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Recent Posts
- After JPMorgan Threatens to Sue, the Fed Cuts Its Capital Requirement on the 5-Count Felon from a Planned 25 Percent Hike to Less than 8 Percent
- Three Megabanks Had Loans Outstanding of $1.832 Trillion to Giant Hedge Funds on March 31
- 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
Category Archives: Uncategorized
Jamie Dimon Knows a Fraud When He Sees It – Outside of His Bank
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
Wall Street Is Attempting to Clone Loyal, Non-Whistleblower Workers
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
Hurricanes Katrina, Sandy, Harvey and Irma: It’s Time for the Public to Reclaim the National Budget
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
NYT Editorial Board Is Pounding the Wrong Table Again on Bank Reform
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
Hillary’s New Book: It’s About Ponies and Money and Blaming Bernie
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
Wall Street Is the Most Dangerous Example of Corporate Domination
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
Trump & Company Channel Ayn Rand
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
Federal Agency Issues Warning on Reverse Mortgages
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
Financial Relief Available to Texas Victims of Hurricane Harvey
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
Hurricane Harvey: How Bad Are Things in Houston?
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