9/11 Launched the First of the Unaccountable Bailouts by the Fed to Wall Street

New York Stock Exchange Floor

By Pam Martens and Russ Martens: September 13, 2021 ~ Most Americans believe that the unprecedented Fed bailouts of Wall Street didn’t begin until December of 2007, on the cusp of Wall Street’s financial collapse in 2008. That’s wrong. The Fed’s first massive bailout of Wall Street started on 9/11. By the closing bell on September 10, 2001, the day before the attacks, the Nasdaq stock market was already in the midst of a full-scale implosion, having lost 66 percent of its market value and wiping out $4 trillion of wealth. The Wall Street mega banks were in the cross-hairs at the time of then New York State Attorney General Eliot Spitzer for bringing to market Initial Public Offerings of companies that the banks’ own research analysts were internally calling “crap” and “dogs” while the same banks issued buy recommendations on the “dogs” to the unknowing public. One internal email from … Continue reading

The Federal Investigation of 9/11 Ignored Recorded, Eyewitness Accounts of Firefighters Who Heard Explosions Just Before the Towers Collapsed

By Pam Martens and Russ Martens: September 10, 2021 ~ On September 11, 2001 we were living in the quaint town of Garden City, Long Island, New York. The town was a 46-minute ride to Manhattan on the Long Island Rail Road. That easy proximity to the Big Apple meant that many folks in the town worked for financial firms, including those located in the World Trade Center Towers. It also meant that Garden City was among the suburban towns that suffered significant loss of life on 9/11: 23 of our residents never came home on the Long Island Rail Road that day – or any day thereafter. Almost every person in Garden City knew someone who had died: a son, a wife, a husband, a parent, a neighbor, a colleague, or a fellow church member. Our heretofore cheerful town that clipped happy faces in the shrubs in the village square … Continue reading

Closely Watched Atlanta Fed’s GDP Forecast Cuts U.S. Growth by 41 Percent

By Pam Martens and Russ Martens: September 9, 2021 ~ The highly respected and closely watched Atlanta Fed’s GDPNow forecast for the third quarter has been slashed by 41 percent since August 2 – from 6.3 percent GDP growth to a tepid 3.7 percent projected GDP growth on September 2. The next update to its forecast will occur tomorrow after the Producer Price Index (PPI) is released at 10 a.m. (The GDPNow update typically occurs within a few hours of a new data release.) The Atlanta Fed’s GDPNow model is the seasonally adjusted annual rate. It comes with the following caveat: “GDPNow is not an official forecast of the Atlanta Fed. Rather, it is best viewed as a running estimate of real GDP growth based on available economic data for the current measured quarter. There are no subjective adjustments made to GDPNow – the estimate is based solely on the mathematical results … Continue reading

Natalie Edwards Was Imprisoned this Month by the U.S. for Blowing the Whistle on Wall Street Banks’ Laundering of Dirty Money

By Pam Martens and Russ Martens: September 8, 2021 ~ Natalie Mayflower Sours Edwards received her Ph.D. in 2007 from Virginia Commonwealth University. Her dissertation was titled: “Core Competences Required to Lead an Executive Level at the Department of Homeland Security.” On Friday morning, September 3, Edwards began serving a six-month sentence, to be followed by three years of supervised release, in the Federal Prison Camp known simply as “Alderson” in Alderson, West Virginia. There is currently a notice on the prison camp’s website that reads: “All visiting at this facility has been suspended until further notice.” This means that a woman who set out to help her country ferret out criminal money laundering now finds herself unable to even visit with her husband or her 16-year old daughter. Edwards is the heroic former Treasury official who tried in vain to get her superiors in the federal government to act on … Continue reading

Jamie Dimon’s Bank Has Been Moving Fast and Breaking Things – Like Money Laundering Laws. Now It’s Got Its Own Digital Coin and Bespoke Blockchain

By Pam Martens and Russ Martens: September 7, 2021 ~ JPMorgan Chase has created its own digital coin called JPM Coin. The bank announced last October that the JPM Coin was being used commercially for the first time by “a large technology client to send payments around the world,” according to reporting at CNBC. According to JPMorgan’s website, the JPM Coin currently represents just U.S. dollars but the bank anticipates that it “will be extended to other major currencies, subject to market demand.” According to the trademark application for JPM Coin that was filed with the U.S. Patent and Trademark Office, the JPM Coin is defined as follows: “Downloadable and recorded software for use in connection with transferring, managing and processing cryptocurrency, digital currency, virtual currency, and digital tokens based on blockchain technology.” JPM Coin runs on the Quorum blockchain, a network the bank developed as a private version of the … Continue reading

New York Times Misled the Public About Drownings During Hurricane Sandy. Now 11 More Have Died in New York City by Drowning in their Homes.

Flash Flood Emergency Tweeted by National Weather Service for NYC Area

By Pam Martens and Russ Martens: September 3, 2021 ~ Under the headline New York City’s Katrina Moment: Death Toll From Drowning Rises, on November 1, 2012 Wall Street On Parade reported the following about deaths in New York City from Hurricane Sandy: “Despite what the paper of record would have you believe, Hurricane Sandy was not about killer trees. Hurricane Sandy, like Hurricane Katrina, was about killer water. “The New York Times put it this way on Tuesday, before the death toll had climbed even higher: ‘There were 22 deaths reported in New York City, where the toll was heaviest, and 5 more fatalities elsewhere in the state. Most of all, it was the trees. Uprooted or cracked by the furious winds, they became weapons that flattened cars, houses and pedestrians.’ “Here’s the way those last two sentences should have read: ‘Most of all, it was the wall of water. … Continue reading

Congressman from Goldman Sachs to Examine the Fed’s Emergency Lending Powers in a Crisis

Congressman Jim Himes (D-CT)

By Pam Martens and Russ Martens: September 2, 2021 ~ Jim Himes, a Democrat from Connecticut, chairs the House Financial Services Committee’s Subcommittee on National Security, International Development and Monetary Policy. That Subcommittee has just announced a hearing slated for September 23 at 10:00 a.m. titled: “Lending in a Crisis: Reviewing the Federal Reserve’s Emergency Lending Powers During the Pandemic and Examining Proposals to Address Future Economic Crises.” The list of witnesses for this hearing has not yet been announced. There’s good reason for every American to be nervous about the real agenda of this hearing. For starters, Jim Himes is a 12-year veteran of Goldman Sachs. Second, he lives in Greenwich, Connecticut – the tony enclave of hedge fund billionaires. In addition, six of his top 10 donors over his career in Congress are the mega banks on Wall Street. (See chart below.) There is also the fact that Himes … Continue reading

Quietly, JPMorgan Chase Has Been Battling Another Felony Charge – This Time for Tax Fraud in France. Its Defense Is Its “Human Rights” Have Been Violated.

Thierry Marembert, an Attorney for JPMorgan Chase in Wendel Tax Fraud Case

By Pam Martens and Russ Martens: September 1, 2021 ~ JPMorgan Chase is the bank that gambled with the bank deposits of moms and pops across America in 2012 by trading exotic derivatives in London and losing $6.2 billion in the process. It’s also the bank that admitted to two felony counts in 2014 for its role in facilitating Bernie Madoff ripping off the life savings of thousands of more moms and pops across America. Its rap sheet of ripping off the little guy reads like that of an entrenched crime family. But when the bank was indicted in France on April 16, 2015 for being complicit in tax fraud, it had the temerity to appeal the charges on the basis that its “human rights” had been violated, along with various codes of criminal procedure. Its argument boiled down to this: it hadn’t been advised that it had the right to … Continue reading

The U.S. Has 6.3 Times More COVID-19 Cases Per 100,000 than Canada. What Went Wrong?

By Pam Martens and Russ Martens: August 30, 2021 ~ As of this past Friday, August 27, the U.S. had 330 COVID-19 infections per 100,000 over the last 7 days, according to the Reuters COVID-19 tracker. Canada had 6.3 times fewer cases, reporting only 52 per 100,000 over the past 7 days. The U.S. stood at 62 percent of its prior peak of cases on Friday while Canada stood at 32 percent of its prior peak. The U.S. and Canada confirmed their first cases of the virus within a week of each other in January of 2020. Both countries began vaccinating their population at roughly the same time, in December of 2020. The majority of shots in both countries came from the Pfizer-BioNTech and Moderna vaccines, which require two doses to be considered fully vaccinated. But the U.S. fell dramatically behind Canada in the early days of testing for the virus. … Continue reading

248 Chinese Companies with Off-Limit Audits and a Market Cap of Over $2.1 Trillion Are Listed on U.S. Exchanges – Now Congress Demands Action from the SEC

Shanghai Bull vs Wall Street Bull

By Pam Martens and Russ Martens: August 27, 2021 ~ For the past 19 years, China has been stonewalling U.S. regulators over access to the work papers of auditors of publicly traded companies that are based in China but listed on U.S. stock exchanges. China takes the position that these audit work papers hold state secrets and it prohibits audit firms from releasing the documents directly to U.S. regulators, effectively gutting U.S. law. Finally, last December, Congress addressed the long brewing problem. Both houses of Congress unanimously passed legislation called the Holding Foreign Companies Accountable Act. The legislation requires that the Securities and Exchange Commission (SEC) identify companies that are listed in the U.S. which the Public Company Accounting Oversight Board (PCAOB) cannot “inspect or investigate completely because of a position taken by an authority in the foreign jurisdiction.” The legislation also requires the listed companies to provide documentation showing that … Continue reading