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Recent Posts
- 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
- For the First Time in History, the Fed Is Reporting Billions in Losses Weekly; It’s Still Paying High Interest Income to the Mega Banks on Wall Street
- There’s a Revival of the Dotcom-esque Froth in Today’s Markets; Cathie Wood Is Standing in for Henry Blodget and Jack Grubman; Nasdaq Is Playing Nasdaq
- Study Finds Wall Street Mega Banks Have Overstated Income for Years on Commercial Real Estate Loans They Sell to Investors
- Jamie Dimon Huddles in Private with Biden Bigwigs as His Bank Faces More Crime Charges
- Report: Five Banks Have a Combined Half Trillion Dollars in Commercial Real Estate Loans; Number 1 is JPMorgan Chase
- Billionaire Larry Fink of BlackRock, Which Grabbed Fed Bailouts in 2020-2021, Lectures Struggling Seniors on Making More Sacrifices
- Almost 10,000 U.S. Banks Have Disappeared Since 1985, Leaving 4 Mega Banks Controlling 39 Percent of Bank Assets
- Wall Street’s Go-To Law Firm, Sullivan & Cromwell, Got in Bed with Crypto; Now Its Reputation Is Being Hammered
- More Failed Banks and Office Building Demolitions Likely Before Real Estate Problems End, Warn Two Federal Agencies
- During Spring Bank Panic of 2023, Liquidity Advances from FHLBs Topped Those of Q4 2008, when Wall Street Was in Collapse
- JPMorgan’s Federally-Insured Bank Is Fined $348 Million for Losing Track of “Billions” of Trades
- Hedge Fund Titan John Paulson Made $1 Billion in an Illegal Goldman Sachs Deal; Trump Is Now Floating Him for Treasury Secretary
- Wall Street Mega Banks Have Drawn a Law-Free Zone Around Themselves – The Media Is Complicit
- A Financial Writer at New York Times Admits He’s Been Misrepresenting Bank Capital for 14 Years
- FDIC Data Contradicts Fed Chair Powell: Shows Real Estate Problems Have Skyrocketed at Largest U.S. Banks, Not the Smaller Regionals
- Senator Elizabeth Warren Calls Fed Chair Powell “Weak-Kneed”; Says He Is “Driving Efforts Inside the Fed” to Gut Higher Capital Requirements
- Steve Mnuchin, Trump’s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share
- Wall Street Mega Banks Have Created a Circular Firing Squad with Credit Derivatives and Capital Relief Trades – with the Fed’s Blessing
- 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
- 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
- The Fed Pretends to Send a Warning to Wall Street’s Mega Banks on Derivatives and Counterparty Risk
- $87 Million Buys This for Jamie Dimon: David Boies Can’t Utter the Words “JPMorgan Chase” in a Jeffrey Epstein Sex Trafficking Case
- Jamie Dimon and Nine of His Top Executives at JPMorgan Chase Have Dumped Over $150 Million of their JPMorgan Stock in Last Two Months
- These Charts Reveal Why the Fed Is Frightened about Capital Levels at the Wall Street Mega Banks
- Wall Street Law Firm Sullivan & Cromwell Gets Sued Over Allegations It Aided and Abetted the FTX Crypto Fraud
- JPMorgan Says Its “Trading Venues” Are Under Investigation While It’s Still on Probation for Prior Trading Crimes
- Jamie Dimon Is Desperate to Pin the Jeffrey Epstein Scandal on Jes Staley; Bloomberg News Is Carrying His Water — Again
- Citigroup Is Having a Very Bad Week; Regulators Are Breathing Down Its Neck
- Five Wall Street Banks Hold $223 Trillion in Derivatives — 83 Percent of All Derivatives at 4,600 Banks
- Jamie Dimon’s Statement Last Month that Trump “Was Kind of Right About NATO,” Sounds Even More Unhinged Today
- S&P 500 Sets a Record on Wednesday as Banks Continue Tanking
- NYCB Downgraded to Junk; Shocking Charts for Citigroup, Barclays and Deutsche Bank
- Reporters Who Ask Tough Questions at Fed Press Conferences Have a Habit of Being Disappeared from the Room
- Jamie Dimon Has Spent $117 Billion Propping Up JPMorgan’s Share Price with Buybacks in 10 Years; He’s Counting on Trump’s MAGA Crowd to Rescue Him
- Bank Fraud Enters a New Era: Bank-to-Bank Wire Transfers Loot Customers
- Senator Sherrod Brown Takes on the Fed’s Support of Wealth Stripping the Middle Class
- JPMorgan Chase Has Used the Same Auditor for 58 Years, Despite Giant Frauds at the Bank in the Last Nine Years
Search Results for: goldman sachs
Here’s a List of Toxic Assets that Blew Up in Money Market Funds at Goldman Sachs, JPMorgan, Morgan Stanley and Others that the Fed Bailed Out
By Pam Martens and Russ Martens: April 13, 2022 ~ On March 31, the Federal Reserve finally released a trove of secret transaction data revealing which Wall Street trading houses had to borrow hundreds of billions of dollars from a panoply of Fed bailout programs. One of those bailout programs was the Fed’s Money Market Mutual Fund Liquidity Facility (MMLF) which bought paper residing in the money market funds of large Wall Street firms that no one else on the street wanted to buy – or at least at a price that would prevent staggering losses for the funds, which are supposed to trade at a stable $1 per share price. We have begun to unravel the cryptic details of the MMLF, although the Boston Fed which administered the program for the Federal Reserve used a bag of tricks to make that process as difficult as possible for journalists. For example, … Continue reading
Citigroup, Goldman Sachs and JPMorgan Are in the Hot Seat: Sever Cozy Ties with Russia or Earn the Wrath of U.S. and EU Clients
By Pam Martens and Russ Martens: March 11, 2022 ~ Russia began its brutal invasion of Ukraine on February 24. Two days later the European Commission, U.S., U.K. and Canada announced sweeping sanctions, which have grown in granular details since then. By early this week, hundreds of corporations with the most famous brands in the world had announced that they were closing their stores in Russia, or ceasing to ship their products there, or severing joint business operations in a rebuke to Russia’s illegal war in Ukraine. But it wasn’t until this past Wednesday that anyone heard a peep from the largest U.S. banks on Wall Street about their plans to cease operations in Russia. Citigroup made its ambiguous announcement on Wednesday, March 9, followed by equally vague statements by Goldman Sachs and JPMorgan Chase on Thursday, March 10. A slogan of “The Coalition of the Timid” came to mind. Citigroup’s … Continue reading
Nomura, JPMorgan and Goldman Sachs Received a Cumulative $8 Trillion from the Fed’s Emergency Repo Loans in Fourth Quarter of 2019
By Pam Martens and Russ Martens: January 17, 2022 ~ The Dodd-Frank financial reform legislation of 2010 ordered the Government Accountability Office (GAO), an investigative body for Congress, to audit the Fed’s alphabet soup of emergency lending programs conducted during and after the 2008 financial crisis. The GAO found that a cumulative $16.1 trillion had been pumped out to Wall Street firms by the Fed – at super cheap interest rates. The GAO provided data for the peak amounts outstanding and also a cumulative total. Why is a cumulative total essential and relevant? Because one institution in 2008, Citigroup, was insolvent for much of the time the Fed was flooding it with cheap loans. (Under law, the Fed is not allowed to make loans to an insolvent institution.) And when an insolvent institution is getting loans rolled over and over by the Fed for a span of two and a half … Continue reading
The Fed Gets Its Ducks in a Row for the Next Wall Street Bailout; Quietly Adds Goldman Sachs Bank, Citibank to Its New $500 Billion Standing Repo Facility
By Pam Martens and Russ Martens: December 21, 2021 ~ Last Friday, with the public’s attention diverted to the surge in Omicron variant cases of COVID in the U.S. and holiday travelers’ attention focused on the safety of air travel and family gatherings, the Federal Reserve Bank of New York quietly announced, in a one sentence statement, that it was adding the following three federally-insured banks to its list of counterparties for its newly-minted $500 billion Standing Repo Facility: Citibank, Goldman Sachs Bank USA, and the New York Branch of Mizuho Bank. If you’re stunned that Goldman Sachs is allowed to own a federally-insured bank under existing U.S. law, see our previous report: Goldman Sachs’ Rich Man’s Bank Backstopped by You and Me. If you’re stunned that a New York branch of Mizuho Bank, part of the Japanese conglomerate Mizuho Financial Group, is able to have federal deposit insurance backstopped by … Continue reading
After Paying Out $86 Million in Fines Over Stolen Bank Documents, Goldman Sachs Gets a Reprieve Yesterday from the Federal Reserve
By Pam Martens and Russ Martens: November 24, 2021 ~ Yesterday the Federal Reserve Board of Governors announced the termination of an enforcement action against Goldman Sachs that dates back to 2016. It’s one more case where Goldman Sachs, the “great vampire squid,” throws its lower-ranked employees under the bus and quickly returns to “relentlessly jamming its blood funnel into anything that smells like money.” The Fed had fined Goldman Sachs a paltry $36.3 million in August of 2016 over its employees using confidential supervisory information that had been stolen from the New York Fed to make presentations to clients and prospective clients. The Fed’s settlement followed an October 28, 2015 settlement between Goldman and the New York State Department of Financial Services over similar charges. Goldman agreed to settle the NYSDFS case for $50 million. The case centers around Rohit Bansal, who had worked at the New York Fed and … Continue reading
New Documents Show the Fed’s Trading Scandal Includes Two of the Wall Street Banks It Supervises: Goldman Sachs and Citigroup
By Pam Martens and Russ Martens: October 4, 2021 ~ In the late eighteenth century, men gathered under a Buttonwood tree at 68 Wall in lower Manhattan and traded stocks among themselves. That’s not how it works today. Dallas Fed President Robert Kaplan had to give his “over $1 million” trades in a litany of individual stocks and his “over $1 million” transactions in S&P 500 futures to a licensed broker at a registered broker-dealer. The same thing applied to Boston Fed President Eric Rosengren in placing his $1000 to $50,000 trades 68 times in 2020 in individual stocks and publicly traded Real Estate Investment Trusts (REITs). The safeguards that failed at the Dallas Fed and the Boston Fed to stop their Presidents from trading like hedge fund wannabes should not have failed at the SEC-regulated Wall Street broker-dealers that placed these trades. The accounts at the trading firms for these … Continue reading
Goldman Sachs Refuses to Say If It Was Placing Trades for Dallas Fed President Kaplan as Materially False Statement Released by Board on Kaplan’s Relationship with Goldman Sachs
By Pam Martens and Russ Martens: September 28, 2021 ~ The biggest trading scandal in the Federal Reserve’s 108-year history took down two Federal Reserve Bank Presidents yesterday. Boston Fed President Eric Rosengren, who traded in and out of REITs last year in amounts of $1,000 to $50,000, will leave this Thursday; Dallas Fed President Robert Kaplan, whose trading made Rosengren look like a Boy Scout, will step down from his post at the end of next week. Kaplan was making repeated trades of “over $1 million” in S&P 500 futures (an instrument used during and after stock exchange hours by hedge funds) as well as making “over $1 million” trades in a litany of individual stocks. Just as a poker player can give away his hand with a tell, financial disclosure statements can also provide a tell as to the name of the Wall Street firm that is placing the … Continue reading
Congressman from Goldman Sachs to Examine the Fed’s Emergency Lending Powers in a Crisis
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
Goldman Sachs Just Landed in the Cross-Hairs of the Senate Banking Committee
By Pam Martens and Russ Martens: March 16, 2021 ~ Less than five months ago, Goldman Sachs and its Malaysian subsidiary were criminally charged by the U.S. Department of Justice “for a sweeping international corruption scheme, conspiring to avail itself of more than $1.6 billion in bribes to multiple high-level government officials across several countries so that the company could reap hundreds of millions of dollars in fees.” The case has become infamously known as the 1MDB scandal, named after the Malaysian sovereign wealth fund that was ripped off. Goldman Sachs admitted to the charges and paid a criminal penalty and disgorgement of over $2.9 billion to settle the charges with the Department of Justice. That sum was on top of the $2.5 billion in cash it paid to settle with the government of Malaysia. Stripping shareholders of $5.4 billion of their capital for criminal conduct in the midst of the worst … Continue reading
GameStop Shares: Dark Pools Owned by Goldman Sachs, JPMorgan, UBS, et al, Have Made Tens of Thousands of Trades
By Pam Martens and Russ Martens: January 28, 2021 ~ Dark Pools owned by the biggest names on Wall Street – such as Goldman Sachs’ Sigma X2, JPMorgan Chase’s JPM-X, UBS’ UBSA, Morgan Stanley’s MSPL, and Credit Suisse’s Crossfinder — have been making tens of thousands of trades in the shares of GameStop on an ongoing weekly basis. FINRA, Wall Street’s highly compromised self-regulator, reports the Dark Pool data on a stale basis, two to three weeks after the trading has occurred. It is then lumped together for the whole week, rendering it useless in terms of monitoring price manipulation. The chart above is taken from the latest available information from FINRA. (See our previous reporting on Dark Pools in Related Articles below.) It’s a fair guess that you haven’t heard a peep about Dark Pools on the evening news. The fact that you haven’t is a perfect commentary on … Continue reading