From a tearful mailbag:
Jamie Dimon is FIRING JPM's small prime brokerage clients and administrative clients, saying, "You're just not big enough for us, we only want to handle accounts of 1 billion and up, too bad, you have a month to move your accounts." This dictate comes directly from Dan Tennant (hatchet man for Jamie) of the old Bear (Oh please Mr. Dimon, sir I will do anything, let me keep my job) signed off on by Jamie Dimon's office. Asked for a letter of the firing, "Not happening" was the answer.
So if you are an RIA running 2-4 hundred million--positive performance, didn't tank in 08, hire smart people, minorities (all), do everything right--you go from a legit prime broker and administrator, which gives your investors comfort, to a bucket shop and some fat guy in a black suit, sitting on the beach holding an umbrella, in the Cook Islands. 200 firms fired. JPM reverse spin.
Where is Einhorn when you need him, if he could take down Lehman - maybe he can help with JPM?