J.P. Morgan’s top quant, Marko Kolanovic, predicts a “Great Liquidity Crisis” will hit financial markets, marked by flash crashes in stock prices and social unrest.
In March of 2015, two Supreme Court Justices Kennedy and Breyer testified before Congress stating bluntly that the US criminal justice system does not work
Now, according to Sarah Butcher at EFinancialCareers, at least two executives at JPMorgan have forbidden their technology workers from explaining exactly what they do at the bank on their LinkedIn profiles.
According to Anish Bhimani, Chief Information Risk Officer at JPMorgan Chase, in an interview published at the Information Networking Institute (INI) at Carnegie Mellon, JPMorgan has “more software developers than Google, and more technologists than Microsoft…we get to build things at scale that have never been done before.”
JP Morgan’s surveillance program, which is being tested in the trading business and will spread throughout the global investment-banking and asset-management divisions by 2016, offers a glimpse into Wall Street’s future.
However, the true punchline is this: [Usher] joined JPMorgan as head of spot foreign exchange in 2010, where he became a member of the now-defunct Bank of England’s Chief Dealers Sub Group, a collection of about a dozen currency traders and central bank officials who met at restaurants and bank offices to discuss industry developments.
In other words, all of this rigging, all of the FX manipulation, all of the criminal abuse of innocent, naive market participants took place with the Bank of England’s own seal of approval.
Therriault was successfully recruited by UBS specifically to provide senior leadership to the firm’s equities sales & trading group. There, he continued to target the technology, media and telecom sectors of the market. Through the introduction of advanced trading strategies, initiatives and algorithmic platforms, Scott became a key contributor to an exemplary team performance in high risk NASDAQ block trading and continued to be the group’s top ranked producer through the establishment of new institutional trading relationships. By 2007, UBS ranked 1st globally in overall NASDAQ market share.
The pressures are building and eventually it’s all going to blow apart. Until that day arrives we’re going to see increasing instability and ever more manipulation.