
By Pam Martens and Russ Martens: October 15, 2019 ~ The mega banks on Wall Street report earnings this week led off by JPMorgan Chase, Goldman Sachs, Citigroup and Wells Fargo this morning. Among the items of interest in JPMorgan Chase’s written presentation was that it spent $6.7 billion in this past third quarter buying up its own stock and thus boosting its stock price artificially beyond outside investor demand. The third quarter buybacks of its stock came on top of spending $5 billion in the second quarter and $4.7 billion in the first quarter, bringing its net repurchases of its own stock just so far this year to a whopping $16.4 billion — money that could have otherwise gone to loans to small businesses to kickstart innovation and job growth in America. This Thursday, the House Financial Services’ Subcommittee on Investor Protection, Entrepreneurship and Capital Markets will hold a … Continue reading