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Recent Posts
- The Professor Who Wrote the Seminal Book on Wall Street Megabanks Calls Today’s Financial System “Dangerously Unstable”
- Gold Has Set Historic Highs this Year as the Federal Reserve Has Reported Historic Losses
- Stanford Finance Professor Anat Admati Is Making Jamie Dimon Very Nervous – Again Calling His Bank “Dangerous”
- Jamie Dimon Dumped $150 Million of His JPMorgan Stock in February; Now He Says His Regulators Want 25 Percent More Capital at his Bank
- The Black Swan Rears Its Head: The Fed Has Negative Capital Using GAAP Accounting
- New York Fed Will Not Confirm or Deny that 5-Count Felon JPMorgan Chase Is Custodian of $2.4 Trillion of Its Securities
- For the First Time in History, the Fed Is Reporting Billions in Losses Weekly; It’s Still Paying High Interest Income to the Mega Banks on Wall Street
- There’s a Revival of the Dotcom-esque Froth in Today’s Markets; Cathie Wood Is Standing in for Henry Blodget and Jack Grubman; Nasdaq Is Playing Nasdaq
- Study Finds Wall Street Mega Banks Have Overstated Income for Years on Commercial Real Estate Loans They Sell to Investors
- Jamie Dimon Huddles in Private with Biden Bigwigs as His Bank Faces More Crime Charges
- Report: Five Banks Have a Combined Half Trillion Dollars in Commercial Real Estate Loans; Number 1 is JPMorgan Chase
- Billionaire Larry Fink of BlackRock, Which Grabbed Fed Bailouts in 2020-2021, Lectures Struggling Seniors on Making More Sacrifices
- Almost 10,000 U.S. Banks Have Disappeared Since 1985, Leaving 4 Mega Banks Controlling 39 Percent of Bank Assets
- Wall Street’s Go-To Law Firm, Sullivan & Cromwell, Got in Bed with Crypto; Now Its Reputation Is Being Hammered
- More Failed Banks and Office Building Demolitions Likely Before Real Estate Problems End, Warn Two Federal Agencies
- During Spring Bank Panic of 2023, Liquidity Advances from FHLBs Topped Those of Q4 2008, when Wall Street Was in Collapse
- JPMorgan’s Federally-Insured Bank Is Fined $348 Million for Losing Track of “Billions” of Trades
- Hedge Fund Titan John Paulson Made $1 Billion in an Illegal Goldman Sachs Deal; Trump Is Now Floating Him for Treasury Secretary
- Wall Street Mega Banks Have Drawn a Law-Free Zone Around Themselves – The Media Is Complicit
- A Financial Writer at New York Times Admits He’s Been Misrepresenting Bank Capital for 14 Years
- FDIC Data Contradicts Fed Chair Powell: Shows Real Estate Problems Have Skyrocketed at Largest U.S. Banks, Not the Smaller Regionals
- Senator Elizabeth Warren Calls Fed Chair Powell “Weak-Kneed”; Says He Is “Driving Efforts Inside the Fed” to Gut Higher Capital Requirements
- Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share
- Wall Street Mega Banks Have Created a Circular Firing Squad with Credit Derivatives and Capital Relief Trades – with the Fed’s Blessing
- New York Community Bancorp Was JPMorgan’s Top Regional Bank Pick for 2024; It’s Lost 73 Percent Y-T-D and Had Its Deposit Rating Downgraded to Junk
- Watchdog, Better Markets, Investigates the Bank that Has Lost 65 Percent of Its Market Value in Two Months and Was Downgraded to Junk by Moody’s
- The Fed Pretends to Send a Warning to Wall Street’s Mega Banks on Derivatives and Counterparty Risk
- $87 Million Buys This for Jamie Dimon: David Boies Can’t Utter the Words “JPMorgan Chase” in a Jeffrey Epstein Sex Trafficking Case
- Jamie Dimon and Nine of His Top Executives at JPMorgan Chase Have Dumped Over $150 Million of their JPMorgan Stock in Last Two Months
- These Charts Reveal Why the Fed Is Frightened about Capital Levels at the Wall Street Mega Banks
- Wall Street Law Firm Sullivan & Cromwell Gets Sued Over Allegations It Aided and Abetted the FTX Crypto Fraud
- JPMorgan Says Its “Trading Venues” Are Under Investigation While It’s Still on Probation for Prior Trading Crimes
- Jamie Dimon Is Desperate to Pin the Jeffrey Epstein Scandal on Jes Staley; Bloomberg News Is Carrying His Water — Again
- Citigroup Is Having a Very Bad Week; Regulators Are Breathing Down Its Neck
- Five Wall Street Banks Hold $223 Trillion in Derivatives — 83 Percent of All Derivatives at 4,600 Banks
- Jamie Dimon’s Statement Last Month that Trump “Was Kind of Right About NATO,” Sounds Even More Unhinged Today
- S&P 500 Sets a Record on Wednesday as Banks Continue Tanking
- NYCB Downgraded to Junk; Shocking Charts for Citigroup, Barclays and Deutsche Bank
- Reporters Who Ask Tough Questions at Fed Press Conferences Have a Habit of Being Disappeared from the Room
- Jamie Dimon Has Spent $117 Billion Propping Up JPMorgan’s Share Price with Buybacks in 10 Years; He’s Counting on Trump’s MAGA Crowd to Rescue Him
- Bank Fraud Enters a New Era: Bank-to-Bank Wire Transfers Loot Customers
- Senator Sherrod Brown Takes on the Fed’s Support of Wealth Stripping the Middle Class
- JPMorgan Chase Has Used the Same Auditor for 58 Years, Despite Giant Frauds at the Bank in the Last Nine Years
- The Fed Has a Dirty Little Secret: It’s Been Allowing the Wall Street Mega Banks to Calculate their Own Capital Requirements
- The Battle Over Capital at the Mega Banks Must Expand to Breaking Them Up
- Robert Kaplan Was Heavily Trading on May 1, 2020; One Day After a Fed Blackout Period and the Same Day He Made a Shocking Prediction on TV
- Naming Names: Professor Exposes the Banking Cartel that Has Hijacked U.S. Democracy
- A Fed Whistleblower Reveals Efforts to Silence Him 30 Years Ago
- The DOJ’s Incestuous Relationship with Jamie Dimon Is Captured in a Graphic from an Historic Lawsuit
- Everything that’s Dangerous about U.S. Banks Today in One Highly Readable Book
Search Results for: bank collusion
The Fed Has a New Scandal on Its Hands: Colluding with Central Banks to Rig Libor; Evidence Is Being Tweeted Out
By Pam Martens and Russ Martens: May 23, 2023 ~ The Fed has been under non-stop scandals for the past two years. It pumped out trillions of dollars in repo loans to Wall Street’s casino banks beginning on September 17, 2019 and then made up a hokey excuse to cover up its massive bailout of banks it is incompetent to supervise. After former Dallas Fed President, Robert Kaplan, was caught trading like a hedge fund kingpin while sitting on confidential Fed information, the Fed’s Board of Governors had the audacity to refer the matter to its own Inspector General, who reports to the Fed’s Board of Governors and can be fired by it. Not surprisingly, 19 months later there’s still no word on this investigation. Then there was the President of the St. Louis Fed, James Bullard, who was caught giving a private meeting with Citigroup clients. The New York Fed … Continue reading
The Wall Street Journal and New York Times Censor Yet Another Major News Story on the Fed and the Mega Banks It Supervises
Pam Martens and Russ Martens: October 19, 2021 ~ On October 13, Wall Street On Parade broke the story that the Federal Reserve had quietly released the names of the mega banks that had grabbed tens of billions of dollars of repo loans under the Fed’s emergency repo loan operations that began on September 17, 2019 – months before there was a COVID-19 case in the United States or anywhere else in the world. Repos (repurchase agreements) are a short-term form of borrowing where corporations, banks, securities firms and money market mutual funds secure loans from each other by providing safe forms of collateral such as Treasury securities. Repos are supposed to function without the assistance of the Federal Reserve. But on September 17, 2019, the oversized demand for the repos and the lack of available funds to meet the demand drove the overnight interest rate on repo loans to an … Continue reading
The Federal Reserve Has Radically Changed from a Central Bank to a Bailout Kingpin. Americans Just Haven’t Paid Attention – Until Tonight
By Pam Martens and Russ Martens: July 13, 2021 ~ This evening, the PBS program, Frontline, will do something that corporate broadcast media has failed to do since the financial crash of 2008. Frontline will air the results of its year-long investigation of the most powerful financial institution in the world – the central bank of the United States – known as the Federal Reserve, or simply “the Fed.” The Fed’s radical makeover of itself began in December of 2007 when the Fed decided, on its own, that it had the authority to secretly pump out trillions of dollars in cumulative loans to prop up the mega banks on Wall Street, as well as to the foreign banks that were on the other side of Wall Street’s hundreds of trillions of dollars in derivative trades. The Fed secretly ran that program through at least July of 2010 according to the eventual … Continue reading
Central Bankers Can’t Save Us This Time
By Pam Martens and Russ Martens: March 3, 2020 ~ There is a time for scientists and carefully vetted facts and a time for men who tell the public that everything is great, nothing to see here. It’s clearly a time for the former and less delusional chatter from the latter. The latest magical thinking is that if Fed Chairman Jerome Powell and U.S. Treasury Secretary Steve Mnuchin get on a phone call this morning with the other G7 finance ministers and central bank governors, they can seduce or strongarm the group to announce rate cuts or fiscal stimulus to keep stock markets from further steep declines and GDP from contracting. (For how this played out previously, we recommend Nomi Prins’ brilliant book, Collusion: How Central Bankers Rigged the World.) Unfortunately, the Fed Chair and the U.S. Treasury Secretary are fighting the last war, the financial crisis of 2008, when … Continue reading
JPMorgan and Goldman, Under Criminal Probes, Close in the Red Despite Trading their Own Bank Stocks in their Own Dark Pools
By Pam Martens and Russ Martens: December 20, 2019 ~ All three major stock indices set new highs yesterday. The Nasdaq led with a 0.67 percent gain; the Dow Jones Industrial Averaged closed with a 0.49 percent increase while the S&P 500 inched up 0.45 percent. Stocks have been setting new highs all week as the New York Fed funnels tens of billions of dollars each day to Wall Street’s trading houses to quench a “liquidity” crisis whose existence has seemed to escape stock trading desks on Wall Street. The stock markets’ week of new highs comes at a curious time. For only the third time in history, a sitting U.S. President was impeached this past week by the U.S. House of Representatives and the Democratic candidates for President wasted no time in last night’s debate drilling down to why this happened. The words “corrupt” and “corruption” were used repeatedly … Continue reading
Did JPMorgan Rat Out Fellow Bankers in a Criminal Cartel Case in Australia?
By Pam Martens and Russ Martens: July 5, 2018 ~ Australia is showing its muscle in an area where the U.S. has tip-toed around for almost two decades. We’re talking about Wall Street’s brazen antitrust activity in securities offerings. Last month the Australian Competition and Consumer Commission (ACCC) announced that “criminal cartel offences” had been brought against Citigroup Global Markets Australia and Deutsche Bank over a share offering for Australia and New Zealand Banking Group (ANZ) that had been conducted in 2015. ANZ was also criminally charged in the matter as were three executives of Citigroup Australia, two executives at Deutsche Bank and one at ANZ. Although JPMorgan had been part of that underwriting syndicate, it wasn’t charged. The Financial Times reported at the time that “JPMorgan, which jointly underwrote the share placement with Citi and Deutsche, has not been charged by prosecutors and has reportedly been granted immunity after … Continue reading
The Fed Gives Wall Street Banks Okay to Prop Up Their Stock Prices
By Pam Martens and Russ Martens: June 29, 2018 ~ The U.S. Federal Reserve, the country’s central bank that is supposed to serve the interests of the nation, gave the largest Wall Street banks a big, irresponsible gift yesterday. The big banks will now be able to spend approximately $170 billion buying back their own stock and paying out increased dividends to shareholders instead of doing what banks are supposed to do: make loans to worthy businesses to stimulate the U.S. economy. But don’t expect to find that critical news on the front page of your local newspaper. The front pages of newspapers across America proved once again today that chaos in the running of the Federal government is dominating news reporting while it continues to relegate to the back pages the alarming risks that are growing again on Wall Street. This raises the question as to whether the chaos … Continue reading
Nomi Prins’ New Book: Central Banks Have Become the Markets
By Pam Martens and Russ Martens: January 16, 2018 Nomi Prins’ latest book, Collusion: How Central Bankers Rigged the World, ensures her place as one of this century’s most informed Wall Street historians. It’s the perfect segue from Prins’ earlier “It Takes a Pillage,” and her 2014 book All the Presidents’ Bankers. If you are serious about understanding the corrupting influences that have left the U.S. vulnerable to another epic financial crash, buy all three books and read them as one. Prins is a veteran of Wall Street who has now written six books and dozens of articles to help Americans navigate the snake pit that has replaced the financial system of the United States. It all started with her first book in 2004, Other People’s Money: The Corporate Mugging of America, where she explained her motivation as follows: “When I left Wall Street, at the height of a wave … Continue reading
Wall Street Banks Sued Again for Conspiring to Control a Market
By Pam Martens and Russ Martens: August 22, 2017 As summer draws to a close and the Wall Street titans enjoy the last of their lazy long weekends in the Hamptons, summering next door to the army of lawyers that keep them out of jail, it’s a curious time to be reading about a major new lawsuit that has the potential to shake Wall Streeters right down to their Gucci loafers. The charges include conspiracy to restrain trade in violation of the Sherman Act and unjust enrichment in a $1.7 trillion market. Since the Senate hearings of the early 1930s, which examined the Wall Street practices and conspiracies that led to the 1929-1932 stock market collapse and Great Depression, there have been rumblings that Wall Street’s system for lending stock for traders to short is a viper’s nest of ripoffs. Now two major law firms, Quinn Emanuel Urquhart & Sullivan … Continue reading
Bombshell Dropped in Federal Court: Proof of a Silver Market “Mafia” Among Big Banks
By Pam Martens and Russ Martens: December 8, 2016 Lawyers representing traders who allege they were ripped off by a group of colluding global banks filed eye-popping evidence in a Manhattan Federal Court yesterday showing that even as global banks were being criminally probed for rigging currency markets, they continued to engage in rigging the silver market, with a UBS trader referring to the group as the “mafia.” In order to settle the charges against it in the matter, yesterday’s filing shows that the beleaguered Deutsche Bank turned over to the plaintiffs’ attorneys “more than 350,000 pages of documents and 75 audio tapes” that implicate other banks in a very serious way. In addition to banks previously named in the lawsuit (Deutsche Bank, HSBC, The Bank of Nova Scotia and UBS), trader conversations captured in the material provided by Deutsche Bank seriously implicate Barclays, Standard Chartered, BNP Paribas Fortis and … Continue reading