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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
This Fed President Thinks Wall Street Banks Should Stop Whining for the Fed to Bail Them Out and Plan for their Own Liquidity
![](https://wallstreetonparade.com/wp-content/uploads/2019/11/Neel-Kashkari-iii-150x150.jpg)
By Pam Martens and Russ Martens: November 12, 2019 ~ Later this afternoon, Neel Kashkari, the outspoken President of the Federal Reserve Bank of Minneapolis, will deliver the keynote address at a conference on “Wisconsin and the National Economy” at the Madison campus of the University of Wisconsin. Tomorrow, he’ll be taking questions at a Town Hall in the University of Wisconsin’s Student Union on the La Crosse campus. Given Kashkari’s recent remarks on his lack of sympathy for the whining New York bankers who are demanding a liquidity bailout from the Fed – and on their own terms – we’ll be watching closely to see what he has to say today and tomorrow. Last month Kashkari gave a harsh and candid interview with Yahoo! Finance (see YouTube video clip below) about the complaints from New York bankers that the New York Fed was tardy in riding to rescue the … Continue reading
The Fed’s Repo Bailout and JPMorgan’s 38 Trading Floors
![Jamie Dimon Sits in Front of Trading Monitor in his Office (Source -- 60 Minutes Interview, November 10, 2019)](https://wallstreetonparade.com/wp-content/uploads/2019/11/Jamie-Dimon-Sits-in-Front-of-Trading-Monitor-in-his-Office-Source-60-Minutes-Interview-November-10-2019-iii-150x127.jpg)
By Pam Martens and Russ Martens: November 11, 2019 ~ Since September 17 of this year, the central bank of the United States, the Federal Reserve, has been pumping hundreds of billions of dollars each week to unnamed trading firms on Wall Street. We know the loans are going to trading firms because the loans are being made to the 24 primary dealers (see list below) with whom the New York Fed conducts open market operations. (The list includes one foreign bank and 23 stock brokerage houses and investment banks.) The New York Fed has publicly disclosed that the loans are going to primary dealers but will not say which firms are getting the bulk of the money. The Fed did something very similar to this under a facility it called the Primary Dealer Credit Facility (PDCF) during the financial crisis. It kept the names of the firms getting the … Continue reading
Jamie Dimon Tells 60 Minutes He’s a Patriot; There’s Good Reason to Think He’s a Crime Boss
![Is Jamie Dimon a Patriot](https://wallstreetonparade.com/wp-content/uploads/2019/11/Is-Jamie-Dimon-a-Patriot-iii-150x150.jpg)
By Pam Martens and Russ Martens: November 10, 2019 ~ Jamie Dimon was interviewed by Lesley Stahl this evening on the CBS investigative news program, 60 Minutes. The gist of Dimon’s argument is that candidates for President, such as Senator Elizabeth Warren, should stop vilifying him simply because he’s “successful.” Dimon also wants the public to know that it’s “dead wrong” to think he’s not a “patriot.” Dimon is a bit more than “successful” when it comes to the pile of money he has accumulated. According to Forbes, Dimon is worth $1.6 billion. The bulk of that money has come from stock grants while serving as Chief Executive Officer of the largest bank in the U.S., JPMorgan Chase, since December 31, 2005 as well as Chairman of the Board since December 31, 2006. Unfortunately, there is a very substantive argument against Dimon being a patriot and a very persuasive argument … Continue reading
This Federal Agency Is Investigating Why the Fed Is Bailing Out Wall Street Again
![Jelena McWilliams, Chair of the FDIC](https://wallstreetonparade.com/wp-content/uploads/2019/11/Jelena-McWilliams-Chair-of-the-FDIC-iii-150x150.jpg)
By Pam Martens and Russ Martens: November 8, 2019 ~ Jelena McWilliams is a Trump appointee who currently serves as the Chairwoman of the Federal Deposit Insurance Corporation (FDIC), the federal agency responsible for insuring the deposits of commercial banks and savings associations in the United States. McWilliams also knows her way around Wall Street. Her resume at the FDIC states that “Before entering public service, she practiced corporate and securities law at Morrison & Foerster LLP in Palo Alto, California, and Hogan & Hartson LLP (now Hogan Lovells LLP) in Washington, D.C.” As a corporate lawyer, McWilliams “represented publicly and privately-held companies in mergers and acquisitions, securities offerings, strategic business ventures, venture capital investments, and general corporate matters.” McWilliams put her Wall Street savvy to work from 2012 to 2017 in the positions of deputy staff director, chief counsel and senior counsel to the U.S. Senate Banking Committee where … Continue reading
Wall Street’s Liquidity Crisis: It’s Not Getting Better
![Deutsche Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2019/09/Deutsche-Bank-Thumbnail-1-150x128.jpg)
By Pam Martens and Russ Martens: November 7, 2019 ~ This morning, Wall Street’s money spigot arm of the Federal Reserve, the New York Fed, paid out $35 billion in 14-day term loans to Wall Street’s trading houses. The problem was, this morning the banks wanted $41.15 billion or $6.15 billion more than the Fed was offering. That’s a very clear sign that liquidity remains tight on Wall Street and we have yet to enter the pivotal year-end period when banks try to dress up their books by dumping or parking their most toxic positions. Between the term loan and the overnight loan, the New York Fed paid out $115 billion this morning to unnamed securities firms on Wall Street. (The Fed won’t say who is doing all of this borrowing and Congress can’t summon the willpower to hold a hearing.) According to the most recent schedule provided by the … Continue reading
Dangerous Liaisons: New York Fed and JPMorgan’s Incestuous Relationship
![New York Fed Headquarters Building in Lower Manhattan](https://wallstreetonparade.com/wp-content/uploads/2019/08/New-York-Fed-Headquarters-Building-in-Lower-Manhattan-iii100-100x150.jpg)
By Pam Martens and Russ Martens: November 6, 2019 ~ The Federal Reserve Bank of New York (New York Fed) is just one of the 12 regional Federal Reserve banks around the country. But it has amassed enormous powers for itself since the Federal Reserve was created in 1913. Three of those powers dwarf all others: the ability to create money electronically at the push of a button; the accepted right to meddle in the markets; and the supervision of some of the largest bank holding companies in America. After Wall Street blew itself up under the indulging and incompetent supervision of the New York Fed in 2008 and it was exposed that the Fed had secretly created $29 trillion in electronic money to bail out zombie banks – most of that funneled out by the New York Fed – most rational folks would have assumed that Congress would have … Continue reading
The Fed’s Wall Street Bailout May Go into Overdrive in December
![Jerome Powell, Chairman of the Federal Reserve](https://wallstreetonparade.com/wp-content/uploads/2019/06/Jerome-Powell-Thumbnail-143x150.jpg)
By Pam Martens and Russ Martens: November 5, 2019 ~ The Fed is in deep fear, while also in deep denial, about what happened last December. Its fear is that it could happen again this December. Its denial is that its lax supervision of the Wall Street mega banks is largely responsible for the mess. The stock market news on December 24 of last year was not what folks want to be reading about on Christmas Eve. The Dow Jones Industrial Average had plunged 653 points on Christmas Eve and headline writers across major media were declaring the month to have been the worst December for stocks since the Great Depression. But the declines in the broader stock market averages paled in comparison to the December carnage that occurred in the share prices of the mega banks on Wall Street and, to the Fed’s consternation, the insurance companies that are … Continue reading
As the Fed Throws Hundreds of Billions a Week at Wall Street Banks for Liquidity, JPMorgan’s IIF Can Afford to Buy El Paso Electric
![Congress on Fed's 2019 Money Spigot to Wall Street](https://wallstreetonparade.com/wp-content/uploads/2019/10/Congress-on-Feds-2019-Money-Spigot-to-Wall-Street-iii-2.jpg)
By Pam Martens and Russ Martens: November 4, 2019 ~ David Dayen of American Prospect has a must-read article. The headline and subhead read: “JPMorgan Gets Back Into the Electricity Business: An El Paso, Texas, electric utility is being purchased by an investment fund with deep, undisclosed ties to the big bank.” Dayen is not buying into the idea that it’s an investment fund at JPMorgan that’s buying El Paso Electric, a publicly traded electric utility, but that the deal is simply being “laundered through an allegedly independent investment fund,” due to the fact that “48 executives of the investment fund are actually paid employees of JPMorgan….” Why wouldn’t JPMorgan Chase want to admit that it plans to make an outright purchase of an electric utility company serving 429,000 customers in Texas and New Mexico? For starters, the bank has been charged, and admitted to, three criminal felony counts within … Continue reading
McDonald’s CEO Gets Fired for Relationship with Subordinate; Jamie Dimon Survives Three Felony Counts and an Organized Crime Trading Desk Charge
![Steve Easterbrook, Fired CEO of McDonald's](https://wallstreetonparade.com/wp-content/uploads/2019/11/Steve-Easterbrook-iii.jpg)
By Pam Martens and Russ Martens: November 4, 2019 ~ Corporate America is increasingly sending conflicting messages to its top executives: engaging in relationships with subordinates, consensual or otherwise, will cost you your job – but criminal acts involving looting the public, not so much. Steve Easterbrook, the CEO of the fast food chain, McDonald’s, was fired by his Board yesterday for engaging in a consensual relationship with an employee, in violation of company policy. The Board of the largest bank in the United States, on the other hand, JPMorgan Chase, has not fired its Chairman and CEO, Jamie Dimon, despite the following occurring on his watch: $6.2 billion in losses from a high-risk gamble with derivatives in London in 2012 – using, mind you, the deposits of its federally-insured bank. Then came 2014 when the bank was charged for its role in the Bernie Madoff Ponzi scheme. The Madoff … Continue reading
Fed Loans: These Charts Hold a Big Clue to the Liquidity Squeeze on Wall Street
![S&P 500 Versus Morgan Stanley (MS), Credit Suisse (CS), Citigroup (C) and Deutsche Bank Since January 1, 2007](https://wallstreetonparade.com/wp-content/uploads/2019/11/SP-500-Versus-Morgan-Stanley-MS-Credit-Suisse-CS-Citigroup-C-and-Deutsche-Bank-Since-January-1-2007-iii-150x86.jpg)
By Pam Martens and Russ Martens: November 1, 2019 ~ Fed Chairman Jerome Powell had a Greenspan moment on Wednesday during his press conference. He made several Goldilocks statements about the banks that are going to come back to haunt him just as former Fed Chairman Alan Greenspan’s Alice in Wonderland remarks to Congress in the leadup to the greatest financial crash since the Great Depression have now made him appear to have been either lying to Congress or dangerously out of touch. It took just a few moments for us to pull up some charts to disprove the statements made by Powell. Powell stated the following during the Q&A portion of the press conference: “So, we monitor financial stability risks very carefully all of the time. It’s what we do since the financial crisis, as I’ve mentioned before. Currently, we don’t see large imbalances. This long expansion is notable … Continue reading