JP Morgan Chase is the simply the governments’ main holding company.
JP Morgan Chase, as of March 31, 2008, was holding 89.99 trillion ($89,997,271,000,000) in derivatives. These were mostly government futures (bets on future prices). 89.99 trillion!!!!
JP Morgan Chase was only holding 1.4 trillion ($1,407,568,000,000) in actual assets at the time!
From: “OCC’s Quarterly Report on Bank Trading and Derivatives Activities First Quarter 2008”
Table 1: NOTIONAL AMOUNT OF DERIVATIVE CONTRACTS
TOP 25 COMMERCIAL BANKS AND TRUST COMPANIES IN DERIVATIVES
MARCH 31, 2008
RANK BANK NAME TOTAL DERIVATIVES
1 JPMORGAN CHASE BANK NA $89,997,271,000,000
2 BANK OF AMERICA NA $37,939,665,000,000
3 CITIBANK NATIONAL ASSN $37,691,434,000,000
4 WACHOVIA BANK NATIONAL ASSN $4,884,775,000,000
5 HSBC BANK USA NATIONAL ASSN $4,279,737,000,000
6 WELLS FARGO BANK NA $1,440,229,000,000
7 BANK OF NEW YORK $1,058,618,000,000
8 STATE STREET BANK&TRUST CO $904,593,000,000
9 PNC BANK NATIONAL ASSN $248,705,000,000
10 SUNTRUST BANK $241,369,000,000
*Note: 2010 2nd quarter derivatives holdings for JP Morgan Chase were listed at $75,253,921,000,000, with only $1,568,093,000,000 in assets.
*Note: BofA and Citibank Derivatives went up to 48.5 trillion and 45.9 Trillion respectively.
*Note: Goldman Sachs is also now listed for 2nd quarter 2010 as holding 42 trillion in derivatives contracts, with only 95.5 billion in assets, seemingly from out of nowhere, as they are not listed on this 2008 report!
See all Office of the Comptroller of the Currency (OCC) reports here: (http://www.occ.gov/topics/capital-markets/financial-markets/trading/derivatives/derivatives-quarterly-report.html)
Over-the-counter derivatives traded privately between investors are largely unregulated. The global over-the-counter derivatives market is estimated as of 2003 to have a value of $142 trillion and as of 2010 580 trillion… The Fed continues to be concerned that the relatively small number of institutions that act as dealers in derivatives markets may pose risks. In particular, the Fed worries what would happen “if a big derivatives dealer had to exit the market.” – Alan Greenspan – 2003
JP Morgan is majority owned through stock investment by collective government. Collective government is simply defined as the over 185,000 individual state, county, city and other municipalities, school districts, pension and other funds, and other governments throughout the United States. Therefore, any actions by which JP Morgan partakes in and any decision this bank makes is voted on by collective government through proxy votes (stock-ownership “institutional” voting). This is called corporate governance.
In fact, it is corporate fascism.
All national banks are chartered. In other words, they are under government law. They get away with murder because the government allows them to. After all, banks are the governments’ most dangerous weapons!
Banks are not above the law… government is.
And hilariously to our government keepers I’m sure, we continue blindly trying to fight this corrupt system of government from within the constraints of its own imposed laws, while government continues to operate well outside of the very laws it sets, regulates, and enforces upon us.
We are mice caught in a maze with no exit. For the game is rigged by the gatekeeper.
Here is just a short and quite incomplete list of individual stock ownership by “collective government” in the corporation JP Morgan Chase. Note that this is only a handful of pension funds, which are component units of their prospective “state, county, or city governments” and which took me many, many hours of research to find. These are simply listed as part of the top 10 equity investments held on each governments’ most recent comprehensive annual financial report (CAFR). You can pull each one up yourself, as they are government documents required by federal law. Also note that this does not take into consideration each governments’ other investment fund totals, for which all governments invest in as a whole (mutual funds, foreign currency funds, real estate funds, Fortune 500 and S&P Funds, domestic and international corporate bonds, some preferred stock holdings, private corporate or equity investment funds, etc…) which also hold these stocks in JP Morgan Chase. Also, some reports don’t list the number of shares, just their value or percentage of total equities held in the fund – though it would be easy to fill in the blanks…
|JP MORGAN CHASE STOCK HOLDERS:||SHARES OWNED:||$VALUE OF SHARES:|
|Alaska Public Employees Retirement System||61,477,033|
|Arizona Public Safety Personnel Retirement System||580,815||19,811,610|
|California Public Employees Retirement System (CalPERS)||11,096,822||378,513,000|
|California State Teachers Retirement System (CalSTRS)||15,178,407||517,735,463|
|-Fresno City Employees Retirement System||58,828||2,006,621|
|-Los Angeles City Employees’ Retirement System||1,292,519||44,087,823|
|-Los Angeles County Employees Retirement Association||532,580||18,166,000|
|-Merced County (CA) Employees’ Retirement Association||64,744||2,208,418|
|-Sacramento County Employees’ Retirement System||384,785||13,125,000|
|Colorado Public Employees’ Retirement Association||4,570,621||190,458,000|
|Connecticut Combined Investment Funds (CIF)||60,967,771|
|Florida Retirement System – Defined Benefit Pension Plan||503,973,296|
|Florida Retirement System – Investment Plan||2,115,031|
|Georgia Teachers Retirement System||5,938,695||202,568,886|
|Illinois Municipal Retirement Fund (2008)||56,754,914|
|Illinois Teachers Retirement System||65,932,720|
|Indiana Public Employees’ Retirement Fund||866,723||29,564,000|
|Kentucky Retirement Systems – Insurance Fund||206,975||7,095,917|
|Kentucky Teachers Retirement System||81,600,125|
|Louisiana State Employees Retiremment System||545,450||18,605,300|
|Louisiana Teachers Retirement System||907,616||30,958,782|
|Maryland State Retirement and Pension System||2,750,631||93,824,023|
|Massachusetts Pension Reserves Investment Trust Fund||57,574,000|
|Minnesota Public Employees Retirement Association||87,100,000|
|Minnesota Teachers Retirement Association||84,800,000|
|Mississippi Public Employees Retirement System||2,636,943||89,946,126|
|Missouri Public School Employee Retirement System||55,069,162|
|New Hampshire Retirement System||380,300||12,972,000|
|New Jersey Division of Pensions and Benefits||6,528,154||222,700,000|
|New Mexico Educational Retirement Board (Pension)||626,331||7,445,824|
|New Mexico Public Employees Retirement Association||917,351||31,290,843|
|New York State and Local Retirement System||15,401,817||689,231,311|
|New York State Teachers Retirement System||430,617,943|
|-New York City Board of Education Retirement System||9,358,727|
|-New York City Employees Retirement System||4,963,319||169,298,811|
|-New York City Fire Pension Fund||871,607||29,730,515|
|-New York City Police Pension Fund||1,222,183||47,384,034|
|Ohio Highway Patrol Retirement System||20,100||633,753|
|Ohio Public Employees Retirement System (2008)||7,973,895||251,416,909|
|Ohio State Teachers Retirement System||8,033,964||274,038,512|
|Pennsylvania Public School Employees Retirement System||834,000||28,454,000|
|Tennessee State Pension Trust Funds||3,212,775||109,587,755|
|Texas County and District Retirement System||38,100,000|
|Texas Employees Retirement System||2,875,400||124,964,884|
|Texas Teachers Retirement System||298,274,715|
|Utah Retirement Systems||1,286,050||53,589,704|
|Utah Retirement Systems||334,405||13,934,656|
|Virginia Retirement System||3,467,525||118,277,279|
|-Richmond (Virginia) Retirement System||24,800||907,928|
*Note: Total of outstanding shares of JP Morgan Chase: 3,950,000,000
*Note: Total of shares needed to have controlling interest (50.01%): 1,975,000,001
*Note: Total of outstanding shares owned by all government funds: ?,???,???,???
The moral of this story is that government is the one raping our economy and manipulating markets in favor of its investment held corporations – especially its banks – and through its bank friendly legislation.
Once again, blaming the bank is like blaming the president of the United States. We all know he is a tool being used by the real power in and out of government. And when considering that his whole staff is appointed – not elected – and that most of them are former lobbyists and former corporate attorneys, it doesn’t take a lot of imagination to grasp the larger picture of how things work – banks are government owned and regulated, just as all Fortune 500 and other significant domestic and international corporations from pharmaceutical companies to weapons manufacturers to grocery store chains.
If we want to fix the problem of corruption in government, we must attack it at the root of the problem. In order to do that, we must comprehend how the government machine works. First we must read and comprehend and share with others the Comprehensive Annual Financial Reports of our local and state governments. And eventually, we must dissolve the corporation that is acting unconstitutionally in lieu of our government, take back all of this investment wealth for the good of the people, and re-institute strict regulations and anti-usury laws for our usurious banking industry.
The corporate government owns the corporations.
The government then regulates the market in which its investment held corporations operate and do business.
And the government will not punish its own institutions and threaten its corporate profits, just because we hope it will or because we ask it to. Not even if we demand it!
Wake up America!
Your government is a private, for-profit corporation. It is your enemy – and it is stealing your wealth, prosperity, land, and happiness from under your noses through its investment held corporations.
Learn more by visiting these sights:
Watch “The Corporation Nation” at: TheCorporationNation.com
Visit Walter Burien at: CAFR1.com
–Clint Richardson (realitybloger.wordpress.com)
Tuesday, November 16, 2010