Repost: By Tom Heneghan
International Intelligence Expert
Sunday March 25, 2012
UNITED STATES of America - It
can now be reported that the U.S. Senate Committee on Banking has new
evidence showing that JP Morgan had a $200 million overdraft aka a
second margin call on the London LIFFE Exchange three days before the MF
Global bankruptcy fiasco was triggered.
The second margin call (the first margin call was four days earlier for
$175 million) dealt with cross-collateralized, compounded naked euro
currency put options that were written by JP Morgan with the
transactions being placed through the CME Group and the aforementioned
London LIFFE Exchange.
We can now divulge that, thanks to PROMIS software, MF Global took the opposite side of the trade.
Note: The fact that MF Global took the opposite side of the trade is a
significant development and it completely torpedoes the ISDA's
(International Swaps and Derivatives Association) legal standing that
declared the latest Greek bailout a non-credit event rather than what it
really is, a Greek default.
The ISDA's decision has temporarily rewarded crooked banks, as well as
Goldman Sachs and JP Morgan, and screwed the hedge funds as well as the
looted customer segregated accounts that were tied to MF Global.
The fact that two margin calls were issued in a span of one week against JP Morgan is clearly a game changer.
The first margin call aka the overdraft was triggered when the JP Morgan
SWIFT wire transfer (to pay for their derivative trades) was rejected
by the London LIFFE Exchange after the Dallas Federal Reserve Bank
refused to honor the JP Morgan float aka line of credit.
Dallas Fed President and CEO Robert W. Fisher actually notified the New
York Fed on that day that JP Morgan was using TARP money (Troubled
Relief Asset Program) to write their euro currency option derivatives.
This illegal trading
done by JP Morgan violated the terms of the 2008 Bush-Pelosi bank
bailout that forbid banks like Goldman Sachs and JP Morgan from using
U.S. Taxpayers' money to engage in any type of derivative trading.
What followed was the largest 24-hour crime spree aka money laundry in financial history.
Forty-eight hours after JP Morgan's line of credit was rejected (their
electronic check bounced creating an overdraft), a second larger margin
call was issued to JP Morgan, which set off the following change of
Immediately financial terrorist Jamie Dimon, CEO of JP Morgan phoned
Federal Reserve Chairman Bernard Bernanke, U.S. Treasury Secretary
Timothy Geithner and CFTC Chairman Gary Gensler and discussed his
Within an hour the CME Group re-issued the second margin call singling
out only MF Global and removing JP Morgan from its liability.
minutes later Jamie Dimon called MF Global CEO Jon Corzine threatening
his life and demanding that MF Global meet the $200 million margin call
that was originally issued for JP Morgan....
Read Full Article Here: http://www.nesaranews.blogspot.com/2012/03/jp-morgan-mf-global-euro-gate-escalates.html