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Madoff Scandal: JP Morgan saved, customers no


So far we have always believed that U.S. financial giant JPMorgan Chase was completely foreign to the financial scandal of the century, the so-called "Ponzi scheme" by Bernard Madoff. But it is not. How
Nomura, BNP Paribas and Banco Bilbao, also JP Morgan (This is the name of the institution as a broadcaster), the largest U.S. bank by market capitalization, is still the leading derivatives market at the end his name indexed contract for the performance of two of the so-called feeder funds, funds collected money around the world and gave him to manage the Bernard L. Madoff Investment Securities (Blmis). These funds are the Sentry and the Sigma, which was his version €, Fairfield Greenwich Group, which in the scandal appears to have lost around seven billion dollars. Yet

JP Morgan said that it had virtually no exposure - either direct or indirect - on funds linked to Madoff. The reason for this apparent contradiction is simple: less than three months before the arrest of Madoff, a New York bank had withdrawn their money from two funds, putting safe money on the eve of the collapse of the giant chain letter listing foot former president of Nasdaq. The bank never informed investors of its move and some of them are now infuriati per il fatto di essere stati lasciati con certificati che la banca dice essere privi di valore.

Kristin Lemkau, portavoce di JPMorgan Chase, ha confermato che la banca ha ritirato i propri capitali dai fondi legati a Madoff nell'autunno scorso, «dopo un'analisi della nostra esposizione nei fondi hedge» e sulla base di «preoccupazioni sulla mancanza di trasparenza».
A detta di Lemkau, gli investitori non sarebbero stati avvertiti della....
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Pokemon Onesie Pajama

The China is less attracted to the U.S. debt


China has bought more than one trillion U.S. dollars of public debt, but the global recession has grown and Beijing is starting to carry forward some of that money at home, this decision could be very painful for borrowers American
The decreasing interest for China America's debt comes at a bad time
President Barack Obama has announced a deficit of a trillion dollars for years to come, following the package of 800 billion dollars just allocated. Normally, China, was the first to grab the short-term treasury bills.
Over the past five years, Beijing has spent a seventieth of its GDP on domestic debt to buy foreign, especially American. In September, has passed Japan as the largest overseas holder of treasury certificates.
But now Beijing has to pay his package "anti-crisis" of $ 600 billion, partly because tax revenue is falling sharply as the Chinese economy is slowing down. The national regulator has ordered banks to lend more money to small and medium-sized enterprises, many of which are failing due to the decrease in exports, and ordered the government to allocate more money for small public works.
The rating agency Fitch announced that the Chinese foreign currency reserves will increase but only 177 billion dollars, instead of the expected 415 billion.
The strong demand for federal bonds, by Chinese, helped the U.S. government to keep down the rate of interest payable to its creditors, while the Chinese could push up interest reduced the interest rates that the U.S. must pay to creditors.
For now, surely, it seems there is no shortage of buyers of U.S. debt. As, however, concerns the long term, so the Chinese to use this money, could lead to the improvement of living conditions of Chinese and American dependence mnor to the choices of China. This change of direction must be gradual and not abrupt, so that does not reduce the value of American bonds and even the huge reserves in Chinese currency and bonds