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Recent Posts
- 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”
- Gold Has Set Historic Highs this Year as the Federal Reserve Has Reported Historic Losses
- Stanford Finance Professor Anat Admati Is Making Jamie Dimon Very Nervous – Again Calling His Bank “Dangerous”
- Jamie Dimon Dumped $150 Million of His JPMorgan Stock in February; Now He Says His Regulators Want 25 Percent More Capital at his Bank
- The Black Swan Rears Its Head: The Fed Has Negative Capital Using GAAP Accounting
- New York Fed Will Not Confirm or Deny that 5-Count Felon JPMorgan Chase Is Custodian of $2.4 Trillion of Its Securities
Search Results for: is the new york fed too conflicted
Senate Sets Hearing on Crony Consultants Handed $2 Billion for Unreliable Foreclosure Reviews
By Pam Martens: April 5, 2013 Last evening, the U.S. Senate’s Subcommittee on Financial Institutions and Consumer Protection, part of the Senate Banking Committee, announced the details of its much anticipated hearing slated for next Thursday, April 11, to peel away the multi layers of darkness surrounding the government’s hastily scrapped plan for in-depth, “independent” reviews of bank foreclosure files that were to make victims of foreclosure abuse whole. The Senate Subcommittee, which includes Elizabeth Warren, Sherrod Brown, and Jeff Merkley – who have sufficiently removed their rose-colored glasses regarding continuing Wall Street corruption to function as useful investigators – will focus on the role of the outside consultants that were hired and paid directly by banks to conduct what were promised to be unbiased reviews. The hearing is titled Outsourcing Accountability? Examining the Role of Independent Consultants and is slated for 10 a.m. to 12:00 p.m. in the Dirksen Senate Office … Continue reading
Wall Street’s Junk Yields; Washington’s Junk Confirmation Hearings
By Pam Martens: March 14, 2013 When Wall Street wants to sell junk bonds to the public – those corporate bonds trading below an investment grade rating – a BBB rating by Standard and Poor’s or Baa by Moody’s – it simply puts lipstick on a pig by renaming the bond fund a “High Yield” fund. Since February, Senator Chuck Schumer (D-NY) has been providing the same service to the U.S. Senate with his slobbering introductions of the nominees to head the U.S. Treasury and Securities and Exchange Commission without noting any of the high risks to installing these deeply conflicted individuals. Schumer’s most recent spectacle came this past Tuesday when he grinned and fawned through his introduction of Mary Jo White at her confirmation hearing before the Senate Banking Committee. Schumer felt it was relevant for the U.S. public to know that the future watchdog to oversee one of … Continue reading
Senator Sherrod Brown Drops a Bombshell in Mary Jo White’s Hearing
By Pam Martens: March 13, 2013 Americans learned for the first time on March 6 of this year that the highest law enforcement agent in our country, Attorney General Eric Holder, weighs economic interests when deciding whether to enforce our Nation’s laws against criminal wrongdoers like the too-big-to-fail banks. The spectacle of warped law enforcement grew worse today during the Senate Banking confirmation hearing of Mary Jo White to head the Securities and Exchange Commission. Under questioning by Senator Sherrod Brown (D-Ohio), White admitted that even the economy of a foreign country – like Japan – is taken into consideration before bringing a criminal indictment in the U.S. Even worse, White was forced to admit that while working for the U.S. Department of Justice as the U.S. Attorney for the Southern District of New York (from 1993 to 2002), she considered it appropriate to speak with Larry Summers (a Treasury Secretary … Continue reading
Personal Finance
Pam Martens, the Editor of Wall Street On Parade, managed the life savings of average Americans for 21 years on Wall Street. Her personal finance columns seek to help the public better understand the jargon, complexities, and conflicts of Wall Street. The information that appears on this site cannot, and does not, take into account your particular investment goals, your unique financial situation or income needs and is not intended to be recommendations appropriate for you. When it comes to making your own investment decisions, you should always consult in advance with your financial advisor and accountant. At times, Wall Street On Parade links to news or opinion on other sites which we believe to be in the public interest. These web sites may also contain investment advice or investment advertising. We are not endorsing or recommending any investment information that may appear on the site. There’s a Retirement Planning … Continue reading
Occupy Wall Street Gets Help From Inside Goldman Sachs
By Pam Martens: March 19, 2012 In the last decade, Wall Street has evolved from predator to organized crime with a speed dial to Washington. Instead of Washington reforming Wall Street, it has seduced and corrupted Washington. It didn’t have to come to this. Since at least 1989, incredibly talented, hardworking men and women have been leaving high paying positions at major Wall Street institutions and alerting the public in meticulously crafted, first-hand narratives released by venerable publishing houses that Wall Street wants to rip off its clients’ faces. On Wednesday, March 14, Greg Smith – following in the proud lineage of Micheal Lewis, Frank Partnoy and Nomi Prins – simply bypassed the tedious route of galleys and nit-picking editors and went straight to the OpEd page of the New York Times with his resignation letter to Goldman Sachs, decrying the firm for abusing its clients. “It makes me ill … Continue reading
Muppet Masters of the Universe
By Pam Martens: March 19, 2012 The muppets are in revolt against their masters. No, I don’t mean customers of Wall Street’s big firms. I’m speaking of corporate media muppets. Greg Smith lit a match and now there are smoldering embers dangerously burning at Bloomberg Views and Forbes. Smith is the 33-year old derivatives executive at Goldman, Sachs & Co. who published his blistering resignation letter on the OpEd page of the New York Times. According to Smith, managing directors at Goldman call their clients muppets and openly speak about “ripping their clients off.” Smith said the environment at the firm is “as toxic and destructive as I have ever seen it.” The OpEd was published on Wednesday, March 14, and went viral on the internet. Next came a mesmerizing look at the underbelly of crony capitalism. The Mayor of the city that sent its police in the dead of … Continue reading
Wall Street’s Collapse and the Ownership Society
By Pam Martens: December 31, 2008 On February 24, 2005, I clicked on the evening news to see President Bush finishing his European tour in Slovakia, surrounded by children waving little American flags. It had the feel of a Macy’s holiday window designed by Karl Rove. I recalled a recent news item about Slovakia. Just two months prior to the President’s visit, Slovakia initiated a plan to divert nine per cent of workers’ wages into private investment accounts laden with corporate stocks and bonds as an alternative to a government run social security program. This was similar to a plan that President Bush had peddled under the banner of the “ownership society.” Fortunately, this was one of the rare occasions when the President was rebuked by Congress. Today in the U.S., with both corporate bonds and stocks suffering massive losses and over $2 trillion of taxpayers’ dollars doled out by … Continue reading
Madoff’s Money Trail Leads to Washington
By Pam Martens: December 22, 2008 The forces of the universe sent us a corruption triple play the week of December 8th. Just in case there were any slumbering souls still doubting the multi headed monster we need to slay to avoid becoming Rome, those benevolent forces assaulted our senses with a politician, a lawyer, and a Wall Street icon in a three-day sweep of unimaginable crime. Unimaginable, at least, to those of us bereft of adequate imaginations to keep up with the criminals. The trifecta began on Monday, December 8, with Marc Dreier charged by Federal prosecutors in Manhattan with selling bogus promissory notes to steal what currently adds up to over $380 million. Mr. Dreier, a graduate of Harvard Law and Yale College, is the owner and founder of Dreier LLP, a prominent law firm employing over 250 lawyers. On Tuesday, December 9, the Feds arrested Democratic Governor … Continue reading
Occupiers — Put Back the Glass-Steagall Wall
By Pam Martens In the Fall of 2009, it was all about the wall: financial bigwigs like former Federal Reserve Chair Paul Volcker, former Citigroup co-CEO John Reed, Governor of the Bank of England, Mervyn King, all espoused reestablishing the legal barrier between the derivatives casino that masquerades today as Wall Street and commercial banks holding insured deposits. It made good sense: the wall goes up in 1933, America becomes the premier financial center for 66 years. The wall comes down in 1999 under the Gramm- Leach- Bliley Act (also known as the Financial Services Modernization Act of 1999) and the financial system collapses exactly 9 years later with the precise characteristics of the massive Wall Street swindles that occurred in the late 1920s when there was also no wall. But thanks to powerful Wall Street lobbyists and industry trade groups, the wall went missing in the final Wall Street reform legislation … Continue reading
