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Recent Posts
- A Wall Street Regulator Is Understating Margin Debt by More than $4 Trillion – Because It’s Not Counting Giant Banks Making Margin Loans to Hedge Funds
- 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
Category Archives: Uncategorized
Kashkari’s Nuclear Option: Turn Wall Street Mega Banks Into Public Utilities
By Pam Martens and Russ Martens: February 19, 2016 Neel Kashkari, the newly installed President of the Federal Reserve Bank of Minneapolis, shook things up earlier this week by suggesting options to deal with Wall Street’s too-big-to-fail banks that include breaking them up, as Senator Bernie Sanders has suggested, or regulating them like public utilities such as nuclear power plants. The nuclear power plant regulatory regime analogy was not a good one. In fact, that’s how we’ve been regulating the complex, high-risk banks with the same kind of catastrophic outcomes to the public in terms of economic impact: think Chernobyl disaster in 1986; Fukushima Daiichi nuclear disaster in 2011; versus global financial meltdown in 2008 resulting from inept regulatory oversight. In fact, just ten days before Kashkari spoke on February 16, CNN was reporting that radioactive tritium was leaking into groundwater at the Indian Point nuclear power plant in Buchanan, … Continue reading
President Obama Turns His Back, Correctly So, on Scalia’s Legacy
By Pam Martens and Russ Martens: February 18, 2016 Last year, Ian Millhiser released his book, Injustices: The Supreme Court’s History of Comforting the Comforted and Afflicting the Afflicted. On the book jacket, Millhiser cogently summed up the cruelties inflicted on this nation as a result of lifetime appointments of bigoted and elitist gatekeepers on the U.S. Supreme Court: “The justices of the Supreme Court have shaped a nation where children toiled in coal mines, where Americans could be forced into camps because of their race, and where a woman could be sterilized against her will by state law. The Court was the midwife of Jim Crow, the right hand of union busters, and the dead hand of the Confederacy. Nor is the modern Court a vast improvement, with its incursions on voting rights and its willingness to place elections for sale.” On the topic of race, the book explores … Continue reading
Former Goldman Sachs’ Guy Is Channeling Bernie Sanders
By Pam Martens and Russ Martens: February 17, 2016 What is it about Goldman Sachs that makes so many people want to go rogue? There is the brilliant Nomi Prins, a former Managing Director at Goldman, who called the firm an “autocratic and hypocritical organization” in her groundbreaking 2004 book Other People’s Money: The Corporate Mugging of America. On March 14, 2012, Goldman Sachs VP Greg Smith tendered his resignation with a scorching oped in the New York Times, lamenting “how callously people talk about ripping their clients off,” and noting that he had witnessed “five different managing directors refer to their own clients as ‘muppets.’ ” Carmen Segarra didn’t actually work for Goldman Sachs but she was frequently stationed there as its bank examiner from the New York Fed. Segarra should have received a national award in 2014 as the gutsiest bank examiner in America. To back up her … Continue reading
Putting John Paulson on AIG’s Board Is an Insult to Every Law-Abiding Citizen
By Pam Martens and Russ Martens: February 16, 2016 If you are not yet sufficiently repulsed by the billionaire class in New York City riding roughshod over the most basic rules of ethical conduct, consider what just happened at AIG – the too-big-to-fail insurance company that was bailed out by the taxpayer during the 2008 crisis to the eventual tune of a $182 billion commitment, while its Board had the gall to pay multi-million dollar bonuses to its disgraced executives. AIG also used its bailout money to make multi-billion dollar backdoor payments to Goldman Sachs and other Wall Street banks for credit default swap bets they had made, which AIG had insured, on dodgy subprime mortgage products. AIG’s Board of Directors just appointed hedge fund titan, John Paulson of Paulson & Company, to its Board – despite the fact that he is named in a SEC complaint as a willful … Continue reading
Michael Moore’s New Movie Tries to Restore the American Dream by Showing Us What We’ve Lost
By Pam Martens and Russ Martens: February 15, 2016 Millions of Americans would have trouble defining even one of the amendments to the U.S. Constitution known as the Bill of Rights — which set forth the individual freedoms we gained through bloody street protests and wars waged by our ancestors. Millions of Americans have never participated in a street protest or marched for a cause they care about passionately. Many Americans have lost the ability to even care – believing the system is hopelessly corrupted beyond cure. We sat in a small local theatre this past Saturday with friends to watch the new Michael Moore movie, “Where to Invade Next.” Coming in the midst of the presidential debates where one candidate is running on a platform to make America great again while continually insulting women and minorities and another is promising to reform campaign finance while raking in boatloads of … Continue reading
Details in Flux in Death of Justice Scalia
By Pam Martens and Russ Martens: February 14, 2016 The facts surrounding the death of Associate Supreme Court Justice, Antonin Scalia, are in a state of continual flux. The question is why? The highly controversial Justice is reported to have died sometime between Friday night and Saturday morning at an isolated 30,000-acre luxury resort, Cibolo Creek Ranch in West Texas. The ranch is 30 miles from civilization. Scalia was initially reported to have gone there with “a friend” to quail hunt but that has been called into question. The name of the friend has not been released, raising more questions as to why the public has been denied a full accounting of the matter. The owner of the resort, John Poindexter, a Houston multi-millionaire, told NBC News that Scalia arrived at the ranch at around noon on Friday on a charter flight from Houston. As for the quail hunting, Poindexter … Continue reading
Banks Tank: Wall Street Is Keeping Too Many Secrets for Its Own Good
By Pam Martens and Russ Martens: February 12, 2016 Starting last July, the share prices of the biggest banks on Wall Street have been on a steady downward trajectory. That trend heated up yesterday with Citigroup and Bank of America both dropping over 6 percent by the close of trading. Goldman Sachs and Morgan Stanley were down by over 4 percent. All four of the banks set new 12-month lows in intraday trading. A strong argument can be made that much of the public’s lack of confidence in these complex banking and gambling behemoths is a result of the dark curtain that has been drawn around their operations. Evidence is piling up that government regulators of Wall Street no longer see themselves as the protectors of the people but as the protectors of Wall Street’s secrets. The American historian, Henry Steele Commager, once wrote that “The generation that made the … Continue reading
Firm at Center of Fed Leak Investigation Is Now Writing for the Financial Times
By Pam Martens and Russ Martens: February 11, 2016 Yesterday during the House Financial Services Committee hearing to take semi-annual testimony from the Fed Chair on monetary policy and the health of the U.S. economy, a tense exchange took place between Congressman Sean Duffy and Fed Chair Janet Yellen. (See video clip below.) Duffy effectively accused Yellen of defying a Congressional subpoena related to a House investigation of a Fed leak in 2012. The House investigation centers around a quite brazen newsletter put out by a firm called Medley Global Advisors that in 2012 reported what the Fed’s FOMC minutes were going to reveal the following day. One revelation from the newsletter referred to continued large bond purchases by the Fed as follows: “Tomorrow’s minutes will reference a staff paper that concludes the market has capacity to absorb purchases this large for a period of time.” When the Fed released … Continue reading
Fed Chair Yellen Rattles Markets Citing Obstacles to Negative Rates
By Pam Martens and Russ Martens: February 11, 2016 At 8:00 a.m. this morning, futures on the Dow Jones Industrial Average were flashing a 274 point plunge at the open of the stock market at 9:30 a.m. ET, following a selloff of 99.64 points by the close of trading yesterday. There’s plenty of things rattling this market, not the least of which is the continued weakness in the share prices of the mega Wall Street and European banks. Analysts have started asking on business news outlets if there is something going on that the public can’t see. Adding to the market angst was the jumble of questions Fed Chair Janet Yellen received during her semi-annual testimony before the House Financial Services Committee yesterday. One particular line of questioning from multiple members of the Committee was on whether the Federal Reserve has the legal authority to use negative interest rates as … Continue reading
Exit Polls: 40 Percent of NH Dems Want a President More Liberal Than Obama
By Pam Martens and Russ Martens: February 10, 2016 The world woke up this morning to find that the populist stirrings that were fanned by the leaderless Occupy Wall Street movement, which first galvanized the debate on the wealth and income inequality of the 99 percent, have been simmering in the hearts and minds of voters ever since. Apparently, voters were simply waiting for an authentic presidential candidate to frame their demands into a cohesive message. Yesterday, Senator Bernie Sanders of Vermont crushed Hillary Clinton in the first presidential primary in New Hampshire, taking 60 percent of the Democratic vote to Hillary’s 38.4 percent with over 90 percent of the vote counted. Donald Trump took 35.1 percent of the Republican vote, with the current Governor of Ohio, John Kasich, coming in at a distant second with 15.9 percent, based on a little over 90 percent of the vote counted. (See … Continue reading