Tuesday, January 28, 2014
JP Morgan name man who plunged to his death from Canary Wharf headquarters as technology chief Gabriel Magee
Mr Magee was found on the ninth floor roof of skyscraper at 8am today
The executive had worked for JP Morgan for 10 years - 7 years in London
He was a vice president in corporate & investment bank technology team
By MARTIN ROBINSON
PUBLISHED: 09:59 GMT, 28 January 2014 | UPDATED: 18:18 GMT, 28 January 2014
A bank executive who died after jumping 500ft from the top of JP Morgan's European headquarters in London this morning has been named as Gabriel Magee.
The American senior manager, 39, fell from the 33-storey skyscraper and was found on the ninth floor roof, which surrounds the Canary Wharf skyscraper.
He was a vice president in the corporate and investment bank technology department having joined in 2004, moving to Britain from the United States in 2007.
He was named in an email sent to all JP Morgan staff this afternoon.
Former top executive at Deutsche Bank found hanged at his Kensington home
A company spokesman said: 'We are deeply saddened to have lost a member of the J.P. Morgan family at 25 Bank Street today. Our thoughts and sympathy are with his family and his friends'.
For confidential support call the Samaritans in the UK on 08457 90 90 90, visit a local Samaritans branch or click here for details
A source close to Mr Magee said he was in 'good standing with his bosses and colleagues. He was well liked.'
Scotland Yard said they were called to 25 Bank Street at 8.02am and detectives are not treating the death as suspicious.
'No arrests have been made and the incident is being treated as non-suspicious at this early stage', a Met spokesman said.
Canary Wharf workers were in shock today, with one trader telling MailOnline that his body lay on the flat roof until around Midday.
'My colleague yelled that he could see that someone had jumped from the top of the building onto a lower roof. His body lay there uncovered for at least two hours,' he said.
'Hundreds were looking out of their windows at him.
'It was bonus week at JP Morgan last week so I hope it wasn't to do with that'.
The man was found on the 9th floor of the bank's European headquarters building People look out of the window of the J P Morgan building at Canary Wharf
FORMER BANK EXECUTIVE FOUND HANGED AT KENSINGTON HOME
South Kensington road
A former Deutsche Bank executive has been found dead at a house in London, it emerged today.
The body of William ‘Bill’ Broeksmit, 58, was discovered at his home in South Kensington on Sunday by police.
Mr Broeksmit - who retired last February - was a former senior manager with close ties to co-chief executive Anshu Jain.
Mr Jain and co-chief executive Juergen Fitschen said in an internal memo: ‘He was considered by many of his peers to be among the finest minds in the fields of risk and capital management.'
They added: ‘We are deeply saddened by Bill's death. He was a dear friend and colleague to many of us who benefitted from his intellect and wisdom.
‘Our thoughts and condolences are with his wife and family at this time. We will remember him for his contributions to Deutsche Bank, thoughtful advice and personal friendship.’
Mr Broeksmit worked in investment banking - specifically risk and securities - and lived on exclusive Evelyn Gardens in South Kensington, which has an average property value of £1.9million.
Another Canary Wharf worker who could see where the man fell told the Evening Standard: 'It’s upsetting what’s happened but the thought of somebody lying up there for four hours is awful.
'I got into the office at about 8.10 and the body was on the floor and there were police up there, and they put a white cover on him.
'I think he was in a suit. As far as I could see the was dressed appropriately, but there was quite a lot of blood, so me and my colleagues were a bit upset.'
Others tweeted that what they saw this morning.
Amie Hughes-Gage said: 'Just watched the police finally remove that poor bankers body 4 and half hours later with only a white sheet over him.'
Hetal Patel tweeted: 'The 9th floor roof of JP Morgan is visible from my office window. For a long time the body was left cordoned & unattended'.
Another wrote online: 'It's not a nice view from my building. The body is on the rooftop of level 9. So sad'.
An air ambulance was sent to the scene but the man could not be saved.
'We were called to Bank Street to reports of a person fallen form a height', London Ambulance Service spokesman said:
'We sent one ambulance crew, a duty officer, our hazardous area response team and London Air Ambulance to the scene.
'Sadly a man in his 30s was pronounced dead at the scene.'
TUESDAY, 28 JANUARY 2014
"Have an Exit Plan"..... Exiting the Matrix
By D. from removingtheshackles.blogspot.com
Signs of the times? More and more information is being brought to the public's attention. This past week has been a HUGE week again for transparency coming out in the media. Matt Drudge's "Drudge Report" is an excellent example of this. As Mac Slavo points out below, The Drudge Report has a huge readership and is massively influencing not only alternative readership, but mainstream media as well.
I do not agree with Mac's interpretation of gloom and doom, as in the break down of society that he is focused on happening. BUT, Drudge's tweet of "Have an exit plan" is a serious indication of just how close the financial system crumbling actually is. That is my interpretation, based on closely watching the financial and perceived "government" sectors and the torrential undercurrent that is very quickly washing away the fake facade of "economic recovery" that even the main stream media is choking on.
Remember that the greatest way to avoid a trap is knowing that the trap exists in the first place.
I have referenced the movie "The Matrix" many many times in past soliloquies. As a movie/story, it so very closely bares the resemblance to our current NOW. Here is a major point about our current that has been echoing around my head for the past 6 months or so:
Neo and Morpheus et al exist outside of the Matrix. They have woken up from the "dream world sleep" of the Matrix and unplugged themselves from it, and yet, they still move and work withIN the Matrix. Because they kNOW the Matix exists and because they kNOW the rules that operate withIN the Matrix, they operate INside that System differently than the people that are not unplugged from the System. BEing outside the System, yet INside it, they move through the Matrix using the rules of the Program to their advantage and are able to SEE and to kNOW how the system will respond to their individual actions. The security of the System/Matrix still operates under it's own Rules and Neo and the others must move through and around those "security systems", sometimes dangerously so, yet because they kNOW that the systems and the constructs of those security programs are in place, they are able to maneuver through it. Not always easily, not always safely.... But they DO it. Neo and those who are outside of the System work to bring down the Matrix from the INside and from outside of it.
Hence: "the greatest way to avoid a trap is knowing that the trap exists in the first place."
We kNOW that the Financial system is completely and entirely built on fraud. We kNOW that it is crumbling into shattered pieces of dust and dirt that is was made from to begin with. We kNOW that the perceived "governments" are no more than corporations under the control of the Banks and THEIR controllers. We kNOW that their systems are illegal and based on fraud and lies. We kNOW that even within that corruption, they must follow their own rules, just as a computer program must follow it's pre-set rules.
WE kNOW "The Matrix" exists and is all around us, and knowing that it exists and understanding it's program is the most important aspect of BEing FREE from the System. Yes, most of us currently must work within that control System, but kNOWing that it is there and kNOWing it's mechanisms is a major step in moving through the Matrix system and taking it down from WITHIN.
The Collapse of the Matrix IS coming. The signs of it's death are all around us.
Hello Mr Kabuki, I hope this message finds you in good health. =). I like to think this is a good summation of what a lot of light workin' folks are experiencing or have experienced. Feel free to repost, fix, or sadly delete =(. Regardless have a wonderful day!
Traveling the path of the seeker
On my way
Where the angels lay
Parched for knowledge
My drink matters not
As long as there is no delay
Rushing to a place
Free to laugh and play
Happiness I am taught
A state of mind
There is much pain
Deep in the darkness
My soul experiences
Blackness of night
I am told
Overcome it all
And let go
Darkness is not really there
It is just a stepping stone
In my heart
I am numb
Hearing the words
I have yet still to see
I know the wisdom
Fear not the fear
Easier said than done
Seems to be made of lies
Crying to the One
Show me the way
All things are loved
I am a part of the All
I am loved no less
In my chest
A mighty pang
The truth is simple
One loves the All
I am a part of
The One that is All
Bailout Architect Runs For California Governor; World Laughs
By MATT TAIBBI
POSTED: January 24, 12:05 PM ET
Jin Lee/Bloomberg via Getty Images
I want to apologize for this space being blank for quite some time. I actually spent the bulk of the last two days on a long blog post about the "Dr. V." story in Grantland. But then I got all the way to the end, and realized I was completely wrong about the entire thing.
So, I spiked my own piece. Now I've been in Talk Radio-style "This is totally dead air, Barry" territory for about two weeks. I could swear I saw a cobweb when I logged on this morning.
So thank God for Neel Kashkari, and the news that this goofball footnote caricature of the bailout era has decided to run for Governor of California. Never in history has there been an easier subject for a blog post.
If you don't remember Kashkari's name, you might be excused – he was actually better known, in his 15 minutes of fame five years ago, as "The 35 year-old dingbat from Goldman someone put in charge of handing out $700 billion bailout dollars."
Now you remember. That guy! Neel Kashkari when he first entered the world of politics was a line item, usually the last entry in a list of ex-Goldman employees handed prominent government and/or regulatory positions, as in, ". . . and, lastly, Neel Kashkari, the heretofore unknown Goldman banker put in charge of the TARP bailout program . . ."
Kashkari was not just a former Goldman banker handed a high government post – he was a former Goldman banker handed a high government post by a former Goldman banker, in this case former Goldman CEO and then-Treasury Secretary Hank Paulson.
Neel was also the human parallel to the original TARP proposal written by Paulson, which was famously just three pages long.
This is part 2 of the SDR article series, interesting that they are using the same template as before including the Keynesian model that got us where we are now. If too big to fail didn't work in the USA, how is even bigger than too big to fail going to solve the problem?
What if the problem IS the central banks hoarding vast stores of value (and the mountains of time-displaced hypothecated value that borrows from your grandchildren value via inflation)? Banks operating under an antiquated centrally planned economic model are doomed to failure. If central planning didn't work for the Soviet Union, how is it supposed to work under a capitalist model with a system as complex and organic as an economy?
We are already seeing and hearing about de-facto currency controls worldwide. People with money are having issues transfering even minor sums like $5000 without weeks of delay. Even people working in the banking industry are finding their accounts mysterious frozen, or wire transfers sent to locations they did not authorize. The banks are in very serious trouble and they are about to confiscate everyone's value, or deny access to the value that is currently stored in banks. If you can't access your money, what good is the banking model? These dinosaurs from the 17th century would rather choke the planet than give up their power to parasite humanity. -AK
Reblogged from: http://philosophyofmetrics.com/2014/01/23/sdrs-and-the-new-bretton-woods-part-2/
SDR’S AND THE NEW BRETTON WOODS – PART TWO
JANUARY 23, 2014
By JC COLLINS
The Renminbi SDR Composition and the Great Consolidation
By JC Collins
“The creation of an international currency unit, based on the Keynesian proposal, is a bold initiative that requires extraordinary political vision and courage”. – Governor of the People’s Bank of China
The father wiped the dirt from his hands and reached into his pocket. Keeping his hand inside for a few moments, he knowingly glared down at the boy. The air was still, the boy eager, eyes wide, dancing back and forth on his feet.
“Come on Dad, my friends are waiting”, explained the boy.
Slowly the father withdrew his hand and paused before dropping a few coins into his sons waiting hand.
“Are you going to spend it all at the corner store?”
“Yes,” said the son.
“Money isn’t easy to come by boy. It takes hard work to make money. You kids don’t know the value of money. “
“I just want some pop and chips Dad, and maybe a comic book if I have enough.”
“When I was you’re age I could buy all that for a dime and a nickel”, said the father.
The boy, perplexed, thought for a moment, “Why does it cost so much now Dad?”
The father leaned down and picked his shovel back up. “I don’t know boy. Things just keep getting more expensive. I work harder but get less for my money. I’m tired.”
The boy shrugged his shoulders and ran off to meet his friends. The father, disturbed deeply by something that he couldn’t quite put his finger on, stared off into the distance. The faraway clouds were dark. It hurt his heart not to be able to answer the boy’s questions. He pushed the shovel into the pile of dirt with a grunt. This dirt wasn’t going to spread itself and the day was getting short.
The father in our brief story need not feel bad. What it is he doesn’t understand is in fact a very complex system of social and economic engineering designed to maintain the most functional equilibrium between the balance of nature and desire, or brain and consciousness, logic and dreams.
The absolute board upon which reality is drawn has borders, and until such a time as consciousness is capable of expanding those borders (think of a balloon expanding) we are left with a system that can and will maintain the status quo, which is the system represented by the father above, spreading the dirt with a shovel, over the board of his reality. He senses a much bigger reality and bigger possibilities, but his limited capacity and reference point keep him from understanding the full scope of what surrounds him.
The system that surrounds all of us is still a mystery. Yet the economic portion of that system is slowly revealing itself. And it reveals itself through patterns. There are patterns everywhere. For the sake of argumentation, let’s call them philosophical patterns. The obvious example in our lives of a philosophical pattern would be the connection between two of the largest events in our lives. These events are the birth and death of each one of us. We are born. We live a life. And we die.
This pattern is very similar to another pattern in our life. And that is sleep. We wake in the morning. Go about our day, and go back to sleep at night. This is why death is referred to as the great sleep. Sleep is the micro pattern of the macro death.
I will be expanding upon these sort of philosophical patterns in the future essay series titled the Grand Man. But for our purposes here, this example will suffice.
The patterns are everywhere and in everything. The complex system of economic and social engineering is no different. Remember the saying, “there is nothing new under the sun”. It’s true. There never is anything truly new. Everything in reality (and non-reality) is in transition, or motion. One thing gradually becomes something else.
Let’s take the fall of the Roman Empire as our example here. There is no one specific time or date which can be defined as the moment the empire ended. Like the U.S. today, Rome degraded their currency through a slow process of minting contamination until full debasement of the Gold Aureus led the regions outside of Rome to use other forms of exchange. Once this happened, the barbarians slipped through the gates of the former empire one at a time, slowly debasing the population of the regions once controlled by Rome, before moving on to Rome itself.
Can we not see this same pattern with the increase of immigration in the western world? There are more than just philosophical patterns visible regarding this as well. Such as the inflation of the western world currencies being exported to the countries from which we import people back. Logically, there is a balancing of accounts taking place here.
So when we are attempting to understand the economic system that is being built up underneath the structure of the old one, we only need but look at what exists today to discern what is coming our way shortly.
The first thing to understand is how the Federal Reserve System actually works. There are many resources on the web to help you understand this if you don’t already, so I will not explain it in detail. This is not a book, only an essay.
So in brief, the U.S government decides on a debt limit. They then issue Treasury Bonds of different yields to meet that limit. These Treasury bonds are purchased by the Federal Reserve (and China, Japan, etc..) and the money used to purchase them is created out of thin air and lent back to the government at the interest rate as defined on the yield of each bond. The government then prints the money and puts it into circulation.
So, say you were the government and you needed money to run your household. You go to the bank and borrow $10,000.00. The bank lends you this money at a yield, or interest rate. You have a predetermined number of years to pay this loan back. Your real money, being your labor and time, pays this loan back by creating the “energy” from which the value of the loan is extracted. Think of the human resources department at your local corporate office.
So in essence, the Federal Reserve System is the macro of your micro local bank. It works the same way.
Since there is nothing new under the sun, it can be reasoned that any new economic system will be the macro of, what now becomes, the micro Federal Reserve System. So for clarity, the Fed has been the macro pattern since 1944. But, like Rome, it has slowly been converting into the micro since 1971. Now we are in the final stages of this transition and the new macro is becoming visible for those with the eyes to see.
The new macro is of course the SDR (Special Drawing Right) issued by the International Monetary Fund.
So, we will attempt to keep this simply. Before the Federal Reserve there was still a system of debt creation. What the Fed system did was consolidate the debt in the country into a new system by which bonds were created and issued to banks, insurance companies, etc… After the Bretton Woods agreement of 1944, the Fed went international. It’s this process of becoming international (becoming the primary reserve currency for international trade) that is now transitioning into the larger pattern through the I.M.F. and the SDR’s.
Not only the Federal Reserve, but all central banks of the world have created too much debt. And like before, the I.M.F. will now consolidate this sovereign debt into a supra-sovereign reserve currency by way of SDR securities, or otherwise SDR bonds.
Let us investigate this further.
The present value, or composition (get use to this term) of the SDR is determined by only 4 currencies. They are the U.S. dollar, the Euro (think basket of currencies micro pattern), Japanese Yen, and the British Pound (the old girl just won’t quit).
With the implementation of the 2010 I.M.F. Code of Reforms discussed in part one of this series, this composition is about to change. The currencies of the BRICS countries will soon be added to this composition, along with other major economies. Perhaps Vietnam will be added to the composition.
The weights used to determine the value of each composition will also change. These changes will consist of the economic fundamentals, such as GDP, as well as other metrics, like human development, ecological sustainability, concentration and diffusion of assets and income, as well as the demographics of populations. Research each of these and apply what you learn to the overall social and humanity programs being injected into school curriculums. Remember the micro and macro patterns which endlessly weave through everything.
Also with the 2010 Code of Reforms, there will be no more western veto power within the Executive Board of the I.M.F. The geopolitical world will be balanced in preparation for the “great consolidation”. SDR allocation (get use to this word also) will be controlled by those with the largest interest in the system. This large interest is no longer the micro Fed.
Part Two of this essay series is starting to get long so let’s begin to wrap it up.
We know that through debt creation we are subjected to inflation. The more currency we print the less valuable that currency becomes. Like the father at the beginning having to pay more for goods and services. Like each micro to macro pattern before it, debt eventually needs to be consolidated and repackaged as new securities instruments - bonds. Sovereign debt will be consolidated and repackaged as SDR bonds. These offer new potential for energy storage. And remember energy (your time and labor) is real money.
But before these bonds can be issued, accounts require balancing. This is what we are seeing in the world right now. The gold is going east to China. New oil and gas deals are being brokered. Wealth is on the move, shifting and splashing around upon the sea of international understandings. Inflation is being sent back from whence it came. Currencies and commodities which have been artificially suppressed to support the now old micro will be expanding to reflect the new macro realities.
Debt balances will settle into new account holders before the system is locked down. Those with greater capacity for composition will swallow the old sovereign debts. The U.S. owes a great debt to China and because of this China is allowed to import all the gold. This gold will ensure the transfer of Fed liabilities to the Renminbi composition. The Renminbi will be international, the Yuan in house. Just like the dollar will be split into an international exchange and an in country exchange. The Treasury being severed from the Federal Reserve. The micro being severed from the macro.
All old sovereign debts, including historical bonds, like the Chinese 1913 Gold bonds, will be balanced before consolidation. All the countries of the world have been explored and their resources catalogued. Processes have been designed to produce those resources and bring them to market.
Central banks are increasing their holdings of Canadian and Australian dollars. These are two resource rich countries. Foreign reserves can also add to the composition of any one currency.
In Part 3 we will venture into the pipeline mechanics of SDR compositions, including historical bonds, resources and commodities, and the inevitability of the great consolidation. We will see how the U.S. market is beginning to open itself to the idea of SDR denominated bonds. It simply has no other choice. And we will learn how the SDR bonds will be issued by the Federal Reserve, the World Bank, the European Central Bank, and what will become the monster allocator of the Renminbi SDR composition – the BRICS Development Bank. – JC Collins
Posted by D. at http://removingtheshackles.blogspot.com/
A little more Financial News for your Saturday morning read.
First up, HSBC is showing a lovely bit of transparency.
Bank-Run Fears Continue; HSBC Restricts Large Cash WithdrawalsSubmitted by Tyler Durden on 01/24/2014 21:31 -0500
Following research last week suggesting that HSBC has a major capital shortfall, the fact that several farmer's co-ops were unable to pay back depositors in China, and, of course, the liquidity crisis in China itself, news from The BBC that HSBC is imposing restrictions on large cash withdrawals raising a number of red flags. The BBC reportsthat some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it. HSBC admitted it has not informed customers of the change in policy, which was implemented in November for their own good: "We ask our customers about the purpose of large cash withdrawals when they are unusual... the reason being we have an obligation to protect our customers, and to minimise the opportunity for financial crime." As one customer responded: "you shouldn't have to explain to your bank why you want that money. It's not theirs, it's yours."
Via The BBC,Some HSBC customers have been prevented from withdrawing large amounts of cash because they could not provide evidence of why they wanted it, the BBC has learnt.
Listeners have told Radio 4's Money Box they were stopped from withdrawing amounts ranging from £5,000 to £10,000.
HSBC admitted it has not informed customers of the change in policy, which was implemented in November.
The bank says it has now changed its guidance to staff.
"When we presented them with the withdrawal slip, they declined to give us the money because we could not provide them with a satisfactory explanation for what the money was for. They wanted a letter from the person involved."
Mr Cotton says the staff refused to tell him how much he could have: "So I wrote out a few slips. I said, 'Can I have £5,000?' They said no. I said, 'Can I have £4,000?' They said no. And then I wrote one out for £3,000 and they said, 'OK, we'll give you that.' "
He asked if he could return later that day to withdraw another £3,000, but he was told he could not do the same thing twice in one day.