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Recent Posts
- Nikkei Has Biggest Drop in History: Here’s What’s Causing the Global Market Selloff
- 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
Search Results for: JPMorgan
Bank Stress Test Results at 4:30 Today: Will the Fed Whistle Past the Graveyard?
By Pam Martens and Russ Martens: March 11, 2015 Results of the first leg of this year’s Federal Reserve stress tests, which measured capital adequacy of 31 of the most systemically important banks under a hypothetical market crash and deep recession, were released on March 5. Every institution passed that phase of the tests. At 4:30 p.m. today, the Federal Reserve will release its findings on the second leg of the tests: risk management capability, corporate governance and internal controls. Wall Street calls this element the “culture” test. For those who have been reading our columns since 2008, when the culture of Wall Street brought about the greatest U.S. economic collapse since the Great Depression of the 1930s, you might be thinking that the Fed’s concern over the culture on Wall Street is a day late and $14 trillion short. (The $14 trillion figure is the amount of secret loans … Continue reading
Two Prominent Judges Take Bizarre Action in Occupy Wall Street Case
By Pam Martens: March 5, 2015 The Partnership for Civil Justice Fund (PCJF) has a slogan: “The constitution won’t defend itself.” Today, the dedicated attorneys that battle for the little guy at PCJF must be thinking – “the constitution won’t be defended by flip-flopping judges either.” PCJF finds itself in a uniquely bizarre situation. Two prominent judges with brain-trust status on the Second Circuit Court of Appeals, which is based in Manhattan, have overturned their own decision that they handed down just six months ago. That’s strange enough but what really has tongues wagging in legal circles is that they reversed themselves with no party asking them for a rehearing. The case had been accepted for an en banc (full court) hearing at the Second Circuit when the two suddenly reversed themselves. The case involves Occupy Wall Street – the largest protest movement against Wall Street bankers’ pillaging of the … Continue reading
Warren: Citigroup, Morgan Stanley, Merrill Lynch Received $6 Trillion Backdoor Bailout from Fed
By Pam Martens and Russ Martens: March 4, 2015 Yesterday, the Senate Banking Committee held the first of its hearings on widespread demands to reform the Federal Reserve to make it more transparent and accountable. Senator Elizabeth Warren put her finger on the pulse of the growing public outrage over how the Federal Reserve conducts much of its operations in secret and appears to frequently succumb to the desires of Wall Street to the detriment of the public interest. Warren addressed the secret loans that the Fed made to Wall Street during the financial crisis as follows: “During the financial crisis, Congress bailed out the big banks with hundreds of billions of dollars in taxpayer money; and that’s a lot of money. But the biggest money for the biggest banks was never voted on by Congress. Instead, between 2007 and 2009, the Fed provided over $13 trillion in emergency lending … Continue reading
Companies Are Stampeding to Buy Back Their Own Stock: Just Like Before the 2008 Crash
By Pam Martens and Russ Martens: March 3, 2015 On December 20, 2007, Bear Stearns held a conference call with analysts to review its fourth quarter earnings. During the call, the company revealed that “For the full fiscal year, the company repurchased 12 million shares of common stock at an aggregate cost of $1.7 billion.” Less than three months later, the company collapsed. On June 13, 2008, Michael Rapoport of Dow Jones Newswires wrote that Lehman Brothers had reported “in its most recent quarterly report in April that it had repurchased about $765 million worth of its stock during its fiscal first quarter, at an average price of $59.05 a share. That includes some shares tendered by employees as payment when exercising stock options.” Three months after Rapoport wrote those words, Lehman collapsed into bankruptcy, its shares effectively worthless. Then there was Merrill Lynch, the century old iconic retail brokerage … Continue reading
Suspicions About the Federal Reserve Spill Out in House Hearing
By Pam Martens and Russ Martens: March 2, 2015 Fed Chairman Janet Yellen fielded questions last Wednesday before a combative House Financial Services Committee. Tempers flared, fingers stabbed the air, arms waved wildly as House reps expressed pent up frustrations with how the Federal Reserve is handling the economy. At times, Yellen answered curtly and at one point rolled her eyes at questioning from Congressman Scott Garrett (R-NJ) who insinuated that Yellen had politicized her office by meeting so frequently with President Obama and Treasury Secretary Jack Lew. The anger and frustration were evident from both sides of the aisle. Congressman Michael Capuano, (D-MA), was incensed that the largest, most dangerous Wall Street banks are still being allowed to fail their living wills. Capuano read a portion of a statement from FDIC Vice Chair, Thomas Hoenig, which stated that these living wills “provide no credible or clear path through bankruptcy … Continue reading
Reforming the Fed: Who’s Right; Who’s Wrong?
By Pam Martens and Russ Martens: February 26, 2015 The Republicans are making good on their campaign pledge to turn up the heat on the Federal Reserve. Sparks flew in the House Financial Services Committee hearing room yesterday as Fed Chair Janet Yellen appeared to present her semi-annual testimony. At times, the exchanges between Yellen and Republican members of the Committee were sharp and tense. In his opening statement to the Committee, Jeb Hensarling (R-Tx), who chairs the Committee, blamed the “anemic” recovery on Obamacare, Dodd-Frank and regulatory costs. He went on to say that “Then there’s the doubt, uncertainty and regulatory burden that grows as more and more unbridled, discretionary authority is given to unaccountable government agencies. Although monetary policy cannot remedy this, it can help.” Republicans are locked in some kind of mind warp where the remedy for every problem is to deregulate. Despite six years of books, … Continue reading
What Dodd-Frank Didn’t Fix: The Worst Conflicts on Wall Street
By Pam Martens and Russ Martens: February 25, 2015 Two major stories have broken this week showing how little has actually changed under the much heralded financial reform legislation known as Dodd-Frank. That legislation was enacted in 2010 with the promise of ending the unchecked corruption, conflicts of interest and casino capitalism that crashed the U.S. financial system in 2008, leading to the largest taxpayer bailout in the nation’s history. Yesterday, in a front page article, the New York Times used data to back up the withering conflicts of interests of SEC Chair Mary Jo White – the same conflicts that Wall Street On Parade reported two years ago. (See related articles below.) The Times reported that because Mary Jo White had worked for a major Wall Street powerhouse law firm immediately preceding her term at the SEC, representing major Wall Street firms like JPMorgan Chase, she had recused herself … Continue reading
Interconnected Banks Pose Greatest Threat to U.S. Financial System
By Pam Martens and Russ Martens: February 17, 2015 Last Thursday, the Office of Financial Research (OFR), part of the Federal boondoggle created under the Dodd-Frank financial reform legislation in 2010 to foster the illusion that the government was reining in risk on Wall Street, released a new study showing almost unfathomable levels of systemic and interconnected risk among the too-big-to-fail banks that cratered the U.S. financial system in 2008 and has left our economy still struggling to right itself. Authored by Meraj Allahrakha, Paul Glasserman, and H. Peyton Young, the report reconfirms to Americans that nothing significant has been accomplished in the last six years to prevent casino capitalism on Wall Street from crashing our financial system and the U.S. economy again. The report found that five U.S. banks had high contagion index values — Citigroup, JPMorgan, Morgan Stanley, Bank of America, and Goldman Sachs. The authors write: “…the … Continue reading
Is the Wall Street Journal Part of the Culture Problem on Wall Street?
By Pam Martens: February 3, 2015 Yesterday, Emily Glazer and Christina Rexrode penned an article for the Wall Street Journal on the regulatory focus that is coming to bear on the culture in the biggest Wall Street banks. (We’d link to the story did it not have a paywall blocking the contents.) Wall Street Journal Editor in Chief Gerard Baker gave the article a plug in his column yesterday with a jab – not at the banks but at the regulators: “The banking sector, already under fierce regulatory scrutiny since the financial crisis that has resulted in tens of billions of dollars in fines, faces a new and apparently even more arbitrary intervention from the regulators. Our story looks at how the issue of ‘culture’ is taking on added urgency as U.S. banks await feedback expected around March from the Fed’s annual ‘stress tests,’ which are supposed to ensure that … Continue reading
Shocks Hit Stock, Currency and Commodity Markets
By Pam Martens and Russ Martens: January 19, 2015 U.S. stock and bond markets are closed today in honor of Martin Luther King, Jr. but market turbulence continues around the world. Last night the Shanghai Composite stock market index plunged 7.7 percent after the China Securities Regulatory Commission announced a crackdown on the margin lending operations of the country’s three largest brokerage firms. The firms were given a three-month ban on opening new margin accounts. According to the regulator, the brokerages had been failing to reassess risk before extending margin loans beyond a six-month term. The China upheaval comes on the heels of a plunge in industrial commodity prices over the past six months with crude oil falling almost 60 percent in that period. Then there was last Thursday’s shock and awe from the Switzerland central bank’s decision to remove the 1.2 cap on the Swiss Franc’s peg to the … Continue reading