UBS begins layoff of 10,000 employees - some employees find out they are gone when their passes don't work....... JP Morgan silver scandal about to finally blow ?

http://www.silverdoctors.com/bill-murphy-jpmorgan-silver-scandal-to-finally-break/

BILL MURPHY: JPMORGAN SILVER SCANDAL TO FINALLY BREAK

OCTOBER 30, 2012 BY THE DOC LEAVE A COMMENT

Bill Murphy, chairman of the Gold Anti-Trust Action Committee, has claimed that JPMorgan has been manipulating the price of silver for years. In this interview with Unconventional Finance, Murphy exposes the latest JPMorgan scandal, and states that the long awaited JP Morgan silver scandal is about to break.

MUST WATCH!!

http://www.hangthebankers.com/the-43-trillion-bankster-lawsuit-and-the-mysterious-murder-of-two-ny-toddlers/?utm_source=rss&utm_medium=rss&utm_campaign=the-43-trillion-bankster-lawsuit-and-the-mysterious-murder-of-two-ny-toddlers

( Interesting none of the msm articles noted Kevin Krim's three month employment at JP Morgan as a Strategy Consultant - what might he have learned and why did he quite so quickly ? )

The$43trillionbanksterlawsuitandthemysteriousmurderoftwoNYtoddlers

8

29 Oct 2012

bank of america, bankers, bear stearns, citigroup, cnbc, hsbc, jp morgan chase, lawsuit, murder, nypd,united states, wachovia, wells fargo

by Jacque Fresco

Last week, a horrific scene was discovered in a Manhattan apartment as the mother of two toddlers found her children dead in a bathtub and the nanny who was supposed to be caring for them began stabbing herself.

Marina Krim, wife of Kevin Krim senior vice president and general manager of digital media at CNBC, had entrusted the care of her two small children to Yoselyn Ortega, a newly naturalized US citizen from the Dominican Republic. Ortega had worked for the Krim family for just 2 years before this violent incident.

Although the New York City Police Department (NYPD) has not been able to interview Ortega because she apparently slashed her own throat and slit her wrists, she remains the main suspect in the slaying of the Krim’s 2 year old son and 6 year old daughter.

Just prior to the murders, Ortega had begun seeing a psychologist. After investigations into Ortega’s background, there were no criminal records and no history of psychiatric issues. Yet those closest to Ortega told the NYPD that she had suddenly lost a considerable amount of weight and was showing visible signs of stress.

According to Paul Browne, spokesman for the NYPD explains that: “Apparently over the last month she was not herself. There were financial concerns. She was seeking professional help and people noticed she wasn’t herself.” Other reports about Ortega’s mental state in the weeks prior to the murders reveal that she felt as though she were losing her mind. Ortega also had some financial difficulties which forced her out of her apartment with her son in the Bronx, and led to her moving in with her sister in Harlem. Yet despite these reports, Ortega never showed signs of personal problems with the Krim family.

Raymond Kelly, NYPD police commissioner, confirmed that Ortega was in a medically induced coma at the Weil Medical Center, which rendered her unable to speak with police. The NYPD are baffled as to why this beloved nanny would brutally murder her two charges.

Charlotte Friedman, a neighbor who lived in the same building remarked that Ortega “looked normal” just prior to the murders. “She had a poker face. There was no indication that something like this was going to happen.” Freidman went on to say that Ortega “She wasn’t warm. Usually when you smile at a nanny and the kids, the nanny smiles back. It’s instinctive. But she had a poker face. I didn’t get the sense she was evil, just cold.”

Earlier this month, Scott Cohn, correspondent for CNBC, reports on a lawsuit filed by Eric Schneiderman, one of 10 New York State Attorney General citing JPMorgan Chase as profiteering from the mortgage-back securities which led to the stock market crash of 2008. Since Schneiderman filed the suit, eleven US prosecutors and 3 attorneys with the Civil Division of the Justice Department have assisted in the cases’ development for the purposes of using the lawsuit for future reference against other Wall Street financial firms.

In January of this year, Krim was employed by JPMorgan Chase as a strategy consultant for only 3 months. This happened just prior to his employment with CNBC.

According to court documents regarding the lawsuit, the purpose for seeking legal remedy is:

1. The deceptive coercive methods employed by mega-banks to facilitate injured parties’ participation in loans and mortgages
2. The fraudulent and illegal use of MERS
3. Breach of plaintiff’s statutory rights
4. Purposeful violation of consumer and homeowner protect statues
5. Processing money from unknown sources in contravention of the Patriot Act of 2001
6. Foreclosing upon and accepting monies for assets that do not exist

The lawsuit states that there was a “a systemic fraud on thousands of investors” concerning the mortgage-backed securities first purvey by Bear Stearns, who was later acquired by JPMorgan Chase as part of the US governmental bailout of the banks after the 2008 crash. These securities were sold, according to the lawsuit, willfully and with intent by the seller to defraud and deceive investors. Because the securities were a combination of home mortgages, credit card debt and student loans which were bundled together and sold on the global markets after given a fake triple A rating.

Some of the mega-banks named in the lawsuit are:

• JPMorgan Chase
• Wells Fargo
• Wachovia
• Citigroup
• US Bancorp
• Ally Financial
• GM Acceptance Corporation
• One West (owned by George Soros)
• HSBC
• Deutsche Bank
• PNC Bank
• Bank of America
• Bear Stearns

Many foreign and overseas banks were named in the suit in conjunction with the mega-banks – pointing to the fact that financial institutions like JPMorgan Chase, Deutsche Bank, and others were using offshore banks to hide their monies acquired by the mortgage-backed securities scam. In essence, these financial institutions took monies from mortgage-holders, funneled it to offshore bank accounts and then after securitizing the loans, took the actual property from the individuals.

The complaint states that the Ponzi scheme concocted by the banksters was “the largest scheme in US history where domestic banking institutions – on an international basis” conspired together with the common purpose of engaging in a “worldwide scheme to steal, rob and convert the personal property, money and proceeds of such assets of each Plaintiff herein” with the obvious purpose of a conspiratorial “decade-long systematic conversion . . . that damaged millions of borrowers across the US.”

This massive money laundering scheme was fostered by the Obama administration who gave the biggest bailout to the technocrats in the US. Indeed, Bank of America is instrumental in prospects that involved foreign countries in the largest global Ponzi scheme with the intention to steal and covert billions of dollars from millions of homeowners across America.

This lawsuit and the tragic death of two children are connected. The truth of this lawsuit would bring down the greatest financial hoax of this century. The technocrats are willing to murder two innocent babies of a man who published the lawsuit on CNBC, because keeping the truth hidden is worth more to them than the lives of anyone possibly connected to the truth.

Pay attention to the developments of this lawsuit. This may be our diamond in the rough.

http://www.telegraph.co.uk/finance/newsbysector/banksandfinance/9643500/UBS-bankers-in-London-head-for-the-pub-after-being-turned-away-at-office-door.html

By Jonathan Russell, and Nik Simon

6:38PM GMT 30 Oct 2012

174 Comments

It was only when the UBS bankers had their passes refused that they realised they could be out of a job. Instead of being allowed into the bank’s City headquarters the traders were whisked to special offices on the fourth floor where they were handed an envelope containing details of the redundancy process.

“It was like a scene out of the Village of the Damned up there,” said one of the bankers.

“They said we would be getting two weeks paid leave and then we will be told what is to happen. I expect we’ll just get a call from human resources or lawyers telling us how much we are worth. We won’t be able to talk to our bosses.”

Turned away from their offices, the bankers congregated in The Railway Tavern, one of the only pubs in the area to open at 8am.

“We were banging on the door,” said one. “Today is for drinking, tomorrow is for thinking about our careers,” added another.

Along with pints of premium lager and Guinness what the bankers were digesting was news this morning that the bank was to cut 10,000 jobs from its global workforce.

Although the bank failed to detail who many of its 6,500 London-based employees would be lost, scores were not allowed into the bank today, instead being placed on “special leave.”

“Dear colleague,” the private and confidential letter started. “You will not be required to continue to perform you current duties at this time…”

The impersonal letter and the manner they were treated was seen by some as an insult, by others as a natural result of current economic and political conditions.

“It is about regulation, about politics, Switzerland demands the highest capital ratios, around, 18pc,” explained one of the bankers who asked to remain anonymous.

“They are just shutting down the capital intensive side of the business. Switzerland has lost all appetite for risk.”

The job cuts in London came as the bank announced it aimed to cut costs by SFr3.4bn (£2.2bn) by 2015. The bank, which is also facing the embarrassment of former trader Kweku Adoboli’s rogue trading trial, announced a loss of SFr2.17bn in the three months to the end of September.

UBS said it had taken a one-time charge of SFr3.1bn linked to its restructuring plans and a debt-related charge of SFr863m.

and....



http://ftalphaville.ft.com/2012/10/30/1237771/the-ubs-cull-begins/

The UBS cull begins

Masa Serdarevic | Oct 30 11:46 | 2 comments | 

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The Swiss bank seems to have wasted no time in starting the cost cutting programme it officially announced on Tuesday morning, but which the FT had heard about on Friday. Some people learnt of the headcount reductions in the worst possible way when they tried to enter their offices on Tuesday morning, only to discover their passes weren’t working.

Our hedge fund sources also tell us that many of their UBS contacts “have red dots on their B’berg” this morning, meaning they’re not logged in. It sounds like sales staff have generally been the first to go.

From Tuesday’s FT:

Some of the Swiss lender’s fixed income traders discovered that their passes were no longer working when they tried to get to work at its Finsbury Avenue offices on Tuesday morning, bank insiders said…

“I was glad to see that my pass was working this morning,” said one banker who made it into the offices.

The bank said on Tuesday morning that it will make some SFr3.4bn in cost savings by 2015, and confirmed that it would dramatically shrink its investment bank, cutting 10,000 jobs. Those cost savings themselves come with a Sfr3.3bn price tag in terms of restructuring charges over the same time period.

At the end of it all, UBS will be focused around its wealth management business, and supported by a smaller investment bank specialising in equities trading, foreign exchange, precious metals, advisory work and research activities, according to the press release.

The investment bank’s fixed income operations, which UBS says have been made unprofitable by tougher capital requirements, are to be split off into a non-core unit and gradually wound down.

From the bank (our emphasis):

The lines of business to be exited will include many that do not meet their cost of capital sustainably or are in areas with high operational complexity or long tail risks likely to weigh on future returns. Exited businesses and positions will be transferred to, and reported in, the Corporate Center from the first quarter of 2013. An experienced team, led by Carsten Kengeter, has been appointed to manage the exited businesses and positions to optimize risk and returns over time. This team will manage the sale or exit of these positions within the robust oversight structure that has successfully supported our risk-weighted asset reduction in the Legacy Portfolio.

It summed up its balance sheet targets as such, and made a mention of some debt buy-backs:

• UBS’s Basel III total capital requirements are expected to decline to 17.5%, down from 19% reflecting targeted reductions in risk-weighted assets and balance sheet
• As a result of targeted balance sheet reductions UBS anticipates a 30% reduction in its funding requirements. Lower funding requirements will allow UBS to buy back debt
• Group RoE expected to average in the mid-single digits in 2013 and 2014

As has been reported, the bank wants to slash headcount by 10,000 to around 54,000 by 2015. CEO Sergio P. Ermotti said on Tuesday:

“This decision has been a difficult one, particularly in a business such as ours that is all about its people. Some reductions will result from natural attrition and we will take whatever measures we can to mitigate the overall effect. Throughout the process we will ensure that our people will be supported and treated with care.”

However, it seems to us that the cuts have started with plenty of gusto already.

The markets, however, are liking the cost cutting, partly because the bank’s Q3 resultswere broadly better than consensus expectations. Stock is off its morning highs but still up 3.1 per cent at pixel time.