CYA
Simplify Tail Risk Strategy ETF
stock NYSE

Isn't it weird how a lof of these guys use vague phrases like 'Are you ready for what’s going to happen next' etc?
Cold readers use it so that you can look back and find a meaning, saying oh he was right etc.
If he knew so much wouldn't he have sent an email with the title 'WARNING - Incoming Dip from Nov - Feb'?
I'm not saying KFG is or isn't the real deal, I don't know him. But if these stock experts really knew what was going to happen they wouldn't use vague terminology.
It just seems like a case of constant CYA incase someone questions you in the future, from a lot of these experts.

Isn't it weird how a lof of these guys use vague phrases like 'Are you ready for what’s going to happen next' etc?
Cold readers use it so that you can look back and find a meaning, saying oh he was right etc.
If he knew so much wouldn't he have sent an email with the title 'WARNING - Incoming Dip from Nov - Feb'?
I'm not saying KFG is or isn't the real deal, I don't know him. But if these stock experts really knew what was going to happen they wouldn't use vague terminology.
It just seems like a case of constant CYA incase someone questions you in the future, from a lot of these experts.

**TL;DR:**
* **Similar to what happened when Nick Leeson bankrupted Barings in the 90s and the bankrupt bank’s positions folded into ING, Bear Stearns positions folded into JP Morgan including a massive $2 billion silver short. Bear Stearns traders may have built up a short as a hedge to Bear Stearns’ failing company/MBS housing portfolio and stock price, through “spoofing”. Many Bear Stearns traders that were on Bear’s fraudulent floor trading silver, went on to work for the same desk at JPM after it got absorbed.**
* **Instantly after JPM absorbed Bear’s silver bags, silver was shorted from $21 an ounce to $9 an ounce out of nowhere through high volume. From days to weeks to months after inheriting this silver short, JPM starts aggressively spoofing prices alongside HSBC to keep them low. At one point, JPM owned over 85% of all commercial silver short futures in the world. Lawsuits were filed against JPM & HSBC as early as 2008, and a whistleblower was beaten and in a hit-and-run accident days after several TV interviews were cancelled and their live broadcast glitched, failing to air their live testimony of the fraud.**
* **Rumors continually swirled that due to the massive short, silver and stocks like SLV would squeeze massively. This was similar to what we saw in 2022 when nickel squeezed. However, JPM is high up in the COMEX, which is a part of holding the precious metals used for futures and stocks/ETFs. JP Morgan Chase, out of seemingly nowhere, decides to apply for a vault license to hold silver starting March 2011. It’s approved in days, absolutely record time leaving people shocked.**
* **On April 28th, 2011, silver hits a then-near all time high then gets shorted down to oblivion in the next few days on May 5th. On May 1st, the then-US president reports that Osama bin Laden, architect of the 9/11 attacks on America, has been killed in a military raid. Later, info comes out in the lead-up that on April 28th (the same day that silver hits its all time high not seen ever for years), an attempt on bin Laden failed due to weather. All the info points to either JP Morgan finding out through the grapevine or being told directly what was going to happen, either to help close its Bear Stearns silver short in part or to benefit of the fact that silver/SLV prices would fall as global anxiety lifted over bin Laden’s death. SLV is rumored to currently be in a swap with GME.**
*This is Act Two: Part One in a 3-part series investigating the background behind the GME-SLV swap.*
*Previous posts in this series:*
*ACT 1: The Pledge: How SLV, Spoofing, Imagining Rick Astley’s Merchandise Table, and a London Rogue Trader Might Tell Us about the GME-Silver Swap*
[*https://www.reddit.com/r/Superstonk/comments/1qum7jo/every\_great\_magic\_trick\_consists\_of\_three/*](https://www.reddit.com/r/Superstonk/comments/1qum7jo/every_great_magic_trick_consists_of_three/)
**Table of Contents**
**0: Preface**
1. **Take On Me**
2. **But Why Male Models(…and Why Short Silver?)**
3. **Excessive Clicking**
4. **The Long Stay, The Short Goodbye**
5. **CYA**
6. **Sense of Scale**
7. **Mob Shit**
8. **Friends in High Places**
9. **Grand Opening**
10. **The Killing of Bin Laden**
11. Epilogu
*“Every great magic trick consists of three acts. The first act is called ‘The Pledge’. The magician shows you something ordinary. But of course, it probably isn’t…”*
*The second act is called ‘The Turn’. The magician makes this ordinary something do something extraordinary…”*
https://preview.redd.it/g3zborv65shg1.jpg?width=1280&format=pjpg&auto=webp&s=fa72886058ff56d8afad2a700ad128d11b613dc7
# 0. Preface
One of the only downsides since the release of “The Big Short” (both book and movie) is that a billion and one other things have had their own variation of the title glued onto every theory. I’ve been guilty of it myself, calling the short on commercial real estate in 2019 in the lead-up to the pandemic mega-shorting craze on GME and other companies featured in CMBX.6 (like Dillard’s) the “Big Mall Short”.
Back during the crash of 2008-2009, there were discussions of the same thing happening, in our commodity of question. All this came during the dark final days of one of the symbols of that 2008 crash: Bear Stearns…as well as its demise.
# 1. Take On Me
#
When JP Morgan Chase and Jamie Dimon agreed to take on Bear Stearns’ bags, it was a lot like what we saw with ING and Barings’ Bank in Pt. 1. There, we saw a naked short position by Nick Leeson fail, taking Barings’ Bank down with it, and after Barings failed then the Dutch bank ING took on its liabilities and positions, folding some of it into different branches.
JP Morgan was no different. And it led to some weird behavior.
The day that JP Morgan took on Bear Stearns’ bags, it also took on a massive short position in silver. Around that time, people were incredulous at what they say the price of that commodity start to do. Instantly, the price began nosediving and people couldn’t believe what they were seeing after silver was hitting near all-time highs: [https://www.youtube.com/watch?v=cMosOB9kFzM](https://www.youtube.com/watch?v=cMosOB9kFzM)
https://i.redd.it/857mnsie5shg1.gif
>“\[The price of silver went from\] $21 to $9 and everyone said that was panic selling. I would dispute that. You had silver at $13 at 6 months before Bear Stearns collapsed. Silver rallies from $13 to $21 the day after the Bear Stearns JP Morgan deal. \[Then instantly\] price fell by 50% indicating supply is everywhere.”
You can see here what happened the day that JPM inherited Bear Stearns’ massive silver short position. A drop of 30% happened, which we would not have seen again until this past week:
# 2. But Why Male Models(…and Why Short Silver?)
As with any bank failing there are always rumors. One rumor that swirled was that Bear Stearns had failed not due to its MBSes and all on the books, but rather because it took on a massive short position in silver (I can neither confirm nor deny this is true, and can’t really say data definitively points this way, but it’s…possible). 
https://preview.redd.it/no7g5r5i5shg1.jpg?width=355&format=pjpg&auto=webp&s=255f7553bf8afe34d87a5197347aa3c8b4d91553
What we DO know is that it seems that Bear Stearns doubled down on its bet perhaps for a very specific reason: as Bear Stearns was starting to fall and the greater stock market was starting to nosedive because of the subprime mortgage crisis, money was dropped into other hedges like silver so silver prices go up (as they do when market = bad). I imagine Bear Stearns thought “we will find a way to dig out of this hole” back at the time, make market = good to get back into safe standing and silver prices would go down as people breathed a sigh of relief. They would then be waiting at the ready to buy back silver at these lower prices, making money off the difference. Silver shorts may have been seen as a hedge at least Bear Stearns would save itself.
But just how did Bear Stearns build this position?
# 3. Excessive Clicking
#
By the end of 2007, Bear Stearns was the largest short in COMEX gold and silver at the time. The day of Bear Stearns’ demise, the COMEX (which holds supplies of gold and silver) experienced its then-maximum loss, with a cumulative demand of more than $2.5 billion dollars in cash deposits needed to be posted for margin. 
This was near when silver was $21 an ounce, and with nearly 300 million ounces short by the largest four shorts
https://preview.redd.it/ar9bkmyn5shg1.png?width=628&format=png&auto=webp&s=1d5fd3543412fe8e3ca0143a2363b7bdc31e0dc2
During this time, Bear Stearns traders like its top trader Gregg Smith said that it was common practice on the trading floor to spoof nonstop, telling jurors in a later case ““Nobody ever said boo about doing it. No one ever said it was legal or illegal.” Ex-Bear trader Corey Flaum also testified in the case and said he  sat next to Smith on his desk, and said he didn’t know it was illegal to spoof until 2011 (who knows if this is true or not but heavy side-eye).
Flaum said he knew Smith was spoofing by his excessive clicking on his computer at the desk next to his, helping Bear build its massive short on silver, one that JP Morgan eventually had on its books. (Remember this was also in 2008, when Goldman Sachs had done similar with its F3 key for locates.)
[Bear Stearns traders hard at work](https://i.redd.it/m8zld1sq5shg1.gif)
Fun fact about Gregg Smith btw? After JP Morgan absorbed Bear Stearns…Smith (who had a history of spoofing) joining JPM’s desk and became the top gold trader there too.
# 4. The Long Stay, The Short Goodbye
But of course, we know that never happened. On March 2008, Bear Stearns, one of the oldest firms in the United States, collapsed. Bear Stearns failure coincided with the price, to the day, of gold hitting then all time highs over $1000 and silver hitting 30 year highs ($20), with some saying “...it’s easy to calculate that Bear lost more than $2 billion in being short gold and silver from year end 2007 to mid-March 2008.”
Some say because JPM took on Bear Stearn’s shorts as part of the Fed-led emergency bridge loan, the CME Group and the Fed, Hank Paulson and all, HAD to have known what was going on with this massive position. One analyst put his theory this way:
>“Since the Feds requested JPMorgan’s assistance, there can be no question that JPMorgan demanded (and received) permanent immunity from future gold and silver allegations. This explains how they have been able to establish market corners in gold and silver today that commodity law prohibits. “
https://preview.redd.it/fg4kz3gu5shg1.jpg?width=1280&format=pjpg&auto=webp&s=26069c6cfea217ae7b56db03e67e577c468b4d07
JPM hit its own low on November 21, 2008 at $14 a share in the bleak days of the stock market crash. After JPM inherited this short position, there was the expectation that this giant short position would have to be bought back, setting up for a historic rally in silver prices. 
Yet later that year in September 2008, it was discovered JP Morgan had instantly become the largest short seller in silver and gold even as the CFTC lied (surprise?) denying there was no problem with big shorts in the silver market. Within days or months of receiving Bear’s silver bags, JPM started shorting the entire silver market.
[gonna tell my kids this is Jamie Dimon](https://preview.redd.it/02rigrix5shg1.jpg?width=1078&format=pjpg&auto=webp&s=55030c9dfbbc892a9d63d5e99fc74806d1f12ddf)
#
# 5. CYA
People were wary whether silver or stocks like SLV might squeeze. We saw how short squeezes have been part of the stock market since its inception, from tulips in the Netherlands, to Volkswagen in 2008, to GME in 2021. Many were wary of JPM’s giant inherited short position and were openly writing books and on forums, going on CNBC and Bloomberg, and everywhere to say there might be a massive squeeze that might happen. JPM NEEDED to buy back that silver to satisfy how much Bear Stearns was in the hole.
How did JPM navigate this short position? We saw in Pt. 1 how almost IMMEDIATELY around the time that they took on Bear Stearns’ massive short position, they (alongside HSBC) began to immediately spoof the precious metals market to drive the price down. As early as this behavior started in 2008, the CFTC or Commodity Futures Trading Commission started receiving 100s of tips that JP Morgan and HSBC were manipulating silver future prices. 
https://preview.redd.it/56m3l0i96shg1.jpg?width=480&format=pjpg&auto=webp&s=77e481c92f7c44693e93643a0f4a7c7b12c3da2f
And remember, silver dropped as the realization of the worst of 2008 had not yet set in:
>“From there it fell heavily. It is difficult to put this circa 50% fall entirely down to the global deleveraging cycle because the majority of it occurred a few months before the panic of 2008 set in. Something else was driving the price down.”
Lawsuits started as early as 2008, and eventually included ones by traders such as Peter Laskaris and Brian Beatty who helped spotlight this fraud. Eventually, JPM and HSBC settled with the SEC for nearly $1 billion in fines (fucking pitiful) over spoofing from 2008 to 2016 over precious metals including silver despite the fuck ton of money that they had made.
# 6. Sense of Scale
All that spoofing–as some have put together–might have been part of a way to help close or manage that giant position that they took on from Bear Stearns. And as we saw in Pt. 1, as we talked about a scenario where you run a merch table for Rick Astley goods, if you might wanna buy back a shirt sold at a concert of his for cheap on eBay, it might be worth your while to bid below the price so people think its worth less than what it is no matter how valuable. 
https://preview.redd.it/3sj41ss07shg1.jpg?width=600&format=pjpg&auto=webp&s=72969889256a0f28bf012158debe084fb125ba50
JP Morgan and HSBC had owned a substantial cut of commercial net silver short futures. Just how much? FUCKING over 85%! And this was IN ADDITION to a market share of over 90+% of all derivative short contracts in precious metals outside of gold.
JP Morgan and its close friends had effectively nearly shorted ALL of the silver and gold market of the time. 
# 7. Mob Shit
I’ve spoken often about the ACTUAL crime-level shit that often happens with the finance industry, such as how the DTCC’s main original office in NYC (55 Water Street) was got through prosecution over mob ties since the mob used to own that building, that Osama Bin Laden had a personal bank account at UBS, and HSBC–JPM’s partner in crime on spoofing precious metals–also was a partner in crime for drug cartels in Mexico.

This was no different.
As more and more bad news came out about the manipulation of the commodity after JP Morgan inherited the silver short, organizations like the National Inflation Association (NIA) and Gold Anti-Trust Action Committee (GATA) spoke about the fraud. The CFTC decided to hold an open hearing about this, which transpired in just the way you would expect a completely fraudulent system to work:
>“On March 25th, 2010, the CFTC held a hearing on position limits in precious metals. Bill Murphy of GATA (see NIA’s video page for an interview we conducted with Mr. Murphy on Thursday) was allowed to speak (within a five-minute time constraint). Right at the beginning of Murphy’s speech, there was a technical failure of the live television broadcast, which was mysteriously fixed as soon as he was done speaking.
>

This did not stop Murphy, who was brave enough to present the evidence of Andrew Maguire, a former Goldman Sachs precious metals trader who on February 3rd became a whistleblower when he wrote to Eliud Ramirez, a senior investigator for the CFTC’s Enforcement Division, giving him the “heads up” for a “manipulative event” signaled for February 5th. Maguire described to the CFTC in February 3rd emails, exactly what would happen on February 5th (which did occur exactly like predicted), yet the CFTC refused to take any action against JP Morgan or the other conspirators.”
>
https://preview.redd.it/akkz9rqx6shg1.jpg?width=300&format=pjpg&auto=webp&s=57982d5b767af3813dd08888c8243336cece5201
So not only were the live broadcasts YELLING ABOUT AND PROVING FRAUD going through a gLiTcH, but he had them dead to rights on showing what the fraud had looked like and even PREDICTED what it would look like to the day on February 5th.
Murphy’s testimony brought him more eyes, and he was slated to speak on major news and financial news networks among other places over the next few days. Yet we have no footage as they were all abruptly cancelled at once.
Why? 
Because over the next few days, his car was stolen, his computer was hacked, and he was knocked out with brass knuckles 2 blocks from his house. After the CFTC hearing, his wife and him were also involved in a hit and run in London where a vehicle came from a side street and struck them. The suspect hit two more cars in the escape and was chased by a police helicopter.
https://preview.redd.it/eoktu8qu6shg1.jpg?width=1500&format=pjpg&auto=webp&s=e0751e80e27fc0cf1352e83440ab9ba12259dcd9
Yet despite being nabbed, the suspect’s name was never released and charges were never announced. In the wake of all that LITERAL mob-level fuckery and intimidation, NIA’s President Adams commented with worry over what could be happening:
>“The current gold/silver ratio of 64 wouldn’t be possible unless silver prices were being held artificially low through manipulation. I don’t believe it is possible for the silver that JP Morgan is short to be backed by physical silver. Most likely, JP Morgan has been naked shorting silver, by selling paper silver that doesn’t physically exist.”
https://preview.redd.it/smjd6j5s6shg1.png?width=1920&format=png&auto=webp&s=68dc543cedc9da54744c1dbd30e085ef9ef42af5
Eventually, silver kept climbing, up until $50 in 2011. There were rumors around then that JP Morgan had amassed an even BIGGER short position than Bear Stearns, and potentially even a naked short position in silver. Remember how Bear Stearns and 3 others had a short position of 300 million ounces? Rumors by some people–including individuals like Max Keiser that people have been (as far as I know) critical of and considered a questionable source (for your reference)--said that JPM could have been short 3 BILLION OUNCES in 2011. At $50, this would have meant a nearly $150 BILLION DOLLAR margin call at silver’s peak in 2011 that JP Morgan would have had to fulfill if they were forced to pay. It would have ofc caused the bank to collapse.

# 8. Friends in High Places
The chances of that happening though are rare. And for many reasons. Biggest of which is that yes, it helps that JP Morgan has its hands all up in the COMEX and its inner workings. 
Remember the nickel squeeze in 2022? Chinese nickel company Tsingshan Holding Group was short nickel, hoping that prices would reverse after worry over the war in U kraine as R ussia held 10% of nickel supply. 
JP Morgan Chase was the biggest trading counterparty against Tsingshan’s trades which had triggered it a $8 billion margin call. These deals were largely OTC, with JPM on one side of Tsinghua, as well as other banks like BNP Paribas, Standard Chartered, and United Overseas Bank. The markets for it were halted and slowly restarted:
https://preview.redd.it/ajsajuvo6shg1.jpg?width=1200&format=pjpg&auto=webp&s=7cc68e326c185f991dc345cab7020a0910709f1f

>“Nickel trading did resume on March 16, but the exchange’s electronic trading system malfunctioned on several occasions after resumption, while preset daily limits on price movements (5 percent on the 16^(th), then 8 percent the following day, 12 percent on March 18 and 15 percent from March 21) prevented futures prices from falling sufficiently to levels that would entice buyers to enter the market once more.



The limits also meant that those buyers seeking to unwind their positions had to join a long queue of sellers waiting to complete their transactions.”
But looking back to 2011, why did the price of silver eventually go down? Ofc there was nothing like a nickel squeeze event that fucked with the price. Many people wondered as well, thinking that this was due to material changes to margin around that time. One Redditor wondered whether it had to do with these changes:
>
>“Why it didn't \[silver\] stay up there \[in early 2011\]? Good question. Some say that the CFTC hiked margin requirements and forced longs to close their positions. Stocks had long since bottomed and were making great returns…With synthetic paper and infinite money I could just sell a year’s worth in a day and crush the price.”
>
JP Morgan was accused of silver manipulation around this time, but it was never proven.
# 9. Grand Opening
From late 2010 but more so in early 2011, especially around the months of March and April, rumors started to swirl that there was going to be a short squeeze in silver. Many were saying that it could have even been JP Morgan itself building these rumors. 
https://preview.redd.it/askhq2hl6shg1.jpg?width=800&format=pjpg&auto=webp&s=8af9b55fbfdda35e5c3233c1a0241de44100b480
Posts like these abounded, saying JPM was more short than it was willing to say (with some jokes aside):
>“Pssst, hey, did you guys hear the news? JP Morgan (JPM) is short 4 quadrillion tons of aluminum. If everyone in America went out and bought just 2 cans of chicken noodle soup, we could bankrupt JP Morgan, cure hunger, and destroy the flu at the same time! Spread the word!
>“Sounds preposterous, doesn't it? In case it's not obvious, I made that up - JP Morgan is not short 4 quadrillion tons of aluminum, and you will not bankrupt JP Morgan if you run out and buy cans of chicken noodle soup. Guess what, JP Morgan is also not short 3.3 billion ounces of silver, and you will not bankrupt JP Morgan by going out and buying silver coins, although you might make the coin dealers rich.”
Much of this post of this in particular was still calling out Max Keiser’s (mentioned before as potentially questionable source) claims that JP Morgan was short $3 Billion ounces of silver, but rumors still abounded and people pointed to it (erroneously or not it seemed) that silver was going to keep going up in price SO YOU BETTER BUY NOW BECAUSE IT CAN ONLY GO UP. (And why not put JP Morgan out of business as you do that?)
Yet something else occurred in this period during this era of swirling rumors. In March 2011, JP Morgan got its vault license via COMEX to hold onto precious metals. And it didn’t just get it, it got it FAST:
>“the speed, timing and manner in which the exchanges just granted it troubles us…
https://preview.redd.it/zetzkbne6shg1.jpg?width=425&format=pjpg&auto=webp&s=7f87b5e530b550f021906269065d07b02a833ebb
>The process of being approved as a licensed vault or weigh-master/assayer for the NYMEX/COMEX futures exchange usually involves a careful security inspection of the vaults, a full report of that inspection, and a completely transparent package submitted to the U.S. Commodity Futures Exchange Commission (CFTC) for approval. This process will ordinarily consume considerably more than 45 days. Apparently, such correct and careful practices apply only to banks and independent storage facilities that are not J.P. Morgan Chase.”
On March 15, JPM was approved by the CFTC to become a licensed vault facility using a “self-certification process”. It was able to start working as “weightmaster” and depository only 2 days later on Mar. 17, 2011. In what was an incredibly rushed application, it happened to set up a process just as silver was reaching closer and closer to then all-time highs. 
In either case, silver started to climb in March until its eventual peak at $50 itself. Yet, soon after that, we had a massive hit of SLV volume spiking down in early May and more that disappeared all those hard won silver gains in the price. What happened?
# 10. The Killing of Bin Laden
Remember this photo? 
https://preview.redd.it/x965htm66shg1.jpg?width=600&format=pjpg&auto=webp&s=f6e610e7b2ed6da2522288e2578c0c97b2016366

Most might have seen it once. It was a highly publicized photo of the then-US administration around that time that early May (Sunday, May 1st to be more specific) had announced the killing of bin Laden, the leader of the 9/11 attacks on the US that hit NYC and DC. 
That photograph was taken around May 2011. However, none of these events happen in isolation. Any administration does not decide to do these on a whim, especially a major military move. There was planning involved of course, and planning takes time.
A CIA brief was held in January 2011 on the existence of bin Laden’s compound. Then, on March 14th, a day before JP Morgan was approved to open its very own vault with its COMEX account on a never-before-seen accelerated basis, the then-president was meeting with the National Security Council to proceed quickly with next steps on bin Laden. Remember this had all been occurring after rumors of a short squeeze were going around at the same time, all these swirling rumors over JPM being short silver and all.
https://preview.redd.it/n5lg9oah6shg1.jpg?width=289&format=pjpg&auto=webp&s=1cf1475e8dc452652a413c44c980eed34b7eedb3
On April 19, the helicopter raid was provisionally approved and was then explained out to the NSC on April 28th. As silver prices were climbing higher and higher during this period (during which, remember, no one in the general population both in the States and abroad knew what was going on), silver reached its highest local price close on April 29th, 2021. What also happened on April 29th? This was also the same day that (at 8:20 AM) the final go ahead was given to kill bin Laden but ended up nixed due to cloudy weather.
In the end, on May 1st at 3 PM the raid occurred. And you can imagine what the data seems to show. And what a LOT of the data seems to point to is one of the following:
* Either information could have been leaked at the time that bin Laden was going to be found and killed. Silver prices would nosedive as fears wiped away and ppl/investors had a sigh of relief, with many actors, INCLUDING JP Morgan Chase seeking to capitalize off it by opening a last minute vault account, buying at the tippy top and shorting it down to the very bottom to pocket the difference, whether or not to help close Bear Stearns’ giant inherited short position or to make their own bank OR
* JP Morgan was given a direct heads up, as a thank you for both taking on Bear Stearns’ debt among other things during the ‘08 crisis, and then used this heads up to close the Bear short position or make money on its own
Whether ironic or not (or even related or not), we had also heard in October 2010 that JP Morgan had reopened a vault used to store gold under the streets of Manhattan, especially as news had gone out that bin Laden had been a fan of gold. However, all the same this could have pointed to the general post-financial crisis uneasiness.
In a few short days after the bin Laden raid, SLV hit its second highest volume ever (second only to the recent spike a few days ago in January 2026), as the price of silver was shorted the fuck down into oblivion just days after the announced killing of bin Laden.
# 11. Epilogue
With this potential move, we see what could have been a shift in the way that JP Morgan could have taken its position, whether or not it had closed its short from Bear Stearns, but capitalizing nonetheless off its position due to a MAJOR geopolitical event. One of the ways this period after gets described as players like JP Morgan, IF they closed their short, “...had moved from defense…to offense.”
And this was not the only time that there might have been a reckoning due to a massive geopolitical event, and what it tells us about the way that trading had evolved post–-2008 and what that means for the GME-SLV swap…
**TL;DR:**
* **Similar to what happened when Nick Leeson bankrupted Barings in the 90s and the bankrupt bank’s positions folded into ING, Bear Stearns positions folded into JP Morgan including a massive $2 billion silver short. Bear Stearns traders may have built up a short as a hedge to Bear Stearns’ failing company/MBS housing portfolio and stock price, through “spoofing”. Many Bear Stearns traders that were on Bear’s fraudulent floor trading silver, went on to work for the same desk at JPM after it got absorbed.**
* **Instantly after JPM absorbed Bear’s silver bags, silver was shorted from $21 an ounce to $9 an ounce out of nowhere through high volume. From days to weeks to months after inheriting this silver short, JPM starts aggressively spoofing prices alongside HSBC to keep them low. At one point, JPM owned over 85% of all commercial silver short futures in the world. Lawsuits were filed against JPM & HSBC as early as 2008, and a whistleblower was beaten and in a hit-and-run accident days after several TV interviews were cancelled and their live broadcast glitched, failing to air their live testimony of the fraud.**
* **Rumors continually swirled that due to the massive short, silver and stocks like SLV would squeeze massively. This was similar to what we saw in 2022 when nickel squeezed. However, JPM is high up in the COMEX, which is a part of holding the precious metals used for futures and stocks/ETFs. JP Morgan Chase, out of seemingly nowhere, decides to apply for a vault license to hold silver starting March 2011. It’s approved in days, absolutely record time leaving people shocked.**
* **On April 28th, 2011, silver hits a then-near all time high then gets shorted down to oblivion in the next few days on May 5th. On May 1st, the then-US president reports that Osama bin Laden, architect of the 9/11 attacks on America, has been killed in a military raid. Later, info comes out in the lead-up that on April 28th (the same day that silver hits its all time high not seen ever for years), an attempt on bin Laden failed due to weather. All the info points to either JP Morgan finding out through the grapevine or being told directly what was going to happen, either to help close its Bear Stearns silver short in part or to benefit of the fact that silver/SLV prices would fall as global anxiety lifted over bin Laden’s death. SLV is rumored to currently be in a swap with GME.**