Category Archives: Uncategorized

By Pam Martens: February 25, 2019 ~ Jenny Brown has cracked the code that few writers, outside of analysts trained by the CIA, have cracked. In her new book scheduled for release on March 1 by PM Press, Birth Strike: The Hidden Fight Over Women’s Work, Brown performs a brilliant forensic examination of the money and people behind the stealth agenda to raise the low birth-rate in the United States. That agenda includes concerted campaigns against abortion, the “morning-after pill” and other forms of contraception. Using exhaustive research, Brown convincingly makes the case that it’s a well-financed corporate agenda implanted in Washington with an end goal of putting more American women in the maternity ward. It’s not a cultural or religious agenda as many people believe. It’s just about money – corporate profits to be more specific. More babies mean more workers and more workers mean cheaper labor because there … Continue reading →

By Pam Martens: February 21, 2019 ~ On Tuesday, Senator Bernie Sanders of Vermont declared his candidacy to seek the Democratic nomination for President of the United States. Wall Street On Parade endorsed Senator Sanders over Hillary Clinton in 2016 because Clinton was effectively running as Wall Street’s candidate and as Obama’s third term. Unfortunately, eight years of Obama had produced zero criminal prosecutions of the executives of the largest Wall Street banks who had brought the country to its knees as they grew obscenely rich from corrupt, cartel behavior at their banks. Obama also seriously misinformed the American people about how little had changed in terms of reining in the risks on Wall Street. Obama also refused to provide a bully pulpit for breaking up the dangerous Wall Street banks by restoring the Glass-Steagall Act. Senator Bernie Sanders has, on the other hand, been an unrelenting critic of the … Continue reading →

By Pam Martens: February 19, 2019 ~ Being called a “digital gangster” by an investigative committee of the United States’ closest ally, the United Kingdom, might have been expected by the rational among us to do some serious damage to the share price of Facebook when it opened for trading this morning. The U.K. report was released yesterday when U.S. markets were closed for Presidents’ Day. But by this morning’s opening bell, it was business as usual for the serially investigated Facebook. Facebook closed Friday at $162.50 per share and opened this morning at $160.50. After a half hour of trading, Facebook’s stock was off a mere 63 cents. America is now the political dystopia ruled by Wall Street banksters and digital gangsters so the stock market no longer punishes corporate criminality. In fact, there is ample evidence to suggest that it rewards it. Just look at how the stock … Continue reading →

By Pam Martens: February 18, 2019 ~ At the end of 1999, the year that President Bill Clinton and his  Treasury Secretary Robert Rubin brokered the deal to repeal the Glass-Steagall Act of 1933 and allow the casino investment banks on Wall Street to gobble up deposit-taking banks, there were 10,220 federally insured banks and savings institutions in the United States. Today, that number stands at 5,397, a decline of 47 percent according to the Federal Deposit Insurance Corporation (FDIC). What exactly happened to those disappeared banks? We examined FDIC data to see if the sharp falloff in bank numbers was from failures or mergers. We found that the vast majority of the decline resulted from banks being absorbed in mergers. By the end of 2005, six years after the repeal of Glass-Steagall, the U.S. still had 8,832 federally insured banking institutions. But in just that year alone, 315 banks … Continue reading →

By Pam Martens: February 14, 2019 ~ JPMorgan Chase is a Wall Street bank that has pleaded guilty to three felony counts in the past five years and lost at least $6.2 billion of its depositors’ money trading high-risk derivatives in London. And yet, somehow, the bank has a market capitalization (the value of all of its shares outstanding) that makes it among the most valuable companies in the Standard & Poor’s 500. The serially fined and investigated bank, as of yesterday’s close, has a market value of $342.817 billion which is $110.8 billion more than Boeing – one of the most sophisticated engineering companies in the world, producing commercial jet airplanes, military aircraft, rockets and satellites for customers around the globe. Looking at the bizarre situation with a wider lens, if you add up the market cap at yesterday’s market close of General Motors ($54.97 billion), GE ($90.199 billion), … Continue reading →

By Pam Martens: February 13, 2019 ~ In a blog post on January 19, Citigroup’s head of Human Resources, Sara Wechter, wrote that “Citi’s commitment to diversity and inclusion is longstanding.” She next bragged that “Last year, Citi was the first financial institution to publicly release the results of a pay equity review.” Three paragraphs later, we get the cold, hard facts: “median pay for women globally is 71% of the median for men” at Citigroup. Citigroup didn’t come up with the idea of releasing that data out of some newfound quest for transparency. The data came as a result of a pressure campaign by Arjuna Capital, an investment firm focused on sustainable investing. The campaign is introducing shareholder proposals at the big Wall Street banks, asking that the banks disclose, and then close, their gender pay gaps. After Citigroup released its data, Arjuna withdrew its shareholder proposal at Citigroup. At … Continue reading →

By Pam Martens: February 11, 2019 ~ Wall Street, the epicenter of American capitalism, brought down economies around the globe in 2008, including a banking, housing and foreclosure crisis in the U.S. Why is it just now that fixing American capitalism is on everybody’s mind? One answer is that it will be a central focus in the 2020 presidential campaign while a more nuanced reading is that the current dystopian billionaire administration has everyone grasping for answers as to how we got here. Harper’s magazine did make a valiant effort to look at the problem at the height of the financial crisis in November 2008 with seven essays on how to fix American capitalism. But the public at that time was more focused on keeping their jobs, a roof over their heads and pulling what little funds they had left from sinking mutual funds and teetering banks. Then the Obama … Continue reading →

By Pam Martens: February 5, 2019 ~ Remember that late 1930s play, “The Man Who Came to Dinner.” In the play (and later movie) the man slips on ice on the doorstep of his host, is injured, and never leaves. The question before the American people this week is if the Chairman of the Federal Reserve, Jerome (Jay) Powell, skidded on a slippery slope Monday evening when, on his 66th birthday, he chose to dine at the White House with the same President Donald Trump who has been bashing him for months in the press. Like the character in the play, will the Fed Chair now be thought of as the man confined to the House of Trump rather than as an independent central banker. The time line for Powell’s birthday dinner has the same rancid aroma of Trump’s favored weapon to try to bring people around to his way … Continue reading →

By Pam Martens: February 4, 2019 ~ The new chair of the House Financial Services Committee, Maxine Waters of California, has held elected office for more than four decades. She has served in the U.S. House of Representatives since 1991. Prior to that, she served 14 years in the California State Assembly. She has been on the House Financial Services Committee for the past 28 years – a period in which she has witnessed the largest Wall Street banks dramatically expand their financial frauds against the public. But can even a knowledgeable, seasoned veteran like Waters tackle the herculean problem that Wall Street banks represent to the country today? Apparently, JPMorgan Chase CEO Jamie Dimon and Goldman Sachs CEO David Solomon aren’t wasting any time trying to get a handle on the topics on which Waters intends to hold hearings. According to a report by CNBC in late January, both … Continue reading →

 By Pam Martens: January 29, 2019 ~ The U.S. is no longer in the top 10, or even the top 20, of least corrupt nations. Transparency International’s Corruption Perceptions Index for 2018 was released today and the United States has fallen four points deeper into corruption than last year. The U.S. now ranks below Luxembourg, Estonia and France, coming in at number 22 on the chart. In the Americas region, only Canada came in among the top 10 least corrupt nations, earning a number 9 ranking. (View the full list here.) Zoe Reiter, Acting Representative to the U.S. at Transparency International said this about the report: “A four point drop in the CPI score is a red flag and comes at a time when the US is experiencing threats to its system of checks and balances, as well as an erosion of ethical norms at the highest levels of power. If … Continue reading →