Search Results for: Jamie Dimon

By Pam Martens and Russ Martens: March 21, 2023 ~ Jamie Dimon is the Chairman and CEO of JPMorgan Chase, the largest bank in the U.S., which is also ranked the riskiest global bank by its regulators. But instead of getting his own house in order in the midst of a banking crisis, Dimon has been peculiarly focused elsewhere. Over the past five days, Jamie Dimon’s legions of publicists have been burning up the phone lines with reporters, pushing the narrative that Jamie Dimon is some kind of financial wizard who needs to have a seat at the table to save the regional bank, First Republic Bank. (Scroll down here to see the exhaustive public relations effort that has gone into this narrative.) Last Thursday, news hit the wire services that Dimon had lined up 11 banks willing to place $30 billion in uninsured deposits into First Republic Bank. JPMorgan Chase, … Continue reading →

By Pam Martens and Russ Martens: March 14, 2023 ~ Last Wednesday, federally-insured Silvergate Bank announced that it was closing shop and liquidating. Its parent’s stock price (Silvergate Capital, ticker SI) had lost over 90 percent of its value over the prior year; it was under a Justice Department investigation for how it moved money for crypto-kingpin Sam Bankman-Fried’s house of frauds; and its depositors were fleeing. Oh – and by the way – its primary regulator was the Federal Reserve Bank of San Francisco. Last Friday, California state regulators closed Silicon Valley Bank and the Federal Deposit Insurance Corporation (FDIC) became the receiver. Its stock price had lost over 80 percent of its market value over the prior year; $150 billion of its $175 billion in deposits were uninsured, either because they exceeded the $250,000 FDIC cap and/or they were foreign deposits. The bank was effectively operating as a Wall … Continue reading →

By Pam Martens and Russ Martens: February 16, 2023 ~ If yesterday had been National Creepy Crooks Day, JPMorgan Chase would have taken top honors. Bloomberg News reported on the creepy emails that former JPMorgan Chase executive Jes Staley was sending back and forth from his email account at the bank to child sex trafficker Jeffrey Epstein, as the bank was only too happy to handle 55 accounts worth hundreds of millions of dollars for Epstein. One set of emails suggested Staley was having kinky or sexual relationships with individuals dressed up as Disney characters. (Leave it to JPMorgan to take down not only its own brand but taint Disney’s brand as well.) Anyone who has ever worked at a major Wall Street brokerage firm or investment bank knows full well that emails are monitored by the company. This suggests that Staley knew he had nothing to fear from the bank’s … Continue reading →

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 →

By Pam Martens and Russ Martens: January 25, 2023 ~ Yesterday, the federal watchdog agency – the Consumer Financial Protection Bureau (CFPB) – announced that it wants to hear directly from the public on credit card practices. But since “the public” also includes all of the folks that are paid to carry water for the credit card industry, the voice of the average Joe and Jane is highly likely to be overwhelmed by industry sycophants, as is typically the case. Thus, we are asking our readers to give this matter some careful thought, as we outline below, and if you are so inclined, send your comments to the good folks at the CFPB using this link they have set up. The public has until April 24, 2023 to submit comments but we ask that you do so promptly. Topic 1: The Same Banks that Were Bailed Out by the U.S. Taxpayers in … Continue reading →

By Pam Martens and Russ Martens: January 9, 2023 ~ Making headlines around the world last week was the news that the Attorney General of the U.S. Virgin Islands, Denise George, was fired just days after she filed a federal lawsuit against JPMorgan Chase, charging it with facilitating the sex trafficking of children by Jeffrey Epstein. George was fired by the Governor of the Virgin Islands, Albert Bryan Jr. Unfortunately, those headlines and the mainstream news articles that accompanied them, fail to capture the worst parts of this story, which includes the following: the 30-page lawsuit filed by Attorney General George on December 27 in the Federal District Court for the Southern District of New York includes a “Sealed Document Placed in Vault” according to the Docket Sheet in the case; after the paragraph headlined as “JP Morgan Ignored Obvious Red Flags Relating to Epstein’s Accounts,” large segments of the lawsuit … Continue reading →

By Pam Martens and Russ Martens: December 7, 2022 ~ If you’re the Chairman and CEO of a trucking company or air conditioner installer or a computer manufacturer (or thousands of other companies that don’t handle cash and have access to personal and financial data on millions of Americans) announcing to the world that 10 percent of your company’s new hires last year had criminal backgrounds might make you look like a social justice advocate. If you’re Jamie Dimon, Chairman and CEO of the largest bank in the U.S. with 5,023 bank branches across the country taking in cash each day that represents the life savings of moms and pops and pension funds, announcing that 10 percent of last year’s new hires had criminal backgrounds is not exactly a confidence builder – especially since Dimon’s bank has been charged by the U.S. Department of Justice with an unprecedented five criminal felony … Continue reading →

By Pam Martens and Russ Martens: November 30, 2022 ~ You can’t make this stuff up. After promoting the false story that there were weapons of mass destruction in Iraq and pushing the U.S. into a deadly and costly war through its reporter, Judith Miller; and using its editorial board to shill for the repeal of the Glass-Steagall Act to advance the greedy Wall Street ambitions of Citigroup kingpin Sandy Weill, which ended up taking down the U.S. economy in 2008; the New York Times now appears determined to rehabilitate the reputation of the disgraced Sam Bankman-Fried, Co-Founder and recently ousted CEO of the bankrupt crypto exchange, FTX.  Bankman-Fried is being investigated on multiple continents, including North America, for stealing customer assets and looting his private investors. He has been compared, in headlines around the globe, to Bernie Madoff and his Ponzi scheme. Reuters reported that Bankman-Fried had moved as much as … Continue reading →

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 →

By Pam Martens and Russ Martens: October 17, 2022 ~ It was one year ago that Wall Street On Parade raised a multitude of red flags about Raphael Bostic, the President of the Atlanta Fed. We have published the entirety of that article below so that our readers can see just how long it took both Bostic and the Atlanta Fed to come clean with the American people about his trading on Wall Street. On Friday, Bostic released a seven-page statement in which he owned up to the following: failing to list a multitude of trades that were conducted on his behalf by trading firms on Wall Street over a period of five years; failing to properly report income on his assets on his financial disclosure forms; trading during blackout periods when trading was barred by the Federal Reserve; providing inaccurate values on his financial disclosure forms. The upshot was that … Continue reading →