Andrew Abraham

andy-0101 My name in Andrew Abraham. I have been investing in commodities and managed futures since 1994. I adhere to the philosophy of trend following. Trend following stresses a disciplined approach to commodity/ futures trading. Successful trend following and commodity futures investing requires patience, discipline and actively managing the risk. What sets me apart from other traders is that I am not only concerned about the return on investment but how much risk I will have to tolerate to achieve my goals.

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Does a Conflict of Interest Exist between JP Morgan and the MF Global Trustee?

Does a Conflict of Interest Exist between JP Morgan and the MF Global Trustee?

After a little research it was learned there is a long & significant relationship.

Isn’t it very strange how supposedly $600 million was in a JP Morgan account and then not? JPMorgan initially downplayed the significance of the $600 million account, saying it was well known to investigators looking for the missing money, and thus was likely to be unrelated to the customer funds still unaccounted for.Afterwards there were discussions between JPMorgan executives and officials at the Commodity Futures Trading Commission regarding exactly this. Ironically,afterwards a spokesman for the CFTC didn’t return a call for comment from Fox news nor did a JPMorgan spokesman who stated that they had no comment on the matter.

Just weird.

What also raises the question is there a conflict of interest between the Trustee of the MF Global bankruptcy James Giddens and his firm Hughes Hubbard & Reid LLC with JP Morgan? What is ironic is the work that Hughes Hubbard & Reid LLC did for JP Morgan in the past.

This work can be accessed by going to Hughes Hubbard & Reid LLC’s website and doing a search. The relationship between James Giddens and his firm is long and extensive.

Hughes Hubbard & Reid LLC JP Morgan past work

there are 6 pages listed.

Another example is:

Hughes Hubbard & Reid LLC Representation of JPMorgan Chase Bank in connection with the separation of Viacom Inc. into two publicly-traded companies

Firm Role: Agent’s Counsel

Hughes Hubbard represented JPMorgan Chase Bank, N.A. and Citibank, N.A. as lead arrangers and agents for the $12.25 billion in financing provided in connection with the separation of Viacom Inc. into two publicly-traded companies. The financing was in the form of three syndicated credit facilities: a $3 billion five-year revolving credit agreement for Viacom Inc. (which was renamed CBS Corporation), a $6 billion bridge term loan credit agreement for New Viacom Corp. (which was renamed Viacom Inc.) and a $3.25 billion five-year revolving credit agreement for New Viacom Corp. There were over 25 banks included in the syndicate that provided the credit facilities. CBS Corp. is comprised of CBS Television Network, UPN, CBS Radio, Viacom Outdoor, Viacom Television Stations Group, Paramount Television, King World, Simon & Schuster, Showtime and Paramount Parks. Viacom Inc. includes MTV Networks (MTV, VH1, Nickelodeon, Nick at Nite, Comedy Central, CMT: Country Music Television, Spike TV, TV Land and many other networks around the world), BET, Paramount Pictures, Paramount Home Entertainment and Famous Music.

Yet another example is Hubbard Hughes Reid LLC joined JP Morgan in a representation of the Navajo Nation to serve as its gaming counsel.

Navajo Nation Retains Hughes Hubbard
Hughes Hubbard was recently retained by the Navajo Nation to serve as its gaming counsel. With over 250,000 members, the Nation is the country’s second largest Indian tribe and the largest in terms of land base, owning over 27,000 square miles in three states.

The firm will assist the Nation with business, regulatory, land use and other matters related to gaming. The Nation is currently considering as many as six casinos in Arizona and New Mexico.

The Nation hired Hughes Hubbard after a lengthy selection process, including issuing an RFP. Steve McSloy was first approached last year at an ABA Gaming Law conference by a lawyer from the Nation’s Department of Justice about helping the Nation with its first ventures into gaming.

McSloy and Ted Latty, with whom he chairs the firm’s Native American Practice Group, later met with the Nation’s Gaming Task Force. Finally, McSloy recently met with Nation President Joe Shirley at the Nation’s capitol in Window Rock, AZ. The firm was hired immediately after the meeting.

Hughes Hubbard joins JP Morgan Chase, Citigroup, KPMG and GVA Marquette as advisors to the Nation, which has over $500 million in annual revenues and $2 billion in assets, with over 6,500 employees.

The relationship between JP Morgan and the Trustee James Gidden’s company Hughes Hubbard Reid even was involved even in sporting events.

JP Morgan Corporate Challenge

HUGHES HUBBARD & REED LLP (New York (Wednesday))

Captain: Patricia Vitale
Bib Name Time Gender Place
3285 Joseph Caffrey 24:45 693 748

This a question that must be asked. Myself and countless others do not feel comfortable the billing rates of $890 a hour on behalf of Giddens, the proposal to charge upwards of $5,000 per client account for mis wires as well as his total billing of $160 million dollars or $1 million dollars a week while he was the Trustee of Lehman yet many Lehman customers received nothing.

This question must be asked by the media as well as members of the Govt.

Andrew Abraham
Abraham Investment Managment

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2 comments to Does a Conflict of Interest Exist between JP Morgan and the MF Global Trustee?

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