some thoughts from afar, page-30

Here some facts:
JP Morgan Chase & Co. (short-term buyer) currently from 18 July till 408/2008 sold about 34,000,000 shares. I’m happy JPM is no longer substantial holder. Why? Because sp will improve with the proximity to their fundamentals
Here some data and an article worth to read

Shareholders Buying
Date Shareholder Name Previous % New % Shares Purchased
04-02-08 JP Morgan Chase & Co and its affiliates 6.45 7.50 12,400,000
12-12-07 Allied Properties Resources Limited 5.84 12.71 93,000,000
12-12-07 JP Morgan Chase & Co and its affiliates 7.63 6.45 23,005,600


Shareholders Buying
Date Shareholder Name Previous % New % Shares Purchased
04-02-08 JP Morgan Chase & Co and its affiliates 6.45 7.50 12,400,000
12-12-07 Allied Properties Resources Limited 5.84 12.71 93,000,000
12-12-07 JP Morgan Chase & Co and its affiliates 7.63 6.45 23,005,600
21-11-07 Allied Properties Resources Limited -- 5.84 --

Shareholders Selling
Date Shareholder Name Previous % New % Shares Sold
04-08-08 JP Morgan Chase & Co and its affiliates 5.48 -- --
01-08-08 JP Morgan Chase & Co and its affiliates 7.50 5.48 23,800,486

Substantial Shareholders List
Date of Change Shareholder Name Shareholding % Shares Held
28/09/2007 Sun Hung Kai Investment Services Ltd 75,000,000 8.83
02/01/2008 RAB Special Situations (Master) Fund Limited 96,050,500 8.14
12/12/2007 Allied Properties Resources Limited 150,000,000 12.71

JP Morgan Chase & Co.
A Nightmare on Wall Street

Any reader who has an interest in seeing gold go up is likely to enjoy reading this article. To put what I am about to write in an overall context I would like to draw readers' attention to my article "The Great Crash of 2002" which appeared in July in 321gold and Prudent Bear and a number of other sites. Here is an excerpt: "I state now, without exaggeration, that I firmly believe that we are now about to witness, within the next few months, possibly within the next few weeks, the MOST DRAMATIC STOCK MARKET CRASH IN HISTORY, which will make the crash of '29 look like a Sunday School outing." It is within this context that we are seeing the stock of the New York bank JP Morgan, the second largest bank in America, plunging.
There has been a lot of talk circulating these past months to the effect that JP Morgan is a leading member of a cartel holding huge net short positions in gold derivatives and who therefore have a vested interest in holding down the gold price and, in collusion with central banks, who are fighting to defend the fiat money system, dump gold on the market whenever it looks like it will break through a key chart point. In fact, the Office of the Comptroller of the Currency lists JP Morgan Chase as the largest holder of gold derivatives. The reason that they got themselves into this position is historical. They were involved in forward selling gold, which they regarded as a non-performing asset, throughout the 90's to extract value before the price fell further. Elaborate schemes were hatched to free up the value locked up in this "dead asset", which they regarded as mouldering uselessly in underground vaults while other assets were soaring. From what I have heard there has also been some very convoluted and strange accounting employed to tap the value of the yellow metal. The end result of all this scheming would appear to be huge net short positions in gold / gold derivatives built up by banks such as JP Morgan and also plundered bank vaults. Furthermore, a vicious circle has developed in recent times, due to the developing bull market in gold, which is forcing banks to dump their dwindling supplies of bullion on the market at critical points in an attempt to save themselves from being buried by their huge short positions, even though they know they are selling a rising asset. Of course, if JP Morgan is net short gold derivatives in a big way and gold goes up a lot, they are going to be facing a rather large bill, to put it mildly, and that's just one of their major problems.
The whole system is awash with credit - DEBTS THAT CAN NEVER BE AND WILL NEVER BE REPAID. In other words, bond holders will be left holding one gigantic bag - stuffed full of worthless piles of paper!
Now I now that banks like JP Morgan won't be the only ones left holding the bag, because they have been crafty enough to farm out a lot of this now rapidly souring debt to other unsuspecting takers, such as hedge funds, insurance companies, pension funds, institutional investors and mutual funds through syndication. This syndication of loans has enabled the banks to ramp up their lending activities, since less of their own capital was on the line per deal. Lending standards have also deteriorated with leveraged and sub-standard loans making up an ever-greater percentage of syndicated loans. But, my point is that they are all going to get clobbered.
Another massive problem facing JP Morgan is that they have, by some estimates, more than $20 trillion of derivatives on their books. Yes, that's TRILLION not BILLION. I don't know about you, but I can't even imagine a sum of money so vast, and, you know, I think that might be at the root of the problem. I don't think the management at JP Morgan could comprehend it either, it's so vast it's almost meaningless. "You'd like another $150 billion in dollar call spreads? Consider it done, Mr Rodriguez - shall I book that to Burkina Faso Leveraged Investments Ltd as usual?"
Compared to the gigantic derivative exposure, the $12 billion of loans to cable and telecom companies seems trifling. Given that, with respect to derivatives, about 2% of a bank's total exposure is viewed as being at risk, this means that JP Morgan is potentially liable to the tune of $400 billion, which is considerably larger than the bank's stock market capitalisation of $37 billion.
Yet another problem facing JP Morgan is that, as I understand it, they are facing a not inconsiderable amount of litigation.
http://www.gold-eagle.com/editorials_02/maund092302.html

Cheers NJ