-
Recent Posts
- JPMorgan Is Tapping Illiquid Assets in its Global Collateral Program; the New York Fed Is Paying for Its Services
- Bank Regulators Issue Warnings on Fintech and Banking as Disasters Pile Up
- Donald Trump Gives a Speech on Not Letting China Win the Crypto Race – Not Realizing China Banned Crypto Mining and Transactions Four Years Ago
- The New York Fed Has Contracted Out Key Functions to JPMorgan Chase; We Filed a FOIA and Got These Strange Invoices
- 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
Search Results for: JPMorgan
‘Confidential’ Memo in the Hedge Fund Battle for Freddie and Fannie Comes Out of Hiding
By Pam Martens and Russ Martens: May 25, 2016 There’s a lurking memo among government documents concerning the government takeover of Fannie Mae and Freddie Mac during the 2008 financial collapse on Wall Street that undermines the raging media propaganda wars now taking place. But first some necessary background. Similar to Judith Miller’s shilling for the Iraq war in the pages of the New York Times, which spread like an uncontrolled virus to other media, hedge funds that hope to reap billions of dollars in windfall profits in the preferred and common stock of Fannie Mae and Freddie Mac, which has continued to trade despite the government takeover, have set up a Machiavellian plot to get high-priced media real estate on board their scheme. Mainstream media as well as alternative media (that should know better) have taken the bait — hook, line and sinker. Two writers at the Wall Street … Continue reading
The U.S. Government Is Quietly Paying Billions to Wall Street Banks
By Pam Martens and Russ Martens: May 20, 2016 Wall Street On Parade has learned, by piecing together the SEC filings of Freddie Mac and Fannie Mae and previous Federal Reserve studies, that these two companies that have been in U.S. government conservatorship since the 2008 financial crisis, continue to pay out billions of dollars to the biggest Wall Street banks on their derivatives contracts. This raises multiple red flags, not the least of which is how much does the U.S. public really understand about the 2008 financial crisis and what appears to be a continuing taxpayer bailout. It is well known at this point that AIG had to be bailed out because it owed over $90 billion on its derivative and security loan contracts to Wall Street and foreign banks. Now, it’s looking like Fannie Mae and Freddie Mac were also Wall Street’s derivatives patsies – or “dumb tourists” … Continue reading
Jamie Dimon and Mike Bloomberg, Two New York Billionaires, Think They Know What Poor Kids Need
By Pam Martens and Russ Martens: May 17, 2016 Yesterday we read two articles: one made our blood boil, the other broke our hearts. Let’s start with the first. Bloomberg News seems to be on a roll with Jamie Dimon, Chairman and CEO of JPMorgan Chase. First it put him on the cover of its relaunched Bloomberg Markets magazine and then followed up with a Bloomberg TV promotion for the article, suggesting that Jamie Dimon is all about the customer – a concept so divergent from the facts on the ground that we devoted a column to it in March. Neither the article nor the TV promotion mentioned the fact that under Dimon’s leadership, the bank was been charged with three criminal felony counts between 2014 and 2015 for decidedly non-customer friendly behavior while simultaneously rewarding Dimon with obscene pay. Yesterday, former New York City Mayor Mike Bloomberg, whose net … Continue reading
The Trump Effect: Jamie Dimon Calls Fellow Banker a “Jerk”; Facebook Death Threats Against Obama
By Pam Martens and Russ Martens: May 13, 2016 Donald Trump’s brash, unfiltered mouth, which he is leveraging to stay in the media spotlight 24/7, may be taking root in broader society. On Wednesday, Jamie Dimon, the Chairman and CEO of the largest bank in the U.S., with buttoned-down, old money clients, called a fellow banker a “jerk” during an on-air conversation at CNBC. Dimon’s school boy rhetoric was directed at Camden Fine, President and CEO of the Independent Community Bankers Association, who has accused Dimon of attempting to “link the interests of megabanks to community banks in order to mitigate the political heat” that is on the Wall Street behemoths. After Dimon’s “jerk” insult on CNBC, Fine said in a statement to CNBC that Dimon’s remarks “reflect Wall Street’s inability to take responsibility for the economic crisis it caused and the taxpayer-funded guarantee against failure it continues to enjoy.” … Continue reading
New York Fed President Is Worrying About the Next Crash; He Should Be
By Pam Martens and Russ Martens: May 10, 2016 On May 1, William Dudley, the President of the New York Fed delivered a speech to the Atlanta Fed’s 2016 Financial Markets Conference. Dudley, who was previously hauled before Congress to examine his Wall Street cronyism, spent two-thirds of his talk meandering around the academic nuances of liquidity in a stressed market and then zeroed in for the kill. Dudley wants to extend the powers of the Federal Reserve as the lender of last resort beyond just banks to (wait for it) include broker-dealer stock trading operations. Under that scenario, Bernie Madoff’s market-making operation (that was also a fraud according to the Madoff Trustee Irving Picard) might have been borrowing from the Fed during the crisis of 2008. Maybe Madoff could have even borrowed enough from the Fed to still be operating. Dudley’s exact words from the speech posted at the … Continue reading
Report: 2008 Bank Bailouts Are Still Alive
By Pam Martens and Russ Martens: May 9, 2016 The U.S. is now in its eighth year since the Wall Street bank collapse of 2008 and most members of the general public believe the bailouts are long finished. That’s a fallacy. Last Friday, the Government Accountability Office (GAO) released a report showing that there are 16 banks still involved in the original bailout program – one of which, First Bancorp, owes the government $124.97 million or 49 percent of the funds owed by the other 15 banks combined. First Bancorp continues to trade on the New York Stock Exchange under the stock symbol, FBP. The common stock of First Bancorp has declined from over $150 a share in 2009 to close last Friday at $3.72. According to the company’s 10K filed with the Securities and Exchange Commission for year-end December 31, 2015, the U.S. government still owned 4.8 percent of … Continue reading
Federal Reserve Tries Wizardry to Cure Derivatives Problem
By Pam Martens and Russ Martens: May 4, 2016 Yesterday, the Federal Reserve held a public board meeting to propose two new Byzantine rules to prevent another 2008-style financial contagion on Wall Street and potential crash of the U.S. economy. Unfortunately, the details brought images of the curtain scene from the Wizard of Oz. If you looked beyond the copious verbiage, there didn’t seem to be much there, there. Both plans appeared to target concerns over derivatives. Coincidentally, Freddie Mac, already a ward of the government as a result of the 2008 crash and a derivatives counterparty to some of Wall Street’s largest banks, reported yesterday that it had lost $4.56 billion in its derivatives portfolio in just the first three months of this year. Derivative losses were an early precursor to the 2008 crash. The first proposal mapped out by the Fed is called the Net Stable Funding Ratio … Continue reading
Is the Wall Street Cartel Regrouping? Regulator Fires Warning Shot
By Pam Martens and Russ Martens: April 28, 2016 Remember the chat rooms dubbed “The Cartel” and “The Bandits Club” that contributed to felony counts against the mega Wall Street banks last May for rigging the foreign currency markets? How about that classic from the Barclays chat room trader: “if you aint cheating, you aint trying.” Well, apparently, one or more banks are causing concerns in this area again. Yesterday, the regulator of national banks, the Office of the Comptroller of the Currency, sent out a severe warning to its flock that there could be a five year jail sentence waiting in the wings for anyone attempting to use technology to block its mandated access to bank records. The letter was authored by Bethany Dugan, Deputy Comptroller for Operational Risk. The statement read in part: “The OCC has become aware of communications technology recently made available to banks that could prevent … Continue reading
Why the Vampire Squid Wants Small Depositors’ Money in 1 Frightening Chart
By Pam Martens and Russ Martens: April 27, 2016 Back in 2010, with the public still numb from the epic financial crash and still in the dark about the trillions of dollars of secret loans the Federal Reserve had pumped into the Wall Street mega banks to resuscitate their sinking carcasses, Matt Taibbi penned his classic profile of Goldman Sachs at Rolling Stone, with this, now legendary, summation: “The world’s most powerful investment bank is a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” Historically, what smells like money to Goldman Sachs has been eight-figure money and higher. As recently as 2013, the New York Times reported that Goldman had a $10 million minimum to manage private wealth and was kicking out its own employees’ brokerage accounts if they were less than $1 million. Now, all of a … Continue reading
U.S. Government Is Now a Major Counterparty to Wall Street Derivatives
By Pam Martens and Russ Martens: April 21, 2016 According to a study released by the Federal Reserve Bank of New York in March of last year, U.S. taxpayers have already injected $187.5 billion into Fannie Mae and Freddie Mac, two companies that prior to the 2008 financial crash traded on the New York Stock Exchange, had shareholders and their own Board of Directors while also receiving an implicit taxpayer guarantee on their debt. The U.S. government put the pair into conservatorship on September 6, 2008. The public has been led to believe that the $187.5 billion bailout of the pair was the full extent of the taxpayers’ tab. But in an astonishing acknowledgement on February 25 of this year, the Government Accountability Office, the nonpartisan investigative arm of Congress, issued an audit report of the U.S. government’s finances, revealing that the government’s “remaining contractual commitment to the GSEs, if … Continue reading