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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
What’s the End Game in the Saudi Oil Price War?
![Oil Rig](https://wallstreetonparade.com/wp-content/uploads/2020/03/Oil-Rig-Thumbprint-150x142.jpg)
By Pam Martens: March 9, 2020 ~ In early afternoon trading, West Texas Intermediate, the domestic crude oil in the U.S., had lost over 20 percent on the day, 39 percent in the last 18 calendar days and 48 percent from its peak this year. The panic selling resulted from a failed OPEC meeting with its allies last week when Russia refused to go along with crude oil production cuts proposed by OPEC to shore up the price of crude. Following the failed meeting, Saudi Arabia began to dramatically discount its oil prices to customers to grab market share. It reminded me of an earlier Saudi oil price war in 1986 – without the coronavirus to add to the panic. In 1986 I was working at Shearson with newly acquired stock and commodity licenses. I had the good fortune of sitting next to a very savvy female oil trader who … Continue reading
Dow Drops 2046 Points (7.9 Percent) in Morning Trade; Two Banks Tank
![New York Stock Exchange Floor](https://wallstreetonparade.com/wp-content/uploads/2019/10/New-York-Stock-Exchange-Floor-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: March 9, 2020 ~ We knew Fed Chair Jerome (Jay) Powell was not on solid footing last Tuesday when he answered a question at his press conference from Washington Post reporter, Heather Long. She wanted to know how he felt about “rising concern about credit markets and possible insolvencies and defaults either from businesses or individuals from the coronavirus.” Powell answered Long with this: “financial markets are functioning in an orderly manner and all that sort of thing.” That wasn’t true then and it certainly isn’t true as of noon today. The Fed Chair neglected to mention to Long that beginning on September 17, 2019, as a result of disorderly market functioning, it had started pumping out hundreds of billions of dollars in super-cheap loans each week to trading houses on Wall Street – the first time it had made such repo loans since … Continue reading
Flock of Black Swans Tanks Stocks, Oil, Treasury Yields; Fed Sticks Its Finger in the Dike
![](https://wallstreetonparade.com/wp-content/uploads/2020/03/Flock-of-Black-Swans-Thumbprint-150x91.jpg)
By Pam Martens and Russ Martens: March 9, 2020 ~ There are now so many Black Swans circling in the sky against darkening clouds that it’s starting to feel like news on steroids. Here’s what we woke up to this morning: Futures on the Dow Jones Industrial Average contract had fallen 5 percent overnight so they are now locked, limit-down in the futures market in Chicago. We can get a pretty good idea, however, of just how far the stock market will fall when it opens at 9:30 a.m. in New York from the SPDR Dow ETF, which at 9:03 a.m. suggested an opening loss of about 1,681 points or 6.5 percent from its close on Friday. Those projected losses, of course, could be stemmed before the market opens by news of liquidity injections. For example, the New York Fed announced before the market opened that it will increase its … Continue reading
Two Charts Explain Why Wall Street Banks Are Under So Much Selling Pressure
![Deutsche Bank Trading Chart From February 14 through March 5, 2020 Versus Wall Street Banks and U.S. Insurers](https://wallstreetonparade.com/wp-content/uploads/2020/03/Deutsche-Bank-Trading-Chart-From-February-14-through-March-5-2020-Versus-Wall-Street-Banks-and-U.S.-Insurers-150x150.jpg)
By Pam Martens and Russ Martens: March 6, 2020 ~ Yesterday, the Dow Jones Industrial Average of 30 large cap companies closed with a loss of 969.5 points or 3.58 percent. That was bad enough but the losses among the biggest Wall Street banks outpaced the Dow losses by a significant margin. Typically, JPMorgan Chase is one of the better performers among the Wall Street banks in the midst of a big selloff. But not yesterday. It closed with a loss of 4.91 percent – a loss larger than Goldman Sachs (- 4.77 percent), which has a large criminal fine hanging over its head. The news that Jamie Dimon, Chairman and CEO of JPMorgan Chase, had heart surgery on Thursday was not reported until after the stock market had closed. The losses among the other mega banks on Wall Street yesterday were equally unsettling. Morgan Stanley lost 5.86 percent; Citigroup … Continue reading
Demand for Fed’s Repo Loans Surges Past $100 Billion a Day as 10-Year Treasury Hits Lowest Rate in 149 Years
By Pam Martens and Russ Martens: March 5, 2020 ~ Federal Reserve Chairman Jerome Powell certainly has an odd notion of what constitutes an “orderly” market. At his press conference on Tuesday, following the announcement that the Fed was cutting its Fed Funds rate by a half point without waiting for its regularly scheduled meeting when rate cuts are normally deliberated, Powell said that “financial markets are functioning in an orderly manner and all that sort of thing.” Challenging Powell’s assessment of “orderly,” the Dow dropped 603 points in the span of less than 30 minutes while he was speaking at his press conference and trying his best to bolster confidence in the market. That didn’t seem very orderly. On top of that, at 8:45 a.m. that very morning, the New York Fed had pumped $100 billion in 1-day repo loans into the trading houses on Wall Street, $8.6 billion … Continue reading
Timeline of How Fed Chair Powell Knocked 603 Points Off the Dow Yesterday
![Federal Reserve Chair Jerome Powell](https://wallstreetonparade.com/wp-content/uploads/2020/03/Federal-Reserve-Chair-Jerome-Powell-iii-150x150.jpg)
By Pam Martens and Russ Martens: March 4, 2020 ~ We write this with some trepidation that after this appears in print Federal Reserve Chairman Jerome Powell will stop taking questions at his press conferences or that all media questions will have to be routed through Vice President Mike Pence’s press office, as is now occurring with matters pertaining to the coronavirus. (We say that with only some facetiousness.) However, in this age of spin, facts matter more than ever. First, a little background. After losing 3600 points the prior week, the Dow Jones Industrial Average staged a monster rally (more likely a short squeeze) on Monday, climbing 1293 points to close at 26,703. At 1:34 a.m. (the wee hours of Tuesday morning) President Donald Trump posted a tweet to his Twitter page stating, among other things, that the Fed should ease and “cut rate big” adding that “Powell led … Continue reading
Central Bankers Can’t Save Us This Time
![Federal Reserve Tries Wizardly to Cure Too-Big-To-Fail](https://wallstreetonparade.com/wp-content/uploads/2016/05/Federal-Reserve-Tries-Wizardly-to-Cure-Too-Big-To-Fail-150x150.jpg)
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
Four Airline Stocks Lost $22 Billion in Value in Prior 7 Trading Sessions
![New York Stock Exchange Floor](https://wallstreetonparade.com/wp-content/uploads/2019/10/New-York-Stock-Exchange-Floor-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: March 2, 2020 ~ The Dow Jones Industrial Average closed with a whopping 1293 points in the green today, after losing 3600 points last week. (It looked like a classic short squeeze driving up the market today.) But despite the monster move up in stocks, two of the major airline stocks closed in the red today: American Airlines and United Airlines. Delta and Southwest closed in the green. All four airlines, however, have been on a serious losing streak of late as fears over the coronavirus have spread. From their close on Wednesday, February 19, through last week, the four airlines have lost over $22 billion of their share value during those seven trading sessions. The biggest loser in percentage terms was American Airlines. It lost 34 percent of its market value or $4 billion. United Airlines lost 24.8 percent or $4.88 billion while … Continue reading
Washington State Announces 6 Dead of Coronavirus in Three Days
![](https://wallstreetonparade.com/wp-content/uploads/2020/03/Ettore-Palazzo-M.D.-Chief-Medical-and-Quality-Officer-for-EvergreenHealth-in-Kirkland-Washington-Announces-Total-of-6-Dead-in-Three-Day-Period-in-Washington-State-Thumbnail-150x120.jpg)
By Pam Martens and Russ Martens: March 2, 2020 ~ Ettore Palazzo, M.D., Chief Medical and Quality Officer for EvergreenHealth in Kirkland, Washington, announced that a total of six patients diagnosed with coronavirus COVID-19 have now died of the virus. One of the deaths had been reported on Saturday and a second death was reported on Sunday. Four more have now died since then. Five of the deaths were in King County with one additional death in Snohomish County. The King County Executive, Dow Constantine, said the county was in final negotiations to buy a motel to care for patients in need of isolation and recovery. He said the county was also going to be using modular housing in several locations around the county, including Seattle. Dr. Jeff Duchin, a Health Officer for Public Health in King County, spoke at the press conference and said the county now has 17 … Continue reading
OECD Releases Dire Outlook for Global Growth as a Result of Coronavirus
![](https://wallstreetonparade.com/wp-content/uploads/2013/08/Stock-Chart.jpg)
By Pam Martens and Russ Martens: March 2, 2020 ~ The Organization for Economic Co-operation and Development (OECD) has released a dire outlook for global economic growth this year as a result of the spread of the coronavirus Covid-19. Its latest Interim Economic Outlook provides both a best-case scenario, where the virus is broadly contained, as well as a scenario in which contagion spreads. The best-case scenario, which factors in limited spread outside China, will bring little cheer to world leaders. It projects global economic growth falling to 2.4 percent this year compared to an anemic global growth of just 2.9 percent last year. If there is wider spread of the virus around the globe, the OECD says global growth could be cut to as low as 1.5 percent – which would be just half of what the OECD was forecasting last November. The OECD also projected that some countries, … Continue reading