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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
Robert Kaplan Was Trading Like a Hedge Fund Kingpin for Five Years while President of the Dallas Fed; a Dozen Legal Safeguards Failed to Stop Him
![Robert Kaplan, President of the Dallas Fed](https://wallstreetonparade.com/wp-content/uploads/2021/09/Robert-Kaplan-President-of-the-Dallas-Fed-125x150.jpg)
By Pam Martens and Russ Martens: September 27, 2021 ~ Dallas Fed President, Robert Kaplan, wasn’t just trading like an aggressive hedge fund kingpin in 2020, he’s been doing the same thing for five years at the Dallas Fed while simultaneously having access to non-public, market moving information from the Federal Reserve’s interest-rate setting FOMC meetings and other confidential communications. In 2017 and 2020, Kaplan was a voting member of the FOMC. In the other years since he joined the Dallas Fed in 2015, he sat in on the confidential FOMC deliberations and was allowed to participate in the discussions. Each of Kaplan’s financial disclosures forms dating back to when he first became Dallas Fed President on September 8, 2015 (which we obtained directly from the Dallas Fed), show that Kaplan was trading in and out of S&P 500 futures, a highly speculative form of trading used by hedge funds and … Continue reading
Woman Who Helped Expose Wall Street Mega Banks’ Vast Holdings of Physical Commodities Is Nominated as a Top Bank Regulator
![Cornell Law Professor Saule Omarova, Testifying at a House Hearing on April 14, 2021](https://wallstreetonparade.com/wp-content/uploads/2021/09/Cornell-Law-Professor-Saule-Omarova-Testifying-at-a-House-Hearing-on-Affordable-Housing-on-April-14-2021-150x150.jpg)
By Pam Martens and Russ Martens: September 24, 2021 ~ Yesterday, President Biden took the bold step of nominating Saule Omarova to head the Office of the Comptroller of the Currency (OCC), a top federal bank regulator. Omarova is a Law Professor at Cornell and has written extensively on systemic risk containment. Prior to joining Cornell in 2014, Omarova was Associate Professor at the University of North Carolina School of Law. Prior to her academic career, Omarova worked for the corporate law firm, Davis Polk & Wardwell, in their Financial Institutions Group. In 2006-2007, she served at the U.S. Department of the Treasury as a Special Advisor for Regulatory Policy to the Under Secretary for Domestic Finance. Omarova represents a triple threat to the insidious behavior of mega banks on Wall Street: she has an in-depth knowledge of how they operate; she is not timid about explaining it to investigative bodies … Continue reading
When It Comes to Frauds, Wells Fargo Is on the Bunny Slope Watching JPMorgan Hop Moguls on the Black Diamond Trail
![Hannah Lang, Reporter for American Banker](https://wallstreetonparade.com/wp-content/uploads/2021/09/Hannah-Lang-Reporter-for-American-Banker.jpg)
By Pam Martens and Russ Martens: September 23, 2021 ~ There was a strange occurrence at Fed Chairman Jerome Powell’s press conference yesterday. Hannah Lang, a reporter for American Banker, asked Powell a question about Wells Fargo. Powell read his answer directly from a script in a binder he had on the podium. (You can watch the exchange in the video clip below. Be sure not to miss the exchange that follows Lang’s question when Mike Derby of the Wall Street Journal grills Powell on the outrageous trading that Dallas Fed President Robert Kaplan was doing last year to enrich himself (while his country was in a declared National Emergency and pandemic crisis). Lang mentioned that Senator Elizabeth Warren had cited “what she called ungovernable behavior” from Wells Fargo and called for Powell to break up the bank by revoking its bank holding company charter. Lang asked under what circumstances the … Continue reading
Three Gutsy Reporters Grill Fed Chair on Biggest Trading Scandal in Fed’s 108-Year History
![Michael Derby, Fed Reporter for the Wall Street Journal and Dow Jones News](https://wallstreetonparade.com/wp-content/uploads/2021/09/Michael-Derby-Fed-Reporter-for-the-Wall-Street-Journal-and-Dow-Jones-News-150x129.jpg)
By Pam Martens and Russ Martens: September 22, 2021 ~ Federal Reserve Chairman Jerome Powell took a few wonky questions from various reporters at his press conference today and then Jeanna Smialek, Federal Reserve and Economy reporter for the New York Times, was called on. Smialek was the first reporter to lead the elephant in the room out into the open. The exchange went as follows: Smialek: “Prior to recent media reports, were you aware of the kind of security buying and selling that [Dallas Fed and Boston Fed] Presidents Kaplan and Rosengren were participating in last year? And I wonder if you thought those were appropriate?” Powell: “So, no I was not aware of the specifics of what they were doing. So let me just say a couple of things about this subject. We understand very well that the trust of the American people is essential for us to effectively … Continue reading
Jerome Powell Will Face 17 Reporters Today at a Press Conference as the Fed Faces the Worst Trading Scandal in Its History. How Many Reporters Will Punt on the Topic?
![Jerome Powell (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2021/07/Jerome-Powell-Thumbnail-1.jpg)
By Pam Martens and Russ Martens: September 22, 2021 ~ Michael Derby of the Wall Street Journal broke the story on September 7 that Dallas Fed President Robert Kaplan was trading in and out of millions of dollars of individual stock positions in 2020. Last year was a year of unprecedented crisis when Kaplan was a voting member of the Federal Open Market Committee (FOMC) and had access throughout the year to non-public, market-moving information. On September 18, Wall Street On Parade reported that Kaplan was not just trading individual stocks but was, astonishingly, also trading S&P 500 futures contracts in transactions of more than $1 million in 2020. The most popular and liquid S&P 500 futures contract is the E-mini, which can provide a trader with as much as 95 percent leverage. The stock exchanges are only open in the U.S. from 9:30 a.m. to 4 p.m. (EDT) weekdays, but … Continue reading
Wall Street Watchdog, Better Markets, Calls Fed Presidents’ Trading Binge “Pandemic Profiteering” or, Possibly, “Illegal Insider Trading”
![Dennis Kelleher](https://wallstreetonparade.com/wp-content/uploads/2021/07/Dennis-Kelleher-1.jpg)
By Pam Martens and Russ Martens: September 21, 2021 ~ Fortunately for Americans, the keen-eyed Wall Street watchdog group, Better Markets, is not living in the same alternative reality universe as the cable financial news network, CNBC. Last Friday, CNBC published a crazy headline regarding Dallas Fed President Robert Kaplan trading tens of millions of dollars of individual stocks and S&P 500 futures in 2020 while Boston Fed President Eric Rosengren traded in and out of REITs (Real Estate Investment Trusts). The trading occurred despite both men being privy to non-public, market moving information coming from the Federal Reserve, the central bank of the United States. CNBC’s headline read: “After years of being ‘squeaky clean,’ the Federal Reserve is surrounded by controversy.” CNBC was royally roasted on Twitter for its “squeaky clean” fairy tale. CNBC’s flight from reality comes after the Fed’s former Chair, Janet Yellen, went straight from her position at … Continue reading
Bank Stocks Sell Off on China Evergrande Concerns as Investors Worry about Who Has Exposure to its $300 Billion in Debt
![](https://wallstreetonparade.com/wp-content/uploads/2013/08/Stock-Chart.jpg)
By Pam Martens and Russ Martens: September 20, 2021 ~ Global bank stocks took a bruising today as questions grow as to just how much exposure large financial institutions have to the teetering China Evergrande Group, a real estate development company in China which owes more than $300 billion in debt that it can’t repay. The Dow Jones Industrial Average shed 614.4 points by the closing bell today, or 1.78 percent, while global mega banks were down anywhere from more than 7 percent for foreign banks to more than 3 percent for U.S. mega banks. (See chart below.) A big question roiling markets is who has exposure as a counterparty to Credit Default Swaps on China Evergrande Group or other troubled Chinese companies. Where there is lack of transparency on such an issue, investors tend to sell first and ask questions later. Many of the China-related ETFs that trade in the … Continue reading
The Justice Department Has Serious Grounds to Subpoena Trading Records from Dallas Fed President Robert Kaplan
![Federal Reserve Building in Washington, D.C.](https://wallstreetonparade.com/wp-content/uploads/2019/11/Federal-Reserve-Building-in-Washington-D.C.-iii-150x112.jpg)
By Pam Martens and Russ Martens: September 20, 2021 ~ Fed watchers are stunned that Fed Chair Jerome Powell thinks it is appropriate for the Fed to investigate itself following one of the most arrogant and brazen trading scandals in the history of the Fed. The focal point of that scandal is Robert S. Kaplan, the President of the Dallas Fed, who held non-public, market moving information throughout last year but nonetheless traded in and out of tens of millions of dollars of individual stocks as well as – wait for it – S&P 500 futures, an instrument used by speculators to make highly leveraged, directional bets on the market. S&P 500 futures extend the trading day to almost 24/7 from Sunday evening to Friday night. The type of trading done by Kaplan appears to be expressly prohibited by the Code of Conduct of the Dallas Fed. Appendix A on “Disqualifying … Continue reading
Dallas Fed President Traded S&P 500 Futures. Dallas Fed Will Not Say If He Shorted the Market During Pandemic Crisis in 2020.
![Robert Kaplan, President of the Dallas Fed](https://wallstreetonparade.com/wp-content/uploads/2021/09/Robert-Kaplan-President-of-the-Dallas-Fed-125x150.jpg)
By Pam Martens and Russ Martens: September 18, 2021 ~ A transaction that has been missed by major news outlets on the financial disclosure form for Dallas Fed President, Robert Kaplan, is a line item showing that Kaplan made “multiple” trades of more than $1 million in S&P 500 futures. This is a stunning revelation for a multitude of reasons. First, Kaplan’s financial disclosure form shows that he already had exposure to the S&P 500 through more than $1 million in an S&P 500 Exchange Traded Fund (ETF), which trades during regular stock market hours. Using S&P 500 futures gave Kaplan access to making directional bets on where the market would go after the stock market closed, which is typically when the Fed makes market-moving announcements. The most popular and liquid S&P 500 futures contract is the E-mini S&P 500. A person can get as much as 95 percent leverage on … Continue reading
Senator Elizabeth Warren and Bloomberg News Need to Give It a Rest with Bashing Wells Fargo and Turn Their Attention to 5-Count Felon, JPMorgan Chase
![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: September 17, 2021 ~ On Tuesday of this week, Bloomberg News published its umpteenth negative article on the San Francisco-headquartered bank, Wells Fargo. This time around, the article was highlighting Senator Elizabeth Warren calling for Wells Fargo to be broken up, with its federally insured bank separated from its Wall Street businesses. Bloomberg News syndicates its articles, so this story was quickly splashed all over other news outlets. And that’s the way it has been going since 2017. When Senator Warren bashes Wells Fargo, she gets lots of coverage by New York media outlets. Since March of 2018, Bloomberg News has published more than 80 negative articles on Wells Fargo with headlines like these: Wells Fargo CEO Abruptly Steps Down, Succumbing to Scandals; Wells Fargo’s CEO Disputes Claim His Bank Is Too Big to Manage; Elizabeth Warren on Wells Fargo CEO’s Departure: ‘About Damn Time’; Ex-Wells Fargo Bosses Face … Continue reading