live in america's financial. yes on can be done about every once in a while to collect my checks for committing massive financial fraud like i do with the oil i authorize and i knew about it i can a massive fraud i could not get my check and i go back up americans for their 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 they can die just by putting those toxic risks of the balance sheet of the federal reserve bank so they want to build out because he's a parasite parasite jamie diamond. in the valley of the u.s. economy. jamie diamond i'm going to destroy your life forms can grow up to ten feet in this case jamie diamond i think is only about i think. you can put your bumpers way there's

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 becoming even bigger to bigger to fail 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 too big to jail has become and his influence over the political class leaman creditors can question london whale 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 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 at arm's length we don't know what's going on we never saw the. i don't know i was. going to i know what the. bonuses 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 let's remind everybody about what this case is about to remember lehman brothers collapse september 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 and the four business days ahead of the chapter eleven filing they argued that it still had a quote practice of intentional mis 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 goal that

a dick fuld teeth but that 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 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 they're openly admitting this in court documents is jamie and paulson and we're going to take a little a little joyride floor to the g. twenty meeting a. lot of the blame with those we're going to take a nice place we want to be like huge zero zero. zero zero you flew out of the blue. with a little known so that case is proceeding but i want to look at another. headline

relating to this forum 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.m.t. 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. makes investing in the stock market james cramer some kind of freak sideshow with clowns and buzzers and bonkers and they they look at james cramer and they think i don't want to be anywhere news for clowns 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 the term and are also very similar to cancers so they basically destroyed the system they killed the system right so the average american does not participate in the in the stock market rally because the. market rallies driven by hardened criminals and securities laws

violators like jamie diamond so they're 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 that the woman is forced to marry the man who was abused ok here similarly people are being forced to invest in the stock market end of 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 to 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 host host ultimately yeah jamie dimon will kill the u.s. economy ultimately not switch driving a lot of money into alternatives like bitcoin bitcoin 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 considering your 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 regulator is considering launching an inquiry into the city's gold and silver markets for the gold and silver. mixing 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 grand capital fraud around the world of course they manipulate lie bore and gold they 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 library 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

you 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 a 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 an era of global financial crisis because being manipulated they don't participate on the gold and silver so the day will. when they put that money

finally into the stock market it probably on the exact day that the stock market it's an air pocket collapses twenty percent and gold jumped 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 fraud by the jamie diamond of the world and lloyd blankfein from the stephen esther's who just treat them like cannon fodder to be destroyed so they can make their bonus payments and make a few yacht payments and it's absolutely despicable and i recall there should be ashamed that's part of the tape while there tapeworm economy if you ask a tape 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.

you know sometimes you see a story and it seems so you think you understand it and then you glimpse something else you hear or see some other part of it and realized everything you thought you knew you don't know i'm tom harpur welcome to the big. technology innovation all the developments from around russia. the future of coverage. to build a new. mission

to teach. only. a clear image of. the trip through the country. the road. clear evidence from north to south. for peace. to free speech.

today. these are the images being from the streets of canada. welcome back to the kaiser report i'm max keyser time now to turn to josh rosner author of new york times best seller 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've

written 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 he's kind of become the paul bunyan of the of the banking industry his character 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 up 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 there are large we are not always a boy at 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 exposures 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 tracy is 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 a 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 we asked why when i was up it all conflict it was a conflict there's 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 it a perfect example of how a little fat finger train a little 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 dimon saying the well is harpooned 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 to enron here's a nontransparent balance sheet with billions hundreds of billions and trillions a liability in an 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 is a crony capitalism he 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 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. tear 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 large 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 litigations 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 are eight 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 it ultimately is going to be proven in terms of m.f. global and and made off on 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 that 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 judge 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 we have in 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 to madge and that they simply pocketed the money in violation of the numerable securities laws it's 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 really disturbed this is the really that of all the stuff we've said this is really the determining what 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 south i mean when i was working on wall street that's about the one of the worst things you can do sales customer money lots of looks like they've been involved with an m.f. global and renae going 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 womble liabilities and

so you kind of have to start pulling back the veneer and say let's talk what are you what are you are 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 then you talk about that and 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 to actual intermediation right now yeah but that's not capitalism that's right if you take the financial insurance intermediation the price discovery mechanism to go into the invisible hand supply and demand gone so one of the more than go on the saddest legacy of this crisis is the u.s. 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 were 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 or a financial intermediation so when people on food stamps you can point to jamie dimon and j.p. morgan by the way who is 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 my food stamp taking a cut on the breadline busy to vertically integrated fraudster. i don't wear a colder on this he says you can't go after him because he's hiding under his desk right and he said they jamie might not get a new christmas card was your but i think that says everything the fact that we have institutions that control and are treated differently and we bedded that. by calling these companies different they are systemically important right the other

seven thousand bags to try and earn an honest living in this country they're not import but who wrote dodd 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 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 seem 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 oligopolies teddy roosevelt exactly not f.d.r. that's right his brother the trust the trust that's what we need that's where 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 is a utility it's supposed to serve a social purpose but not because distort we don't need a new deal we need to break up the monopoly that's exactly right all right josh rosner 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 rouser author of reckless endangerment john to send an e-mail places to a kaiser reported r t t v dot are you the next time ask.

been living this way since the seventeenth century. strict. their communities are. clearly distinguish between their. guard their family and see the treasure. when their own country can do for them a living loving mothers sometimes have to leave their children behind. i don't like to word just depend longa. the dream of millions of migrants that their children might choose their own model and. i was. stunned.

i want my children to win over moscow. russia has become this stepmother land. migrants working hard to find a way home. choose your language. make you know if they feel so much. choose to use the consensus you can. choose the opinions that immigrate to. choose the stories but in high school life choose the access to often. you know how sometimes you see a story and it seems so for lang you think you understand it and then you glimpse something else you hear or see some other part of it and realize everything you thought you knew you don't know i'm tom harpur welcome to the big picture.