Jamie Dimon Admits To $150 Billion JP Morgan Accounting Fraud

‘JPM’s $150 Billion FDIC Reality Adjustment’ – Jamie Dimon Just Admitted To The World That JPM Assets Are Overvalued On The Books By $150 Billion

JPM’s $150 Billion FDIC Reality Adjustment

Reuters published an exclusive story this morning

• U.S. banks told to make secret plans for preventing collapse

Buried in the final paragraph:

In a presentation in March, JPMorgan Chase said it had a recovery plan in place and said it was ordered by regulators. The presentation was organized by Harvard Law School and was closed to the media at the time, but is now available online.

Here’s the BEST part of the JPM document.

It’s easy to see on the PDF:

http://www.law.harvard.edu/programs/about/pifs/symposia/europe/baer.pdf

Go to page 9.  Under the wipeout scenario JPM describes a $50 billion trading loss turning into a $200 billion loss as soon as the FDIC takes over.  Why… ? Because JPM says they would expect the FDIC to immediately writedown JPM’s assets by an additional $150 billion.

Holy mark to bullshit.  Jamie Dimon just admitted to the world that JPM is mis-marking assets to the tune of $150 billion.

It gets better. Go to page 10.  The chart shows that they only have $184 billion in equity, minus the $50 billion loss, minus ‘the $150 billion fdic reality adjustment’, which leaves them in a negative equity position of (-$16 billion).

So, we can extrapolate that without this phantom loss of $50 billion, JPM’s real equity position is just $34 billion currently, not the $184 billion on their books.

See STEP 2 in the figure below:

Look at the far right column EQUITY in the figure below:

Source:The Daily Bail

Stay up to date with the latest news:

Twitter: https://twitter.com/#!/kr3at
Facebook: http://facebook.com/alexhiggins732
Live TV And Videos: Higgins TV
Website: The Alexander Higgins Blog
Headlines: Real-time News Headlines

Source: Jamie Dimon Admits To $150 Billion JP Morgan Accounting Fraud ©
Copying or redistribution of this material requires that this license must remain intact with attribution to the content source.

Related Posts

• Fed Members Gave Their Own Banks $4 Trillion In Secret Bailouts
• The Cost Of The Best Senate Banking Committee JP Morgan Can Buy: $877,798 In Bribes
• Conflict of Interest: Dimon is CEO of JPMorgan and Fed Board Member
• Congress Has Millions In JP Morgan As Blackout Over $5 Billion + In Losses Continues
• Media Still Clueless As JP Morgan Losses Grow To $5 Billion
• Woman outside SF Fed demands Jamie Dimon come out with his hands up #OccupyWallStreet #OccupySF
• Fed Audit Reveals Eye-Popping $16 Trillion In Secret Loans To Bailout Bankers
• Paulson’s Closed-Door Wall Street Bailout Threats Revealed