Category Archives: Uncategorized

By Pam Martens and Russ Martens: September 13, 2017 Jamie Dimon became Chief Executive Officer of JPMorgan Chase on December 31, 2005. An inordinate amount of frauds have been perpetrated inside his bank since that time, none of which the eagle-eyed Dimon spotted. But Dimon says he knows a fraud when he sees one outside of his bank. Yesterday, he took on the cryptocurrency known as Bitcoin, calling it a fraud. At a banking conference on Tuesday, Dimon said that “Bitcoin will eventually blow up. It’s a fraud. It’s worse than tulip bulbs and won’t end well.” We’re not saying Dimon is wrong about Bitcoin. In fact, more than three years ago Wall Street On Parade compared Bitcoin to the tulip bulb bubble and explained in crystal clear terms how it differs from a real currency, such as the U.S. dollar. But we are saying that Dimon’s super sleuth nose … Continue reading →

By Pam Martens and Russ Martens: September 12, 2017  Last month, Reuters reported that Goldman Sachs was planning “to begin” using personality tests to assist it in hiring personnel “in its banking, trading and finance and risk divisions.” It’s highly unlikely that Goldman Sachs is just beginning to use personality tests since other major firms on Wall Street have been using them for at least three decades – and not in a good way. The Reuters article was penned by Olivia Oran, who also wrote in June of 2016 that major Wall Street firms such as Goldman Sachs, Morgan Stanley, Citigroup and UBS were “exploring the use of artificial intelligence software to judge applicants on traits – such as teamwork, curiosity and grit.” The article further noted that one of the goals of the artificial intelligence software is to “avoid the expense of problem hires and turnover…” All of the … Continue reading →

By Pam Martens and Russ Martens: September 11, 2017 After the devastation of Hurricane Katrina and Super Storm Sandy, most rational nations would have imposed restrictions on coastal building and devoted meaningful portions of the national treasury to fund scientific research to limit future loss of life and economic hardships from such monster storms. And yet, here we are in 2017 facing the current reality: vast swaths of a major economic hub, Houston, lies in ruins from the flooding unleashed by Hurricane Harvey while the entire State of Florida awoke this morning to the chaos unleashed yesterday and overnight by the bizarre 415 mile-wide Hurricane Irma, with a reported 4.5 million homes and businesses currently without power in Florida, a state where temperatures routinely reach into the 90s in September and air conditioning is a necessity, not a luxury. The leadership in Washington has not reflected that of a rational … Continue reading →

By Pam Martens and Russ Martens: September 8, 2017  Wall Street On Parade is something of an historian when it comes to the shifting sands of the New York Times Editorial Board and its position on riding herd on one of its richest and serially corrupt hometown industries – Wall Street. The Times has vacillated over the decades between truculent finger wagging at Wall Street (typically after the public is already wielding pitchforks) to irrational indulgence of its excesses, to outright egging on of its wealth transfer schemes. The Times is out with a new editorial today which is peculiarly titled: “Why the Return of Bigger Banks Means Bigger Risks for Everyone Else.” The title makes it seem like the Trump administration has had something to do with “the return of bigger banks.” In fact, it was the failure of the eight year Democratic administration of Barack Obama to enact … Continue reading →

By Pam Martens and Russ Martens: September 6, 2017 Hillary Clinton’s Excuses Tour continues in the form of her new book, What Happened, set for release on September 12. Enough photos of pages with text from the book have been leaked by media outlets to get a reliable feel for what Hillary hopes to accomplish with her latest tome. For starters, Hillary portrays herself as the mature politician who understands what can and cannot be accomplished in Washington while Senator Bernie Sanders (the wildly popular candidate who opposed her in the primary race; has survived for a quarter of a century in Congress without a scandal; and was secretly targeted for defeat by the Democratic National Committee) was irrationally promising ponies to get votes. Hillary provides a passage for how this pony-promising-strategy by Sanders derailed her message: Bernie: I think America should get a pony. Hillary: How will you pay … Continue reading →

By Pam Martens and Russ Martens: September 5, 2017 As if someone had quietly turned on a light bulb last month illuminating the corporate takeover of America, a series of articles from multiple outlets chronicled the demise of American democracy under the jackboot of the corporate state. David Dayen at the New Republic wrote: “Far from selfless arbiters of right and wrong, CEOs are as responsible as anyone in America for skyrocketing inequality, climate crisis, waves of consumer fraud, and the biggest financial meltdown since the Depression. Condemning the unpopular views of an unpopular president whom they see as an inferior businessman is no sacrifice, especially when they are simultaneously plotting with administration officials to win as many perks as possible. CEOs aren’t ‘finding their voice’; they’re finding a way to control government like a marionette, while hiding the strings.” Last week, Don Kopf, writing for Quartz, provided more clarity. … Continue reading →

By Pam Martens and Russ Martens: August 31, 2017 Ayn Rand made her mark by writing and lecturing on a philosophy called Objectivism. It’s a philosophy that flips upside down everything that most Americans hold dear. Under Objectivism, greed is good, selfishness is noble, helping one’s fellow human beings is for suckers and an outright evil. The philosophy also holds that big government is bad and obscenely rich corporate titans are the real heroes of society. (See related articles below.) The Koch brothers’ network of billionaires has been financing the proliferation of Rand’s books into high schools and colleges for decades. Trump is the personification of the Ayn Rand creed and his elevation from reality TV host to the Oval Office is valid proof that the Kochs and their ilk have spent their money wisely. Trump’s gilded mansions and lifestyle are also mother’s milk to the one percenters he has … Continue reading →

By Pam Martens and Russ Martens: August 30, 2017 The Consumer Financial Protection Bureau (CFPB), the Federal agency created after the 2008 financial crash to protect consumers from predator banks, has issued a warning on what smells like the latest financial blood sport: bank employees selling reverse mortgages to seniors under the guise that it will allow them to reap a larger Social Security benefit down the road by delaying Social Security payments to a later age. Reading through the CFPB report that accompanied the warning, it reminded us of how the tobacco industry had secretly targeted young people as “replacement smokers” while intentionally hiding the deadly effects of smoking from the public. The CFPB report advises that “nearly five million homeowners will turn age 62 by 2020.” That’s the earliest age at which one can collect Social Security retirement benefits as well as the earliest age to apply for … Continue reading →

By Pam Martens and Russ Martens: August 29, 2017 According to insurance experts, approximately 80 percent of the homeowners impacted by flooding in Houston may not have flood insurance policies on their home. That’s because much of Houston falls outside of designated Special Flood Hazard Zones where mortgage holders are required to maintain flood insurance policies. Hoping to relieve some of the panic by homeowners rescued from water-logged homes in Texas who have no idea when they may be able to return to their home or where the money will come from to restore the home to livability, the Federal Emergency Management Agency (FEMA) has released a fact sheet on what types of disaster assistance it can make directly to individuals along with specifics on how to apply. The fact sheet makes clear that not all individuals are being guaranteed each form of assistance. It notes that the assistance “can … Continue reading →

By Pam Martens and Russ Martens: August 28, 2017 When Mayor Sylvester Turner of Houston, Texas briefed reporters yesterday evening, it was clear that Houston, the fourth largest city in the United States with 2.3 million residents, was in deep trouble. The Mayor appeared calm but the numbers he presented evoked images of a nightmare unfolding in a city vastly understaffed for an epic flood disaster. With highways and residential streets experiencing unprecedented flooding, people were trapped in cars, on rooftops and in homes across the city. The mayor said there had been 6,000 calls for rescues but only more than 1,000 people thus far rescued. With much of the city impassable, flood waters rising fast and the Army Corps of Engineers releasing more water from reservoirs to prevent dams from failing, these were the rescue assets that the Mayor listed: 35 boats making rescues, 22 airplanes looking for people … Continue reading →