Day by day families juggled to reach the end of the month, offers, discounts are sought, food is card. Salaries do not reach and the peers are still under the boot of the Minister of Economy, Luis Caputo. Meanwhile there is a sector that does business thanks to the financial bicycle that the minister mounted. That “parity” exceeded 1%. One of the winners was the JP Morgan Bank (Caputo ex -employer and president of the Central Bausili Bank) that took advantage of the Carry Trade that yielded 10.4% in dollars and allowed him to embolize juicy profits. The bank left in time for investments in pesos and avoided the jump of the dollar.
What is the “Carry Trade”? It is a financial operation that consists of selling dollars, taking the weights obtained and placing them in an investment that can be a common investment fund or buy other financial instruments in pesos, such as the debt issued by the State, to obtain a gain with the interest rate. After obtaining that gain, they buy dollars again, obtaining a very important gain, measured in dollars, which is not achieved anywhere in the world. The key to this financial operation is for the dollar to remain stable, so that, at the end of the operation cycle, more dollars can be obtained than at the beginning. It has a risk: yes, that the price of the dollar increases and the expected profits are not made.
In April 2025, the Bank suggested to take advantage of the rate differential in pesos: LECAPS (are short -term debt titles issued by the national state) in combination with dollar positions counted with liquidation (CCL). JP Morgan recommended investing in LECAP, which offered an attractive performance, expiring on August 15 of this year, that is, before the October legislative elections.
Then The bank recommended In its report published last June 27, which was time to finish betting on weight and had to go to dollarsuntil the exchange, financial and political tensions of the country would clear. At that time, the LECAP was quoted at $ 139.80 and the CCL was at $ 1,206. That meant a 10.4% increase in pesos with respect to the income value, and a net yield in dollars of 7.8% considering transaction costs. After the JP recommendation, the dollar counted with liquidation began to increase sustained. Again the bank saw it: he saw the opportunity to do business (again).
A story of escape
It is not the first time that JP Morgan profit with the country. It was the same entity that promoted an exchange run, in April 2018, against the Macri government. Before that the bank benefited from the issuance of the Bonus at one hundred years that the former Minister of Finance, Luis Caputo (at that time macrista). In said run JP Morgan withdrew about 800 million dollars from Argentina causing a strong fall in the reserves of the Central Bank and a devaluation of the Argentine peso.
Hernán Arbizu, former vice president of the JP Morgan Investment Bank, was expelled from the bank and then “repentant” unveiled the existence of a parallel bank of JP Morgan to facilitate the Argentine elite Between 2006 and 2008, five hundred clients took 400 million dollars out of the country. It is not something exclusive to this bank: another do the HSBC and other international banks.
The book Morgan Papers, confessions of an unfaithful employee, written by Ignacio Chausis and Leandro Renu, describes the bank’s adventures in our country. Among the most “notable” beneficiaries of those maneuvers that favored the evasion of taxes and capital escape are the deceased Ernestina Herrera de Noble and the Clarín Group, Eduardo Constantini, the Blaquier family, Edenor, Nordelta, Petrobras Argentina and Autopistas del Sol. A looting of the country’s owners.
In these episodes of exchange runs, devaluation, escape and indebtedness that pays costs (adjustment, inflation and more poverty) are the popular workers and sectors. Meanwhile JP Morgan and the banks won.
The bank participated in all possible businesses, even in the placement of debt during the management of Cristina Fernández and, obviously, in the arrangement with the vulture funds carried out by the Macri government. In addition, JP Morgan is the one who elaborates the famous country risk index that indicates whether governments do things right or badly.
The banking and financial system acts as the main instrument of escape and devaluation maneuvers. The nationalization of banks under workers management It would allow to cancel the vehicles of capital escape, protect the particular deposits of small and medium savers, and that national savings are destined to create cheap credits to access housing, microenterprises or for small merchants beaten by the crisis.
Source: www.laizquierdadiario.com
