Canadian, I would first like to voice my disgust with actions taken by my
fellow countrymen [Alberta’s Provincial Government] on Thursday –
who saw fit to ‘rewrite’ royalty agreements they had entered into
with the oil industry.
A very sad day
for Canada’s honor and reputation.
As disgusting as
all of this is, it still pales in comparison to an even bigger, much more
preposterously glaring disgrace that I’d like to draw your attention
A little over a
year ago I penned an article titled, Everyone Loves A Parade. The article
chronicled the growth of J.P. Morgan derivatives book from Q4/05 to Q1/06 of
On Friday, the
Office of the Comptroller of the Currency released their latest Qrtrly.
Derivative Fact Sheet for Q2/07. In the latest
reporting period [Q2/07], J.P. Morgan Chase’s derivatives book has
swelled by a cool 10 Trillion in notional:
[Source: table 2 on page 23 of pdf doc
– Quarterly Derivatives Report]
In case any of
you are wondering how big new growth of 10 Trillion in notional really is:
/ 66 business days = 151 Billion per day [NEW BUS]
Can anyone tell
me how or where it is possible to generate 151 Billion in new business per
day – for 66 straight business days - in ANYTHING?
J.P. Morgan Chase
is widely viewed to be the Federal Reserve’s proxy institution in the
Instead of a
ticker-tape-parade, perhaps there should be a National Holiday named for this
disingenuous feat – like, maybe a permanent bank holiday?
articles by Rob Kirby
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