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Recent Posts
- Jamie Dimon’s Washington Post OpEd Gets Pummeled at Yahoo Finance
- In the Span of 72 Hours, Four People Tied to a Hewlett-Packard Criminal Case Died in Two Separate Events
- Crypto Took Down Another Federally-Insured Bank and Just Handed Its CEO a 24-Year Prison Sentence
- All the Devils from 2008 Are Back at the Megabanks: Leverage, Off-Balance-Sheet Debt, Over $192 Trillion in Derivatives, Shaky Capital Levels
- New Study Says the Fed Is Captured by Congress and White House — Not the Megabanks that Own the Fed Banks and Get Trillions in Bailouts
- Data from the Fed’s Emergency Funding Program Shows Spring 2023 Banking Crisis Was Far Deeper than Americans Were Told
- These FDIC-Insured Banks Have Lost 69 to 40 Percent of their Market Value Year-to-Date
- Exposure at Hedge Funds Has Skyrocketed to Over $28 Trillion; Goldman Sachs, Morgan Stanley and JPMorgan Are at Risk
- We Charted the Plunge and Rebound in the Nikkei Versus Nomura and Citigroup; the Correlation Is Frightening
- Former U.S. Labor Secretary Says Billionaires Have No Right to Exist Because their Wealth Comes from Five Illegal or Bad Practices
- Citigroup Is Having a Helluva Summer: A Protest on Thursday Will Turn Up the Heat
- 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
Search Results for: rap sheet
Jamie Dimon Goes Missing from Earnings Call, After Dumping $183 Million of His JPMorgan Chase Stock Earlier this Year
By Pam Martens and Russ Martens: July 17, 2024 ~ We can’t remember a time when the Chairman and CEO of the largest, most complex and scandal-ridden bank in the United States, Jamie Dimon of JPMorgan Chase, was too busy to squeeze in an appearance at the company’s heavily-scrutinized quarterly earnings call with analysts. That happened last Friday. When something happens for the first time at a bank that has racked up five felony counts, has been doled out non-prosecution and deferred-prosecution agreements by the U.S. Department of Justice in a steady drumbeat since 2014, and spent most of last year in the headlines for a decade of sluicing tens of thousands of dollars per month in hard cash to the international sex trafficker of children, Jeffrey Epstein, it pays to sit up and pay attention. Reuters’ reporter John Foley also found it “unusual” that Dimon had missed the earnings call … Continue reading
The Fed Posts Historic Operating Losses As It Pays Out 5.40 Percent Interest to Banks
By Pam Martens and Russ Martens: June 26, 2024 ~ According to Federal Reserve data, for the first time in its history, the Fed has been losing money on a consistent monthly basis since September 28, 2022. As of the last reporting date of June 19, 2024, those losses add up to a cumulative $176 billion. As the chart above using Fed data shows, the losses thus far in 2024 have ranged from a monthly high of $11.076 billion in February to a low of $5.674 billion in May. These losses are separate and distinct from the unrealized losses the Fed is experiencing on the debt securities it holds on its balance sheet. It does not mark those losses to market since it intends to hold the securities to maturity and their principal is guaranteed at maturity by the U.S. government. The losses shown in the above chart are actual cash … Continue reading
Citigroup Gets Fined $79 Million Two Years After It Caused a $300 Billion Flash Crash in European Stock Markets
By Pam Martens and Russ Martens: May 22, 2024 ~ Two U.K. regulators, the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), announced this morning that they have leveled fines totaling $78.5 million against Citigroup’s European trading arm, Citigroup Global Markets Ltd. (CGML). See here and here. The fines relate to a $300 billion flash crash in European stock markets on May 2, 2022. Citigroup is the parent of the fourth largest federally-insured bank in the United States, Citibank. During the 2008 financial crisis, Citigroup imploded and became a 99-cent stock because of its high-risk market activities. It received over $2.5 trillion in bailouts and cumulative loans – the largest bailouts in global banking history. The U.K. regulators have today put the blame for that May 2, 2022 flash crash on a trader on Citigroup Global Markets’ Delta One trading desk, who, according to the regulators’ scenario, entered a … Continue reading
After Weeks of Howling by MAGA Republicans for the Chair of the FDIC “to Resign,” a Democrat Delivers the Decisive Stab in the Back
By Pam Martens and Russ Martens: May 21, 2024 ~ Yesterday, at 10:08 a.m., Senator Sherrod Brown, a Democrat from Ohio and the Chair of the Senate Banking Committee, sent out a shocking emailed statement to the press indicating that Brown was “calling on the President to immediately nominate a new Chair who can lead the FDIC at this challenging time and for the Senate to act on that nomination without delay.” By 6:27 p.m. the Associated Press was reporting that Martin Gruenberg would step down as Chair of the FDIC and President Joe Biden would announce his nomination to replace him “soon.” The Brown statement was a gut punch to every engaged American and journalist who actually understands what’s at stake here. It was not only a back stab to Gruenberg, it was a back stab to Brown’s highly-respected colleague on the Senate Banking Committee, Senator Elizabeth Warren, who has … Continue reading
Wall Street’s Judge Shopping Continues: It’s Trying to Stop the FTC’s Ban on Worker Handcuffs Known as Non-Compete Agreements
By Pam Martens and Russ Martens: April 25, 2024 ~ Sullivan & Cromwell, the go-to law firm for Wall Street in the past, has become a case study in how not to manage one’s corporate reputation. (See Wall Street’s Go-To Law Firm, Sullivan & Cromwell, Got in Bed with Crypto; Now Its Reputation Is Being Hammered.) Apparently, having previously represented FTX fraudster, Sam Bankman-Fried, and then grabbing FTX’s bankruptcy proceeding and billing $180 million, is not enough shame for Sullivan & Cromwell to heap on its reputation. It is now listed as the Big Law firm that filed a federal lawsuit yesterday on behalf of the corporate front groups, the U.S. Chamber of Commerce, the Business Roundtable, and others, to stop the Federal Trade Commission’s (FTC’s) new rule banning non-compete agreements for most workers. (An 8-attorney law firm in Texas, Potter Minton, is also listed on the filing for the plaintiffs.) Sullivan … Continue reading
Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon
By Pam Martens and Russ Martens: April 22, 2024 ~ The Washington Post Editorial Board appears to have sipped the same kool aid as Bloomberg News. As we’ve frequently reported in the past, Bloomberg News has spent the better part of the last decade attempting to brainwash the public into believing that the head of JPMorgan Chase, Jamie Dimon, is a respected statesman of Wall Street. (See here, here, and here.) In reality, JPMorgan Chase has admitted to an unprecedented five criminal felony counts with Dimon at the helm and paid fines in the tens of billions of dollars for an additional crime wave that rivals an organized crime family. Billionaire Michael Bloomberg, the former Mayor of New York, is the majority owner of Bloomberg LP, the owner of Bloomberg News. In 2016, Michael Bloomberg even co-authored an opinion piece with Dimon. The same year, the New York Post reported that JPMorgan Chase was … Continue reading
Wall Street Mega Banks Have Created a Circular Firing Squad with Credit Derivatives and Capital Relief Trades – with the Fed’s Blessing
By Pam Martens and Russ Martens: March 6, 2024 ~ On June 11, 2015, the Office of Financial Research (OFR) released a sobering report on how banks were reducing their requirements to hold adequate capital against potential losses by engaging in non-transparent “capital relief trades” with potentially questionable counterparties. The OFR researchers summarized the problem as follows: “Capital relief transactions may have benefits to banks. But, even if real risk transfer is involved, these transactions can pose financial stability concerns by increasing interconnectedness, transforming credit risk into counterparty risk, and obscuring capital adequacy to investors and counterparties. And while bank supervisors have extensive data about banks, they may have less information about the nonbanks who are selling credit risk to those banks and ultimately bearing the risk of loss.” The Office of Financial Research was created under the Dodd-Frank financial reform legislation of 2010 to make sure that Wall Street mega banks … Continue reading
New York Community Bancorp Was JPMorgan’s Top Regional Bank Pick for 2024; It’s Lost 73 Percent Y-T-D and Had Its Deposit Rating Downgraded to Junk
By Pam Martens and Russ Martens: March 5, 2024 ~ New York Community Bancorp’s tumultuous share price descent began on January 31 when the bank filed an 8K form with the SEC indicating a $260 million net income loss in the fourth quarter; a dividend cut from 17 cents to 5 cents; and a $552 million provision for credit losses on commercial real estate. (Year-to-date, the company’s share price has lost 73 percent of its market value. Yesterday, its shares closed at $2.73, down 23 percent from the prior trading session on Friday, when the shares had lost 26 percent. ) Somehow, JPMorgan banking analyst Steven Alexopoulos was able to swat the gargantuan warning signs of January 31 away like a pesky gnat on an otherwise perfect day. On February 1, Alexopoulos penned a missive recommending that investors “take advantage of this valuation and accumulate shares on this weakness.” To drive home his … Continue reading
Watchdog, Better Markets, Investigates the Bank that Has Lost 65 Percent of Its Market Value in Two Months and Was Downgraded to Junk by Moody’s
By Pam Martens and Russ Martens: March 4, 2024 ~ The widely respected banking and Wall Street watchdog, Better Markets, has a new report out on the latest teetering bank holding company, New York Community Bancorp (ticker NYCB). The title of the well-researched report pretty much says it all: “A Frankenstein Monster Federal Regulators Created.” NYCB has lost 65 percent of its stock market value year-to-date and was downgraded to a junk credit rating by Moody’s after the stock market closed on February 6. Moody’s wrote in its downgrade that a third of the bank’s deposits lack FDIC insurance. NYCB’s rapid share price descent began on January 31 when the bank filed an 8K form with the SEC indicating a $260 million net income loss in the fourth quarter; a dividend cut from 17 cents to 5 cents; and a $552 million provision for credit losses on commercial real estate – an area of … Continue reading
Bank Fraud Enters a New Era: Bank-to-Bank Wire Transfers Loot Customers
By Pam Martens and Russ Martens: February 2, 2024 ~ Yesterday, the U.S. Senate Banking Committee held a hearing under the title: “Examining Scams and Fraud in the Banking System and Their Impact on Consumers.” Let that title sink in for a moment – “Scams and Fraud,” “Banking System.” That’s the federally-insured banking system of the United States of America in which millions of Americans have entrusted their life savings because they believe it to be the safest place to put their money. Indeed, federally-insured banks had been the safest place to put money since 1933, when the Glass-Steagall Act was signed into law, until the repeal of the Act by the Wall Street friendly Bill Clinton administration in 1999. Thanks to that egregious repeal of critical consumer protection legislation, the following has happened: Trading casinos on Wall Street have been allowed to merge with federally-insured banks with a porous wall of … Continue reading