By Pam Martens and Russ Martens: September 23, 2024 ~ Taxpayer-backstopped federal deposit insurance at commercial banks in the U.S. was never meant to be a get-rich scheme for the wild and voracious appetites of traders on Wall Street. But a quarterly report produced by the federal regulator of national banks – those operating across state lines – shows that vast amounts of trading on Wall Street is now taking place inside the federally-insured commercial banks that are owned by the trading powerhouses on Wall Street: JPMorgan Chase, Goldman Sachs, Citigroup and Bank of America. (Wall Street trading houses have been allowed to own federally-insured banks since the repeal of the Glass-Steagall Act in 1999 under the Wall Street friendly Bill Clinton administration.) For decades, the Office of the Comptroller of the Currency (OCC) has published its “Quarterly Report on Bank Trading and Derivatives Activities.” The reports have shown that the … Continue reading Wall Street Has Moved Vast Sums of Its Trading to Its Federally-Insured Banks