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IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!

 
Anonymous Coward
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08/31/2010 08:05 PM
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IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
[link to finance.yahoo.com]

Source: JPMorgan Chase closing proprietary trading desks to comply with new law


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AP Business Writer, On Tuesday August 31, 2010, 5:52 pm EDT
BOSTON (AP) -- JPMorgan Chase & Co. is shutting down its proprietary trading desks and eliminating around 80 jobs to comply with new restrictions on investment banks, a source familiar with the situation said on Tuesday.

The source spoke to The Associated Press on condition of anonymity because JPMorgan Chase isn't formally announcing the move.

The overhaul of U.S. financial regulations signed into law in July limits proprietary trading in which an investment bank trades on its own accounts for its own profit, rather than on behalf of clients.

The source says JPMorgan Chase is responding by phasing out proprietary desks that trade stocks, bonds and commodities. The desks are in several locations around the globe, including London and New York. Roughly 80 employees out of a total 29,000 staff in JPMorgan Chase's investment banking operations will lose their jobs.

The plans were reported earlier Tuesday by Bloomberg News.

The move doesn't affect far-larger operations that execute trades on behalf of clients of JPMorgan Chase, the second-largest U.S. bank ranked by assets.

The investment banking restrictions in the financial overhaul are part of what's known as the Volcker rule, named after Paul Volcker, a former Federal Reserve chairman who advises the Obama administration. Volcker says banks should stick to taking deposits and making loans. He thinks dealmaking and investment banking should be left to firms that taxpayers wouldn't have to bail out.
Anonymous Coward
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08/31/2010 08:07 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
GATA is saying the same thing

LINK

[link to gata.org]

I would say this is a strong buy signal.
Anonymous Coward
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08/31/2010 08:09 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
wow! could it possibly mean an end to silver manipulation?
wonder if thats behind silvers big gain in the US markets today?
Anonymous Coward
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08/31/2010 08:09 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
PIN THIS !
bump
QuantumGnostic
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08/31/2010 08:10 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
Ahha, the reason gold and silver spiked up today?
Anonymous Coward
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08/31/2010 08:11 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
Could be.
Anonymous Coward
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08/31/2010 08:13 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
clappa
Anonymous Coward (OP)
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08/31/2010 08:20 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
Mr. Chilton (CFTC) said the new rules for commodities would be enforce in September !!
Coincidence ??
hiding
Anonymous Coward (OP)
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08/31/2010 08:25 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
[link to www.bloomberg.com]
Anonymous Coward (OP)
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08/31/2010 09:38 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
bump
Ricfly52

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08/31/2010 09:40 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
All my friends who spend time doing that kind of investment say it is a done deal. JP is out.
Fishing and skiing keeps me a little sane.
bot9

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08/31/2010 09:54 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
this is a very BIG development. wow.
Anonymous Coward
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09/01/2010 08:55 AM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
bump
Anonymous Coward
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09/01/2010 08:57 AM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
clappa
Anonymous Coward (OP)
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09/02/2010 02:10 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
Silver is doing good today !!
Anonymous Coward
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09/02/2010 02:20 PM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
5a
Anonymous Coward
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09/03/2010 08:51 AM
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Re: IS JP MORGAN CLOSING DOWN ITS SILVER MANIPULATION DIVISION ????!!
This is definitely THE most important news in silver in recent history. Ted Butler said in an article sent to subscribers that:

"this looks as real as rain to me, and itís all good news and no bad news for silver."

and in summary, that:

"But a sell-off is not what I am expecting; a price explosion seems more likely, for the reasons cited above. This retreat by JPMorgan is very big news. It is the mother of all sea changes."


It is a sad commentary that on glp, with all of its self professed contrarian geniuses, that this thread drew only a few replies, and as far as I can tell, was not even pinned.

With the recent price action, one wonders if people have to literally be hit over the head with a 2x4 to grasp the implications.

BUY SILVER!

It is simultaneously the most conservative AND the most aggressive thing you can do with your money.

And the most democratic (small d). Every time you buy silver you are fighting the bankers and the powers that be.


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