Archive for October, 2013

J.P Morgan to pay 13 Billion dollar fine with Stolen Money

 

Twenty years from now business schools will be teaching a course on How to steal big like J.P Morgan. While news organizations run stories for the largest fine ever paid by a U.S. corporation they are missing out one glaring fact. The U.S taxpayer is about to be paid back with their own money. J.P Morgan defrauded the markets for almost a decade and made hundreds of Billions in Profits and now they are being asked to give a tiny portion of the ill-gotten gain back.

It may be relevant to the issue that Bernie Madoff got 150 years for creating 18 Billion in loses. No one will ever go to jail for the hundreds of Billions J.P Morgan lost because they are better thieves with better lawyers.

Look at what has happened in the last five years and tell me if this isn’t a great lesson in stealing BIG:

1. JPMorgan’s $12 Billion Bailout

By DEALBOOK

http://dealbook.nytimes.com/2008/03/18/jpmorgans-12-billion-bailout/?_r=0

2. Bailed out banks

The Treasury Department has invested about $200 billion in hundreds of banks through its Capital Purchase Program in an effort to prop up capital and support new lending. Here’s a list of the banks that got bailed out.

http://money.cnn.com/news/specials/storysupplement/bankbailout/

3.  Profit Solid, J.P. Morgan Aims to Repay TARP Funds

Robin Sidel    Updated April 17, 2009 12:01 a.m. ET

http://online.wsj.com/news/articles/SB123986615199224399

June 17, 2009, 4:17 pm <!– — Updated: 3:55 pm –>

4.  JPMorgan and 9 Other Banks Repay TARP Money

By DEALBOOK

http://dealbook.nytimes.com/2009/06/17/jpmorgan-repays-treasury-as-tarp-exits-continue/

9. J.P. Morgan Chase & Co. 2009
Rank: 9 (Previous rank: 16) CEO: James Dimon Compare tool: J.P. Morgan Chase & Co. vs. Top 10

http://money.cnn.com/magazines/fortune/fortune500/2010/snapshots/2608.html

5.  5 Highlights From JPMorgan’s 2010 Earnings

Jan 14 2011, 2:19 PM ET

http://www.theatlantic.com/business/archive/2011/01/5-highlights-from-jpmorgans-2010-earnings/69593/

Wall Street Earnings January 13, 2012, 7:21 am  <!– — Updated: 1:00 pm –>

6.  Weak Quarter Weighs on JPMorgan’s 2011 Profit

By BEN PROTESS

http://dealbook.nytimes.com/2012/01/13/jpmorgans-2011-profit-rises-9/

7.  Goldman & JP Are Still Tops—But Dimon Takes a Pay Cut

Jan 16, 2013 12:07 PM EST

http://www.thedailybeast.com/articles/2013/01/16/goldman-sachs-and-jp-morgan-see-profits-surge-in-2012.html

8.  JPMorgan’s $7 Billion In Penalty Payouts Dwarfed By Monstrous Profits (CHARTS)

http://www.huffingtonpost.com/2013/07/31/jpmorgan-7-billion-settlements-fines_n_3683519.html

9.  JPMorgan’s $13 Billion Settlement: Jamie Dimon Is a Colossus No More

By October 24, 2013

http://www.businessweek.com/articles/2013-10-24/jpmorgans-13-billion-settlement-jamie-dimon-is-a-colossus-no-more

If you understand these 10 articles you will understand that this fine will not cost J.P Morgan a dime. When the U.S. tax payers gave J.P Morgan 25 Billion for the bailout we gave them the a five year head start for all of the fines they would later have to pay. These last five years have been the best in J.P Morgan history and 13 Billion is a drop in the bucket.

If more fortune 500 companies took the approach of stealing Billions and paying fines five years later I’m sure they would be more profitable. This is why I know this example will be taught in law schools and business schools around the world.

Wishing Wealth Wellness and Wisdom

Manager of Wealth

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How to Get Revenge on the Stock Market for Stealing your Wealth

 

The pure truth is that you have a 5% chance of retiring with enough money to live well after retirement. To join this 5% of people who are as rear as white elephants you will need a lot of information, great habits, and advice from an exceptionally informed advisor. My advisor in this regard is Tony Brayboy of Matrix Wealth Management and he can help you as he has helped so many wealth seeking people in the past. Get his new book The Big Payback.

Feel free to check out two chapters for free but get this book into your collection now.

Learn what you need to know to become as successful and you dream of being.

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Losing 3 Million Dollars Isn’t a lot of Money But when it’s all you have it seems like a Everything

It’s impossible to be in business for yourself since the age of 17 and not take some loses. Setbacks come with the choice of profession. But even after fighting through the storms of several businesses over my career I was totally mentally unprepared for the Tsunami that was 2008.
Going into 2008 I was in a pretty good position. Revenues at my brokerage were around $60,000 per month, I owned three investment properties with plenty of equity, credit was great, I had the best woman in the world, and I was the majority stake holder on three multimillion dollar commercial developments in Atlanta that promised to make me a liquid cash millionaire well before the age of 40. On top of all that my friends and family were all seemingly doing well in their lives as well.

home sweet toxic home

Little did I know that a perfect storm was coming to destroy what it had taken a decade to build.

Within a few short months of the crash of 2008 the mortgage business would be on life support, property values would be trashed, the commercial lending market would freeze making it impossible to complete the sale, and my 7000 square foot home would go from $1.2 million to being worth $0 because the water supply around it was contaminated with toxic gas. Add to that two of my business partners now had wives suffering with breast cancer that would soon take their lives.

Biscayne Bay Atl

Pretty soon there were cash calls, lawsuits, hurt feeling, break ups, unbelievable stress and pain. Not just for me, but for most of America that was being rocked by the same storm. Everybody was looking for someone to blame and I was a big target.

So many days I didn’t want to get out of bed because I just didn’t want to deal with that days hurdles. I was a part of so many relationships both personal and business that were not built for this type of trauma.

By this point your ego is in a fight for it’s life. You’re either going to become bold and put together a plan to rebuild or fold and become depressed. Although I did the former many days when things were not going well I felt like doing the later.

It would have been so much easier to become totally depressed and angry and blame others for the wipeout that I didn’t fully see coming. No matter how crazy my creditors got I never lost it with anyone who owed me money. In fact, I called  to say I hoped they would make it through. If I could help them get back on their feet it profited me too, so why trip.

I actively have worked to help my biggest debtors to complete projects they are working on. One, because they were friends before they were debtors and two, because eventually somebody’s got to win and I refused to see a person as a loser just because the economy tanked.

People either believe in Scarcity or abundance but you won’t really know which until trouble comes. Those that believe is scarcity will freak out like the sky is falling and nothing good will ever happen again. Those that believe in abundance with look for opportunity.

If I have any advice to anyone who has taken a major life changing loss that affects you and the people you care about, it’s don’t let your ego and negative self talk throw you into depression. A big lose doesn’t make you a loser. You are still the same person you were only wiser and more informed.

Count your blessings daily and think about everything and everyone who is still in your corner. People really are not concerned with your loss because they are dealing with their own shortcomings.

The sooner you step back out into the world and make a positive contribution the sooner you will be back on top. The people regarded as winners have suffered more loses than most people who never try will ever face.

People have faced financial ruin, death of loved ones, loss of relationships and public and private humiliation. And still they come back.

There is no loss that last for life unless you and your ego buy into it. 90% of this life is mental. At the end of my post I always wish people wealth, wellness and wisdom and I believe setting ego aside and focusing on all the good in your life will bring you all three.

Wishing you Wealth, Wellness, and Wisdom

Manager of Wealth – Mark Fuller

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WARNING – There is a New Visa and Mastercard Scam sweeping the Nation

 

 

I just received this message from the C.E.O of one of Maryland’s top lenders. Please take a moment to read and understand this credit card scheme so that you and your family are protected.

Visa / MasterCard FRAUD

 

Verified with Snopes:http://www.snopes.com/crime/warnings/creditcard.asp

 

This is a heads up for everyone regarding the latest in Visa fraud. Royal Bank received this communication about the newest scam. This is happening in the Midwest right now and moving across the country.
This one is pretty slick, since they provide YOU with all the information, except the one piece they want.
Note, the callers do not ask for your card number; they already have it.
This information is worth reading. By understanding how the VISA & MasterCard telephone Credit Card Scam works, you’ll be better prepared to protect yourself. One of our employees was called on Wednesday from ‘VISA’, and I was called on Thursday from ‘MasterCard’.
The scam works like this:
Person calling says – ‘This is (name) and I’m calling from the Security and Fraud Department at VISA. My Badge number is 12460, your card has been flagged for an unusual purchase pattern, and I’m calling to verify. This would be on your VISA card which was issued by (name of bank). Did you purchase an Anti-Telemarketing Device for $497.99 from a marketing company based in Arizona?’ When you say ‘No’, the caller continues with, ‘Then we will be issuing a credit to your account. This is a company we have been watching, and the charges range from $297 to $497, just under the $500 purchase pattern that flags most cards. Before your next statement, the credit will be sent to (gives you your address). Is that correct?’ You say ‘yes’.
The caller continues – ‘I will be starting a Fraud Investigation. If you have any questions, you should call the 1- 800 number listed on the back of your card (1-800-VISA) and ask for Security. You will need to refer to this Control Number. The caller then gives you a 6 digit number. ‘Do you need me to read it again?’
Here’s the IMPORTANT part on how the scam works – The caller then says, ‘I need to verify you are in possession of your card’. He’ll ask you to ‘turn your card over and look for some numbers’. There are 7 numbers; the first 4 are part of your card number, the last 3 are the Security Numbers that verify you are the possessor of the card. These are the numbers you sometimes use to make Internet purchases to prove you have the card. The caller will ask you to read the last 3 numbers to him.After you tell the caller the 3 numbers, he’ll say, ‘That is correct, I just needed to verify that the card has not been lost or stolen, and that you still have your card. Do you have any other questions?’
After you say no, the caller then thanks you and states, ‘Don’t hesitate to call back if you do’, and hangs up. You actually say very little, and they never ask for or tell you the card number. But after we were called on Wednesday, we called back within 20 minutes to ask a question. We were glad we did! The REAL VISA Security Department told us it was a scam and in the last 15 minutes a new purchase of $497.99 was charged to our card. We made a real fraud report and closed the VISA account. VISA is reissuing us a new number. 
What the Scammer wants is the 3-digit PIN number on the back of the card. Don’t give it to them. Instead, tell them you’ll call VISA or Master Card directly for verification of their conversation.
The real VISA told us that they will never ask for anything on the card, as they already know the information, since they issued the card! If you give the Scammer your 3 Digit PIN Number, you think you’re receiving a credit. However, by the time you get your statement you’ll see charges for purchases you didn’t make, and by then it’s almost too late and/or more difficult to actually file a fraud report.
What makes this more remarkable is that on Thursday, I got a call from a ‘Jason Richardson of MasterCard’ with a word-for-word repeat of the VISA Scam.. This time I didn’t let him finish. I hung up! We filed a police report, as instructed by VISA. The police said they are taking several of these reports daily! They also urged us to tell everybody we know that this scam is happening. I dealt with a similar situation this morning, with the caller telling me that $3,097 had been charged to my account for plane tickets to Spain, and so on through the above routine..
It appears that this Is a very active scam, and evidently quite successful…
Pass this on to all your family and friends.

 Wishing you Wealth, Wellness, and Wisdom

Mark Fuller – Manager of Wealth

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Eddie Obeng: Smart failure for a fast-changing world

http://www.ted.com/talks/eddie_obeng_smart_failure_for_a_fast_changing_world.html?source=facebook#.UMb9rFpZR-x.facebook

Enjoy this highly energetic lecture about smart failure and how the world has changed. It will make you question what set of rules are governing your decisions.

Think it’s not against the law ,Yet!

Wishing you Wealth Wellness and Wisdom

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Mark Fuller, Manager of Wealth

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Larry Smith: Why you will fail to have a great career

When I say I love this Ted Talk I am not overstating. If I ever think of not pursuing the life I want I get myself together by watching this video and focusing on my goals. Save this video you will need it in days to come.
Become what you were meant to become or live with the regret. It’s easier to be what you were put here to be!

Wishing you Wealth, Wellness, and Wisdom

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Mark Fuller – Manager of Wealth

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If you Wake Me Up Early , Please Know How to Read and be Ready for a Happy Ending!

If you Wake Me Up Early , Please Know How to Read and be Ready for a Happy Ending!

Everyone that knows me, knows that I have two standing house rules. The first is do not ever come by my home unannounced, especially early. The second is don’t ever come to my home with Drama, especially early.
I always wake up early but I never like to communicate early because this is my quiet time to get my thinking and planning done. The last thing I want is someone in a panic busting into my space. Not to mention, that having company requires you to be a good host and put some pants on.

One morning back in 2007 as the financial world was just beginning to show major signs of weakness I received a morning caller ringing my door bell at 7 am. As I answered the door asking who it was all I heard was “hey it’s me I really need to talk to you let me in.” I wanted to be impolite but I could hear the concern in her voice so I hit the buzzer to open the door.

When she came through the door I could see she was extremely upset and angry to put it mildly. When I asked what was the matter she told me that she just realized that her financial planner had lost several hundred thousand dollars of her hard-earned money.

As she began sharing with me that she was coming off the best year of her life she took out her tax returns to show me the four hundred thousand dollar profit she had made which she promptly turned over to her broker for saving. He promptly placed the money in the stock market and it promptly evaporated due to a downturn in the market.

As I read the tax return I was stunned by what I saw in the financials of the company. That year the firm had 1.5 million in gross sales revenue and a net profit of 400 thousand after all salaries and expenses. A great year for any small service business. But then I noticed a jewel on the tax return and despite the hostile mood I got happy.

Immediately she asked what I was so happy about and I pointed to the tax return. What’s so great about that now that my money is gone. I pointed her attention to the marketing expense line which showed 100 thousand in marketing expenses that generated 1.5 million in sales revenue.

I went on to explain that if she had spent 100 grand for 1.5 million dollars in sales and made a 400 thousand dollar profit all that was needed was to double the marketing budget doing the same campaigns that generated the first 1.5 million. The additional million or more that would be generated would be mostly profit because all of the office expenses, salaries, and overhead would have already been paid. If she spent an additional 100k in marketing and generated at least 1 million dollars she would profit 700 thousand on that million.

Of course I told her, as I always had, that her broker wasn’t worth a damn but not because he was a bad guy but because his financial education didn’t allow him to really look at his client and give them the proper advice. Anyone with any financial IQ would have advised this client to invest more heavily in the business because it was clear that this business had a marketing plan that was working and they were still far below their potential.

Most investment advisors can only tell you what they were trained to tell you. “Invest in good markets because its going to get even better and invest in bad markets because the market will turn around.”

If this encounter had taught me anything it was that most business owners don’t know how to read the numbers. The most important numbers in the tax return is the marketing cost and the gross sales. Once you really have a formula for generating money you can figure out how to bring those cost down by generating more sales more inexpensively.

The other thing I learned is the returns are always higher in business than in the market. I know lots of millionaires from many different types of mom and pop businesses but almost no stock investing millionaires. I bet the same is true for you.

Lastly no matter how bad it seems, even when you have lost hundreds of thousands or millions, as I have personally experienced, there is always a happy ending once you get the numbers figured out.

Wishing you Wealth, Wellness, and Wisdom

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Mark Fuller – Manager of Wealth

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