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Recent Posts
- 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
- Another FDIC-Insured Bank Got in Bed with Fintech; It’s Now Got a Dumpster Fire and Desperate Pleas from Customers for their Money
- Citigroup Gets Fined $79 Million Two Years After It Caused a $300 Billion Flash Crash in European Stock Markets
- After Weeks of Howling by MAGA Republicans for the Chair of the FDIC “to Resign,” a Democrat Delivers the Decisive Stab in the Back
- The Curious Money Trail Behind the Supreme Court/Clarence Thomas Decision to Rescue a Federal Agency that Wall Street Hates
- Saudi Arabia’s Wealth Fund Dumps Its JPMorgan Chase Stock; Warren Buffett’s Berkshire Hathaway Did the Same in 2020
- One of Jeffrey Epstein’s Protectors at JPMorgan Chase, Mary Erdoes, Has Sold $29 Million of Her Stock in the Bank Since Just Before Epstein’s Arrest in 2019
- Delinquencies on Office Property Loans at Banks Are at 8 Percent While Office Loans the Banks Sold to Investors Show 31 Percent in Trouble
- Goldman Sachs Shines Up Its Swamp Creature Reputation by Rehiring Robert Kaplan as Vice Chairman – the Guy Who Traded Like a Hedge Fund Kingpin While President of the Dallas Fed
- Cleary Gottlieb – Outside Counsel to Wall Street’s Serially Bailed Out Megabanks – Tarnishes the FDIC Chair in its So-Called “Independent” Report
- JPMorgan Chase and Its Regulators Are Hiding Dark Trading Secrets at the Largest and Riskiest U.S. Bank
- Campus Protests Over Gaza Open a Pandora’s Box for Wall Street Megabanks that Underwrote $8 Billion of Israel’s Bonds in March
- Wall Street’s Megabanks Have Trillions of Dollars Off-Balance Sheet, in a Replay of Accounting Hubris that Led to the 2008 Wall Street Collapse
- JPMorgan Remains the Second Largest Money Market Fund Manager, Despite Needing Billions in Money Market Bailouts from the Fed in 2020
- The First Bank Failure of 2024 Leaves a 1-Cent Stock for Investors and $667 Million in Losses for the FDIC
- Catch and Kill Protection Rackets: Trump, Weinstein, Epstein and Wall Street
- Wall Street’s Judge Shopping Continues: It’s Trying to Stop the FTC’s Ban on Worker Handcuffs Known as Non-Compete Agreements
- The Fed Tallies Up a Big Threat to Financial Stability in the U.S.: “Runnables” at $21.3 Trillion
- Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon
- The Professor Who Wrote the Seminal Book on Wall Street Megabanks Calls Today’s Financial System “Dangerously Unstable”
- Gold Has Set Historic Highs this Year as the Federal Reserve Has Reported Historic Losses
- Stanford Finance Professor Anat Admati Is Making Jamie Dimon Very Nervous – Again Calling His Bank “Dangerous”
Category Archives: Uncategorized
Judge John Dorsey Has Effectively Privatized Justice in the FTX Bankruptcy Case
![John T. Dorsey (2016 Photo from Internet Archives' Wayback Machine)](https://wallstreetonparade.com/wp-content/uploads/2023/02/John-T.-Dorsey-2016-Photo-from-Internet-Archives-Wayback-Machine.jpg)
By Pam Martens and Russ Martens: February 23, 2023 ~ Judge John Dorsey is the presiding judge in the bankruptcy proceedings for Sam Bankman-Fried’s collapsed house of cards, which includes the now frozen crypto exchange, FTX; his now shuttered hedge fund, Alameda Research; and more than 100 opaque affiliates operating in the shadows around the globe. Undisputed is the fact that despite FTX being represented by some of the most prominent law firms in America as it built this criminal enterprise – notably Sullivan & Cromwell – more than 10.3 million user accounts were looted of more than $8 billion right under the nose of Big Law. We say “notably Sullivan & Cromwell” in the above paragraph because not only did it work on more than 20 matters for the FTX group of companies for 16 months prior to its bankruptcy filing but its former law partner, Ryne Miller, served as … Continue reading
These Charts Scared the Stock Market into a 700-Point Drop Yesterday
![](https://wallstreetonparade.com/wp-content/uploads/2013/08/Stock-Chart.jpg)
By Pam Martens and Russ Martens: February 22, 2023 ~ The Dow Jones Industrial Average plunged 697 points by the closing bell yesterday, wiping out all of its gains this year. Here’s a rundown of what happened. At 2 p.m. ET today, the Federal Reserve will release the minutes of the Federal Open Market Committee (FOMC) meeting it held on January 31 and February 1. The stock market is particularly skittish on the day prior to the release of those minutes, out of concern that an overly hawkish tone on interest rates will tank stocks. Given that skittishness, all the stock market needed for a major selloff was a trigger. It got that when Bloomberg News published this headline at 1:36 a.m. in the morning: Morgan Stanley Says S&P 500 Could Drop 26% in Months. Morgan Stanley’s opinion matters for two main reasons: it has just shy of 16,000 stockbrokers (a/k/a … Continue reading
Credit Suisse Tanks to New Intraday Lows as Wall Street Mega Banks Mysteriously Shake Off the Contagion Effect
![Credit Suisse (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2022/12/Credit-Suisse-Thumbnail.jpg)
By Pam Martens and Russ Martens: February 21, 2023 ~ The shares of Credit Suisse can’t find a bottom. They plunged to a new intraday low this morning in Europe to trade at the equivalent of $2.79 – down over 6 percent from their previous close. Sparking the continued exodus out of Credit Suisse shares is the growing concern that the exodus of client assets from Credit Suisse has not found a floor. Reuters is reporting this morning that the Swiss financial regulator, FINMA, is investigating remarks made by Credit Suisse Group Chairman Axel Lehmann to the media in early December, which suggested that client asset outflows had stabilized. Simple math indicated they had not. When Credit Suisse reported its earnings results in early February, CEO Ulrich Koerner had told Wall Street analysts that 85 percent of the client asset outflows in the last quarter of 2022 had occurred in October … Continue reading
From Jeffrey Epstein to Sam Bankman-Fried to Madoff – JPMorgan Banks the Creepy Crooks
![Jamie Dimon, Chairman and CEO of JPMorgan Chase](https://wallstreetonparade.com/wp-content/uploads/2019/07/Jamie-Dimon-Film-Grain-100pix.jpg)
By Pam Martens and Russ Martens: February 16, 2023 ~ If yesterday had been National Creepy Crooks Day, JPMorgan Chase would have taken top honors. Bloomberg News reported on the creepy emails that former JPMorgan Chase executive Jes Staley was sending back and forth from his email account at the bank to child sex trafficker Jeffrey Epstein, as the bank was only too happy to handle 55 accounts worth hundreds of millions of dollars for Epstein. One set of emails suggested Staley was having kinky or sexual relationships with individuals dressed up as Disney characters. (Leave it to JPMorgan to take down not only its own brand but taint Disney’s brand as well.) Anyone who has ever worked at a major Wall Street brokerage firm or investment bank knows full well that emails are monitored by the company. This suggests that Staley knew he had nothing to fear from the bank’s … Continue reading
FTX Bankruptcy Judge to Rule Today on an Independent Examiner – After 76 Days of Delay
![John T. Dorsey (2016 Photo from Internet Archives' Wayback Machine)](https://wallstreetonparade.com/wp-content/uploads/2023/02/John-T.-Dorsey-2016-Photo-from-Internet-Archives-Wayback-Machine.jpg)
By Pam Martens and Russ Martens: February 15, 2023 ~ Editor’s Update: Judge Dorsey denied the motion by the U.S. Trustee for the appointment of an independent examiner at this morning’s hearing. In making his ruling, he cited the arguments made by Sullivan & Cromwell. ~~~ Judge John Dorsey is the presiding judge in the U.S. Bankruptcy Court in Delaware where Sam Bankman-Fried’s collapsed crypto exchange, FTX, filed its Chapter 11 bankruptcy petition. The U.S. Trustee, who provides oversight on behalf of the U.S. Department of Justice in bankruptcy cases, filed a motion on December 1 of last year requesting the appointment of an independent examiner in the FTX bankruptcy case, reminding the court that the appointment is mandatory under bankruptcy law if requested by the U.S. Trustee and debts exceed $5 million. Today marks the 76th day that this critical issue has been pending before this court. The Big Law … Continue reading
Crypto on Tap Today at Senate Banking Hearing: Two of Three Witnesses Will Push Nutty Ideas
![Senator Sherrod Brown](https://wallstreetonparade.com/wp-content/uploads/2021/01/Sherrod-Brown-i-1.jpg)
By Pam Martens and Russ Martens: February 14, 2023 ~ To understand the deteriorating condition of American democracy, one needs to be able to spot corrupt patterns. Let’s take the Senate Banking Committee, for example. We previously explained how the Senate Banking Committee has subpoena power to get at the truth but never uses it, relying on Senator Elizabeth Warren to send out an endless stream of letters demanding information – which typically never comes because the target of those letters knows that a failure to respond will not result in a subpoena. The failure of the Senate Banking Committee to issue subpoenas stems from the fact that, according to the Congressional Research Service, the Senate Banking Committee has adopted a rule that requires a majority vote to issue a subpoena for documents or witnesses. And since this Committee has too many right-wing Republican members who take campaign funds from powerful players … Continue reading
Sam Bankman-Fried, BlockFi and Sullivan & Cromwell: A Viper’s Nest of Conflicts and Intrigue
![](https://wallstreetonparade.com/wp-content/uploads/2023/02/Ryne-Miller-Thumbnail.jpg)
By Pam Martens and Russ Martens: February 13, 2023 ~ On December 21, Big Law firm Sullivan & Cromwell filed a conflict disclosure with the U.S. Bankruptcy Court in Delaware, where it was hoping to be officially appointed as lead counsel for the bankruptcy estate of Sam Bankman-Fried’s collapsed crypto house of cards – FTX, Alameda Research and its more than 100 opaque affiliates. Judge John Dorsey signed the order making Sullivan & Cromwell lead counsel on January 20, despite a mind-numbing list of conflicts of interests, including extensive past legal work for the FTX group and personal legal work for its now indicted kingpin, Sam Bankman-Fried. The disclosure showed that in addition to FTX and Alameda Research, Sullivan & Cromwell had 10 other current crypto clients, including four major crypto competitors to FTX — BlockFi, Coinbase, Gemini, and Kraken. Damian Williams, the U.S. Attorney for the Southern District of New … Continue reading
Credit Suisse Tanks Yesterday to $3.02; It’s Lost Over 90 Percent of Its Market Value Since 2007; It’s Not Alone
![Credit Suisse (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2022/12/Credit-Suisse-Thumbnail.jpg)
By Pam Martens and Russ Martens: February 10, 2023 ~ Credit Suisse continued its long death spiral yesterday, losing 15.64 percent of its market value in one trading session to close at $3.02 on the New York Stock Exchange. The trading action came on the heels of an earnings report that was excruciatingly bad – even for Credit Suisse. The Global Systemically Important Bank (G-SIB), which means it’s interconnected to other G-SIBs that could bring down the global financial system, reported yesterday that its clients had yanked over $100 billion in just the fourth quarter — which was more than eight times the outflow in the third quarter. Its pre-tax loss for the quarter was $1.51 billion, marking its fifth consecutive earnings loss. Credit Suisse is Switzerland’s second largest bank, after UBS, but its troubled history looks more like that of a bank in a banana republic. On March 26, 2021, … Continue reading
FTX Bankruptcy Lawyers Channel their Inner Sam Bankman-Fried – Bill $21,000 for their Meals Over Just 20 Days
![](https://wallstreetonparade.com/wp-content/uploads/2022/12/James-Bromley-Thumbnail.jpg)
By Pam Martens and Russ Martens: February 9, 2023 ~ The shenanigans going on in Judge John Dorsey’s bankruptcy courtroom, which is overseeing the FTX bankruptcy proceedings of Sam Bankman-Fried’s collapsed crypto empire, are reaching levels that should be attracting the attention of federal prosecutors. The head of the newly-created FTX Task Force, U.S. Attorney for the Southern District of New York, Damian Williams, has called the looted FTX customer accounts “one of the biggest financial frauds in American history.” On Monday, February 6, the lead counsel in the bankruptcy case, Sullivan & Cromwell, and its hand-picked CEO for FTX, John Ray, argued vehemently against the appointment of an independent examiner in the FTX matter. The independent examiner has been requested since December 1 by the U.S. Trustee, who works for the U.S. Department of Justice. Sullivan & Cromwell law partner, James Bromley, and Ray, cited the high cost likely to … Continue reading
There Are Very Strange Things Going On at Goldman Sachs
![David Solomon, Chairman and CEO, Goldman Sachs](https://wallstreetonparade.com/wp-content/uploads/2019/12/David-Solomon-Chairman-and-CEO-Goldman-Sachs-1-147x150.jpg)
By Pam Martens and Russ Martens: February 7, 2023 ~ Goldman Sachs’ online bank, Marcus, is offering an interest rate on its savings accounts that is 350 times the interest rate being offered by its competitors, JPMorgan Chase and Bank of America. That’s not normal. Not normal at all. (Above screen shots were taken this morning. Chase and Bank of America screen shots come from BankRate; Marcus screen shot comes from Marcus.) Marcus is the online banking platform offered by Goldman Sachs Bank USA – a federally-insured bank backstopped by the U.S. taxpayer. But what 99 percent of Americans don’t know about Goldman Sachs Bank USA is that it is the unit of Goldman Sachs that holds trillions of dollars in derivatives, including the kind of credit derivatives that blew up the U.S. economy in 2008 and would have taken down Goldman Sachs were it not for sneaky bailouts. According to … Continue reading