chase this is from january two thousand and ten it's a press release from j.p. morgan j.p. morgan chase announced today that it has appointed former british prime minister tony blair and a senior adviser a capacity to the firm effective immediately mr blair will also join the company's international council so he is making two and a half million pounds and i can't go back to this nephew hired at that of the nephew of a diplomat hired at this european firm is here you have a country where all these children these young people are paying huge tuition fees to actually learn this stuff tony blair is a failed property speculator and yet he gets the job because of his connections but don't don't don't forget all the good he's done in the middle east over there says tony blair has company tony blair and shysters there's never been more war of the middle east good job tony g.d.p. is really being boosted over there in the middle east you're doing a good job keeping up buddy and here going back to this press release from j.p. morgan chase at the time remember bear keeping focus on the

j.p. morgan is in our headlines this time for client hires in china they're being investigated by the f.c.c. in a civil lawsuit looking to see whether or not they were bribed basically via jobs offering jobs to the children of important chinese officials in exchange for business s.c.c.s. j.p. morgan probe threatens cozy tradition of client hires the u.s. government's bribery investigation into j.p. morgan's a climate of at least two chinese bankers has prompted banks and other corporations across the globe to take a close look at their hiring practices one such practice max is called client hires and this is hiring clients children's nephews cousins for entry level positions or summer internships and you know it's common across the world they say but in particular with banks well as a foreign corruption bribing bribery laws you know the chinese by huge amounts of years government debt as part of the need for america to keep the banks afloat they rely on chinese creditors so the chinese government

the federal reserve bank so then j.p. morgan the federal reserve bank ramey institution places and think they merged and oh oh my god there went the credit union oh my god there once somebody is home oh my god there was somebody whose job there was the american economy oh my god you mean the cold product you made. a lot of you know you just prove it all day long that's true isn't fact i'm no good. so now they want to remove they want to create basically a trust you have to participate in the trust especially if you are alternative service whether it's gold and silver a credit union or bitcoin if it dares to compete with us we will destroy it and do all we can to destroy it using the government we own so now look at what advantage the taxpayer the consumer is going to lose in two thousand and twelve an economic study commissioned by the trade group found that removing the tax exemption would cost consumers about ten billion dollars a year through higher fees and interest rates on loans as well as lower interest rates on savings s

the federal reserve bank so then j.p. morgan the federal reserve bank ramey institution i think in case they merged and oh oh my god there went the credit union oh my god there once somebody is home oh my god there was somebody whose job there was the american economy oh my god you moved goal prologue you made. a lot of you may just prove it all day long that's true it isn't for no good. so now they want to remove they want to create basically a trust you have to participate in the trust especially if you are alternative service whether it's gold and silver a credit union or bitcoin if it dares to compete with us we will destroy it and do all we can to destroy it using the government we own so now look at what advantage the taxpayer the consumer is going to lose in two thousand and twelve an economic study commissioned by the trade group found that removing the tax exemption would cost consumers about ten billion dollars a year through higher fees and interest rates on loans as well as lower interest rates on savings so of cours

j.p. morgan's london whale nor was it j.p. morgan's derivatives book its manipulation of the energy markets or its bogus mortgage backed securities this was a whole different ball of wet wipes and lard this was. burke tell us more stacey yes max this is fat bergen it was lurking in the sewage system here we're going to use this as a metaphor for the global fat burger fraud going on around the world so first let's look at this thing that was in the sewage system here blimey it's slimy meat fat bird london sixteen point five ton confluence of wet wipes in lard the thirty three thousand pound berg came from modest beginnings flush wet wipes and food waste created from brits pouring grease and fatty foods damage drene fat bird creation is a vicious cycle thames water media relations manager simon evidence told henry gibraltar of cities fact clings to wipes wipes cling to the fat oh right it's big as two of these huge london buses and they noticed it because the water in the toilet started backing up so this is analogous to the debt

that's right j.p. morgan was of course outraged that he was treated like a common criminal of course nowadays it's impossible to treat them like a criminal no matter what they do whether they're reading energy markets whether they're bribing chinese officials whether they're wreaking all sorts of markets across the world so we're going to look at this the situation we find ourselves in where the government won't enforce antitrust laws and the people when they fight back against this so we had this giant financial collapse and the likes of j.p. morgan were handed billions if not trillions and taxpayer funds to bail them out well what did the population do they moved their money remember that was they were fighting back they were trust busting against these big monopolises too big to fail banks they move their money well check this out banks pushing for repeal of credit unions federal tax exemption bankers say the tax break is an unfair advantage for a large credit unions now they see an opportunity to get rid

so j.p. morgan and i'll be very specific in q three of two thousand and seven at the front end of this financial crisis q three zero seven j.p. morgan put on eight trillion dollars worth of less than one year o.t.c. swaps and the derivatives book that by definition was every traits they were the payers of fixed they had to buy something to hedge themselves or or risk being liquidated as a bank the only you see and when they put this on you got to understand that i never really requires to a credit risk but there was in the height of the of a credit crisis where banks were extending credit to each other not even on an overnight basis the notion that j.p. morgan could put a trillion dollars with these instruments on which required two way credit is impossible unless they were doing the tree with the treasury the treasury is the and specifically within the treasury the exchange stabilization fund is the only institution on the planet that has the resources and the motive to do this kind of trade ok so

j.p. morgan is really infiltrated everything about the whether some units of a bond market or the food stamp market or mcdonald's workers many of them are given cheap morgan chase debit cards say they were given tapeworm burgers i mean that's a good way to save and having to feed your employees a sixty five foot tapeworm that's a few burgers and of course the other to worm in our headlines was the chinese one and they all combined in the headline here fast food workers in new york city stage strikes and rallies workers at mcdonald's burger king and wendy's restaurants across new york walked out on monday in a one day strike to demand better pay and the right to unionize calling for a minimum wage to more than double from seven dollars and twenty five cents to fifteen dollars an hour and the end to what activists called abusive labor practices so this is one hundred seven percent pay rise they're seeking and reminds me of what we saw in china recently when people were demanding one hundred percent

so for j.p. morgan, they're going to be writing checks. they're going to be writing a lot of checks for the next couple of months on this. they're facing an enormous amount of litigation from shareholders. the company lost as much as $51 billion in shareholder value at one point last summer. their stock price has recovered from that, but shareholders can still sue based on what it lost last summer. so they're facing shareholder lawsuits on that. it's just such a big black eye to their reputation. it increases the scrutiny that they're getting for other regulators as well, and also, because they were trying to game regulatory capital rules, the trade is very complex, and they were trying to game basically the regulatory capital rules. it has drawn much more scrutiny on those rules, and regulators are much more in tune to try to tighten those rules so that banks can't do this. also, the volcker rule, which bans proprietary trading, they're looking at strengthening that to prohibit banks from being able to make these kinds of risky bets with

they also want the money back from j.p. morganand from united bank a switzerland and from citibank because argentina's paid them billions and people don't know this people think argentina is walk away from instead it did not it's been paying these banks big money and singer says give it to me that's mine i own the original bonds yeah just a debt that's the game so it's a war between the capitalists baking elements right now obama's on the side of the and will always be on the side of j.p. morgan yes taking on argentina hair we have about a minute left. and just to go to the history of this a little bit because during the eighty's a big banks on wall street like citibank at that time made huge loans argentina thinking that no country could go bust well the country did go bust and at that time the u.s. government and citibank coerced the argentinean government especially to take on corporate debt and to make it the debt of the nation and then to begin austerity measures and this is really the history of the argentinian collapse but

but then in one thousand to two teddy the trust buster roosevelt went after john pierpont morgan j.p. morgan who controlled the bulk of the railroad shipping across the northern united states through his northern securities of course j.p. morgan was. that he had not been warned that given a heads up for being treated like a common criminal today j.p. morgan is still around it relating rigging and monopolizing but we have a trust enabler in chief no trust busting just a little or just enabler stacey that's right j.p. morgan was of course outraged that he was treated like a common criminal of course nowadays it's impossible to treat them like a criminal no matter what they do whether they're reading energy markets whether they're bribing chinese officials whether they're rigging all sorts of markets across the world so we're going to look at this the situation we find ourselves in where the government won't enforce antitrust laws and the people when they fight back against this so we have this giant financial collapse and the likes of j.p. morgan were handed billions if not trillions and taxpa

of j.p. morgan chase i think we have to make it culturally shameful to exhibit psychopathic behavior and we're not going to have a legislator way around this but we can have a culture shift and i think the one thing that wall street is vulnerable is to is shame wall street is vulnerable to shame occupy prove that so in a way the occupy movement was just trying to hold an intervention for the bankers unfortunately wall street and its friends weren't ready to listen and they likely won't be ready to listen anytime soon as long as all that a few money keeps flowing in in washington observing wall street from a very safe distance same stocks are two. and finally the idea of unpaid internships is historically accepted as a way to get your foot into the door but not everyone has the luxury of being able to afford to work for free and oftentimes these end terms are doing the jobs that paid employees should actually be doing themselves now a federal judge has taken notice prime interest producer just seen u

of the railroad shipping across the northern united states to his northern securities of course j.p. morganwas raised that he had not been warned that given a heads up for being treated like a common criminal today j.p. morgan is still around it be laving rating it monopolizing but we have a trust enabler in chief no trust busting trust enabler trust enabler stacy that's right j.p. morgan was of course outraged that he was treated like a common criminal of course nowadays it's impossible to treat them like a criminal no matter what they do whether they're reading energy markets whether they're bribing chinese officials whether they're wreaking all sorts of markets across the world so we're going to look at this.

who regulates j.p. morgan passed to recuse herself that's because as we pointed out before she represented that the too big to fail banks for becoming as a regulator. and speaking of j.p. morgan as we like to do it seems there's been the fire for him about the energy market manipulation to see if d.c. is finally getting involved and quote probing those actually warehouse metals that would be the likes of j.p. morgan and goldman sachs unnamed sources to reuters a state of the commodities regulator is really investigating big bangs. of metal across their warehouses to technically comply with metal exchange regulation and but delaying deliveries needlessly by up to eighteen mines and only took a few years. complaints by coca-cola quote the beer institute last and said i meant big beer bob todd's energy independence and the stealth and ball and uranium and just a bit and i think into the fine print of cross border attacks and later on in the south and here is what's in your prime interest. i. mean. i. know it's ti

j.p. morgan probe threatens cozy tradition of client hires the u.s. government's bribery investigation into j.p. morgan's a climate of at least two chinese bankers has prompted banks and other corporations across the globe to take a close look at their hiring practices one such practice max it's called client hires and this is hiring clients children's nephews cousins for entry level positions or summer internships and you know it's common across the world they say but in particular with banks well as a foreign corruption bribing bribery law you know the chinese buy huge amounts of years government debt as part of the need for america to keep the banks afloat they rely on chinese creditors so the chinese government the people's bank of china just says that j.p. morgan who is an agent of the u.s. government with their multi hundred trillion dollar derivatives book they just say you know hire you know my uncle wang or my nephew chang or my brother in law mr wang chang we just got to hire these folks otherwise we'll stop buying these bonds and it's.

j.p. morgan back in the legal cross hairs as well.l saying in its latest 10 q filing its subject of parallel civil and criminal investigations by the u.s. attorney's office in california's eastern district. the bank got notice in may that is violated federal securities laws and mortgage backed secure fritz 2005 to 2007. the firm saying it tps to respond to other nbc related regulatory issue youies. this is just the latest in the saga of housing overhang that continues to plague financials. 10 q also revealing doj investigations into its foreclosure business and bank of america charged on tuesday with defrauding investors through sales of mortgage backed securities. >> all right. thank you so much. >>> what is the likely legal outcome of these cases and should we be worried as investors? >> paul miller covers the banks for fbr capital markets. tom gorman is with us. a partner at dorscy and whitney and ex counsel in the endorsement division. from what i read, neither of you is all that impressed with charges against b of a. you don't th

morgan stanley have with the commodities markets their grandfathered in right now and actually j.p. morgan is thinking about exiting so what does this have in store for the commodities markets in the future this was a giveaway i think about the gold price suppressions. morgan chase and the other big come out of the trading banks were criticized in congress the other day for dominating the commodity markets and possibly manipulating prices driving them up exploiting the markets and in ways that violate and i trust after this criticism arose and congress j.p. morgan chase announced that it was contemplating getting out of the commodities business selling its commodities business to some other operation but morgan pointedly added that it did not plan to get out of a goal. overtrading this to us was was a giveaway that morgan chase is once again here the agent of the us government and the regulating manipulate in the gold and silver markets the united states government needs morgan chase as its broker in the gold market to provide cover for the us government because the us government could not

j.p. morgan probe threatens cozy tradition of client hires the u.s. government's bribery investigation into j.p. morgan's a point of at least two chinese bankers has prompted banks and other corporations across the globe to take a close look at their hiring practices one such practice max it's called client hires and this is hiring clients children's nephews cousins for entry level positions or summer internships and you know it's common across the world they say but in particular with banks foreign corruption bribing bribery law you know the chinese by huge amounts of years government debt as part of the need for the.

j.p. morgan's london whale nor was it j.p. morgan's derivatives book its manipulation of the energy markets or its bogus mortgage backed securities this was a whole different ball of wet wipes and lard this was. burke tell us more stacey yes max this is fat bergen it was lurking in the sewage system here we're going to use this as a metaphor for the global fat burger fraud going on around the world so first let's look at this thing that was in the sewage system here blimey it's slimy meat fat bird london sixteen point five ton confluence of wet wipes in lard the thirty three thousand pound berg came from modest beginnings flush wet wipes of food waste created from brits pouring grease and fatty foods dema drene fat bird creation is a vicious cycle thames water media relations manager simon evans told henry gibralter of cities fact clings to wipes wipes cling to the fat oh right it's big as two of these huge london buses and they noticed it because the water in the toilet started backing up so this is analogous to the debt conce

it is true. >> we will see where it goes, for those keeping score at home, your former employer j.p. morganall up 212-270 number. i don't know who is handleing the sale at j.p., the law firm will be handling the special committee. >> i wonder what happens now, right? whether it's the whole thing, whether it's parts as we talked earlier, whether people want to boy the whole thing? who knows? who knows who would be out there that would want this company at this point? >> what they could do with it. >> i can see microsoft jump in, if they want hardware. >> the intellectual property. >> there is a consumer base that's fixed. people like becky that won't switch. >> i there. i want an actual keyboard. >> i think a lot of people will look. the question is who will post? and i think that the real question on the buy side is going to be, should i do this now or can i wait and get it? is it going to be a better situation later? is it really going to trade? >> i have to admit, i am a shrinking base the i.t. people here push me to get the iphone or another device. >> they still have some business, supp

that it is not just j.p. morgan several of the top banks are hiring children of senior chinese officials to help them develop relationships in the region commonly known as princelings that the security and exchange commission is looking into how these hiring practices can help banks win business there is however nothing illegal about hiring princelings in general but getting back to the main point what about the ninety nine percent a new offshoot of the occupy movement called occupied money cooperative is now in the banking business they'll be selling prepaid debit cards to those who might not currently have a bank could code and these won't be the card the action kind of cards with monthly fees that amount to well over one hundred dollars a year these are expected to be much lower but is anybody asking why occupy is getting into the banking business in the first place we do and just a moment i will profile be occupied money cooperative but then bob will interview a self-confessed fraudster a crazy eddie's sam antar

j.p. morgan's a point of at least two chinese bankers has prompt.

and speaking of j.p. morgan as we like to do it seems there's been no fire for anything about the energy market manipulation to see if d.c. is finally getting involved and quote probing those actually warehouse metals that would be the likes of j.p. morgan and goldman sachs names so i says to reuters a state of the commodities regulator is finally investigating big bangs who simply a shuffle pallets of metal across their warehouses to technically comply with metal exchange regulations but delaying deliveries needlessly by up to eighteen mines and only took a few years of planes by coca-cola quotes to be. your answer to it last and said i meant big here bob todd's energy independence and the stealth and ball and uranium and just a bit and i dig into the fine print of cross border attacks and later on in the south and here is what's in your prime interest. i. think. it's time for prime interest to go nuclear but of oracle of course earlier we spoke with catoosa chief energy investment strategist at casey research

." ♪ cheryl: j.p. morgan cannot catch a break.on penalty to settle allegations it missile mortgage-backed securities. only a latest demand by regulators as they continue to pile on this big bank. liz macdonald joining us with details. >> reporter: breaking news. the latest developments on this is that according to sources close, there is talk between the governor -- government and j.p. morgan on the mortgage-backed securities settlement that has broken down. sources are saying essentially $6 billion of was quoted by the financial times is way off. there is also talk that the government has been leaking a lot of information to various media outlets to put pressure to settle various probes. you're seeing where they're coming from. not just here, but also at the state level. it's also probes overseas, places like canada and switzerland. so the probes range, of course, the london wail of the way down to the manipulation of the energy markets. what we're talking about this mortgage-backed security probe, the potential settlements, what

thousands of residential and commercial properties door in the town turn in well now they have hired j.p. morgan and morgan it stanley they'll be flipping the unit and private sales and through i.p.o. that means the last bag holder gets to once again be the public either directly or through those pesky soon to be more underfunded pension fund. bubbles and how the bad guys as here with dean baker and just a minute and here is what the new our prime interest. increasingly we live in an economy that's driven by fire that would be finance insurance and real estate now over the last three decades it's quadrupled in size relevant to the size of the rest of the economy here to discuss this and the nature of how financial bubbles are fueled and destroyed is dean baker he's the co-founder of the center for economic and policy research and also author of false prophets dean thank you for joining me please for a man so how did we get here in this fire economy over the last three decades well soused part of this long process of the u.s. we had this sort of golden era coming out of world war two where we had