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Recent Posts
- Academic Paper Finds U.S. Banking System Is Less Safe Today than Before the 2010 Dodd-Frank Financial Reform Legislation Was Passed
- Jerome Powell’s Fed Notches an Historic Record of $204 Billion in Cumulative Operating Losses – Losing Over $1 Billion a Week for More than Two Years
- Could Big Tech Own Federally-Insured Banks? Here Are the Dangers
- FEMA Was First Targeted by Project 2025; Now FEMA Workers Are Being Threatened While Providing Disaster Relief in North Carolina
- Bloomberg News Writes Puff Pieces on Jamie Dimon While Its Parent Does Business Deals with the Bank He Heads, JPMorgan Chase
- Hurricanes Helene and Milton Send Climate Change Wakeup Call as Gulf of Mexico Water Breaks Heat Records
- A Bank Regulator Provides a Frightening Look at the Trading Casino Jamie Dimon Has Built Inside His Federally-Insured Bank
- Report: “Flash Flooding Is the Number One Storm-Related Killer in the U.S.” Few Cities or Towns in America Are Built to Survive Its Wrath
- Hurricane Helene Dumped 20 Trillion Gallons of Rain, Destroying Entire Towns in Western North Carolina, Hundreds of Miles from any Coastline
- Half of All Deaths from Hurricane Helene Occurred 485 Miles North of Where It Made Landfall
- What Did Madoff, Jeffrey Epstein and Sanctioned Russian Mercenary Group, Wagner, Have in Common? They All Banked at JPMorgan Chase
- Deadly, Exploding Pagers Force the U.S. to Get Serious About Malware from China in U.S. Products that Are Potential National Security Threats
- Wall Street Has Moved Vast Sums of Its Trading to Its Federally-Insured Banks
- The Stock Market Had a Psychotic Episode After the Fed Rate Cut Yesterday, Plunging 479 Points from the Day’s High
- As Trump Launches a Crypto Firm, FBI Reports Crypto Fraud Has Exploded to $5.6 Billion; Representing Almost 50 Percent of All Financial Fraud
- Everything this Book Predicted on Wall Street Megabanks Ruling their Regulators Is Now Unfolding
- The Fed Just Kicked the Capital Increases for the Dangerous Megabanks and their Derivatives Down the Road for Years
- Intel, Boeing and U.S. Steel May Hold the Secrets to What’s Behind All the Talk of a U.S. Sovereign Wealth Fund
- Trump and Paulson’s Proposal: U.S. Sovereign Wealth Fund (or Another Grifter Bailout)
- A Wall Street Regulator Is Understating Margin Debt by More than $4 Trillion – Because It’s Not Counting Giant Banks Making Margin Loans to Hedge Funds
- After JPMorgan Threatens to Sue, the Fed Cuts Its Capital Requirement on the 5-Count Felon from a Planned 25 Percent Hike to Less than 8 Percent
- Three Megabanks Had Loans Outstanding of $1.832 Trillion to Giant Hedge Funds on March 31
- 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
Search Results for: rap sheet
Fed’s Powell Admits a Bigger Bailout for Wall Street Is Coming; Fed’s Balance Sheet Ballooned by $176 Billion Since September
By Pam Martens and Russ Martens: October 9, 2019 ~ Yesterday, at a speaking event in Denver at the National Association of Business Economists, Federal Reserve Chairman Jerome Powell acknowledged that a larger, long-term bailout of Wall Street is coming. His two key points were buried in a subterfuge of puffery but came across loud and clear: “…my colleagues and I will soon announce measures to add to the supply of reserves over time.” And this: “As we indicated in our March statement on balance sheet normalization, at some point, we will begin increasing our securities holdings to maintain an appropriate level of reserves. That time is now upon us.” Let that final statement sink in for a moment. Under the previous Federal Reserve Chair, Janet Yellen, balance sheet normalization at the Federal Reserve meant reducing the Fed’s unprecedented $4.5 trillion balance sheet to get back to something near pre-crisis levels. … Continue reading
Wall Street’s Dark Pools Get a Bonanza Wrapped as Reform by the SEC
By Pam Martens and Russ Martens: July 25, 2018 ~ The Securities and Exchange Commission (SEC), which has had two separate Wall Street lawyers at its helm for the past five years (under both the Wall Street- friendly Obama administration as well as the current Trump administration), has released a 558-page document that attempts to pass itself off as reforming Wall Street’s Dark Pools. Instead, it simply tinkers around the meaningless edges of reform. Dark Pools are trading venues that should not exist in an efficient, transparent and honest securities market. They are effectively unregulated stock exchanges being run internally by some of the biggest Wall Street banks on Wall Street: The same banks (like Citigroup, JPMorgan Chase, Goldman Sachs and Merrill Lynch) that have been serially charged with abusing their customers. Instead of sending their stock trades to the New York Stock Exchange or another independent stock exchange, the … Continue reading
The New Banking Crisis — In Two Frightening Graphs
By Pam Martens and Russ Martens: September 27, 2016 After repeated, but ignored, warnings over the past two years from researchers at the U.S. Treasury’s Office of Financial Research (OFR), the new banking crisis has arrived with a vengeance and at a most inopportune time – when confidence is already draining from the financial system because of two U.S. presidential candidates with the highest disapproval ratings in modern history. Yesterday, Germany’s largest financial institution, Deutsche Bank, lost 7.06 percent by the close of trading on the New York Stock Exchange. That plunge in one of the most globally-interconnected banks dragged down the shares of every major Wall Street bank yesterday: Bank of America lost 2.77 percent; Morgan Stanley declined by 2.76 percent; Citigroup lost 2.67 percent; Goldman Sachs shed 2.21 percent; and JPMorgan Chase closed down 2.19 percent. Deutsche Bank, whose shares traded at more than $120 pre-crisis in 2007, … Continue reading
Bloomberg News Writes Puff Pieces on Jamie Dimon While Its Parent Does Business Deals with the Bank He Heads, JPMorgan Chase
By Pam Martens and Russ Martens: October 14, 2024 ~ For years now, we have observed the digital front page of Bloomberg News treating JPMorgan Chase’s Chairman and CEO, Jamie Dimon, as the wise, venerable statesman of Wall Street. (See here, here, and here for a quick background.) That reverential treatment has continued as the bank Dimon is charged with overseeing has admitted to the following: laundering money for the largest Ponzi scheme mastermind in history, Bernie Madoff; rigging foreign exchange markets; rigging trading in U.S. Treasury securities and the precious metals markets; using depositors’ money from its federally-insured bank to trade derivatives in London and lose at least $6.2 billion of its depositors’ money; bribing Chinese officials with jobs for their relatives in order to get business deals in China. Even worse, throughout much of last year, the Attorney General of the U.S. Virgin Islands built a comprehensive case in federal court … Continue reading
The Stock Market Had a Psychotic Episode After the Fed Rate Cut Yesterday, Plunging 479 Points from the Day’s High
By Pam Martens and Russ Martens: September 19, 2024 ~ The Federal Reserve yesterday cut its benchmark interest rate, the Fed Funds rate, for the first time in four years. The cut was by half a point rather than the customary quarter point increments typical of Fed rate moves. Only one member of the Federal Open Market Committee (FOMC), Michelle Bowman, voted against the action. Bowman wanted a quarter point cut according to the FOMC announcement. A Fed rate cut of a quarter point to a half point was widely anticipated by the market, so the stock market’s wild swings were puzzling to veteran Wall Street watchers. The FOMC released its written announcement at 2 p.m. As the chart above indicates, the written announcement produced a surge in the Dow Jones Industrial Average to an intraday high of 41,981.97, which was also an all-time high on an intraday basis. But within … Continue reading
Jamie Dimon’s Washington Post OpEd Gets Pummeled at Yahoo Finance
By Pam Martens and Russ Martens: August 27, 2024 ~ The P.R. genius at JPMorgan Chase that thought it would be a good idea to have Jamie Dimon lecture the next president of the United States on how to run the country in an OpEd (paywall) at the Washington Post will likely be seeking a career change soon. Dimon is the Chairman and CEO of the largest and riskiest bank in the United States. Under Dimon’s tenure, the bank has racked up five felony counts which showcase Dimon as the worst possible source of sound leadership advice. In 2014, the bank was charged with laundering money for decades for the biggest Ponzi artist in U.S. history – Bernie Madoff. In 2015, the bank was charged with being part of a bank cartel that rigged foreign currency markets. And in 2020, the bank was charged with two more felony counts for engaging … Continue reading
Grand Jury Transcript in Jeffrey Epstein Case Is Released, Raising Questions about Epstein’s Darkest Secrets Being Protected in JPMorgan Cases
By Pam Martens and Russ Martens: July 3, 2024 ~ On Monday, the transcript of the July 19, 2006 grand jury proceedings involving sexual assaults and rape by Jeffrey Epstein against underage girls in Palm Beach County, Florida was released by a Circuit Court. The Palm Beach Post newspaper had sued in that court for release of the transcript in 2019 in order to shine more light on how Florida State Attorney, Barry Krischer, had ignored a powder keg of evidence against Epstein that had been developed by the Palm Beach Police and cut a sweetheart deal under pressure from Epstein’s attorneys. Florida legislation, signed into law by Governor Ron DeSantis, called for the transcript to be released on or after July 1, in response to the extensive public interest in the case. Despite police evidence that Epstein had sexually assaulted dozens of underage school girls, Krischer and the U.S. Department … Continue reading
Chase Bank Customers Are Reporting a Wave of Wire Fraud in their Accounts; the Bank Won’t Make Good on the Looted Funds
By Pam Martens and Russ Martens: June 19 2024 ~ On January 29, Anne Marie Murphy and two of her colleagues at law firm Cotchett, Pitre & McCarthy, LLP in Santa Monica, California filed a lawsuit in Superior Court on behalf of a 76-year old widow, Diane Artemis Yaffe. Scammers had tricked Ms. Yaffe into making seven wire transfers out of her Chase Bank account, which tallied up to the astonishing sum of $1.8 million, or the bulk of her funds at the time. There are three things which jump out of the factual details in the case that would appear to be legally problematic for Chase Bank – the federally-insured, retail banking unit of JPMorgan Chase Bank, N.A. First, the six figure wires were completely out-of-character for this elderly client. Second, the huge sums were being wired out of the country. Third, the funds that Chase Bank wired were originally … Continue reading
JPMorgan Chase and Its Regulators Are Hiding Dark Trading Secrets at the Largest and Riskiest U.S. Bank
By Pam Martens and Russ Martens: May 7, 2024 ~ Last Wednesday, JPMorgan Chase, the publicly-traded parent of the largest federally-insured bank in the United States as well as a five-count felon, revealed in a filing with the Securities and Exchange Commission that on top of the $348 million it paid out in March to two of its banking regulators for sketchy trading violations involving “billions” of trades on 30 global trading venues, it “expects to enter into a resolution with a third U.S. regulator that will require the Firm to, among other things, pay a civil penalty of $100 million….” (See “Trading Venues Investigations” on page 168 of the SEC filing at this link.) JPMorgan Chase did not name this third regulator but Bloomberg News reported that it is the Commodity Futures Trading Commission. The two federal banking regulators that imposed the trading fines in March are the Office of the … Continue reading
Stanford Finance Professor Anat Admati Is Making Jamie Dimon Very Nervous – Again Calling His Bank “Dangerous”
By Pam Martens and Russ Martens: April 16, 2024 ~ Stanford Finance and Economics Professor Anat Admati has been valiantly attempting to save the American financial system from the corrupting influence and disinformation campaigns of men like JPMorgan Chase’s Jamie Dimon for more than a decade. Her voice is gaining traction and that’s making Dimon very nervous. Dimon has admitted in his recent letter to shareholders that his federal banking regulators want the bank to raise 25 percent more capital. Making banks hold more equity capital (as opposed to debt) is an issue that Admati has made a central focus of her arguments for years. Dimon’s bank would have a lot more equity capital if Dimon had retained the bank’s earnings each year instead of tapping those earnings to boost the bank’s stock price by using $117 billion of the bank’s earnings for share buybacks over the past decade. (Retained earnings add … Continue reading