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think

(11,641 posts)
Sat Jul 27, 2013, 12:46 AM Jul 2013

JPMorgan Chase stops selling physical commodities amid federal pressure

Source: RawStory.com

By Reuters
Friday, July 26, 2013 22:30 EDT


By David Sheppard and Jonathan Leff

NEW YORK (Reuters) – JPMorgan Chase & Co is exiting physical commodities trading, the bank said in a surprise statement on Friday, as Wall Street’s role in the trading of raw materials comes under unprecedented political and regulatory pressure.

After spending billions of dollars and five years building the banking world’s biggest commodity desk, JPMorgan said it would pursue “strategic alternatives” for its trading assets that stretch from Baltimore to Johor, and a global team dealing in everything from African crude oil to Chilean copper.

The firm will explore “a sale, spinoff or strategic partnership” of the physical business championed by commodities chief Blythe Masters, the architect of JPMorgan’s expansion in the sector and one of the most famous women on Wall Street. The bank said it will continue to trade in financial commodities such as derivatives and precious metals.

Pressured by tougher regulation and rising capital levels, JPMorgan joins other banks such as Barclays PLC and Deutsche Bank in a retreat that marks the end of an era in which investment banks across the world rushed to tap into volatile markets during a decade-long price boom...

Read more: http://www.rawstory.com/rs/2013/07/26/jpmorgan-chase-stops-selling-physical-commodities-amid-federal-pressure/

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JPMorgan Chase stops selling physical commodities amid federal pressure (Original Post) think Jul 2013 OP
I'd love to believe they were going to do what they say. mbperrin Jul 2013 #1
What are they going to do with those billions in silver shorts they bought from bear stearns? AtheistCrusader Jul 2013 #2
not to worry ........ dothemath Jul 2013 #3
I don't know how you got a "taxpayer bailout" out of that zerohedge article... eom Kolesar Jul 2013 #4
Suggested Reading: Kolesar Jul 2013 #5
Just changing..... JimboBillyBubbaBob Jul 2013 #6

mbperrin

(7,672 posts)
1. I'd love to believe they were going to do what they say.
Sat Jul 27, 2013, 12:58 AM
Jul 2013

But I won't hold my breath - these are world-class liars and crooks.

 

dothemath

(345 posts)
3. not to worry ........
Sat Jul 27, 2013, 05:18 AM
Jul 2013

Taxpayers will bail them out. Bernanke will loan them money to cover their debts as zero per cent interest and life will go on as it has since Glass-Stegall was murdered. Move along, folks, nothing to see here.

Kolesar

(31,182 posts)
5. Suggested Reading:
Sat Jul 27, 2013, 07:56 AM
Jul 2013
Really seen on Zerohedge Department:

Make sure to read our "How To [Read/Tip Off] Zero Hedge Without Attracting The Interest Of [Human Resources/The Treasury/Black Helicopters]" Guide
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