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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
The Banking Crisis Has Produced Extraordinary Testimony about Land Mines Lurking in the U.S. Banking System
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: May 18, 2023 ~ On Wednesday, March 8 of this year, the holding company for the federally-insured Silvergate Bank announced it was winding down the bank. It had little choice but to do so. It was experiencing a bank run and had incinerated its reputation by focusing on deposits from crypto companies, including those majority-owned by indicted crypto kingpin, Sam Bankman-Fried. According to testimony from the Chairman of the Federal Deposit Insurance Corporation (FDIC), Martin Gruenberg, before the Senate Banking Committee on March 28, “in the fourth quarter of 2022, Silvergate Bank experienced an outflow of deposits from digital asset customers that, combined with the FTX deposits, resulted in a 68 percent loss in deposits – from $11.9 billion in deposits to $3.8 billion.” Silvergate Bank’s primary regulator was the San Francisco Fed. Two days later, on Friday, March 10, Silicon Valley Bank was put … Continue reading
Ahead of First Republic Bank’s Earnings Report Today, Moody’s Paints a Bleak Outlook
![Michael Roffler, CEO, First Republic Bank](https://wallstreetonparade.com/wp-content/uploads/2023/04/Michael-J.-Roffler-125x150.jpg)
By Pam Martens and Russ Martens: April 24, 2023 All of those pundits who have written over the past two weeks that the banking crisis is over, have failed to persuade the big credit ratings agency, Moody’s. Last Friday, Moody’s downgraded the credit ratings of 11 banks and put another five banks on negative watch – all in one day. And, for good measure, it downgraded the entire U.S. banking system from “Very Strong –” to “Strong +.” While not mentioning the Federal Reserve directly, the Moody’s downgrade of the U.S. banking system seemed to point directly at the Fed’s unrelenting interest rate hikes. Moody’s wrote: “Moody’s has lowered the macro profile of the US banking system to ‘Strong +’ from ‘Very Strong –.’ The change in funding conditions reflects rising asset liability management challenges at US banks. Specifically, the banking system faces rising funding and profitability pressures related to the … Continue reading
Add 4,281 Hedge Fund Clients to What Makes JPMorgan Chase the Riskiest Mega Bank in the U.S.
![Jamie Dimon Sits in Front of Trading Monitor in his Office (Source -- 60 Minutes Interview, November 10, 2019)](https://wallstreetonparade.com/wp-content/uploads/2019/11/Jamie-Dimon-Sits-in-Front-of-Trading-Monitor-in-his-Office-Source-60-Minutes-Interview-November-10-2019-iii-150x127.jpg)
By Pam Martens and Russ Martens: January 30, 2023 ~ According to a Yale School of Management study, in 2013 JPMorgan Chase had 1,339 hedge fund clients. As of July of last year, that number had soared to 4,281 according to the annual Convergence Inc. study. While Goldman Sachs and Morgan Stanley topped the total number of hedge fund clients (with 5,150 and 4,964, respectively) JPMorgan Chase ranked number one in terms of hedge fund Assets Under Advisement (AUA). (See Convergence Inc. study linked above.) There’s a big problem here that federal bank regulators are choosing to ignore at the peril of the U.S. financial system. JPMorgan Chase, unlike Goldman Sachs and Morgan Stanley, is the largest federally insured, taxpayer backstopped, depository bank in the United States with more than $2.47 trillion in deposits as of June 30, 2022. Unfortunately, as a result of the repeal of the Glass-Steagall Act in … Continue reading
Senate Banking Chair Threatens a Subpoena If Sam Bankman-Fried Doesn’t Show for Next Wednesday’s Hearing; Says SBF “Orchestrated a Coverup”
![Senator Sherrod Brown](https://wallstreetonparade.com/wp-content/uploads/2021/01/Sherrod-Brown-i-1.jpg)
By Pam Martens and Russ Martens: December 8, 2022 ~ The past 48 hours has brought major developments in the battle lines being drawn in the crypto wars. Let’s start with the unusual letter that Senator Sherrod Brown (D-OH) sent yesterday to Sam Bankman-Fried, the ousted CEO of the collapsed and scandalized crypto exchange, FTX, via his new lawyer, Mark S. Cohen. Typically, if you want a witness to testify at a Senate Banking Committee hearing, one doesn’t tell his attorney in writing that you know the witness is guilty of law-breaking activities. (But then, again, most people credibly alleged to have done what Sam Bankman-Fried has done would by now be warming a cot in a cold prison cell.) Brown advises in the letter that “There are still significant unanswered questions about how client funds were misappropriated, how clients were blocked from withdrawing their own money, and how you orchestrated … Continue reading
With Crypto Bank, SoFi, the Fed Is Setting the Stage for the Same Disastrous Decision It Made with Citigroup in 1999
![Arthur Wilmarth, Jr. (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2022/11/Arthur-Wilmarth-Jr.-Thumbnail-125x150.jpg)
By Pam Martens and Russ Martens: November 29, 2022 ~ If there is one person in America who comprehensively understands the threats to the U.S. banking system, it is Arthur E. Wilmarth, Jr., author of the 2020 seminal book, Taming the Megabanks: Why We Need a New Glass-Steagall Act. Wilmarth is Professor Emeritus of Law at George Washington University Law School and has published more than 40 law review articles and book chapters in the fields of financial regulation and American constitutional history. Wilmarth had this to say about the way the Fed allowed a crypto outfit, SoFi, to scoop up a federally-insured bank in February of this year: “The San Francisco Fed relied on the same five-year transitional exemption in the BHC Act [Bank Holding Company Act] to allow SoFi to acquire Golden Pacific Bancorp and its national bank subsidiary despite SoFi’s nonconforming crypto trading activities. I find it astonishing and … Continue reading
Sheila Bair, Former Chair of the FDIC, Is Now an “Organizer/Director” of a Cayman Islands Crypto Company that Got a U.S. National Bank Charter Last Year
![](https://wallstreetonparade.com/wp-content/uploads/2022/11/Sheila-Bair-Thumbnail.jpg)
By Pam Martens and Russ Martens: November 28, 2022 ~ On November 17, Sheila Bair, the former Chair of the Federal Deposit Insurance Corporation (FDIC) during the financial crisis of 2008, went on CNBC to lament the lack of controls leading to the collapse of the crypto currency exchange, FTX. During the interview, Bair used the phrase “nobody looking behind the curtain.” But Bair, herself, is listed as an “Organizer/Director” of a crypto-related company called Paxos, where nobody can genuinely look behind the curtain because its parent, Kabompo Holdings Ltd., is based in the offshore secrecy jurisdiction of the Cayman Islands. According to the bare bones filings Kabompo has made with the Securities and Exchange Commission each time it has raised money from private investors, it has used an address that is a Post Office Box at Ugland House in Grand Caymen. According to a previous report from the Government Accountability … Continue reading
FTX, Second Largest Crypto Exchange, Halts Withdrawals as Bankruptcy Nears and Justice Department Circles
![Sam Bankman-Fried](https://wallstreetonparade.com/wp-content/uploads/2022/07/Sam-Bankman-Fried-150x150.jpg)
By Pam Martens and Russ Martens: November 10, 2022 ~ FTX, the second largest crypto exchange, is teetering near bankruptcy this morning; has shuttered withdrawals of money and crypto by its customers; and is dealing with investigations by the Securities and Exchange Commission, the Commodity Futures Trading Commission and the U.S. Department of Justice. At least one of those investigations is focusing on the potential misuse of customer funds between FTX and Alameda Research, a trading firm created by FTX founder and CEO, Sam Bankman-Fried. The Wall Street Journal reports that FTX has a “shortfall of up to $8 billion.” A deal by the largest crypto exchange, Binance, to buy out FTX as it faltered, was scrapped yesterday after due diligence lawyers for Binance didn’t like what they saw. As recently as January, FTX had a valuation of $32 billion. Its sophisticated investors include Sequoia Capital, BlackRock, Tiger Global Management, SoftBank, … Continue reading
JPMorgan Chase Quietly Settles Whistleblower Case Involving Charges of Keeping Two Sets of Books and Improper Payments to Tony Blair
![Jamie Dimon, Chairman and CEO of JPMorgan Chase](https://wallstreetonparade.com/wp-content/uploads/2019/07/Jamie-Dimon-Film-Grain-100pix.jpg)
By Pam Martens and Russ Martens: October 26, 2022 ~ It was a lawsuit that should have made front page headlines in every major newspaper in America and on the evening television news. Instead, as we predicted, it was quietly settled on Monday, just 10 business days before a trial was scheduled to begin. The dollar amount of the settlement was not disclosed. Yesterday, Wall Street’s paper of record, the Wall Street Journal, devoted a mere 299 words to the settlement and the details of the case. The lawsuit was filed in the federal district court for the Southern District of New York – a court system where mega Wall Street banks have a long history of evading justice. The plaintiff in the case is Shaquala Williams, an attorney and financial crimes compliance professional with more than a decade of experience at multiple global banks. The defendant is JPMorgan Chase – … Continue reading
Shhh! Don’t Tell the Fed or Mainstream Media that Systemic Contagion at Wall Street Banks Is Already Here
![Fed on Inflation](https://wallstreetonparade.com/wp-content/uploads/2022/02/Fed-on-Inflation.jpg)
By Pam Martens and Russ Martens: October 10, 2022 ~ At Fed Chairman Jerome Powell’s last press conference on September 21 he said that there is “good reason to think that this will continue to be a reasonably strong economy.” Unfortunately, the U.S. can’t have a strong economy without strong banks willing and able to lend. And there are serious storm fronts in that area that the Fed Chair and mainstream media are choosing to ignore. Last week multiple news outlets raised the question as to whether the troubles at Credit Suisse signaled another “Lehman moment.” (See here, here, and here, for example.) A “Lehman moment” refers to the former 158-year old Wall Street investment bank, Lehman Brothers, collapsing into bankruptcy on September 15, 2008 during a widening financial crisis on Wall Street. Because Lehman was the only major Wall Street firm that the Fed allowed to collapse into bankruptcy (rather … Continue reading
Astonishing Charts from New York Fed Show the Dire Straits of U.S. Consumers During the 2008 Crash and Its Aftermath — Versus Today
![Piggy Bank Thumbnail](https://wallstreetonparade.com/wp-content/uploads/2018/06/Piggy-Bank-Thumbnail-150x114.jpg)
By Pam Martens and Russ Martens: August 11, 2022 ~ At his July 27 press conference, Fed Chair Jerome Powell said this: “Households are generally in about as strong a financial shape as they’ve been in a very long time – or perhaps ever given the money that’s on people’s balance sheets. So you have a pretty – from a financial stability standpoint – you have a pretty decent picture.” That statement captures a rear view mirror look at U.S. households. The picture is deteriorating rapidly. More on that in a moment, but first a look at some hair-raising charts that capture the dire straits of U.S. households during the 2008-2010 financial crisis versus today. The New York Fed released its Household Debt and Credit Report for the second quarter of 2022 last week. It showed total household debt rising by $312 billion in the second quarter to reach an historic high … Continue reading