JP Morgan, The Biggest Bank In The World, Just Got Duped Into Literally Buying Bags Of Rocks They Thought Was Nickel
JPMorgan Chase & Co. owned the London Metal Exchange nickel contracts that turned out to be backed by bags of stones rather than metal, according to people familiar with the matter.
The LME last week announced it had canceled nine nickel contracts — worth about $1.3 million — after discovering “irregularities” at a certain warehouse, which Bloomberg has reported was owned by Access World. The news has been met with shock in the metals world, because LME contracts are generally viewed as beyond question.
JPMorgan was the owner of the nine invalidated contracts, according to people familiar with the matter. The bank registered the bags of material as being deliverable against LME contracts in early 2022, said the people, who asked not to be identified discussing private information.
I am torn here. Generally, I am against lying and I believe fraud to the tune of $1.3M falls under the umbrella of lying. Having said that, I LOVED the Robin Hood disney movie when I was a kid. Friar Tuck and that cunning fox, Robin of Loxley, sticking up for the little guys of Sherwood Forest. Stealing from the rich and giving to the poor. There's somehow morality in the lawlessness. Stole the money, shot arrows, got the girl. Tale as old as time.
This is the real world though. Not a Disney movie. JP Morgan isn't the Sheriff of Nottingham robbing people blind. They're just a corporation trying to do right by their customers and shareholders. Can you imagine if JP Morgan tried to pull off a precious metals scheme against the federal government like what happened to them? They nev...
Well okay, that was just stealing from the government. Nobody likes taxes. If they skim off the top from Treasuries they can just pass those saving on to their customers…
I guess what I am saying is FUCK this back (even though it's my bank) and I wish I could pay credit card fees in fucking gravel because that's the same game the banks are playing. Big institutions are always scamming us. Taking our money, selling promises, and delivering shit. Shit like…go to college, pay us $400k, so you can make a job, but then their is no job because the Fed is intentionally killing the job market and then you can't work or pay back the student loans and you're basically an indentured servant for the next 50 years with a piece of paper that is worth basically nothing. Or something like that.