coming out the guy is pled guilty we had one trader john edmonds a thirty six year old broker at j.p. morgan former broker and now he's been fired and faces. time but remember crash a p morgan by seller and that was now been vindicated that had the world bought silver physical in the open market we would have put j.p. morgan out of business but they instead extended their credit lines and they were able to wiggle their way out of that particular constraint life masters was dumped she went into the crypto business and she just left a crypto business so she's a little bouncing ball goes wherever the money is for a few months and one of these lawsuits is coming out of the civil lawsuits is coming out of westchester county and new york and that guy is leading the whole class action they're going to have against j.p. morgan it's been delayed the judge has delayed the case until after june and that is indicating that there's a department of justice criminal investigation into more senior j.p. morgan bankers so not only to have j.p. morgan facing criminal prosecution perhaps but you also have goldm

just this criminal investigation into more senior j.p. morgan bankers so not only to have j.p. morgan facing criminal. prosecution perhaps but you also have goldman sachs the other big one of the two thousand and eight crisis they're facing criminal prosecution and investigation for the department of justice for their role in basically defrauding malaysia an entire nation here john edmonds you know the thirty six year old trader who had pled guilty to manipulating and apparently he's talking as well so the department of justice he's a new york resident he pleaded guilty in october to one count of conspiracy to defraud the market and manipulate prices of precious metals futures contracts and one count of commodities fraud in the criminal plea edmonds admitted that he and other quote unnamed coconspirators at j.p. morgan fraudulent lee manipulated precious metals markets from two thousand and nine to twenty fifteen the same time frame covered in the class action suit right any notice of the price of gold now is trading higher because you're removing the manipulator so it broke ove

visit the offices and go on christmas parties and flights with the heads of j.p. morgan goldman sachs they were able that's the that's how they gerrymander. information that gets out to the voting public of the financial markets are you best or. so they control information but they're no longer able to control what people say on twitter about them they're no longer able to control who shows up at these. annual meetings i mean they have to control it the same way you would control an avalanche on a mountain which you cannot really control and you don't know which snowflake is going to set that avalanche in motion if max keiser tweets a tweet mongst a billions and trillions of tweets and he say that was the stuff like the start of the avalanche of j.p. morgan going bankrupt so be it but if you want to prevent that bankruptcy from happening you want to prevent do it your bank's bankruptcy from happening if you want to vent algorithmic trading from undermining the economy from happening you need to restore integrity to the money and the only way to do that in this monetarist

j.p. morgan's collage of excess as biased news outlets political opportunists and publicity hungry analysts are whipping the stock market into a frenzy that goes beyond anything justified by economic or earnings fundamentals according to j.p. morgan chase strategist led by mark o'connor vic he blames domestic political opposition may have an interest to paint a negative economic picture individual market analysts gain more visibility in coverage with negative calls and foreign adversaries amplify a negative news cycle in order to foster divisions and erode confidence in financial markets and the economy clueless. anime is worth roughly sixty trillion dollars the global debt pile is roughly four times that so that's two hundred forty trillion dollars and the banking industry is the fulcrum upon which this ponzi scheme is balanced and when the ability to pay debt hits a brick wall as it is now the progenitor tours of this debt will collapse and in the case of apple computer they have a deep pocketed friend in warren buffett who when the stocks down they simply borrow money and buy back their

ok i mean they say we've got so little time here but yes the best ends j.p. morgan story that is exactly when silva. that was to take that was again in that march to two june period we saw silva suddenly plummet from twenty one dollars to eight bucks a very very strange situation i think somebody was getting bailed out there yes this john admin's from j.p. morgan he's just turned state's evidence and he had very similar admissions from h.s.b.c. some of the other billion banks traders but these admissions only evidence what's going on in the weeds pond and as we know spoofing subheading quote stuffing layering i mean you see in all of this stuff on a range of traders taxi but it really is these a mechanism to illegally move a gold or silver price for a short term profit or to a level where maybe you meant to make nation can be triggered but but the test the market manipulation is fos tricked and without direct witness admissions like we're starting to see now such as we have it it's in the libel a scandal where it was only the ballinger email but if that uncovers tha

by self or another were joe's a proof of silver campaign because j.p. morgan when they inherited bear stearns silver short position were exposed on their balance sheet to a situation where everyone delivered silver they would go bankrupt it would be a way to get rid of j.p. morgan by masters at that time so this is a continuation of this idea that the derivatives market the fractional reserve markets the naked short sells out there the price manipulators and now it's been conclusively proved that j.p. morgan and others were involved in price manipulation and price a suppression in the summer market this is a way unlike silver that it's in the crypto market it's a lot easier for this proof of keys concept in other words the main point of this is that the price discovery that is how you come up with a price is in the hands of the crypto hodler it's in it's in our hands in a way that's never been available before and this is a revolution to some degree tone your thoughts. you know max you and i disagree there a little bit i'm not i don't really have a problem wit

j.p. morgan asset management global strategist. excuse me. he's coming up next. this is bloomberg. next. this is bloomberg. jason: you're watching balance of power on bloomberg television. i'm jason kelly. time now for -- emma. here is what is happening, mick mulvaney saying no active end partial to government shutdown taking reporters at the white house, indicating he doesn't expect talks to resume until democrats officially take ontrol of the house on january 3rd. > for example, has been open all week, it will be closed fter new year's, shutdown does look different under current administration. indiscernible] -- make it hard on people. adding "everyone grees the u.s. needs a steel barrier along it's southern border." other news, top house democrats all evidence related to the death of two children at customs preserved.ol kuft me guatemalan boy died as a he had , officials say the flu. another guatemalan child died 8th.on december both deaths are under investigation. committee chairs saying toda

. >>> nike is what i want to talk about because there's a good piece by j.p. morganaying field work says there's momentum this is a classic thing. if you feel like all things are great with china and we're going to keep making good deals, nike is a great stock to buy. even up here even up here they'll continue to try to fade apple and get it down so those

on bloomberg j.p. morgan asset global market strategist.. >> from the new york city. cannot pay up and start now. -- the countdown to the open starts now. coming up, global equity markets finding a flood of risk aversion. teeing up a contentious federal reserve decision. economists expecting powell to deliver a hike. --endary investor stand it urging the fed to pause its double-barreled blitz. good morning. futures negative a half of 1%. down about 13 points relative stability to a messy and to last week. bond markets, treasuries unchanged. the big issue this week, central banks worldwide content with slumming mobile growth. >> backing off. backing off. backing off. backing off. slowing down, slowing outlook. the anemic growth rate. markets are right to be concerned. it is very difficult for them to

we felt at j.p. morgan could give a little bit and the australian economic story, we are watching more consumption. we didn't expect it to go so sharply, but it does feel like to us some of the constraints on the household balance sheet are starting to bond more tightly than had been the case in previous years. given how big a part of gdp consumption is, 60% of the economy, if that slows, overall gdp growth will slow in the forecast the rest of this year and into 2019. shery: could we expect fiscal easing to help consumers? >> it seems likely. the political context shows you that is on the cards. the government is behind in the polls, but they do have a chance to pay that play with cash on the fiscal side more than six months ago. we know the budget has been more forward to early april. we will have an election in the first half of may. my sense is the budget will be budget,h a pre-election and both sides of politics will come up with spending initiatives being implemented that will have fiscal policy over

taking containing the j.p. morgan example that are being very clear about the exact criteria and the nature of an qualifications and background of the people that they're trying to employ in the talent they're trying to recruit so i'm not sure there's any evidence of an anecdotal evidence that i've seen across the private sector of those things perpetuating you know i don't see a difference in. perception of value or worth whether the c.e.o. is black or a black woman or an asian man for example i think it's not as straightforward as that ok mark davis thank you very much indeed for your now suspicious time and very much and yes congress is a jam for the day without ending the partial government shutdown but the senate and the house of representatives and you met for a few minutes and did nothing to restore funding for the roughly twenty percent of the government which is affected the shutdown which is in its sixth day began after president trump insisted that the federal budget include funding for his proposal on the

it was a phone call between jay people who've been in blair that is actually what happened most j.p. morgan and the consortium of other banks didn't fact prop up the whole iraqi economy to the tune of about two and a half billion not twenty billion other bit nervous that day then six months after he left office blair some a sign by j.p. morgan for five million dollars every year i was just trying to enlighten the public that there was corruption involved and not just bad decision making i'd like to find out how this. is to access the coolant there must be a back door in because they don't come out to tea a time and there was a court room directly underneath the court room the player was in and it was left on not so i went through that run up two floors by the fire escape and then to the door of the court itself by this time my heart was pounding like a really going mad and i actually lost my courage for the moment i went and sat down in a low in a bar for my family gents toilet there i did that she rang my mother and said listen i'm here in washington do you think i should still go when my

you know taking containing the j.p. morgan example that.

called the chief executives of goldman sachs bank of america j.p. morgan chase morgan stanley citi group and wells fargo according to a statement confirmed that they are quote full liquidity available for lending as follows u.s. stock markets worst week since the financial crisis ten years ago uncertainty over the partial government shutdown has added to concerns he indices how wiped out all their gains for the year. meanwhile a christmas surprise on european markets shares in the london stock exchange fell nearly four percent on news that pan-european exchange operator euronext is the talks to acquire. a region socket change for six hundred twenty five million euros the company is currently seeking the support of the board of directors it has already secured support for its offer from oslo bar shareholders representing almost half of outstanding shares your own next which operates furs and paris amsterdam brussels london lisbon and dublin that also boris position in seafood derivatives and oil services and shipping attractive. the royal bank of scotland r

losses on wall street when newton called the chief executives of goldman sachs bank of america j.p. morgan chase morgan stanley citigroup and wells fargo who according to a statement confirmed that they have ample liquidity available for lending called scame as u.s. stock markets experienced their worst week since the two thousand a trench a crisis uncertainty over the partial government shutdown has at its to concerns key indices have wiped out. games for the cue. ball or what's driving the markets in these last few days of the year i'm joined by the pundit jim baloo my colleague of course will phone call do you think come markets well i mean if the reaction is anything to go by so far it's not doing any of that likely you reassurance that isn't quite there reassurance now investors actually thinking about whether they have to be concerned about the liquidity that he had to discuss with those six bank c.e.o.'s in the u.s. that he spoke with yesterday and of course today he'll be having a meeting with the leading market participants in the u.s. regarding the current market volatility among

and the first year who filed suit against j.p. morgan so he had this extraordinary courage and i want to highlight the reason so i just have those strengths and weaknesses and to have a democratic intuition to understand if democrats could stand by and do nothing to be in either socialist or anarchist revolution and he believed or foresaw the 20th century that private concentrated power or economic misery is a dangerous combination to be an extremely dangerous directions and therefore felt he had to be responsive to do something about private concentrated power that has been lost that i think is a vision that you call that spirit and courage of roosevelt it is the founder of the political of antitrust and ask a fundamental question they are under the law and who is supreme in this country? the people or the corporation and looking back to the legacy is extremely important and always available to invent excuses for an action. so there is a lot more to the story of antitrust survival. he along with president taft and president wilson every

from occupy wall street to occupy jamie dimon, activists have been following the j.p. morganse ceo across the country, even climbing flagpoles. what do they want from the banker? michelle davis is here with the story. should he be impressed that this is happening? michelle: absolutely. his have tried to get attention his attention from playing audio and hotels to bursting into conferences. vonnie: it's not just one big protest movement against jamie dimon. michelle: it's a little different from the protests we saw on occupy wall street almost a decade ago. they are social activists ranging from environmentalism to human rights and they want jamie dimon to help them in fights against human rights abuses and to help them solve problems they think the government is causing or not fixing. vonnie: what kind of responsibility does jamie dimon have and how much is he willing to take on? he is the chair of the business roundtable, a lobbying group for the government. notthing he said is he does think it's his response ability to make policy, which is true. as someone with so much inf

and we'll look at the top performing names on the s&p, we have 52 week lows on bank of america, j.p. morganthere's no place like home ♪ argh! i'm trying... ♪ yippiekiyay. ♪ mom. ♪ >>> we've been following that on going dispute between qualcomm and apple. qualcomm providing certain patents and intellectual property into all phones but iphones as well. not being paid by apple suppliers. that's been going on for some time they're meeting in courts around the world. in san diego, the trial expected to start in the early part of next year but important news out of china that investors are trying to grapple with given what again is two different stories from the companies involved let me give you the story itself as a chinese court has granted an injunction against apple and qualcomm has brought 22 separate cases in six provinces in china over this basic dispute they're having with apple but in this case one has granted qualcomm an injunction, banning the sale of basically what are all iphones other than the very latest, the newest model apple says that's not the way we read it. the way we read i

morgan stanley, j.p. morgan, citigroup, and barclays roundup the top five.ll deal volume was shy of the record set in 2007 as market volatility takeover -- volatility put takeover aspirations on hold. the first global news network design for social media offering life video coverage and updated news reports verified ray hereby ask him a on twitter and follow verified bloomberg -- by bloomberg. yvonne: time now for the battle of the charts, the last one of the year. the owners can access those charts using the function at the bottom of your screen. rishaad: what is your offering for the day? is probably the best chart to talk about on the last day of the year. this indicates a paradigm shift taking hold an equity markets. thehe chart, you can see , foreign inflows. we will see, that the dependence on it in equity markets is reducing. some more perspectives. this is despite the outflows this year been the largest in a decade. this shows the rising strength of local investors, driving back support for the equity market. millions of mom-and-pop investors, many c

twenty billion other bit nervous that day then six months after he left office blair some a sign by j.p. morgan for five million dollars every year i was just trying to enlighten the public that there was corruption involved and not just bad decision making i'd like to find out how this. is to access the coolant there must be a back door in because they don't want to tear time and there was a court room directly underneath the court room the player was in and it was left on not so i went through that run up two floors by the fire escape and then to the door of the court itself by this time my heart was pounding like they're really going mad and i actually lost my courage for the moment i went and sat down in a low in a bathroom i found a gent's toilet that i didn't see ring my mother and said listen i'm here in washington do you think i should still go when my mom said you're gone you won't get another chance and i thought that's it i mean the most. obvious thing. that i hope has two beautiful daughters anger and courage anger at the way things are and courage to see that they don't remain the

so at j.p. morganxpect brent to go towards $70, towards the end of this year or early 2019 for that matter. >> i know qatar is a marginal player and producer, but how big of a deal is it that they're walking away from opec after decades? does it suggest broader splintering or loss of power for the cartel >> i guess from the perspective of a country such as qatar leaving, especially a gcc player leaving, definitely brings into question kind of a crack into opec as a cartel but at the same time what we're ignoring is there have been more opec members who have been added on to this group in the last 18 months in addition to that you have had additional non-opec members being added to the whole opec plus group so let's not forget that yes, qatar leaving brings into question what's happening with opec right now and increases a little bit of uncertainty, although it's a small player, but let's not forget we have seen other players which have joined opec, opec plus in the last 18 months so we have to keep tha

anna: vincent juvyns, joining us from j.p. morgan asset management. us on the program. next, oil gains. concerns over a supply glut. opec and allies will strike a deal to stabilize the market. how will they share those production cuts? this is bloomberg. ♪ anna: this is the european market open. 8:21 in london. let's tell you about something that will be making news in london. an ecj opinion on whether the u.k. could unilaterally pull its article 50. it has suggested yes, the u.k. could do that. the pound trades up .4%. at 1.2771 is where we trade for cable. the u.k. could pull its article 50 according to this opinion from the ecj. this is just an opinion. a final ruling due by the end of this week, fairly shortly. this is the effect of markets. more broadly, the picture across markets is mixed. the stoxx 600 is a little underwater, under pressure down .1%. the ftse 100 is up .2%. the cac, under pressure by three -- .3%. more about the political situation in france, coming up in the next half hour of the program. matt? matt: oil is heading for its big

j.p. morganhase, they're all saying in the newsletters -- if you read the financial press, it is not a question of whether, it is a question of when. it is sort of within the next six to 18 months. yes, it is possible those will be wrong, but it has been that way for a couple of centuries. it is a good bet. have one.e going to and mr. trump is in the very dangerous position of having two years to go before he yes to run for reelection at a time when the one thing he can point to, which is economic something come is going to disintegrate as it has in the last several weeks. amy: richard wolff,, thank you for being with us, emeritus professor of economics at university of massachusetts, amherst and visiting professor at the new school. he is the founder of democracy at work and hosts a weekly national television and radio program called "economic update." author of a number of books, including most recently, "capitalism's crisis deepens: essays on the global economic meltdown." when we come back am

business in iran but it is the snag many major financial companies think looting america's own j.p. morgan has had to pay hefty fines for violating u.s. sanctions in the past yes we've never seen their execs being thrown into custody making the case a wild card but it's trying to seem to suggest the wall of floor company puts the side when it comes to making money. if i think it's good for what will be certainly the laws. trade deal ever made i would certainly intervene if i thought it was necessary but it seems the man in the oval office is getting the concessions he wanted because beijing has now announced a suspension of tariff hikes on the u.s. indeed when the two world's biggest economies face a tech tug of war it seems the nice guy finishes last. a u.s. government adviser on asia told oxys so if that the arrest of her wild ways c.f.o. is part of a larger plan you can see that interview in full full of just a bit later on this channel in fact trump didn't even know she was arrested at the time you was having dinner with she had the g. twenty this is part of a long broader u.s. attempt

these business in iran but it is the snag many major financial companies including america's own j.p. morgan have had to pay hefty fines for violating u.s. sanctions in the past. yes we've never seen their execs being thrown into custody making case a wild card but it's trying to seem to suggest the rule of law can be put to the site when it comes to make money. if i think it's good for what will be certainly the largest trade deal ever made i would certainly intervene if i thought it was necessary but it seems the man in the oval office is getting the concessions he wanted because beijing has now announced the suspension of tariff hikes on the u.s. the rest of the two canadians are definitely tied to the arrest of manga and jew there's no doubt about that timing of the arrest was would have been extremely suspicious otherwise because right now to chinese and the americans are involved in very delicate trade negotiations they have done nothing to the u.s. right now they continue to talk so it will make canada the example. of this situation warning other countries who may be may be tempted to

when you dig into the group it's a case of the good, the bad, and the ugly bank of america and j.p. morganp 2%. morgan stanley and citi looking bad, and goldman sachs down 15%. dan says there's one name on this list that is about to go from bad to worse. what are you looking at there. >> i think the scary thing about the graphic is the ugly is down right ugly we're not even throwing ge in there yet. when you're looking at the acceleration of the downside of these household names, and you own them in your mutual funds and 401(k) obviously they caught a bid this week with the news out of the fed. we know that there's another fed meeting on december 19th, and to me, i think you have a situation where some of this initial enthusiasm could wear off over the next couple of weeks, if there's nothing big on the trade front. i think bank stocks close near the end of the year. the under performance has been horrendous, not a goldman sacks or a deutsch bank but headlines out of names like those, you're going to see the bad move into the ugly category. city bank is the one i want to focus on they are