-
Recent Posts
- The Fed Just Kicked the Capital Increases for the Dangerous Megabanks and their Derivatives Down the Road for Years
- 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
Category Archives: Uncategorized
The Price of Gold and the Consumer’s Fiscal Cliff
By Pam Martens: April 26, 2013 There is one thing that sets apart all traders on Wall Street: those who sat behind computer terminals on Wall Street on October 19, 1987 and those who didn’t. On that day, a stock market bubble that had been building for years popped in one trading day, shaving 508 points off the Dow for a decline of 22 percent. On Wall Street they call this a “capitulation,” when market perception hits a wall of reality on high volume and big price declines. Big volume and big price declines occurred in the price of gold this month on April 12 and April 15, marking the biggest two day decline in gold in 30 years, but failing to erase enough of the price run up since 2007 to be considered the capitulation stage. During the two day span, gold lost $203 an ounce. Gold has made up some lost … Continue reading
PBS Drops Another Bombshell: Wall Street Is Gobbling Up Two-Thirds of Your 401(k)
By Pam Martens: April 25, 2013 If you work for 50 years and receive the typical long-term return of 7 percent on your 401(k) plan and your fees are 2 percent, almost two-thirds of your account will go to Wall Street. This was the bombshell dropped by Frontline’s Martin Smith in this Tuesday evening’s PBS program, The Retirement Gamble. This is not so much a gamble as a certainty: under a 2 percent 401(k) fee structure, almost two-thirds of your working life will go toward paying obscene compensation to Wall Street; a little over one-third will benefit your family – and that’s before paying taxes on withdrawals to Uncle Sam. To put it another way – you work for Wall Street. You are their slave, their lackey and as long as their toadies dominate in Congress, nothing is going to change on the legislative front to stop the looting. Wall Street seized … Continue reading
Koch Brothers’ Wealth Grew By $33 Billion in 3 Years As America’s Schools Report 1 Million Homeless Kids
By Pam Martens: April 24, 2013 We used to be a country with a rich heart. Now we’re the land of the heartless rich. In one of the worst economic downturns since the Great Depression, the billionaire Koch brothers who habitually rail against government’s unfair burden on the wealthy, have almost doubled their net worth to a combined $68 billion. On March 10, 2010, Forbes listed the net worth of Charles and David Koch at $17.5 billion each. This year, Forbes says the Koch brothers are individually worth $34 billion. During that same time period, some of the bleakest economic news has been reported for the rest of America. Just yesterday, the Pew Research Center released a study showing that between 2009 to 2011 the richest 7 percent of Americans increased their wealth by 28 percent while the remaining 93 percent of households lost 4 percent of their net worth. … Continue reading
Meet the New Enforcement Chief of the SEC – The Guy Who Orchestrated Last Year’s Discredited National Mortgage Settlement on Behalf of Wall Street
By Pam Martens: April 23, 2013 Yesterday, Mary Jo White, the new Chair of the Securities and Exchange Commission, announced that a law partner from the firm she just left, Debevoise & Plimpton LLP, would become the new Co-Director of the SEC’s Division of Enforcement – the unit that decides who gets prosecuted and who gets a pass. In making the announcement that Andrew Ceresney of Debevoise & Plimpton will share the post with the Acting Director, George Canellos, White called Ceresney a “former prosecutor.” That hardly does justice to the cozy ties between Ceresney and Wall Street. (Ceresney worked for the U.S. Attorney’s office in the Southern District of New York in a prior career but has been employed at Debevoise since 2003.) This time last year, Ceresney was basking in the glow of a herculean accomplishment for JPMorgan Chase, Citigroup, Wells Fargo, Bank of America and Ally. While … Continue reading
The Koch Brothers as Newspapermen
By Pam Martens: April 22, 2013 Corporate media is abuzz with the possibility that the Koch brothers will use their majority-control of Koch Industries to buy eight daily newspapers owned by the Tribune Company, including the Los Angeles Times and Chicago Tribune, the fourth and ninth largest dailies in the country, respectively. If the Kochs’ bid is successful, it will signal a plan by the Kochs to stop hiding behind front groups and the launch of a full-scale, open assault on reshaping the country to fit their agenda: deregulation, privatization, and dramatically shrinking the Federal government. Tribune also owns two of the largest dailies in the battleground state of Florida: the Orlando Sentinel and the Sun Sentinel out of Fort Lauderdale. Other dailies include The Baltimore Sun, Hartford Courant, The Morning Call and Daily Press. According to the 2013 Forbes list of billionaires, both Charles and David Koch increased their wealth by … Continue reading
A Federal Settlement Billed As Making Foreclosure Victims Whole Is Now a Bigger Scandal Than Robo-Signing
By Pam Martens: April 19, 2013 President Obama has promised Americans greater transparency in their government and a crackdown on wrongdoing on Wall Street. What Americans have received instead is a dark curtain drawn around how Federal banking regulators settle cases against Wall Street and zero criminal prosecutions by the U.S. Justice Department against any major Wall Street executive. Both of those realities share a common factor: the powerful Wall Street law firm, Covington & Burling. On January 9 of this year, it was announced that Julie Williams, the Chief Counsel of the Office of the Comptroller of the Currency (OCC) who had stepped down the prior summer, was taking a job as a Managing Director at Promontory Financial Group. The OCC is the regulator of national banks which, along with the Federal Reserve Board, had announced two days prior that it was abruptly dropping its discredited Independent Foreclosure Review … Continue reading
Senator Jeff Merkley Says Federal Reserve and OCC Agreed to “Fictitious Accounting”: $6 Billion of Bank Foreclosure Settlement Could Amount to Just $12 Million
By Pam Martens: April 18, 2013 The past week has delivered revelation after revelation suggesting that the foreclosure frauds perpetrated against the American homeowner by the too-big-to-fail (or prosecute) banks, have been deviously matched with a corrupted settlement that has members of Senate hearings shaking their heads in astonishment. Yesterday brought the latest example of Federal bank regulators serving as lapdogs of their charges. The Senate Banking Committee’s Subcommittee on Housing, Transportation and Community Development held a hearing titled: “Helping Homeowners Harmed by Foreclosures: Ensuring Accountability and Transparency in Foreclosure Reviews, Part II.” Senator Merkley delivered the fireworks of the session. Early this year, when the Office of the Comptroller of the Currency (OCC) and Federal Reserve Board (Fed) announced that they were abruptly halting the Independent Foreclosure Reviews they had ordered 13 banks and mortgage servicers to have conducted by independent consultants, the party line was that it was … Continue reading
Meet the Two Men Behind Promontory Financial Group, Architect of a Growing Foreclosure Settlement Scandal
By Pam Martens: April 17, 2013 When dazzlingly credentialed consultants are paid over $2 billion by some of the largest banks in the country to ostensibly restore trust among consumers by making a serious effort to root out foreclosure fraud and provide just restitution to the victims, what one doesn’t expect is for the exorbitantly paid consultants to trigger a Senate investigation, national media probes, two critical reports by the General Accountability Office and an explosion of outrage by foreclosure victims on hot social media sites. While the government’s so-called Independent Foreclosure Review resulted in seven firms being hired by banks and mortgage servicers, the consultancy firm taking the brunt of the scrutiny, and rightfully so, is Promontory Financial Group. Its business model is only slightly less dangerous than the too-big-to-fail banks that employ it for everything from cost-cutting to regulatory reviews. Promontory Financial Group was founded in 2001 by … Continue reading
The Foreclosure Settlement Scandal: It’s All About Paying Former Regulators Billions
By Pam Martens: April 16, 2013 The $3.6 billion in checks from a government approved settlement fund for victims of foreclosure abuse by the country’s biggest banks and mortgage servicers began arriving in mailboxes this week, with additional mailings to extend into July. But what should also be tucked into the envelope is a truth in advertising disclaimer stating that the government is now disavowing the use of the phrase “Independent Foreclosure Review” as a hyperbolic and untruthful characterization. The process was anything but “independent” and out of more than 4 million foreclosure files potentially stuffed with evidence of illegal activity on the part of banks, only 100,000 files were actually reviewed, not even enough to constitute a reliable statistical sampling. In a Senate hearing last Thursday, Senator Elizabeth Warren revealed for the first time that it was the actual banks that engaged in the illegal foreclosure activities, not the so-called … Continue reading
Elizabeth Warren’s Foreclosure Settlement Bombshell: Banks Determined the Number of Victims of Their Own Foreclosure Frauds
By Pam Martens: April 12, 2013 There is only one thing more Kafkaesque than the ongoing Wall Street frauds and that is watching a live United States Senate investigation of a diabolical settlement the banks themselves concocted to repay the victims of their own fraud. Such was the case yesterday when Senators Sherrod Brown, Jack Reed, and Elizabeth Warren grilled regulators from the Office of the Comptroller of the Currency and Federal Reserve along with outside consultants over allowing banks to hand pick the consultants to do their foreclosure reviews, negotiate confidentiality agreements with them and pay them directly. Hundreds of millions of dollars in checks from the Foreclosure Review settlement will start going out today, eventually topping $3.6 billion in the cash portion of the settlement, and yet it was revealed during yesterday’s Senate hearing that it was the actual banks that engaged in the illegal foreclosure actions that tallied up … Continue reading