A previous article by this author ( "The Secret rescue of JP Morgan") summarized evidence from Olagues John, an expert in Options Trading, suggesting that JPMorgan, far from "rescuing" Bear Stearns has been made, was in reality his nemesis. [1] faltering investment bank was felled, drawn not by "rumors", but from insider trading on a level much earlier. The deal was a lucrative one for JPM IE, delivery of the Wall Street mega-banks 52 billion dollars in loans from the Federal Reserve (ultimately the U.S. taxpayer). JPM as he came away with him? Olagues notes the highly suspicious that JPM CEO James Dimon sits on the Board of Directors of the Federal Reserve Bank of New York.
In his latest post Olagues the fate of Lehman Brothers, the nation's fourth-largest investment bank, discussed the stalled and awaits the next bank to fail. [2] Unlike Bear Stearns, which has for the acquisition by JPM depleted Federal Reserve money, Lehman Brothers is probably out of line for a massive bailoutThe U.S. Federal Reserve. Unless, that is what its CEO Richard Fuld seems to believe. On June 4, 2008 Financial Times of London quoted him the words: "The decision of the Federal Reserve this year to lend directly to investment banks should take questions about the liquidity of Lehman Brothers from the table." Whether Lehman can come with liquidity "to meet its debt is no longer a problem, because it expects to feed in the trough of the Federal Reserve, as then, when it acquired Bear Stearns, JPM toBargain prices. The difference between the two "bailouts" is that actually get, unlike Lehman Brothers, Bear Stearns, money. Why is Fuld saving safe? Olagues notes that Fuld, like Dimon (and unlike Bear CEO Alan Schwartz), sits on the board of the Federal Reserve Bank of New York.
A conflict of interest? Seems sure how. In fact, Olagues has a statute, this type of self-treatment as a criminal act. 18 USC Chapter 11, Section208, is a crime punishable by imprisonment up to 5 five years in prison for members of the Board of Directors of the Federal Reserve Bank to make decisions that make their own financial interests benefit. That would undoubtedly apply:
"Fuld, at last count, owns 1.9 million shares of Lehman .... Although Mr. Fuld sold over $ 320,000,000 shares valued at close to their peak in 2006 and recently received the 2007 through the exercise Early stock options he still has a value in its current holdingsapproximately $ 100,000,000. "
Just keep saying Olagues "James Dimon, nearly 3 million shares of JP Morgan has a value of over 120 million U.S. dollars in taxes already paid executives and stock options equal in my opinion, an additional $ 70 million. His disposition of stock was as 140 million U.S. dollars in recent years. " Olagues adds
"Fuld, like Jamie Dimon was the lunch at March 11, 2008 with Bernanke, Rubin, CEO of Citigroup, Geithner, president of the New York Fed, Thain ofMerrill Lynch, and Schwarzman. Some argue that the meeting was about Bear Stearns and how to address the situation. "
Needless to say, Bear CEO Schwartz was not invited to lunch. "Lehman Brothers is one of the original proprietors of shares in the New York Federal Reserve Bank," Olagues observed. "No Bear Stears not now, the title to the FED banks."
The food was three days before the March 14 collapse of Bear Stearns stock that led to the downfall of the bank. When dinnerParticipants were actually discussing the issue on Bear Witness 11 March before the Senate Banking Committee, in which the principles, he said for the first time the problem on the evening of the thirteenth, says Olagues was "accounted for less than the truth."
The identification of at least guaranteed an investigation, but that will take these self-management of the Federal Reserve, members of the account? New York Governor Eliot Spitzer, the former thorn in the side of bankers on Wall Street, was summarilybe eliminated, and with the recent proposal of U.S. Treasury Secretary Hank Paulson, the U.S. Federal Reserve itself will soon be the chief overseer and regulator of banks. The Federal Reserve will regulate the Federal Reserve Board, with their litany of private bank CEOs, a clear case of the fox guarding the hen house.
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1. Ellen Brown, "The secret rescue of JP Morgan: How Insider Trading Looted Bear Stearns and the American taxpayer"webofdebt.com / articles (May 13, 2008), Olagues John, "Bear Stearns Buy-Out ... 100% fraud," optionsforemployees.com / articles (March 23, 2008).
2. John Olagues, "Conflict of interest on the New York Fed," optionsforemployees.com / articles (June 11, 2008).
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