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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
Senator Sherrod Brown Drops a Bombshell in Mary Jo White’s Hearing
By Pam Martens: March 13, 2013 Americans learned for the first time on March 6 of this year that the highest law enforcement agent in our country, Attorney General Eric Holder, weighs economic interests when deciding whether to enforce our Nation’s laws against criminal wrongdoers like the too-big-to-fail banks. The spectacle of warped law enforcement grew worse today during the Senate Banking confirmation hearing of Mary Jo White to head the Securities and Exchange Commission. Under questioning by Senator Sherrod Brown (D-Ohio), White admitted that even the economy of a foreign country – like Japan – is taken into consideration before bringing a criminal indictment in the U.S. Even worse, White was forced to admit that while working for the U.S. Department of Justice as the U.S. Attorney for the Southern District of New York (from 1993 to 2002), she considered it appropriate to speak with Larry Summers (a Treasury Secretary … Continue reading
Has the SEC and U.S. Treasury Been Privatized by Wall Street
By Pam Martens: March 12, 2013 At a time when restoring trust in our financial system is critical to the Nation’s ability to grow, create jobs and restore consumer and investor confidence, President Obama has nominated two deeply conflicted individuals to head the U.S. Treasury Department and the Securities and Exchange Commission. Jack Lew has already been confirmed and sworn in as the new Treasury Secretary; Mary Jo White’s confirmation hearing will occur this morning before the Senate Banking Committee. The process surrounding Jack Lew’s confirmation hearing appeared to have been stage-managed by an invisible hand to deny the public the right to learn of his mountains of questionable dealings in the private sector. Senator Orrin Hatch, speaking during debate by the full Senate on the confirmation of Lew, had this to say about the process: “For well over a decade, the Finance Committee has followed a specified procedure when considering … Continue reading
The Whites Go to the SEC: Why Wall Street Still Owns Washington
By Pam Martens: March 11, 2013 At 10 a.m. tomorrow, Mary Jo White, President Obama’s nominee for Chair of the Securities and Exchange Commission (SEC), will take her seat in the Dirksen Senate Office Building while the Senate Banking Committee goes through the motions of weighing her worthiness to serve. If confirmed, this will mark White’s fourth spin over 36 years through the revolving door at her corporate law firm, Debevoise and Plimpton. White’s husband, John W. White, has had only one-spin through the revolving door – but it tells us a great deal about why Wall Street remains unrepentant and continues to pillage and plunder. On March 5, 2005, John W. White, partner at the international law firm Cravath, Swaine & Moore LLP, which represents Wall Street firms and large corporations around the world, was not at all happy with Section 404 of the Sarbanes-Oxley Act. That’s the part of … Continue reading
Is Wall Street Still Dangerous? Yes, According to Senate Hearings
By Pam Martens: March 8, 2013 For years I’ve used the phrase “Frankenbanks” in my articles – those global banking behemoths created as a result of the repeal of the Glass-Steagall Act in 1999 that allow the co-mingling of FDIC insured mom and pop savings accounts with investment banking activities that blow up things using the mom and pop savings accounts leveraged to the hilt. Now the U.S. Senate is making my case for me on the use of Frankenbanks as an appropriate soubriquet. If we date the run up to the financial crisis as beginning in the summer of 2007, which the Office of the Comptroller of the Currency does, it is more than five years since Congress has been studying why Wall Street is very adept at blowing up things but adept at not much else – like its main job of fairly allocating capital to new companies that … Continue reading
Paul Craig Roberts’ Primer on Why the Great Recession Is the New Normal
By Pam Martens: March 7, 2013 Paul Craig Roberts is one of the most prolific economic writers in America today. As a former Wall Street Journal editor and former Assistant Secretary of the Treasury, Roberts is a walking encyclopedia on monetary policy, economic theory and Wall Street history. After publication in Germany in 2012, his latest book, The Failure Of Laissez Faire Capitalism And Economic Dissolution Of The West, is now available in the U.S. as an eBook. If you’ve read a Roberts’ column over the past few years, you know there’s nothing timid or constrained in his writing. The same can surely be said for this current work. Roberts expertly details how the one percenters have masterminded a political and economic takeover that just keeps on giving to the one percent as the economy wobbles, the U.S. debt explodes and the middle class is hollowed out. Roberts sees the … Continue reading
Is the Stock Market Setting New Highs? Not Exactly
By Pam Martens: March 6, 2013 Corporate media was falling over itself yesterday to report new stock market highs for the Dow Jones Industrial Average. At 2 p.m., this is what the New York Times was reporting as a lead story on its web site: “Despite everything, the stock market is back at a record high…Since a low point in March 2009, the Dow Jones index has more than doubled, stunning even the most seasoned stock market watchers. ‘What’s amazing about this bull market is that people still don’t think it’s real,’ said Richard Bernstein, chief executive of Richard Bernstein Advisors, a money management firm. ‘We think this could be the biggest bull market of our careers.’ ” The seductive words in this piece are “record,” “stunning,” and “biggest bull market of our careers.” It’s like subliminal interlineations beckoning one to dip one’s toes into the water, even though we … Continue reading
Is the Justice Department Conspiring on the Libor Conspiracy
By Pam Martens: March 5, 2013 Just when one thinks the winks and nods between Washington and Wall Street couldn’t get any worse, there is growing evidence that the U.S. Justice Department knows that 20 banks engaged in the rigging of Libor but is intentionally delaying bringing charges against U.S. banks JPMorgan Chase and Citigroup. Evidence is also stacking up that while the largest banks in the world were under intensive investigation for rigging Libor, they continued to rig it, while regulators remain dumbfounded about what to do. And, in an Alice in Wonderland type of development, despite trillions of dollars of financial products resetting based on the Libor index, a key regulator says it’s become a fictional benchmark because the loans between banks that it’s based on have all but disappeared. Libor is an acronym for London Interbank Offered Rate. It is supposed to be a reliable reflection of the rate at … Continue reading
Is Wall Street Killing America? Don’t Ask Jamie Dimon; He Just Wants to Talk About His Wealth
By Pam Martens: March 4, 2013 Last November, one of Europe’s largest publications, the German news magazine Der Spiegel, splashed a terminally ill Uncle Sam on its front cover. Inside we are told that “Many developing countries are now looking to China instead of the US as a role model on how to structure a country. They are no longer seeking the light of the American beacon on the horizon.” One of the reasons cited by the article for America’s decline is that our best and brightest no longer focus their talents and energies on enriching America’s future, but rush to Wall Street to line their own pockets: “About a third of the students in every graduating class at Harvard University accepts jobs in investment banking and consulting, or with hedge funds — that is, industries that produce one thing above all: fast money…” reads the article. Last week, Wall Street’s … Continue reading
How to Hire a Financial Advisor: Do the Opposite of the U.S. Senate in Picking Jack Lew
By Pam Martens: March 1, 2013 Each year, millions of Americans who inherit wealth or seek to start investing for the first time, struggle with how to go about finding a competent, honest and experienced financial advisor. Having painstakingly observed for the past two weeks how the U.S. Senate went about hiring Jack Lew to be the top financial advisor to the country as Treasury Secretary, I feel there is now a very simple example millions of Americans can follow in formulating a selection process of who should manage their money: do the exact opposite of those men in Washington. Despite enough conflicts of interests, red flags, sleazy compensation deals to repulse anyone who looked closely, the U.S. Senate voted 71-26 Wednesday to hand the keys to the U.S. Mint to Jack Lew. But simultaneously with that vote to install the country’s financial advisor at Treasury was a no-confidence vote … Continue reading
Occupy Movement Files Lawsuit Against Every Federal Regulator of Wall Street
By Pam Martens: February 28, 2013 In several respects, Occupy Wall Street reminds me of the feminist movement. Corporate funded media has declared the women’s rights movement dead ad nauseam for four decades — and yet it thrives and reinvents itself. Similarly, corporate funded media has eulogized Occupy Wall Street from almost the moment of its nascent birth in the Fall of 2011. If there is a common thread connecting these movements and the dire media prognostications of their demise, it is likely that when either one advances, entrenched power — and its iron grip on the wealth of a nation — loses. Now, similar to the early court battles for women’s rights, Occupy Wall Street has tossed aside its encampments and bullhorns and donned its legal garb and pro hac vices. Occupy Wall Street’s brain trust, Occupy the SEC, just filed a Federal lawsuit that encapsulates the crony capitalist … Continue reading