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MARKET OUTLOOK - Global & Local, Perspectives & General Market Feeling
early birds
post Posted: Sep 17 2020, 10:37 AM
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https://www.sharecafe.com.au/2020/09/17/bof...-in-the-market/

According to the latest Bank of America’s fund manager survey (covering investments valued at $US646 billion), 80% of the 234 respondents to the September survey reckon the Megatech sector is too crowded – in fact, they say its “the most crowded trade” ever in the market.

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DYOR as always



 
early birds
post Posted: Sep 17 2020, 09:59 AM
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https://www.afr.com/policy/economy/fed-sign...20200917-p55wdk

Lower for longer. #FOMC will maintain an accommodative stance of monetary policy until they can achieve “inflation moderately above 2% for some time” which implies until at least 2023.


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dovish Fed !!



 
mullokintyre
post Posted: Sep 16 2020, 09:36 PM
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Just a little more on my personal distatse for Jamie Dimon and his bank, This Article from Ther Nation says so much about them

QUOTE
After JPMorgan’s deceitful activities in the housing market helped trigger the 2008 financial crash that cost millions of Americans their jobs, homes, and life savings, punishment was in order. Among a vast array of misconduct, JPMorgan engaged in the routine use of “robo-signing,” which allowed bank employees to automatically sign hundreds, even thousands, of foreclosure documents per day without verifying their contents. But in the United States, white-collar criminals rarely go to prison; instead, they negotiate settlements. Thus, on February 9, 2012, US Attorney General Eric Holder announced the National Mortgage Settlement, which fined JPMorgan Chase and four other mega-banks a total of $25 billion.

JPMorgan’s share of the settlement was $5.3 billion, but only $1.1 billion had to be paid in cash; the other $4.2 billion was to come in the form of financial relief for homeowners in danger of losing their homes to foreclosure. The settlement called for JPMorgan to reduce the amounts owed, modify the loan terms, and take other steps to help distressed Americans keep their homes. A separate 2013 settlement against the bank for deceiving mortgage investors included another $4 billion in consumer relief.A Nation investigation can now reveal how JPMorgan met part of its $8.2 billion settlement burden: by using other people’s money.

Here’s how the alleged scam worked. JPMorgan moved to forgive the mortgages of tens of thousands of homeowners; the feds, in turn, credited these canceled loans against the penalties due under the 2012 and 2013 settlements. But here’s the rub: In many instances, JPMorgan was forgiving loans it no longer owned.

The alleged fraud is described in internal JPMorgan documents, public records, testimony from homeowners and investors burned in the scam, and other evidence presented in a blockbuster lawsuit against JPMorgan, now being heard in US District Court in New York City.

JPMorgan no longer owned the loans because it had sold the mortgages years earlier to 21 third-party investors, including three companies owned by Larry Schneider. Those companies are the plaintiffs in the lawsuit; Schneider is also aiding the federal government in a related case against the bank. In a bizarre twist, a company associated with the Church of Scientology facilitated the apparent scheme. Nationwide Title Clearing, a document-processing company with close ties to the church, produced and filed the documents that JPMorgan needed to claim ownership and cancel the loans.
“If the allegations are true, JPMorgan screwed everybody.” —former congressman Brad Miller

JPMorgan, it appears, was running an elaborate shell game. In the depths of the financial collapse, the bank had unloaded tens of thousands of toxic loans when they were worth next to nothing. Then, when it needed to provide customer relief under the settlements, the bank had paperwork created asserting that it still owned the loans. In the process, homeowners were exploited, investors were defrauded, and communities were left to battle the blight caused by abandoned properties. JPMorgan, however, came out hundreds of millions of dollars ahead, thanks to using other people’s money.

“If the allegations are true, JPMorgan screwed everybody,” says Brad Miller, a former Democratic congressman from North Carolina who was among the strongest advocates of financial reform on Capitol Hill until his retirement in 2013.

In an unusual departure from most allegations of financial bad behavior, there is strong evidence that Jamie Dimon, JPMorgan’s CEO and chairman, knew about and helped to implement the mass loan-forgiveness project. In two separate meetings in 2013 and 2014, JPMorgan employees working on the project were specifically instructed not to release mortgages in Detroit under orders from Dimon himself, according to internal bank communications. In an apparent public-relations ploy, JPMorgan was about to invest $100 million in Detroit’s revival. Dimon’s order to delay forgiving the mortgages in Detroit appears to have been motivated by a fear of reputational risk. An internal JPMorgan report warned that hard-hit cities might take issue with bulk loan forgiveness, which would deprive municipal governments of property taxes on abandoned properties while further destabilizing the housing market.

Did Dimon also know that JPMorgan, as part of its mass loan-forgiveness project, was forgiving loans it no longer owned? No internal bank documents confirming that knowledge have yet surfaced, but Dimon routinely takes legal responsibility for knowing about his bank’s actions. Like every financial CEO in the country, Dimon is obligated by law to sign a document every year attesting to his knowledge of and responsibility for his bank’s operations. The law establishes punishments of $1 million in fines and imprisonment of up to 10 years for knowingly making false certifications.
Federal appointees have been complicit in this as well. E-mails show that the Office of Mortgage Settlement Oversight, charged by the government with ensuring the banks’ compliance with the two federal settlements, gave JPMorgan the green light to mass-forgive its loans. This served two purposes for the bank: It could take settlement credit for forgiving the loans, and it could also hide these loans—which JPMorgan had allegedly been handling improperly—from the settlements’ testing regimes.

“No one in Washington seems to understand why Americans think that different rules apply to Wall Street, and why they’re so mad about that,” said former congressman Miller. “This is why.”.


So, not only did they commit the original fraud for which they were fined and forced to pay restitution, they defrauded a second time on the payment of the restitution.
And once again, one of the federal agenc ies responsible for oversight was complicit in the scam.
I rest me case m'lud.
Mick



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Mork
post Posted: Sep 16 2020, 06:25 PM
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In Reply To: mullokintyre's post @ Sep 16 2020, 11:35 AM

QUOTE
I agree he's a pretty smart bloke, unfortunately he has the ethics and morals of a member of the mafia.
The organisation he heads has similar morals and ethics.

that's pretty generous - seems some of these bankers make the mafia look like choir boys


 
mullokintyre
post Posted: Sep 16 2020, 01:31 PM
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In Reply To: early birds's post @ Sep 16 2020, 01:22 PM

I agree that he has made smart decisions to increase wealth for JPM, but then he has had a lot of help fro authorities.
And yes some of the points he made are quite correct.
The problem I see is that he has already set JPM to benefit from his wisdom before releasing these things to market.
A bit like a broker having a whole lot of shitty stock and then putting out a glowing report on that same stock so they offload it.
Mick



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Said 'Thanks' for this post: early birds  Mork  
 
early birds
post Posted: Sep 16 2020, 01:22 PM
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In Reply To: mullokintyre's post @ Sep 16 2020, 12:27 PM

yeah Mick
if my memory serves me right
JPM try to showing bit of "moral" and try to pay bit more when they look at Leiman, and then as subprime shity runs deeper JPM paid peanuts for WAMU

" fortress balace sheets" is the words from Dimon . they are the biggest winner out of GFC [imho] and that is time i had thoughts about "smart guy" !!
thanks to let us know where your anger come from!! tongue.gif

anyway i post this link is think about the points he made. sounds right me! i guess you might be agree some points he made as well.
but according to you he dose things different to what he says!! lmaosmiley.gif then that will be a smartass!!

take the easy Mick!!



 

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mullokintyre
post Posted: Sep 16 2020, 12:27 PM
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In Reply To: early birds's post @ Sep 16 2020, 11:50 AM

Howdy EB, he hasn't done anything personally to me, although JP Morgan is one of the biggest purpertrators of the fraud that sees the paper traders screwing the COMEX market for both gold and silver every day for the past thirty years. But thats another story.
My intense dislike and distrust of the likes of JP Morgan/Jamie Dimon is equally shared by all the major commercial banks in the US system.
They have done over the average American for years, ensured they get special treatment courtesy of owning the FED, and are a good part of the inequality of wealth, health and living standards in the US today.
Who was the bank that had their snouts in the trough with Bernie Madoff and the biggest Ponzi scheme in History?
If you can find it, have a look at the hecklers aiming for Dimon when he appeared before the senate banking inquiry in 2012 I think it was.
This quite from Wall street on parade almost exactly a year ago This time last year
QUOTE
Yesterday, three traders at JPMorgan Chase, the bank headed by Jamie Dimon, got smacked with the same kind of criminal felony charge that was used to indict members of the Gambino crime family in 2017. The charge is racketeering and falls under the Racketeer Influenced and Corrupt Organizations Act or RICO. According to the Justice Department, the traders engaged in a pattern of rigging the gold, silver and other precious metals markets from approximately May 2008 to August 2016.

Jamie Dimon organised a downgrading of a perfectly healthy bank, Wamu (Washington Mutual) back in the early 200's so that JPMC could buy it on the cheap.
Do a search on the bank, Sheila Blair, who was then head of the FDIC, and see the sorts of tricks they got up to to devalue a healthy bank.
I could go on, but I am sure you get the picture.
In all of these cases, the regulatory authorities, turned a blind eye, or in the case of the WAMU takeover, they were in complete connivance.
Have a nice day!
Mick





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early birds
post Posted: Sep 16 2020, 11:50 AM
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In Reply To: mullokintyre's post @ Sep 16 2020, 11:35 AM

i kinda guess JPM did some shity thing to you, it's not first time i see you gets really upset with them.
hope you can tell us little bit more!! tongue.gif

for investment idea, i took less ethic approach, that way i'd have more of choice. imho



 
mullokintyre
post Posted: Sep 16 2020, 11:35 AM
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In Reply To: early birds's post @ Sep 16 2020, 11:17 AM

I agree he's a pretty smart bloke, unfortunately he has the ethics and morals of a member of the mafia.
The organisation he heads has similar morals and ethics.
Mick



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early birds
post Posted: Sep 16 2020, 11:17 AM
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https://www.cnbc.com/2020/09/15/dimon-short...-decisions.html


He added that the Fed was “so wide open now” that it does not need to pump any more liquidity in the system, and should instead let nature take its course. He argued another small round of federal spending was needed to prop up small businesses and people in long-term unemployment

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both way??, nature course?? or printing more??
i'm still a fan of him. smart CEO.



 
 


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