Help with Gold info re. JP Morgan, page-2

  1. 470 Posts.
    Not sure if this is what you're after munchy boy...
    AnnaP


    GATA has Morgan on the run. Let's find ways
    to keep it that way. Show these bums as much
    mercy as they have accorded blacks dying in
    Africa partly as a result of Morgan's
    suppression of the price of gold.


    Consider this news story tonight from
    CBSMarketWatch.com:


    * * *


    Morgan gets slammed in cyberspace


    SAN FRANCISCO -- The virtual hyenas were a-
    cacklin' Wednesday as they feverishly tore
    into J.P Morgan following the finance giant's
    earnings warning.


    Bitten by credit losses and a steep decline
    in trading revenue, J.P. Morgan Chase said
    that third-quarter profits would come in
    "well below" second-quarter results.


    Over on Raging Bull, as some posters placed
    their bets in "The J.P Morgan Death Pool,"
    others, like Derbenski, painted a bleak
    picture looking forward:


    "When I look at JPM's current condition I see
    'designed to fail' in the model. It was not
    that long ago that Long-Term Capital
    Management nearly melted down the world
    financial markets with the derivative
    concoction, and you look at JPM -- it's
    LTCM's daddy in the derivative market. If the
    derivatives don't kill them then it will be
    cuts from a thousand knives from the likes of
    Enron and the rest of the list of bad plays."


    In Yahoo's brazen cyber-kingdom, GoldBugger2k
    drew plenty of attention as he shuffled the
    deck: "The cards have been dealt with three
    showing and two hidden. When the two hidden
    cards are revealed we will be on our way to
    the greatest gold bull market ever.


    "Card 1 was turned yesterday -- JPM's price
    of $20/share or less. The next card to be
    revealed soon is a spot price of gold of $340
    plus. When this happens, and it will, JPM
    will be forced to settle derivative positions
    on gold at expiration. That, my dear friends,
    will be the final nail in JPM's coffin.


    "The days of making obscene profits shorting
    gold and gold stocks will come to an end once
    and for all. They had a good thing going for
    them but as usual greed and avarice overtook
    them. Ta-ta, JPM."


    While gold fever wafted through the boards,
    some posters went for the jugular. Take
    EasyGoin, who was anything but:


    "Anyone that would buy stock to profit in a
    lying, cheating, and fraudulent organization
    such as JPM is just about as UNAmerican as
    you can get. Is it really fair to reward
    those in banking for their greedy self-
    serving mismanagement? Let them sink."


    Flickenstein didn't shed any tears either:


    "Pillaged by management in search of quick
    bucks and fees. Nice bonuses now taken
    directly out of market cap. Let her sink,
    please. JPM is the ultimate gambling bank
    that bet against the house. They thought they
    WERE the house but quickly realized the game
    is played only when players do not think the
    odds are stacked against them. Now they are
    left to play with themselves."


    There's no saving this beached whale,
    according to JKShaughnessy:


    "JPM has come ashore and is in desperate need
    of liquidity. Try as the Fed may to cover her
    with wet towels, it looks like it will be a
    long time before the tide returns. Too big to
    fail? More like 'too big to save.'"


    And finally, WalterReed didn't stop at merely
    attacking J.P Morgan:


    "The Fed will shotgun marriage this dead dog
    to Citibank and create the world's ugliest
    banking monstrosity. One half dead greedy dog
    dragging a totally dead one down the road
    while being whipped forward by Alan Greenspan
    and the FOMC sled drivers."


    Needless to say, there's still plenty of
    negativity toward corporate America drifting
    across the cyber-plains. Does J.P. Morgan
    deserve all the bashing? Share your thoughts
    in CBS MarketWatch.com's JPM Discussion.


    * * *


    Consider this one too:


    * * *


    J.P. Morgan Has Lost Its Street Credibility


    By James J. Cramer
    TheStreet.com
    September 18, 2002


    Hostility may be a tad too strong a term for
    the relationship between Wall Street and J.P.
    Morgan. Testy, maybe. Or incredulous. But
    when you listen to the replay of last night's
    conference call where J.P. Morgan detailed
    the fiasco of a quarter it's having, you have
    to believe that this group of managers has
    simply lost the trust of the community it
    most needs to rehabilitate: The analysts.


    People don't trust this company when it comes
    to its derivative book. They don't trust it
    when it comes to venture capital markdowns.
    People don't trust J.P Morgan when it comes
    to bad credit recognition. People don't trust
    it when it comes to trading foreign exchange.
    People don't trust this company when it comes
    to taking its medicine for bad loans. And
    they don't trust it when it comes to paying a
    dividend.


    In fact, this conference call reminded me of
    some of the worst calls between the old First
    Union and Wall Street or the old Bankers
    Trust and Wall Street, during the days when
    Frank Newman was gutting his credibility by
    the hour.


    Yet what has been the J.P. Morgan's reaction?
    Stay the course. Keep doing what we're doing.
    Don't let the bad news get us down. No change
    in the fundamental direction is needed.


    Which brings me to prediction time: If this
    company doesn't get new leadership in the
    next month, it will be sold like Bankers
    Trust was, to a European bank. It will be
    sold for a price that is not north of where
    it is now, because by that point it will be
    so far south of where it is now.


    In other words, the company's credibility is
    shot. And so is the management's.


    J.P. Morgan at one time was the Yankees.
    This management team has turned the company
    into the Devil Rays.


    What a disgrace.


    -END-



 
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