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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
Mar-a-Lago: Thousands of People of Questionable Character Have Visited this Resort/Hotel in the 18 Months That Trump Stashed Top Secret Documents There
![Donald Trump](https://wallstreetonparade.com/wp-content/uploads/2018/09/trump-thumbnail-123x150.jpg)
By Pam Martens and Russ Martens: August 18, 2022 ~ The narrative that the FBI took the unprecedented step of raiding former President Donald Trump’s “home” on August 8 has misdirected the media debate that should be happening right now. The majority of Americans hear the word “home” and think of a private residence where one family resides. But the property raided on August 8 by the FBI was Mar-a-Lago – which has as much resemblance to a private residence as Palm Beach International Airport has to a private airplane hangar. Yes, it’s true that there are private quarters located at Mar-a-Lago for Trump and his family. But it’s also true that this is a 114-room oceanfront resort and hotel that sells memberships, rents hotel rooms and suites, and holds a multitude of events. The official website for Mar-a-Lago explains its event offerings as follows: “Important occasions call for settings that … Continue reading
The Fed Issues a Warning to Member Banks about Engaging in Crypto Activities
![Federal Reserve Building, Washington, D.C.](https://wallstreetonparade.com/wp-content/uploads/2020/05/Federal-Reserve-Building-Washington-D.C.-iii-150x105.jpg)
By Pam Martens and Russ Martens: August 17, 2022 ~ After crypto has blighted trust in the financial landscape of the United States and left tens of thousands of Americans as victims of theft, or locked out of access to their money, the Federal Reserve has finally found the courage to take on the loud-mouthed crypto hawkers and issue a warning. The Fed sent a letter yesterday to supervisory staff at its 12 regional Federal Reserve banks and to all Fed member banks. The letter started out with a curious sentence (potentially crafted to assuage the loud-mouthed crypto hawkers which include a significant number of right-wing members of Congress on the Senate Banking and House Financial Services Committees which oversee the Fed). The sentence read: “The emerging crypto-asset sector presents potential opportunities to banking organizations, their customers, and the overall financial system…” (Italics added.) The word “opportunities” typically suggests that something of … Continue reading
During Both Obama and Trump Administrations, the Justice Department Has Looked the Other Way at Crimes by the Powerful
![](https://wallstreetonparade.com/wp-content/uploads/2020/06/Scales-of-Justice-150x123.jpg)
By Pam Martens and Russ Martens: August 15, 2022 ~ Last Thursday evening, Justice Department Attorney General, Merrick Garland, held a brief press conference to announce that he had asked a federal court to unseal the search warrant and inventory receipts filed in connection with the FBI’s search of Donald Trump’s Palm Beach oceanfront home and beach resort, Mar-a- Lago. As part of his statement to the press, Garland said this: “Faithful adherence to the rule of law is the bedrock principle of the Justice Department and of our democracy. Upholding the rule of law means applying the rule of law evenly, without fear or favor.” Unfortunately, the vast majority of Americans believe there is one set of laws for the rich and powerful and another set of laws for average Americans. According to a Gallup poll released on July 5, only 14 percent of Americans had “a great deal” or … Continue reading
China Moves to Delist Five State-Owned Companies from the New York Stock Exchange
![](https://wallstreetonparade.com/wp-content/uploads/2022/08/Flag-of-China.jpg)
By Pam Martens and Russ Martens: August 15, 2022 ~ This past Friday, five state-owned companies in China announced that they would apply this month to delist their shares from the New York Stock Exchange. The companies plan to continue trading in Hong Kong and mainland China. The companies include the large oil company Sinopec; China Life Insurance; Aluminum Corporation of China; PetroChina; and Sinopec Shanghai Petrochemical Company. It is highly likely (and long overdue) that more Chinese share delistings on U.S. exchanges will follow. For the past two decades, China has been stonewalling U.S. regulators over access to the work papers of auditors of publicly traded companies that are based in China but listed on U.S. stock exchanges. China takes the position that these audit work papers hold state secrets and it prohibits audit firms from releasing the documents directly to U.S. regulators, effectively flouting U.S. accounting law. This untenable situation … Continue reading
Astonishing Charts from New York Fed Show the Dire Straits of U.S. Consumers During the 2008 Crash and Its Aftermath — Versus Today
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: August 11, 2022 ~ At his July 27 press conference, Fed Chair Jerome Powell said this: “Households are generally in about as strong a financial shape as they’ve been in a very long time – or perhaps ever given the money that’s on people’s balance sheets. So you have a pretty – from a financial stability standpoint – you have a pretty decent picture.” That statement captures a rear view mirror look at U.S. households. The picture is deteriorating rapidly. More on that in a moment, but first a look at some hair-raising charts that capture the dire straits of U.S. households during the 2008-2010 financial crisis versus today. The New York Fed released its Household Debt and Credit Report for the second quarter of 2022 last week. It showed total household debt rising by $312 billion in the second quarter to reach an historic high … Continue reading
The Apple Credit Card Provided through Goldman Sachs Has Created a Living Hell According to Consumer Complaints
![David Solomon, Chairman and CEO, Goldman Sachs](https://wallstreetonparade.com/wp-content/uploads/2019/12/David-Solomon-Chairman-and-CEO-Goldman-Sachs-147x150.jpg)
By Pam Martens and Russ Martens: August 10, 2022 ~ On August 4, Goldman Sachs provided the following disclosure when it filed its quarterly report (10-Q) with the Securities and Exchange Commission: “The firm is cooperating with the Consumer Financial Protection Bureau in connection with an investigation of GS Bank USA’s credit card account management practices, including with respect to the application of refunds, crediting of nonconforming payments, billing error resolution, advertisements, and reporting to credit bureaus.” That bland statement doesn’t really do justice to the hundreds of complaints filed with the Consumer Financial Protection Bureau (CFPB) by consumers using the Apple credit card that is provided by Goldman Sachs. The Apple credit card holders are alleging being put through a living hell by Goldman Sachs when fraudulent charges are made on their Apple credit card and a host of other problems. In typical Goldman Sachs style, it has managed to … Continue reading
China-Owned Banks in the U.S. Are Getting U.S. Taxpayer-Backstopped FDIC Insurance while China Threatens the Second in Line to the Presidency
![](https://wallstreetonparade.com/wp-content/uploads/2022/08/Flag-of-China.jpg)
By Pam Martens and Russ Martens: August 9, 2022 ~ The Federal Reserve recently released its 2021 Annual Report. We decided to peruse its wonky pages. We came upon a passage that gave us pause. It read: “As of year-end 2021, a total of 135 foreign banks from 48 countries operated 144 state-licensed branches and agencies, of which 6 were insured by the FDIC, and 50 OCC-licensed branches and agencies, of which 4 were insured by the FDIC… Altogether, the U.S. offices of these foreign banks controlled approximately 17 percent of U.S. commercial banking assets.” The FDIC (Federal Deposit Insurance Corporation) is a federal agency. Its federal deposit insurance is backstopped by the U.S. taxpayer. Why should U.S. taxpayers be insuring foreign bank deposits in the U.S. – especially since federal regulators cannot even provide adequate oversight of domestic megabanks? We knew that big foreign banks like Barclays, UBS, Deutsche Bank, … Continue reading
Without Any Legislative Powers, the Fed Is Rewriting the Law and Creating a Permanent $500 Billion Bailout Facility for Wall Street
![Jerome Powell (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2021/07/Jerome-Powell-Thumbnail-1.jpg)
By Pam Martens and Russ Martens: August 8, 2022 ~ The Fed is doing something it’s never been allowed to do in its 109 years of operation. And, it’s doing it without any pushback from Congress. The Fed draws its statutory authority from the Federal Reserve Act of 1913 which created the Fed’s “discount window” for making loans to Fed member banks which are engaged in making loans for “agricultural, industrial or commercial purposes….” The Federal Reserve Act strictly prohibited the Fed from making loans “for the purpose of carrying or trading in stocks, bonds, or other investment securities….” After Wall Street trading casinos blew up the U.S. economy in 1929 and brought on the Great Depression of the 30s, Congress enacted the Glass-Steagall Act in 1933 which established federal deposit insurance for commercial banks and outlawed the merger of those federally-insured banks with Wall Street trading casinos (investment banks and … Continue reading
Secret Service, DHS, FBI: Trump Appointees Remain at the Helm of Agencies Involved in What the Public Perceives as Evidence Destruction and Coverups
![Joseph Cuffari, Inspector General, Department of Homeland Security](https://wallstreetonparade.com/wp-content/uploads/2022/07/Joseph-Cuffari-Inspector-General-Department-of-Homeland-Security-150x139.jpg)
By Pam Martens: August 5, 2022 ~ During my career in finance, I had the privilege to work for A.G. Edwards, a century old Wall Street firm led at the time by Ben Franklin Edwards III, the fifth generation of the Edwards family to steward the company. Once, when Edwards was visiting our branch in New York, he shared with us his philosophy on how to deal with a rogue broker. He said he would use a scalpel to remove him from the organization, making sure to get any cancer he might have spread. What kind of cancer could a crooked broker spread? Just think about how Bernie Madoff corrupted everything he touched: his accountants; his IT staff who cooked up fake client statements; his brother, Peter Madoff, who ridiculously served as his Chief Compliance Officer; and even the bank that held his business account, JPMorgan Chase, whose reputation was severely … Continue reading
After Tailoring Windfall Tax Cuts for His Wealthiest Donors, Senator Johnson Wants to Eliminate Social Security and Medicare as Entitlement Programs
![](https://wallstreetonparade.com/wp-content/uploads/2022/08/Ron-Johnson-Thumbnail.jpg)
By Pam Martens and Russ Martens: August 4, 2022 ~ Senator Ron Johnson (R-WI) spoke on a right-wing radio show this past Tuesday and suggested that Social Security and Medicare be eliminated as federal entitlement programs and become subject to approval by Congress each year as part of its discretionary spending authority. (You can listen to Johnson’s words at this link.) What Johnson is proposing is the decades-long dream of fossil fuels billionaire Charles Koch and his late brother, David. And that makes perfect sense because, to a large degree, Johnson owes his Senate seat to two Koch-funded front groups, Americans for Prosperity (AFP) and Freedom Partners. In Johnson’s close 2016 race against Democrat Russ Feingold, Americans for Prosperity and the Freedom Partners Action Fund ran ad campaigns for Johnson. The Center for Media and Democracy reported last year that “In the 2016 cycle, Freedom Partners Action Fund, the main Koch-backed … Continue reading