Friday, February 21, 2014

New Clues in Suicide of JP Morgan Banker Add to Mystery - As many will recall , there have been a rash of mysterious deaths including alleged suicides that have erupted since the end of Janaury - just as numerous commodity and forex exchange trading / fixing investigations have become quite serious. Dennis Li Junjie plunged to his death from the high rise building where he work , becoming the third JP Morgan employee to die under strange circumstances in barely 3 weeks ! But why kill oneself over alleged work stress if you were planning to leave Hong Kong and return to Canada ? Friends were not aware of any unusual issues , so this one becomes another oddity ! What did Dennis learn or what was he told before the fatal leap ? And why the silent treatment from JP Morgan --- A Third Death at JPMorgan and Another Press Lockout on Information ..... any coincidence that these odd deaths all occurred involving employees working in JP Morgan's major markets of New York , London and Hong Kong ? Questions , questions , questions .......

( Was Grady Means on point - check his article from October of 2012 ! )

Those wild and crazy Mayans put down their marker that the end of the world would occur on Dec. 21, 2012 — about two months from now. There is, of course, some small chance that they might be right. On the other hand, there is a very large probability that the real end of the world will occur around March 4, 2014.

The doomsday clock will ring then because the U.S. economy may fully crash around that date, which will, in turn, bring down all world economies and all hope of any recovery for the foreseeable future — certainly over the course of most of our lifetimes.

Interest rates will skyrocket, businesses will fail, unemployment will go to record levels, material and food shortages will be rampant, and there could be major social unrest.

Any wishful thinking that America is in a “recovery” and that “things are getting better” is an illusion.

The problem is not Medicare, which won’t quit on us for another six or seven years. Nor is it Social Security, which will not be fully bankrupt for another 15 years or so. The crisis is much more immediate and much more serious.

The central problem is that America is the bank of the world. What this means, simply, is that the dollar is the world’s currency (often termed the “reserve currency”).

Throughout the world, nearly all traded goods, oil, major commodities, real estate, etc., are denominated in dollars.
The world needs dollars, and the U.S. provides them and provides confidence that the dollar is the “safest” currency in the world. Countries get dollars by trading with us on attractive terms, which enables Americans to live very well.

Countries support this system and cover their risk by investing in dollars through T-bill auctions and other mechanisms, which enables us to run budget deficits — up to a point.

The central issue is confidence in America, and the world is losing confidence quickly.

At a certain point, soon, the United States will reach a level of deficit spending and debt at which the countries of the world will lose faith in America and begin to withdraw their investments.

Many leading economists and bankers think another trillion dollars or so may do it. A run on the bank will start suddenly, build quickly and snowball.

At that point, we will need to finance our own deficit, and we will not be able to do so. We will raise bond rates to re-attract foreign investment, interest rates will go up, and businesses will fail. Unemployment will skyrocket.

The rest of the world will fully crash along with us. Europe will continue to decline, and the euro will not replace the dollar. Russia will see a collapse in oil prices as market demand softens, and Russia will collapse along with it.

China will find nowhere to export and also will collapse. The Russian and Chinese governments, which see all this coming and have been stockpiling gold to hedge against such a dollar collapse, will find that you cannot eat gold.

There will be uprisings — think of the streets in Spain and Greece today — everywhere. Technological advances that traditionally drive productivity increases and economic growth will not be able to keep up with this collapse.
When might this all happen? Paul Volker indicates we might face a mess like this in the next year and a half.
David Walker, former U.S. comptroller, i.e., the former chief accountant of the U.S. government, has suggested similar time frames for economic catastrophe.

Most agree that the budget sequestration approach won’t work from either economic or political perspectives, and mindless across-the-board cuts in spending will only exacerbate a mess.

The Federal Reserve’s third round of quantitative easing, in which we print money to buy our own bonds in order to goose economic and employment numbers, means we are floating our own debt, a good formula for sudden hyperinflation.

The next president will have about six months to fix this problem before it is too late. He must be fully prepared, able and willing to work with Congress and move quickly and decisively.

During the election, the most important question to ask is, who understands all this and is prepared to prevent it? Everything else is noise.

New Clues in Suicide of JP Morgan Banker Add to Mystery

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Friends suggest Li Junjie was planning to return to Canada days before death leap.
Paul Joseph Watson
February 21, 2014
Friends of the JP Morgan banker who leapt to his death from a high rise building in Hong Kong this week, becoming the 7th financial worker to die under strange circumstances in recent weeks, suggest that he was planning to return to Canada, adding to the mystery of the suicide.

Image: Dennis Li Junjie pictured before his suicide (SCMP).
33-year-old Dennis Li Junjie plunged to his death on Tuesday after jumping from the roof of Chater House, which serves as JP Morgan’s Asia headquarters. Junjie worked for JP Morgan as a back up services associate.
His suicide was blamed on “the stressful environment of investment banking,” although its timing, just three weeks after JP Morgan senior manager Gabriel Magee jumped 500ft from the top of the bank’s headquarters in central London, and amidst a number of other strange banker deaths, has prompted speculation that something more insidious may be afoot.
Just two days before his suicide, Junjie told a friend that he planned to return to Toronto, where he had worked as an analyst at the Royal Bank of Canada.
“RIP … What happened to all the promises and plans you made? What happened to your return to Toronto? I didn’t know you were that upset! I will miss you always,” remarked the friend.
Junjie had recently bought a HK$5.5 million apartment in Hong Kong and friends commented on how he always had a smile on his face.
The fact that Junjie did not seem to be depressed and had made specific future plans suggests that his suicide was quite spontaneous and may have been in response to information he was told or had uncovered in the 48 hours preceding his death.
While such an assertion is impossible to prove, it has been suggested as a factor that could connect the spate of recent banker deaths.
Could knowledge of an impending financial crash that outstrips anything previously experienced be the explanation behind the mystery?
Grady Means, economist and advisor to Vice President Nelson Rockefeller, predicted that the 4th of March 2014 would be the date on which the economic collapse accelerated, followed by, “A run on the bank (that) will start suddenly, build quickly and snowball.”
“The doomsday clock will ring then because the U.S. economy may fully crash around that date, which will, in turn, bring down all world economies and all hope of any recovery for the foreseeable future — certainly over the course of most of our lifetimes,” wrote Means in a 2012 Washington Times editorial.
With this date fast approaching, any more mysterious banker deaths will only add to the intrigue.

A Third Death at JPMorgan and Another Press Lockout on Information

JPMorgan's Hong Kong Headquarters
By Pam Martens and Russ Martens: February 19, 2014
Since January 28 of this year, one tragic death per week has occurred at JPMorgan among men in their 30s, the latest occurring yesterday — a statistically improbable random occurrence. Each JPMorgan employee worked at a headquarters’ building in a key financial market for JPMorgan – London, New York, and Hong Kong. And in each and every case, the press has been blocked from obtaining vital information to properly do its job.
The deaths started on January 28 when Gabriel Magee, a 39-year old technology Vice President, was found dead on the 9th level rooftop of JPMorgan’s European headquarters at 25 Bank Street in the Canary Wharf section of London. After much prodding by Wall Street On Parade, the Metropolitan Police in London could not confirm that one eyewitness to the fall existed despite London newspapers widely circulating the story that commuters and colleagues observed Magee leap from the building. After more prodding, the Metropolitan Police now state that no further details will be released until a Coroner’s Inquest is held on May 15. That’s more than 100 days from the date of death when mainstream media will have likely lost interest.
According to friends and family, Magee was a vibrant, happy individual with a great sense of humor. He had emailed his girlfriend the evening before his body was discovered that he would be home shortly. When he did not arrive, his girlfriend reported his disappearance to police. Magee’s body was spotted on the 9th level rooftop by co-workers looking out windows on higher floors of the building who then called police at around 8:02 a.m. the next morning.
Six days after the death of Magee, Ryan Crane, an Executive Director who was involved in trading at JPMorgan’s New York office, was found dead in his home in Stamford, Connecticut on February 3. A total and complete press blackout has been instituted in that death. The Chief Medical Examiner’s office will only say that the cause of death is “pending” and final results will not be announced for several more weeks. Wall Street On Parade called the Stamford Police yesterday to ask for the police incident report. Under Connecticut sunshine laws that report should be available to the press. We were informed that if we were able to obtain the incident report, most information would likely be redacted.
Why is the press not able to report to the public the time of day that Crane’s body was discovered and the location of the body when the police arrived. Those details are clearly known to the police and the Chief Medical Examiner. Why are they being withheld from the press?
Crane’s death on February 3 was not reported by any major media until February 13, ten days later, when Bloomberg News ran a brief story.
Press reporting on the third unexplained death at JPMorgan in three weeks has now entered the twilight zone of “news” reporting thanks to obfuscation by JPMorgan. Major media have characterized the worker as an “investment banker,” a “foreign exchange trader,” and a low level employee who worked in “operations.”  These are job functions that are highly remote from one another; they are decidedly not interchangeable job titles.
Yesterday, JPMorgan explained away its information lockout as follows: “Out of respect for those involved, we cannot comment further.” We can understand that a responsible human relations department would want to notify the family before releasing the individual’s name to the press but it is now more than 24 hours later and the press is still in the dark.
At 5:13 a.m. this morning, February 19, reporter Charles Riley assisted by Vivian Kam of CNN released an update to the scant information reported yesterday. The report shows that JPMorgan is still refusing to release the man’s name. CNN reports that: “A source at the bank said the man — identified by police only by his surname, Li — was a junior employee.” We now have a fourth characterization of what this individual did at JPMorgan and we are no closer to any credible information than yesterday. There are tens of thousands of people with the surname Li.
The JPMorgan spokesperson who gave the information to CNN is directly contradicting the information a JPMorgan spokesperson gave to the New York Post yesterday. New York Post reporter Michael Gray reported at 10:25 a.m. yesterday: “A 33-year-old JPMorgan investment banker leaped to his death Tuesday from the roof of the bank’s 30-story Hong Kong office, according to a bank spokesperson.” Gray reports further that the “identify is being withheld pending notification of next of kin…”
The one major newspaper that has failed to report on the string of deaths is the New York Times. The last we heard on this matter from the New York Times was on January 28 when Chad Bray and Jenny Anderson reported on the death of Gabriel Magee.
A search in The Times news archive to ascertain if the paper ever reported on the death of Ryan Crane turned up only news of his football triumphs in school. On December 5, 1993, The Times wrote: “Ryan Crane passed for an 8-yard touchdown to Charlie Minervino with 4:41 left, and Steve Bienko made his third placement to lift Delbarton (11-0) to a 24-23 upset victory over  St. Joseph (10-1) for the Parochial Group 3 championship in Montvale.”
Given that criminal charges were leveled against JPMorgan by the U.S. Justice Department for facilitating the Bernard Madoff fraud just 21 days before the onset of these weekly, unexplained deaths – one would expect to hear that the FBI is involved in this matter. (Wall Street On Parade emailed the media relations department for the FBI and did not receive a response.) While JPMorgan was permitted to settle the Madoff charges with a deferred prosecution agreement and a payment of $1.7 billion, the bank now has a rap sheet and the deferred prosecution document contains an overt threat to indict the company if more criminal conduct is detected.
The Madoff charges were part of a yearlong series of costly settlements for every manner of alleged fraud at JPMorgan: from mortgage fraud, to credit card malfeasance, to rigging electric markets, to gambling with insured deposits in the London Whale debacle — bringing the tally of its get-out-of-jail free cards to $30 billion in a period of 13 months. The company remains under investigation in the Libor and foreign exchange rigging matters.
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