JPMorgan and Citigroup are acting on the principle that they are too big to jail and the government is going along with it.
Example #53 that the Rule of Law is dead and buried in America.
So to summarize: as we reported first (and we would be delighted if other so called financial experts dedicated as much effort to digging through the primary data as they have to desperately try to disprove our article), JPM [i.e. JPMorgan] has indeed cornered the OTC commodity market, with its $4 trillion in “Other” commodity derivatives which amount to 96% of total. We don’t expect anyone to ask Jamie Dimon about this on the quarterly earnings call because this is one of those things one doesn’t want an answer to if one wishes to be invited to the next conference call.
So, the question then is: just what is Citigroup doing with its soaring Precious Metals (excluding gold) exposure, and why is such a dramatic place taking place at precisely the time when not only JPM is cornering the entire “Other” Commodity derivatives market in the form of a whopping $4 trillion in derivatives notional, but in the quarter after none other than Citigroup itself was responsible for drafting the swaps push-out language in the Omnibus bill.
[H]ow is it legal that JPM is solely accountable for 96% of all commodity derivatives while Citigroup is singlehandedly responsible for over 70% of all “precious metals” derivatives? Surely even by the most lax standards this is illegal, but what makes the farce even greater is that all of this taking place out of FDIC-insured entities!
When the government gives its blessing for two massive and well-connected banks to do something for which anyone else would be prosecuted, fined, and jailed—even if that non-connected person or entity did it a half or a third as much—you know you’re living under an immoral tyranny of men.
The level of this crime is so incredibly egregious, and easy for anyone to see… it’s clear the-powers-that-be are confident they can get away with literally anything. The mortgage fraud, bailouts, MFGlobal, forex rigging, and now this… and there’s so much more.
Please take note: Men who believe they can get away with anything… do the most wicked and horrifying things. Such men and women are now running the country. The Apostle Paul wrote profound wisdom when he warned that the love of money was the root of all evil. All.