Epstein Secrets

Statistics, PBOC,ChinaAutomptive Infonnatbn, China Economic Information Network, CLSA•Marbt. HaverAnalytics. J.P. Morgan Securities 11O, ISI Group, J.P. Morgan Private Bank. • PMIdata are index levet Housingprice to income. cementpiodudion and steel productional.° as of Dec.2011. All theother dataareas of Feb.2012. Mic

ere is China heading? There is a roiling epistemological debate as to whether China's current decline is structural or cyclical. As an aside, two of JP Morgan's investment banking analysts (one an economist, the other an equity market strategist) have taken opposite sides of the debate, which is in and of it

tained herein is intended as a general market commentary. Opinions expressed herein are those of Michael Cembalest and may differ from those of other J.P. Morgan employees and affiliates. This information in no way constitutes J.P. Morgan research and should not be treated as such. Further. the views expressed

ient and is serviced through distinct legal entities licensed for specific activities. Bank, trust and investment management services are provided by J.P. Morgan Chase Bank. N.A. and its affiliates. Securities are offered through J.P. Morgan Securities LLC(JPMS). Member NYSE. FINRA and SIPC. Securities products purchase

) is not intended or written to be wed. and cannot be wed. in connection with the promotion. marketing or recommendation by anyone unaffiliated with JPAforgan Chase & Co. of any of the matters addressed herein or for the purpose of avoiding U.S. tax-related penalties. Note that J.P. Morgan is nor a licensed insurance

ncesca Tondi, March 15, 2012 The ECRi (Economic Cycle Research institute) claims papal infallibility on its historical recession predictions. ECB = European Central Bank. EMU = European Economic and Monetary Union The material contained herein is intended as a general market commentary. Opinions expressed herein are

think this possibility is =ore likely to materialize around the turn of the year.=/p> =/span> Michael Vaknin =p class="MsoNormal">Chief Economist, J.P. Morgan Private Bank<frp> (1] To quote from=the minutes: "Many [of the 12 voting] me=bers judged that additional monetary accommodation would likely be warrant=d fairly

EFTA_R1_01316171 EFTA02345835 =OD This mess=ge has been prepared by personnel in the (Sales and Trading Departments)of=one or more affiliates of J.P. Morgan Chase & Co. and is not the=product of J.P. Morgan's Research Department. It is =OA not a research report and is not intended as such. This materia= is for the g

has been prepared by personnel in the (Sales and Trading Departments)of=one or more affiliates of J.P. Morgan Chase & Co. and is not the=product of J.P. Morgan's Research Department. It is =OA not a research report and is not intended as such. This materia= is for the general information of our clients and is

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s each year). Press conferences d=d not begin until April 2011 (after his August 2010 "QE2"= speech). =p class="MsoNormal"> Acronyms: ECB =#8211; European Central Bank Fed — Federal Reserve FOMC —= Federal Open Market Committee QE — Quantitative Easing &nbs=; IRS Circular 230 Disclosure: JPMorgan Chase & Co. an

Eye on the Market I September 25, 2011 J.P Morgan mean meet a Topics: A note from the European Banking Authority As per the note below, the European Banking Authority (EBA) holds the global inve

6x 5x Foreign banks 4x • Domestic banks 3x 2x 1x Ox Japan cb 16. \fr C4 S‘ OS co et <„ 04,0% ge S %Os Source: Federal Reserve, ECB, J.P. Morgan Private Bank. Data as of 2010. 'Select liabities include deposits and other debt securities. EuroStoxx Banks Index: reality finally sets In Price-to-book ratio

h client and is serviced through distinct legal entities licensed for specific whines. Bank. trust and investment management services are provided by J.P. Morgan Chase Bank. N.A. and its affiliates. Securities are offered through J.P. Morgan SeCtilifiti LLC (JPUS). Member NYSE. FINRA and SIPC Securities products purchas

mber 2002 "The Eurozone debt crisis: is this a banking problem?", Jordi Gual, iESE Business School, September 2011 NPL = Non-performing loan ECB = European Central Bank EFSF = European Financial Stability Facility The material contained herein is intended as a general market commentary. Opinions expressed herein ar

Eye on the Market I September 25, 2011 J.P Morgan mean meet a Topics: A note from the European Banking Authority As per the note below, the European Banking Authority (EBA) holds the global inve

6x 5x Foreign banks 4x • Domestic banks 3x 2x 1x Ox Japan cb 16. \fr C4 S‘ OS co et <„ 04,0% ge S %Os Source: Federal Reserve, ECB, J.P. Morgan Private Bank. Data as of 2010. 'Select liabities include deposits and other debt securities. EuroStoxx Banks Index: reality finally sets In Price-to-book ratio

h client and is serviced through distinct legal entities licensed for specific whines. Bank. trust and investment management services are provided by J.P. Morgan Chase Bank. N.A. and its affiliates. Securities are offered through J.P. Morgan SeCtilifiti LLC (JPUS). Member NYSE. FINRA and SIPC Securities products purchas

mber 2002 "The Eurozone debt crisis: is this a banking problem?", Jordi Gual, iESE Business School, September 2011 NPL = Non-performing loan ECB = European Central Bank EFSF = European Financial Stability Facility The material contained herein is intended as a general market commentary. Opinions expressed herein ar

r room at the back of the house). Epstein has been known to say. The office features a gilded desk (which Epstein tells people belonged to banker J. P Morgan). 18th-century black lacquered Portuguese cabinets, and a nine- foot ebony Steinway "D" grand. On the desk, a paperback copy of the Marquis de Sad

nior Fellow, Council on Foreign Relations, New York; former Executive Director Hudson Institute of Canada, Montreal Thomas G. Labrecque, President, The Chase Manhattan Bank Manfred Lahnstein, former Member of the Executive Board, Bertelsmann, GOtersloh Count Otto Lambsdorff, partner, Wessing Lawyer, DOsseldorf Kurt L

r room at the back of the house). Epstein has been known to say. The office features a gilded desk (which Epstein tells people belonged to banker J. P. Morgan). 18th-century black lacquered Portuguese cabinets. and a nine- foot ebony Steinway ''D" grand. On the desk. a paperback copy of the Marquis de Sa

Haasen, advisory Board, Allianz, Munich Carl Hahn, vice Chairman, Gerling Speziale Kreditversicherungs, Cologne Sirkka Hamalainen, Executive Board, European Central Bank Lee H. Hamilton, Member of U.S. House of Representatives Stuart Harris, Professor, Australian National University William A Haseltine, CEO, Human

schneider Group Inc. USA Dilenschneider Philip Dilley Chairman Arup Group Ltd United Kingdom James Dimon Chairman and Chief Executive Officer JPMorgan Chase 8 Co. USA John Dineen President and Chief Executive Officer GE Healthcare United Kingdom Laurie L. Dippenaar Chairman FirstRand Ltd South Africa

dro Bailleres John Baird Leslie J. Baja Sanjiv Bajaj Rahul Bajaj Anant Bajaj Gerard Baker Douglas M. Baker Jr Member of the Executive Board, European Central Bank. Frankfurt am Main Minister of Finance of Saudi Arabia Chief Executive. Global Banking and Markets Special Duties Officer. Ministry of Federal