The banker whistleblower thread

[Silver Stallion]

It makes me ill how callously people talk about ripping their clients off. Over the last 12 months I have seen five different managing directors refer to their own clients as “muppets,” sometimes over internal e-mail. Even after the S.E.C., Fabulous Fab, Abacus, God’s work, Carl Levin, Vampire Squids? No humility? I mean, come on. Integrity? It is eroding.

It astounds me how little senior management gets a basic truth: If clients don’t trust you they will eventually stop doing business with you. It doesn’t matter how smart you are. These days, the most common question I get from junior analysts about derivatives is, “How much money did we make off the client?” It bothers me every time I hear it, because it is a clear reflection of what they are observing from their leaders about the way they should behave. Now project 10 years into the future: You don’t have to be a rocket scientist to figure out that the junior analyst sitting quietly in the corner of the room hearing about “muppets,” “ripping eyeballs out” and “getting paid” doesn’t exactly turn into a model citizen.

Why I Am Leaving Goldman Sachs - NYTimes.com

[Silver Stallion]

Is JPM Metals "Whistleblower" Letter A Complete Fraud Or Just A Total Mockery?

Today, the metals space is abuzz with a CFTC "comment letter" posted on its website by an alleged "current JPM employee."

Is JPM Metals "Whistleblower" Letter A Complete Fraud Or Just A Total Mockery? | ZeroHedge

[Silver Stallion]

CFTC Pulls "JPM Whistleblower" Letter

Following the posting of a comment letter two days ago that has sent some in the commodity world agog, as it was supposedly by a JPM insider (who could have in that case provided evidentiary data from the JPM system to validate his accusations instead of merely providing blanket truism statements), even if it said absolutely nothing new and merely regurgitated existing speculation and assumptions, the CFTC has as of minutes ago gone one step ahead and truly stirred up the conspiracy theory hornets' nest, by taking down the entire comment pdf. So put it up one day, and take it down 48 hours later? Anyway, let the conspiracy theories commence.

CFTC Pulls "JPM Whistleblower" Letter | ZeroHedge

[Silver Stallion]

JP Morgue’s Whistle Blower and Monday’s Greek CDS Auction

Monday is the Greek CDS auction when the CDS payouts will be determined and required. Yesterday, JP Morgue whistle blower disclosed JPM’s $1 trillion in Greek CDS on their balance sheet. Individuals quickly responded with their doubts on the authenticity of the whistle blower. At one point, over 50% of the comments being listed on the SilverDoctors.com’s article were blasting the Doc for putting any credibility behind the report. See the original article here.
Last night, the authenticity was all but confirmed when the whistle blower disseminated JP Morgue internal documents to SilverDoctors, Zerohedge, GATA, and over 20 other websites. Zerohedge published one of the internal documents last night, and removed the document a short time later. Zerohedge’s legal team is likely in a much better position to take on a legal battle resulting from publication of such documents. We plan to allow Zerohedge and GATA to run with the ball from here.

Open Thread : JP Morgue’s Whistle Blower and Monday’s Greek CDS Auction