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JPM holds 62% of bank-held stock derivatives -- or is that really a U.S. govt. position?

Section: Documentation

10:48a ET Thursday, December 23, 2021

Dear Friend of GATA and Gold:

More great investigative journalism today from Pam and Russ Martens of Wall Street on Parade shows that JPMorganChase is listed as the owner of 62% of all stock derivatives held at all 4,914 federally-insured banks in the United States, a notional total of $3.3 trillion in derivatives.

The Martenses ask how anything like this possibly could be permitted by the U.S. government.

... Dispatch continues below ...


Awakening a Sleeping Giant in Ghana: Asante Gold Acquires Past-Producing Bibiani Mine

From Golden Opportunities / Gold Newsletter
Metairie, Louisiana
Tuesday, August 17, 2021

Asante Gold (ASE.CN; ASGOF.OTC) has just acquired a past-producing gold mine in Ghana that boasts near-term production potential and huge upside.

With the move, Executive Director Malik Easah is seeking to repeat his success with Cardinal Resources, another gold company with a Ghana project that he recently sold for A$600 million.

It’s a deal that came like a bolt from the blue.

Just a few weeks ago Asante Gold catapulted itself from a relatively sleepy gold story into a major development-stage company set to breathe new life into Ghana's huge, past-producing Bibiani mine. ...

... For the remainder of the report:

But the most plausible answer is obvious: that JPMorganChase isn't really the owner of these derivatives at all -- that the U.S. government itself is, and that the derivatives attributed to JPMorganChase are part of the government's comprehensive rigging of all major markets in the world, rigging long authorized by the Gold Reserve Act of 1934, as amended, and undertaken surreptitiously through the Treasury Department's Exchange Stabilization Fund, which, as the Martenses have reported twice this year, recently was cashed up by congressional appropriation:

The opening paragraphs of today's report from the Martenses are below, along with a link to the full report.

CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.

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OCC Report Shows JPMorgan Chase Owns 62% of All Stock Derivatives Held at 4,914 Banks in the U.S.

By Pam and Russ Martens
Wall Street on Parade
Thursday, December 23, 2021

The Office of the Comptroller of the Currency, the regulator of national banks that operate across state lines, released on Monday a report that details the quantity and variety of derivatives held by commercial banks, savings associations and trust companies as of September 30. 

According to the Federal Deposit Insurance Corp., there were 4,914 commercial banks, savings associations, and trust companies operating in the U.S. with FDIC insurance as of September 30.

The striking detail in the OCC report is that one taxpayer-backstopped, federally-insured bank, JPMorgan Chase Bank N.A., is for some unfathomable reason sitting on 62% of all stock (equity) derivatives held at all 4,914 federally-insured banks in the United States. 

The second striking detail is that this federally-insured bank's holdings of stock derivatives come to a notional amount (face amount) of $3.3 trillion. (Yes, trillion with a "T.") 

And the third striking detail is that 74% of JPMorgan Chase’s stock derivatives are not centrally-cleared but instead are opaque, over-the-counter contracts -- highly likely beyond the scrutiny of bank regulators.

Why is any taxpayer-backstopped bank in the United States allowed to own anything near a trillion dollars in stock derivatives, let alone a bank like JPMorgan Chase that has admitted to an unprecedented five criminal felony counts brought by the Justice Department in the past seven years, with three of those felony counts for rigging markets? ...

... For the remainder of the report:

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Toast to a free gold market
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Support GATA by purchasing
Stuart Englert's "Rigged"

"Rigged" is a concise explanation of government's currency market rigging policy and extensively credits GATA's work exposing it. Ten percent of sales proceeds are contributed to GATA. Buy a copy for $14.99 through Amazon --

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