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Jamie Dimon’s Deeply Conflicted Role as “Rescuer” of First Republic Bank Requires a Credible Investigation
by Gunnar Larson 26 Apr '23

26 Apr '23

https://wallstreetonparade.com/2023/04/jamie-dimons-deeply-conflicted-role-… By Pam Martens and Russ Martens: April 26, 2023 Jamie Dimon Sits in Front of Trading Monitor in his Office (Source -- 60 Minutes Interview, November 10, 2019) Jamie Dimon Sits in Front of Trading Monitors in his Office (Source: 60 Minutes Interview, November 10, 2019) The Board of Directors and shareholders at the largest bank in the U.S., JPMorgan Chase – which has more than 5,000 Chase Bank branches dotting the landscape from coast to coast – have ample reason to ask themselves where the loyalties of the bank’s Chairman and CEO Jamie Dimon exactly lie. Dimon, who has come under withering negative publicity for the bank’s many years of catering to the cash payoff needs of child sex trafficker Jeffrey Epstein, had an urgent incentive to want to change the subject. So a media blitz ensued around his role as rescuer of the sinking carcass of a much smaller bank, First Republic Bank – which has its own dubious distinction of being the bank that wired the hush money to porn star Stormy Daniels by Trump attorney, Michael Cohen. For just how broadly Dimon’s “rescue” of First Republic Bank has been reported, scroll down at this link. Only someone living off the grid or in a coma did not hear that Jamie Dimon was riding to the rescue of First Republic Bank. But as early as Tuesday, March 28, during a Senate Banking hearing, it became clear that when First Republic finally got around to updating the public on the severity of its distressed situation (which it finally did on Monday in a 12-minute earnings call that took no questions from anyone), the news was going to be devastating to the bank. At the Senate Banking hearing, the Vice Chairman for Supervision at the Fed, Michael Barr, explained just how fast deposits can evaporate from a bank in the new digital age, especially when tens of billions of dollars of those deposits exceed the FDIC insurance cap of $250,000 per depositor, per bank. Barr told the Senators that in the case of Silicon Valley Bank, $42 billion in deposits had left the bank on Thursday, March 9, and bank customers had queued up $100 billion more to exit the following day. Silicon Valley Bank did not have adequate collateral to post at the Fed to borrow funds to meet that $100 billion in withdrawals, thus the bank was put into FDIC receivership on March 10. No depositor has ever lost a dime of deposits in an FDIC-insured bank if they have kept those deposits in FDIC-insured accounts and within that $250,000 FDIC cap. Both Silicon Valley Bank and First Republic Bank are California-headquartered regional banks. The contagion from Silicon Valley Bank had directly impacted First Republic Bank. By the date of that Senate Banking hearing on March 28, First Republic’s common stock had lost 90 percent of its market value – just in the month of March. It might be possible to come back from that if one is a start-up tech firm, or an acknowledged high-risk innovator. But Americans put their money in federally-insured banks because they want safety; because they want the peace of mind of knowing their deposits will be protected despite what happens in the Wall Street casino on any given day. In that vein, Jamie Dimon was the worst possible choice to head up a rescue of First Republic Bank as he is the personification of what happens when a trading casino is allowed to own the largest federally-insured bank in America. Under Dimon’s tenure at the helm of JPMorgan Chase, it has been charged with losing $6.2 billion of depositors’ money by gambling in derivatives in London; its precious metals traders have been charged under RICO – the statute used to prosecute the mob; it has received an unprecedented five felony counts from the U.S. Department of Justice, including aiding and abetting the largest Ponzi scheme in history by Bernie Madoff, and on and on. But Jamie Dimon has a legion of public relations flacks shaping his image as a titan of Wall Street wisdom and he has clearly gotten high on his own p.r. supply. So Dimon cajoled three other mega banks on Wall Street to join his bank and dump $5 billion each of uninsured deposits into First Republic Bank on March 16. Those banks were Bank of America, Citigroup and Wells Fargo. In addition, Morgan Stanley and Goldman Sachs deposited $2.5 billion each; while BNY Mellon, State Street, PNC Bank, Truist and US Bank each deposited $1 billion, bringing the total infusion to $30 billion. In addition, according to First Republic, JPMorgan Chase had also provided a line of credit to the bank. Multiple media outlets also reported that JPMorgan Chase and Lazard were advisors to First Republic Bank on its options going forward. (See here and here.) Yesterday, the share price of First Republic plunged another 49 percent, closing at an all-time low of $8.10. In response, CNBC is reporting that there is now a plan afoot to attempt to cajole the 11 banks that sluiced the $30 billion in temporary deposits to First Republic to convert that into an equity stake. Seriously? What the devil is going on here and why aren’t the shareholders of these banks wielding pitchforks? S&P Global has already downgraded First Republic Bank into junk territory; excluding the $30 billion in strong-armed deposits from the mega banks, First Republic lost a staggering 58 percent of its deposits in the first quarter of this year; and its wealth advisors are leaving and taking billions of dollars in clients assets with them to new firms. Since when did it become a rational move for one federally-insured bank to link its brand and reputation to an imploding bank? Dimon needs to be hauled before the Senate Banking Committee in a public hearing, put under oath, and grilled as to what exactly his motivation was to get so enmeshed in the hot mess at First Republic Bank. Likewise, the perpetually blind-folded and conflicted Board at JPMorgan Chase needs to hire an independent, credible law firm to investigate the conflicts inherent in the many hats Jamie Dimon was wearing in this debacle.

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Stop the presses
by professor rat 26 Apr '23

26 Apr '23

There should not be any NYT for Mange to scribble op-eds in when he shuffles out in his zimmer-frame. https://twitter.com/NYTimesUp/status/1650918188392255490?cxt=HHwWhMDQxY3Wnu… Reposts not discredited shithole websites for corpse-media zombies

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“far left activists” are “resorting to trying to hack our system”
by professor rat 26 Apr '23

26 Apr '23

morgan_sung · Apr 22 missouri’s trans snitch line is down after people spammed it with smut fics, rambling anecdotes, and the bee movie script the attorney general’s press secretary said “far left activists” are “resorting to trying to hack our system” Reposts not genuinely distributed, denial-of-service tactics ( DDoS )

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[ot][spam][spam][crazy] spamming cypherpunks list
by Undescribed Horrific Abuse, One Victim & Survivor of Many 26 Apr '23

26 Apr '23

bip bip there is mourning around this

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Adam Back is now becoming synonymous with Government Bonds
by professor rat 26 Apr '23

26 Apr '23

Backstabber's gone from Maxi Terror Central to Crypto Suit in sixty-seconds - the only LARP he will never try is passing for a c-punk revolutionary. https://twitter.com/JAN3com/status/1651024960880615424 Reposts not crypto-bro-Asian-lover stereotypes

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Buttface Buterin linked to illegal building on wildlife habitat
by professor rat 25 Apr '23

25 Apr '23

For the past eight years, M Vetri Selvan of the NGO Poovulagin Nanbargal has been fighting against Vasudev’s illegal constructions in the Madras high court, where he filed four petitions in 2013 and 2014. In his pleas, Selvan asked that the planning department’s order for demolition of Isha’s illegal structures be carried out, officials who had not acted against its illegalities be punished, Isha Sanskriti School’s illegal operation be stopped, and provision of cheap electricity to the Isha campus be stopped. https://www.newslaundry.com/2021/05/17/how-sadhguru-built-his-isha-empire-i…. Reposts not skeevy Ethereum launches by dodgy quack guru Vinay Gupta

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Perry Metzger highlights two things rapid cyborg evolution needs - nanotech and people.
by professor rat 25 Apr '23

25 Apr '23

Perry Metzger highlights two things rapid cyborg evolution needs - nanotech and people. https://twitter.com/perrymetzger/status/1650652557470056448 I would then add quantum computer networking and interstellar spacecraft construction once those first two are in place. Result? Optimized uploaded humans ready to colonize this galaxy and others - in a nice way, of course.

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Donald Trump - cypherpunk revolutionist
by professor rat 25 Apr '23

25 Apr '23

emptywheel 3h Note that in the course of a day, Trump was accused in closing arguments of being responsible for the Proud Boys launching an insurrection in the morning and of rape in the afternoon. #AllInADaysLegalExposure Quote Tweet erica orden @eorden 4h Jury selection the in the E. Jean Carroll v. Donald Trump case is complete. Opening statements will take place this afternoon. Show this thread <<< Very Assange

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Deutsche Bank Hit With $95 Million Verdict in Florida Ponzi Case
by Gunnar Larson 25 Apr '23

25 Apr '23

Sounds like the United Nations ... https://news.bloomberglaw.com/litigation/deutsche-bank-hit-with-95-million-… Damages sought by companies’ liquidators Bank has been accused of lax controls Deutsche Bank AG must pay $95 million over allegations it negligently disregarded warning signs about a high-dollar Ponzi scheme and even aided and abetted it, a jury in Florida determined Tuesday. Representatives of 13 Cayman Islands companies undergoing liquidation brought the suit in the US District Court for the Southern District of Florida. Five of them were allowed to proceed to trial. The lawsuit is among a dozen filed over a South Florida real estate investment scheme, including at least two against Deutsche Bank, which has been dealing for years with accusations of lax internal controls. The liquidators alleged that Deutsche Bank and several subsidiaries knew that the real estate investors’ funds weren’t being used for their intended purpose. The scheme allegedly resulted in hundreds of millions of dollars in losses. Four individuals allegedly ran two companies, South Bay Holdings LLC and Biscayne Capital International LLC. Those individuals allegedly used securities-issuing companies to connect investors to South Bay’s real estate assets, which were heavily leveraged and worthless as backing for the securities. The issuers are among the companies whose liquidators are suing Deutsche Bank. EFR Law Firm and Bondurant Mixson & Elmore LLP represent the companies’ liquidators. Duane Morris LLP and Cahill Gordon & Reindel LLP represent Deutsche Bank. The case is Pearson v. Deutsche Bank AG, S.D. Fla., No. 21-cv-22437, verdict rendered 4/25/23.

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Kiva | Kiva’s CEO Stepping Down
by Gunnar Larson 25 Apr '23

25 Apr '23

Kiva.org has a new CTO: https://www.linkedin.com/posts/kiva-org_after-a-long-search-were-happy-to-a… It is a hunch that New York's DFS Superintendent may not be honest about her relationship with Kiva.org. Between NYCCoin, USDP, and Kiva.org one has to wonder if Paxos' NUCoin endeavor is part of the Superintendent's auspicies. ----- https://www.kiva.global/kiva-org/kivas-ceo-stepping-down/ Kiva’s CEO Stepping Down Kiva.org Julie Hanna 22 July, 2022 Kiva CEO Chris Tsakalakis announced his resignation A message from Chris Dear Kiva community, After much reflection, I’ve made the difficult decision to step down as Kiva’s CEO. With my departure, Kiva’s Board of Directors will immediately begin a search for the next leader and will implement a transitional leadership plan so that Kiva can continue its mission-driven work to expand financial access to help underserved communities thrive. Wrestling with these types of decisions is never easy, but I’m confident that this is the right step not only for me, but for this incredible organization. I continue to be a strong believer in Kiva’s mission and look forward to supporting it through my personal commitment as a lender and donor. I have learned so much during my time here, and I am grateful to the board, the Executive Leadership Team, Kiva’s incredible employees, and to all of you for giving me the opportunity to lead this organization. Thank you to everyone in the Kiva community – lenders, partners, volunteers, donors, investors, and staff – for supporting our mission. Kiva is a resilient organization with a rich 17 year history and I look forward to seeing its ever increasing impact around the world. Respectfully, Chris CEO Transition: A message from Kiva’s Board of Directors Kiva’s Board of Directors would like to thank Chris for the commitment of his service and unwavering belief in Kiva’s mission, especially against the relentless headwinds of a global pandemic. As we say goodbye to Chris, let us also celebrate all that the Kiva Community of Lenders, together with Kivans and Chris, achieved during his tenure. 2021 was Kiva’s biggest year of impact with 550,000 entrepreneur borrowers across more than 60 countries receiving over $223 million worth of loans. We are also grateful for the capable leadership hands in which Chris leaves Kiva. Through the appointments of Liz Ray (Chief Financial Officer), Annette Promes (Chief Marketing Officer), Don Carter (Executive VP of People & Places), Molly Siemers (VP of Marketplace Product), and Sin-Mei Tsai (interim CTO), Chris broadened and deepened our leadership bench, while making meaningful strides in expanding diversity and representation. As Chris leaves his role as Kiva’s CEO, the Board, in partnership with the Executive Leadership Team (ELT), will work to ensure leadership continuity so that Kiva’s important work and impact continues unimpeded. A CEO search is being initiated and interim leadership will be announced shortly. Like every organization in the world, Kiva has experienced its share of change in recent years. Guided by the steadiness of its enduring mission, Kiva has proven itself to be adaptive, time and again. At its core, Kiva’s fortitude lies in the strength of its collective power – the fiercely committed community of staff, volunteers, lenders, partners, and investors who have come together to enable over $1.7B in loans to reach nearly 4.5 million underserved people across the world. We are perennially grateful for all you do to make Kiva’s mission a reality. With gratitude and in service, Kiva’s Board of Directors Julie Hanna, Kiva Executive Chair Silvija Martincevic Andre Haddad Maya Chorengel Reid Hoffman John Muller

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