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Recent Posts
- Jamie Dimon’s Washington Post OpEd Gets Pummeled at Yahoo Finance
- In the Span of 72 Hours, Four People Tied to a Hewlett-Packard Criminal Case Died in Two Separate Events
- Crypto Took Down Another Federally-Insured Bank and Just Handed Its CEO a 24-Year Prison Sentence
- All the Devils from 2008 Are Back at the Megabanks: Leverage, Off-Balance-Sheet Debt, Over $192 Trillion in Derivatives, Shaky Capital Levels
- New Study Says the Fed Is Captured by Congress and White House — Not the Megabanks that Own the Fed Banks and Get Trillions in Bailouts
- Data from the Fed’s Emergency Funding Program Shows Spring 2023 Banking Crisis Was Far Deeper than Americans Were Told
- These FDIC-Insured Banks Have Lost 69 to 40 Percent of their Market Value Year-to-Date
- Exposure at Hedge Funds Has Skyrocketed to Over $28 Trillion; Goldman Sachs, Morgan Stanley and JPMorgan Are at Risk
- We Charted the Plunge and Rebound in the Nikkei Versus Nomura and Citigroup; the Correlation Is Frightening
- Former U.S. Labor Secretary Says Billionaires Have No Right to Exist Because their Wealth Comes from Five Illegal or Bad Practices
- Citigroup Is Having a Helluva Summer: A Protest on Thursday Will Turn Up the Heat
- Nikkei Has Biggest Drop in History: Here’s What’s Causing the Global Market Selloff
- JPMorgan Is Tapping Illiquid Assets in its Global Collateral Program; the New York Fed Is Paying for Its Services
- Bank Regulators Issue Warnings on Fintech and Banking as Disasters Pile Up
- Donald Trump Gives a Speech on Not Letting China Win the Crypto Race – Not Realizing China Banned Crypto Mining and Transactions Four Years Ago
- The New York Fed Has Contracted Out Key Functions to JPMorgan Chase; We Filed a FOIA and Got These Strange Invoices
- 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
Category Archives: Uncategorized
The Doomsday Machine Returns: Citibank Has Sold Protection on $858 Billion of Credit Default Swaps
![Margot Robbie](https://wallstreetonparade.com/wp-content/uploads/2019/04/Margot-Robbie-iii-150x104.jpg)
By Pam Martens and Russ Martens: January 3, 2020 ~ Lily Tomlin is credited with the quote: “No matter how cynical you get, it is impossible to keep up.” Wall Street regularly brings that message home. According to the latest derivatives report from the Office of the Comptroller of the Currency (OCC), Citibank, the federally-insured, taxpayer-backstopped bank owned by Citigroup, has sold protection to other banks, hedge funds, insurance companies or corporations on a staggering $858 billion of Credit Default Swaps. When a federally-insured bank sells protection to others on Credit Default Swaps, it is effectively taking on the risk of a default event. At a time of unprecedented levels of debt in the system and growing warnings about leveraged loans, that seems like a very unwise move by Citigroup. The OCC notes that Citibank has bought protection via a larger amount of Credit Default Swaps – a total of … Continue reading
Why Is Wall Street the Only Industry in America With Access to the Fed’s Endless Money Machine?
![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: January 2, 2020 ~ Consumers represent two-thirds of GDP in the United States. And yet, when consumers run into trouble, they don’t get a handout from the Federal Reserve – they are forced to file bankruptcy. There are no Fed handouts to small business owners, farmers, or main street merchants either. So why is it exactly that the trading houses on Wall Street, with a serial history of crimes and with the most overpaid and under-punished executives on the planet, are able to perpetually have secret communications with the New York Fed and magically turn on the flow of trillions of dollars of ridiculously cheap loans to bail out their hubris and corruption. The obscene money spigot from the New York Fed to Wall Street’s trading houses didn’t start with the epic financial crisis of 2008, as most Americans believe. It started following the … Continue reading
These Charts Show Why the Fed Is Still in a Panic Over the Repo Loan Market
![Derivatives Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2019/12/Derivatives-Thumbnail-150x150.jpg)
By Pam Martens and Russ Martens: December 31, 2019 ~ After the epic financial crash on Wall Street in 2008 – the worst since the 1929 crash and ensuing Great Depression – two key reforms were put in place in the Dodd-Frank Wall Street Reform and Consumer Protection Act of 2010 to prevent another catastrophic meltdown on Wall Street. The first key reform was that derivatives were to be moved out of the federally-insured, taxpayer backstopped commercial banks, that had been bought up by Wall Street trading houses, into units that could be wound down in a bankruptcy proceeding. It was called the “Push Out” rule. That reform was also meant to prevent the New York Fed from ever again secretly pumping upwards of $29 trillion into Wall Street trading houses and their derivative counterparties in order to bail out a corrupt casino banking system. (And yet here we are … Continue reading
Congress Just Passed Nightmare Legislation that Strips Trillions in Wealth from the Middle Class
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: December 30, 2019 ~ Five days before Christmas, while the impeachment debate distracted voters, the President signed into law the so-called Secure Act – which was a sickening bi-partisan attack on the wealth-building capability of the middle class. Making the dirty deed even more Grinch-worthy, the attack on the assets of the middle class comes after the Trump tax overhaul in 2017 gave a windfall to the super wealthy by doubling their estate tax exclusion from $11 million per couple to $22 million. Now someone has to pay for that and both Democrats and Republicans in Congress have stealthily decided it’s going to be Millennials – who are already buried under student loan debt with a meager average net worth of $8,000. The only people that will gain security from the Secure Act are the Wall Street wealth advisors who are already looting two-thirds … Continue reading
The Fed Has Made Jamie Dimon $250 Million Richer Through Its Repo Loans
![Jamie Dimon, Chairman and CEO of JPMorgan Chase](https://wallstreetonparade.com/wp-content/uploads/2019/07/Jamie-Dimon-Film-Grain-100pix.jpg)
By Pam Martens and Russ Martens: December 27, 2019 ~ As Wall Street On Parade has previously reported, JPMorgan Chase has been fingered as the bank that contributed to the Federal Reserve having to intervene in the overnight loan market on September 17 of this year, and every business day since then. The Fed, through its money spigot, the New York Fed, has flooded Wall Street’s trading houses with hundreds of billions of dollars weekly in cheap loans over the past three months. That cheap, pre-announced source of liquidity has not only caused the stock market to set multiple new historic highs but has caused the stock of JPMorgan Chase to set multiple new historic highs as well. Jamie Dimon is the Chairman and CEO of JPMorgan Chase. Dimon admitted on his quarterly earnings call with analysts that his bank had backed away from lending on September 17. That backing … Continue reading
Goldman Sachs Federally-Insured Bank Loses $1.2 Billion in Interest Rate Derivative Bets
![David Solomon, Chairman and CEO, Goldman Sachs](https://wallstreetonparade.com/wp-content/uploads/2019/12/David-Solomon-Chairman-and-CEO-Goldman-Sachs-1-147x150.jpg)
By Pam Martens and Russ Martens: December 26, 2019 ~ A week before Christmas when Americans were focused on either the impeachment proceedings or holiday preparations, the Office of the Comptroller of the Currency (OCC) quietly released its quarterly report on the trading and derivative activities of Wall Street’s casino banks. It contained a humdinger in, literally, red ink. The report showed that Goldman Sachs Bank USA, which is, insanely, a federally-insured bank backstopped by the U.S. taxpayer that is part of the Goldman trading colossus, had lost $1.24 billion trading interest rate derivatives during the third quarter of this year. According to the Federal Deposit Insurance Corporation, the bank only holds $149.8 billion in deposits while the OCC reports it has $49 trillion in notional derivatives (face amount). (See Table 7 in the Appendix at this link.) Profits in other derivative trading areas, like the $1.14 billion Goldman Sachs … Continue reading
Trump and the Stock Market Are the Winners in the Fed’s Repo Loan Binge; Here Are the Losers
![Jerome Powell, Chairman of the Federal Reserve](https://wallstreetonparade.com/wp-content/uploads/2019/11/Jerome-Powell-Thumbnail-143x150.jpg)
By Pam Martens and Russ Martens: December 23, 2019 ~ The S&P 500 Index and the Dow Jones Industrial Average set new record highs every single day last week. This occurred despite the Federal Reserve justifying its unprecedented hundreds of billions of dollars each week in cheap loans to Wall Street’s trading houses as necessary to stem a “liquidity” crisis. You can’t have a liquidity crisis when the stock market is setting record highs for an entire week. Those two things just don’t correlate. The Fed, through its money spigot, the New York Fed, began sluicing these funds to Wall Street on September 17, the day the overnight borrowing rate in the repurchase agreement (repo) loan market spiked from 2 percent to 10 percent. This was the first such intervention by the Fed since the financial crisis. The repo market is where banks, hedge funds and money market funds loan … Continue reading
JPMorgan and Goldman, Under Criminal Probes, Close in the Red Despite Trading their Own Bank Stocks in their Own Dark Pools
![Goldman Sachs and JPMorgan Chase Logos](https://wallstreetonparade.com/wp-content/uploads/2019/12/Goldman-Sachs-and-JPMorgan-Chase-iii-150x39.jpg)
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
New York Fed’s Fake Borrowing Rates Raise Ghosts of Libor’s Fake Rates
![Occupy Wall Street Protesters Outside the New York Fed (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2019/12/Occupy-Wall-Street-Protesters-Outside-the-New-York-Fed-Thumbnail-150x150.jpg)
By Pam Martens and Russ Martens: December 19, 2019 ~ When it comes to Wall Street’s mindset, the thinking is that it’s legal if you can get away with it. That mindset seems to have captured the Federal Reserve Bank of New York which secretly pumped trillions of dollars into insolvent banks in violation of its statutory mandate during the financial crisis; is alleged to have fired a bank examiner for refusing to alter her negative examination of Goldman Sachs; and failed to investigate a litany of crimes to which it was made aware. (See U.S. Senate Tries Public Shaming of New York Fed President Dudley.) One of the crimes that the New York Fed failed to bring to the attention of U.S. law enforcement was mega banks cheating on the borrowing rates that they were reporting as their London InterBank Offered Rate or Libor, a benchmark interest rate used … Continue reading
The New York Fed Is Keeping JPMorgan’s Secrets Close to Its Chest
![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: December 18, 2019 ~ The Federal Reserve Bank of New York (New York Fed) seems intent on stonewalling Wall Street On Parade from receiving some very basic information on JPMorgan Chase’s rapid drawdown this year on its liquid reserves at the New York Fed – a matter which some on Wall Street have fingered as a contributing cause of the ongoing repo loan crisis. More on that in a moment, but first some background. For the past decade Wall Street On Parade has been keeping close tabs on the crony operations of the New York Fed. (See related articles below.) The New York Fed has effectively morphed into a key cog in Wall Street’s wealth transfer system – where the little guy’s pocket is picked daily in the service of minting billionaires on Wall Street – who now increasingly want to rule the rest … Continue reading