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Recent Posts
- On the Eve of Netanyahu’s Address to Congress, Senator Bernie Sanders Delivers a Breathtaking Assessment of His War Crimes
- Trump’s Sit-Down with Netanyahu at Mar-a-Lago Will Cost U.S. Taxpayers Millions While Profiting Trump’s Business
- Protecting Trump and His Jet-Setting Adult Children During His Presidency Cost Taxpayers Over $1 Billion
- A Congressman and a Doctor Reported a Woman Being Shot at Trump Rally: She’s Vanished from Official Reports
- Jamie Dimon Goes Missing from Earnings Call, After Dumping $183 Million of His JPMorgan Chase Stock Earlier this Year
- U.S. Senate Candidate Backed by Hedge Fund Billionaires Was Sitting in Front Row at Trump Rally as the Sniper Fired into the Bleachers
- Project 2025: The Fossil Fuel and Banking Money Behind the Madness
- The Fund Created to Unwind a Failing Megabank Has a Problem: There’s No Money in It
- Joe Biden Versus the New York Times
- Grand Jury Transcript in Jeffrey Epstein Case Is Released, Raising Questions about Epstein’s Darkest Secrets Being Protected in JPMorgan Cases
- The Supreme Court Crowns a King, Immunizing Future Criminal Acts Under Project 2025 – a Right Wing Manifesto
- The Debate Disaster and the Supreme Court’s “Chevron” Repeal Have a Money Trail Leading to Charles Koch
- Congressman Andy Barr Stacks a Hearing on the Fed’s Stress Tests with Lobbyists for Megabanks
- The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks
- Goldman Sachs’ Bank Derivatives Have Grown from $40 Trillion to $54 Trillion in Five Years; So How Did Its Credit Exposure Improve by 200 Percent?
- The Fed and FDIC Wake Up Suddenly to the Threat of Derivatives, Flunking the Four Largest Derivative Banks on their Wind-Down Plans
- Is the Stock Market Setting Investors Up for a Tech Bust Similar to the Dot.com Bust?
- Chase Bank Customers Are Reporting a Wave of Wire Fraud in their Accounts; the Bank Won’t Make Good on the Looted Funds
- The Senate Race in Ohio Is the Sickest in U.S. History in Terms of Billionaire Money from Outside the State
- Sullivan & Cromwell’s Legal Work for Sam Bankman-Fried’s Crypto House of Fraud Is Getting a Closer Look in Two Federal Court Cases
- Crypto Tries to Recreate the Koch Money Machine to Pack Congress with Shills
- French Fears Ignite Selloff in U.S. Megabanks and Foreign Peers
- Crypto Just Got Exponentially More Dangerous: Meet Fairshake
- Nvidia Hit a $3 Trillion Market Cap Last Week; Dark Pools Are Making Over 300,000 Trades in the Stock Weekly
- The Consumer Financial Protection Bureau Is Making Enemies in All the Right Places
- A Former Exec at Citibank Raises Alarm Bells in Federal Court Over Failed Risk Controls Inside the Bank
- Charles Koch’s Money Is Being Used in Elections in Ways Only Orwell Could Have Imagined
- Freakonomics and Frankenbanks: JPMorgan Chase Sucked Up 18 Percent of All Profits of 4,568 FDIC-Insured Banks in the First Quarter
- Academic Study Provides Hard Numbers to the Sick, Revolving Door Culture at Goldman Sachs, JPMorgan and Citigroup
- $244 Billion of Treasury Debt to Hit the Market Today and Tomorrow as Interest Rates Spike on Ballooning Supply
- CFTC Fines J.P. Morgan Securities — a Fed Primary Dealer — $100 Million for Failing to Surveil Potential Spoofing and High Frequency Trading for Eight Years
- Another FDIC-Insured Bank Got in Bed with Fintech; It’s Now Got a Dumpster Fire and Desperate Pleas from Customers for their Money
- Citigroup Gets Fined $79 Million Two Years After It Caused a $300 Billion Flash Crash in European Stock Markets
- After Weeks of Howling by MAGA Republicans for the Chair of the FDIC “to Resign,” a Democrat Delivers the Decisive Stab in the Back
- The Curious Money Trail Behind the Supreme Court/Clarence Thomas Decision to Rescue a Federal Agency that Wall Street Hates
- Saudi Arabia’s Wealth Fund Dumps Its JPMorgan Chase Stock; Warren Buffett’s Berkshire Hathaway Did the Same in 2020
- One of Jeffrey Epstein’s Protectors at JPMorgan Chase, Mary Erdoes, Has Sold $29 Million of Her Stock in the Bank Since Just Before Epstein’s Arrest in 2019
- Delinquencies on Office Property Loans at Banks Are at 8 Percent While Office Loans the Banks Sold to Investors Show 31 Percent in Trouble
- Goldman Sachs Shines Up Its Swamp Creature Reputation by Rehiring Robert Kaplan as Vice Chairman – the Guy Who Traded Like a Hedge Fund Kingpin While President of the Dallas Fed
- Cleary Gottlieb – Outside Counsel to Wall Street’s Serially Bailed Out Megabanks – Tarnishes the FDIC Chair in its So-Called “Independent” Report
- JPMorgan Chase and Its Regulators Are Hiding Dark Trading Secrets at the Largest and Riskiest U.S. Bank
- Campus Protests Over Gaza Open a Pandora’s Box for Wall Street Megabanks that Underwrote $8 Billion of Israel’s Bonds in March
- Wall Street’s Megabanks Have Trillions of Dollars Off-Balance Sheet, in a Replay of Accounting Hubris that Led to the 2008 Wall Street Collapse
- JPMorgan Remains the Second Largest Money Market Fund Manager, Despite Needing Billions in Money Market Bailouts from the Fed in 2020
- The First Bank Failure of 2024 Leaves a 1-Cent Stock for Investors and $667 Million in Losses for the FDIC
- Catch and Kill Protection Rackets: Trump, Weinstein, Epstein and Wall Street
- 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”
Category Archives: Uncategorized
A Strange Timeline at JPMorgan Chase Includes a Meeting with Fed Chair Jay Powell
![Jamie Dimon, Chairman and CEO of JPMorgan Chase](https://wallstreetonparade.com/wp-content/uploads/2019/07/Jamie-Dimon-Film-Grain-100pix.jpg)
“This begs the question: did the U.S. have a Wall Street banking crisis similar to 2008 long before there was a pandemic crisis?” By Pam Martens and Russ Martens: April 15, 2020 ~ From 3 to 4 p.m. on Wednesday, February 19 of this year, Federal Reserve Chairman Jerome (Jay) Powell met in the anteroom to his office in Washington, D.C. with Jamie Dimon, Chairman and CEO of JPMorgan Chase. Adding to the unusual nature of this meeting, the Chief Financial Officer of JPMorgan Chase, Jennifer Piepszak, had traveled with Dimon from New York to Washington, D.C. to attend this meeting. During the entire month of February, Powell met with no other CEO or CFO of any other Wall Street mega bank. We obtained this information from a review of the Fed Chairman’s daily calendar. The meeting came one day after Reuters reported a “sweeping reshuffle” at JPMorgan’s investment bank … Continue reading
Three of the Biggest Banks on Wall Street Have $7.4 Trillion In Off-Balance Sheet Exposures
![NY Stock Exchange Trading Floor-150pix](https://wallstreetonparade.com/wp-content/uploads/2018/08/NY-Stock-Exchange-Trading-Floor-150pix-150x111.jpg)
By Pam Martens and Russ Martens: April 14, 2020 ~ In the past few weeks everyone from Fed Chair Jerome Powell to U.S. Treasury Secretary Steve Mnuchin to former Fed Chair Janet Yellen to bank analyst Mike Mayo have appeared on TV to tell the American people that the big banks on Wall Street are well capitalized. To put it in Janet Yellen’s exact words on CNBC last Thursday, “we have a strong, well capitalized banking system.” These folks have to keep repeating this mantra to the public because the public is increasingly getting curious as to why the New York Fed has had to pump a cumulative $9 trillion in cash to these Wall Street banks, since September 17 of last year, if they are so well capitalized. Can big banks actually be well capitalized and have no liquid money to make loans – the key function of a … Continue reading
American Workers Get a 4-Month Safety Net; Wall Street Gets a 4 to 5-Year Bailout
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: April 13, 2020 ~ The stimulus bill passed by Congress and signed into law by President Trump in March, (the CARES Act), increases the miserly amount most states provide in unemployment benefits (an average of $378 weekly) by an additional $600 per week. But that extra $600 only lasts until July 31 — a period of four months. Millions of small businesses, such as restaurants and retail shops, will shut down permanently as a result of this business disruption, meaning that workers in places like Florida, the third most populous state in the U.S., will be back to their preposterously low weekly unemployment allotment of $275 per week in just four months. Let that sink in for a moment. A worker in Florida, where Republican Governor Ron DeSantis is in charge, is expected to live on $275 a week or $1100 per month, or … Continue reading
The Fed Is Killing the Two Main Functions of Wall Street: Price Discovery and Prudent Capital Allocation
![](https://wallstreetonparade.com/wp-content/uploads/2020/04/Powell-Wall-Street-Cartoon-thumbnail.jpg)
By Pam Martens and Russ Martens: April 11, 2020 ~ On Thursday, knowing that a three-day Easter weekend was coming and the attention of the public would be elsewhere, the Federal Reserve announced that it would allow two of its emergency lending programs to begin buying junk bonds. Those are bonds with less than an investment-grade credit rating, meaning they have a greater likelihood of defaulting. The Fed is not simply accepting junk bonds as collateral for loans, it will actually be buying junk bonds — potentially hundreds of billions of dollars of them. Two of the popular junk bond ETFs, iShares iBoxx High Yield Corporate Bond ETF (symbol HYG) and SPDR Bloomberg Barclays High Yield Bond ETF (symbol JNK) closed the trading day on Thursday up 6.55 and 6.71 percent, respectively, on the announcement. Those ETFs had been plunging in price for most of the month of March. For … Continue reading
Fed Chair Powell Tells Whoppers This Morning on the Brookings Institution Webcast
![Federal Reserve Chairman Jerome Powell Testifying Before House Financial Services Committee, February 11, 2020](https://wallstreetonparade.com/wp-content/uploads/2020/02/Federal-Reserve-Chairman-Jerome-Powell-Testifying-Before-House-Financial-Services-Committee-February-11-2020-150x150.jpg)
By Pam Martens and Russ Martens: April 9, 2020 ~ The Fed’s advance men were all over the media today attempting to transform a sow’s ear into a silk purse (or, as they say on Wall Street, put lipstick on a pig). The Fed surprised the market today with the stunning announcement that it was going to start buying up junk bonds from the markets after they had been cratering for most of the month of March. That was the pig. The lipstick it applied was worded like this: “The Federal Reserve on Thursday took additional actions to provide up to $2.3 trillion in loans to support the economy. This funding will assist households and employers of all sizes and bolster the ability of state and local governments to deliver critical services during the coronavirus pandemic.” Households and small businesses don’t issue junk bonds. Neither do most state and local … Continue reading
The New York Fed, Owned by Multinational Banks, Is Nationalizing Capital Markets
![John Williams, President of the Federal Reserve Bank of New York](https://wallstreetonparade.com/wp-content/uploads/2019/10/John-Williams-feature-panel-iii.jpg)
By Pam Martens and Russ Martens: April 9, 2020 ~ For the first time in the history of the Federal Reserve, it has signed on to a plan with Congress to nationalize the unmanageable debts of global banks and other multinational corporations and put the U.S. taxpayer on the hook for the losses. Conducting the bulk of these programs will be the Federal Reserve Bank of New York, known as the New York Fed, which is a private institution owned by (wait for it) multinational banks. Because the New York Fed is owned by multinational banks and is allowed to create trillions of dollars out of thin air to conduct bailouts of global banks and multinational corporations since it created this precedent in 2008, it is effectively functioning as a multinational central bank with the Federal Reserve in Washington, D.C. and Fed Chairman Jerome Powell little more than titular props … Continue reading
Wall Street’s Banks Could Profit by Millions on Coronavirus Deaths of Employees
![Bank Logos (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2020/04/Bank-Logos-Thumbnail.jpg)
By Pam Martens and Russ Martens: April 7, 2020 ~ If it sounds ghoulish, it’s because it is ghoulish. Some of the biggest banks on Wall Street have been intimidating their traders to come back to work despite an executive order from the Governor of New York State, Andrew Cuomo, ordering people to remain at home during the coronavirus outbreak unless they work for essential businesses like grocery stores, pharmacies and hospitals. New York State, home to Wall Street, is now the epicenter of the coronavirus outbreak in the United States with 5,489 deaths as of today or 44 percent of all deaths from coronavirus in the entire United States. Now, it turns out, while Wall Street traders have taken on greater health risks of catching the coronavirus by traveling to work on mass transit and working in a potentially contaminated building, some of the biggest banks will collect a … Continue reading
The Mood of Traders Darkens on Wall Street
![New York Stock Exchange](https://wallstreetonparade.com/wp-content/uploads/2020/04/New-York-Stock-Exchange-with-Dark-Clouds-iii-150x100.jpg)
By Pam Martens and Russ Martens: April 7, 2020 ~ It’s become your life or your trading bonus at some Wall Street firms. On November 10 of last year, Lesley Stahl of the CBS investigative news program, 60 Minutes, interviewed Jamie Dimon, the Chairman and CEO of JPMorgan Chase. As part of the interview, Dimon strolled Stahl around one of his trading floors in New York where traders appeared tightly packed in close quarters. Dimon said this: “This is one of six trading floors in the building. There’s like 450 people in this trading floor. An equivalent to this in London, half of this in Hong Kong, and in 23 other countries around the world.” When we went back to re-watch the program to more carefully consider the dystopian work environment of human beings in the 21st century, we took a screen shot of a female trader at JPMorgan Chase. In … Continue reading
Janet Yellen Decided to Share Her Worst Nightmares on CNBC Today
![](https://wallstreetonparade.com/wp-content/uploads/2020/04/Former-Fed-Chair-Janet-Yellen-Thumbnail-125x150.jpg)
By Pam Martens and Russ Martens: April 6, 2020 ~ Bulls on Wall Street were likely nonplussed at former Fed Chair Janet Yellen as her interview progressed on CNBC today. It was like she woke up from a terrible nightmare, threw on a little lipstick and dialed into CNBC to share her horrifying vision with an already shell-shocked public. The fact that Yellen chose to do this at a time when the Dow was up over 1,000 points and providing a few rays of sunshine made it all the more remarkable. Yellen said the economy had taken a “huge, unprecedented, devastating hit.” One of those adjectives might have been enough for a seasoned economist. Yellen dropped the breathtaking tidbit that second quarter GDP could see a contraction of 30 percent. She then ran through a gut-wrenching laundry list of what could go wrong on the road to trying to get … Continue reading
The Fed Apparently Thinks It’s Going to Lose $454 Billion on Its Wall Street Bailout
![](https://wallstreetonparade.com/wp-content/uploads/2018/09/Bubbles-Thumbnail-150x150.jpg)
By Pam Martens and Russ Martens: April 6, 2020 ~ On Thursday, March 26, in the midst of a growing panic on Wall Street over a lack of liquidity for toxic debt, the Federal Reserve Chairman Jerome Powell did something unprecedented. He appeared live on the Today show. His interviewer, Savannah Guthrie, opened the interview by noting that one writer had said that the Fed can simply conjure money out of thin air. (It can.) Guthrie asked Powell if there was any limit to the amount of money the Fed was willing to put into the economy to keep it afloat. Her question should have been: is there any limit to the amount of money the Fed will conjure out of thin air to keep Wall Street afloat? Powell said this: “In certain circumstances like the present, we do have the ability to essentially use our emergency lending authorities and … Continue reading