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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
Mnuchin’s Dangerous Plan to Deregulate Wall Street Is Captured in this Chart
![Prudential Financial Traded as a Clone to the Big Wall Street Banks from October to December of Last Year.](https://wallstreetonparade.com/wp-content/uploads/2019/06/Prudential-Financial-Traded-as-a-Clone-to-the-Big-Wall-Street-Banks-from-October-to-December-of-Last-Year-ii.-150x150.jpg)
By Pam Martens and Russ Martens: June 3, 2019 ~ U.S. Treasury Secretary Steve Mnuchin (a/k/a the former foreclosure king) has been attempting to dismantle regulatory restraints on Wall Street’s worst instincts since he took office. Making Mnuchin even more dangerous is the fact that, under statute, he simultaneously sits as head of the Financial Stability Oversight Council (F-SOC) even as he appears to be attempting to undermine financial stability in the U.S. One of Mnuchin’s most alarming actions on behalf of F-SOC came last October 17 when the Council announced that it was removing the designation of Prudential Financial as a SIFI – a Systemically Important Financial Institution that required enhanced supervision and prudential standards. Mnuchin stated at the time: “The Council’s decision today follows extensive engagement with the company and a detailed analysis showing that there is not a significant risk that the company could pose a threat … Continue reading
Lordy, Deutsche Bank Is Having a Helluva Bad Month
![Deutsche Bank Stock Price 2001 through May 30, 2019](https://wallstreetonparade.com/wp-content/uploads/2019/05/Deutsche-Bank-Stock-Price-2001-through-May-30-2019-ii-150x150.jpg)
By Pam Martens and Russ Martens: May 30, 2019 ~ Thanks to former FBI Director James Comey, there are now acceptable times when the 19th century word “Lordy” can be demonstrably exclaimed in public settings. For example, it can be used with pretty much anything to do with the President of the United States or, as we are now suggesting, when referring to the management of Trump’s serially-charged banking establishment, Deutsche Bank. After setting an historic intraday low of $6.82 yesterday on the New York Stock Exchange, shares of Deutsche Bank mustered a tiny rally in the last half hour of trading today to eke out a close of $6.91. Just 12 years ago, this was a $120 stock. The bank now has a market capitalization of $14.18 billion supporting assets of $1.6 trillion. (Perhaps “supporting” is not the right word. Lordy!) According to the bank’s 2018 annual report, it … Continue reading
Americans Should Be Gravely Concerned with this Wall Street Court Case
![New York Stock Exchange Trading Floor](https://wallstreetonparade.com/wp-content/uploads/2018/08/New-York-Stock-Exchange-Trading-Floor-300pix-150x150.jpg)
By Pam Martens and Russ Martens: May 30, 2019 ~ Financial media is buzzing this week that a Federal District Court Judge for the Southern District of New York, Jesse Furman, has ruled that the City of Providence, Rhode Island, the Plumbers and Pipefitters National Pension Fund, along with other plaintiffs, can move forward with their class action lawsuit against seven stock exchanges, including the New York Stock Exchange and Nasdaq, for allegations that they effectively rigged the market against the small investor. That sounds like a great David versus Goliath court case is moving right along toward a triumph for justice – until one looks at the gritty details of the case. The lawsuit was launched five years ago following the publication of the book, Flash Boys, by bestselling author and Wall Street veteran, Michael Lewis. The book mapped out, with eyewitness accounts and extensive detail, how the stock … Continue reading
Two Key Execs at New York Fed Head for the Exits – Two Business Days After Sharp Cut in GDP Estimate
![Trader on the Open Markets Trading Desk at the Federal Reserve Bank of New York](https://wallstreetonparade.com/wp-content/uploads/2013/11/Trader-on-the-Open-Markets-Trading-Desk-at-the-Federal-Reserve-Bank-of-New-York-150x150.jpg)
By Pam Martens and Russ Martens: May 28, 2019 ~ Simon Potter, who runs the Federal Reserve’s open market operations at the Federal Reserve Bank of New York, is stepping down at the end of this week, as is Richard Dzina, head of the New York Fed’s Financial Services Group. Wall Street is buzzing over the fact that the two are long-tenured executives at the New York Fed; are exiting simultaneously, and with only a four-day notice to the public and the markets – suggesting that their departure may not have been voluntary. The praise lavished on the pair in the press release issued today by John Williams, President of the New York Fed, also suggests that an effort is being made to soften the blow of their surprise departure. Potter is responsible for carrying out the monetary policy mandate of the Federal Open Market Committee (FOMC) by supervising the … Continue reading
Yes, America, a Banking Cartel Exists and Here’s the Proof
![](https://wallstreetonparade.com/wp-content/uploads/2018/08/wall-street-sign-thumbnail-150x149.jpg)
By Pam Martens and Russ Martens: May 28, 2019 ~ Wall Street is the only industry in America that is allowed, in broad daylight, to operate its own private justice system while making its employees and customers sign binding contracts to take their complaints to that venue to seek justice. That’s like sticking your arm into the mouth of an alligator that just grabbed your purse and expecting to come out whole. Endless reports by journalists on how rigged this private justice system is have done nothing to reopen the nation’s courthouse doors to claims against Wall Street. Not only do the general counsels of Wall Street’s biggest global banks get to fashion their own system to hear claims against the banks but they get to meet in secret for two decades to strategize on other topics impacting their common interest. In 2016, Bloomberg reporters Greg Farrell and Keri Geiger broke … Continue reading
Market Sends Scary Signals; Atlanta Fed’s GDPNow Forecasts Anemic 1.3% Growth
![Yield on U.S. 10-Year Treasury Note, October 1, 2017 through May 23, 2019](https://wallstreetonparade.com/wp-content/uploads/2019/05/Yield-on-U.S.-10-Year-Treasury-Note-October-1-2017-through-May-23-2019-150x150.jpg)
By Pam Martens and Russ Martens: May 24, 2019 ~ Most stock owners of J.C. Penney never thought they’d see the day when it traded as a penny stock. But that’s what happened yesterday when shares of the large retailer closed at 91 cents, a loss of 9.79 percent on the day. The macro picture is that J.C. Penney employs 95,000 people and operates 864 stores across the United States. Its future will have an impact on jobs and commercial real estate prices in the United States. At 91 cents a share, those prospects aren’t looking too good right now. The broader markets fared better than J.C. Penney yesterday but were, nonetheless, a sea of red. After being down more than 400 points intraday, the Dow Jones Industrial Average closed with a loss of 286 points or 1.11 percent at 25,490. The Nasdaq, laden with tech losers, lost 122.5 points … Continue reading
Hearing Profiles Treasury Secretary Mnuchin as Dark Villain to Rule of Law
![](https://wallstreetonparade.com/wp-content/uploads/2017/06/Vice-President-Mike-Pence-Swears-In-Steven-Mnuchin-as-U.S.-Treasury-Secretary-on-February-13-2017.-President-Donald-Trump-and-Mnuchins-Fiancée-Louise-Linton-Look-On.-150x150.jpg)
By Pam Martens and Russ Martens: May 23, 2019 ~ U.S. Treasury Secretary Steve Mnuchin appeared yesterday before the House Financial Services Committee. You know it was a bad day for the Secretary when the low point was not Congressman Stephen Lynch’s request to the Chair, Maxine Waters, to have Mnuchin held in contempt for not following the statute that calls for the IRS to turn over tax returns on any American when requested by an authorized Committee of Congress. Mnuchin has said he will not turn over the tax returns of the President of the United States, which are under subpoena by Congress. (The Internal Revenue Service, which holds these tax returns, is an agency of the U.S. Treasury.) Waters said she will seek the advice of the Committee’s counsel on the contempt request. A number of Democratic members of the Committee intensely questioned Mnuchin on his myriad deregulatory … Continue reading
Head of Anti-Money Laundering Agency Tells Senate Hearing He Hasn’t Read the Times Bombshell on Trump, Kushner and Deutsche Bank
![Kenneth Blanco, Director of FinCEN](https://wallstreetonparade.com/wp-content/uploads/2019/05/Mr.-Kenneth-Blanco-Hearing-on-Financing-By-Anonymous-Shell-Companies-150x150.jpg)
By Pam Martens and Russ Martens: May 22, 2019 ~ Reading the New York Times is apparently now seen as being disloyal to the President of the United States if you’re a Federal employee. Just holding the newspaper in one’s hands might be enough to become an early pensioner in the Trump administration. Yesterday it became crystal clear at a Senate Banking hearing just how terrified people are in the Federal government of getting on the wrong side of the President and ending up being publicly bashed on his Twitter page. The Senate Banking hearing on Tuesday was called to get answers from the witness panel on how to combat money laundering in the United States by shell companies that keep their real owners a secret. But it quickly became a hearing also about the bombshell report from the New York Times on Sunday. That article, by David Enrich, describes … Continue reading
How Bad Are Things on Wall Street? JPMorgan and Goldman Sachs Offer No Minimum Accounts
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: May 21, 2019 ~ After chasing the super rich for a century, JPMorgan and Goldman Sachs are now offering no minimum accounts. As we will explain shortly, their motives may not be all that altruistic. In March of 2016, the Wall Street Journal’s Emily Glazer reported that clients of JPMorgan Chase’s Private Bank “will be required to have at least $10 million in investible assets, twice the current minimum of $5 million.” What smells like real money to Goldman Sachs has also been eight-figures and higher. In 2013, the New York Times reported that Goldman had a $10 million minimum to manage private wealth and was booting out its own employees’ accounts if they were less than $1 million. High net worth individuals are what each of the mega Wall Street banks look for since the more money the bank invests, the more fees it generates … Continue reading
Trump, Kushner and the Times Bombshell: What You Should Know About “Private” Banking in New York City
![](https://wallstreetonparade.com/wp-content/uploads/2019/05/Jared-Kushner-and-Donald-Trump1-150x63.jpg)
By Pam Martens and Russ Martens: May 20, 2019 ~ Yesterday, every U.S. television network carried the New York Times bombshell that Deutsche Bank employees had flagged suspicious activity in the bank accounts of President Donald Trump and his son-in-law, Jared Kushner, involving foreign money flows, but their superiors at Deutsche Bank did not allow the reports to be filed with the Financial Crimes Enforcement Network (FinCEN), a unit of the U.S. Treasury that is mandated under law to receive and investigate such reports. From there the news went viral around the globe, landing on cable news, Reuters and in European newspapers. (Shortly after trading opened this morning on the New York Stock Exchange, Deutsche Bank’s stock traded at an all-time low of $7.39. This was a $120 stock in 2007.) There is no disputing the fact that this is a critical development, for the following key reasons that we will … Continue reading