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"Moody’s has said it may reduce the rating on New York-based Morgan Stanley by as much as three levels when it announces the results of an industrywide review this month. Morgan Stanley can manage through any potential cut, Gorman said today at an investor conference in New York....
The maximum downgrade, which would be the largest among U.S. banks and place the firm’s rating two levels above junk, might increase borrowing costs and force Morgan Stanley to post more collateral on trades. It would also threaten a fixed-income trading turnaround as some counterparties would no longer be able to do derivatives deals with the firm." (Source)
According to the US Comptroller on Currency, Morgan Stanley, which calls Mormon Utah its home, had almost $2 trillion dollars in derivatives exposure compared to $69 billion in reported assets. That was in 2011. (Source) That would place the company at a potential debt/equity ratio of almost 300%.
In attempt to offset the bad press, Morgan Stanley's CEO stated: "The bank’s liquidity reserve is 23 percent of total assets, up from 11 percent at the end of 2007, while its shareholder equity has doubled, he said." (Source)
In other words, less than 1/4 of company assets, or about $16 billion are liquid and available to offset the $2 trillion in derivatives liability exposure. Morgan Stanley stock, which traded at about $70 per share in 2000, is now trading at about $13 share today. (Source)
That's some accomplishment.
JP Morgan Lies
Nothing, however, comes close to the alleged whoppers coming forth from JP Morgan. A reported 2 billion in losses has turned into a 24 billion dollar loss from derivatives trading and is rising:
"Chief Executive Officer Jamie Dimon said his traders didn’t understand the risk they took on credit derivatives and hurt the bank... “CIO’s traders did not have the requisite understanding of the risks they took” on bets that were supposed to hedge credit risk, Dimon said. “When the positions began to experience losses in March and early April, they incorrectly concluded that those losses were the result of anomalous and temporary market movements.” (Source)
Funny how JP Morgan Traders don't understand the nature of derivatives, the firm is the largest holder of derivatives liability, topping $78 trillion dollars according to the US Comptroller on Currency. (Source)
With an estimated 1 trillion in assets, JP Morgan has an estimated 7,800% debt ratio. Fitch Ratings service has responded by cutting JP Morgan's credit rating down to A+, even though the firm has a debt to asset ratio that is 75 times greater than Morgan Stanley.
FDIC and US Taxpayers to the Rescue
"Bank of America is shifting derivatives in its Merrill investment banking unit to its depository arm, which has access to the Fed discount window and is protected by the FDIC.
This means that the investment bank's European derivatives exposure is now backstopped by U.S. taxpayers. Bank of America didn't get regulatory approval to do this, they just did it at the request of frightened counterparties. Now the Fed and the FDIC are fighting as to whether this was sound. The Fed wants to "give relief" to the bank holding company, which is under heavy pressure.
This is a direct transfer of risk to the taxpayer done by the bank without approval by regulators and without public input. You will also read below that JP Morgan is apparently doing the same thing with $79 trillion of notional derivatives guaranteed by the FDIC and Federal Reserve.
What this means for you is that when Europe finally implodes and banks fail, U.S. taxpayers will hold the bag for trillions in CDS insurance contracts sold by Bank of America and JP Morgan. Even worse, the total exposure is unknown because Wall Street successfully lobbied during Dodd-Frank passage so that no central exchange would exist keeping track of net derivative exposure." (Source)
Death of the Dollar
With current liabilities at an estimated 45 trillion, and future liabilities at 150 trillion or higher (Just from JP Morgan and Bank of America), the Federal Reserve has no choice but to print trillions of dollars at taxpayer expense. QE3 is already happening to keep Europe from imploding and the derivatives bubble from bursting. The dollar is being diluted and American taxpayers are footing the bill.
The day of reckoning is already here. The day, the dollar died.
Liquidate dollar-denominated assets. Take the cash and buy hard commodities that will be required for survival
Buy food, clothes, seeds, firearms and fuel. Then invest the rest in precious metals. Buy silver or gold by emailing email@example.com