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[dasein]

JP Morgan Chase Bank has asked James Koutoulas, co-founder of the Commodity Customer Coalition (CCC) and CEO of Typhon Capital Management LLC,to change his bank as they no longer want his business. The point is basically moot as Koutoulas was already in the process of changing banks. In fact, a few days before he received the letter from JP Morgan VP Ann Stankiewicz asking him to move, Koutoulas called on all 38,000 former MF Global futures account holders to boycott JP Morgan. Shortly after the MF Global bankruptcy filing when Koutoulas sought to represent former customers, he had expressed suspicion of JP Morgan’s role. First was an attempt to gain priority status ahead of customers and since Koutoulas has pointed out how JP Morgan has multiple conflicts as it was a major custodial bank of MF Global as well as one of its primary creditors. JP Morgan is also on the MF Global Holdings Creditors Committee. He also noted that JP Morgan is attempting to buy customer claims at a discount, so called “Vulture claim buying.” JP Morgan also reportedly bought some of the sovereign debt positions held by MF Global that got them in trouble in the first place. Koutoulas and the CCC is not simply asking customers to boycott JP Morgan, they are also recommending that futures customers do not do business with any futures broker that uses JP Morgan as a custodial bank. from futures magazine...

[mmm]

Listen to Jim Paplava interview with Koutoulas


http://www.financial...-sense-newshour


Its the third from the top