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Post: London Whale ‘Demolishes’ CU Anschutz Medical Campus.

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2 billion, 5 billion, 30 billion,  100 billion dollars, 700 TRILLION DOLLARS. Numbers so large that the average working American who earns 40K dollars for a complete year of labor and toil cannot comprehend the magnitude of these numbers!

To illustrate the magnitude and give some sort of point of reference, a sense of perspective to the numerous national Anschutz Medical Campus blog readers if the University of Colorado Hospital, CU Children’s Hospital, Lyons clinic, research towers, wellness center, parking structures every single building located on the CU Anschutz Medical Campus was completely demolished leveled to the ground it would be less than 5 billion dollars worth of physical real estate. It took approximately six (6) years to build out the entire CU Anschutz Medical Campus located in Aurora Colorado.

Numbers so high it attracts unwanted scrutiny from high powered auditors, Federal authorities, Securities and Exchange (SEC), FBI criminal probe, Office of the Comptroller, CFTC futures subpoenaing emails and requesting internal documents, class action lawsuits filed, senate hearings, prompting national legislation enacted, even a stellar world wide reputation can be permanently damaged. Can you now get some sort of perspective of these types of financial dollars we are talking about? More than a bump in the road, more than a “tempest in a tea pot.” We are talking about physically demolishing every single building on the CU Anschutz medical campus located on 227 acres in Aurora, Colorado.

With 30,000 plus students current and future academic educational committed debt dollars decision on the line you should. Where did this multi billion dollar worldwide financial fiasco occur? On the downtown University of Colorado campus newest department parent company J. P Morgan AND IT ONLY TOOK A COUPLE OF WEEKS TO UNFOLD!

On April 5, 2012 J. P. Morgan gave a 5.5 million dollar gift to Colorado University (CU) to open up the J. P. Morgan commodities center on the first floor of the new 120,000 square foot building located on the downtown Colorado University (CU) campus.

CU chancellor Don Elliman stated no academic program matches what J. P. Morgan commodity will provide with innovative programs offered in agriculture, energy, and minerals. The Colorado University Morgan commodity center will provide academic work in the field of finance, economics, ethics, regulations and policy.

In an attempt to solidify Denver, Colorado as the nations national hub on student programs
in commodity research. Combined with the J. P. Morgan track record on helping clients manage credit and market risk, offering specialized CU undergraduate degrees upon successful graduation in this new state of the art Colorado University academic center.

One day later on April 6, 2012 the Wall Street Journal profiled Bruno Iksil nicknamed the “London Whale” who was making large trades and putting J. P. Morgan bank at risk. Soon losses of 100 million dollars a day started piling up on the chief investment office (CIO) books. This report was investigated and printed by a journalists Gregory Zuckerman and Katy Burne…..remember journalists.

On April 27, 2012 J. P. Morgan Ceo Jamie Dimon directed the nations largest bank by assets
j .P. Morgan to delay an upcoming securities and exchange SEC filing BECAUSE JAMIE DIMON THE CEO OF THE NATIONS LARGEST BANK DID NOT COMPREHEND THE SYNTHETIC CREDIT SECURITIES TRADE IMPACT! even though J.P. Morgan was the first bank in the 1990’s to create credit derivatives!

On April 30, 2012  Ceo Jamie Dimon was informed of the huge trading loses….securities positions so large it literally took his breath away! securities positions on a 100 billion dollar portfolio!

On May 10, 2012 J.P. Morgan filed the quarterly 10-Q sec filing. In addition Jamie Dimon held a late conference call with investors disclosing a 2 billion dollar plus ” London whale” internal trading loss. Calling it a “tempest in a teapot” causing the Morgan stock to fall 7% wiping out over 4 billion dollars on their market capitalization and sending ripple waves through out wall street. Dimon had disclosed the bank had taken trading losses…. in the last 6 weeks…preceding the bally hoed announcement of the J. P Morgan CU “branded” downtown commodity center because of a credit synthetic position. Morgan had been using a credit model that was flawed and went back to the old value at risk (VAR) model. Dimon went on to state the strategy was poorly designed and executed, sloppy, stupid and shouldn’t have happened. As a result of this disclosure the value of the cost of protection on the cdx series 9 index rose 24% in less than one week.

May 21,2012 Morgan suspended its stock buyback as a result of the loss, Morgan is attempting to stay within the capital requirements of the Basil 3 standards. To date Morgan stock has lost almost 30 billion dollars.

One possibility at issue is a trade gone bad and someone didn’t want the value at risk model to start alerting others to rising risk. Failing to alert Morgan management of internal risks and risk systems.

There is now a discrepancy between the London whale trades and the Morgan credit swap dealer  trades. This discrepancy has the potential to obscure hundreds of millions of dollars of Morgan losses before the released may, 10, 2012 disclosure. Without proper internal risk price controls Morgan learned of the discrepancy from news reports.

As a result of this “bump in the road ” the three Morgan executives involved with this London trading loss have been dismissed from J. P. Morgan. Specifically Michel Iksil nicknamed the London whale, Ina Drew who was responsible for the risk management unit and Achilles Marcus who was in charge of the London trading desk that placed the risky trades. Morgan is also looking into claw backs in executive compensation of those who are responsible for the trading losses. Claw backs are possible when financial or reputation has harmed Morgan. Not only was Morgan’s reputation harmed. Also CU reputation was harmed. And by default Colorado taxpayers were harmed. Who finance CU Anschutz. Colorado taxpayers are now financing a criminal organization by the negligence of CU Regents lack of due diligence and lack of proper vetting oversight.

This is not an isolated problem J.P. Morgan was recently named in another class action lawsuit
Over the selling of Facebook stock. Members of the class action suit stated Morgan did not disclose lower revenue estimates resulting in a 2.5 billion dollar loss since the recent IPO of Facebook. Facebook Ceo Zuckenberg was also named as a defendant in the lawsuit. Morgan was also fined $30,000 for RECENT CTFC violations. A track record of criminal negligence/activity is starting to develop.

This national billion dollar financial fiasco has ignited the federal governments interest with the ongoing debate in Washington. Specifically bringing the current 700 hundred trillion dollar derivatives swap market into government regulation. Creating transparency, margins, and margin calls associated with losses. This shadowy unregulated market is largely responsible for the 2008 USA financial meltdown. With the Federal Reserve having to lend money to banks and the national taxpayer propping up the entire US financial market.

Morgan Ceo  Dimon has been a vocal critic of the Obama administration concerning the enactment of the Volcker rule which restricts banks ability to trade with their own money. And eliminate proprietary trading at commercial banks over the counter derivatives. At a recent GOP rally republican nominee Mitt Romney was asked a question about J. P. Morgan by a news reporter and Romney dismissed the question preferring to dismantle frank Dodd legislation and seeking to implement common sense regulations into the market. When a crisis emerged Mitt Romney failed to address the problem, clearly showing the republican candidate Romney could not operate under pressure and crisis management!. This is an extension of the George w. Bush tenure of loosening government regulations at the detriment of the American people! As you carefully study and review what the republicans have done in congress to the Frank Dodd legislation and the Volcker rule is to water it down so both laws are useless! stall, delay, lobby, all bank regulations. This way The big to fail bank (TGTF) stays intact and when there are problems the taxpayer bails out the banks. This is what happens when republicans control the presidency and congress. This is why America is in the toilet today. Due to the GOP actions, loosening of regulations, and GOP lobbying. This issue is very complicated and way above the intellect of most taxpaying Americans. Just pay the bill and let the GOP run America into the ground. Are you better off today than you were 4 years ago???

Now what does this all state about the new Colorado University (CU) J. P. Morgan Commodities department which has not even opened yet on the downtown Colorado University campus? Lets start asking some serious national public questions of Colorado University (CU) leaders.

  1. WHERE EXACTLY WAS THE DUE DILIGENCE FROM COLORADO UNIVERSITY? WHY WERE 2 REPORTERS ABLE TO UNCOVER FATAL NATIONAL FLAWS AND THE COLORADO UNIVERSITY LEADERS FAILED TO UNCOVER THESE FLAWS?
  2. WHAT DOES THIS NATIONAL FINANCIAL FIASCO  INDICATE ABOUT THE NEWEST COLORADO UNIVERSITY ACADEMIC DEPARTMENT? BEFORE IT EVEN OPENS? THE MORGAN NAME IS CLEARLY TAINTED SO BY ASSOCIATION COLORADO UNIVERSITY (CU) NAME IS TAINTED!
  3. WHAT VALUE DOES AN UNDERGRADUATE CERTIFICATE DEGREE HOLD IN THE MARKETPLACE WHEN THE ACADEMIC UNIT ISSUING THE DEGREE IS UNDER FEDERAL CRIMINAL INVESTIGATION? MORE THAN 30 DAYS LATER THE ENTIRE SCENARIO HAS YET TO BE REVEALED? Not only that, when  Ceo  Morgan Dimon does not comprehend the complexity of the securities trade what hope does a young learning Colorado University student have of comprehending the securities trade?
  4. WHAT DOES THIS EPISODE CLEARLY INDICATE ABOUT FEDERAL REGULATION, ETHICS AND POLICY?
  5. WHAT IS THE EFFECTED STUDENT ENROLLMENT, STUDENT FUNDING, NATIONAL BRAND DAMAGE, ACADEMIC STATUS WHEN THE ACTIVITIES OF ONE CAMPUS PARENT COMPANY COMPLETELY DEMOLISHES ALL THE PHYSICAL STRUCTURES ON THE OTHER CU ANSCHUTZ MEDICIAL CAMPUS?

These are all serious national branding problems, academic problems, and due diligence problems that are not going to go away all of these problems will effect Colorado University (CU) student perception, enrollment, and Colorado taxpayers.

The Anschutz Medical Campus blog has now covered in national detail problems with CU Anschutz Medical Campus research zone and now the academic zone on the Colorado downtown campus. two of the three Colorado university zones. Both have serious problems. The Anschutz Medical Campus blog has also covered in national detail the political and infrastructure problems.

NO OTHER UNIVERSITY IN THE ENTIRE WORLD HAS THESE TYPES OF CONTINUOUS PROBLEMS.

AND ITS GETTING WORSE AS EACH DAY PASSES AS THE ANSCHUTZ MEDICAL CAMPUS BLOG CONTINUES TO BRING OUR NATIONAL READERS THE UNVARNISHED TRUTH!

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