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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
Congress Passed Legislation Making the Treasury Secretary the Boss of the Federal Reserve During a Financial Crisis: That’s Creating Its Own Crisis
![U.S. Treasury Secretary Steve Mnuchin (Thumb Print)](https://wallstreetonparade.com/wp-content/uploads/2020/03/U.S.-Treasury-Secretary-Steve-Mnuchin-Thumb-Print-150x126.jpg)
By Pam Martens and Russ Martens: December 28, 2020 ~ Following the financial crisis of 2007 to 2010, President Obama signed the Dodd-Frank Wall Street Reform and Consumer Protection Act into law on July 21, 2010. At the time, Democrats controlled both houses of Congress and could have put teeth into the law, had they chosen to do so. The Act did not reform Wall Street nor did it protect American consumers from the looting practices of the Wall Street banks. Dodd-Frank allowed Wall Street’s private justice system to continue, where both customers and employees must waive their rights to bring claims in a court of law; it allowed Wall Street banks to continue using depositors’ money to make wild gambles in derivatives; it permitted Wall Street banks to continue buying triple-A credit ratings from the ratings agencies for dodgy securitized products; it allowed the very same banks that blew … Continue reading
Bloomberg News Attempts to Capture the “Speculative Frenzy” of Today’s Markets; Here’s the Key Stuff It Missed
![Bubbles](https://wallstreetonparade.com/wp-content/uploads/2020/12/Bubbles-iii.jpg)
By Pam Martens and Russ Martens: December 24, 2020 ~ Merry Christmas Eve 2020 and welcome to a rerun of the roaring 20s, complete with one-termer President Herbert Hoover in the White House, Wall Street running wild with unchecked corruption, and unprecedented income inequality. On Saturday, Bloomberg News attempted to outline the key components of markets gone bonkers “in this year of death, disease and economic calamity,” writing that the “Mania is laid bare in IPO surge, options boom and crypto fever.” In fairness, the nine reporters who worked on the story, none of whom received a byline but are noted at the bottom of the article, correctly compiled the observable earmarks of this bubble market. But they failed to dig into the dark underbelly of how we got here. Let’s start with the compromised Wall Street regulators in Washington. The Chair of the Securities and Exchange Commission, Jay Clayton, … Continue reading
Stimulus Bill’s “Pathetic” $600 Checks and Pork Giveaways Are Savaged on Social Media; Trump, Belatedly, Demands Bigger Checks
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
President Donald Trump has finally emerged from his consultations on the possibility of retaining the White House by declaring martial law to weigh in on the pandemic relief and appropriations bill that was passed by both houses of Congress and awaiting his signature to become law. Instead of speaking out before 510 members of Congress voted on the sprawling 5,593 page document, Trump waited until last night to post a video on his Twitter page in which he demands that the $600 stimulus checks in the bill be increased and pork removed. In the video, Trump cited some of the very same foreign loans and pork items that have been savaged on social media over the past two days. (See Tweets below.) Trump finished up the video with this: “Congress found plenty of money for foreign countries, lobbyists and special interests while sending the bare minimum to the American people … Continue reading
The Language Toomey Inserted into the Stimulus Bill Enshrines a $681 Billion Trading Slush Fund for Mnuchin with the NY Fed
![Trading Floor at the New York Fed](https://wallstreetonparade.com/wp-content/uploads/2020/12/Trading-Floor-at-the-New-York-Fed-Thumbnail-150x117.jpg)
By Pam Martens and Russ Martens: December 22, 2020 ~ The language that Republican Senator Pat Toomey inserted into the final stimulus bill (Consolidated Appropriations Act, 2021) appears below. It not only restricts the Federal Reserve’s ability to extend some of its current emergency lending programs that help small and medium size businesses and state and local governments beyond December 31 of this year (while leaving Wall Street bailout programs alive for at least another 90 days) but it also enshrines the autonomy of the U.S. Treasury Secretary to operate a massive slush fund – the Exchange Stabilization Fund (ESF). Most Americans have never heard of the Treasury’s Exchange Stabilization Fund. It was created in 1934 to provide support to the U.S. dollar during the Great Depression. The ESF has grown from $94.3 billion in assets prior to Trump taking office to a balance of $681 billion as of October 31, 2020. As recently … Continue reading
Research Arm of Congress Confirms that Mnuchin Never Released Bulk of CARES Act Money Earmarked for Fed’s Emergency Loans
![Senator Pat Toomey](https://wallstreetonparade.com/wp-content/uploads/2020/12/Senator-Pat-Toomey-iii-125x150.jpg)
By Pam Martens and Russ Martens: December 21, 2020 ~ On November 27, Wall Street On Parade reported that U.S. Treasury Secretary Steve Mnuchin had failed to turn over to the Federal Reserve 75 percent of the $454 billion that Congress had earmarked in the CARES Act for the Fed’s emergency lending programs. We wrote at the time: “…for months now, the Federal Reserve’s weekly financial statements known as the H.4.1 have indicated that all the Fed received from Treasury for its emergency lending facilities was $114 billion, leaving $340 billion unaccounted for.” We also took the time to send an email to the Federal Reserve’s press office to confirm that the Fed had received only the $114 billion from the Treasury for its emergency lending programs. They directed us to Fed public documents confirming this. Now the Congressional Research Service (CRS), a century old nonpartisan agency that provides legal … Continue reading
Race to Control U.S. Senate: “Georgians for Kelly Loeffler” Campaign Committee Packed with NY and CA Trading Firm Billionaires
![New York Stock Exchange Floor](https://wallstreetonparade.com/wp-content/uploads/2019/10/New-York-Stock-Exchange-Floor-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: December 18, 2020 ~ As most folks know, the fate of the Biden administration, the fate of the nation, and the future of millions of Americans about to become homeless through foreclosures, evictions and their businesses shuttering as a result of the pandemic – thus creating lots of distressed real estate debt for hedge funds and Wall Street speculators to scoop up on the cheap – hangs on the outcome of two U.S. Senate races in Georgia slated for January 5. Those January runoff elections in Georgia resulted from the outcome of the November 3 election when incumbent Republican Senators David Perdue and Kelly Loeffler (who was appointed to her Senate seat by Georgia Governor Ben Kemp) failed to get more than 50 percent of the vote. The two candidates are now facing tight races against their Democratic challengers in Georgia. Perdue is facing … Continue reading
Fed Chair Powell Opens a Big Can of Worms at His Press Conference
![Federal Reserve Chairman Jerome Powell](https://wallstreetonparade.com/wp-content/uploads/2020/04/Fed-Chairman-Jerome-Powell-at-Press-Conference-April-29-2020-iii-150x140.jpg)
By Pam Martens and Russ Martens: December 17, 2020 ~ There was a jaw-dropping exchange between Politico reporter Victoria Guida and Fed Chair Jerome Powell at his press conference yesterday following the two-day meeting of the Fed’s Federal Open Market Committee (FOMC). Powell first acknowledged in his opening statement that “the current economic downturn is the most severe of our lifetimes.” But he then proceeds to tell Guida that the Fed has given no thought at all to what kind of emergency lending it might engage in under the incoming Biden administration. Treasury Secretary Steve Mnuchin has kneecapped the Fed’s existing emergency loan facilities by demanding that the Fed return the Treasury’s unused money that is backstopping these facilities as loss-absorbing capital. The Fed has for years attempted to reassure markets that there will be no surprises from the Fed; that it will be providing lots of forward guidance to … Continue reading
The Sabotage of the U.S. Postal Service Is a National Security Matter
![Louis Dejoy, Postmaster General](https://wallstreetonparade.com/wp-content/uploads/2020/12/Louis-Dejoy-Postmaster-General-iii-125x150.jpg)
By Pam Martens: December 16, 2020 ~ Among the growing list of priorities for the incoming Biden administration is a comprehensive investigation of the efforts to sabotage the U.S. Postal Service. In August, Aaron Gordon, reporting for Vice’s Motherboard, published a leaked internal document from the U.S. Postal Service showing that management was planning to eliminate hundreds of high-speed sorting machines in the midst of a pandemic. Sources inside the Postal Service that spoke with Gordon told him that they had “personally witnessed the machines, which cost millions of dollars, being destroyed or thrown in the dumpster.” Documents reviewed by Gordon also “laid out detailed plans to reroute mail to sorting facilities further away in order to centralize mail processing even if it moves the mail across further distances.” Gordon reported that a union official wrote on the document: “This will slow mail processing.” When this news swept across mainstream … Continue reading
Compared to the Last Three Treasury Secretaries, Janet Yellen Is Mother Teresa
![](https://wallstreetonparade.com/wp-content/uploads/2020/04/Former-Fed-Chair-Janet-Yellen-Thumbnail-125x150.jpg)
By Pam Martens and Russ Martens: December 15, 2020 ~ President-elect Joe Biden’s nomination of Janet Yellen as Treasury Secretary is being viewed cautiously in some progressive circles. As the post-financial crisis Chair of the Federal Reserve under President Obama, Yellen had the opportunity to interpret the rules of the Dodd-Frank financial reform legislation in a manner that would rein in the risks of the mega banks on Wall Street. She failed in that regard while attempting to reassure a skeptical public that the Fed’s stress tests on the banks were adequate to prevent another crisis. Yellen famously stated at a London conference in 2017 the following: “Would I say there will never, ever be another financial crisis? You know probably that would be going too far, but I do think we are much safer, and I hope that it will not be in our lifetimes and I don’t believe … Continue reading
Trump Regulator Set to Consider Approving the Banking Model that Ushered in the Great Depression – Uninsured Deposits
![](https://wallstreetonparade.com/wp-content/uploads/2014/10/Franklin-D.-Roosevelt-President-During-the-Great-Depression.jpg)
By Pam Martens and Russ Martens: December 14, 2020 ~ Seven banking and credit union associations have sent a letter to the Office of the Comptroller of the Currency (OCC), the regulator of national banks in the U.S., spelling out the dangers of the OCC approving a pending bank charter that would allow a national bank to accept and hold deposits that lack federal deposit insurance. The lack of federal deposit insurance triggered the bank runs and banks collapses that played a key role in ushering in the Great Depression. (More on that in a moment.) The bank making the proposal for uninsured banking is Figure Bank, N.A., part of the blockchain startup, Figure Technologies. The organizations wisely arguing against it are the American Bankers Association, Bank Policy Institute, Credit Union National Association, Independent Community Bankers of America, National Association of Federally Insured Credit Unions, The Clearing House, and Consumer … Continue reading