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By Anna Mulrine, Staff writer / December 10, 2010

Perhaps more than any other organization, the Pentagon is trying to figure out what, precisely, is contained in the so-called “thermonuclear” file that Wikileaks founder Julian Assange has promised to share with the world if “something happens” to him or to his staff.

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With the threat of Wikileaks releases looming earlier this year, the Defense Department made the decision to create a team of some 120 intelligence analysts to cull through files that they deemed Wikileaks most likely to have in its possession.

--“Eighty percent of its mortgage portfolio is credit impaired… these credit card loans, these mortgages are going to drag on earnings for years to come-- not quarters to come, years to come.” --  Video by Bloomberg.com

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JP Morgan’s financial situation may be a lot worse than experts estimate. The lagging credit card revenue and a mostly domestic presence are only the beginning of their woes. Taking on Washington mutual hasn’t been as easy as it seemed—the addition has made the bank a lot less nimble.

To make matters worse, the company is embattled in several legal suits and other allegations of fraud including; market manipulation of silver contracts, front running exchanges and of course the robo-signing fiasco.  

The new grassroots silver squeeze campaign against the bank could lead to serious repercussions. A few weeks ago we reported on the COMEX raising the margin requirements on gold and silver, which was an obvious attempt to stave off the rush into the precious metals, whose hefty returns are helping many investors beat through the global economic crisis.

Now Wikileaks is threatening another expose, this time on the fraudulent machinations of a major US bank. The war reports haven’t lead to any serious ramifications for the nefarious acts being committed by governments exposed, however we all know the business sector is susceptible to market discipline (stock prices). Although all fingers now point to Bank of America as Wikileak’s target—another bank collapse could cause rifts through the entire sector.

With so many open fronts the bank seems quite vulnerable to huge hits in share price. If the barrage of bad press continues it could really begin to seriously damage what looks to be its only core competency, lobbying congress. Since the 2008 crisis, the sector has become a public relations nightmare. JP Morgan seemed to come out of unscathed, and I actually thought they were going to be able to pull off their act. However since early this year, these transgressions have continued to come to the forefront-- unmasking the financial machine’s darker side.

Stock

1 GLD 118.81
+0.45 (0.38%)    
2 INX CA$0.48
0.000 (0.00%)    

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