Big time financial fraudsters going to jail!

No it's not Jamie Dimon or Lloyd Blankfein or anyone from Bank of America or HSBC. It's Real Housewives' stars Joe and Theresa Giudice. The both took a plea and one of them (probably Joe) will be spending the next 3-4 years in jail.

For fraud.

Now please square that in your head against the massive, decade-long (or longer) frauds, money laundering and illegal market manipulations of the major banks--WHO ADMITTED TO THESE THINGS.

Not a single banker is going to jail, but a couple of two-bit reality TV stars? Yep, they're getting locked up.

Shows you how corrupt (and bought) the system is.

Houses and Holes — Bitcoin ponzi unraveling?

Neither Houses and Holes nor JPM likes Bitcoin or sees a future in it. But JPM does acknowledge that its attraction is a lower cost payments system.

MacroBusiness
Bitcoin ponzi unraveling?
Houses and Holes

Zero Hedge — Chase-ing Bitcoin: Is JPM Preparing To Unveil Its Own Electronic Currency?

You knew this was coming didn't you?

Zero Hedge
Chase-ing Bitcoin: Is JPM Preparing To Unveil Its Own Electronic Currency?
Submitted by Tyler Durden

But maybe not so much. It's really more an alternative payment system than an alternative currency:

Clusterstock

You Should Probably Ignore That 'JP Morgan Bitcoin' Patent — It's Over A Decade Old
Rob Wile

 

Andrew Gavin Marshall — Global Power Project, Part 4: Banking on Influence With JPMorgan Chase

Venturing into the lion's den.

Truthout
Global Power Project, Part 4: Banking on Influence With JPMorgan Chase
Andrew Gavin Marshall, Occupy.com | News Analysis

Dirk Ehtns — JP Morgan points out “features which appear to be unsuited to further integration”

The text does not continue to make explicit the “features which appear to be unsuited to further integration in the region”. I guess that to all bankers involved it is clear that bloated welfare states, regulations of financial and labour markets and high taxes on business and higher incomes are meant. Between the lines you could also read that in fascist dictatorships “economic and political reform” is easier to implement. Now, with democracy, that is a bit harder.

econoblog101
JP Morgan points out “features which appear to be unsuited to further integration”
Dirk Ehnts | Berlin School of Economics and Law

Bankers looking back at "the good old days" of fascism? Ehnts calls it "insensitive." I would call it obscene. It is also a revealing "revealed preference."

Ellen Brown — It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors

Think deposits in US banks are "safe"? Think again.

Web of Debt
It Can Happen Here: The Confiscation Scheme Planned for US and UK Depositors
Ellen Brown | Attorney

4closure Fraud — Chris Whalen Drops The F-bomb On Wall Street, Jp Morgan, While Sounding The Bankruptcy Alarm (Video)

Read and watch it at 4closure Fraud
Chris Whalen Drops The F-bomb On Wall Street, Jp Morgan, While Sounding The Bankruptcy Alarm (Video)
by 4closure Fraud

More links provided there, too

Chris Whalen on Radio Free Dylan | A 30 minute podcast of Chris Whalen and Dylan Ratigan on Bank of AmericaForeclosuregate Video – Bloomberg Interview of Chris Whalen “Foreclosure Issue is a Cancer”Chris Hayes | Lobbying Firm’s Memo Spells Out Plan to Undermine Occupy Wall Street (VIDEO)Message To Wall Street (Join #OccupyWallStreet)Chris Whalen (Bank Shill) on Lien State vs Title State (VIDEO)

MF’s Corzine Ordered Funds Moved to JP Morgan

Impossible.  Impossible in that "funds" do not "move".

This headline from a Bloomberg article that follows up on the situation between MF Global and their banker JP Morgan.  The article is mostly out of paradigm in that it reports these matters in a way that misses the basic abstract nature of our banking system.

But the Bloomberg people are not the only ones who can't get a handle on these systems, here from the article is an excerpt from a Congressional inquiry report, trying to explain these events:

“Over the course of that week, MF Global (MFGLQ)’s financial position deteriorated, but the firm represented to its regulators and self-regulatory organizations that its customers’ segregated funds were safe,” said the memo, written by Financial Services Committee staff and sent to lawmakers.

I bring attention to this government report's use of the word "segregated"; like somehow the system consists of a big vault room with different physical deposit boxes that are "segregated".  This is absurd.

Hat tip to Naked Capitalism where Yves has covered this Bloomberg story but Yves has in a way been misled by the context here and has written that the customer accounts had been "raided".  Nobody is "raiding" anything here.  The system is just a big "spreadsheet", as Warren Mosler often describes it, that keeps track of double entry accounting transactions, and depository institutions are entrusted to operate the system conservatively and with integrity.

Our banking system is not best understood by watching a Harry Potter movie and the goblins that run the Gringott's Bank in those fictional stories by J.K. Rowling.  Here's a picture of Harry and friends who have just come out of a "segregated" account that looks like it has been "raided" and the "funds" have been "moved":

This is an image from a children's movie and does not in any way represent the real world of modern banking, our system is all on computer based integrated information systems these days; which keep track of double entry, offsetting accounting transactions.

Garbage in, garbage out.