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Recent Posts
- On the Eve of Netanyahu’s Address to Congress, Senator Bernie Sanders Delivers a Breathtaking Assessment of His War Crimes
- Trump’s Sit-Down with Netanyahu at Mar-a-Lago Will Cost U.S. Taxpayers Millions While Profiting Trump’s Business
- 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”
Category Archives: Uncategorized
Has the U.S. Attorney’s Office in Manhattan Been Outsourced to Wall Street’s Law Firms?
![](https://wallstreetonparade.com/wp-content/uploads/2020/06/Scales-of-Justice-150x123.jpg)
By Pam Martens and Russ Martens: June 30, 2020 ~ On May 2 of last year, the Chief Judge for the U.S. District Court for the Southern District of New York wrote a decision finding that the U.S. Department of Justice had outsourced a criminal investigation to the target of the investigation – Deutsche Bank – and Deutsche Bank’s outside law firm, Paul, Weiss, Rifkind, Wharton & Garrison. (Paul Weiss is a big defender of alleged crimes by Wall Street banks, particularly those of Citigroup.) A larger, more critically important question would be: has the U.S. Department of Justice outsourced the entire U.S. Attorney’s Office for the Southern District of New York to Wall Street’s favorite law firms? No matter how many times the New York Times tells its readers that the U.S. Attorney’s office in the Southern District of New York is known for its “independence,” the cold, hard facts … Continue reading
10 Key Questions House Reps Should Ask Powell and Mnuchin Tomorrow
![Bank Logos (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2020/04/Bank-Logos-Thumbnail.jpg)
By Pam Martens and Russ Martens: June 29, 2020 ~ Tomorrow, June 30, the House Financial Services Committee will hold a hearing beginning at 12:30 p.m. titled “Oversight of the Treasury Department’s and Federal Reserve’s Pandemic Response.” Fed Chair Jerome Powell and Treasury Secretary Steve Mnuchin are scheduled as witnesses. A good number of Democrats on this Committee – such as Maxine Waters (the Chair), Katie Porter, Bill Foster, Brad Sherman, Carolyn Maloney, Madeleine Dean, Sylvia Garcia, and Ayanna Pressley – have no problem fashioning probing questions that benefit the American people’s right to know if government is showing proper stewardship of the people’s money. But Republicans can’t seem to craft a meaningful question, opting instead to simply heap praise on Powell and Mnuchin for the bailout and simultaneous deregulation of Wall Street. Wall Street On Parade is nothing if not charitable. We want to help out the Republicans on … Continue reading
Fed Launches Corporate Bond Buying Program, Gobbling Up Fossil Fuels and Tobacco Bonds
![cigarette burning](https://wallstreetonparade.com/wp-content/uploads/2020/06/cigarette-ii-150x150.jpg)
By Pam Martens and Russ Martens: June 28, 2020 ~ Taxpayers’ money under the CARES Act is going up in smoke — literally. As of today, there are more than 32,000 people in the United States hospitalized with COVID-19, with thousands struggling to breathe from a virus that attacks the respiratory system as well as other parts of the body. So what has the Federal Reserve decided to do to help out during this national health crisis? It’s propping up the prices of the bonds issued by fossil fuel corporations and Big Tobacco – two serial polluters of the air we breathe. The Fed decided to release its first list of individual corporate bond purchases in its Secondary Market Corporate Credit Facility today – on Sunday – when folks are out taking a walk with face masks in an effort to avoid dangerous particles in the air. The same Fed … Continue reading
Fed’s Stress Tests Results Based on GDP Decline of 8.5 Percent; Atlanta Fed’s GDPNow Forecast Says GDP Will Decline by 46.6 Percent
![Jerome Powell, Chairman of the Federal Reserve](https://wallstreetonparade.com/wp-content/uploads/2019/11/Jerome-Powell-Thumbnail-143x150.jpg)
By Pam Martens and Russ Martens: June 26, 2020 ~ Yesterday the Federal Reserve released its highly awaited stress tests on the biggest and most dangerous banks in America. The stress test results fill an 83-page document with dozens of charts showing what would happen to the banks under a hypothetical “severely adverse scenario.” This scenario, unfortunately, was previously prepared and pales in comparison to the actual economic damage rendered by the COVID-19 pandemic. For example, the severely adverse scenario for this year’s stress tests imagined the U.S. unemployment rate climbing to a peak of 10 percent in the third quarter of 2021. The unemployment rate is currently 13.3 percent. But far more frightening, the Fed’s severely adverse scenario for GDP imagined a decline of “8½ percent from its pre-recession peak, reaching a trough in the third quarter of 2021.” As of yesterday, June 25, the Atlanta Fed’s GDPNow estimate … Continue reading
Democrats Drill Down at Hearing on When and How Clayton Got the Nod from President Trump for Federal Prosecutor Role
![Jay Clayton](https://wallstreetonparade.com/wp-content/uploads/2020/06/Jay-Clayton-Thumbnail-150x150.jpg)
By Pam Martens and Russ Martens: June 25, 2020 ~ The Investor Protection, Entrepreneurship, and Capital Markets Subcommittee of the House Financial Services Committee convened a hearing today on capital markets with the Chair of the Securities and Exchange Commission, Jay Clayton. The hearing had been scheduled prior to last Friday evening’s abrupt and controversial sacking of the U.S. Attorney for the Southern District of New York, Geoffrey Berman, by Attorney General William Barr and President Donald Trump. A statement released by Barr on Friday night stated that the President would be nominating Clayton to fill the post. Clayton has no prior experience as a prosecutor and would be taking over one of the most important federal prosecutor’s offices in the country. That office currently has ongoing investigations of Deutsche Bank, the President’s longstanding business lender; the President’s lawyer, Rudy Giuliani, and his associates; and potentially Wall Street cases being … Continue reading
Bloomberg Drops a Bombshell on the Fed’s Big Bank Stress Tests Set for Release Today
![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: June 25, 2020 ~ The Federal Reserve will release the results of its stress tests on the biggest and most dangerous banks at 4:30 p.m. today. But the potential results of those tests played a negative role in the stock market’s performance yesterday. The Dow’s drop of 710 points yesterday can be ascribed to two things: the alarming news reports that COVID-19 cases are skyrocketing in the second and third most populous states in the U.S. – Texas and Florida; and a bombshell report from Bloomberg News released at 7:00 a.m. yesterday morning. The Bloomberg article, by Lisa Lee and Shahien Nasiripour, cast the Federal Reserve in an unfavorable light over its failure to halt dividend payments at the biggest Wall Street banks, something that European bank regulators have done during the pandemic crisis. Eight of the largest U.S. banks announced in unison on Sunday, … Continue reading
Why Did Jay Clayton Want the Job as Federal Prosecutor for Wall Street? House Subcommittee Will Get First Shot at Asking Him Tomorrow.
![SEC Chair Jay Clayton](https://wallstreetonparade.com/wp-content/uploads/2019/09/SEC-Chair-Jay-Clayton-Testifying-at-House-Financial-Services-Committee-Hearing-September-24-2019-iii.jpg)
By Pam Martens and Russ Martens: June 24, 2020 ~ There has been surprisingly little attention paid to the fact that members of a House hearing scheduled for tomorrow will get the first shot at asking SEC Chair Jay Clayton the question that is on everyone’s minds: why he didn’t want to return to his highly compensated job at the Wall Street law firm of Sullivan & Cromwell (where he had previously spent more than two decades of his life) but wanted instead to become the U.S. Attorney (federal prosecutor) for the Southern District of New York – a job for which he lacked one scintilla of prosecutorial experience. In fact, Clayton wanted that job so badly that he was willing to have U.S. Attorney General William Barr oust the sitting U.S. Attorney in that district, Geoffrey Berman, late last Friday night in order to open the slot for Clayton. … Continue reading
U.S. Attorney Geoffrey Berman’s Ouster: The Untold Story
![Geoffrey Berman, U.S. Attorney for the Southern District of New York](https://wallstreetonparade.com/wp-content/uploads/2020/06/Geoffrey-Berman-U.S.-Attorney-for-the-Southern-District-of-New-York-ii.jpg)
By Pam Martens and Russ Martens: June 23, 2020 ~ There’s something unsettling about the top law enforcement officer in the United States telling a brazen lie to the American people late on a Friday night when most folks have called it quits for the week on the news. Shortly after 9 p.m. last Friday evening, the U.S. Attorney General, William Barr, released a statement indicating that the top federal prosecutor for the Southern District of New York, Geoffrey Berman, was “stepping down.” In his place, Barr said this: “I am pleased to announce that President Trump intends to nominate Jay Clayton, currently the Chairman of the Securities and Exchange Commission, to serve as the next United States Attorney for the Southern District of New York.” Two hours later, Geoffrey Berman released his own statement indicating that William Barr had just told a brazen lie to the American people. Berman’s statement … Continue reading
$340 Billion of the $454 Billion that Mnuchin Was to Turn Over to the Fed is Unaccounted For
![U.S. Treasury Secretary Steve Mnuchin](https://wallstreetonparade.com/wp-content/uploads/2019/12/U.S.-Treasury-Secretary-Steve-Mnuchin-150x150.jpg)
By Pam Martens and Russ Martens: June 22, 2020 ~ President Donald Trump has been sacking federal watchdogs at the speed of a bullet train. In just a six-week period in April and May, the President fired five Inspectors General of federal agencies. In last Friday night’s coup d’état, Attorney General William Barr, acting as consigliere for the President, ousted the U.S. Attorney for the Southern District of New York, the federal prosecutor that oversees prosecutions of Wall Street banks in that district. The privately owned Federal Reserve Bank of New York, which is in charge of the bulk of the Fed’s bailout programs, also resides in that district. Barr and the President want to put a man with zero experience as a prosecutor in charge of that office, Jay Clayton, who currently heads the Securities and Exchange Commission which has only civil enforcement powers. Clayton represented 8 of the … Continue reading
As Goldman Sachs and JPMorgan Face Criminal Probes, Barr Fires Top Prosecutor; Tries to Replace Him with Banks’ Former Lawyer, Jay Clayton
![Geoffrey Berman, U.S. Attorney for the Southern District of New York](https://wallstreetonparade.com/wp-content/uploads/2020/06/Geoffrey-Berman-U.S.-Attorney-for-the-Southern-District-of-New-York-ii.jpg)
By Pam Martens and Russ Martens: June 20, 2020 ~ Shortly after 9 p.m. last evening, the U.S. Attorney General, William Barr, stunned prosecutors in the Southern District of New York with the announcement that their boss, Geoffrey Berman, was stepping down as U.S. Attorney in that District and would be replaced with the sitting Chairman of the Securities and Exchange Commission, Jay Clayton, who lacks even a shred of criminal prosecution experience. What Clayton does have is a lot of experience representing Wall Street’s largest banks, like Goldman Sachs and JPMorgan Chase, both of whom are currently under intense criminal investigations by the Justice Department. Clayton was a former partner at Wall Street’s go-to law firm, Sullivan & Cromwell, which is currently representing Goldman in the criminal case and representing JPMorgan in various matters. The breaking news last night went downhill from there. Several hours after Barr’s announcement, Berman … Continue reading