right and wrong - jpm versus deutche bank, page-3

Look - it's like this:

Both JPM & DB have the same agenda - to churn the stock, and...

JPM, Citi, GS & DB have all had hands in not only manipulating a whole Universe of commodity stocks, but absolutely anything they could turn a buck on - both imho should never EVER to be believed on a black & white basis.

They both have opaque trading structures & systems which allow them not only to macro-trade, but micro-trade as required, from a whole sector, sub-sector and through to individual companies to satisfy their often undisclosed agendas, much of the time isn't only economic, but heavily directed by the global geo-political heavyweights such as the US Fed, ECB, BoE, BoJ - in fact all entities which remain in the pocket of a very small number of hugely wealthy individuals, syndicates and Blofel-like characters who put themselves above the law.

If you need evidence of how trustworthy these firms are do a Google search - you'll be unsurprised by what you find, eg:

http://www.wsws.org/en/articles/2013/03/16/bank-m16.html

I particularly like:

'withholding and falsification of information on the trading activities in reports made to the chief federal regulator'

'complicity of federal regulators, led by the OCC, in the bank’s fraudulent activities'

'systematic fraud and deception'

'parasitic wheeling and dealing'

'a trading operation that piled on risk, ignored limits on risk taking, hid losses, dodged oversight and misinformed the public'

'use of accounting tricks to deceive investors, and issuance of false statements to regulators and the public (being) violations of federal securities statutes punishable by fines and jail terms'

'a financial snake pit rife with greed, conflicts of interest and wrongdoing'

'Obama personally rushed to vouch for Dimon and his bank, publicly declaring only days later that... JPMorgan was “one of the best managed banks there is.”

With friends like that... eh?!

Oh, and DB (aka the 2nd most leveraged & 3rd least capitalised of Europe's 10 biggest banks)? Here's fifteen for you:

http://rwer.wordpress.com/2013/03/23/deutsche-bank-fifty-shades-of-fraud/

And a postscript, just to over-egg my cynical pudding...

“Looting: the economic underworld of bankruptcy for profit”:

http://www.brookings.edu/~/media/projects/bpea/1993%202/1993b_bpea_akerlof_romer_hall_mankiw.pdf

“Bankruptcy for profit will occur if poor accounting, lax regulation, or low penalties for abuse give owners an incentive to pay themselves more than their firms are worth and then default on their debt obligations. Bankruptcy for profit occurs most commonly when a government guarantees a firm’s debt obligations.”

The assertion is that owners / managers employ a deliberate strategy of going broke (intentional looting) rather than subsidised risk taking / speculation.

The reason for this occurring is that various conditions conspire to make this strategy yield a positive pay-off to the potential looter (high salary, over-inflated firm valuation, government guarantees, low penalties for abuse etc.)'