yes max kaiser indeed max it was a team we did i was birthday a few days ago and new york times deal breaker celebrated with a happy birthday jamie diamond and they talked about his birthday from march thirteenth two thousand and eight it was he was eating dinner at a greek restaurant and received a call from gary parr allez art and to ask him to rescue bear stearns but on the same day this year we noticed that yes indeed scientists map tapeworm d.n.a. and you can see from this it was here that is jamie dimon the tapeworm having dinner on his birthday in some intestine some regulator somewhere this well you don't see jamie diamond and this tape worm at the same time in the same room. basically because there's jamie. move move. move i've jamie diamond the tapeworm i devoured the u.s.

economy i steal people's money then left global a. chance. to. live in america's financial. yes on to if you don't like about every once in a while to collect my check for committing massive financial fraud like i do with the oil i authorize and i knew about it i couldn't a massive fraud i could not get my check i go back up americans for the children. well the tapeworm especially adapted to parasite it has no gut head or light sensing organs but has a unique surface able to withstand its host digestive acids while still absorbing nutrients we can by just those acids by putting those toxic risk for all the bills to the federal reserve bank so they would have to bail them out because he's a parasite it was dangerous parasite jamie diamond eidos in the valley of the us economy spokesman said it was a stricter sphincter just cause. jamie diamond i'm going to destroy your little

tapeworms can grow up to ten feet in this case jamie diamond i think is only about i think it's. obvious weight is a tape worm. farms also from this genetic decoding of their d.n.a. they found that they're actually remarkably similar to a cancer so again that's a very apt comparison to make jamie dimon to the tapeworm absolutely you know that was a gift to bear stearns and he's been marauding his way through the too big to fail landscape becoming even bigger to bigger to fill even less bigger big big in eric holder and shaking interest desk it's disgusting we're going to move on to this next headline because it talks exactly about that how to being to jail has become and his influence over the political class leaman creditors can question london well says judge a bankruptcy judge gave creditors of lehman brothers the green light to subpoena former j.p. morgan trader bruno extolled the so-called london whale in an eight point six

billion dollar lawsuit against the bank i remember j.p. morgan was lehman's clearing bank and so as the special privilege of seeing what was going in and out of lehman brothers lehman argues that they had an unnecessary collateral call that caused them to go down right in the top brass says we don't have any accountability it's an arm's length we don't know what's going on we never saw the i don't know i was out of it what do i know what to do and just give me a bonus i don't know what's going to give him a tribute but it would give me money you give me my money and he wanted me to sky they walked away and then checking to see if their wallets from stone remind everybody about what this case is about to remember lehman brothers collapse of temper fifteenth two thousand and eight and lehman and its unsecured creditors today accused j.p. morgan of using its access to lehman to extract eight point six billion of collateral in the four business days ahead of the chapter eleven filing they argued that it still had a quote practice of an. marking i wanted to review trades that led to an

unjustified two hundred seventy three point three million dollar collateral call on september ninth two thousand and eight which j.p. morgan reversed the next day and jamie stole a golden addict teeth but the interesting thing is the court filings are what j.p. morgan argued why they shouldn't be able to do this in the court papers j.p. morgan had argued that getting excel involved in the case would waste time and money particularly in light of statements by former u.s. treasury secretary timothy geithner and henry paulson that the collaterally quest did not cause lehman to fall so here he has to spokesman to treasury secretaries on his payroll and their openly admitting this in court documents is jamie of paulson and we're going to take a little a little joy ride. to the g. twenty meeting a. lot of the blame goes we're going to take a place we want to be like huge oh oh. oh oh you flew out of the

blue oh good for the little known so that case is proceeding but i want to look at another headline relating to this tape worm that is also a cancer that has infected and degraded the global financial system since lehman brothers collapsed in september two thousand and eight investors missing rally because of too big to jail financials so james bianco the president of bianco research was on c.b.c. squawk box europe and he said people are worried that they'll get into the market and see a twenty to thirty percent decline they will lose money and some big players will get bailed out well they don't get any wage increase because the unions and the holders have been destroyed thanks to jamie dimon they get no return on their savings because interest rates have been forced to zero thanks to bail out bankers like jamie dimon and they don't get to participate in the upside of the stock market because c. and b. c. make. investing in the stock market james cramer some kind of freak side show with

clowns and buzzers and bonkers the day they look at james cramer and they think i don't want to be anywhere news for. so they watch your show they've been buying gold and silver for years and years outperforming even j.p. morgan stock so. yeah but back to this story here from james bianco now in touch all those issues that you just raised he said that they the investors look at their financial statements and no one gave them a check no one gave them a pass whereas dick fuld the former chief of lehman brothers where is angelo mozilo the former head of countrywide u.s. where is john course on the former head of m.f. global they're not in prison not in court they've got to walk away from the masses they created so again here is the tape for mcconnell me phrase of course coined by catherine austin fits but now that scientists have determined are also very similar to cancers so they basically destroyed the system they. but the

average american does not participate in the in the stock market rally because the stock market rally is driven by hardened criminals and securities laws violators like jamie diamond so then know if they buy into the stocks are they supporting criminality that's one of the issues that are turning people up because they don't want to invest in this playing this financial hole a cost that is jamie diamond they don't want to invest in that so they are on the sidelines. like in some societies the the woman is forced to marry the man who was abused ok here similarly people are being forced to invest in the stock market industry people that are abusing them that's a very dysfunctional relationship financial markets rely on trust they rely on capital they rely on people participating and trusting each other to not repeat on their off so personally when i walk past times square and i see guys with their

little set up and three card monte i know i'm not going to win so i keep walking i don't participate and this is what they're saying people out there investors which used to be part of a global market economy they keep on walking by there saying yeah right i've played that three card monte game once on accident when i was a tourist in the markets you know the cancer analogy is a good one because cancer destroys the whole host alternately yeah jamie dimon will kill the us economy ultimately nuts was driving a lot of money into alternatives like bitcoin good coin is the jamie diamond slayer the fed slayer and then finally here this really goes to the heart of the global financial system one that we've been talking about for all the years of the kaiser report could gold be the next libel or scandal u.s. regulator consider an inquiry into london's gold and silver markets to check of prices are open to manipulation so london's financial sector was bracing itself for another official investigation into alleged price fixing following reports that

a us. later is considering launching an inquiry into the city's gold and silver markets for the gold and silver price fixing you know it's a good way to describe it isn't this being fixed or or manipulated of course these prices are manipulated just like libel or because they go hand in hand just the same motivation by the same people they manipulate live or to keep people locked into the tragedy that is the paper money central bank driven nightmare of the global economy to dissuade people from escaping and going into something like gold and silver they have to manipulate the price of gold and silver down so when they're manipulating their london the gram of capital fraud around the world of course they manipulate live bore and gold and manipulate them together at the same time by the same people for the same reason this is not a coincidence and we've been saying this for a number of years the gold antitrust action committee has been saying this for many years and now finally with the libel or revelation we can say definitively that

ages be seen these other banks are involved in yet another massive global fraud and again remember we interviewed professor for cats and he talked about the difficulty in and ascertaining the actual physical price for gold or silver and that's because it's set by a handful of guys by a teleconferencing and this is the very fabric it goes again with it why people aren't participating in the rally is that the fabric of our financial system is it can't be trusted if it's just a couple of guys controlling everything so it's a really interesting double tragedy in the very near term because people who have been resistant to go into the stock market they see it hitting new highs every day and then finally they get the courage at fifteen thousand or sixteen thousand to put money into the stock market and of course has already rallied by several thousand points so that would be the absolute wrong time to do it meanwhile they see the price of gold and silver and it's not really responding the way that you

would think it. era of global financial crisis because being manipulated they don't participate on the gold and silver so the day will come when they put that money finally into the stock market probably on the exact day that the stock market it's an air pocket collapses twenty percent and gold jumps by thirty or forty percent in the same day so i'm looking forward to that over the next six months on one glorious day and the public unfortunately is being shamelessly corralled into this avatar of fraud by the jamie diamond of the world and lloyd blankfein the stephen hester who just treat them like cannon fodder to be destroyed so they can make their bonus payments and make a few yacht payments that it's absolutely despicable and i recall there should be ashamed as part of the tape or record it while they're tapeworm economy if you ask a tape worm whether or not he's destroying somebody is bowels they'll say no i'm liberating their bowels that's the that's what a tapeworm would say just like jamie dimon the tapeworm of the global financial system is like i say i'm destroying the global financial system is just

a liberating the financial system all right stacy ever thanks so much for being on the kaiser report thank you don't go away much more coming away stay right there. been living this way since the seventeenth century. strict. their communities are. clearly distinguish between their home. and garden their family and food treasure. speak to language. programs and documentaries in arabic in

school here on alt. from the world's hot spots the v.o.i.p. interviews intriguing stories for you to. see in trying. to find out more visit. a clear image of iraq after invasion. twenty taxi trip through the country. the road full of dangerous. clear evidence from north to south. the roots of iraqi tragedy. after the war waiting for peace. talks e t. welcome back to the kaiser report i'm max keyser time now to turn to josh rosner

author of new york times bestseller reckless endangerment josh has written an explosive new five part series on j.p. morgan josh welcome to the kaiser thanks for having me all right josh you heard a forty five page piece called j.p. morgan chase out of control josh i thought jamie diamond was a hero who rescued the financial system what's going on here well he's he's kind of become the paul bunyan of the of the banking industry he's actually character weld or mythologize character who i think has one of the toughest jobs in our financial system which is to retain that wall running one of the most complex and difficult to manage institutions in the world but he didn't come to running the one of the biggest financial institutions in the world it seems like these too big to fail banks get too big to fail even bigger and then jamie dimon and j.p. morgan chase and been the beneficiary i think there are other things that are happening like of bear stearns going under washington mutual all these things going under some out all ends up at j.p.

morgan it all ends up on their balance sheet and then their balance sheet oh by the way is it transparent the balance sheet josh you know i mean these companies want to claim that they're transparent i think there are large we on and on laws of all of this point and more than that you've got to remember let's not talk about they all go on their balance sheet they've got about seventy trillion dollars of off balance sheet notional exposure that's not on their balance sheet none of which we know what it is so you've got a two trillion dollar balance sheet hard assets and you've got off balance sheet exposure is about seventy trillion notional we don't really know what those are and so we can make guesses as to nets but we don't really know how those net either that's a big problem or a serious saying that there's no transparency in the situation but it seems like there's a lot of gaming going on. between this bank and the federal government a lot of quid pro quo and a lot of talk even that there's an overlap in the balance sheet between the federal reserve and j.p.

morgan in managing this economy how does that work well you know i think definitional leave the fed the federal reserve especially the district banks federal reserve bank of new york has a vested interest in making sure that this institution grows that it it remains unquestioned and unquestionable jamie is on the board of directors the new york fed was at the center his term has expired now but yes after he left fire but now he's up but is that a conflict it was a conflict or was a conflict well we have to remember yes he a public official or see a private bank or the federal reserve district banks or private institutions they're not even part of the federal reserve board they're bank owned corporations where at the end of the year most of the money they make goes to treasury but there's a dividend paid out to those banks that own them or the london whale situation they claim that it wasn't it was an accident they're not doing proprietary trading anymore that they're supposed to not be doing proprietary trading but it was a glimpse into the use you call reckless endangerment isn't that a perfect example of how little fat finger trainable this and that seventy eight

billion gets vaporized and that's the most important point that i think is not being accepted about wondering well we've heard jamie diamond saying the well is harpoons and cremated we're hearing selling project say let's put it behind us the reality is that it was not a failed trade it was a failure of oversight it was a failure of internal controls and those failures seem to exist throughout these organizations imperiling not only shareholders put society now under show we've made the comparison to j. p. morgan chase to fannie mae a few times and we've also compared it to enron here's a nontransparent balance sheet with billions hundreds of billions and trillions a liability in environment where the interest rates are precarious at best in terms. what we may see going forward in some uptick in those rates squashing so it is is cheap it's one hundred forty billion last i checked hundred fifty billion

market cap are they going to go the way of enron to the big fat goose egg no i mean i don't think that's a possibility for a whole host of reasons and i in the paper compare them to fannie mae but i'm really talking about something else which is internal controls and systems yes they have this reputation of being better than everyone else which fannie mae had and yes that that reputation was fostered by their cozy relationship with local state federal government officials building out of grassroots supports the building out of massive p.r. complexes to support that notion security capitalism of course it's crony capitalism ok isn't jamie dimon the new jeff skilling. of enron who famously got on the conference call and said how dare you question our balance sheet and then if a prized yeah i don't think he's the i think it's sort of a stretch of a calm comparison i think that we don't know what he is because we don't know what the ultimate outcome of the unseen risks of poor internal controls will be ok now

let's talk about the fact that j.p. morgan has had a payout and you report on this. steere credit twelve percent of net income since two thousand and nine to settle regulatory legal disputes those are only the regulatory and legal disputes we highlight in the paper those are all of the mortgage settlements those are what we're really avoiding dealing with most of the mortgage settlements yes we have two wards ones which are the multi-state. settlements and the foreclosure review settlement but other than that we stayed away from the mortgage side we didn't include most litigations put back with against ins f.h.a. fannie freddie put back except for a hud. so so we're not including a lot of it the ones that we dealt with three and a half percent j.p. morgan paying fines to cover their criminality is that part of the business model cost of doing business you have to think when you look at the list of violations whether it's massive violations of segregation of client funds which is the

ultimate no no they get clipped in two thousand and nine they promise that they'll fix them if they get clipped again in two thousand and ten and two thousand and twelve for those we still don't know what is ultimately is going to be proven in terms of m.f. global and and made off on segregation issues may get m.f. global in a second but an organization that puts twelve percent of net toward paying off essentially bribes to the government is there any difference between an organization and let's say the mafia. once one sanctioned one is not ok. let's go talk about m.f. global at the time people are saying oh jamie diamond j.p. morgan essentially pocketed a billion dollars. we don't know the facts yet but it looks the way it seems it seems more than even the pattern of their. let's call it what it is criminal behavior given the pattern is it far fetched to imagine that they that's what they did. is a far fetched imagine that they simply pocketed the money in an violation of the

numerable securities laws i wouldn't say that they pocketed certainly they're not willing to give it back yeah. ok let's talk about the washington mutual situation because this really i was really disturbed this is that really that the holiday stuff we've said this is really the disturbing one i think that's talk let's talk about j.p. morgan acquirers washington mutual in two thousand and eight the f.d.i.c comes out with an announcement and say it says we have sold washington mutual bank to j.p. morgan with no cost to the deposit insurance fund the f.d.i.c the j.p. morgan comes out with a press release filed with the f.c.c. that essentially says we've assumed all of the assets and essentially all of the y. abilities of washington mutual over the next two years almost we see j.p. morgan announce and disclose some degree of put back reserves for their acquisition of washington mutual and the associated liabilities all of a sudden j.p. morgan says hold on we never acquired the mortgage liabilities those put back

liabilities remain with the f.d.i.c so now we're watching a changes in the reserving policies which are so a paper that we don't know whether they're adequately reserved and be more distant disturbingly j.p. morgan trying to shift losses of between three and five billion that seemed rightfully acquired by them and to the f.d.i.c therefore in other words for those to be absorbed by higher costs to the rest of the banking system really community banks throughout this country right and he very negative trade that's what it seems exactly sound i mean when i was working on wall street that's about the one of the worst things you can do sales of customer money which it looks like they've been involved with m.f. global and remake it to trade well it also remember this is a guy who's come out and said over and over and over we have helped our economy heal from the financial crisis we have taken actions to support the economy we have not cost the government to pay any bills or the ongoing assertions and here we have them saying whoa we didn't really help because we're not willing to accept the why

abilities we acquired whoa we're not really. posing no cost to the government because the government owes us the money they claim for the woman liabilities and so you kind of have to start pulling back the veneer and say let's talk what are you what are you or the claims that you make about yourself claims that you're willing to follow through on because a lot of talk in this country and in the u.k. about what policies should be pursued just to get the economy going again should it be money printing or stimulation should it be austerity and they go back and forth it seems to me that we really get rid of these too big to fail banks there's not going to be any progress that any of you talk about that you know i agree with that look you you know these these companies have become the tools of financial intermediation in the absence of capital markets as tools apply them to intermediate should right now yeah but that's not capitalism that's right if you take that the financial in turn intermediation the price discovery mechanism to go in the invisible hand all supply and demand gone so one of the more than gone the saddest legacy of this crisis is the us had gone from the deepest broadest most

liquid and most transparent capital markets in the world to willing to risk hollowing those out to protect dinosaur companies in an uncompetitive industry does changes j.p. morgan hurt the economy i would say all of the too big to fail banks hurt the one of the biggest on wall street are they one of the most responsible for an economy. yeah i mean they're not really doing this as a percentage they're not really doing their job properly until intermediation so when people are on food stamps you can point to jamie dimon and j.p. morgan by the way who's the biggest player in food stamps i don't know jamie jamie dimon j.p. morgan all right so they're not they've got a dog in that race as well not only are they defrauding the public but they're putting out food stamps and taking a cut on the breadline busy to vertically integrated fraudster. i don't work there colder on this he says he can't go after him because he's hiding under his desk right and he said they jamie might not get me a christmas card with your but i think that says everything the fact that we have

institutions that control and are treated differently and we bedded that in by calling these companies different they are systemically important right the other seven thousand banks to try and earn an honest living in this country they're not important but who wrote it frank well that's exactly what the banks are all right so this was written by a handful of institutions the same lawyers who brought us the preamble to the crisis have written the legislation to quote unquote fix capitalism of course and. this is going forward now the discussion seems to be about everything but the fact that you've got a club talk arcee entrenched at the power between washington and wall street that's essentially skimming money off the top and bankrupting the economy that seems to be missing except when you do your well look i think that there are voices that are now starting to get traction that hadn't been and i think that's important richard fisher the president of the dallas federal reserve bank speaking at c pac.

essentially is talking about breaking up too big to fail now historically you would have seen a lot of the conservatives say whoa we shouldn't be interfering in private enterprise but there's a growing acceptance that it's not really private enterprise when these companies are uncompetitive distorting the economic system distorting the let the playing field versus the the more honest players in the system and really we need to start thinking more like teddy roosevelt about breaking up the false all goblets teddy roosevelt exactly not f.d.r. that's right his brother the trust kind of trust that's what we need that's what we're at i think that's exactly right look we did it we did it we intended to do it in the telecom industry recognizing that telecom is this a utility it's supposed to serve a social purpose would not be distort we don't need a new deal we need to break up the monopoly that's exactly right all right josh roger thanks so much for being on the kaiser report you for having me all right that's going to do it for this edition of the kaiser at par with me max kaiser and stacy herbert our thank my guest josh radnor author of reckless endangerment trying

to send an email places to a kaiser reported r t t v dot are you the next time ask. when their own country for the military even sometimes have to leave their children behind. i don't like to wonder just depends. it's a dream of millions of migrants the children might choose their little. i want my children to win over moscow. russia has become this. migrants working hard to find a way. live

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