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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
In Two Presidential Elections, An Anti-Muslim Film Has Emerged Exactly 7 Weeks Before the Polls Open
By Pam Martens: September 14, 2012 The incendiary anti-Islam film, Innocence of Muslims, is being widely blamed for sparking anti-U.S. demonstrations in the Middle East, leading to the death of Ambassador Chris Stevens and three others in Libya. This morning, according to NBC News, a Federal law enforcement official has confirmed that the shadowy Sam Bacile, the producer of the film, is really Nakoula Basseley Nakoula, an ex-con on probation for financial crimes. Nakoula produced an amateurish documentary that was screened in one tiny theatre, with a trailer released on the internet. That limited circulation stands in sharp contrast to another Islamophobic film that was broadly circulated in 2008 by mainstream newspapers with financial backing from a nonprofit group with ties to the Koch brothers. In the Fall of 2008, in the leadup to the Presidential election, approximately 100 newspapers and magazines in the U.S., including the New York Times, Wall Street Journal, Miami Herald, … Continue reading
America By the Numbers — A National Disgrace
By Pam Martens: September 13, 2012 The U.S. Census Bureau reported yesterday that annual household income fell in 2011 for the fourth straight year to an inflation-adjusted $50,054. That figure is 8 percent lower than in 2007 and 1.5 percent lower year over year. The $50,054 figure represents the Nation as a whole. The West and the Midwest showed even sharper declines year over year, losing 4.1 and 2.1 percent, respectively. The U.S. poverty rate, which is defined as an annual income of $23,021 for a family of four, was 15.0 percent in 2011 versus 15.1 percent in 2010. That figure translates into 46.2 million of our fellow Americans living in poverty – a national disgrace by any interpretation. On September 22, 2010, Forbes magazine released its annual list of the 400 richest Americans. Their combined net worth climbed 8% that year, to $1.37 trillion. More recently, from 2010 to … Continue reading
The Koch Method Versus Crony Capitalism
By Pam Martens: September 12, 2012 At first I thought someone had emailed me a piece from The Onion, the on-line satire magazine; Charles G. Koch lecturing Americans on business integrity and crony capitalism – what else could it be but satire? So I went directly to the opinion pages of the Wall Street Journal last Sunday evening and there it was – a piece by Charles G. Koch titled “Corporate Cronyism Harms America,” — the equivalent of Mitt Romney lecturing Americans on compassionate pet care. Koch puts forth the premise that when businesses collude with government and receive corporate welfare, we all lose. But along the way in this argument, he makes a number of highly hypocritical comments. Koch tells us that the role of business is to “act lawfully and with integrity.” Should someone with Koch’s baggage dare to make that assertion, and in a newspaper owned by … Continue reading
Homeless Children in New York City on Par With Great Depression as Wall Street Snubs Key Charity Helping Them
By Pam Martens: September 11, 2012 Will someone please wake up the Wall Street Scrooge crowd with the news that while they may still be munching on their Golden Osetra caviar and sipping Billinis, tens of thousands of fellow citizens of their city are experiencing the worst downturn since the Great Depression – and, for God’s sake, that includes innocent children who can’t be blamed by even the most Ayn Randian of cold hearts for their circumstances. According to New York City data and a report in the New York Daily News on Sunday, the number of homeless children sleeping in New York City shelters reached 19,000 last week. That’s on a par with the data for the Great Depression. The numbers are rising dramatically year after year and yet Wall Street’s response last year to a core charity easing the suffering of homeless children in its own city was … Continue reading
Will JPMorgan’s Jamie Dimon Get Swallowed by the Whale
By Pam Martens: September 10, 2012 Last week the business media was buzzing about a newly ramped up investigation into the $5.8 billion in losses thus far reported by JPMorgan’s Chief Investment Office in what is now dubbed the London Whale trade. The Senate’s Permanent Subcommittee on Investigations, Chaired by Carl Levin, is reportedly interviewing former personnel who worked in that division, based in London as well as New York. Levin’s powerful subcommittee has jurisdiction to conduct investigations into a wide array of issues, including fraud and abuse, and corporate crime. The real breaking news on this matter, however, occurred on May 13 of this year when Levin appeared on Meet the Press. Host David Gregory asked Levin what should be the price for what occurred at JPMorgan. Levin has this to say: “In terms of past activities, that’s in the hands of people who are assessing whether there was any criminal … Continue reading
Up the Down Staircase on Wall Street
By Pam Martens: September 8, 2012 The books coming out about Wall Street today reflect an incremental change in attitude: in the late 80s, it was a pack of phone throwing liars; by the 90s, they were thieves; today, devils. Liar’s Poker by Michael Lewis, Den of Thieves by James B. Stewart, All the Devils Are Here by Bethany McLean and Joe Nocera, show an evolution in sophistication of crime on Wall Street. While the public may not be able to recite the precise underpinnings of each securitized, high frequentized, internalized crime, it is now accepted wisdom that pigs, liars, thieves and devils inhabit much of Wall Street. Not surprisingly, this perception has led to an exodus of people willing to turn over their hard-earned life savings to the gluttonous crowd. An old saying on Wall Street was “where are the customers’ yachts.” Today, it’s “where are the customers.” That … Continue reading
Who Says Wall Street’s Not Backing Obama
By Pam Martens: September 7, 2012 It’s hard to imagine that a large number of the biggest, most powerful law firms representing Wall Street would be putting their money behind anything but a sure bet. So forget what you’ve heard about the Romney campaign getting the big bucks from Wall Street; here’s how the smart money is betting. The data was compiled from records at the Center for Responsive Politics and represents contributions made by employees of the law firms. It does not include funds given to PACs or Committees. DLA Piper LLP Obama: $308,165 Romney: $26,750 Skadden, Arps, Slate, Meagher & Flom LLP Obama: $194,616 Romney: $47,160 Arnold & Porter LLP Obama: $127,687 Romney: $8,500 Debevoise & Plimpton LLP Obama: $111,176 Romney: $7,750 Covington & Burling Obama: $91,082 Romney: $36,000 Milbank, Tweed, Hadley, McCloy LLP Obama: $72,840 Romney: $54,000 WilmerHale Obama: $70,860 Romney: $15,250 Goodwin Procter LLP Obama: $67,410 Romney: $13,500 Simpson Thacher & Bartlett … Continue reading
Wall Street: Is the Corruption Getting Worse
By Pam Martens: September 6, 2012 To help answer the question posed in our headline, we have a two-part investigation appearing today and tomorrow over at the gutsy web site, AlterNet. If you participate in a public pension or own index funds in your 401(K) plan, chances are you are a long-term shareholder of Citigroup common stock. That means you’ve lost 90 percent in the value of those shares over the past five years while former Citigroup CEO Sandy Weill got an inside deal that reaped him a 29 percent gain in less than two years. But don’t feel too bad; even a powerful ally of the U.S. can’t get justice when it comes to Wall Street. This story should have been front and center in the excellent book by Neil Barofsky, Bailout: An Inside Account Of How Washington Abandoned Main Street While Bailing Out Wall Street. Barofsky was the crusading … Continue reading
Voices on Both Sides of the Atlantic Call for Restoring Glass-Steagall
By Pam Martens: September 5, 2012 Creating a timeline of some of the major voices and media that are now calling for the restoration of the Glass-Steagall Act, separating Wall Street trading firms from commercial banking, exposes interesting new insights. Most notably, the New York Times editorial page did not admit its mistake in supporting the repeal of the legislation, or offer an apology to the public, until Sandy Weill had effectively given the break-up of banks his blessing on CNBC. Why is it that the New York Times needed the nudge from Weill. Also insightful is the Bill Moyers’ interview with John Reed, who co-chaired Citigroup with Sandy Weill. Reed candidly confirms what many of us have suspected for a long time. Repealing the legislation that had kept the financial system safe for almost seven decades was motivated by visions dancing around in Weill’s head of getting very rich. And finally, we learn … Continue reading
Freedom of the Press Under Assault in New York City
By Pam Martens: September 4, 2012 The reality of what is happening in New York City has eclipsed the human capacity to absorb it. Four years after crippling the U.S. economy, Wall Street is still settling new cases of fraud each week by paying a fine and moving along to the next fraud and the next fine. Citigroup settled three cases just last week. This is the culture that landed the U.S. within a hairsbreadth of the second Great Depression and yet, incomprehensively, the coddling of the crime denizens continues while the media who attempt to cover protests against that culture are battered and jailed along with the protesters. Exhibit A on the list of New York City insanity is the spy center created by the NYPD to cohabitate with Wall Street using $150 million of taxpayer funds – the Lower Manhattan Security Coordination Center. Firms like Goldman Sachs, Citigroup, … Continue reading