JP Morgan the Residents Favorite Banker and Government Sachs have re-opened the Casino responsible for helping crash the Worlds Economy. No this is not a "Jewish Cabal" ruining the World Jamie Dimon the residents favorite banker is Greek the head bagman tax cheat Geithner is German United Church of Christ and Government Sachs Ringleader Paulson is a Christian Scientist. You can have the "Elitism" mindset explained to you here.
These two firms are the top two largest dealers in Credit Default Swaps CDS. Credit Default Swaps are what brought down AIG because they could not cover the bets. Yes, cover the bets as trading CDS is a legalized form of gambling. While this corrupt congress complains about it nothing is really being done.
JPMorgan, Goldman Sachs Lead CDS Dealers in Survey
“This growing dependence on a limited number of counterparties, for better or worse, appears to be a permanent feature of the market and can be traced to the collapse” of market-makers such as Lehman Brothers Holdings Inc. and Bear Stearns Cos., Fitch analysts wrote in the report.
In a report published in June, JPMorgan was the largest trader of credit derivatives among U.S. commercial-bank holding companies, with $7.5 trillion (emphasis added) in gross contracts outstanding at the end of the first quarter, according to the Office of the Comptroller of the Currency. Goldman had the second-most contracts outstanding at $6.6 trillion (emphasis added), Morgan Stanley was third with $6.3 trillion, Bank of America Corp. had $5.6 trillion and Citigroup Inc. had $2.9 trillion, according to the OCC report.
If this type of transaction is so toxic and led to the collapse of so many other firms which led to the multi billion dollar bailouts then why are we still allowing this type of transaction and why are JP and Goldman the leaders of the pack.
Credit is still defaulting which means that these gambling debts will have to be paid off by someone. AIG had over $12 trillion dollars of CDS's and these two firms have a combined total of over $14.1 TRILLION.
Will you the taxpayer have to Bail them out again? Imagine walking into a Casino and making your bet with the full faith and credit of the US Government backing your losses if you Win you WIN if you Lose we (the US in the U.S. Government) pay off your losses!
To finish reading the full Article at Bloomberg.com...click here
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