I have information from a "source" that both Dimon and Blankfein met with Bernanke earlier this week. The same source is saying the real losses for JPM is 5 times at least the amount stated, they have said it is actually around 18 Billion in losses. This source is real and is connected in financials. We will eventually see if the source is correct regarding the real loss amount, eventually coming out.
Update - 5/17/12 - Losses are growing.
So that means Bernanke knew what was about to go down with JP Morgan from his meeting with Dimon earlier in the week. But Blankfein (Goldman Sachs) met with Bernanke also. So........... does that mean Goldman Sach is in just as much trouble as JP Morgan and their losses?
I wrote this morning how JP Morgan coming out about the losses on a Thursday night after market close was a Real Red Flag to me!
UPDATE 5/17/12 - I was right - a much Bigger Story that is being ignored - Goldman Sach's accidentally reveals Illegal Activities by Wall Street, last week.
Bernanke also made a speech yesterday (5/10/12) at the conference for Banking Structure and Competition in Chicago.
Here is just one article about it and the 600 Trillion Derivatives in bets by the top 4 Wall Street banks which include JP Morgan and Goldman Sachs.
From the Federal Reserve site itself, here is a portion of that speech that Bernanke made:
The first part of my remarks will highlight the significant progress that has been made over the past several years toward restoring the banking system to good health.
The State of the Banking System
Since the financial crisis, banks have made considerable progress in repairing their balance sheets and building capital. Risk-based capital and leverage ratios for banks of all sizes have improved materially and are significantly above their previous highs. Importantly, the 19 largest banking institutions that participated in the 2009 stress tests, as well as the two subsequent Comprehensive Capital Analysis and Review (CCAR) processes, have considerably more and better-quality capital than a few years ago. Indeed, those firms have increased their Tier 1 common equity, the best buffer against future losses, by more than $300 billion since 2009, to nearly $760 billion.
The latest CCAR, conducted earlier this year, demonstrated that most of the 19 firms would likely have sufficient capital to withstand a period of intense economic and financial stress and still be able to lend to households and businesses.
The Federal Reserve takes seriously its responsibility to ensure that supervisory actions to protect banks' safety and soundness do not unintentionally constrain lending to creditworthy borrowers, and we have taken a variety of steps to address these concerns. For example, we have issued guidance to supervisors stressing the importance of taking a balanced approach to supervision and of promptly upgrading a bank's supervisory rating when warranted by a sustainable improvement in its condition and risk management.
Conclusion
To sum up, conditions in the banking system--and the financial sector more broadly--have improved significantly in the past few years. Banks have strengthened their capital and liquidity positions. The economic recovery has facilitated the rebuilding of capital and helped improve the quality of the loans and other assets on banks' balance sheets. Nonetheless, banks still have more to do to restore their health and adapt to the post-crisis regulatory and economic environment. As the recovery gains greater traction, increasing both the demand for credit and the creditworthiness of potential borrowers, a financially stronger banking system will be well positioned to expand its lending. Improving credit conditions will in turn help create a more robust economy.
Since Goldman Sach's - Blankfein met with Bernanke too this week, then they must have a big problem too, I would guess.
Remember JP Morgan is the one who got the money from MF Global when they went down and they got all the gold from the clients of MF Global. They were allowed to steal the 1.2+ Billion dollars directly from the clients of MF Global. Of course the government has been allowing all of this to go on without holding anyone accountable.
I did just find that Chilton of the CFTC has said "The hammer must come down." But we have been hearing that for years now. The "Silver Manipulation" investigation has been going on by the CFTC for about 3 years too, yet nothing has been done about the obvious manipulation. He came out and made a similar statement last November with the MF Global Bankruptcy, but it was all talk and no action. I don't believe him this time either, that a "hammer will come down."
CNBC has that "regulators" were already looking into JP Morgan trades before yesterday. Again this would be the CFTC and they are covering their butts for sitting on their hands and allowing it all.
So, watch Goldman Sachs the more "protected" bank than even JP Morgan. Remember all those at the Fed and who control the Treasury and the countries in Europe were all Goldman Sachs people at one point. Why did Blankfein have to meet with Bernanke this week, along with Dimon?
Seriously the Best Picture there is! Shows the relationship between Bernanke and Dimon! By WilliamBanzi7.
I would love to insert it here but I don't know how to reach him to get permission to.
At this link:
http://www.zerohedge.com/contributed/2012-19-11/too-big-wean
