From: THE INTERNATIONAL FORECASTER
An international financial, economic, political and social commentary.
Published and Edited by: Bob Chapman
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There is no question there will be more very bad news coming regarding JP Morgan Chase. They will be exposed as the worst fraudsters in Wall Street history. This involves not only Enron and a number of other companies in money laundering scams but also the rigging of the gold and silver markets. This firm is totally without morals or scruples. They are totally corrupt. We'd imagine the SEC and the New York Attorney General will really take them apart, particularly the Attorney General. This is only the very beginning of their nightmare, which hopefully will lead to their exposure and the end of the rigging of the gold and silver markets. Citicorp is equally bad off as their partner in crime, but they have considerably more capital. JP Morgan has a derivatives book 2-1/2 times as large as the US economy, that's why the US Treasury has to take over their positions. If they don't the 51% of total derivatives they have written will come crashing down and with them the world financial system.