the short position of the
banks and their gold derivatives. The central
banks have `leased` gold for low returns to the
bullion banks for the purpose of keeping the
price of gold low. Greenspan`s remarks in 1998
explain how the price of gold has been
suppressed at times when it looked like the
price of gold was increasing."

Furthermore, Howe`s complaint also cites
remarks made privately by Edward George,
governor of the Bank of England and a
director of the BIS, to Nicholas J. Morrell,
chief executive of Lonmin Plc: "We looked
into the abyss if the gold price rose further.
A further rise would have taken down one or
several trading houses, which might have
taken down all the rest in their wake. Therefore,
at any price, at any cost, the central banks
had to quell the gold price, manage it. It was
very difficult to get the gold price under control,
but we have now succeeded. The U.S. Fed was
very active in getting the gold price down. So
was the U.K. [United Kingdom]."

Whether the Fed and others in the alleged "gold
cartel" have conspired to suppress the price of
gold may, in the end, be secondary to the
growing need for financial transparency. Wall
Street insiders agree that as long as regulators,
analysts, accountants, and politicians can be
lobbied and "corrupted" to permit special
privileges, there will be more Enron-size failures.
Securities and Exchange Commission Chairman
Harvey L. Pitt, well aware of the seriousness of
these problems, recently testified before the
House Financial Services Committee that "it is
my hope there are not other Enrons out there,
but I`m not willing to rely on hope."

Robert Maltbie, chief executive officer of
www.stockjock.com and an independent analyst,
long has followed Morgan Chase. He tells Insight
that "there are a lot of things going on in these
companies, but we don`t know for sure because
much of what they`re doing is off the balance
sheet. The market is scared and crying out to
see what`s under the hood. Like Enron, much of
what the banks are doing is off the balance sheet,
and it`s a time bomb ticking as we speak."

Just what would happen if a bank the size of
Morgan Chase were unable to meet its financial
obligations? "It`s tough to go there," Maltbie says,
"because it could shake the financial markets to
the core."

-------------------------------------------------

Kelly Patricia O`Meara is an investigative reporter
for Insight.





http://www.LeMetropoleCafe.com Le Metropole Cafe

All the best,

Bill Murphy
Le Patron
www.LeMetropoleCafe.com

[gholzbauer]

http://messages.yahoo.com/bbs?.mm=FN&action=m&board=7079215&…

From Drooy Board via JPM
by: sterling_spurs 02/11/02 12:12 pm
Msg: 102921 of 102950

Just read this on DROOY message board!

<<<<"could you please explain the disappearance of JPM gold derivitatives."

I don`t have the exact figures in front of me, but according to JPM`s latest filing with the OCC their gold derivatives position went from approximately $30 Billion down to about $7 Billion in just one quarter. Again, it`s
a guesstimate, but the actual difference in the numbers of the two quarters are so disparate as to make even the wildest guesstimate look reasonable.

There is speculation that JPM dumped Billions of dollars of gold derivatives into the books of Enron, which was one of their biggest clients and for whom JPM apparently arranged financing loans down to the final months prior
to bankruptcy.

In my opinion, JPM almost cetainly *could have* known Enron was headed into bankrupcty, so it would have been the perfect dumping ground for tens of billions in derivatives contracts, many of which could have been headed
underwater and could have caused massive losses for JPM.

Imagine how easy it would be for Enron employees to shred any documents from those types of transactions, thereby sweeping them under the carpet forever.

Hmmm... transfer losing positions into a soon-to-be bankrupt company with mind-bogglingly complex books, meaning those transfers would likely never again see the light of day, and thus protect yourself from those heavy losses. It`s not exactly a novel idea, but it`s workable. And of course, any potential creditors on the other side of
the gold derivatives contracts could never collect from Enron, assuming the alleged transfers were discovered.

As I say, it`s just speculation, and of course, simply my opinion... however, that huge drop in the gold derivatives at JPM within one quarter is not opinion. It is indeed a matter of public record.>>>>

[ororoina]

@ gholzbauer

Was Du da ausgegraben hast, könnte echt ein fehlendes Puzzle-Stückchen sein. Jetzt bleibt die Frage, wer in diesem Geschäft der Bezogene bleibt. Denn als klassisches Wechselgeschäft sehe ich diesen Vorgang an.

Die Notenbank reicht Gold aus an JPM und nimmt einen Wechsel entgegen. JPM reicht Gold aus an Enron und nimmt ebenfalls einen Wechsel entgegen, möglicherweise in dem Wissen, daß dieser Wechsel platzt, und möglicherweise mit dem Motiv, die Hände in Unschuld zu waschen und mit dem Finger auf den bösen Kenny zu zeigen.

Diese Geschichte klingt m.E. einfach und logisch, und ich beginne, meine bisherige Position in Frage zu stellen, die da lautete: Es ist zwar eine Manipulation, aber keine Verschwörung.

Auf jeden Fall wird der Frage nachzugehen sein, auf welche Weise sich die Derivate-Position von JPM praktisch über Nacht in Luft aufgelöst hat, ohne das das am Markt massive Geräusche verursacht hätte.

Dann macht auch das Wort von Greenspan (Ich bade die Märkte in Liquidität) erst richtig Sinn. Nur hätte er es ehrlicher sagen können, ich bade die Bullion-Banken in Liquidität, naja, wo ist da eigentlich der Unterschied.

Auf jeden Fall wird dann diese Liquidität dringend gebraucht, und nicht dazu, den Aktienmarkt in die alten Höhen zu schießen. Wenn das tatsächlich so ist, dann kann ich nur meinen lange verstorbenen Großvater zitieren, der gerne sagte:

Leute, kauft Kämme, es kommen lausige Zeiten.
cu ororoina

[Potosi]

und noch ein kleines Mosaik-Steinchen

Handelsblatt, 13. Februar

"Enron belastet die WestLB"

2. Absatz

"Die US Bank JP Morgan Chase hat die WestLB und andere Banken
in New York verklagt. Sie müssten ihr Zahlungsversprechen
in Höhe von 165 Mill.$ leisten, mit dem sie ein Enron-Geschäft mit dem auf der Kanalinsel Jersey ansässigen
Unternehmen Mahonia abgesichert hätten.
Die WestLB vermutet hierbei Scheingeschäfte von Enron, mit
denen Kredite von JP Morgan Chase an den US-Energiehändler
abgesichert werden sollten. "

Potosi

[Basic]

Jetzt kommts dicke.
Busines as usually

[ThaiGuru]

Gold Market Brief (2/15/02). . . . . . . Gold is moving sharply to the upside in early New York trading as more concern surfaces over troubled JPMorgan/Chase -- the huge trading/banking operation many analysts feel has played a critical role in the gold market over the past several years. Many gold analysts believe that that involvement has been as a deterrent to higher prices. Yesterday, reports began to surface that Morgan/Chase may have its credit rating lowered -- a circumstance which started Enron`s uncontrolled tailspin into bankruptcy last year. While the public focuses on the Enron committee hearings in Congress, a far more pervasive and potentially crippling problem -- the possible collapse of JP Morgan -- is festering behind the headlines. The public was blindsided by Enron (our readers weren`t); it will be blindsided by JP Morgan (our readers won`t be) The financial community is certainly fully aware of what a JP Morgan breakdown might mean for Wall Street and the rest of the economy. That`s probably why gold remained strong during the recent corrective phase and moved up smartly this morning. Money people around the world are buying the yellow metal . . . . and for good reason.

But back to JPMorgan:

In just the past few months, JP Morgan took a $2 billion loss on Enron, a $2.25 billion loss on Global Crossing, and a $1.6 billion loss on KMart. Reuters reports this morning, it has a $14.4 billion exposure at troubled TYCO. The full story is still out on its exposure in collapsed Argentina (but it is likely in double figures). Now it surfaces that it has exposure at another company on the ropes, Qwest. And that`s just what we know about. All of this led James Cramer from TheStreet.com to exclaim this morning: "Unless you know of a takeover at JP Morgan Chase, I think you should still sell that stock. I don`t think these guys have a clue about risk right now, not a clue."

In recent years, it has been evident that what was good for Microsoft and Intel was good for the stock market. I think we can safely say that was is bad for JP Morgan is good for the gold market, not only directly through the possible ramping down of its gold derivatives trading, but indirectly through the effect that bad debt and trading problems within that banking giant might have on the rest of the financial markets. If all of that weren`t enough, Doug Cliggott -- its most accurate and bearish analyst -- has decided to leave for Sweden adding to the questions swirling around the firm. Cliggott was a consistent critic of the stock market bubble in the late 1990s and added a great deal of credibility to JP Morgan`s sagging reputation. It`s difficult to assess the potential overall effects of JP Morgan breakdown on the gold market, but we`ll just offer this as a starting point: It can`t hurt.

The market action thus far today might be indicative.

[hakunamatata42]

Tja der chart von JPM spricht auch bände aber die jungs vom TI gehen nicht drauf ein.
PUT ore not PUT
Das ist hier die frage.

[Saccard]

ich liste mal auf:
JP Morgan Verluste:
Enron 2 bn
Global Crossing 2.25 bn
KMart 1.6 bn
Argentinien ?

Gefährdet:
Tyco 14.4 bn
Kirch (jawohl!) 0.75 bn
QWest ?

Mit Gold hat JP Morgan keine Verluste gemacht.
Ich glaube diesen Äußerungen auch. Verluste werden dann wohl die zahlreichen Tochtergesellschaften gemacht haben, denen die Goldderivate vorher noch schnell "verkauft" wurden (Enron zeigt ja wie sowas geht).

Sieht so aus, als ob JP Morgan u.U. von einem Bankenkonsortium gerettet werden müßte, damit währen dann Citigroup und Deutsche Bank vermutlich auch involviert. Morgan selbst hat ja früher ein Bankenkonsortium zur rettung der US Staaten koordiniert, wo auch die Rothschilds teilnahmen (übrigens die einzigen Juden, mit denen J.P. Morgan Geschäfte machte, bei anderen verweigerte er jeglichen Geschäftskontakt, so heißt es jedenfalls).

Interessant auch, daß Buffett alel Citigroup Aktien verkauft hat. 1990 hat er ja bewiesen, daß er durchaus eine Bankenkrise durchsteht, wenn die Kurse niedrig genug sind.


Gruß
S

[ThaiGuru]

Neuer Prozess gegen J.P. Morgan!!

Die Luft zum atmen für J.P.M. wird immer dünner.

TG

*******************************************************************************************************************************************************

NEW YORK, Feb 15 (Reuters) -

Law firm Glancy & Binkow LLP on Friday announced a shareholder class action lawsuit against J.P. Morgan Chase & Co (NYSE:JPM - news), alleging that the No. 2 U.S. bank holding company did not initially divulge the full extent of its exposure to failed energy trader Enron Corp.

The law firm in its complaint charged that ``material omissions and the dissemination of materially false and misleading statements`` related to Enron artificially inflated the bank`s stock price.

Troubled energy trader Enron`s collapse left J.P. Morgan, one of its top lenders, with hefty loan losses. Glancy & Binkow alleged that the bank ``recklessly`` issued a statement that its total exposure to the Enron bankruptcy was $900 million, and later announced its exposure was actually $2.6 billion.
********

Any hidden `off balance activities` (which might include gold) will soon be making a public appearance in court it now seems.

[SchwarzGold]

Unsere Freunde von JPM sind heute auf einem 3-Jahrestief im Keller. Ob sie da suchen, ob dort noch ein paar Gramm Gold liegen? Sie sollten noch ein bisschen tiefer suchen.
http://finance.yahoo.com/q?s=JPM&d=c&k=c1&a=v&p=s&t=5y&l=on&…
Immerhin: Mit dem Aktienkurs sinkt auch ihre Macht.
Um den JPM-Untergangsbegleitthread einigermaßen komplett zu halten, hier noch die Tagesstory:

http://dailynews.yahoo.com/h/nm/20020222/bs/financial_jpmorg…

Friday February 22 11:57 AM ET
Fed Reviews JP Morgan`s Enron Dealings
NEW YORK (Reuters) - U.S. banking regulators are looking into how J.P. Morgan Chase & Co. (JPM.N) accounted for certain trades made with bankrupt energy trader Enron Corp. (ENRNQ.PK), according to a memo obtained on Friday.

News of the review by The Federal Reserve (news - web sites) Bank of New York sent shares of the venerable Wall Street bank to a three-year low. The stock, the third-most active on the New York Stock Exchange (news - web sites), dropped more than 6.5 percent to $27.24, a level unseen since October 1998.

The review, first reported in The Wall Street Journal, centers on a J.P. Morgan offshore entity called Mahonia, which traded oil and gas with Enron. Mahonia is also the focus of a heated legal battle between the bank and some of its insurers.

At issue is whether the trades should have been booked as loans, and if the arrangement was just another questionable investment vehicle devised by Enron, whose collapse has been linked to sketchy bookkeeping and off-balance-sheet dealings.

Diana Yates, an analyst at A.G. Edwards, said the Fed`s review appeared to be just normal information gathering.

``Anyone related to Enron is going to have everything looked at,`` she said. ``I don`t think it`s really as big of a surprise as the market is making it out to be today.``

Enron has haunted J.P. Morgan, a major lender to the company. Loan losses related to Enron contributed to the bank`s fourth-quarter loss of $332 million, and J.P. Morgan was forced to put aside another $510 million in the quarter in case of future loan defaults.

J.P. Morgan shares have fallen more than 25 percent this year as investors worry about the bank`s continued exposure to Enron and other troubled companies, including bankrupt telecom company Global Crossing Ltd. (GBLXQ.PK)

FED REVIEWS MAHONIA

The Fed raised questions about certain natural gas and crude oil trades between Mahonia and Enron in a Jan. 24 memo obtained on Friday by Reuters. Sources said the review is routine.

The Fed is reviewing ``two prototypical prepaid forward transactions,`` the memo said. In the transactions, J.P. Morgan would pay Enron for the future delivery of natural gas and crude oil.

``As part of our normal banking supervisory role we need to understand what is happening at the institutions we supervise,`` said a Fed spokeswoman.

She said the Fed would be asking questions at institutions with loan exposures so that it can understand the nature of those exposures and their accounting treatment.

``As a general matter, banks are permitted to deal in prepaid forward transactions,`` she said.

J.P. Morgan also said it was a normal course of action.

The Fed also discussed the trades with J.P. Morgan`s accountant, PricewaterhouseCoopers, the memo said. A spokesman for the auditor declined to comment.

J.P. Morgan used Mahonia to set up trades in which it would pay Enron for future delivery of gas and oil. J.P. Morgan had backed up the deals with surety bonds -- which insure that if the deals weren`t completed, the bank would still get paid.

But the insurers, which include Chubb Corp. (CB.N), Citigroup Inc.`s (C.N) Travelers unit, Hartford Financial (HIG.N) and St. Paul Cos. (SPC.N), claim Enron misled them about the nature of the deals. The group is disputing J.P. Morgan`s insurance claims.

J.P. Morgan has sued the insurers, which in turn filed a countersuit.

[Sep]

Bitte in diesem Zusammenhang die Äußerung von Breuer sehen, der sich außerordentlich weit vorgewagt hatte mit der öffentlichen Bemerkung, er könne sich nicht vorstellen, daß Kirch aus Bankenkreisen noch Unterstützung bekommen könne.

Ein Signal an die Politik.

Das muß eigentlich jeden verwundert haben, daß Breuer dies generell für alle Banken ausschließen wollte.

Er hat sich auch prompt eine Klage dafür eingehandelt.

Und interessant ist auch, daß trotz dieses sehr ungewöhnlichen statements die Hypo ans Licht kroch, um 1.1. Mrd für Kirch anzubieten. Die werfen gutes Geld dem schlechten hinterher, entgegen aller Regeln.

Ich will darauf hinweisen, daß Kirch locker zum BRD- Nachkriegskönig werden kann, denn insgesamt scheint es so, daß nicht nur die bisher eingestandenen 6.7 Mrd Eu
"hängen", sondern einige Kredite mehrfach abgesichert wurden durch immer dieselben Aktienpakete. Breuer weiß dies anscheinend.

Das ist außerordentlich schlecht u.a. für Stoiber, denn die Bayerische Landesbank hängt mit bisher eingestandenen 1.9 Mrd drin, und andere bayerische Geber unterhalb der Allianz versuchen, hier Schadensbegrenzung zu betreiben.

Man beachte dabei auch das offene Ohr des Kanzlers, der sich jüngst mit Murdoch getroffen hat.

Die Sache wird uns um die Ohren fliegen. Ich würde mich wundern, wenn da nicht noch Folgeschäden entstehen werden, die über die Fußballübertragungszahlungen hinausgehen.

Und Welteke will Gold verkaufen, allerdings erst nach 2004 ?

Ich werde mir ein neues Auto zulegen, so ab 2006 oder 2007.

[goldpups007]

@Sep

....mein Golf ist erst 3 Jahre alt..... vollverzinkt sollte er 12 Jahre halten.....ich kaufe lieber Gold.....das hatte auch vor 5000 Jahren schon Bestand......

Gruß Pups, den man bei Consors immer wieder sperrt, weil denen das Thema GOLD sooo unbequem ist.......

[Blecheuro]

Wir stehen vor steigenden Edelmetallpreisen, denn die "Einschaltquote" im Goldboard läßt nach!

[manfred1_I]

Die Untersuchung JPM Chase (Verwicklung mit Enron)
von der FED darf man nicht überdramatisieren.

Ich denke, die sitzen alle in einem Boot.

Nun zu Gold.

Da werden sich noch einige Minen , die Vorwärtsverkäufe
getätigt haben, blutige Nasen holen.
Die nächsten Wochen bleiben spannend.

Die Buba Verkäufe nimmt schon kaum einer mehr ernst.
Viel Glück für nächste Woche.

[hbbbh]

http://www.washingtonpost.com/wp-dyn/articles/A32820-2002Feb…



By Joel Achenbach
Washington Post Staff Writer
Tuesday, February 19, 2002; 11:54 AM


Incredibly, businessmen are now as scary as scientists. The world of business, like that of science, has suddenly become famous for its horrors and abominations. This is an enormous cultural development.

Scientists--mad, cackling, disheveled, hair flying upwards as though in an antigravity field--have always disturbed our dreams, for they and their hunchbacked assistants are continually inventing things that are dangerous, invasive and certain to culminate in mayhem. Monsters spawned by Science (and its demonic cousin, Technology) have included Frankenstein, the Blob, the H-Man, Godzilla, the Andromeda Strain, Robo-Cop, the Terminator, the Jurassic Park velociraptors and the new Greta Van Susteren.

But no one despises Science entirely, for it also makes life better. Antifungal ointments come immediately to mind. Microwaveable pizza. Beyond those two things I`m drawing a blank but I know the list goes on and on.

The question we all have to ask is, does the invention of, say, the remote control clicker outweigh the risk that an overworked grad student at a high-energy particle accelerator will forget to carry the 2 in one of his calculations and, instead of discovering a new quark, inadvertently destroy the entire universe? It`s a close call, obviously.

A similar conundrum is presented by Business, newly revealed as a terrifying enterprise only lightly tethered to morality and decency. Every day we learn of new financial instruments and accounting techniques that, like evil computers in science fiction movies, have turned on their masters. We hear about equity derivative transactions, related party entities, hedge funds, offshore bank accounts, submerged bank accounts, bank accounts hidden inside volcanoes, and so on.

The Enron scandal calls into question the integrity of the entire capitalist system, which previously we assumed was based on honest, straightforward greed. The Enron executives and their accountants, we`ve learned, have strayed from the American tradition of ripping off the little guy fair and square. Everyone knows that a company is supposed to be deceitful in its ledgers, but it is also supposed to be artfully deceitful. There are standards of dishonesty to uphold. The Enron people violated all these unspoken rules. It`s okay to hide the fact that you`ve lost a million dollars here or there, but when the Enron executives tried to hide a billion dollars in losses--when their lies involved the B-word--they crossed the line.

Enron was simply too aggressive. Listen to the words of whistleblower Sherron Watkins in her famous memo to Kenneth Lay:

"Enron has been very aggressive in its accounting--most notably the Raptor transactions and the Condor vehicle."

Raptor. Condor. These businessmen fantasize themselves as birds of prey. (Notice that they didn`t name their financial vehicles "Bunny" or "Otter" or "Mary Poppins" )

The most amazing thing about this case is that Enron officials may never be convicted of a crime. So far they`ve been charged with nothing, having endured merely the ritual torture of media demonization. Everyone hates them, but they`re free to come and go as they please, so long as they keep the paper sacks on their heads.

The problem is that, although they are potentially guilty of wire fraud, securities fraud and racketeering under the RICO Act, they are also potentially guilty of nothing other than being aggressive American business people. Hiding losses in an obscure business partnership, and cashing in millions in stock while your employees watch their 401(k) plans evaporate into nothingness, is apparently legal. It`s not even a crime to invoke the Fifth Amendment protection against self-incrimination, which, to me, seems like PROOF of wrongdoing and should result in immediate incarceration. (I am a hardliner.)

The paradoxes and absurdities of the Enron case once again bring Science to mind, specifically the assurance by Science that things utterly illogical can in fact be true, like light being both a wave and a particle, or the universe having no boundary, or a bowling ball falling to the ground at the same speed as a paper clip.

The standard tale of science gone awry features a tormented genius with no moral compass. He invents something, and he loves this invention more than he loves anything else, even though we, as outsiders, see that it will turn on him. Think, for example, of Dr. Moreau, the exiled vivisectionist of the H.G. Wells novel, piecing together parts of humans and animals to form new, loathsome hybrids. This man, we now suspect, could have risen far at Enron.

Combating corporate evils is a tricky business. If you blow one of these secret partnerships to smithereens, each individual smithereen can regenerate into an entirely new secret partnership.

The paramount rule that governs Demon Spawn is that they cannot be killed. They can only be contained. Think of Godzilla: You can take him out with a nuclear device but you know that, eventually, he`ll be back. Enron is now in shambles and its executives are less popular than figure skating judges, but someday, in some form, it too will return. Beware the Son of Enron.

(Rough Draft is a column that used to appear regularly at washingtonpost.com and now merely sneaks up out of nowhere to rain terror on the unsuspecting.)

© 2002 The Washington Post Company

[ThaiGuru]

Top Financial News

02/22 15:17

J.P. Morgan Debt Default Insurance More Than Doubles (Update1)

By George Stein


New York, Feb. 22 (Bloomberg) -- J.P. Morgan Chase & Co., the second-largest U.S. bank, has suddenly become a growing risk for bond investors.

The cost of insuring J.P. Morgan Chase`s $43 billion of notes and bonds against default more than doubled in the past month. Some investors are concerned the bank holding company`s credit rating may be lowered because of $3.8 billion in potential losses related to Enron Corp., Global Crossing Ltd., Kmart Corp. and Argentina that analysts estimate the bank made.

``The exposure they have to some of these risky companies is larger than the market would like to see,`` said Michael Pohly, executive director of credit derivatives for Morgan Stanley Dean Witter & Co., which matches buyers and sellers for the insurance.

The price for default protection rose to $80,000 for $10 million of J.P. Morgan Chase debt from $35,000 on Jan. 28, according to Morgan Stanley. At that price, the highest since the bank was formed in a January 2001 merger, investors are paying about twice as much as for comparable insurance on the bonds of Citigroup Inc., the world`s largest financial-services company, and Bank One Corp., the sixth-largest U.S. bank.

The cost of default insurance reflects investor unease that began last year as J.P. Morgan Chase`s shares plunged and the yield on its bonds rose. J.P. Morgan Chase`s 6.75 percent bonds that mature in 2011 now yield 6.35 percent, the highest among the 10 biggest U.S. banks. In November, the yield was the fourth lowest among the big banks.

The bank, whose founder J. Pierpont Morgan Sr. saved the U.S. financial system in the 1907 panic, is far from default. Moody`s Investors Service, Standard and Poor`s and Fitch Ratings have all assigned J.P. Morgan Chase a rating that is six levels above non- investment grade, or junk.

Kristin Lemkau, a spokeswoman for J.P. Morgan Chase, which has about $800 billion in assets, said the bank would have no comment.

Decline in Shares

J.P. Morgan Chase`s default insurance rates began climbing early this month after Chief Executive Officer William Harrison said the bank had assumed too many risks in its dealings with Enron.

``In light of J.P. Morgan`s piecemeal disclosure about their Enron and Argentina exposure, the markets are pricing in a cushion to safeguard against anything else that might come out of the woodwork,`` said Michael Stead, who manages the $700 million SIFE Trust Fund, which owns 550,000 J.P. Morgan Chase shares.

J.P. Morgan Chase shares have fallen 43 percent in the past year in part because of concern the bank will suffer big loan losses. That compares with a 14 percent decline for Citigroup and a 26 percent gain for Bank of America Corp., the third-largest bank. J.P. Morgan shares fell 4.3 percent to $27.94 today after the Wall Street Journal reported the Federal Reserve Bank of New York is probing how the bank accounted for trades.

Shareholders sued the bank Feb. 15, alleging J.P. Morgan Chase broke securities laws by failing to disclose fully the amount of money it might lose because of its loans to Enron. J.P. Morgan Chase, which said the suit was without merit, wrote off $456 million of trading losses and loans to Enron in the fourth quarter. It still has $2.06 billion of Enron exposure.

The Securities and Exchange Commission also is reviewing J.P. Morgan Chase`s transactions with Enron, according to people familiar with the situation.

Downgrade Prospects

Some investors said the drop in shares and bonds has been exaggerated and may soon end.

``I don`t think things are as dire as some investors want to make out,`` said Steve Wharton, who helps Loomis Sayles & Co. manage about $70 billion, including 1.4 million J.P. Morgan Chase shares. ``I think the stock will be higher 12 months from now.``

The credit rating companies are more skeptical.

``It wouldn`t take too much more bad news to downgrade`` the company, said Tanya Azarchs, senior financial services analyst at S&P, which has assigned the company a ``AA-`` rating.

``Whether you are looking at the price of their long-term debt or the credit default swap market, they are trading like a single-A company,`` Azarchs said. ``I have been deluged with calls.``

Moody`s last week affirmed its ``Aa3`` rating with a ``stable`` outlook and Fitch yesterday changed to ``negative`` the outlook on its ``AA-`` rating.

Enron`s Example

The volume of trading in J.P. Morgan credit-default swaps has risen in recent weeks to between $50 million and $75 million a day, Morgan Stanley`s Pohly said.

In a credit default swap, buyers pay premiums in exchange for a guarantee to be repaid the value of the bonds if the company defaults. Swaps trade in an over-the-counter market; Trading of credit default swaps became active about five years ago.

Prices for credit-default insurance often rise before ratings agencies downgrade a company`s debt, said John McEvoy, chief operating officer and a founder of Creditex Inc., a New York-based online exchange for credit derivatives, financial obligations derived from debt and equity securities, commodities and currencies.

In Enron`s case, the price for credit-default insurance began increasing in August and the ratings agencies didn`t downgrade the debt until late October and early November, McEvoy said. Enron declared bankruptcy in December.

While credit-default swaps rates also rose for some other banks, the increase was much smaller. Citigroup, which disclosed fourth-quarter loan losses of $698 million because of obligations to Enron and Argentina, saw the price of its credit default swaps rise to $28,000 from $23,000 since Jan. 28.

For J.P. Morgan, the increase in default swap rates is ``a vote of no confidence,`` said David Hendler, financial-services analyst at CreditSights Inc.

[ThaiGuru]

http://www.sonntagszeitung.ch/sz/szUnterRubrik.html?rubrikid…

Investoren fordern 66 Millionen

57 geprellte Anleger versuchen, vor Gericht ihr Geld von der J.P. Morgan zurückzuholen

VON HUBERT MOOSER

Zürich - Vor einem Jahr verurteilte ein Genfer Geschworenengericht die Hintermänner der drei Finanzgesellschaf- ten Gefipro, Norit SA und Norit Ltd. wegen eines 100-Millionen-Schwindels zu Zuchthaus- und Gefängnisstrafen. Die zivilrechtliche Auseinandersetzung findet am 6. März vor dem Zürcher Handelsgericht statt. 57 geprellte Investoren fordern von der Morgan Guaranty Trust Company of New York (MGT) Zürich, Hausbank der drei Gesellschaften, Schadenersatz in Höhe von 66,5 Millionen Franken.
Das Bankhaus habe die elementarsten Bankregeln und die Sorgfaltspflicht verletzt, heisst es in der fast 130 Seiten starken Klageschrift, die sich auf die Ergebnisse der Strafuntersuchung, auf die Aussagen von früheren Bankkadern und beschlagnahmte Bankdokumente abstützt. Die Zürcher Filiale der J.P.-Morgan-Bank habe die Drahtzieher bei ihren undurchsichtigen, kriminellen Geschäften gedeckt. Selbst als sich die Pleite bereits abzeichnete, habe das Bankhaus mitgeholfen, den Sachverhalt zu verschleiern.
Zwischen 1980 und 1990 gründete der brasilianische Financier Steve Marcus zusammen mit zwei Walliser Partnern die drei Finanzgesellschaften Gefipro in Lens VS, Norit SA in Genf und Norit Company Ltd. in Tortola (British Virgin Islands). Als Hausbank fungierte die J.P.-Morgan-Filiale in Zürich, welche die Konten der drei Gesellschaften verwaltete. Das Trio versprach hohe Gewinne mit Devisenspekulationen und verwies auf ein selber entwickeltes, angeblich narrensicheres System - das so genannte Norit Currency Expert System (NCES). Viele vermögende Feriengäste aus Crans Montana, aber auch Immobilienhändler und Geschäftsleute aus der Romandie, aus Belgien und Frankreich tappten in die Falle. Ab 1989 erwirtschafteten die Finanzgesellschaften bloss fiktive Gewinne. 1994 krachte das Kartenhaus zusammen, in der Kasse fehl- ten 100 Millionen Franken. Steve Marcus und seine Walliser Partner wurden wegen Betrugs zu Zuchthaus- und Gefängnisstrafen verurteilt. Der Rekurs ist vor Bundesgericht hängig.
Bei der Strafuntersuchung wurde auch die Rolle der Hausbank MGT durchleuchtet. Der Untersuchungsrichter beschuldigte nachträglich vier Bankkader als Mitverantwortliche, doch die Sache verjährte. Die Verfahren gegen die Bankkader könnte die Bank jetzt aber im Zivilprozess teuer zu stehen kommen. Denn die Strafuntersuchung hat gezeigt, dass die Bank früh an der Güte der drei Finanzgesellschaften zweifelte, aber trotzdem nicht reagierte und stattdessen Marcus und seine Partner deckte. Als besonders stossend empfinden die Geprellten die Manöver der Bank, um die eigenen Verluste zu decken. 1993 war die Norit Ltd. überschuldet. Weil man die Kundeneinlagen der beiden anderen Gesellschaften Gefipro und Norit SA auf Grund eines rechtlichen Gutachtens der Bank-Anwälte nicht als Deckung verwenden konnte, riet das Bankhaus laut Anklageschrift Steve Marcus, die Kundenguthaben der beiden Gesellschaften auf eine andere Bank zu transferieren. Diese überwies der MGT dann den Gegenwert zurück. Damit konnte ein Teil der Schulden getilgt werden. Von dieser Operation wussten die Investoren nichts.

Die Opfer der Pleite hoffen auf einen schnellen Vergleich

Diese hofften, wie der deutsche Staatsbürger Norbert W., noch im Juni 1993 auf saftige Gewinne dank dem neuen System von Marcus und Co. W. hatte in den Monaten zuvor bereits 770 000 Franken investiert und verschob im Juni 1993 zusätzliches Bargeld und Wertpapiere für 1,4 Millionen Franken von der Deutschen Bank auf das Konto der Gefipro bei der Morgan-Bank. Zu diesem Zeitpunkt hatte die MGT die Konten der beiden Finanzgesellschaften Gefipro und Norit SA aber bereits saldiert wegen der hohen Ausständen der Norit Ltd. Die Morgan-Bank habe W. jedoch nicht darüber informiert und stattdessen das Geld verwendet, um die Schulden der Norit Ltd. zu decken, so die Anklage.
Die Opfer der Pleite hoffen auf einen schnellen Vergleich. Doch bisher signalisierte das Bankhaus wenig Bereitschaft. Es bestreitet die Vorwürfe.

[ThaiGuru]

Hier auf dieser Hompage gibts wichtige Empfehlungen zu JP-Morgan!

Es lohnt sich diese anzusehen, damit mann die richtige Entscheidung treffen kann.

Gruss

ThaiGuru

http://quotes.barchart.com/texpert.asp?sym=jpm&code=BSTK

[ThaiGuru]

Insurers Fault Enron Deals at Morgan

By RIVA D. ATLAS NY Times

In 1996, the Sumitomo Corporation (news/quote) of Japan discovered that a copper trader named Yasuo Hamanaka had lost $2.6 billion over the prior decade. The company eventually sued J. P. Morgan as well as Chase Manhattan (news/quote), charging that both banks, which have since merged, engineered loans disguised as trades that allowed Mr. Hamanaka to conceal his losses.

Now, several insurance companies, in legal filings tied to a court hearing on Wednesday, accuse the company, today known as J. P. Morgan Chase (news/quote), of having used similar tactics to help Enron (news/quote). As the insurers describe it, the bank`s transactions allowed Enron to disguise debts.

J. P. Morgan has sued a total of 11 insurers for refusing to honor its $1 billion in claims relating to its dealings with Enron, which filed for bankruptcy.

Arguing against the bank in both cases is Alan Levine, a lawyer at Kronish, Lieb, Weiner & Hellman in New York, who hopes to strengthen the Enron case by arguing that there has been a pattern at J. P. Morgan Chase.

"The conclusion that Chase deliberately camouflaged a loan to Enron as a commodity transaction in order to perpetuate a fraud" on the insurance companies, Mr. Levine says in a court filing, "is buttressed by Chase transactions with other firms." Describing a transaction as a trade instead of a loan could make a company`s debts look smaller than they really are.

J. P. Morgan maintains that there is nothing unusual, much less fraudulent, about the sorts of transactions involved in these cases.

A spokesman for J. P. Morgan, Joseph Evangelisti, said the Enron and Sumitomo cases are unrelated. "These cases are not analogous in any way, and will be decided on their own merits," he said. "The only link between the suits is they share the same lead counsel. "

Besides representing three of the insurance companies in the Enron case, Mr. Levine also represents Sumitomo in a lawsuit it filed in 1999 against Chase Manhattan, but not in a suit Sumitomo filed around the same time against J. P. Morgan. Both suits are still pending.

In the Enron case, J. P. Morgan has asked a Federal District Court judge in New York to issue an immediate ruling when he holds a hearing on Wednesday, avoiding evidence gathering and a trial.

Both cases may hinge on whether J. P. Morgan fully disclosed the nature of the trades, involving contracts known as derivatives. Derivatives promise payments from one party to another, with the value derived from changes in the price of an underlying security, index or commodity.

J. P. Morgan is one of the world`s largest traders of derivatives; they accounted for an estimated 15 to 20 percent of its earnings last year, according to Ruchi Madan, an analyst at Salomon Smith Barney.

The trades with Enron were made by companies affiliated with J. P. Morgan, known as Mahonia Limited and Mahonia Natural Gas Limited. The transactions became public shortly after Enron`s bankruptcy filing in December, when J. P. Morgan sued the insurance companies to collect more than $1 billion it says it is owed by Enron.

The insurance companies had provided a form of guarantee, known as surety bonds, in the event that Enron did not make good on its obligations.

In refusing to pay, the insurers argue that they were misled as to the true nature of the transactions between Enron and the bank. In these transactions, J. P. Morgan paid Enron up front in return for deliveries of oil and gas over several years.

The legal arguments Mr. Levine has made in the Sumitomo and Enron cases include similar descriptions of J. P. Morgan`s derivatives transactions.

In the Sumitomo case, Mr. Levine wrote that Chase disguised its loans as "copper swaps," or agreements involving the actual purchase of the commodity and exposure to its fluctuating price. "In reality, these `copper swaps` were completely unrelated to copper," Mr. Levine argued. "They were neither physical copper transactions, nor financial transactions whose value was dependent on copper prices. They were loans, pure and simple."

In the Enron case, Mr. Levine again argues that the transactions were unrelated to the transfer of commodities — in this case, oil and gas.

"The parties appear to have arranged a series of paper transfers of gas and oil from Enron to Mahonia, from Mahonia to Chase, and from Chase or a Chase affiliate back to Enron," he said.

In a court filing by J. P. Morgan on Friday, the bank does not dispute Mr. Levine`s characterization of the trades between Enron and the J. P. Morgan affiliates as loans.

"Any prepaid commodity sale contract provides financing," the bank says. "There is nothing inappropriate about structuring transactions to satisfy the parties` financial, tax, regulatory or accounting objectives within the relevant rules and standards."

Investor concerns over J. P. Morgan`s conflict with the insurers have contributed to a sharp decline in value of its shares since Enron`s December bankruptcy filing. The bank`s stock fell to a 52-week low of $26.70 during the day on Friday, on a report in the Wall Street Journal that the Federal Reserve was examining the Enron trades. The stock recovered to end the day at $28.19 a share, down nearly 23 percent for the year.

The Federal Reserve`s examination does not appear to be part of a formal investigation of the bank, according to both J. P. Morgan and the Fed. "It`s normal for the Federal Reserve in its role as a bank regulator to look into high-profile transactions," said Mr. Evangelisti, who declined to comment directly on the matter.

A Fed spokeswoman, Michelle Smith, also declined to comment specifically. "As you know, we cannot comment at all on supervisory matters involving individual institutions," she said on Friday. "But, as part of our normal banking supervisory role, we need to understand what is happening at the institutions we supervise."

Still, J. P. Morgan conceded in its court filing Friday that negative publicity from the Mahonia suit has had an impact. "Already," the bank said, the insurers allegations of fraud and their refusal to pay, "have caused significant reputational risk to J. P. Morgan Chase."
*************

[Freetimetrader]

Ein jetziger Chart des Unbehagens - ein zukünftiger Chart des Grauens?

MfG

[derunsichtbarefreund]

@ freeti

also wenn mich meine äuglein nicht täuschen war das eine SKS mit nacken bei 31. kursziel nach adam riese . 5$

da lob ich mir meinen sali-put

aber irgendwer kommt JPM zur hilfe und ich bin dann der mit der a-karte.

DUF

[derunsichtbarefreund]

@ freeti

also wenn mich meine äuglein nicht täuschen war das eine SKS mit nacken bei 31. kursziel nach adam riese . 5$

da lob ich mir meinen sali-put

aber irgendwer kommt JPM zur hilfe und ich bin dann der mit der a-karte.

DUF

[Basic]

"Interesting Times"

Black Blade (03/05/02; 07:09:20MT - usagold.com msg#: 71114)
All That Glitters is Not Gold - JP Morgan Chase I Too Deep?
http://cnniw.yellowbrix.com/pages/cnniw/Story.nsp?story_id=2…

Snippit:

In recent years Morgan Chase has invested much of its capital in derivatives, including gold and interest-rate derivatives, about which very little information is provided to shareholders. Among the information that has been made available, however, is that as of June 2000, J.P. Morgan reported nearly $30 billion of gold derivatives and Chase Manhattan Corp., although merged with J.P. Morgan, still reported separately in 2000 that it had $35 billion in gold derivatives. Analysts agree that the derivatives have exploded at this bank and that both positions are enormous relative to the capital of the bank and the size of the gold market.

It gets worse. J.P. Morgan`s total derivatives position reportedly now stands at nearly $29 trillion, or three times the U.S. annual gross domestic product.

Wall Street insiders speculate that if the gold market were to rise Morgan Chase could be in serious financial difficulty because of its "short positions" in gold. In other words, if the price of gold were to increase substantially, Morgan Chase and other bullion banks that are highly leveraged in gold would have trouble covering their liabilities. One financial analyst, who asked not to be identified, explained the situation this way: "Gold is borrowed by Morgan Chase from the Bank of England at 1 percent interest and then Morgan Chase sells the gold on the open market, then reinvests the proceeds into interest bearing vehicles at maybe 6 percent. At some point, though, Morgan Chase must return the borrowed gold to the Bank of England, and if the price of gold were significantly to increase during any point in this process, it would make it prohibitive and potentially ruinous to repay the gold."

Robert Maltbie, chief executive officer of www.stockjock.com and an independent analyst, long has followed Morgan Chase. He tells INSIGHT that "there are a lot of things going on in these companies, but we don`t know for sure because much of what they`re doing is off the balance sheet. The market is scared and crying out to see what`s under the hood. Like Enron, much of what the banks are doing is off the balance sheet, and it`s a time bomb ticking as we speak."

Just what would happen if a bank the size of Morgan Chase were unable to meet its financial obligations? "It`s tough to go there," Maltbie says, "because it could shake the financial markets to the core."


Black Blade: I suspect that JPMC could "Ashanti" all over the market if the POG rises. JPMC has many problems lately from Enron, Global Crossing to the blow up on loans to Argentina. Interesting article during "Interesting Times".

[hbbbh]

ohoooh .... http://www.datekdj.newsalert.com/bin/djstory?StoryId=Cpirq0a…

+DJ JP Morgan Loses Bid For Quick Ruling In Enron Bond Suit

03/05/2002
Dow Jones News Services
(Copyright © 2002 Dow Jones & Company, Inc.)




(MORE) DOW JONES NEWS 03-05-02

12:04 PM

DJ J.P Morgan/Enron Bond Suit -2: Judge Sets Dec. 2 Trial



By Colleen DeBaise
Of DOW JONES NEWSWIRES

NEW YORK (Dow Jones)--A federal judge denied J.P. Morgan & Co.`s (JPM) request for an immediate ruling in its dispute with insurers over nearly $1 billion in bonds on Enron Corp. (ENRNQ) oil and gas contracts.

In an 11-page opinion Tuesday, U.S. District Judge Jed S. Rakoff in Manhattan said 11 insurers that J.P. Morgan sued in December over payment on the surety bonds have "provided a reasonable justification" for further gathering of evidence in the case.

The judge said the parties must submit a plan for discovery, or fact-finding, to the court by Friday and set a Dec. 2 trial date if the suit is "not otherwise disposed of."


(Corrected 01:24 PM)

(MORE) DOW JONES NEWS 03-05-02

12:26 PM

DJ J.P Morgan/Enron Bond Suit -3: `Suspicious` Actions Cited


The insurers recently claimed in court filings that J.P. Morgan may have deliberately camouflaged bank loans to Enron as commodity transactions. The bank`s actions would have helped Enron disguise debts, the insurers claim.

J.P. Morgan has refuted the claims and said at a hearing last week that the insurers have no evidence that the transactions were "riddled with fraud."

The insurers made commitments in the form of surety bonds of about $1.1 billion, of which J.P. Morgan Chase`s share is about $965 million. The bonds guaranteed that Enron would deliver natural gas and oil to the bank`s Mahonia Ltd. energy-trading affiliate.

In rejecting J.P. Morgan`s request for summary judgment, Judge Rakoff cited evidence that appears to show that Enron agreed to purchase $394 million in gas from an entity called Stoneville Aegean Ltd. on the same day it agreed to sell the same quantities of gas to Mahonia.

The judge said Mahonia and Stoneville seem to be offshore corporations controlled by the same director, Ian James, and the same shareholders. The fact that the entities appear linked makes the Enron transactions "even more suspicious," he wrote.

The court "could not possibly grant judgment" to J.P. Morgan because "taken together, then, these arrangements now appear to be nothing but a disguised loan," the judge ruled.

A J.P. Morgan spokesman couldn`t immediately be reached for comment.

The firm filed suit in December, shortly after Enron filed for bankruptcy and defaulted on the contracts.

Insurers involved in the dispute over Enron bonds include St. Paul Cos.`s (SPC) St. Paul Fire & Marine Insurance Co., Kemper Insurance Co.`s Lumbermens Mutual Casualty Co., Allianz AG`s (AZ) Fireman`s Fund Insurance Co., Chubb Corp.`s (CB) Federal Insurance Co., Citigroup Inc.`s (C) Travelers insurance unit, CNA Surety Corp.`s (SUR) Continental Casualty Co., Safeco Corp.`s (SAFC) Safeco Insurance Co., Hartford Financial Services Group Inc. (HIG), and Liberty Mutual Insurance Co.

-Colleen DeBaise, Dow Jones Newswires; 212-227-2017; [e-mail]


(END) DOW JONES NEWS 03-05-02

01:02 PM

DJ CORRECTION: JP Morgan Ruling Issued Tuesday, Not Monday


A federal judge issued an 11-page opinion Tuesday denying J.P. Morgan & Co.`s (JPM) request for an immediate ruling in its dispute with insurers over Enron Corp. (ENRNQ) bonds.

(An item published at 12:26 p.m. EST incorrectly reported that the opinion was issued Monday.)


(END) DOW JONES NEWS 03-05-02

01:06 PM

[hbbbh]

und nochmal http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%…

.... und passend zur Meldung rauscht der POG um 4$ abwärts ??? ein Schelm wer böses dabei denkt ....

[derunsichtbarefreund]

kann mir mal einer das übersetzten. nach dem tenor zu ahnen haben sie wieder einmal mehr ihren kopf aus der schlinge gezogen

DUF

[ThaiGuru]

JPM CHASE TO SWING AX

By ERICA COPULSKY
--------------------------------------------------------------------------------
March 8, 2002 -- J.P. Morgan Chase & Co. is preparing to hand out more pink slips in its investment banking division, in the latest sign that the slowdown on Wall Street isn`t reversing anytime soon.
In the next few weeks, J.P. Morgan will begin a new round of job cuts in its merger and client coverage areas within its banking arm, executives close to the firm told The Post.

The firm is considering reducing the staff of those areas by as much as 10 to 15 percent worldwide in order to reduce overhead amid an earnings drought, the executives said. The latest cuts, which will be focused largely on senior-level bankers, will put hundreds of bankers out on the street.

J.P. Morgan has already endured two big rounds of cuts last year, which trimmed about 8,000 jobs - or roughly 8 percent of the total work force. In the fall of 2000, J.P. Morgan announced cutbacks of 5,000 jobs worldwide aimed at eliminating overlaps from its merger with Chase Manhattan. In August, the bank cut an additional 3,000 jobs in core businesses, such as banking and asset management, in order to adapt to the slump in the financial markets.

A J.P. Morgan spokeswoman declined to comment.

The expected layoffs at J.P. Morgan come amid a slowdown in mergers and stock underwriting activity that has forced several Wall Street firms to begin re-sizing their operations.

Today, Goldman Sachs is expected to begin reducing staff within its banking division. According to people familiar with the situation, the firm intends to cut between 10 percent and 15 percent of the division`s staff, or between 200 and 300 bankers.

However, unlike its competitors, Goldman plans to lay off its bankers quietly. "Goldman will do it in dribs and drabs," said one person. "It will keep them on the payroll for two more months and even have secretaries answering their phone lines while they look for another job."

A Goldman spokeswoman declined to comment on any specific plans for layoffs. "We are looking at the market environment very closely," the spokeswoman said.

Meanwhile, J.P. Morgan and Goldman Sachs will not be alone in trimming staff. Credit Suisse First Boston told its banking staff last week that it has begun meeting with department heads to draw up layoff plans. And Lehman Brothers officials have begun meeting with department heads to assemble a possible list of candidates to let go, people close to the firm said.

Although it`s unclear exactly how deep the cuts will be, industry executives say they will be targeted mainly at the firm`s senior-level bankers, who can`t produce enough revenues in the current environment to justify their eye-popping salaries.

Gruss

ThaiGuru

[ThaiGuru]

http://www.cash.ch/index.cfm?kat=1&rub=41&id=136

Enron: Milliarden-Klage gegen die CS

Die CS Group hängt auch bei Enron tief mit drin. Die Anhörungen im US-Kongress enthüllen die Bilanzmachenschaften bei Enron und die Rollen der CS-Töchter. Wie aus den Anhörungen vor dem US-Senat hervorgeht, war die Credit Suisse massgeblich an den Manipulationen rund um Enron beteiligt. Sie soll insbesondere mitgeholfen haben, Bilanz und Erfolgsrechnung von Enron zu schönen und Enron-Beteiligungen zu überhöhten Preisen an ahnungslose Dritte zu verkaufen.

Werner Vontobel


Aus den bisherigen Untersuchungen des USKongresses, der zahlreiche Insider und Enron-«Überläufer» befragt hat, scheint sich folgendes Bild zu ergeben:

Enron hat mit Hilfe von geschönten Zahlen insgesamt 25,4 Milliarden Dollar (an Aktien und Schuldpapieren) an den Kapitalmarkt verkauft. Davon wurden 7,4 Milliarden durch die Credit Suisse First Boston (CSFB) und durch deren (im November 2000 übernommene) Tochter Donaldson, Lufkin & Jenrette (DLJ) am Markt platziert. Das Geld ist zum grossen Teil in Form von Boni für die Enron-Manager, Schmiergeldern usw. ausgegeben worden. Allein im Jahre 2000 flossen zudem 240 Millionen Dollar als Kommissionen und Beratungsgebühren an insgesamt sieben Banken, darunter auch an die bereits genannten zwei.

Zu den wichtigsten Beratern gehört – laut «Financial Times» – ein von Laurence Nath geführtes Team der CSFB. Seine Aufgabe sei es gewesen, unrentable Beteiligungen der Enron möglichst mit Gewinn aus deren Bilanz zu entfernen. Eigens zu diesem Zweck wurden insgesamt 3500 so genannte Partnerschaften gegründet, deren Hauptaufgabe darin bestand, Enron diese Beteiligungen gegen Bargeld abzukaufen und die dazu nötigen Mittel am Kapitalmarkt aufzutreiben.

Dieses Auslagern von Beteiligungen gilt inzwischen als Hauptgrund bzw. als entscheidender Auslöser für die Enron-Pleite. Der Revisionsgesellschaft Andersen wird vorgeworfen, dass sie diese Machenschaften gedeckt und dadurch die Gläubiger und Aktionäre von Enron in die Irre geführt habe. Das Anwaltsbüro Milberg Weiss Bershad Hynes & Lerach macht deswegen gegen Andersen einen Schadenersatz von 3 Milliarden Dollar geltend. Andersen soll sich zur Zahlung von 750 Millionen bereit erklärt haben.

Nun deutet aber die neuere Entwicklung darauf hin, dass die Banken und insbesondere CSFB und DLJ mindestens ebenso sehr im Schussfeld der Gläubiger und Aktionäre bzw. ihrer Anwälte stehen. Andersen kann nämlich geltend machen, dass sie dafür gesorgt habe, dass die beklagten Buchhaltungstricks in den Anmerkungen 9 und 16 auf etwa 400 komplizierten Zeilen und Tabellen zumindest der Spur nach erwähnt und erklärt worden seien.

Mit den Entities wurde die Bilanz der Enron geschönt

Kurz zusammengefasst erzählen (falls wir alles richtig begriffen haben) die beiden Fussnoten folgende Geschichte: Per Ende 2000 hatte Enron Risiken und Schulden im Wert von gut 28 Milliarden Dollar in nicht konsolidierte Partnerschaften (Entities) ausgelagert. Zusätzlich hat sie die Bilanzen dieser Entities durch eigens zu diesem Zweck bereitgestellte Enron-Aktien im Wert von mehreren Milliarden Dollar aufgepolstert, um die Beteiligungen am Kapitalmarkt «monetisieren» (Enron-Jargon) zu können. Die Auslagerung bedeute für Enron also einen Tausch von dubiosen Beteiligungen gegen Bargeld (etwa 20 Milliarden Dollar). Zusätzlich wurde mit diesen Beteiligungen ein schwunghafter Derivatehandel betrieben, deres den Enron-Buchhaltern ermöglichte, 2000 einen Buchgewinn von rund 500 Millionen Dollar auszuweisen und so den ausgewiesenen Gewinn zu verdoppeln.

In dieser Konstruktion liegt folgender Hund begraben: Die Aktiven der «Entities» waren nur so lange mehr wert als deren Passiven, als die von den ausgelagerten Beteiligungen gehaltenen Enron-Aktien einen gewissen Wert nicht unterschritten. Die Entities haben sich deshalb gegenüber ihren Gläubigern verpflichtet, die Enron-Aktien zu verkaufen, sobald bestimmte kritische Werte (beispielsweise 20 Dollar) unterschritten würden. Zudem hatte sich Enron teilweise verpflichtet, im Bedarfsfall den Entities zusätzliche Aktien zur Verfügung zu stellen. Umgekehrt hatten die Enron-Aktien nur deswegen so hohe Werte erreicht, weil die Bilanz und die Erfolgsrechnung dank dem Entity-Zauber viel zu gut aussahen.

Den Beteiligten war der betrügerische Charakter der Konstruktion bewusst

Wie die «Financial Times» (FT) berichtet, war den Beteiligten der betrügerische Charakter dieser Konstruktion voll bewusst. Zitat FT: «Sie (also die CSFB-Banker) sagten: ‹Wenn dieses Ding die 20-Dollar-Marke berührt, rennen wir am besten weit davon.› Es gab überhaupt keine Zweifel, dass alle genau Bescheid wussten.» Dennoch will Curt Launer, der «Staranalyst» der CSFB, der noch bis am 29. November 2001 (drei Tage vor dem Kollaps) die Enron-Aktie wärmstens empfohlen hatte (Strong Buy), nichts gewusst haben. Er beruft sich dabei auf die «Chinese Walls» – die Trennwände zwischen dem Investmentbanking und dem Börsengeschäft innerhalb der CS. Diese haben ihn offenbar auch daran gehindert, das Kleingedruckte in den Jahresberichten der Enron zu lesen – oder zu verstehen.

Falls sich die Behauptung der FT als begründet erweisen sollte, stünde es um die CS mindestens so schlecht wie um Andersen. Diese kann darauf hinweisen, dass es die US-Buchhaltungsvorschriften US GAAP (im Gegensatz zum international üblichen IAS) erlauben, solche Entities ausserhalb der konsolidierten Rechnung aufzuführen. Weder IAS noch US GAAP verlangen zudem, dass die Revisionsgesellschaft prüfen muss, ob die Transaktionen mit «Nahestehenden» zu marktkonformen Preisen abgewickelt und verbucht werden. Hingegen wird man von einer Bank, die Schuldenund Eigenkapitaltitel der Beteiligten (d.h. der Enron und ihrer Entities) an ihre Kunden weiterverkauft, unter Umständen vorwerfen können, dass sie in einem Interessenkonflikt zwischen zwei Kunden gegen die Interessen ihrer Retailkunden – und damit gegen ihre treuhänderischen Pflichten – verstossen hat.

Dass sich die CSFB des Interessenkonflikts bewusst war, zeigt die Aussage des ehemaligen Enron-Angestellten und Kronzeugen der Anklage, Sherron Watkins, wonach sich Credit Suisse und andere Banken beklagt hätten, dass sie von Enron-Finanzchef Andrew Fastow mit dem Entzug lukrativer Aufträge bedroht worden seien.


WIE DAS GESETZ ES SIEHT

Artikel 3.2 c des Bankengesetzes hält fest, dass die «mit der Verwaltung und Geschäftsführung der Bank betrauten Personen einen guten Ruf geniessen und Gewähr für eine einwandfreie Geschäftstätigkeit bieten» müssen. Darüber hat die Eidgenössische Bankenkommission zu wachen, was in erster Linie dem Gläubigerschutz dient. Laut einem Bundesgerichtsentscheid geht es bei diesen Anforderungen auch um die Sicherstellung der Vertrauenswürdigkeit der Banken und des Finanzplatzes Schweiz. Gemäss Lausanner Richtern beinhaltet die einwandfreie Geschäftstätigkeit die Treuepflicht gegenüber den Kunden. Diese Treuepflicht geht so weit, dass sie auch ohne strafbare Handlung (Veruntreuung usw.) verletzt werden kann. Im Konkursfall Biber Holding/ CS hat das Bundesgericht zudem festgehalten, dass «die Vertrauenswürdigkeit einer Bank nicht losgelöst davon beurteilt werden kann, wie bestimmte Verhaltensweisen in der Öffentlichkeit beurteilt werden, da Vertrauen immer eine Wechselwirkung zwischen denjenigen, die vertrauen, und denjenigen, welchen vertraut wird, voraussetzt». Das sind die Massstäbe, an denen Lukas Mühlemann als oberster und dafür entsprechend entlöhnter Verantwortlicher der CS Group für die Verwicklungen im Enron-Fall, im Swissair-Desaster und im Argentinien-Engagement gemessen wird. Die Frage lautet somit: Bietet Lukas Mühlemann noch die dauernde Gewähr für eine einwandfreie Geschäftstätigkeit?

© Copyright by CASH



Das liest sich doch wie ein Krimi?


Gruss

ThaiGuru

[ThaiGuru]

http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%…

Top Financial News

05/14 15:32

PNC, JP Morgan Lost $600 Mln in Scam, U.S. Alleges

By David Glovin


New York, May 14 (Bloomberg) -- PNC Financial Services Group Inc. and J.P. Morgan Chase & Co. were among U.S. and European banks defrauded of as much as $1 billion through fake metals trading, in one of the biggest bank scams ever, U.S. prosecutors said.

Prosecutors charged four men who they said ran a group of metal trading companies used to steal money from major international banks starting in May 2000, according to a complaint unsealed today in federal court. The companies arranged overseas metal shipments and provided interim financing for customers, using loan agreements they had with banks, prosecutors said.

``This was a very, very sophisticated operation,`` U.S. Attorney James Comey said at a press conference. ``These folks lined up people around the world, places that could only be reached by rickshaw, to pose as metal traders.``

The bank fraud is among the biggest in history. In 1992, a federal judge ordered Bank of Credit & Commerce International to surrender $550 million of assets after pleading guilty to fraud charges. Federal prosecutors in 1996 arrested two people on charges they defrauded Signet Banking Corp. and other lenders that provided them a $323.5 million loan on belief the money was intended for a top-secret international project of Philip Morris Cos.

Charged

Named in complaint are: Narendra Kumar Rastogi, Anil Anand, Manoj Nijhawan, and Udha Shankar, three principals and the treasurer of a group of metal trading companies in Piscataway, New Jersey, that ran Allied Deals Inc., Hampton Lane Inc., and SAI Commodity Inc., prosecutors said.

FleetBoston Financial Corp., which lost $130 million, in the fraud, according to Comey. Other banks targeted included: KBC Bank NV, Hypovereinsbank NA, Dresdner Bank Lateinamerika AG, China Trust Bank, General Bank, prosecutors said in the complaint.

``It sounds as if none of the banks checked out the credibility of the people they were doing business with or verified the transactions they were financing,`` said J.W. Shockey, who retired four years ago as head of the fraud division of the Office of the Comptroller of the Currency.

PNC said today that it would write off a $50 million credit line that may be linked to the fraud. The Philadelphia-based bank has already taken a charge to earnings was disclosed in PNC`s first- quarter earnings, according to Brian Goerke, a spokesman for Pennsylvania`s biggest bank. J.P. Morgan lost several million dollars, Comey said.

[ThaiGuru]

Tuesday July 23, 1:07 am Eastern Time

Citigroup, J.P. Morgan Marketed Enron-Type Deals to Other Firms

Citigroup Inc. (NYSE: C - News) and J.P. Morgan (NYSE: JPM - News) Chase & Co . , already facing scrutiny for devising allegedly deceptive transactions for Enron Corp., marketed similarly structured deals to a slew of other companies, Tuesday`s Wall Street Journal reported, citing testimony that a senior congressional investigator will give at hearings that start today.

The names of the other companies weren`t disclosed.
The hearings, part of a Senate investigation into the role banks played in Enron`s troubled finances, are the latest in a series of investigations into the two banks regarding their ties to Enron, which filed for bankruptcy-court protection late last year. The investigations include separate probes conducted by the Securities and Exchange Commission and the office of Manhattan District Attorney Robert Morgenthau.
Now, a person familiar with the matter says, the Justice Department`s Enron Task Force also is looking into the roles that financial institutions, including Citigroup, J.P. Morgan , Merrill Lynch & Co . and National Westminster Bank, now a unit of Royal Bank of Scotland PLC, may have played in Enron`s demise.
Citigroup and J.P. Morgan declined to comment on the hearings or the investigations. Merrill and Royal Bank of Scotland couldn`t be reached for a comment.
The deals under congressional scrutiny include arrangements known as Yosemite, devised by Citigroup, and Mahonia, devised by J.P. Morgan , both of which were designed to make Enron`s public disclosures more appealing to investors, according to the testimony.
An official familiar with the investigation will testify at today`s hearings before that panel that Yosemite, Mahonia and other deals allowed Enron to understate its debt by 40% while overstating cash flow by as much as 50%, according to a draft of his statement. Cash flow is a crucial measure of financial health for energy companies such as Enron.
"The evidence indicates that Enron would not have been able to engage in the extent of the accounting deception it did, involving billions of dollars, were it not for the active participation of major financial institutions," says a copy of the testimony.
Banks such as J.P. Morgan and Citigroup were "willing to go along with and even expand upon Enron`s activities."
J.P. Morgan , in fact, had a "pitch book" to sell other companies on similar financing vehicles, according to a copy of the testimony. J.P. Morgan entered into similar transactions with seven other companies, while Citigroup shopped such deals around to as many as 14, with at least three entering into such relationships, the testimony says.

The hearings will focus on a commodity-trading vehicle known as a prepay, in which a financier gives money in exchange for future delivery of a commodity such as gas, gold or oil. Such arrangements are common, but in the hands of Citigroup and J.P. Morgan , they became the building blocks for extremely complex transactions that Enron used to disguise debt as trades and create the appearance the company was generating cash, people familiar with the matter said.

www.lemetropolecafe.com

[Basic]

The bigger they are the harder they fall!

[ThaiGuru]

@Basic

Wird sich vermutlich nicht mehr lange hinziehen, bis JPM den Jordan runtergehen wird, und mit ihr noch einige andere Institute.

Ausser von der FED wird Regel "To Big To Fail" angewendet?

J.P. Morgan Chase - Heute auf $20.08, minus 4.44 Dollar, oder minus 18,11% an einem Tag.

Gruss

ThaiGuru

[ThaiGuru]

Moody`s cuts JP Morgan outlook to negative

NEW YORK, July 25 (Reuters) - Moody`s Investors Service on Thursday cut its long-term rating outlook for J.P. Morgan Chase & Co. (NYSE:JPM - News) to negative from stable, warning that weakness in the asset quality of the bank`s wholesale banking portfolio may lead to more credit problems and lower net income.

The credit rating agency rates J.P. Morgan`s senior unsecured debt "Aa3," its fourth highest investment grade. A "negative" outlook means that current conditions may lead to a downgrade, not that a downgrade is imminent. -

[ThaiGuru]

http://www.zealllc.com/2002/jpmcrash.htm

JPM Derivatives Monster Crashes

Adam Hamilton

July 26, 2002

This week the stock of elite money-center bank JPMorgan-Chase plummeted. Will JPM`s precipitous plunge adversely affect its enormous derivatives positions?

What an extraordinary week in the markets!

It is not every week that the stocks of major money-center banks crash, frantic rumors fly of derivatives meltdowns and secret Federal Reserve meetings, and investors and speculators are left gaping in awe. As the ancient Chinese curse said, we certainly do live in “interesting times” and there is seldom a dull moment in the greatest bear market in three generations.

After the dust settled from this week’s chilling bear market carnage and resulting spectacular mid-week bear market rally, I found the equity action for elite money-center bank JPMorganChase (JPM) particularly provocative.

On Tuesday July 23rd, JPM’s stock plummeted by an unbelievable 18.1% in a single day! It is hard to overestimate the magnitude of this devastating technical breakdown in the House of Morgan. We are not talking about some fly-by-night dot-com company here, but the flagship US bank which has long been listed as a proud member of the venerable Dow 30 club.

As the graph below vividly illustrates, prior to its fleeting bear market reaction rally in the middle of the week, JPM had hemorrhaged a gut wrenching 66.8% from its all-time high only a couple years earlier! Does anyone else find it disturbing that an elite American bank’s stock is behaving like some of the fallen NASDAQ market darlings? What do the sellers know?



Crash is indeed a strong and emotionally-charged word, but the sickening 18.1% single day rout in JPM is its greatest daily loss by far since Black Monday, October 19th, 1987, which was the largest daily percentage plunge in US stock market history. The nauseating trading action this week led JPM to slice through its previously unassailable 1998 low like Martha Stewart through veggies on the CBS Morning Show. The stunning record volume spike during the one-day JPM crash is quite evident above as well, with 45m shares of the bleeding banker changing hands.

Den vollständigen Report gibts hier:

http://www.zealllc.com/2002/jpmcrash.htm

Gruss

ThaiGuru

[ThaiGuru]

Why gold is under pressure?

By James Sinclair and Harry Schultz
Courtesy of www.LeMetropoleCafe.com
Friday, July 26, 2002

There is no question in our mind that the extreme
selling in gold by Chase/Morgan/Goldman, which
occurred for the third time at $322 and continues
today at $305 from the same source, has the
distinct purpose of making sure that the enormous
derivative on Morgan`s books (as reported to the
U.S. Office of the Comptroller of the Currency)
does not show the loss that, we believe, would
have existed at $322, as Morgan`s credit standing
is certain to be re-evaluated.

With the recent negative publicity concerning
derivative transactions at Morgan with Enron, it is
reasonable to assume that debt-rating services will
examine Morgan`s status. That has become normal
procedure in such situations.

Clearly this has created an uncomfortable position
for the gold bulls who are themselves not yet fully
convinced of the integrity of the gold bull market.
We can tell you only that we believe in that
integrity.

The forces at hand that are motivating the gold market
lower, which is the derivative situation, are just
what will contribute to the final higher prices.

We have told you that this is a battle of titans, and
the public so far has very little interest in the recent
building of the price of gold. This drama is very far
from over. It`s barely into Stage 2.

----------------------------

James Sinclair is chairman of Tan Range Exploration
and a gold analyst with expertise in gold derivatives,
gold hedges, gold trading, and gold futures. Harry
Schultz is editor of the International Harry Schultz
Letter.

[manfred1_I]

Mit der Begründung für die Downbewegung beim Gold
sehe ich nach diesen Beiträgen schon recht klar.

Bis dann.

[ThaiGuru]

Morgan Suffers Setback in Fight With Insurers Over Enron

By BLOOMBERG NEWS

9/13

A federal judge dismissed fraud claims against 11 insurers yesterday, dealing a setback to efforts by J. P. Morgan Chase & Company to collect $965 million for losses on gas and oil trades with the Enron Corporation.

The insurers — which guaranteed trades between a J. P. Morgan entity, Mahonia Ltd., and Enron — refused to pay when Enron filed for bankruptcy protection. The insurers said that the deals were shams intended to hide loans to Enron.

J. P. Morgan accused the insurers of knowing that the trades were a form of financing, and that they fraudulently induced the bank to use surety bonds although they knew that such bonds were not permitted as part of financial transactions.

[tamara93]

JPMorgan Chase Declares Regular Quarterly Dividend; Company Also Announces Third Quarter 2002 Earnings to be Well Below Second Quarter 2002

NEW YORK--(BUSINESS WIRE)--Sept. 17, 2002--The Board of Directors of J.P. Morgan Chase & Co. (NYSE: JPM) today declared a quarterly dividend of $0.34 per share on the outstanding shares of the company`s common stock. The dividend is payable on October 31, 2002 to shareholders of record at the close of business on October 5, 2002. The Board expressed its intent to continue the current dividend level, provided that capital ratios remain strong and earnings prospects exceed the current dividend.

The company also stated that it expects third quarter earnings to be well below second quarter 2002 operating earnings of $0.58 per common share. The anticipated decline is primarily a result of high commercial credit costs concentrated in the telecom and cable sectors, and a weak trading performance.

"We are very disappointed with these results," said William B. Harrison, Jr., Chairman and Chief Executive Officer. "As much as we have focused on reducing credit portfolio concentrations in recent years, it is clear that further reductions are necessary, and we will continue to address that issue as an integral part of our credit policies. Additionally, the company will continue to focus on managing expenses to adapt to current market opportunities."

Commercial credit costs are expected to be approximately $1.4 billion in the quarter, up from $302 million in the second quarter of 2002. The anticipated increase includes significantly higher charge-offs, and a provision in excess of charge-offs, related to the commercial portfolio. Commercial nonperforming assets are expected to increase by approximately $1 billion. These developments primarily reflect adverse actions during the quarter by several firms in the telecom and cable sectors, and a more negative view of the outlook for other firms in these sectors. The credit quality of the remainder of the portfolio has not changed significantly since December 31, 2001.

Total trading revenues (including trading-related NII) in the Investment Bank were approximately $0.1 billion for the first two months of the quarter, compared with trading revenues (including trading-related NII) of $1.1 billion for the full 2002 second quarter. Trading revenues declined significantly due to less favorable results from trading positions in a challenging market environment, as well as the seasonal slowdown in client flow. Partially offsetting the lower trading revenues were investment securities gains of $0.3 billion for the two months, reflecting securities sold in connection with the company`s overall interest rate management activities.

JPMorgan Chase will hold a conference call for the investment community at 5:15 p.m. today to discuss these announcements. Persons interested in listening to the call may dial in at [phone]. A live audio webcast will also be available on www.jpmorganchase.com. A replay of the call will be available from 7:30 p.m. (Eastern Daylight Time) on September 17 until 6:00 p.m. (Eastern Daylight Time) on September 24 by telephone at [phone], Pin # 3497697. The replay will also be available on www.jpmorganchase.com.

J.P. Morgan Chase & Co. is a leading global financial services firm with assets of $741 billion and operations in more than 50 countries. With relationships with over 99% of the Fortune 1000 companies, the firm is a leader in investment banking, asset management, private banking, private equity, custody and transaction services, and retail and middle market financial services. A component of the Dow Jones Industrial Average, JPMorgan Chase is headquartered in New York and serves more than 30 million consumer customers and the world`s most prominent corporate, institutional and government clients. Information about JPMorgan Chase is available on the internet at www.jpmorganchase.com.

This press release contains statements that are forward-looking within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based upon the current beliefs and expectations of JPMorgan Chase`s management and are subject to significant risks and uncertainties. These risks and uncertainties could cause our results to differ materially from those set forth in such forward-looking statements. Such risks and uncertainties are described in our Quarterly Reports on Form 10-Q for the quarters ended June 30, 2002 and March 31, 2002 and in the 2001 Annual Report on Form 10-K, each filed with the Securities and Exchange Commission and available at the Securities and Exchange Commission`s internet site (http://www.sec.gov), to which reference is hereby made.

CONTACT: J.P. Morgan Chase & Co., New York
Investor Contact: John Borden, 212/270-7325
Media Contact: Joseph Evangelisti, 212/270-7438
www.jpmorganchase.com

[tamara93]

Ich bin gespannt, ob der Kurs morgen unter 20$ fällt.

[goIdenboi]

17/09/02 20:30 AFX *JP MORGAN CHASE Q3 COMMERCIAL CREDIT COSTS ABOUT 1.4 BLN USD VS 302 MLN IN Q2
17/09/02 20:29 AFX *JP MORGAN CHASE SAYS Q3 EARNINGS DECLINE DUE TO HIGH COMMERCIAL CREDIT COSTS
17/09/02 20:28 AFX *JP MORGAN CHASE Q3 FIRST CALL CONSENSUS 54 CENTS
17/09/02 20:28 AFX *JP MORGAN CHASE SAYS Q3 EARNINGS TO BE WELL BELOW Q2 OPG OF 58 CENTS

[Dauphin]

Reuters Market News
Fitch cuts J.P, Morgan long, short-term
ratings
Tuesday September 17, 4:56 pm ET

(The following statement was released by the ratings agency)

NEW YORK, Sept 17 - Fitch Ratings downgraded the short-term (to `F1` from
`F1+`) and long-term debt ratings (to `A+` from `AA-`), as well as the long term
deposit ratings (to `AA-` from `AA`) and the individual ratings (to `B/C` from `B`)
for JP Morgan Chase & Co. (NYSE:JPM - News; JPMC) and its subsidiaries.
Please see the complete list of all ratings affected at the conclusion of this
release.

This rating action reflects the
sustained weakness in the core
operating performance of a
number of JPMC`s key
businesses, combined with
Fitch`s expectation for the
challenging conditions to continue
during the intermediate term.
JPMC`s investment banking
business, which became the most
dominant source of earnings
following the YE00 merger
between JP Morgan & Co and
Chase Manhattan Corporation,
has been unable to reach target
profitability levels as activity in
many businesses (e.g. equity underwriting and mergers & acquisitions) has
fallen significantly. Combined with JPMP (JPMorgan Partners, JPMC`s private
equity business) and Investment Management & Private Banking, a fairly
significant portion of JPMC`s earnings stream is very market-dependent. During
2001 and thus far in 2002, JPMP has been a negative drag on operating
earnings and on `shareholder value added` (JPMC`s primary internal method of
measuring business unit profitability) while the investment banking business has
been a sporadic and marginal SVA contributor, reflecting the hampered
profitability levels. Timely validation of Fitch`s concern includes JPMC`s
announcement earlier today that the pressures on these businesses during the
current 3Q02 will help push quarterly earnings even lower. Although JPMC has
been diligent and quick to cut expenses, primarily through the reduction of
personnel, continued anemia on the revenue side in these businesses can not
likely be offset by further expense reductions without beginning to erode the
franchise the company has been striving to build.

At the same time, credit costs have escalated as corporate and wholesale
credit deterioration has been evident across the industry. For JPMC, problem
borrowers in the energy sector (post Enron) and more recently telecom have
helped fuel a notable deterioration in asset quality and have driven credit costs
upward. Given the continued slow economic situation both domestically as well
as overseas, Fitch does not anticipate material improvement in the corporate
credit picture over the intermediate term and remains concerned regarding
further deterioration or deterioration emanating from other sectors, such as the
consumer sector (which to date, has been quite solid). That said, at the present
time, both NPAs and NCOs remain at levels that are quite manageable and
reserves continue to exceed problem assets. Nevertheless, the added cost of
the higher provisions comes at a time when the earnings of some of the
company`s key businesses are poorly positioned to absorb it.

Because earnings have been below combined year-2000 levels and
expectations set at the time of the merger, JPMC`s dividend payment each
quarter has represented a very high proportion (more than two thirds) of
earnings, leaving little in the way of excess profits to build capital or support
growth. However, present capital levels are viewed as sufficient to support
current business needs and JPMC comfortably exceeds all regulatory capital
requirements with Tier I capital of 8.8% as of June 30, 2002. JPMC has been
prudently managing liquidity at all legal entities in light of the issues facing the
company. JPMC has built the liquidity position of both the parent company and
the lead bank considerably during the past year, such that both appear to be
well-positioned at the present time.

JPMC`s Retail & Middle Market Financial Services business is perhaps its
strongest performing business at the present time. Over the past year or so,
profitability has been fairly solid (with ROEs ranging from 14% to 26% over the
past five quarters) and asset quality has held up quite well, although we are
clearly mindful of increased scrutiny on credit card and consumer lending. At the
present time, revenues are benefiting from the low interest rate environment and
concomitant strong mortgage origination volumes. Treasury and Securities
Services has been a steady performer for JPMC with ROEs ranging from 20%
to 23% over the same time period, albeit the business typically represents a
relatively minor portion (about 15%) of total operating earnings.

Fitch is maintaining a Negative Rating Outlook on JPMC and its subsidiaries.
Clearly JPMC`s core businesses will continue to face many challenges
especially given the outlook that the economy continues weak. Low levels of
global activity in its investment banking businesses, weak equity markets, and
continued deterioration in the corporate credit quality of its borrowers have
directly contributed to this rating action and yet remain potential further
constraints on the firm`s future financial performance. Other risk factors,
particularly related to JPMC`s role in Enron, including the many Enron-related
lawsuits to which JPMC is a party, while financially unquantifiable, are another
significant factor in the Negative Outlook.




MfG Dauphin

[Dauphin]

Reuters Company News
S&P cuts J.P. Morgan Chase
counterparty credit rtgs
Tuesday September 17, 4:58 pm ET

(The following statement was released by the rating agency)

NEW YORK, Sept 17 - Standard & Poor`s Ratings Services said today that it
lowered its ratings on J.P. Morgan & Co. (NYSE:JPM - News; JPM) and its units
and removed them from CreditWatch, where they were placed August 15, 2002.

JPM`s counterparty credit ratings
were lowered to
single-`A`-plus/`A-1` from
double-`A`-minus/`A-1`-plus, while
the long-term counterparty credit
rating of its lead bank,
JPMorganChase Bank, was
lowered to double-`A`-minus from
double-`A`. JPMorgan Chase
Bank`s short-term counterparty
credit rating of `A-1`-plus was
affirmed.

As JPM made clear in its recent
announcement, its performance
will be considerably below
Standard & Poor`s expectations at the start of the year on several fronts. The
deterioration in loan quality (a 20% increase in nonperforming assets was
announced for the third quarter) and therefore the growth in credit costs will be at
least double the 20% that Standard & Poor`s expected for all of 2002. In
addition, uncertainties remain about JPM`s ultimate ability to collect on $1.1
billion it is owed under surety bonds and a letter of credit covering its exposure
to Enron Corp. Other litigation and investigations surrounding its activities with
Enron and, to a lesser extent, other underwriting activities, will continue to
produce headline risk and even potential financial costs.

"A quick rebound from current problems is not assured," said credit analyst
Tanya Azarchs. "Until the shakeout in the telecommunications sector, to which
JPM has $15 billion of credit and private equity exposure, is over, there could be
further asset quality deterioration. If JPM continues to perform worse than its
peers or fails to recover to a healthy level of profit over the next year or two,
ratings could be lowered again," Ms. Azarchs said.

Standard & Poor`s will hold a teleconference call on Wednesday, Sept. 18 at
10:30 a.m. Eastern Standard Time to discuss its ratings actions on J.P. Morgan
Chase & Co. The Live Dial-In Number is 1-484-630-6046. Call Confirmation
#8276754. Passcode: SANDP. A complete list of the ratings is available to
RatingsDirect subscribers at www.ratingsdirect.com, as well as on Standard &
Poor`s public Web site at wwwstandardandpoors.com under Ratings
Actions/Newly Released Ratings.





MfG Dauphin

[14400_I]

und mal in deutsch:17.09.02 23:18
NEW YORK (dpa-AFX) - Die US-Großbank JP Morgan Chase & Co <JPM.NYS> <CMC.FSE> erwartet für das dritte Quartal wegen hoher Kosten für Firmenkredite ein deutlich niedrigeres Ergebnis als noch im zweiten Quartal (58 Cent je Stammaktie). Die Risikovorsorge für Firmenkredite würde im dritten Quartal voraussichtlich auf 1,4 Milliarden Dollar steigen, nach 302 Millionen Dollar im Vorquartal, teilte das Institut am Dienstag abend in New York mit.

Analysten hatten für das Ergebnis pro Aktie im dritten Quartal zuvor einen Wert zwischen 45 und 63 Cent prognostiziert. Die Ratingagenturen S&P und Fitch senkten die Kreditwürdigkeit von JP Morgan Chase.

Die zweitgrößte US-Bank teilte weiter mit, eine Quartalsdividende von 34 Cent pro Aktie zu zahlen. Das Unternehmen bekräftigte seine Absicht, auf dem derzeitigen Dividenden-Niveau fortzufahren. Das Unternehmen will in diesem Minuten in einer Telefonkonferenz Einzelheiten zu der aktuellen Gewinnwarnung mitteilen./st/zb


Quelle: News (c) dpa-AFX Wirtschaftsnachrichten GmbH

[goIdenboi]

Es ist gar keine Frage, dass die Dividendenkürzung auch noch kommen wird.

Man will nur alle Grausamkeiten nicht auf einmal bekanntgeben.

[ThaiGuru]

By James Sinclair

Wednesday, September 18th, 2002

As a reaction to apparent disappointment of the public to a conference call, all primary members of the Banking sector are under pressure. JPM is trading as this is written at $19.08. Under $20, which is a psychological point, JPM comes under significant market concern. Under $18.50 technically, JPM appears headed back to it early 1990 levels. This would increase the problems that JPM has witnessed in the downgrading of their derivative counter party position credit wise. That will increase pressure on the large gold and other asset derivatives that JPM is party to.

It should be keep in mind that JPM has been one of the key dealers in what is considered last risk insurance. If you for instance thought that Enron might not pay on its bond debt during the decline in Enron shares you could have purchase insurance against such a default from dealers like JPM. This so called insurance was not insurance, it was a DERIVATIVE TRADE. This type of transaction is another problem waiting in the wings to potentially affect JPM negatively.

I renew my prediction that under $20 JPM will effect gold higher. If JPM trades under $18.50 for two day`s as a closing price then, I believe, we will successfully challenge the $330 on gold. Keep in mind there is a 1,000,000 ounce gold in-the-money call option position still out there, near delivery date, which will easily find financing if it needs it.

Further to that, today we were treated to a larger than expected US Balance of Trade announcement at $34,500,000,000. The US Trade Balance Deficit increasing will increase the US Current Account Deficit which will pressure the dollar lower. When the dollar trades (it will, IMO, soon) under 104 on the USDX, a top will occur, IMO, in the US Treasury instruments thereby ending lower interest rates for a long time to come.

Higher interest rates will effect US Economics Negatively setting into motion the US Dollar to increasingly lower levels. This is a "Down Spiral" indicating that the US Balance of Trade increasing forces the US Current Account Balance Deficit to expand which forces the US Dollar lower which in turn negatively impacts the US Treasury instrument market thereby forcing interest rates higher just when weak business activity can least handle such an occurrence.

Lower US business activity will then impact the US Dollar lower and the down spiral goes on and no. We are today on the precipice of that Down Spiral and JPM is an indicator of if or not we are locked tight in that DOWN spiral for general business and the UP Spiral in Gold up and above $330 and $354 with the first stop at $372 in my opinion.

Watch the market on JPM to determine the Spiral direction.

[ThaiGuru]

http://biz.yahoo.com/djus/020919/1704000907_1.html

Dow Jones Business News

Bema Gold, Kinross Receive $24 Million Fluor Daniel Settlement

Thursday September 19, 5:04 pm ET


VANCOUVER -(Dow Jones)- Bema Gold Corp. and Kinross Gold Corp. , each 50% owners of Compania Minera Maricunga, have received a $24 million settlement payment from Fluor Corp.`s Fluor Daniel Chile Ingenieria y Construccion S.A, Fluor Daniel Corp., and Fluor Daniel Wright Ltd.
In a press release, Bema and Kinross said the $24 million represents full payment of the award settlement.

As reported, Maricunga initiated formal arbitration proceedings in April 1999 to recover damages related to numerous design and construction failures at the Refugio Mine in northern Chile. In May 2002, binding arbitration in Chile ruled in favor of Maricunga and ordered Fluor to pay $20 million plus interest accumulated from July 1999. Fluor said in May that it was considering "all available options to contest the award."

Bema and Kinross are Canadian mining companies.

Fluor Corp. (NYSE:FLR - News) provides services in the fields of engineering, procurement, construction, operations, maintenance and project management.

Company Web Sites: http://www.kinross.com, http://www.bema.com and http:// www.fluor.com

-Stephanie Thomas, Dow Jones Newswires; 416-306-2100

[africando]

Auch das sollte dafür sorgen, daß JPM (Citigroup u.a.) weiter unter Druck kommt:

http://www.faz.net/IN/INtemplates/faznet/default.asp?tpl=inv…

[ThaiGuru]

J.P. Morgan Downgrades Raise Concern Over Derivatives, WSJ Says

By Laure Edwards

New York, Sept. 20 (Bloomberg) -- Investors are concerned that downgrades of J.P. Morgan`s credit and debt this week may affect the bank`s derivatives business with Fannie Mae, the largest non-bank financial institution and a top derivatives buyer, the Wall Street Journal reported.

J.P. Morgan, the second-largest U.S. bank, is one of the biggest sellers of derivative securities, a $100-trillion market for financial obligations derived from debt and equity securities, the Journal said. J.P. Morgan lowered its third-quarter profit forecast. Standard & Poor`s cut its debt and credit ratings, while Fitch Ratings downgraded the company`s debt, the Journal said.

Investor worries are fueling a rise in the price of insurance in the credit-derivatives market against default by Fannie Mae and J.P. Morgan, the newspaper reported.

Insurance on $10 million of Fannie Mae loans yesterday rose to $30,000 a year, compared with $25,000 last week and $20,000 three months ago. For J.P. Morgan, it rose to $95,000 a year, compared with $80,000 last week and $50,000 three months ago, the Journal said.

Neither company is having problems now, though some traders worry that future difficulties could ripple through the economy. Nervous investors are buying Treasuries, which are considered safer. The demand has helped drop yields to their lowest level since May 1961 as Treasury securities gained in price, the Journal reported.

www.lemetropolecafe.com

[peter.wedemeier1]

JP Morgan Chase & Co
A Nightmare on Wall St

by Clive Maund
23 September, 2002

http://www.321gold.com/editorials/maund/maund092302_jpm.html

[ulfur]

Aus der FTD vom 26.9.2002
www.ftd.de/us-finanzmarkt

US-Finanzmarkt: Alles muss raus!
Von Kerstin Friemel, New York

Der Ausverkauf an den Börsen nimmt kein Ende. Nach dem Platzen der
Internetblase und dem Skandal um manipulierte Bilanzen droht ein neuer Krach:
Faule Kredite und Fehlspekulationen könnten die Kurse der US-Banken
einbrechen lassen.

Für Ted Weisberg ist die Sache klar: "Es gibt keinen einzigen Grund, warum es auf
dem US-Aktienmarkt bald aufwärts gehen sollte," sagt der 62-jährige Händler an der
New York Stock Exchange. Seit 33 Jahren kauft und verkauft Weisberg Aktien im
Auftrag seiner Kunden, doch "so schlecht wie im Moment war die Stimmung selten,
das letzte Mal vielleicht 1974/75". Damals war der Aktienmarkt um fast 50 Prozent
eingebrochen. Die Wall Street galt als Ort ohne Zukunft.

Am Donnerstag sieht es kaum besser aus. Der Dow-Jones-Index hat seit Anfang
2000 mehr als ein Drittel seines Wertes eingebüßt. Pessimisten wie William H. Gross
glauben, dass der Tiefpunkt der Baisse noch lange nicht erreicht ist. Der
Rentenfonds-Manager prophezeit, die Kurse werden fallen, "bis die Aktien
angemessen bewertet sind". Und davon sind die meisten Werte seiner Ansicht nach
weit entfernt. Dass der der Dow auf 5000 Punkte fällt, "ist heute überhaupt nicht
abwegig", sagt Gross.

Die Unsicherheit an der Börse ist groß, die Hoffnung gering. Ziehen die USA gegen
Irak in den Krieg? Ein explodierender Ölpreise wäre dann wahrscheinlich. Die
ohnehin abflauende Einkaufslust der US-Konsumenten würde wohl weiter sinken,
Unternehmen könnten Investitionen zurückstellen. Rechneten einige an der Wall
Street jüngst noch mit positiven Impulsen durch die anstehenden
Quartalsergebnisse, "nimmt auch diese Erwartung von Tag zu Tag wieder ab", sagt
Stanley Nabi, Managing Director bei Credit Suisse Asset Management. Besonders
ernüchternd sind die Aussichten bei den großen US-Banken.

Schwere Managementfehler

Die Bilanzreformen, die jüngst durchgesetzt wurden, um das Anlegervertrauen
wieder herzustellen, drücken die ausgewiesenen Gewinne - und damit die
Aktienkurse. Morgan Stanley enttäuschte vergangene Woche mit einem
Ergebniseinbruch um 17 Prozent gegenüber dem Vorjahresquartal. JP Morgan Chase
hatte die Wall Street kurz zuvor mit einer Gewinnwarnung geschockt. Lehman
Brothers Holding, die Muttergesellschaft der gleichnamigen Investmentbank,
präsentierte am Dienstag ein miserables Quartalsergebnis, allein Goldman Sachs
konnte seinen Gewinn steigern.

Die Aktien der Finanzhäuser galten noch bis Mai als sichere Anlage. Nach dem
Platzen der Internetblase hatten die Banken die Technologiebranche als führenden
Sektor im Börsenindex S&P 500 abgelöst. Ende Juni machten die Geldinstitute 20
Prozent des Index aus, der IT-Sektor folgte mit 14 Prozent. Dann wurden
Verquickungen vieler Banken in den Skandal um den Energiehändler Enron bekannt.
Frustrierte Privatanleger verkauften ihre Aktien.

Anders die institutionellen Anleger. Die in der Presse veröffentlichten
Geschäftspraktiken waren an der Wall Street gang und gäbe. Jeder wusste davon,
auch die Großinvestoren. Ihr Glaube an die Kompetenz der Banker war nicht wirklich
erschüttert. Nun könnten sich auch Pensionskassen und Fondsgesellschaften
zurückziehen. Die jüngsten Schreckensnachrichten aus den Großbanken zeigen,
dass dem Management grobe Fehler unterlaufen sind, von denen kein Investor
etwas ahnte. Sollten die institutionellen Anleger ihr Vertrauen in die Banken
verlieren, könnte das einen weiteren Absturz des Aktienmarktes auslösen.

Hohe Wertberichtigungen

Aufmerksam wurden die Wall-Street-Experten erstmals, als US-Finanzhäuser im
großen Stil Geld in der Argentinien-Krise verloren. Die jüngste Gewinnwarnung von
JP Morgan Chase sorgte erneut für Unruhe. Die zweitgrößte Bank der Welt hat sich
bei der Höhe der möglichen Kreditausfälle deutlich verkalkuliert. Während der
Interneteuphorie hatte die Bank mit vollen Händen Darlehen an Telekom- und
Kabelunternehmen vergeben. Finanzchefin Dina Dublon beziffert das
Gesamtengagement ihrer Bank in diesem Sektor mit 9 Mrd. $.

Mit der Prüfung der Kreditwürdigkeit nahm man es dabei offenbar nicht so genau.
Viele Telekomkonzerne sind nun pleite, JP Morgan Chase muss die Darlehen
abschreiben. Nach Angaben der Bank liegen die Wertberichtigungen allein für das
dritte Quartal bei 1,4 Mrd. $.

"Es ist wesentlich schlimmer, als irgendjemand erwartet hat", sagt Jim Mitchell,
Analyst bei Putnam Lovell. Die Banken dealten wie im Rausch. "Sie sind für die Höhe
ihrer Bilanz zu viele Risiken eingegangen. Dafür zahlen sie jetzt", kritisiert Michael
Rosinus, Partner bei der Tiedemann Investment Group. Die Rating-Agentur Standard
& Poor’s (S&P) stufte die Kreditwürdigkeit der Bank noch am Tag der
Gewinnwarnung herunter. "Wir glauben nicht, dass das Schlimmste für das
Unternehmen vorbei ist", sagt S&P-Analystin Tanya Azarchs.

Manche prophezeien einen Wechsel an der Spitze von JP Morgan Chase: "In sechs
Monaten wird William Harrison draußen sein", sagt Richard Bove, Analyst bei Hoefer
& Arnett. Diane Glossman, Finanzanalystin bei UBS Warburg, spekuliert, das Institut
könnte zum Übernahmekandidaten werden. Um dieses Szenario abzuwenden, muss
JP Morgan Chase das Fiasko bei den Kreditausfällen unter Firmenkunden zügig
regeln. Daneben gilt es, eine ähnliche Schlappe im Geschäft mit
Privatkundenkrediten zu verhindern. Noch läuft die Sparte gut, doch die Probleme
sind absehbar. Die bislang so konsumfreudigen US-Verbraucher drosseln ihre
Ausgaben, ein Signal, dass sie knapp bei Kasse sind und ihre Zahlungsmoral sinken
könnte.

Überdies droht JP Morgans Verquickung in den Enron-Skandal rund 1 Mrd. $ teurer
zu werden als erwartet. Einige Versicherungen, die Bürgschaften für vermeintliche
Gaslieferungen von Enron an die Bank übernommen hatten, weigern sich, für die
Schäden aufzukommen. Ihr Argument: Die Transaktionen waren zumeist getarnte
Darlehen der Bank an Enron - und die seien von den Policen nicht gedeckt. Der Fall
wird im Dezember vor Gericht landen.

Steigender Goldpreis bedroht Kurse

Weitere Kursrückschläge drohen, wenn der Goldpreis weiter steigt. Etliche
Finanzhäuser - darunter UBS, Deutsche Bank, Citigroup, und auch JP Morgan Chase
- engagieren sich seit Jahren in riskanten Termingeschäften: Sie borgen sich Gold
von Zentralbanken zu einem äußerst niedrigen Zins - meist unter zwei Prozent - und
verkaufen das geliehene Edelmetall sofort am Markt weiter. Die Erlöse legen sie in
Wertpapieren an, deren Renditen den Leihzins weit übertreffen. Mit Gold decken
sich die Finanzhäuser erst wieder ein, wenn sie es an die Zentralbanken
zurückgeben müssen.

Was früher glänzende Gewinne garantierte, könnte heute angesichts des
steigenden Goldpreises zum Fiasko werden - vor allem für JP Morgan Chase. Für das
Institut wird es in Zukunft schwierig, Gold von Zentralbanken zu borgen und fällige
Kontrakte umzuschichten. Denn die Notenbanker machen laut Branchenexperten nur
Geschäfte mit Banken, deren Kreditwürdigkeit mit "AA" bewertet wird. Nach den
jüngsten Abstufungen der Rating-Agenturen gehört JP Morgan nicht mehr zu diesem
elitären Kreis. Zwei langjährige Chefs des Goldhandels, Dinsa Mehta und Don Eckert,
haben kürzlich das Finanzhaus verlassen.

Robert Maltbie, Chef des Internet-Informationsdienstes Stockjock.com, hält JP
Morgan Chase für "eine Zeitbombe". Viele Geschäfte der Banken spiegelten sich
noch immer nicht in deren Bilanzen. Wenn eine Bank wie JP Morgan Chase ihre
finanziellen Verpflichtungen nicht mehr erfüllen könnte, so Maltbie, drohte den
Börsen der GAU. "Das könnte die Finanzmärkte bis ins Mark erschüttern."


Š 2002 Financial Times Deutschland

http://www.ftd.de/bm/bo/1032946093376.html?nv=hpm

[ThaiGuru]

@ulfur

Danke Dir bestens für Dieses Posting der Financial Times Deutschland.

Wenn die auch schon schreiben, wird es ja womöglich schneller gehen als wir denken.

Hier noch eine neue Meldung von heute, die den Niedergang von JPM noch etwas beschleunigen dürfte.

NEW YORK, Sept 26 (Reuters) - Lehman Brothers lowered its earnings estimates and cut its price target for J.P. Morgan Chase & Co. (JPM), saying its original cuts, which were made after the company`s warning last week were not drastic enough.

Gruss

ThaiGuru

[ThaiGuru]

NEW YORK, Sept 26 (Reuters) - Lehman Brothers lowered its earnings estimates and cut its price target for J.P. Morgan Chase & Co. (JPM), saying its original cuts, which were made after the company`s warning last week were not drastic enough.

Lehman Brothers analyst Brock Vandervliet lowered his 12-month price target to $20 from $23, but maintained his "equal weight" rating on the stock.

He also lowered his third-quarter earnings estimate to 9 cents per share from an earlier estimate of 38 cents per share. For fiscal 2002, he cut his earnings estimate to $1.69 per share from $2.09 per share, and for fiscal 2003 he cut his estimate to $2.65 per share from $3.15.

Vandervliet cited lower than expected trading results, a higher than expected loan loss provision, and an absence of heavy investment securities gains for the cuts. REUTERS

Talk about a miss. Morgan’s share price action relative to the DOW stunk up the place for the second day in a row. JPM finished the day at $19.25, up 26 cents, which was 44 cents off its high. Look for this baby to submarine when the DOW turns lower again.

Speaking of Barrick, Morgan and The Gold Cartel, SARGE may be on to something:

Ya know what Midas, I saw this coming yesterday and didn`t quite catch it. Someone knew about Barrick`s pending announcement. Take a step back and notice how NEM and the other gold shares were under a tad more pressure than was really warranted. The goons positioned themselves Wednesday/yesterday for the little warning today.

Look at the volume on the close Tuesday and the open yesterday. That`s an established position. Then it drifts constantly lower, but not so as to alarm anyone for the rest of Wednesday`s session. Then POW!

http://finance.yahoo.com/q?s=ABX&d=c&t=5d&l=on&z=b&q=l

Here`s NEM overlaid on ABX:

http://finance.yahoo.com/q?d=c&c=nem&k=c1&t=5d&s=abx&a=v&p=s…

Check the timing on those 300 and 400 thousand share lots.

NOW . . . look at JPM overlaid on ABX:

http://finance.yahoo.com/q?d=c&c=JPM&k=c1&t=5d&s=abx&a=v&p=s…

I have a question for you Bill. Who IS Capital Research and Management?? They are the #1 holder of JPM AND they are the #1 holder of ABX, NEM and others. They are the organization that has enough shares to play a JPM/ABX spread.

#1 holder of ABX: http://biz.yahoo.com/hd/a/abx.html

#1 holder of JPM: http://biz.yahoo.com/hd/J/JPM.html

#1 holder of NEM: http://biz.yahoo.com/hd/N/NEM.html

Think we could be looking at the never-before-mentioned quiet member of the Cabal? NAH!!! They are so big that they just happen to own about 6% of everything on planet earth.

-END-

www.lemetropolecafe.com

[goIdenboi]

JPM`s CEMENT SHOES ARE DRYING and is getting ready to be dropped in the East River !

[goIdenboi]

JP Morgan Chases Credibility

http://www.fool.com/news/foth/2002/foth020927.htm

[ThaiGuru]

@goldenboi

#91

Sehr interessanter Beitrag!

Wird eh nicht mehr lange dauern.

Gruss

ThaiGuru

[Sep]

#91

sehr lesenswert.

26 trillionen USD. uuups.

SEP

[goIdenboi]

Na das mit den 26.000 Mrd. $ ist ja nix neues.

Kann man hier nachlesen:

http://www.zealllc.com/commentary/monster.htm
http://www.zealllc.com/2002/jpmgrows.htm

[ThaiGuru]

http://news.independent.co.uk/business/news_analysis/story.j…


Once-mighty JP Morgan on the rack after disastrous fees-for-loans foray

JP Morgan`s dream of emulating Citigroup turned to nightmare when the bubble burst

By Katherine Griffiths Banking Correspondent

27 September 2002

In the mid-1990s, Bill Harrison, chief executive of Chase Manhattan, started to dream of taking his hugely successful commercial bank and using it to bulldoze his way into investment banking, not stopping before he broke into the bulge bracket that contained Merrill Lynch, Goldman Sachs and Morgan Stanley.

By September 2000, Mr Harrison believed he had made that dream a reality. Having eyed up his smaller rival, JP Morgan, for years, Mr Harrison managed to woo it away from other suitors Deutsche Bank and Goldman Sachs, eventually paying $30bn (£20bn) for the prize.

Even at the time, the price looked generous. But Mr Harrison and his team had seen what a success Citigroup had made of welding a plodding commercial bank with an investment bank earning handsome fees, and did not want to be left behind in the rush to "universal banking".

Today, JP Morgan Chase looks more like a Frankenstein than the finely tuned athlete it aspired to be. In the dash for fees and growth it overburdened itself with high-risk lending, and with the wonders of the technology bubble now but a distant memory, the bank is struggling to stay afloat.

Last week JP Morgan issued a profit warning that underlined its parlous state. Quite apart from a $1.4bn provision for bad debts, it was forced to warn of serious problems in its own share trading business. JP Morgan guided the market that its trading profits has swung from $1.3bn in the second quarter to $100m in July and August.

The latest piece of bad news has prompted rival investment banks to sharpen their knives for a possible carving up of the giant bank, with speculation growing that if there is a major banking casualty in the current economic downturn, JP Morgan would be the most likely candidate.

One senior banker at a rival company says: "In every cycle, there is an example of someone who pushes the boat out a lot further than others and finds themselves in trouble when the storm hits." In this downturn, JP Morgan is the most at sea, he says.

The crisis has already claimed heads. Geoffrey Boisi, head of the investment bank, was given his marching orders earlier this year. He was replaced by the well respected David Coulter, now widely tipped as a possible future chief executive for JP Morgan.

Unsurprisingly, JP Morgan believes the fears have been blown out of proportion, and strongly refutes the suggestion that it is at risk of being overwhelmed by its liabilities.

Klaus Diederichs, head of JP Morgan`s European investment banking business, said: "We have very diversified earnings and overall the company is on solid ground."

Mr Diederichs points out that JP Morgan is hardly alone in feeling the pinch. Only Goldman Sachs seems to have bucked the trend of falling revenues. Mr Diederichs said July this year was "the worst month in market conditions in my 22 years` investment banking experience".

Even the rest of the investment banking community concede that JP Morgan`s capital position is strong. It has $723bn of assets and a much stronger tier one capital ratio than a number of rivals, which makes it likely to survive the downturn.

The bank can also point to significant market share gains in investment banking since the merger in 2000. A survey by Dealogic released earlier this week shows JP Morgan has grabbed the top slot in European mergers and acquisition work, up from its position as number 10 at the end of 2001, and globally it has moved from number five to number three.

Even so, the bank stands accused of paying too high a price in the scramble for market share. Critics say it was too ready to hand out massive loans during the New Economy boom in exchange for fat corporate advisor fees, and too many recipients of loans have ended up in trouble or receivership.

JP Morgan`s clients include most of the high-profile financial crashes of the last year, including Enron – for which it is also under investigation in the US over its role in helping the failed energy company to set up off-balance sheet vehicles.

JP Morgan`s telecoms loans are thought to stand at $8bn and it is a substantial holder of bankrupt credit lines – a type of finance which is not supposed to be used by a company unless it is in trouble.

The bank`s exposure to so many of these disaster zones partly reflects the fact that JP Morgan is the world`s largest syndicated lender, making it more likely than most to crop up at the scene of financial accidents. Its headline risk also belies the fact that it syndicates out most of its loans, making its write-offs lower than those of many of its peers.

Most have lost faith in JP Morgan`s model for growth. David Hussey, a banks analyst at Barclays Private Clients, said: "Its model worked well in the bubble period but the bad debts have discredited it."

Mr Diederichs observed that hindsight is a wonderful thing, saying: "The world looked totally different two years ago. At that time, many of our telecom clients were among the most respected investment-grade companies in the market."

JP Morgan insists it wasn`t its policy to hand out high-risk loans in return for investment banking fees – a practice the US government is investigating.

Even so, alternative investment banking strategies now look like they were better advised or more fortunate. Others may not have so profligate in using their balance sheets for the purpose of winning advisory work, relying instead on existing relationships in their historically strong fields of mergers and acquisitions and broking to keep revenues from dwindling to nothing. They may also have been better at refinancing the high-risk loans they did take on.

Citigroup – the model JP Morgan tried to emulate – also had a lighter touch to tapping its mammoth balance sheet, instead relying on the expertise of staff at its Schroder Salomon Smith Barney subsidiary to develop investment banking.

The problem for JP Morgan seems to have been that Chase Manhattan – America`s second-largest commercial bank – thought it was buying a business that had considerable expertise in investment banking.

But the reality was that JP Morgan was also largely a commercial bank. Before the main merger, Chase had also bought Robert Fleming, a family controlled City merchant bank, which brought asset management expertise but little track record in deal making.

One senior investment banker said: "You cannot turn a team of corporate lenders into mergers and acquisitions specialists over night."

The challenge facing JP Morgan is where to go. "Does it put investment banking on hold and bring down costs or does it throw more money at it by trying to pick off teams from other banks?" one source said. Another theory is that it cannot be long before the bank, whose shares are now trading below the book value of its assets, might be taken out by a predator, with HSBC thought to be the most likely candidate.

Nonetheless, JP Morgan is under pressure to slash its dividend to preserve capital. Whether Mr Harrison can survive such a cut remains to be seen.

[ThaiGuru]

Ein weiterer Domino Stein!

Jetzt verklagen die Argentinier die konkursite Bank, Banco General de Negocios SA, an der die JP-Morgan, Credit Swiss, und die Dresdner Bank beteiligt sind/waren.

Gruss

ThaiGuru



http://quote.bloomberg.com/fgcgi.cgi?touch=1&btitle=Top%20Ne…

09/26 11:17

J.P. Morgan, Partners Sued Over Lost Argentine Funds
By David Plumb

Buenos Aires, Sept. 26 (Bloomberg) -- Monica Orlando thought she safeguarded her savings against Argentina`s crumbling economy last year by entrusting the funds to a bank owned in part by J.P. Morgan Chase & Co., Credit Suisse Group and Dresdner Bank AG.

When her money disappeared from the bank`s Uruguayan affiliate in January, she expected the three non-Argentine owners to get it back.

Now she`s suing the international banks and their chief executives, who sat on the board of the Argentine bank, Buenos Aires-based Banco General de Negocios SA. At least four other clients have sued and hundreds more say they plan to do the same.

The Argentine bank is in liquidation and as much as $360 million has disappeared from its affiliates in Uruguay, Panama and the Virgin Islands, lawyers said.

``I feel absolutely defrauded,`` said Orlando, a Buenos Aires attorney. ``We`re talking about some of the top banks in the world. After watching how they played dumb, I saw no alternative but going to court.``

J.P. Morgan, Credit Suisse and Dresdner spokespeople said the banks and their chief executives have done nothing wrong and are not responsible for the lost funds. It was the banks themselves that asked regulators and courts to investigate what they say may be fraud committed by their local partners.

The missing funds highlight banks` difficulty in managing risk in developing countries and dealing with local partners during a time of financial crisis, analysts said.

Web of Banks

``The principal lesson is, if you`re going to engage in this type of business, your due diligence standards have to be higher,`` said Robert Kopech, a banking consultant with Oliver, Wyman & Co. in New York.

The legal challenges come at a time when all three international banks are struggling with a slump in business. J.P. Morgan said last week that trading revenue plunged in July and August and loan losses will quadruple in the third quarter from the previous three months.

Credit Suisse said it would replace Chief Executive Officer Lukas Muehlemann at year-end after widening losses wiped out half of the bank`s market value. Allianz AG, Dresdner`s parent, said today it will slash about 3,000 jobs at the unprofitable bank, adding to 8,000 jobs previously cut.

Clients charge in lawsuits that funds deposited in Banco General`s associated Uruguayan bank vanished or were spirited into a secret offshore entity in the Virgin Islands, leaving their accounts near-empty. They say suing Banco General`s international shareholders, which also indirectly hold stakes in the Uruguayan and Virgin Islands banks, is their best chance to get money back.

The Rohm Brothers

Under Argentine law, each board member can be held liable for the full amount of the disputed funds, said Marcelo Villegas, an attorney specializing in corporate governance at Buenos Aires- based Nicholson y Cano Abogados who isn`t involved in the case.

``It is improper behavior for the foreign banks to abandon these clients the way they did,`` said Juan Carlos Nougues, a World Bank consultant and former chief of supervision at Argentina`s central bank.

At the center of the depositors` allegations are Carlos and Jose Rohm, Buenos Aires-based financiers and brothers who controlled Banco General and an accompanying web of banks across Latin America and the Caribbean.

The partnership between the Rohms, J.P. Morgan, Credit Suisse and Dresdner goes back to 1978, when together they founded Banco General, a single-branch bank in downtown Buenos Aires that arranged initial public offerings, made loans and took deposits, according to bank officials. Banco General also helped its international shareholders win Argentine investment banking business, they said.

Golfing in Scotland

The three foreign banks own about 31 percent of Banco General`s voting shares and more than 75 percent of outstanding equity. Until April, their chief executive officers -- J.P. Morgan`s William Harrison, Credit Suisse`s Muehlemann and Dresdner`s Bernd Fahrholz -- served on Banco General`s board.

The Rohms, Harrison, Muehlemann and Fahrholz golfed together in Wick, Scotland, last year as part of a board meeting there, according to bank spokespeople.

Today, Banco General is in liquidation after its international shareholders said they would no longer fund the bank. Carlos Rohm, 55, the former vice president, is in jail facing charges related to the missing funds. The investigating magistrate accused him of ``illicit association,`` an Argentine legal term for organizing a group to commit a crime.

Rohm has pleaded not guilty to the charge, which doesn`t permit bail. His current criminal lawyer, Alejandro Mitchell, didn`t respond to four requests for an interview.

Picture of Zurich

Former bank President Jose Rohm, 57, is in New York, avoiding an Argentine arrest warrant, his lawyers said. The U.S. has turned down an extradition request after determining it lacked evidence of a crime, they said.

Like many banks in Argentina, Banco General for years helped clients move cash offshore, a business that accelerated ahead of the country`s deposit freeze in December, which was followed by a debt default and currency devaluation. Until financial crisis engulfed the region this year, many Argentines viewed Montevideo - - 40 minutes by plane from Buenos Aires across the River Plate -- as a stable haven to park their savings.

Banco General attracted customers with brochures highlighting its international shareholders. The advertising showed pictures of the foreign banks` headquarters in New York, Zurich and Frankfurt, and pointed out they held a three-fourths equity stake.

``Seeing these big CEOs on the board is what brought me in the door,`` said Horacio Madorno, founder of computer software company Softron SA, who says he is missing about $1 million.

Same Shareholders

Madorno and other clients who had more than $50,000 to send abroad said they were advised by Banco General account executives to open an account in Uruguay`s Compania General de Negocios (Uruguay) SAIFE. Banco General staff operated the Uruguayan bank out of Banco General`s offices, according to court documents, and assured clients that the two entities had the same shareholders. Clients said they set up their Uruguayan accounts, dropped off funds and retrieved statements at the Buenos Aires bank.

Compania General is a wholly owned unit of another Rohm- controlled entity, San Luis Financial & Investment Co., a Panama- based bank of which Credit Suisse owns 12 percent, J.P. Morgan 9.4 percent and Dresdner 1.8 percent, according to the international banks.

Things began to unravel in January after Jose Rohm flew to Zurich and told Muehlemann that Carlos Rohm had been hiding a $250 million loss inside the group of banks, according to Argentine court documents. J.P. Morgan told local authorities the Rohms might have committed fraud, and Uruguay`s central bank took over Compania General.

Twin Bank

Clients heard the news and some, such as Ricardo Alonso, headed for Montevideo to check on their Compania General accounts. When the staff, now working under Uruguayan central bank supervision, gave Alonso a statement showing less than 1 percent of his deposits, they suggested he contact Carlos Rohm`s lawyers to find the remainder.

Back in Buenos Aires, attorneys at Uriburu Bosch & Asociados produced a paper that listed the rest of Alonso`s more than $100,000 in cash and bonds. He noticed the logo said Compania General de Negocios (Uruguay) SA, rather than Compania General de Negocios (Uruguay) SAIFE -- as, he realized later, did many of the statements and receipts he`d gotten for months.

Alonso`s money, along with that of most clients, had vanished into this twin bank, based in the British Virgin Islands and owned also by San Luis Financial, court documents show.

Hiding Assets

The two banks` identical names and logos were designed to mislead clients, Compania General CEO Francisco Estrada told depositors who marched into his office in February and questioned him in front of a notary public, according to the notarized statement. His name appears on deposit slips from both banks.

Clients said the tangle of offshore, unregulated banks may have helped the Rohms cover financing gaps and hide bad assets. Uruguayan officials in January discovered that Banco Comercial SA, another Uruguayan bank owned by J.P. Morgan, Credit Suisse, Dresdner and the Rohms, was short about $185 million in bonds listed as assets, according to Uruguay`s central bank.

``We continue to insist we did not have any knowledge or involvement in any wrongdoing,`` said J.P. Morgan spokeswoman Brooke Harlow. Credit Suisse had no knowledge of irregular activity until Muehlemann was told by Jose Rohm in early 2002, said spokeswoman Cristina Von Bargen.

`Internal Use`

Dresdner spokesman Karl-Friedrich Brenner said that hiding losses from foreign shareholders appeared to be part of what Dresdner says was fraud at the Rohm-controlled banks.

A lawyer for the Rohms in Buenos Aires who ran Banco General after Carlos Rohm`s arrest, Rafael Algorta, said in an interview last month that his clients ``didn`t steal anything.``

``We presume everything happened with the knowledge of the foreign shareholders,`` he said. ``We understand the funds were for internal use inside the group.``

The two Compania General banks and San Luis Financial owed depositors about $360 million at the end of last year, said Eduardo Carrera, a lawyer for the Rohms in Montevideo. He declined to estimate the group`s assets.

``The three foreign banks together with the Rohms have to pay for this liquidation,`` Carrera said.

Regulators have already ordered the liquidation of Banco General and Compania General. Uruguay suspended most financial transactions at Banco Comercial due to lack of capital.

Lawsuits

Compania General clients have begun to get organized. About 300 of them meet on Monday evenings in a Buenos Aires auditorium, where they plan legal strategy in Uruguay and Argentina. They hired Uruguay`s former Economy Minister Ignacio de Posadas as an adviser and lobbied ambassadors from Switzerland, Germany and the U.S.

Dozens of other depositors have formed separate groups and filed more than four suits in Argentina that name J.P. Morgan`s Harrison, Credit Suisse`s Muehlemann and Dresdner`s Fahrholz, as well as the banks themselves. One civil suit prompted an Argentine judge to order the impounding of $700,000 each from Harrison, Muehlemann and Fahrholz, said attorney Santiago Bargallo, who filed the suit.

The judge hasn`t yet written an order seeking international enforcement.

Some lawyers said depositors` claims may be difficult to prove.

``Without evidence of gross negligence, shareholders and board members would not be held liable,`` said Raul Valdes-Fauli, a partner at Steel Hector & Davis LLP, a Miami law firm.

Offshore Affiliates

And analysts said the international executives probably didn`t know about the alleged fraud.

``These guys aren`t sitting on the board to review every transaction -- that`s what auditors are for,`` said Kopech, the banking consultant.

Ernst & Young accountant Arturo Lisdero, who audited Banco General, declined to comment.

Bargallo, who is representing more than four dozen depositors, said Harrison, Muehlemann and Fahrholz are responsible for the lost savings because they failed to stop Banco General from collecting funds in Buenos Aires for offshore affiliates, a practice that an Argentine judge said was illegal. The three foreign board members ``must have known how this basic business line worked,`` Bargallo said.

For Juan Gasset, who heads the Monday-night group and sees little chance of retrieving funds from the Rohm brothers, the objective is clear.

``The guy with money pays,`` he said.

[konradi]

kennen wir zwar alle, hat aber immer wieder Unterhaltungswert ...

- interessant daß boerse-go diesen Chart gerade mal wieder
hervorgekramt hat ...

Langfristiger Quartalschart vom DOW Jones Crash 1929 und Folgejahre (Monatschartausschnitt)

[ThaiGuru]

NEW YORK--(BUSINESS WIRE)--Sept. 30, 2002

Following rating downgrades for JP Morgan Chase, Fitch Ratings downgrades its ratings on 68 issues supported by the bank or its subsidiaries. The affected bonds and their ratings are listed below. For additional information see Fitch`s press release dated Sept. 17, 2002 and available at `http://www.fitchratings.com`.

[ThaiGuru]

Das PPT in Aktion, oder Manipulation in Reinkultur?

Schaut Euch doch mal die riesigen Orders an, immer just dann, wenn JPM wieder im Preis nachgab.

Zum Börsenende schliesst JPM mit plus 3,54%! DOW minus 1.42%!

[SchwarzGold]

Thread up, stocks down!

Die Finanzwerte schmieren ab, und der Goldpreis fällt (noch?) nicht.
Jetzt wird`s spannend!

[SchwarzGold]

Mal ernsthaft: Wenn es bei den fallenden Finanzwerten bei stabilem Goldpreis bleiben sollte, dann haben wir ein neues Stadium erreicht. Die Bonds wollen heute auch nicht so recht laufen. Das könnte interessant werden.

[Dottore Lupo]

@ Thai: diese selbstaktualisierenden Charts sind schon eine tolle sache!!!!!!

Bei JPM rauscht es in die Hölle...und dort sollen sie schmoren!!!!

cu DL

[ThaiGuru]

@Dottore Lupo

Habe überhaupt nichts dagegen, dass die JPM in der Hölle schmoren soll, wie Du schreibst, das täte uns Goldbugs nur allzu gut.

Da gibt es nur ein kleines Problem!

JPM wird vermutlich nicht alleine schmoren, sondern einige weitere Banken mit in den Abgrund ziehen. Und das könnte für viele schweizer Anleger, noch bös ins Auge gehen?


Denke da nicht zuletzt an die CS-Group (Schweizerische Kreditanstalt)

Gruss

ThaiGuru

[ThaiGuru]

http://biz.yahoo.com/rf/021004/financial_jpmorgan_2.html

Reuters Market News

J.P. Morgan set to fire 4,000 bankers -- report

Friday October 4, 7:54 pm ET

NEW YORK, Oct 4 (Reuters) -

J.P. Morgan Chase & Co. (NYSE:JPM - News), the second-largest U.S. banking company, is set to fire 4,000 of its 20,000 investment bankers later this month, according to a published report.

The cuts will be made across the bank including its divisions handling mergers and acquisitions and equity and debt underwriting, a Bloomberg News article said on Friday.

A J.P. Morgan spokeswoman declined to comment on the report. The company indicated last month, however, that it might have to cut jobs, as it wrestles with steep loan defaults by cable and telecommunications firms as well as wrong trading bets.

Last month, J.P. Morgan warned that its third-quarter earnings would be well below their second-quarter level due to weak trading results and bad loans to telecommunications and cable firms.

J.P. Morgan, along with other investment banks, has been stung by the slack economy and weak markets, after a boom in initial public offerings and mergers and acquisitions fueled bank expansion during the late 1990s.

In addition, J.P. Morgan has been tarred by financings it set up for bankrupt energy trader Enron Corp. (Other OTC:ENRNQ.PK - News),as well as losses in Argentina.

Its shares fell $1.08, or more than 6 percent, to close at $16.54 in Friday trading on the New York Stock Exchange, its lowest level since 1995. Its shares are off 54 percent this year.

[pastis]

Kann mir jemand beschreiben was es bedeutet wenn eine Bank bankrott geht?

Hab da leider noch keinerlei Vorstellungen.
Ich sehe dies im Hinblick auf meine Bank, die auch im Gespräch ist, oder allgemein Banken, die ja offensichtlich derzeit in Schieflagen geraten und bei Verschärfung der Lage ein Bankrott ja nicht ausgeschlossen waere.

Welche Situation ergibt sich für mich als Bankkunde?
Was würde ich als Bankkunde verlieren?
Einlagen !, ...klar aber waere ein Aktiendepot auch irgendwie betroffen?

Wie kann ich feststellen wie sicher meine Bank ist?

Wuerde wenn eine Bank bankrott geht nicht auch eine Art Kettenreaktion entstehen, so dass die überall Kunden ihre Einlagen aus Misstrauen abziehen und die Situation dadurch verschaerfen?

Woran kann man erkennen, wann es kritisch wird?

Hoffe so paar "einfache" Fragen sind erlaubt und finden hier jemand der was drüber weiss, für eure Antworten,..thanks in advance

Gruss pastis

[ThaiGuru]

@pastis

Falls Du keine Bank Aktien besitzt,

solltest Dir als Kunde einer Bank z.Bsp. noch keine allzugrosse Gedanken machen.

Deine Gelder auf dem Konto sind vorderhand noch sicher.

Falls möglich wechsle auf eine Bank mit Einlagegarantie, z.Bsp. in der Schweiz bieten sich dazu die Kantonal Banken an.

Doch Vorsicht, es werden bereits in einigen Kantonen Anstrengungen unternommen, diese Einlage Garantien (Staatsgarantie) aufzuweichen, oder abzuschaffen.

Deine Aktien im Depot gehören nicht der Bank, und müssten Dir auch im Pleitefall ausgehändigt werden.

Falls Du Gold, oder Silber auf einem sogenannten "Edelmetalkonto" bei einer Bank hast, lass es Dir aus Sicherheitsgründen physisch aushändigen, und leg es in einen Safe, Auch wenn Dir der Bank Anlageberater davon abraten sollte.

Falls es zu einem "Bank Run", also einem Kundenansturm auf eine Bank kommen sollte, ist zumindest im Falle der Grossbanken anzunehmen, dass der Staat eingreifen wird, im schlimmsten Fall auch mit Bargeldversorgung dieser Bank, um eine Panik zu verhindern.

Soweit sind wir aber in der Schweiz, auf absehbare Zeit ganz sicher noch nicht.

Kritisch wird es vielleicht dann, wenn Du lesen könntest, dass eine JPM chapter 11 beantragt hat, oder die schweizer Banken anfangen überproportional hoch, neues Kapital an der Börse aufnehmen zu wollen.

Gruss

ThaiGuru

[ThaiGuru]

@patis

Ach ja, noch zu Deiner Hauptfrage:

"Kann mir jemand beschreiben was es bedeutet wenn eine Bank bankrott geht?"

Die Betroffene Bank kann ihre Zahlungsverpflichtungen nicht mehr erfüllen, und schliesst ihre Bankschalter, weil das Geld nicht reicht um alle ihre Anleger Kunden auszubezahlen.

Gruss

ThaiGuru

[africando]

Ach ja, das wollen wir dann nicht verschweigen:

http://www.tiscali.co.uk/cgi-bin/news/newswire.cgi/news/reut…

[ThaiGuru]

http://www.smh.com.au/articles/2002/10/06/1033538845631.html

JP Morgan set to cut 1-in-5 jobs

October 7 2002

JP Morgan Chase, the second biggest US bank, is expected to fire about a fifth of its 20,000 investment bankers this month after trading revenue plummeted and loan losses surged.

Chief executive William Harrison is to eliminate about 4000 jobs in mergers and acquisitions, equity and debt underwriting and corporate lending, bringing the number fired since Chase Manhattan said it would buy JP Morgan & Co in late 2000 to 14,000 - almost as many as JP Morgan had before the deal.

Mr Harrison said last month he would cut costs to stem a 55 per cent drop in JP Morgan`s share price this year that has trimmed $US39 billion ($71.5 billion) in market value and pushed the stock to a seven-year low. The bank said loan write-offs quadrupled in the third quarter from the previous three months to $US1.4 billion.

The firings are expected around October 16, when the bank is scheduled to report third-quarter earnings.

JP Morgan has increased profit in only one quarter since Mr Harrison created the bank in a $US32 billion transaction in December 2000.

In the past two years, it has cut 10,000 investment bankers and investment management employees in response to falling markets and a slump in investment banking revenue.

Wall Street firms have cut 54,000 jobs since employment in the industry peaked a year and a half ago, according to the US Bureau of Labour Statistics. The reductions are the biggest on a percentage basis in the past 25 years and underscore the severity of the drop in business in the securities industry.

The company is losing more money on loans to telecommunications and cable companies amid a wave of bankruptcies including WorldCom and Global Crossing.

The bank also faces lawsuits and investigations related to its business with Enron Corp.

Bloomberg

[hotspot33]

J.P. Morgan (JPM)

Intradaykursstand : - 3,97% auf 16,92 $

Aktueller Tageschart als Kurz Update.

Der Aktienkurs bricht nun aus dem kurzfristigen inversen Dreieck nach unten aus. Im MACD ist ein bearisher Pullback zu erkennen. Das Juli Tief in Höhe der 18,22 $ Marke wird aufgegeben.

[granitbiss]

Schon mal den GFMS Halbjahresbericht gelesen (ist schon im September erschienen) www.gfms.com.uk

U.a.
Goldnachfrage der Schmuckindustrie minus ca. 17 %
Minenproduktion minus ca. 5 %
Receyclinggold plus 13 % (auf 410 t !!)
Rückgang der indischen Scmucknachfrage minus 147 t

232 t Gold sollen zur Glattstellung von Positionen verwendet worden seien ??!!
(Allerdings sind die damit ja nicht physisch weg, oder ??)

[niemandweiss]

J.P.Morgan Chase enlässt Banker
Hohe Kreditverluste Laut "Bloomberg" seit Fusion insgesamt 14.000 Mitarbeiter gekündigt.

apa/-s/w-
06.10.2002, 17:38:14

Die zweitgrößte US-amerikanische Bank J.P. Morgan Chase will nach einem Bericht der Wirtschaftsagentur "Bloomberg" noch im Oktober 4.000 Investmentbanker entlassen. Das sei rund ein Fünftel der 20.000 Investmentbanker, die J.P. Morgan Chase beschäftigt. Die Kreditverluste seien in die Höhe geschossen, hieß es unter anderem zur Begründung.

J.P. Morgan Chase war im Dezember 2000 bei der Übernahme der Investmentbank J.P. Morgan durch Chase Manhattan für 32 Mrd. Dollar (32,5 Mrd. Euro) entstanden. Mit dem geplanten Schritt würde sich die Zahl der seit dem Zusammenschluss entlassenen Mitarbeiter auf 14.000 erhöhen, berichtete "Bloomberg".

[konradi]

passt auch: Credit Suisse -

[africando]

Greenie sagt, alles ist gut und die Banken haben gar keine Probleme. Also sind wir alle böse, böse Schwarzmaler.....

http://www.msnbc.com/news/818279.asp#BODY" target="_blank" rel="nofollow ugc noopener">http://www.msnbc.com/news/818279.asp#BODY

[Sovereign]

#114

Ist doch toll, wenn der Dampfplauderer Greenspan Optimismus verbreitet! Was soll der olle Kauz denn sonst sagen?
In diesem Sinne: Die Lage ist hoffnungslos aber nicht ernst!

[ThaiGuru]

@africando

Es gibt doch den Satz:

Die Börse hat immer recht!

Allan, falls man seine Aussage zu den Banken glaubt, hat es mit dem heutigen Tag gerade wiederlegt.

[africando]

I agree. Wie sagte doch neulich ein Analyst: "Ingot we trust" - ein herrliches Wortspiel.... Afri

[africando]

In Anlehnung an Greenies Worte vor einigen Tagen.......

http://quote.bloomberg.com/fgcgi.cgi?mnu=news&ptitle=Top%20S…" target="_blank" rel="nofollow ugc noopener">http://quote.bloomberg.com/fgcgi.cgi?mnu=news&ptitle=Top%20S…

Gruß Afri

[africando]

Heute allein 6% minus



Wenn man das arithmetisch weiterrechnet, steht der Kurs in etwa 3 Wochen auf 0! Gefahr in Verzug nennt man das glaube ich....
Gruß Afri

[ThaiGuru]

http://www.swissinfo.org/sde/swissinfo.html?siteSect=143&sid…

Mittwoch 09.10.2002, MEZ 21:38

Fiat baut weitere 8100 Stellen ab und beantragt «Krisen-Status»

ROM - Der Fiat-Konzern greift zu immer drastischeren Massnahmen, um seine schwere Finanzkrise zu bekämpfen. Insgesamt sollen zusätzlich zu den bereits vor Monaten angekündigten 2900 Arbeitsplätzen bis zu 8100 weitere Stellen abgebaut werden.

Dies geht aus einem Restrukturierungsplan hervor, der am Mittwoch den Gewerkschaften vorgestellt wurde. Ausserdem sei die Regierung gebeten worden, Fiat formell den «Krisen-Status» zuzuerkennen, sagte Arbeitsminister Roberte Maroni. Daruch würden staatliche Hilfen möglich.

Die Gewerkschaften kündigten für kommenden Freitag Streiks an. Bereits in den vergangenen Tagen hatten Angestellte eines Werks in Termini Imerese auf Sizilien aus Protest gegen die Pläne Strassen blockiert, am Mittwoch demonstrierten dort fast 20 000 Arbeiter.
Termini Imerese ist eine der am schwersten betroffenen Fabriken: Sie soll vorübergehend geschlossen werden, alle 1900 Arbeitnehmer verlieren ihren Posten.
Unterdessen sprach sich die italienische Regierung gegen einen möglichen Verkauf der Fiat-Autosparte an den US-Konzern General Motors (GM) aus. «Die Regierung hofft, dass ein so bedeutender und historisch wichtiger Auto-Konzern italienisch bleibt», sagte der Minister für Produktionstätigkeit, Antonio Marzano.

Oppositionsführer Francesco Rutelli erklärte, Italien könne es sich nicht leisten, seine bedeutendste Auto-Industrie zu verlieren. GM hält derzeit 20 Prozent und hat eine Übernahme-Option.

Um das Unternehmen zu retten, müssten bis Ende des Jahres 20 bis 30 Prozent weniger Autos produziert werden, hatte kürzlich Fiat-Auto-Chef Giancarlo Boschetti gesagt.

Die Fiat-Aktien sind unterdessen an der Mailänder Börse um mehr als 5 Prozent gefallen, nachdem sie bereits am Dienstag auf den tiefsten Stand seit 17 Jahren gesunken waren. Am Abend notierte die Aktie bei 8,34 Euro. Zuletzt hatte das Turiner Unternehmen im April 1985 ähnlich schwach notiert. 091958 oct


SDA-ATS

[tamara93]

SORRY !!!!

aber was hat FIAT mit JP Morgan zu tun ???

[tamara93]

Das Derivatemonster hat bald keine Zähne mehr!!!!

[ThaiGuru]

@tamara93

Du fragst:

"Aber was hat FIAT mit JP Morgan zu tun ???"



Sehr viel sogar, wenn Fiat pleite gehen würde.

JPM hat bei FIAT ganz dicke die Finger, und auch viel Geld drin, das für JPM auf dem Spiel steht.

http://www.businesswire.com/webbox/bw.081999/192311376.htm

oder diese Meldung:

http://news.moneycentral.msn.com/ticker/sigdev.asp?Symbol=JP…

September 30, 2002

JPMorgan Partners, the private equity arm of J.P. Morgan Chase & Co., Questor Management Company, LLC, Private Equity Partners, Spa and funds managed by a subsidiary of American International Group (AIG) announced that they have completed their acquisition of the aluminum automotive components business of Fiat S.p.A.`s Teksid unit.

Gruss

ThaiGuru

[ThaiGuru]

Der neuste OCC Derivativ Report für das 2. Quartal 02 ist da!

Darin sind die Derivativ Positionen aller wichtigsten US Banken aufgeführt, ikl. JPM. Ob das nicht ein bisschen zu viel des Guten für JPM ist?

Auf der Tabelle 9, sieht mann die Fälligkeitsdaten der Goldderivativ Positionen

Im PDF Format, 759 KB zum downloaden:

http://www.occ.treas.gov/ftp/deriv/dq202.pdf

Sollte eigentlich jeder mal runterladen, und etwas genauer die vielen Grafiken und Tabellen analysieren, um besser zu verstehen, warum Gold bis jetzt nicht mehr gestiegen ist.

Gruss

ThaiGuru

[Tsuba]

#124

Der Link in #124 zu den OCC-Daten über
Derivate und vor allem Goldderivate
ist wie ein Lehrbuch mit den aktuellen
Daten für den Goldanleger.

Danke an Thai-Guru für den Tip

Gruss
Tsuba

[konradi]

@thaiguru

Danke für den Link, wußte garnicht daß die "Bank of America"
auch so dick mit drinsteckt.

konradi

[Tsuba]

Vorausgesetzt ich habe das kapiert.

Ein Zinsderivat (Caps, Swaps) ist bei gleichem
Volumen (identischer $-Betrag) geradezu
ohne Risiko gemessen mit einem Goldderivat.

Als ich vor etlichen Jahren das Wort Goldderivat noch nie gehört hatte und im großen und ganzen an die Redlichkeit
des "System" glaubte, war ich mit Käufen von DeBeers, später Harmony, Delta usw ziemlich erfolgreich.

Jetzt ist alles viel schwieriger.

Man kann eben nicht immer naiv und glücklich bleiben.


Gruss

Tsuba

[ThaiGuru]

A Potential Pothole on Rally Road

By Aaron L. Task
Senior Writer
10/11/2002 03:00 PM EDT

The stock market rallied big Thursday and was soaring again midday Friday. A continuation of the technical factors that contributed to Thursday`s gains, along with a Lehman Brothers upgrade of IBM and relief that General Electric`s results weren`t worse were fueling big gains for major averages Friday afternoon. Everything may suddenly appear "okey-dokey" but a large number of market participants remain worried about the potential for some upheaval in the financial system. "I will venture there is an outside chance that in the very near future, during a momentous market upheaval, a major financial participant will face complete and instant annihilation," Fari Hamzei of Hamzei Analytics in Los Angeles commented recently. For some time now, J.P. Morgan has been the name most often cited as a potential trouble spot. In an interview Thursday, Hamzei said J.P. Morgan is on his short list of financial firms about whose "annihilation" he is concerned. Admittedly, that`s a dramatic description for what others contend may be a forced sale or, at the very least, more pain for J.P. Morgan`s stock and bondholders. Specifically, concerns remain about the bank`s exposure to derivatives, financial instruments that derive their value from other securities and are designed to offset risk -- although history suggests they often have the opposite effect. As reported previously, J.P. Morgan is far and away the largest dealer of derivatives -- involved in $25.9 trillion, or 51%, of the $50.8 trillion notional value of contracts involving U.S. commercial banks and trust companies at the end of the second quarter, according to the Office of the Comptroller of the Currency. Given its dominance, J.P. Morgan is an obvious bogeyman for those concerned about derivatives in general. A midweek downgrade by Moody`s put those concerns back on the front burner.

A J.P. Morgan spokesman said the bank doesn`t comment on rating actions. But in a conference call after its profit warning last month, Dina Dublon, J.P. Morgan`s head of finance, said a Standard & Poor`s downgrade at the time would have but a "small impact" on J.P. Morgan`s derivatives business. In cutting $42 billion of J.P. Morgan`s long-term debt to A-1 from Aa3 and its bank subsidiary debt to Aa3 from Aa2, Moody`s ratings are now in line with S&P`s.

A Potential Pothole on Rally Road

The spokesman said he was not aware of any customers seeking alternatives to J.P. Morgan`s derivatives desk, or leaving altogether, as has been reported elsewhere. Indeed, with assets of $741 billion and shareholder equity exceeding $40 billion at the end of the second quarter, there appears to be no imminent threat to the firm`s financial wherewithal. Moody`s said Wednesday that J.P. Morgan`s liquidity "remains strong," and its risk-weighted capital ratios are good. After declining over 56% year to date previously, J.P. Morgan`s shares rose 3.2% Thursday and were up another 7.7% Friday afternoon.

Still, many on Wall Street fret that time, and the markets, are not on J.P. Morgan`s side. Stressed OutHamzei, who runs a quantitative analytics firm, is mainly focused on issues such as on-balance volume. That measure of whether a stock is under accumulation or distribution shows "money has exited [J.P. Morgan`s] stock at a horrendous rate," he said. But he also cited the "extreme levels at which the global debt and equity securities and derivatives are currently trading," which have been and presumably continue to put stress on J.P. Morgan`s proprietary trading and derivatives portfolios. Prior to Thursday`s advance, yields on investment-grade corporate bonds were at their widest spread to Treasuries in a decade, while the S&P Speculative Grade Index, which mirrors the trend in spreads between high-yield bonds and Treasuries, hit an all-time high of 1573.9 on Thursday. S&P`s Investment Grade Credit Index also hit a record high on Thursday. Corporate default rates are up markedly this year and Fitch Investors reported 40% of junk bonds issued from 1997 to 1999 are now in default. (RealMoneyPro.com`s Brian Reynolds observed that corporate spreads were "narrowing significantly" Friday morning, which would be welcome news for the corporate bond market and J.P. Morgan in particular if it continues.

[ThaiGuru]

LONDON, Oct 14 (Reuters) -

Investment bank JP Morgan slashed hundreds of jobs in early morning culls on Monday as its equities division felt the first sting of a new cost-cutting drive under which some 3,000 positions will be cut globally.

Sources familiar with the situation said the first of the equity sales traders and analysts to be laid off were told of their redundancies early on Monday and many more were still being told.

"We were in at seven expecting the worst," said one employee, while another staff member said: "The grim reaper has arrived. If the phone rings and you`re called up to the meeting rooms, you know you`re in trouble."…

The bank has faced difficult times since the merger. It has been tarnished by being a major lender to collapsed U.S. energy trader Enron and is nursing heavy losses on bad loans in Argentina, while the stock market downturn has hit its investment banking business. –

www.lemetropolecafe.com

[keepitshort]

gerade bei N-TV gesehen
graphische Darstellung

Umsatz von JP-Morgan
von 400 Millionen auf 40 Millionen eingebrochen
um ca. -90%

oder habe ich mich da verlesen

sieht dramatisch aus aber der
Goldpreis kommt von den 314.- US-Dollar/oz einfach nicht
weg.

was muss denn noch alles passieren ???

[keepitshort]

Net income dropped to $40m, or 1 cents per share, from $449m, or 22 cents per share, in the same period a year ago.

das war wahrscheinlich mit dem -90% Rückgang gemeint

[ThaiGuru]

http://quote.bloomberg.com/fgcgi.cgi?ptitle=Top%20Financial%…

Top Financial News

10/16 08:57
J.P. Morgan 3rd-Qtr Profit Falls 91% on Bad Loans (Update4)

By Michael Nol


New York, Oct. 16 (Bloomberg) -- J.P. Morgan Chase & Co.`s third-quarter net income plunged 91 percent as the second-largest U.S. bank wrote off more loans to telecommunications and cable companies and lost money in investment banking.

Net income fell to $40 million, or 1 cent a share, from $449 million, or 22 cents, in the same period last year. J.P. Morgan`s division that underwrites and trades securities and makes corporate loans lost $256 million in the quarter.

Chief Executive Officer William Harrison, who has overseen only one quarter of profit growth since he formed the bank through a merger two years ago, plans to cut more than 2,000 investment banking jobs to reduce annual costs by $700 million, the bank said. The world`s biggest arranger of syndicated loans has been hit by corporate bankruptcies from Enron Corp. to WorldCom Inc., Argentina`s debt default and falling markets.

``For this bank to prosper, it needs either a massive restructuring or improvement in the capital markets and in the part of the economy driven by corporate spending,`` said Tim Ghriskey, president of Ghriskey Capital Partners LLC, which manages $100 million of assets and sold all of its J.P. Morgan shares a year ago.

J.P. Morgan shares traded in Germany had dropped 24 cents, or 1.3 percent, to $18.37 at 7:33 a.m. New York time. The stock is the worst performer in the Dow Jones Industrial Average this year with a decline of 49 percent.

Investment Bank

J.P. Morgan`s investment bank, led by former BankAmerica Corp. Chief Executive David Coulter, lost money as trading revenue plunged 68 percent from a year earlier to $365 million. The bank is also the world`s biggest trader of derivatives, securities whose value is derived from debt and equity securities, commodities (!! GOLD !! TG) or currencies.

The bank took ``the wrong positions in our equity derivatives, convertible debt, cash equities,`` Chief Financial Officer Dina Dublon said on a conference call with analysts and investors. ``We have had trading losses in many of our trading areas, particularly in the early part of the quarter.``

Some of J.P. Morgan`s rivals, such as Goldman Sachs Group Inc. and Citigroup Inc., reported a rise in trading revenue in the third quarter from gains in fixed-income and bond trading.

J.P. Morgan wrote off $834 million of bad loans to companies in the third quarter, more than quadruple the amount of a year ago. Those losses were mostly in the telecommunications and cable industries, the bank said.

Some rivals have improved the quality of their loan portfolios. Wachovia Corp., the fourth-biggest U.S. bank, reported third-quarter net income of $913 million as it wrote off fewer bad loans and boosted consumer deposits.

Bank of America Corp., the third-largest U.S. bank, reported a rise in third-quarter profit, as it set aside less money for bad loans and made more mortgage and credit-card loans. The bank said third-quarter commercial loan write-offs fell 17 percent to $394 million.

Bad Bets

J.P. Morgan has ``misexecuted on the corporate loan book in a larger way than Citigroup and Bank of America,`` James McLellan, director of international equities at London-based Insight Investment Ltd., which manages about $90 billion, including 500,000 J.P. Morgan shares. ``That`s where J.P. Morgan has fallen down. That`s a mess at the moment.``

J.P. Morgan also has suffered amid a 31 percent decline in global mergers and acquisitions this year, and the slowest U.S. initial share sale market in 25 years. Investment banking fees fell 34 percent in the third quarter to $533 million.

The jobs cuts and other moves to reduce expenses in J.P. Morgan`s investment bank will cost the bank about $300 million in the fourth quarter and a further $150 million after that, the bank said. The bank plans to scale back business in Asia and Latin America, where J.P. Morgan has lost money from Argentina`s debt default and currency devaluation.

The bank said it had about $300 million at risk in the country at the end of the third quarter, down from $400 million three months earlier.

``They really don`t have a complete handle on the depth of what`s gone wrong on the credit side for them,`` said Charles White, president of Avatar Associates, which manages about $2 billion of assets and doesn`t own J.P. Morgan shares. ``For us, there`s just too much uncertainty there.``

FleetBoston Financial Corp., the seventh-biggest U.S. bank, also has been hit by losses in Latin America. The bank reported today third-quarter profit fell 24 percent on Argentine losses and loan defaults by telecommunications companies.

J.P. Morgan said last month that third-quarter results would fall ``well below`` the 58 cents a share in operating profit earned in the second quarter.

[SchlimmerSilberfinger]

Wär schön, jetzt vor ein paar Tagen Gold gegen JPM-Aktien getauscht zu haben - gelle?! Hat wer?

Da gibt es aber so ein paar (!) Gaps im Chart bei JPM. Was meint ihr, füllen sich die noch oder bleibt das so offen?

[granitbiss]

# 132

scheint dem Gold ja richtig gut zu tun !!

[Gringo1]

#134

Sarkasmus hat er auch schon drauf...


Wow, Hirnmasse verdoppelt ?

[granitbiss]

Gringo
zu 1 ) schon immer
zu 2 ) wollte mich hier nicht verausgaben

[africando]

Was soll man davon halten?


(AFX-Focus) 2002-10-21 18:47 GMT: Bank One, JP Morgan decline comment on takeover speculation
NEW YORK (AFX) - Bank One Corp and JP Morgan Chase & Co declined to comment on market speculation that Bank One is eyeing a takeover of JP Morgan.
Officals at both banks cited their company policy of never commenting on market speculation.

JP Morgan shares rose sharply earlier and dealers said there was speculation that the bank has become a takeover target following a steep fall in its share price.

The bank has been pressured since it warned last month that third-quarter earnings would be sharply lower than the second-quarter because of bad loans in the telecom and cable sectors and a slump in trading income.

At 1.29 pm, JP Morgan shares were trading up 1.36 usd, or 7.1 pct, at 20.33 usd.

Bank One was up 13 cents at 39.01 usd.

The DJIA was up 153.00 points at 8,475.40 and the S&P 500 was up 10.83 points at 895.22.

[e-mail]

cl/djp

[pisa]

@thai @124
Also ich habe die Derivatepostionen mal durchgeschaut. Sieht alles sehr monströs aus. Aber letztlich kann ich nur erkennen das Goldkontrake < 1 yr von etwa 3000 Tonnen und Kontrokte 1 .. 5 yr etwas weniger als 3000 t existieren. Was mich aber interessiert ist wieviel davon mit geliehenem Gold gedeckte bzw. ungedeckte Shortkontrakte sind. Das kann ich hier draus nicht entnehmen.

Kannst Du mir weiterhelfen?
Grüße,
pisa

[ThaiGuru]

@pisa

Einige der besten Analysen zu den "irrsinnig" hohen Derivativ Positionen von JPM gibt es hier:

The JPM Derivativ Monster:
http://www.zealllc.com/commentary/monster.htm
JPM Derivatives Monster grows:
http://www.zealllc.com/2002/jpmgrows.htm
JPM Derivatives Monster Crashes:
http://www.zealllc.com/2002/jpmcrash.htm

Gruss

ThaiGuru

[pisa]

@thai
OK Danke für die Links.
Aber jetzt helf mir doch erstmal mit Deinem Derivatereport in #124 . Wie lese ich da die net short positions beispielsweise von JPM raus. Ich sehe nur das sie Kontrakte haben aber nicht welcher Art und gedeckt/ungedeckt. Die Anzahl der Kontrakte allein nützt doch nix.

Grüße,
pisa

[ThaiGuru]

@pisa

Schau mal in Deinen Bord Mail Briefkasten

Gruss

ThaiGuru

[Gringo1]

Du auch Thai

[ThaiGuru]

More bad news for Morgan:

10/20 11:11

J.P. Morgan Shuts Overseas Stocks Business in Japan, Staff Say

By Takahiko Hyuga

Tokyo, Oct. 21 (Bloomberg)

J.P. Morgan Chase & Co., which is eliminating 2,000 jobs worldwide, closed its overseas equities business in Japan, firing sales head Toshihisa Tanahashi and eight other employees, staff involved said.

The second-biggest U.S. bank is eliminating jobs in Japan as part of a global drive to reduce costs as profit plunges. The bank cut 30 staff in its Japanese research department last week.

J.P. Morgan fired salespeople, traders and their assistants who focus on selling shares of U.S., European and Asian companies to Japanese fund managers, the employees said. The department closed Friday.

Long-term rates were hit very hard again in the US. All those "re-fi" people that did not close before last week have to be gagging:

http://futures.tradingcharts.com/chart/TR/C2

www.lemetropolecafe.com

[starbull]

Hallo,
wenn man den Verschörungstheorien zustimmt, sollte man in Betracht ziehen, daß JP Morgen Chase Eigner der amerikanischen Bundesbank ist! Dies ist Tatsache! Die Einnahmen der Bundesbank sind duch die Verschuldung des Staates gigantisch. Durch diese Beteiligung und der daraus entstehenden Einnahmen kann ich mir einen Konkurs keinesfalls vorstellen. Auch Marktmanipulationen sind bei dieser Rückendeckung ohne weiteres möglich und aller Voraussicht nach nicht zu verhindern. Der Spruch " Geld regiert die Welt" ist die nackte Wahrheit.
Good trades

[talvi]

@Starbull

aber hier glauben einige :

"GOLD regiert die Welt"

Grüße Talvi

[niemandweiss]

NEWS ARTIKEL AKTUELL
Ressort: Blue News Nasdaq Deutsch, 22.10.2002 10:51:48

J.P. Morgan – schlechte Zahlen und Übernahmegerüchte



Berlin (BLUeBULL) – Die US-Investmentbank J.P. Morgan musste seinen Anlegern schlechte Zahlen mitteilen und nun kommen die ersten Übernahmegerüchte auf.

So hat der Konzern im dritten Quartal einen Gewinneinbruch verzeichnen müssen. Der Nettogewinn erreichte nur 40 Millionen Dollar und das sind immerhin über 90 Prozent weniger als noch vor einem Jahr. Der Gewinn je Aktie fiel von 22 Cent auf einen Cent. Hohe Abschreibungen auf faule Kredite hätten das Ergebnis mit 834 Millionen belastet, teilte das Unternehmen in einem Statement mit. Der CEO William Harrison kündigte nun an, 2000 Stellen abbauen zu wollen. Der Jobabbau sowie weitere Restrukturierungsmaßnahem werde das Bankhaus im laufenden Quartal 300 Millionen Dollar und nochmals 150 Millionen Dollar im ersten Quartal 2003 kosten.

Aktuell sind nun Übernahmegerüchte im Markt. Die Bank One sei angeblich an der Bank interessiert, hieß es auf dem Parkett. Beide Banken lehnten eine Stellungnahme ab. Eine erste Analystenstimme sagte nur: „Wer auch immer J.P. Morgan kaufen wolle, er muss viel Geld mitbringen“.

TH

[derunsichtbarefreund]

starbull

aber JPM ist nur einer von 12. die anderen 11 lassen ein schwarzes schaf nicht zu, auch wenn diese auch schwarz sind aber noch ein weißes deckfell besitzen.

wenn JPM wirklich so weit ist wird sie ratzfatz liquidiert oder übernommen. die hohen herren möchten doch ihr spiel weiterspielen haben sie aber doch übersehen das das spiel selbst bereits zu ende ist. am hungertuch werden sie aber a) nicht nagen und es kommt ja b) wieder ein neues. eben dinner for one

DUF

[ThaiGuru]

@Gringo1

Habe Deine BM erhalten, Antwort folgt am Donnerstag/Freitag

Gruss

ThaiGuru

[ThaiGuru]

@derunsichtbarefreund
@starbull

Nach laengerem Gespraech mit einem Dow Spezialisten heute, und Analyse der Fakten, komme ich zum Ergebnis, dass eine Uebernahme von JPM, durch die Bank One, eher sehr unwahrscheinlich ist.

Ich bin eher geneigt anzunehmen, dass dieses "Geruecht" nur gezielt gestreut wurde, um den Aktien Kurs ueber 20.- Dollar zu halten, oder noch hoeher zu bringen.

Falls die Bank One, die JPM wirklich uebernehmen sollte, wuerde sie selbst, mit in den unergruendlichen Strudel der Wahnsinns Risiko Derivativ Positionen gerissen, und koennte sich dabei selbst ruinieren.

Da wird wohl fuer JPM nur auf Zeit geschindet?

Gruss

ThaiGuru

[derunsichtbarefreund]

UND JETZT KOMMT DER KNALLER

es wird das gerücht immer lauter, daß einige big player, namentlich u.a. die JPM NICHT mehr als gegenpartei bei derivatengeschäfte zugelassen bzw. akzeptiert wird. mußte man doch in erfahrung bringen können, oder ? gibs hier irgendwo tägliche derivatezahlen oder ähnliches.

wenn das stimmt macht auch die substanzlose döddelrallye erst recht sinn. dann ist es schon 5 nach 12. alle mann von bord, die frauen zuerst.

DUF

[ThaiGuru]

JP Morgan market value dwarfed by smaller rivals`

By Mary Kelleher

NEW YORK, Oct. 21 (Reuters) -- J.P. Morgan Chase & Co. Inc. is one of the biggest banks in the United States, but you wouldn`t necessarily know that by its stock market value.

Shares of J.P. Morgan Chase, which ranks only behind Citigroup Inc. by assets, have fallen so much as the bank wrestles with loan and trading losses that J.P. Morgan now is worth about $5 billion less than smaller rival Bank One Corp. in terms of market capitalization.

The weakness in J.P. Morgan Chase`s stock and drop in its market price tag have helped fuel rumors once unthinkable -- that Chicago-based Bank One, No. 6 in terms of assets, might buy J.P. Morgan Chase instead of the reverse.

"It`s shocking," Fred Cummings, an analyst at McDonald Investments, said of the disparity between the banks` market capitalizations. "But that just shows you the market has lost confidence in (J.P. Morgan`s) management team and they don`t know how true that book value is at J.P. Morgan."

Meanwhile, Bank One has prospered, though analysts do not think it is strong enough to digest a bank of J.P. Morgan`s size. Under the steadying hand of Chief Executive Jamie Dimon, Bank One recovered from customer service woes at its First USA credit card arm and just posted a 9 percent rise in third quarter profits to $823 million, or 70 cents a share. Higher credit card balances, deposit growth and cost controls helped.

"Jamie`s perceived as a good turnaround player," Cummings said, though he noted Bank One`s price-to-earnings ratio of about 12 times earnings was about in line with others. Bank One "has gone through a major turnaround. They don`t have these same balance sheet issues at this point in the cycle."

J.P. Morgan Chase`s market worth now is about $40 billion, compared with Bank One`s roughly $45 billion capitalization. J.P. Morgan Chase`s value also lags Wachovia Corp.`s at a about $48 billion; Wells Fargo & Co. at about $86 billion; and Bank of America Corp. at $105 billion.

"It`s been there for a while -- a few months," UBS Warburg analyst Diane Glossman said of J.P. Morgan Chase`s market capitalization. "But it is pretty astonishing on the face of it if you just dial the clock back a year ago."

When Chase Manhattan bought J.P. Morgan at the end of December 2000, the deal was heralded as the creation of a financial services powerhouse rivaling Citigroup. But since then J.P. Morgan Chase has seen its profits slump in the market downturn because of investment losses, bad loans to telecommunications and cable companies, and misplaced trading bets.

Part of the blame goes to moribund capital markets in a flagging U.S. economy, analysts said.

"Most of J.P. Morgan`s problems are just the bad market environment," Reilly Tierney, an analyst at Fox-Pitt, Kelton said. "Even if you brought in (former U.S. Treasury Secretary) Bob Rubin and (Citigroup CEO) Sandy Weill to be co-CEOs of J.P. Morgan, they`re not going to turn around the capital markets."

Still, J.P. Morgan`s stock tumbled 48 percent in the first three quarters this year, underperforming the Standard & Poor`s financial stock index, which fell about 22 percent then.

The bank`s profits sank 91 percent in the third quarter to $40 million, or a penny a share, and it said it would cut about 2,200 investment banking jobs. J.P. Morgan already let Wall Street down last month when it warned third-quarter results would be well below second-quarter levels.

The bank also has faced fire for off-balance sheet transactions it set up for bankrupt energy trader Enron Corp., further damaging its stock price. J.P. Morgan Chase Chief Executive William Harrison, one of the merger`s architects, is under pressure to reverse the slide or risk losing his job, analysts have said.

www.lemetropolecafe.com

[Saccard]

POTENTIALLY EXPLOSIVE INSIDE NEWS -- $170B JPM FRAUD

the same guy Joe in my apartment complex spoke with me again tonight about inside explosive news about a massive accounting fraud by JPMorgan

I pressed him for veracity of the source, like where he works
Joe said his friend Frank is an old college friend, whom he is in contact with 1-2 times per week
he said Frank works in the "same general business as JPMorgan"
I asked Citibank? no.. Morgan Stanley? no.. Goldman Sachs? no.. a major bank? no
Joe said "no, officially it is a govt business, but they are deeply involved in the mortgage finance business"
I asked FannyMae? and he smiled and said "cannot say" while nodding
so either Fanny or Freddie, I figure
word is flying around the NYC finance houses about this, impossible to contain, with investigations widening weekly

Frank tells him the noose is tightening bigtime on JPMorgan and the CFO will be doing jailtime by next year... the US Attorney General and NY Atty Genl are each well along in the investigation of $170 billion in improperly reported Q3 interest payments on three big loans...
WorldCom, Argentina, Russia

they all went bad, but JPM reported them as "performing loans" with fraudulent intent... the AG`s are busy now "closing the dozen doors" that will demonstrate fraud and criminal intent... they want to be certain that JPM did not simply transfer the loans over to the London office or some thin offshore subsidiary... they are making progress eliminating these possibilities

the misstatement makes WorldCom`s $4B in improper statement look, well, pretty effing tiny... I asked about the impact to earnings, and Joe told me he heard around $60-70 billion in losses

I asked about why this is not out in the news, in the open... Joe said AG`s must shut the doors, tighten the nose, be certain of the criminal actions

I asked about timing... Joe was told by Frank at FannyMae? that the prosecution steps begin in the first December week... I asked "around Pearl Harbor Day?"... he laughed, saying JPM is going to jail and this will blow wide open, that JPM is dead in the water... Frank claims actual revelation to the public and news media will take place around Christmas or immediately afterwards

I asked how we can observe definitive confirming signals from afar... Joe said "mass resignations, which have begun, but which will pick up in a big way"

Joe works in an international industrial pump/value company, and fully trusts his friend Frank in NYCity... back in July, I mentioned this Frank as confirming almost daily shipments by truck of Federal Reserve Gold out of the NYCity site, for the purpose of satisfying JPMorgan gold sales

so there you have it, MASSIVE $170B FRAUD CONCEALING $60B IN LOSSES, which will break within 75 days!!!

we will see
Joe said "100% certain this is unfolding, going to be death for JPMorgan, absolute death, with numerous indictments coming down, starting with that CFO"

[Sovereign]

@Saccard

#152

Nette story. Hört sich zwar zu gut an, um wahr zu sein (und um im Internet veröffentlicht werden), aber:

" Frank claims actual revelation to the public and
news media will take place around Christmas or immediately afterwards"

Also zur Weinachtszeit sollen ja manchmal Wünsche Wirklichkeit werden.... Also werde ich beide Daumen gedrückt haben und mir dieser Jahr (ich war immer ein artiger Goldbug und Berufspessimist) zur Bescherung die Nachricht des Untergangs von JP Morgan wünschen.
Diese Nachricht wäre mindestens einen "92er Chateau Latour Premier Grand Cru Classe" wert...

Gruß

Saccard

[Saccard]

Ich habe noch keinen Kommentar zur Story abgegeben, aber eines ist doch wohl klar:

JP Morgan wäre bei richtiger Verbuchung der nicht mehr bedienten Schulden vermutlich pleite. Daran aber kann ja wohl niemand ernsthaft interessiert sein, ergo wird der Staat ALLES machen, um JP zu retten, ja geradezu dazu drängen, die Schulden entsprechend (á la Japan) zu Verbuchen.

Wenn es wirklich so kommt wie im Artikel angedeutet, dann hat es entweder einen schweren Bruch zwischen JPM und staatlichen Stellen gegeben, oder aber irgend jemand ist übereifrig. Man weiß ja, daß es Behörden lieben, sich gegenseitig zu bekämpfen.

Für mich jedenfalls stellt sich die Lage von BOA, JPM, Citigroup, Commerzbank, Deutsche Bank usw. wesentlich schlimmer dar als die der japanischen Banken!

Gruß
S.

[Sovereign]

@Saccard

Ich glaube offiziellen Statistiken und dem öffentlichen Zahlenmaterial schon seit einiger Zeit nicht mehr.
Am Anfang habe ich über die Manipulationstheorien beim Goldpreis nur gelacht....inzwischen halte ich alles für möglich:
Eine Inflation durch den Euro gab`s ja offziell nie, die Arbeitslosenzahl sinkt, die Wirtschaft wächst.
Hör Dich doch mal um: Überall läuft es beschissen, jeder spart Kosten, stoppt Investionen und baut massiv Personal ab. Langsam aber sicher kippt auch die Stimmung bei den Konsumenten.
Noch wird den schöngerechneten Zahlen Glauben geschenkt, aber auch diese Leute haben Augen im Kopf, und wie man so schön sagt "die Einschläge kommen von Tag zu Tag näher"....dieser Fakt läßt sich von unserem offiziellen "Propagandaministerium" nun mal nicht ändern.
Ergo: Die ganze Sache stinkt gewaltig. Das ist keine normale Rezession, nein, diese ganze Story ist "groß"..."verdammt groß"..."vielleicht die größte globale Verwerfung in einem Jahrhundert".
Auf jeden Fall sind wir mittendrin, wir haben unsere Spielchips aufs Gold gesetzt. Mit Glück kommen wir mit nem Jahrhundertgewinn aus dieser Sache raus, mit Pech gehen wir zusammen mit dem Rest der Wirtschaft und Gesellschaft alle zum Teufel

Also sollten wir der Dinge harren die da kommen.

Let`s roll the dice, denn am Ende sind wir alle auch nur kleine unbedeutende Spieler und nicht mehr.

Gruß

Sovereign

[konradi]

.

POTENTIALLY EXPLOSIVE INSIDE NEWS - TEIL 2

Guten Morgen, meine Damen und Herren,

was Sie in den vergangenen 2 Tagen erlebten, ist der klassische Verlauf einer technischen Reaktion im Aufwärtstrend und nicht eine Korrektur im Abwärtstrend. Je vorsichtiger das ganze verläuft und je mehr dies mit Angst oder Vorsicht begleitet wird, um so besser. So beginnt jeder langfristige Trend. Die strategische Linie zeichne ich jeweils in der AB vor. Die aktualisierten Akzente setze ich hier ergänzend zur heutigen AB.

New York tritt auf der Stelle, weil die meisten einen double dip erwarten, was jedoch nicht eintritt. Die sich ebenfalls sehr vorsichtig verbessernden Daten am amerikanischen Arbeitsmarkt entsprechen meiner bisherigen Beurteilung. Davon gehe ich nicht ab. Zwei Dinge behalten Sie bitte in Erinnerung: Wenn große Konzerne die Beschäftigung massiv reduzieren, so baut sich die zunehmende Beschäftigung als eine Art Saldo in kleinen Schritten auf. Wenige wissen: In den Titeln, die im S&P 500 enthalten sind, wurden in den letzten 18 Monaten über 1 Mio Beschäftigte freigesetzt, aber anderweitig schon wieder neu eingestellt. Es findet also eine gewaltige "Umstrukturierung“ im amerikanischen Arbeitsmarkt statt. In einem solchen Umfeld sollte man sehr vorsichtig mit der Beurteilung volkswirtschaftlicher Fakten umgehen.

Die Telekom-Spekulation geht in die Startlöcher. Ich mahne dies erneut an. Mein gestriger Hinweis auf AT&T WIRELESS traf ins Schwarze, wenn ich dies so sagen darf. Zeitweise bis + 36 %. Bitte lesen Sie die Zahlen noch einmal, nehmen Sie den Taschenrechner und rechnen Sie die Bewertung durch. Denn auch die anderen zogen mit, und darin drückt sich eine der wichtigsten Trendwenden aus, die die Tendenzen der nächsten Monate prägen werden. Das greift über auf VODAFONE und alle anderen Europäer. Hier sieht übrigens im Moment DT. TELEKOM und TELECOM ITALIA MOBILE am besten aus. Es handelt sich also um die äußerst interessante Perspektive einer weltweiten Tendenzwende in diesem Segment. Folge:

Die Ausrüster werden plötzlich ebenfalls lebendig. Siehe gestern im ersten Ansatz LUCENT, aber auch NORTEL und Sie schauen heute auf Seite 8 der AB auf die Konstellation für ERICSSON, ALCATEL, aber auch NOKIA. Die weiteren Details werde ich in der nächsten AB kommentieren.

Eines steht fest: Unmögliches ist schon jetzt machbar, Wunder dauern etwas länger. Das gilt für meine größte Schieflage in diesem Sektor, nämlich LUCENT, aber auch NORTEL, wo ich viel zu früh trotz 50 % Kursverlust und mehr den Einstieg gewagt hatte und zur Zeit massiv im Verlust stehe. Daß dies eine Herausforderung für mich ist, gebe ich gerne zu. Packen wir’s an!

Denken Sie einen weiteren Schritt in folgende Richtung: In der letzten AB wies ich auf PHILIPS hin. Inzwischen + 20 %. Auch hier besteht Handlungsbedarf. Das wird sich in zwei Richtungen tendentiell auswirken: a) in Richtung PC/Halbleiter und b) in Richtung allgemeine Elektrik/Elektronik. Beides zusammen ist aber eine sehr typische Konjunktur-Indikation.

In Frankfurt gelten die gleichen Regeln. Allerdings mit einem Einwand: Die jüngsten Abstufungen entbehren nicht der Komik. Wenn Merrill Lynch gestern die DAIMLER-Aktie zurückstuft, so handelt es sich hier um die Adresse, die noch vor wenigen Wochen das an dieser Stelle zitierte Verbot für Kaufempfehlungen in deutschen Aktien ausgegeben hatte. Es galt intern für die Mitarbeiter. Wenn die DT. BANK die MÜNCH. RÜCK. abstuft, so sollten Sie sich die Begründung mal anschauen. Sie klingt genauso komisch. Mein Rat: Sie haben zwei Möglichkeiten, solche Urteile zur Kenntnis zu nehmen: Entweder als typischen Kontra-Indikator oder aber als Qualitätstest solcher Adressen. Gleichwie:

In der heutigen AB habe ich Zielkurse genannt. Wenn Sie diese durchlesen, werden Sie schmunzeln, den Kopf schütteln oder auch nachdenklich werden. Doch diese sind höchst realistisch, wenn auch unmißverständlich auf 18 Monate ausgelegt. Die einen werden früher, die anderen später erreicht, aber es geht um die ganz aktuelle Frage, wie weit reicht das Erholungspotential? Bitte nehmen Sie alle relevanten Charts zur Hand oder rufen Sie diese in den Ihnen zugänglichen Systemen auf. Dann zeichnen Sie die von mir genannten Zielkurse auf der gegebenen Zeitachse ein. Rechnen Sie sich dazu die entsprechende Bewertung aus. Grundlage sind die Gewinnschätzungen für 2003. So kommen Sie auf den einigermaßen richtigen fairen Wert. Andererseits: Meine Auffangkurse der letzten Wochen liegen teilweise 10 - 15 % niedriger. Dies sind worst-case-Kurse. Selbst in der Trendwende des Gesamtmarktes sind diese nicht ganz ausgeschlossen, wenn die eine oder andere besonders negative Nachricht die Runde macht. Beispiel HYPOVEREINSBANK. Die HYPOVEREINSBANK legte desolate Zahlen vor. Sie sind aber gleichzeitig einmalige Zahlen unter Berücksichtigung der absoluten Risikovorsorge. Es sind also keine dauerhaften Ergebnisse, sondern Einmal-Ergebnisse. Nehmen Sie sich dazu das Zahlenwerk vor und rechnen Sie nach. Was ist der Börsenwert, was ist das tatsächliche Eigenkapital und wie stellt sich dies zur Bilanzsumme, also dem Gesamtgeschäft inkl. Beteiligungen etc. Wenn der Kurswert 7,7 Mrd E. ausmacht, die Eigenmittel aber 27 Mrd bei einem Reservepolster in den Beteiligungen von geschätzt 5 Mrd E., so sind dies Zahlen, die Ihnen zeigen, wohin die zweitgrößte deutsche Bank, nach den allerdings weit überfälligen Strukturschnitten auf der Personalseite in einem oder zwei Jahren stehen wird. Warum sage ich das?

Am Beginn einer langfristigen Aufwärtsbewegung sind die Kernzahlen wichtig und nicht die Quartals-Ergebnisse, in denen viele Zufälligkeiten stecken. Dieses Bewertungsmuster können Sie bei einer ganzen Reihe von Firmen anwenden. Ergo:

Nehmen Sie die heutige AB, wie gesagt, und rechnen Sie sich die Zielkurse durch. Das Rechenbeispiel für Verbilligungen oder Neukäufe, welches ich Ihnen im Brief 38 bzw. 40 gegeben hatte, ist noch gültig.

Kurzer Blick nach Zürich: Hier gilt ähnliches für alle Finanzaktien wie in Frankfurt. Also das gleiche auf helvetisch. Ich mahne - etwas pauschal - sofortige Überprüfung Ihrer Position zwecks Verbilligung/Neukäufe an. Eines ist wichtig: Ebenso wie in Frankfurt ist die Volatilität noch sehr hoch und muß berücksichtigt werden. Ist das eine Perspektive für das Wochenende? Ich meine ja, weil Sie nun konstruktiv nachdenken müssen. Dafür begleite ich Sie mit der Weisheit: „Ein denkender Mensch kommt aus dem Staunen nicht heraus, dem Esel ist alles klar“.

Herzlichst Ihr Hans A. Bernecker


Felix, qui potuit rerum cognoscere

[ThaiGuru]

@Saccard

Von wem sprichst Du, wenn Du schreibst:

"ergo wird der Staat ALLES machen, um JPM zu retten"

Falls Du die *FED* mit "Staat" gemeint haben solltest? Die FED gehört nicht dem Staat, die ist privat!

Gruss

ThaiGuru

[Saccard]

Aber die Aufsichtsbehörden, die offenbar falsche Buchungen zulassen, sind staatlich.

Erinnern wir uns: Citigroup wwar ja auch schonmal pleite. Konkurs wurde dann doch nicht angemeldet, die Regeln wurden einfach zurechtgebogen.

Die FED? Ist mir egal, deren Macht wird überschätzt. Der Dollar ist ohnehin reinste Inflationswährung (daher auch keine Währungsschnitte in der Vergangenheit).

Gruß
S.

[Gringo1]

Die Macht der FED würde ich nicht unterschätzen.

Die handelt auch GEGEN das Interesse des Staates, wenn es denn sein muß.

Die FED mit allen ihren Ästen und Zweigen ist m.E. ein eigener Staat, so ala Vatikan.

[ThaiGuru]

Und wenn da vielleicht doch etwas dran sein sollte an diesem "Gerücht"?

Gruss

ThaiGuru



http://www.forbes.com/technology/newswire/2002/11/07/rtr7873…

J.P. Morgan denies gold loss rumors, stock down

Reuters, 11.07.02, 10:12 AM ET

NEW YORK, Nov 7 (Reuters) - J.P. Morgan Chase & Co. Inc. (nyse: JPM - news - people) said on Thursday that rumors it had suffered large losses on gold trades were "false and irresponsible," as the rumors had damaged its stock price.

J.P. Morgan shares, a component of the benchmark Dow Jones Industrial Average, dropped to a low of $20.55 on Thursday before recovering somewhat to trade down 4.6 percent, or $1.01 a share, at $21.05.


The stock fell on rumors arising in Europe that the No. 2 U.S. banking company had lost between $17 billion and $70 billion on gold trades.

A spokesman denied the rumors and analysts also discounted them.
"It`s (circulated) at least three or four times this year, and it`s always out of Europe," UBS Warburg analyst Diane Glossman said of the rumor. "They should please come up with something more creative next time than recycling old rumors."

Copyright 2002, Reuters News Service

[tamara93]

New York (vwd) - Die J.P. Morgan & Co Inc, New York, hat Gerüchte vom Donnerstag zurückgewiesen, sie habe bei Geschäften am Goldterminmarkt Verluste von mehreren Mrd USD erlitten. Die Gerüchte seien falsch, teilte ein Sprecher des Investmenthauses am Donnerstag mit.

vwd/DJ/7.11.2002/sam/jhe

7. November 2002, 16:56

[silvo]

so langsam wird`s interessant: jpm heute -6,6% : Sogar die Sparkasse schreibt: jpm habe sich bei Goldgeschäften verspekuliert. ich geb jedenfalls keine meiner Minenwerte her. mfg

[Waschbr]

http://www.zealllc.com/2002/jpmgrows.htm

[bluemoons]

test

[Waschbr]

Ist der Spread zwischen DOW und JPM nicht süß?

[ThaiGuru]

http://www.nationalpost.ca/search/site/story.asp?id=D77A8E68…

The rumour that won`t die
Investors keep worrying about J.P. Morgan`s gold hedging exposure

Steve Maich
Financial Post


Friday, November 08, 2002

The rumour that J.P. Morgan Chase & Co. is facing massive losses on gold derivative exposure is the market conspiracy theory that will not die.

J.P. Morgan insisted yet again yesterday that its derivative exposure remains minimal, calling the latest rumours "false and irresponsible." But that didn`t stop investors from driving the shares (JPM/NYSE) down 6.6% yesterday.

Despite the denials, thousands of investors and analysts suspect J.P. Morgan has more on the line than it`s letting on. Just as they did when Barrick Gold Corp. and Placer Dome Inc. slipped last summer on concerns about their extensive hedging strategies, investors are complaining about a lack of transparency in derivatives trading, and a general distrust of complex financial structures.

One former brokerage credit officer, now working as an independent analyst, said the market has very little faith in assurances about risk exposure when they aren`t backed up by hard data.

"To see what some of these companies have as real exposure and then hear their public statements, it just boggles the mind sometimes," he said. "You just don`t know, and that`s the point."

J.P. Morgan became heavily involved in forward gold contracts in the 1990s when the commodity price was in a slow decline. Market watchers at the time said gold was going nowhere in the new global economic environment, and the derivatives market allowed banks like J.P. Morgan to extract profits from a marooned asset class.

As far as most analysts are concerned, J.P. Morgan`s massive derivatives program amounted to a short position on the price of gold. And with gold prices up 17.5% in the past year, speculation is swirling that the bank is now taking a serious pounding.

How big the losses are, is a matter of endless debate.

David Hendler, a bond analyst at Creditsights Inc., an independent research firm in New York, discussed the gold question in a Sept. 23 report to clients. He concluded that there is not enough public information released by the bank to precisely determine the risks, but there are a few clues that suggest reasons for concern.

First and foremost is J.P. Morgan`s extensive participation in the derivatives market, he said. In all, the bank holds about US$26-trillion in futures and options contracts, or roughly 50% of the overall market. That`s more than twice the size of the entire annual U.S. gross domestic product.

J.P. Morgan has reduced its gold contracts over the past year, but it is still relatively overexposed compared to other major banks, Mr. Hendler said. At the end of the second quarter Morgan`s gold contracts were worth US$45-billion on a notional basis. Citigroup, the largest financial services company with about 50% more total assets than J.P. Morgan, has just US$12-billion in gold derivatives.

Notional value isn`t a true reflection of the bank`s risk, because it refers to the potential maximum value of a contract. But even a writeoff of 5% of its total gold contract would represent a loss in excess of US$2-billion, greater than the bank`s total net income in 2001.

Like all banks, J.P. Morgan has stress-tested its portfolio and insists that even in its worst-case "value at risk" scenario, its gold contracts would cut just US1¢ per share from its 2003 earnings. But, like all banks, it refuses to go into the specifics of trading strategies, or how they arrive at their risk models, as these are proprietary secrets.

If the denials are starting to ring hollow, it`s because J.P. Morgan has had to issue so many of them in recent months.

The bank is trying to recover US$965-million in losses from doomed derivatives transactions with Enron Corp. The insurance companies involved maintain the deals were tantamount to fraud and they`ve refused to pay. The bank also faces a variety of lawsuits arising from its role as financier to Enron and WorldCom Inc. The bank has denied all allegations of wrongdoing, and so far hasn`t taken a provision for the potential losses, insisting that they`ll be vindicated.

Back in July, Kathy Shanley, an analyst at Gimme Credit, an independent bond research firm, said "there is no way to responsibly quantify the ultimate financial impact of the current investigations."

J.P. Morgan is also at the centre of a Securities and Exchange Commission investigation into allegations that the bank forced clients to buy more shares of bank-led IPOs in the after market to ensure new issues surged in their first few days of trading. Again, executives have denied the charges, but investors are well aware that Credit Suisse First Boston paid US$100-million last year to settle similar charges.

For a bank that saw third-quarter profits plunge 91% thanks to a slew of credit writeoffs, all the outstanding questions are creating an unappealing picture.

In an environment like this, whispers about multi-billion dollar derivatives losses are finding fertile ground among nervous shareholders.

[e-mail]

© Copyright 2002 National Post

[bluemoons]

Die Dementis von J.P. Morgan

von unserem Korrespondenten Eric Fry in New York

Dass die Konsumenten nicht mehr so können, wie sie vielleicht wollen, zeigt sich jetzt. Home Depot, ein großer Heimwerkermarkt in den USA, hat gestern angekündigt, dass die Umsätze weniger stark als erwartet steigen werden. Auch Wal-Mart hatte am Montag Ähnliches verkünden müssen. Und die Umsätze im Einzelhandel gingen letzte Woche zurück.

Die Konsumenten kaufen nicht mehr so sorglos wie zuvor. Der Aktienkurs von Home Depot verlor deutlich, es ging 3,69 Dollar auf 24,91 Dollar bergab. Das bedeutete für den Dow Jones ein Minus von 25 Punkten, weil Home Depot ein Schwergewicht ist.

Jetzt aber zu einem immer wiederkehrenden Thema: Die Gerüchte um die finanzielle Situation von J.P. Morgan.

Ja, es stimmt, der Bankgigant macht das, was er am ZWEIT besten kann: Er verneint, dass er in einem operativen Bereich substantielle Verluste erlitten hat. Was dieser Bankgigant am besten kann: Hohe Verluste produzieren. Diese große Bank scheint sich selbst in den Fuß zu schießen.

"Warum bei diesen Dementis die Alarmglocken läuten sollten", so die National Post, "ist alleine deshalb so, weil J.P. Morgan so viele Dementis herausgebracht hat."

Stimmt. Als letztes Jahr die Enron-Krise ausgebrochen war, hat J.P. Morgan die Auswirkungen auf das eigene Geschäft – wegen der abzuschreibenden Kredite – niedrig geredet. Der Vorstandsvorsitzende von J.P. Morgan, William Harrison, bestand darauf, dass Enron kein großes Risiko für sein Haus darstelle. Nichts hätte weiter von der Wahrheit entfernt sein können. Das Enron-Debakel war nicht nur für die Bilanzen von J.P. Morgan schlecht, sondern auch für den Ruf des Bankhauses. Denn J.P. Morgan verneinte zunächst auch, dass die Dividende gekürzt würde – dann später wurde die Möglichkeit einer Dividendenkürzung eingeräumt. Und jetzt dementiert J.P. Morgan wieder etwas – nämlich Gerüchte, dass im Geschäft mit Gold-Derivativen hohe Verluste angefallen seien.

Am 6. November machten diese Gerüchte die Runde, und die Aktie von J.P. Morgan fiel um 6 %. An diesem Tag ließ J.P. Morgan mitteilen, dass diese Gerüchte "falsch und unverantwortlich" seien.

Diese Gerüchte sind nicht neu, aber sie sind wieder neu aufgekommen. Angesichts der Fehlentwicklungen und Dementis bei J.P. Morgan wäre es nicht überraschend, wenn diese Gerüchte der Wahrheit entsprechen würden.

Theoretisch sind Banken wie J.P. Morgan mit Derivaten so positioniert, dass sie per saldo "marktneutral" sind oder nur ein geringes Risiko eingehen. Aber Märkte sind Märkte und Menschen sind Menschen, und große spekulative Positionen kommen manchmal auch bei Finanzinstituten vor.

"Wenn man den Analysten glauben kann", so die National Post, "dann hat sich J.P. Morgan beim Gold mit Derivaten auf fallende Kurse festgelegt." Deshalb kommen von Zeit zu Zeit Gerüchte über hohe Verluste bei J.P. Morgan auf, seit der Goldpreis wieder steigt. Aber vergessen Sie nicht – das sind nur "falsche und unverantwortliche" Gerüchte. J.P. Morgan hat öffentlich versichert, dass die eigenen Positionen "Stresstests" unterzogen worden seien, und dass man sich keine Sorgen machen müsse, auch nicht wenn das "worst-case"-Szenario eintreffen würde. Wow, was für eine Erleichterung! Und natürlich würde die Bank auch mehr Details über ihre Goldgeschäfte veröffentlichen – aber leider sind das Betriebsgeheimnisse.

Aber es gibt einige Punkte, die Sorgen machen. "Nehmen Sie irgendeinen hochspekulativen Sektor, und man kann sicher sein, dass man dort jede Menge Banker von J.P. Morgan treffen wird", so Apogee Research vor einigen Monaten.

"Besonders im Derivate-Markt ist J.P. Morgan stark vertreten. Gemessen am nominalen Wert hält J.P. Morgan fast 2/3 der Gold-Derivate in den USA."

Die Bilanzsumme von J.P. Morgan beträgt 2/3 der Bilanzsumme von Citigroup. Gleichzeitig hält J.P. Morgan viermal so viele Gold-Derivate wie Citigroup. Vielleicht tickt hier keine größere Zeitbombe – aber ich wäre nicht überrascht, wenn die Bank darüber zumindest etwas stolpern würde.

investorverlag

[ThaiGuru]

The Street.com

http://www.thestreet.com/markets/rebeccabyrne/10059330.html?…

Suit Alleges J.P. Morgan, Barrick Kept Lid on Gold

By Rebecca Byrne
Staff Reporter
12/18/2002 03:42 PM EST



J.P. Morgan Chase (JPM:NYSE - news - commentary - research - analysis) and Barrick Gold (ABX:NYSE - news - commentary - research - analysis) were named in an antitrust lawsuit Wednesday, accused of conspiring to hold the price of gold down.

The lawsuit, filed by the nation`s largest retail gold dealer, Blanchard & Co., and its clients, alleged that Barrick and Morgan unlawfully combined to actively manipulate the price of gold, making short-selling profits of $2 billion in the process.

Shares of J.P. Morgan fell 4% to $23.97 while Barrick was down 1% to $15.68.

Blanchard said it is seeking to terminate trading agreements between Barrick and J.P. Morgan and other unnamed bullion banks.

The firm is also seeking damages to pay for losses suffered by its clients as the alleged result of what it called "unlawful price manipulation, anti-trust violations and unfair trade practices."

"Since the end of 1987, when the collaboration between Barrick Gold Corp. and J.P. Morgan Chase & Co. began, the growth of global income and wealth would have lifted the gold price to approximately $740 if the price had been able to respond to the normal laws of supply and demand. If gold had kept pace with inflation, the price today would be approximately $760," Blanchard claimed.

In the past five years, Barrick and J.P. Morgan Chase brought "millions of additional ounces of gold into the market - additions that were several times as great as the annual production of every gold mine in South Africa, the largest gold producing nation in the world," according to Blanchard.

"By using privately negotiated derivative contracts and concealing the addition of billions of dollars worth of (physical) gold with off-balance sheet accounting, Barrick was able to make it virtually impossible for gold analysts and investors to determine the size and the market impact of its trading positions" Blanchard added.

The firm alleges that J.P. Morgan "financed Barrick`s repeated short selling with remarkably advantageous terms not available to others, including deferred repayments and no margin calls."

[ThaiGuru]

J.P. Morgan, Other Defendants Must Face Enron Suits

By Jef Feeley

Houston, Dec. 20 (Bloomberg) -- A federal judge ruled that former Enron Corp. executives and lenders, including Citigroup Inc. and J.P. Morgan Chase & Co., must face investor lawsuits seeking $29 billion in damages over the energy company`s collapse.

U.S. District Judge Melinda Harmon in Houston denied a motion to dismiss the claims. Her decision permits the plaintiffs to pursue evidence against the defendants, including confidential bank records.

``We plan to focus on the role of the investment banks and their top executives in perpetuating this fraud on investors,`` William Lerach, who represents the plaintiffs, said in an interview.

Harmon`s decision clears the way for the plaintiffs` lawyers to acquire documentation for their claims that fraud led to the collapse of what was once the world`s largest energy trader. Enron filed for bankruptcy protection last December after its shares had lost $68 billion in value from their peak in August 2000. The company had restated $586 million in earnings.

``The balance of power in negotiations has shifted to the plaintiffs`` with today`s ruling, said Robert Prentice, professor of business law at the University of Texas in Austin. ``This makes it an extremely serious case.``

The plaintiffs have made a strong enough case for the suit to proceed, Harmon ruled. The investors have alleged that Enron executives, aided by the investment banks, manipulated the company`s books to hide debt and inflate earnings.

$1.4 Billion Settlement

Her decision coincided today with an agreement by Citigroup, J.P. Morgan and other banks to pay about $1.4 billion to settle claims they misled customers with biased stock research. The agreement ended yearlong investigations that shook investor confidence and revealed how Wall Street sacrificed integrity in the quest for fees.

Harmon`s ruling may add to the legal woes of former Enron executives like Andrew Fastow, the company`s former chief financial officer who was indicted in October on charges he bilked Enron of millions of dollars. The criminal charges against him include mail and wire fraud in connection with partnerships he created to keep debt off Enron`s books.

Lawyers for the University of California Regents, the lead plaintiffs in investors` consolidated Enron fraud suits, are likely to seek internal memos and e-mails Fastow wrote about the partnerships. The regents lost $145 million in pension funds invested in Enron stock.

The pretrial process of acquiring evidence, known as discovery, allows plaintiffs to demand Enron, the financial institutions and other defendants turn over documents that may help prove the fraud case. The defendants can still ask Harmon to throw the case out of court after that process is finished.

Shielding Records

Harmon also ruled yesterday that the defendants in the case couldn`t shield their records and other potential evidence from ``public gaze`` with a so-called blanket protective order.

Lawyers for the regents also will be seeking more evidence that Citigroup and J.P. Morgan Chase bankers, who funded Fastow`s Enron-linked partnerships, knew the entities were designed to hide debt and inflate income.

Lawyers representing Enron employees who have pension-fraud claims against the former executives and other defendants already have uncovered e-mails that they contend bolster claims that the banks assisted Fastow in bringing the partnerships to life.

Enron executives, bankers, officials of Arthur Andersen LLP and some of Enron`s former lawyers all filed motions to dismiss the consolidated fraud suit, saying it wasn`t specific in detailing how the fraud was committed and who was responsible.

Andersen`s Role

Chicago-based Andersen, Enron`s auditor for more than a decade, was convicted of obstruction of justice in June in connection with its review of Enron`s financial records. Andersen, once the fifth-largest accounting firm, shut down its auditing practice in the wake of the conviction.

Other defendants include Merrill Lynch & Co., Bank of America Corp. and Credit Suisse First Boston. All have denied any wrongdoing. Merrill Lynch is a passive minority investor in Bloomberg LP, parent of Bloomberg News.

Harmon dismissed claims against Deutsche Bank AG and Kirkland & Ellis, the Chicago-based law firm that provided advice on an off- the-books partnership. Vinson & Elkins of Houston, Enron`s former principal law firm, lost its bid to escape possible liability.

[tamara93]

Finanzen.net-Nachricht (USA)




Mittwoch, 08.01.2003, 16:56

J.P. Morgan-Aktie nach negativen Kommentaren im Minus

Die Aktie der Investmentbank J.P. Morgan Chase & Co. verliert am
heutigen Mittwoch deutlich an Wert, nachdem sich zwei
Analysten mit negativen Kommentaren geäußert haben.

Einerseits stufte UBS Warburg die Aktie von "Kaufen" auf "Halten"
herab, andererseits senkte Morgan Stanley-Analyst Henry McVey
seine Ergebnisprognose für das vierte Quartal von 40 Cents pro
Aktie auf -6 Cents pro Aktie, was auf mit Enron verbundene Sonderbelastungen (1,3 Mrd. Dollar) und höhere
Entschädigungskosten zurückgeführt wird.

McVey korrigierte zudem die Ergebnisprognose für 2003 nach unten. Demnach erwartet er bei J.P. Morgan nach
ursprünglich 2,42 Dollar nun lediglich einen Gewinn von 2,20 Dollar pro Aktie. Ursache hierfür seien ein geringerer Umsatz
und höhere Kreditkosten.

Die Aktie von J.P. Morgan Chase verliert an der NYSE derzeit 4,67 Prozent auf 26,54 Dollar.

[e-mail]

[ThaiGuru]

An welche Bank dachte A. Greenspan wohl, als er diese Aussage heute machte?



http://money.excite.com/ht/nw/bus/20030226/hle_bus-n26271051…

Greenspan Says No Bank Too Big to Fail



Wednesday February 26, 11:22 AM EST

WASHINGTON (Reuters) - Federal Reserve Board Chairman Alan Greenspan said on Wednesday that no U.S. bank was too big to fail, but that federal authorities have to move more cautiously when liquidating assets of large institutions.

"I agree that there is no such concept of too big to fail,"

Greenspan said in answer to questions before the Senate Banking Committee.

"What there is, however, is that very large institutions will be liquidated slowly."

"So the time issue is the question here, not whether an institution is ... too big to fail," he said.

[Saccard]

Eigentlich gibt es JP Morgan doch gar nicht mehr, wurde ja schließlich von Chase Manhatten übernommen.

Komisch, daß der Übernehmende einfach so verschwindet und nicht der notleidende zwangsübernommene Kandidat. Damals hatte ja fast die Dt. Bank JP Morgan übernommen.

Gruß
S.

[macvin]

@saccard u.a.

warum glaubt hier die Mehrheit an den Absturz von JPM?
Schließlich gibt es noch Fannie Mae und FreddieMac...

Für mich wäre das Scenario auch schon ziemlich perfekt, wenn eine japanische Großbank abstürzen würde...mit allen Effekten, die das nach sich zieht.

Schaun wer mal
macvin

[Sep]

Zusammenhang zu dem gestrigen Besuch von Ackermann und Co beim Kanzler ? Sondierung, ob der Staat schlechte Kredite der banekn übernimmt ?

Deutlicher Hinweis, daß große Probleme einer Lösung harren könnten ?

SEP

[ThaiGuru]

JP Morgan Chase ist anscheinend auch in den Accounting Scandal verwickelt, der als einer der Hauptgründe für den kollabierenden Korea Stock Market verantwortlich gemacht wird.

Kürzlich wurde JPM auch in Japan wegen Market Manipulationen zu einer hohen Busse verurteilt

Vom Fall Enron, und den Goldpreis Manipulationen, und den vielen anderen negativen Vorfällen, in die JPM verwickelt zu schein seit, will ich hier gar nicht reden.

Das Manipulieren und Vertuschen muss JPM wohl im Blut liegen?

http://english.chosun.com/w21data/html/news/200303/200303050…

[ThaiGuru]

Irgenwann werden es auch die dümmsten Bauern kapiert haben, was es mit dem Goldpreis so auf sich hat.!

Hoffe ich wenigstens

Gruss

ThaiGuru

Blanchard and Co. Reveals Anti-Trust Violation
By Barrick and J.P. Morgan

NEW ORLEANS, May 15 -- Blanchard and Co. Inc., the largest
retail dealer in physical gold in the United States, filed
today with the U.S. District Court for the Eastern District of Louisiana a motion for leave to supplement and amend their anti-trust complaint to present new information further supporting Blanchard`s claim against Barrick Gold Corp. and J.P. Morgan Chase & Co. These new filings include previously undisclosed information about J.P. Morgan`s ownership interest in Barrick and Morgan`s monopoly position in the in the U.S. market for gold derivative contracts.

After numerous attempts by Barrick to discredit Blanchard`s case in the news media, Blanchard has brought motions to compel information from Barrick and J.P. Morgan about their joint efforts to manipulate gold prices and to share in the spoils of that manipulation.

The TrizecHahn Revelation

TrizecHahn Corp. was formed in 1996 from the merged interests of Argo Partnership L.P. (a J.P. Morgan & Co./J.W. O`Connor fund) and Horsham Corp. This newly formed corporation included several directors present on Barrick`s board as well as its chairman, Peter Munk. Through this combination, TrizecHahn became the controlling shareholder in Barrick Gold.

Also in 1996, according to SEC records, J. P. Morgan Capital Corp.`s managing director, Thomas S. Quinn III, was named to the Board of Directors of TrizecHahn and sat on its audit and executive committees. J.P. Morgan became a beneficial owner of Barrick through its controlling shareholder, TrizecHahn.

Blanchard and Co. CEO Donald W. Doyle, Jr., stated that

"Blanchard`s discovery of the Argo Partnership documents
linking J.P. Morgan to a beneficial ownership interest in
Barrick helps to explain why J.P. Morgan provided Barrick
with derivative contracts that virtually guaranteed it a
risk-free profit. Even Barrick`s chairman, Peter Munk,
recently stated that its `hedging program` with J.P.
Morgan `was almost too good to be true.` We believe J.P.
Morgan has benefited financially from its ownership of
Barrick, and from Barrick`s manipulation of the price of
gold."

TrizecHahn (and its affiliates, including J.P. Morgan) realized more than $1.3 billion in profits from Barrick Gold stock.

-- Neal R. Ryan
Blanchard and Co. Inc.
1-800-880-4653
http://www.savegold.com

[Potosi]

@Macvin
#173 " .... wenn eine japanische Großbank abstürzen würde ... "

Lies dazu bitte mal bei Onvista, 17.5.,
" Japanische Großbank Resona bittet um Staatshilfen "

Gruß Potosi

[svc]

#174 sep

das gespräch zwischen ackermann und schröder wurde ja von allen seiten dementiert.

lustig war jedoch, dass 4 wochen später ein programm bekannt wurde, welches die kfw ermächtigt kreditforderungen der grossbanken zu kaufen. allerdings nur `saubere forderungen`...

das ist die kfw als BAD-BANK. so kann die kfw dann auch wieder die umts millionen in den umlauf bringen.

gute sache, leider aber nur der tropfen auf den heissen stein.

svc

[ThaiGuru]

NEW YORK, Sept 22 (Reuters)

" target="_blank" rel="nofollow ugc noopener">ING Group NV sued J.P. Morgan Chase & Co. and accounting firm Deloitte & Touche on Monday, accusing them of participating in what ING charged was a "massive Ponzi scheme" carried out by National Century Financial Enterprises, a bankrupt health-care financing company.

ING, the Netherlands` largest financial services group, said it lost hundreds of millions of dollars in the scheme. Its suit, filed in Manhattan federal court, seeks unspecified compensatory and punitive damages.

[Tippgeber1]

@Thai-Guru

Das könnte zu einer Explosion des Goldpreises führen...

[Tippgeber1]

Gold schon bei 389,55$

[ThaiGuru]

Up!!

[borazon]

Ja genau.
Was iss jetz?
POG zeitweise bei 430$, und nix passiert?!
Hätten die bösen, bösen Investmentbanken nicht schon bei 380$ angeblich Pleite sein müssen???

[ThaiGuru]

@borazon

Hab sowas zwar nie behauptet, aber Du könntest vielleicht sogar wirklich Recht haben. Die böse, böse Bullion Bank JP-Morgan, die meintest Du doch wohl damit, die ist vielleicht wirklich schon Pleite, doch weil sie seit 380.- Dollar pro Unze "künstlich ernährt" wird, können wir es noch nicht feststellen.