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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
Carmen Segarra: Secretly Tape Recorded Goldman and New York Fed
By Pam Martens and Russ Martens: September 26, 2014 Jake Bernstein has a financial blockbuster up today at ProPublica on the secret tape recordings made inside the New York Fed and Goldman Sachs by bank examiner turned whistleblower, Carmen Segarra, who was fired by the New York Fed after she refused to change her examination findings on Goldman Sachs. Segarra is one gutsy bank examiner and lawyer: according to the article, she went to the Spy Store, bought a tiny microphone, and proceeded to tape record two of the most powerful financial institutions in the world — 46 hours worth of tapes. Read our past coverage of the Carmen Segarra story and the deeply conflicted New York Fed at these links: Blowing the Whistle on the New York Fed and Goldman Sachs The Carmen Segarra Case: Welcome to New York, Wall Street and McJustice A Mangled Case of Justice on Wall Street … Continue reading
Goldilocks Economy? What Are They Smoking at the Wall Street Journal?
By Pam Martens and Russ Martens: September 25, 2014 Imagine historians 25 years from now looking back on one of the worst economic periods since the Great Depression and finding that the Wall Street Journal was calling this a “Goldilocks Economy” – “not too hot, not too cold.” (They can’t actually bring themselves to say “just right” to stay on script with the fairy tale.) On September 7, 2014 the Wall Street Journal went with this headline: “The Upside of August’s Jobs Report: A Goldilocks Economy.” The next day, in a blog post, this appeared: “Stocks rallied Friday following the disappointing jobs report as those hoping for a Goldilocks economy (not too hot, not too cold) cheered.” During the Great Depression, headline writers were admonished not to use the phrase “Great Depression” but to go with the more benign “hard times.” The theory behind the use of the phrase “Goldilocks … Continue reading
Eric Holder Says Justice Department Has Moles on Wall Street
By Pam Martens and Russ Martens: September 23, 2014 In addition to hundreds of Federal bank examiners permanently stationed at Wall Street’s biggest banks by the Federal Reserve and Office of the Comptroller of the Currency in an effort to eradicate a serial crime spree, an unknown number of Justice Department moles are now roaming about the mahogany corridors of power, chatting up potential criminals around the water cooler and hoping to make it out alive before being detected. Avoiding detection as a mole becomes so much more challenging when the highest law enforcement officer in the land, U.S. Attorney General Eric Holder, comes to New York to address Wall Street’s lawyers and tells them, flat out, that he’s got moles stationed inside his Wall Street targets. (There were likely 100,000 text messages flying about Wall Street before Holder got to the next paragraph of his speech.) The revelation by … Continue reading
Did Senator Orrin Hatch Just Censor Testimony on the Retirement Crisis?
By Pam Martens and Russ Martens: September 18, 2014 Senator Orrin Hatch, Republican from Utah, is not the Chairman of the Senate Finance Committee. That post is held by Democrat Ron Wyden – whose party currently holds the majority of seats in the Senate. But this Tuesday, in a hearing that he was not even chairing, Senator Hatch appeared to be attempting to censor the speech of the witnesses before they testified by admonishing them not to use a list of specific words and phrases. The hearing was convened to take testimony on the retirement crisis facing millions of Americans because of the disappearance of corporate funded pensions and the inability of most Americans to build up a sufficient nest egg on their own because of stagnant wages and 401(k) fees imposed by Wall Street eating up their savings. Hatch, with a stern face, told the panelists: “What I hope … Continue reading
Jamie Dimon Gets a Personal Call from the Prez; Seniors Get Garnished
By Pam Martens and Russ Martens: September 12, 2014 Sometimes we have to pinch ourselves to make sure we are not sleepwalking in a Dickensian dream. Earlier this week we heard Senator Elizabeth Warren tell a Senate Banking session how JPMorgan’s CEO, Jamie Dimon, got a $8.5 million raise after craftily negotiating away all of the bank’s crimes with the payment of billions in shareholders’ money. (Two of those crimes, by the way, were felony counts for aiding and abetting Bernie Madoff in his Ponzi scheme – also craftily settled under a deferred prosecution agreement with the Justice Department, which effectively puts the bank on probation for two years.) Last night, the Wall Street Journal informed the public that, apparently, none of this criminal activity at JPMorgan has dulled President Obama’s fondness for its CEO Jamie Dimon, who has recently been undergoing treatments for throat cancer. The Journal reported: “During … Continue reading
New York Fed’s Answer to Cartels Rigging Markets – Form Another Cartel
By Pam Martens and Russ Martens: August 20, 2014 According to the Oxford Dictionary, the word cartel can mean either businesses that seek to restrict competition or a coalition “intended to promote a mutual interest.” Under at least the second definition, the Federal Reserve Bank of New York, a key regulator of the biggest Wall Street banks’ holding companies, has been sponsoring (yes, sponsoring) a cartel for decades. To grasp the sheer insanity of what the New York Fed is doing, imagine going to the Securities and Exchange Commission’s web site (another Wall Street regulator) and finding that it has loaned out its web site and its imprimatur to multiple Wall Street cartels writing their own rules of conduct. It sounds Orwellian doesn’t it. And yet this is the web site address for the New York Fed-sponsored Foreign Exchange Committee: http://www.newyorkfed.org/fxc/ which has been operating for the past 36 years … Continue reading
Senator Elizabeth Warren Versus Paul Krugman on Too Big to Fail
By Pam Martens and Russ Martens: August 19, 2014 Two weeks ago, Paul Krugman used some expensive media real estate to write a propaganda piece on the unsupportable proposition that the Dodd-Frank financial reform legislation passed in 2010 is “a success story” and that its bank wind-down program known as Ordinary Liquidation Authority has put an end to “bailing out the bankers.” Wall Street On Parade took Krugman to task over this fanciful ode to accomplishments by the President the day after his piece ran in the New York Times’ opinion pages and suggested he do proper research on this subject before opining in the future. That was the morning of August 5. By late in the afternoon of August 5, Krugman had a reality smack-down on his Dodd-Frank success fairy tale by two Federal regulators. Every major media outlet was running with the news that eleven of the biggest … Continue reading
36,000 Madoff Victims Have Not Received a Dime in Restitution; 1,129 Fully Reimbursed
By Pam Martens: August 18, 2014 On May 5, 2014, Irving Picard, the court-appointed trustee in charge of finding and distributing Madoff’s swindled funds to investors released this statement in a press release announcing the fourth interim distribution of funds to victims: “…1,129 accounts will be fully satisfied following the fourth interim distribution. All allowed claims totaling $925,000 or less will be fully satisfied after the distribution.” Just eight days later, Richard Breeden, the Special Master that’s working on behalf of the U.S. Department of Justice to distribute a separate pool of funds to Madoff’s victims reported that more than 36,000 claimants have filed documents with his office indicating that they haven’t yet received a dime of restitution. Yes, 36,000 people from all over the globe. That’s bad enough but the story goes downhill from there. Almost six years from the date that Bernard Madoff turned himself in as the … Continue reading
Dodd-Frank Versus Glass-Steagall: How Do They Compare?
By Pam Martens and Russ Martens: August 7, 2014 The U.S. Senate has been holding hearings since June which show a clear rethinking on what type of legislation it must enact going forward to achieve meaningful reforms of Wall Street and protect the economy from its excesses. The 849-page Dodd-Frank financial reform legislation, enacted four years ago in 2010, mandated 398 new rules; just 208 of those rules, or 52 percent, have been enacted and none of them seem to be reining in excesses on Wall Street. To understand why Dodd-Frank has been such a failure in reforming Wall Street conduct, one need only read the following sentence and think about it for a moment: Public Law 73-66, 73d Congress, H.R. 5661: An Act to provide for the safer and more effective use of the assets of banks, to regulate interbank control, to prevent the undue diversion of funds into … Continue reading
Wall Street’s Regulators are Denying FOIAs and Fostering More Public Distrust
By Pam Martens and Russ Martens: August 6, 2014 Getting what should already be public domain information from Wall Street’s regulators using the public records law known as the Freedom of Information Act (FOIA) has become next to impossible; and it’s fueling contempt for the Obama administration. Yesterday, a new NBC/Wall Street Journal poll found that a majority of Americans, 54 percent, now believe the President is unable to “lead the country and get the job done.” That poll follows another one from NBC and the Wall Street Journal that was released on September 13 of last year which found that only 14 percent of Americans held a favorable view of Wall Street. Another Gallup poll released in May found that stock ownership among U.S. adults is at a 16-year low, reflecting a growing distrust of a level playing field on Wall Street after bestselling author of “Flash Boys,” Michael … Continue reading