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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
Has Crypto Endangered Federally-Insured Big Banks? Ask State Street
![Ronald P. O'Hanley, Chairman and CEO, State Street](https://wallstreetonparade.com/wp-content/uploads/2022/06/Ronald-P.-OHanley-Chairman-and-CEO-State-Street.jpg)
By Pam Martens and Russ Martens: June 21, 2022 ~ There have been a number of articles lately attempting to reassure Americans that the crypto carnage will not cause financial instability or an economic collapse in the U.S. like that of 2008. The fact is, absolutely no one can say with any degree of certainty what will be the outcome of this unprecedented era of reckless investing. That’s because anything that causes the megabanks on Wall Street to pull back from lending to one another or to major counterparties – out of fear that the institution has dangerous crypto exposure – could cause the same contagion effect that occurred in 2008 from opaque derivatives and toxic subprime debt exposures. We decided to have a look at the websites and quarterly SEC filings (10-Qs) made by the megabanks on Wall Street, the ones that since the repeal of the Glass-Steagall Act in … Continue reading
After Crypto Money Piled into Campaign Coffers of Senators Lummis and Gillibrand, They Introduced a Sweetheart Legislative Bill for Crypto
![](https://wallstreetonparade.com/wp-content/uploads/2022/06/Senator-Cynthia-Lummis-and-Senator-Kristen-Gillibrand-ii.jpg)
By Pam Martens and Russ Martens: June 20 , 2022 ~ On June 7, Senator Kirsten Gillibrand, a Democrat from New York who sits on the Senate Agriculture Committee which oversees commodities, and Senator Cynthia Lummis, a Republican from Wyoming who sits on the Senate Banking Committee which oversees Wall Street and trading, introduced a bill as an early Christmas present to the crypto industry. It carries the Alice in Wonderland title of the Responsible Financial Innovation Act. In reality, it is an irresponsible piece of legislation whose sponsorship by these two women only makes sense when you understand that their campaign coffers are being stuffed with money from the crypto industry. Let’s start with Lummis. A $5800 donation is not a big deal to every member of Congress. But it is a big deal to a Senator from Wyoming, a state whose population is less than 600,000. According to data … Continue reading
As the Speeding Crypto Train Crashes, Scientific and Engineering Experts Tell Congress that Both Crypto and Blockchain Were a Sham from the Beginning
![Actor Matt Damon Hawking Crypto](https://wallstreetonparade.com/wp-content/uploads/2022/06/Actor-Matt-Damon-Hawking-Crypto.jpg)
By Pam Martens and Russ Martens: June 17, 2022 ~ Crypto pushers hired themselves Trump’s outgoing SEC Chairman, Jay Clayton; a boatload of celebrities like Matt Damon (see his commercial below), LeBron James, Spike Lee, Tom Brady, Alec Baldwin, among numerous others; and high-priced lobbyists to sway Congress and state legislatures to back off any regulatory push. Crypto even slapped its name on sports stadiums and arenas – similar to Enron and Citigroup just before they blew up from specious business models. Like any other pump and dump scheme, crypto mania worked for a while. Insiders grabbed their windfall profits early and left the unsophisticated with the losses. Now crypto concerns are hiring themselves the likes of Big Law firm Akin Gump to explain why investors can’t get access to $11 billion in frozen accounts at Celsius Network. The warnings have been out there for years now from experts in the … Continue reading
The Fed Fingers Its Worry Beads: Mortgage Rates Double in Six Months to 6.28 Percent; Crypto Crashes; Layoffs Explode in FinTech
![](https://wallstreetonparade.com/wp-content/uploads/2020/04/Powell-Wall-Street-Cartoon-thumbnail.jpg)
By Pam Martens and Russ Martens: June 15, 2022 ~ Wall Street does not have exclusivity on the pain trade. There’s pain at the pump for average Americans, pain at the grocery store, and now, adding to the pain for American home buyers who have watched the cost of homes spiral upward over the past year, the national average on the 30-year fixed rate mortgage just spiked to 6.28 percent as of yesterday. Mortgage News Daily reported the following yesterday: “The average lender is quoting top tier 30yr fixed rates in the 6.25-6.375% range, but as we discussed yesterday, it’s cheaper than normal to buy one’s rate down. That means rates in the high 5’s are still being quoted, but those quotes imply higher upfront costs (aka ‘points’).” Interest rates on the 5-year and 10-year U.S. Treasury notes are also rising at a breathtaking pace – effectively doing much of the … Continue reading
Crypto-Carnage Hits Every Asset Class Tied to Crypto
![Bitcoin Graphic](https://wallstreetonparade.com/wp-content/uploads/2019/07/Bitcoin-Graphic-150x150.jpg)
By Pam Martens and Russ Martens: June 14, 2022 ~ It wasn’t just cryptocurrencies that crashed yesterday, it was crypto exchanges, crypto mining stocks, publicly-traded companies holding large investments in crypto, and crypto ETFs. By the time the closing bell rang yesterday, ProShares Bitcoin Strategy ETF had tanked by 20.22 percent on the day, bringing its year-to-date loss to 50.4 percent. Other crypto-related ETFs were similarly hammered. VanEck Bitcoin Strategy ETF gave up 19.86 percent, bringing its year-to-date loss to 53 percent. Shares of crypto mining stocks, which were already battered and bruised, were further bloodied. Among the worst of the lot was BIT Mining Ltd. (ticker BTCM) which plunged 36.60 percent yesterday, bringing its year-to-date loss to 79.9 percent. The graphic below shows how nine other crypto mining stocks performed yesterday. Year-to-date, these stocks have lost 60 to 85 percent of their market value. The companies are: Argo Blockchain PLC … Continue reading
Five U.S. Megabanks Have Lost $300 Billion in Market Cap in One Year; Crypto Is in Meltdown this Morning; and the Fed Will Hike Rates Further on Wednesday
![Frightened Wall Street Trader](https://wallstreetonparade.com/wp-content/uploads/2020/03/Frightened-Wall-Street-Trader-150x133.jpg)
By Pam Martens and Russ Martens: June 13, 2022 ~ Welcome to Monday morning and market hell. As of 8:47 a.m. (ET) this morning, Dow futures are down 553 points; Bitcoin futures have lost 17 percent of their value on the news that cryptocurrency lender, Celsius Network, has frozen withdrawals. The 5-year Treasury note has spiked to yield 3.38 percent, a 50-basis point increase in a month, leading to an inverted yield curve against the 10-year Treasury note, which is trading at 9:01 a.m. (ET) this morning at a yield of 3.27 percent. (An inversion signals a rising recession risk.) All of this comes as the Fed has signaled that it will announce another interest rate hike this Wednesday, following the two-day meeting of its Federal Open Market Committee (FOMC). Stocks are developing a habit of tanking one day after Fed Chair Jerome Powell holds his FOMC Wednesday afternoon press conference, … Continue reading
The Money Trail to the January 6 Attack on the Capitol Is Ignored in Last Night’s Public Hearing
![Charles Koch](https://wallstreetonparade.com/wp-content/uploads/2020/07/Charles-Koch-150x150.jpg)
By Pam Martens and Russ Martens: June 10, 2022 ~ As we watched the two-hour public hearing on the critical facts uncovered by the House Select Committee on the attack on the U.S. Capitol on January 6, 2021, we kept waiting to hear a discussion of the money trail that facilitated this attack. That discussion never came. And yet, big expenses were involved: dozens of buses were rented; signs advertising “Stop the Steal” were on the sides of some of those buses; food and lodging had to be paid for, in or around expensive Washington, D.C.; and, now, lawyers have to be paid to represent those indicted for brutalizing police on January 6 or destroying and/or stealing government property. The House Select Committee did an excellent job last evening of providing the big picture on the plot to shred U.S. democracy in service to Donald Trump’s megalomaniac desires. But the question … Continue reading
As Tech Startups and Blank-Check Companies Blow Up in Investors’ Portfolios, SEC Chief Gensler Gives Yet Another Speech
![Gary Gensler, SEC Chairman](https://wallstreetonparade.com/wp-content/uploads/2021/04/Gary-Gensler-SEC-Chairman.jpg)
By Pam Martens and Russ Martens: June 9, 2022 ~ On September 14 of last year, we wrote this about SEC Chair Gary Gensler: “Gensler’s opening remarks at today’s Senate Banking Committee hearing include seven references to this phrase: ‘asked staff for recommendations…’ If past is prologue, this will mean that Gensler will run out the clock on actually advancing any meaningful ‘recommendations’ into concrete final rules.” Yesterday, Gensler gave a heavily promoted speech about cleaning up the way that retail stock orders are handled on Wall Street. But all the speech actually did was to ask his staff for more ideas and recommendations. The phrase “asked staff” appears 13 times in the speech. While Gensler spends his time giving speeches and asking his staff for recommendations that don’t go anywhere, large chunks of U.S. markets are blowing up in investor portfolios. Let’s start with some of the tech startups that … Continue reading
These Charts Show the Wealth Devastation to U.S. Investors from Wall Street’s Unchecked Corrupt Practices
![](https://wallstreetonparade.com/wp-content/uploads/2018/08/wall-street-sign-thumbnail-150x149.jpg)
By Pam Martens and Russ Martens: June 8, 2022 ~ According to the Federal Reserve’s Z.1 Statistical Releases, as of December 31, 1996 the market value of stocks (“corporate equities”) held by U.S. households and U.S. nonprofits stood at $10.255 trillion. As the dot.com bubble mushroomed, by December 31, 1999 that figure stood at $19.58 trillion. By the time all of the fraudulent research that went into listing and promoting stocks came to light, household and nonprofit wealth had shrunk by $8.6 trillion. From the end of Q4 1999 to the end of Q3 2002, the market value of household and nonprofit holdings went from $19.5812 trillion to $10.9601trillion. (See chart below.) Wall Street makes big bucks from underwriting new issues of stocks (Initial Public Offerings or IPOs) and so do the Big Law firms that serve as the underwriters’ counsel. It doesn’t matter if these companies have zero business operations … Continue reading
Domestic Crude Oil Peaked at $145 a Barrel in 2008. It Closed Yesterday at $118.50. So Why Is Gas at the Pump at All-Time Highs?
![Oil Rig](https://wallstreetonparade.com/wp-content/uploads/2020/03/Oil-Rig-Thumbprint-150x142.jpg)
By Pam Martens and Russ Martens: June 7, 2022 ~ The owner of Schlafer’s Auto Body & Repair in Mendocino, California has made headlines at CNN, the Los Angeles Times, and across local TV affiliates in the past few days – and not in a good way. Schlafer’s is home to an independent Chevron gas station and, as of this weekend, it was charging the highest price for a gallon of regular gas in the nation: $9.60. As of this morning, the average price for a gallon of regular gas in California is $6.37, according to AAA’s gas price tracker. AAA reports that the national average for a gallon of regular gas across the U.S. this morning is $4.91. California is far from the only state where complaints of outrageous price gouging are being heard. The Daily Record of Maryland reported yesterday that a Shell station in Bowie, Maryland was charging … Continue reading