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Recent Posts
- Intel, Boeing and U.S. Steel May Hold the Secrets to What’s Behind All the Talk of a U.S. Sovereign Wealth Fund
- Trump and Paulson’s Proposal: U.S. Sovereign Wealth Fund (or Another Grifter Bailout)
- 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
Category Archives: Uncategorized
PBS Drops a Bombshell on the Federal Reserve’s 100th Birthday Party
By Pam Martens: December 22, 2013 PBS promised a “debate” this past Friday night on the “benefits and dangers” of the Federal Reserve as the Fed marks its 100 years of existence tomorrow. Instead of a debate, two famous stock market historians made the same stunning announcement – that the Fed has decided its job is to push up the stock market. Consuelo Mack’s Wealthtrack program on PBS had invited James Grant, Editor and Founder of Grant’s Interest Rate Observer, and Richard Sylla, the Henry Kaufman Professor of the History of Financial Institutions and Markets at NYU’s Stern School of Business. The opening scene for the program shows Sylla in a party hat lighting the candles on the Fed’s birthday cake while Grant snuffs them out – suggesting that Sylla would be making pro-Fed statements while Grant would take the opposing view. What happened during the program, however, was that … Continue reading
Why Didn’t the Stock Market Sell Off on the Fed’s Taper Announcement?
By Pam Martens: December 19, 2013 If you’ve read that the stock market staged a big rally yesterday on the news that the Federal Reserve’s Federal Open Market Committee voted to begin to taper its bond buying program by $10 billion a month beginning in January, you’re in possession of half the news. Here’s how the New York Times presented that half of the news: “Stocks rallied on the Fed’s move, with the Standard & Poor’s 500-share index ending up more than 1.5 percent. Investors saw the pullback as a vote of confidence in the economy.” Investors saw no such thing. This is pure, unadulterated malarkey. By 5:34 p.m., the tell-a-lie-a-thousand-times-and-it-becomes-the-truth mantra was in control of mainstream media, with the Wall Street Journal’s MarketWatch reporting: “Two U.S. stock indexes notched record closing levels on Wednesday as markets interpreted the Federal Reserve’s decision to begin the tapering of bond purchases in … Continue reading
Wall Street’s Spy Center and the NSA Court Decision
By Pam Martens: December 18, 2013 On Monday, Judge Richard Leon raised a hornet’s nest of questions about the constitutionality of the government’s Orwellian spy tactics against citizens about whom it hasn’t the slightest suspicion of wrongdoing in his decision in Klayman v. Obama. Judge Leon came down on the side of Larry Klayman and Charles Strange, two of the plaintiffs suing the government over its massive collection of tens of millions of phone records of law abiding citizens, which it has given itself the right to probe and analyze for a period of five years. The lawsuit grew out of the revelations made by National Security Agency (NSA) whistleblower, Edward Snowden. The Judge found the program to be in violation of the Fourth Amendment to the U.S. Constitution, writing that he could not “imagine a more ‘indiscriminate’ and ‘arbitrary invasion’ than this systemic and high-tech collection and retention of … Continue reading
Court Finds NSA Phone Spying an “Indiscriminate” and “Arbitrary Invasion”
By Pam Martens: December 17, 2013 So much for political labeling. Yesterday, a Federal Court judge appointed by George W. Bush upheld the public’s right to reasonable searches in a court case challenging the Orwellian phone snooping practices of the Obama administration, a President who rode into office on the promise of hope and change and his record as a former civil rights attorney and constitutional law professor. While not yet ruling on the merits of the case, Judge Richard Leon made it quite clear to the government where he stands. Judge Leon granted the motion for an injunction to two of the plaintiffs, Larry Klayman and Charles Strange, but placed the injunction on hold pending the outcome of the government’s appeal. He warned the government, however, to prepare its spy programs for the potential of his ruling being upheld by the Appellate Court, writing that he might institute sanctions … Continue reading
Relationship Managers at the New York Fed and Citibank: The Job Function Ripe for Corruption
By Pam Martens: December 16, 2013 Carmen Segarra, a former Bank Examiner at the Federal Reserve Bank of New York, has brought public attention to a little known job function at her former employer – that of the Relationship Manager. The New York Fed is assigned a priority role in oversight and regulation of some of the largest Wall Street banks. Should it be functioning as a tough cop or managing “relationships”? In October, Segarra, a lawyer, filed a lawsuit alleging that Relationship Managers at the New York Fed, who were assigned to manage the relationship with Goldman Sachs, obstructed and interfered with her investigation of the firm and tried to bully her into changing her findings. When Segarra refused to change her findings, she was fired, according to the lawsuit. The U.S. Senate’s Permanent Subcommittee on Investigations should pay close attention to the allegations in this lawsuit and open … Continue reading
What Dodd-Frank Didn’t Fix: The Most Dangerous Aspects of Wall Street
By Pam Martens: December 13, 2013 For those being lulled into a sense of comfort or complacency by the announcement that the Volcker Rule was approved this week (it won’t take full effect until 2015 and maybe not even then), here’s a reminder of what the Dodd-Frank financial reform legislation and the Volcker Rule have not fixed. The corrupt structure of Wall Street is thriving and continues to perpetuate its wealth transfer system. Over 40 black pools are still in existence; the biggest Wall Street firms are still able to dodge putting their customers’ trades on a stock exchange and, instead, match the orders in the darkness inside their own house. Wall Street has given this the benign sounding name of “internalization.” We call it dark markets. Nothing has stopped the high frequency traders from fleecing the little guy who is trying to sell his 100 shares at a fair … Continue reading
JPMorgan May Face Criminal Charges for Blowing the Whistle on Madoff – To the Wrong Country
By Pam Martens: December 12, 2013 This month marks the fifth anniversary of Bernard Madoff shocking the world by confessing to running a Ponzi scheme that was eventually tallied up to represent $17 billion in actual losses and $65 billion in paper losses – fictitious amounts shown on customer statements. It may also mark another ignoble first – the first time a Wall Street bank is criminally charged by the U.S. Department of Justice. The Trustee in charge of recovering funds for victims of Madoff’s decades-long Ponzi scheme, Irving Picard, may have forced the hand of the U.S. Department of Justice to bring criminal charges against JPMorgan Chase for the banks’ enablement of the fraud. The New York Times is reporting on its front page today that criminal charges against JPMorgan and a deferred prosecution agreement related to its actions in the Madoff case may be announced before the end … Continue reading
The Volcker Rule That Isn’t: The Velvet Rope Approach to Criminal Behavior
By Pam Martens: December 11, 2013 If you were a fan of the Dodd-Frank financial reform legislation that did absolutely nothing to rein in Wall Street’s ability to plunder the life savings of the little guy, you will absolutely love the Volcker Rule that was approved, but not instituted, yesterday by five regulators. Just like Dodd-Frank, it’s voluminous, running over 800 pages, postpones the actual enactment into the distant future, and is chock full of loopholes and slippery passages. The so-called Volcker Rule is Section 619 of the Dodd-Frank legislation. Its original intent was to quickly stop banks holding insured deposits from speculative trading for their own account (proprietary trading). It was also meant to prevent banks from owning hedge funds and private equity funds which could potentially blow up an insured depository institution and require the kind of taxpayer bailouts that occurred in 2008. We can now emphatically tell … Continue reading
All Eyes Are on Wall Street; And Not in a Good Way
By Pam Martens: December 10, 2013 It’s five years and counting since Wall Street collapsed under the weight of its own corruption, aided and abetted by compromised regulators, and yet, by many measures, the financial system is more vile than it was pre-crisis. Yesterday, Andrew Brooks, head of U.S. equity trading at mutual fund giant T. Rowe Price, which manages $647 billion in customers’ funds, called the markets “dysfunctional” in an article in the Wall Street Journal. Mentioned elsewhere in the article was the growing unlit marketplace where trades are conducted by more than 40 dark pools away from exchanges or the continuing practice of internalization where the biggest Wall Street firms match their own customers’ buy and sell orders away from the stock exchanges. The signature financial reform legislation of the Obama administration, the Dodd-Frank Wall Street Reform and Consumer Protection Act, is increasingly seen as a bureaucratic boondoggle, … Continue reading
New Documents Show How Power Moved to Wall Street, Via the New York Fed
By Pam Martens: December 9, 2013 The Federal Reserve will celebrate its 100th anniversary on December 23 of this year. But the Federal Reserve did not function as the nation’s central bank until 1922 when it fumbled and stumbled its way into an awareness of the power of a centralized mechanism for buying and selling U.S. government securities as a means of carrying out monetary policy. Thanks to a trove of historic documents recently released by the St. Louis Fed, we are now able to see how the New York Fed, a bastion of Wall Street interests, maneuvered itself into control of that process. Incredibly, from its legislative creation in 1913 until 1922, the Federal Reserve had 12 separate “central” banks carrying out monetary policy for their region of the country. Each of the 12 regional Federal Reserve banks was allowed to buy and sell government securities and trade acceptances. … Continue reading