James Koutoulas made an interesting claim in a conversation with CNBC last week. He indicated that he has inside information from sources within JP Morgan that the bank is holding up to $600 million in former MF Global customer money.
Through her independent research into the global financial crisis, Janet Tavakoli uncovered what she calls massive, widespread fraud committed by a network of mortgage originators, securitizers, and rating and regulatory agencies, among others.
JP Morgan (JPM) just gave us the preview of the next financial crisis. A surprise, hidden $2 billion trading loss in esoteric foreign derivatives at on offshore branch by America’s premier bank is exactly what the markets did not want to hear right now.