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Recent Posts
- Wall Street’s Judge Shopping Continues: It’s Trying to Stop the FTC’s Ban on Worker Handcuffs Known as Non-Compete Agreements
- The Fed Tallies Up a Big Threat to Financial Stability in the U.S.: “Runnables” at $21.3 Trillion
- Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon
- 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
Search Results for: is the new york fed too conflicted
Is the New York Fed Too Deeply Conflicted to Regulate Wall Street?
By Pam Martens: December 30, 2013 The Federal Reserve System that is charged with setting monetary policy in the United States consists of a Board of Governors in Washington, D.C. and 12 regional Federal Reserve Banks. The Board of Governors functions as an independent government agency – its Board is appointed by the President of the United States but its funding comes from the regional Federal Reserve Banks. Slowly, like a tiny Goldfish in a large tank of water that grows over time into a monster fish capable of clobbering anything else placed in the tank, one of the 12 regional Federal Reserve Banks has obtained unique powers not shared by the 11 other regional Federal Reserve Banks. This is just a partial list of how the New York Fed is unique among its peers: The President of the New York Fed sits permanently on the Federal Open Market Committee … Continue reading
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
By Pam Martens and Russ Martens: April 8, 2024 ~ As of April 3 of this year, the Federal Reserve (Fed) has racked up $161 billion in accumulated losses. We’re not talking about unrealized losses on the underwater debt securities the Fed holds on its balance sheet, which it does not mark to market. We’re talking about real cash losses it is experiencing from earning approximately 2 percent interest on the $6.97 trillion of debt securities it holds on its balance sheet from its Quantitative Easing (QE) operations while it continues to pay out 5.4 percent interest to the mega banks on Wall Street (and other Fed member banks) for the reserves they hold with the Fed; 5.3 percent interest it pays on reverse repo operations with the Fed; and a whopping 6 percent dividend to member shareholder banks with assets of $10 billion or less and the lesser of 6 percent … Continue reading
Bill Dudley, Former Kingpin of Darkness at the New York Fed, Now Urges Transparency at the Fed
By Pam Martens and Russ Martens: January 4, 2024 ~ William (Bill) Dudley served as President of the New York Fed from 2009 to 2018. (He was previously an executive at Goldman Sachs.) During Dudley’s tenure at the New York Fed, it secretly oversaw the largest and darkest bailout of Wall Street mega banks in global banking history. A Bloomberg News reporter, the late Mark Pittman, battled in court for years to get the details of those bailouts released to the public. Today, the former kingpin of darkness at the New York Fed, Bill Dudley, had the audacity to pen an opinion column for Bloomberg News, urging – wait for it – more transparency at the Fed. The ironic title of Dudley’s column is (paywall): “If Only We Knew the Problems Facing America’s Banks.” (We do. See Federal Agency Study Contradicts Fed Chair: Finds Banking System Is Ripe for Another Crisis and … Continue reading
If Wall Street’s Mega Banks Are Safe and Sound as the Fed Says, Why Do They Need a Half Trillion Dollar Bailout Facility at the New York Fed?
By Pam Martens and Russ Martens: December 12, 2023 ~ There is a battle raging between the Wall Street mega banks and their federal banking regulators. The regulators want the mega banks to hold more capital against their high risk trading positions to prevent a replay of the bailouts in 2008 and repo bailouts in the fall of 2019. The mega banks have launched a deceptive ad campaign and public relations battle to thwart that from happening. The federal regulators’ efforts to raise capital are being undermined by Fed Chairman Jay Powell’s perpetual testimony to Congress that the U.S. banking system is safe and sound and adequately capitalized. Thus far, no member of Congress has thought to question Fed Chair Powell during public hearings as to why the Fed needs a new permanent bailout facility of $500 billion, on top of its century-old Discount Window, if the banking system is adequately … Continue reading
This Chart Shows How Wall Street Banks and the Fed Have Become a Match Made in Hell
By Pam Martens and Russ Martens: July 24, 2023 ~ Prior to Ben Bernanke being sworn in as Fed Chair on February 6, 2006, the United States had been through World War I, the Great Depression, World War II, the Vietnam War and the stagflation of the 1970s, without an explosion in the Fed’s balance sheet. But since Ben Bernanke, Janet Yellen and Jerome Powell have, in turn, sat at the helm of the Federal Reserve, there has been unprecedented growth in the Fed’s Balance Sheet. For example, from June 1960 to August 1990, the Fed’s balance sheet increased from $53 billion to $309 billion – an increase of 483 percent in 30 years. But during the tenures of Bernanke, Yellen and Powell, the Fed’s balance sheet has exploded from $805 billion in February 2006, when Bernanke took his seat as Fed Chair, to the current reading last Wednesday, July 19, … Continue reading
Serial Ethical Lapses at the Federal Reserve Will Come Under Scrutiny in a Senate Hearing Tomorrow
By Pam Martens and Russ Martens: May 16, 2023 ~ The pileup of conflicts of interests, ethical lapses, and overall moral turpitude at the Federal Reserve have resulted in a recent Gallup poll showing that confidence in the Federal Reserve Chair (currently Jerome Powell) has reached the lowest point in two decades of Gallup polling on this topic. Americans who have “a great deal” or “a fair amount” of confidence in the Fed Chair stands at just 36 percent according to the poll. Tomorrow, the Senate Banking’s Subcommittee on Economic Policy plans to confront the ethically-challenged structure of the Fed head on. It is a given that there will be some fireworks during this hearing because the Chair of this Subcommittee is Senator Elizabeth Warren, who has labeled Fed Chair Powell “a dangerous man” and called out a “culture of corruption” at the Fed last August. (Warren, a former Harvard Law … Continue reading
Former New York Fed Pres Bill Dudley Calls This the First Banking Crisis Since 2008; Charts Show It’s the Third
By Pam Martens and Russ Martens: April 20, 2023 The official that oversaw the secret funneling of trillions of dollars of bailout money from the New York Fed to the grossly mismanaged mega banks on Wall Street during the financial crisis of 2008 to 2010, had the temerity yesterday to pen an opinion piece at Bloomberg News pointing his finger at current Fed officials for today’s banking crisis – without once mentioning his role in getting us here. The article was written by William (Bill) Dudley, who served as President of the New York Fed from January 27, 2009 to June 18, 2018. Prior to that Dudley was Executive Vice President of the Markets Group at the New York Fed, the group that runs its own trading floors in New York and Chicago and trades with the Wall Street mega banks it is also supposed to be supervising. The New York Fed … Continue reading
A Growing Lack of Confidence in the Fed Is Spilling Over into a Lack of Confidence in U.S. Banks
By Pam Martens and Russ Martens: April 5, 2023 Millions of Americans are beginning to ask themselves this question: Is the Federal Reserve (the “Fed”) a competent central bank or a terminally compromised regulator that simply does the bidding of Wall Street’s mega banks to the peril of average Americans and the U.S. economy? Millions of other Americans have already made up their minds on this point. These persistent doubts about an institution with an $8.8 trillion balance sheet – that is backstopped by the U.S. taxpayer – is very bad for confidence in the U.S. banking system, especially when the Fed pivots from one banking bailout to the next. (What was the size of the Fed’s balance sheet prior to its serial bailouts? On December 26, 2007, the Fed’s balance sheet stood at $929 billion. It has soared by 847 percent in just over 15 years of serial bailouts.) Let’s … Continue reading
Citigroup’s Citibank Took the Largest Amount of Loans from the FHLB of NY in 2022, Reminiscent of FHLB Loans Taken by Silvergate, SVB, Signature, and First Republic Bank
By Pam Martens and Russ Martens: March 22, 2023 ~ On March 13 we published the chart below, showing the ten financial institutions that had taken the largest loan advances from the Federal Home Loan Bank of San Francisco as of year-end 2022. It’s a very ominous sign that the bank at the top of the list, Silicon Valley Bank, collapsed and is now under the control of the Federal Deposit Insurance Corporation (FDIC). Silicon Valley Bank had $212 billion in assets as of year-end 2022, making it the second largest bank failure in U.S. history. The largest failure was Washington Mutual in 2008, with approximately $300 billion in assets. The second bank on the list, First Republic Bank (ticker FRC), has seen its share price collapse, had its debt downgraded deeper into junk by S&P Global on Sunday, and is experiencing an exit stampede by depositors. The sixth bank on … Continue reading
Bombshell Emails Raise Questions about What Sullivan & Cromwell Knew about Fraud at Sam Bankman-Fried’s Crypto Firms
By Pam Martens and Russ Martens: February 6, 2023 ~ Just four days before Sam Bankman-Fried’s crypto exchange, FTX, collapsed into bankruptcy, Sullivan & Cromwell law partner Andrew (Andy) Dietderich sent an email to an attorney representing Voyager Digital’s Official Committee of Unsecured Creditors in its bankruptcy proceedings, stating that FTX was “rock solid.” At the time, Sullivan & Cromwell was representing FTX in a very aggressive move to purchase $1 billion of Voyager’s crypto assets. The law partner representing the Voyager creditors was Darren Azman of law firm McDermott Will & Emery. The email exchange on November 7, 2022 went as follows, according to exhibits McDermott Will & Emery submitted to the Voyager bankruptcy court in the Southern District of New York last week: Azman: “We are getting a lot of inbounds regarding liquidity issues at FTX/Alameda. We also had a lot of leftover questions from the last town hall. … Continue reading