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Recent Posts
- 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
- The Curious Money Trail Behind the Supreme Court/Clarence Thomas Decision to Rescue a Federal Agency that Wall Street Hates
- Saudi Arabia’s Wealth Fund Dumps Its JPMorgan Chase Stock; Warren Buffett’s Berkshire Hathaway Did the Same in 2020
- One of Jeffrey Epstein’s Protectors at JPMorgan Chase, Mary Erdoes, Has Sold $29 Million of Her Stock in the Bank Since Just Before Epstein’s Arrest in 2019
- Delinquencies on Office Property Loans at Banks Are at 8 Percent While Office Loans the Banks Sold to Investors Show 31 Percent in Trouble
- Goldman Sachs Shines Up Its Swamp Creature Reputation by Rehiring Robert Kaplan as Vice Chairman – the Guy Who Traded Like a Hedge Fund Kingpin While President of the Dallas Fed
- Cleary Gottlieb – Outside Counsel to Wall Street’s Serially Bailed Out Megabanks – Tarnishes the FDIC Chair in its So-Called “Independent” Report
- JPMorgan Chase and Its Regulators Are Hiding Dark Trading Secrets at the Largest and Riskiest U.S. Bank
- Campus Protests Over Gaza Open a Pandora’s Box for Wall Street Megabanks that Underwrote $8 Billion of Israel’s Bonds in March
- 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
Search Results for: JPMorgan
Have Jamie Dimon’s Interests Diverged from JPMorgan’s
By Pam Martens: October 22, 2013 It’s difficult to take a major newspaper seriously when its editorial page lives in the land of Oz. Reading “The Morgan Shakedown” yesterday in the editorial pages of the Wall Street Journal is the latest reminder of just how detached from reality these opinion writers are. The editorial attempted revisionist history for JPMorgan by misinforming the public that “Federal law enforcers are confiscating roughly half of a company’s annual earnings for no other reason than because they can and because they want to appease their left-wing populist allies.” It’s pretty hard for one editorial to get so many facts and the big picture so horribly wrong. First, left-wing populists will be happy with nothing less than Jamie Dimon losing his dapper worsted wools and presidential cufflinks for an orange jumpsuit. Second, JPMorgan’s earnings last year were $21.3 billion so a proposed “confiscation” of $13 billion … Continue reading
Wall Street Journal Goes Bonkers In Effort to Defend JPMorgan
By Pam Martens: October 1, 2013 It’s come to the point that one must forego sipping anything hot while reading the editorial pages of the Wall Street Journal in order to avoid gasps of hot liquid spewing onto one’s skin or business attire. On September 27, 2013, the Wall Street Journal ran the headline “Robbery at J.P. Morgan” over an unsigned editorial. Curious to see if the Occupy Wall Street crowd might have made off with Jamie Dimon’s Presidential cufflinks, I read on. The next sentence was gasp-worthy: “Government lawyers are backing up the truck again at J.P. Morgan Chase to extract another haul from the country’s largest bank.” And, mind you, it’s not because J.P. Morgan has broken the law or done anything seriously wrong, it’s because the bank is the “Obama Administration’s favorite Wall Street target” because of its independent-thinking CEO, Jamie Dimon, who “keeps deviating from the Obama script.” … Continue reading
JPMorgan Found to Have Violated Both Banking and Securities Laws in $920 Million Settlement
By Pam Martens: September 19, 2013 JPMorgan has reached a $920 million settlement with four of its regulators over the London Whale matter, a high risk trading strategy where bank deposits were used to gamble in illiquid credit derivatives in London. We now know why JPMorgan has been auditioning the settlement in the press for the past four days: the language in the various settlement documents is harsh, making it crystal clear the company broke both banking law and securities law. But then, the regulators had very little choice; the U.S. Senate’s Permanent Subcommittee on Investigations had effectively already reached those conclusions in a 307-page report it issued on March 14 of this year. The settlement with the Office of the Comptroller of the Currency (OCC) reads: “The credit derivatives trading activity constituted recklessly unsafe and unsound practices, was part of a pattern of misconduct and resulted in more than minimal loss, all within … Continue reading
JPMorgan Gobbles Lion’s Share From Federal Home Loan Banks – a Program Meant to Aid Small Housing Lenders
By Pam Martens: September 18, 2013 On June 24 of this year, Senator Elizabeth Warren was incensed. She wrote to the Federal Housing Finance Agency (FHFA), the federal regulator of the Federal Home Loan Banks as well as Freddie Mac and Fannie Mae. Warren had just learned that Sallie Mae, a Fortune 500 company engaged in making private student loans, had obtained an $8.5 billion line of credit from a Federal Home Loan Bank. Sallie Mae had been borrowing on its line of credit at 0.23 percent, then making student loans at 25-40 times that rate according to Warren. Warren reminded the federal regulator that “Congress established the Federal Home Loan Bank System to serve as a reliable source of funding to local banks and other community lenders that offer families home mortgages.” Warren cited a report from the Consumer Financial Protection Bureau showing that significant levels of student debt … Continue reading
JPMorgan Offers a Drop in the Bucket for Its “Tempest In a Teapot”
By Pam Martens: September 17, 2013 Since last evening, corporate media has been in a fierce competition to spin another toothless settlement on Wall Street as a win for the new tough cop on the beat, Securities and Exchange Commission Chair, Mary Jo White. It takes quite the creative imagination to frame this as anything more than the continuance of Wall Street’s business model of looting billions and paying back millions. Crime is still the best profit center Wall Street has going for it — having thoroughly dissuaded its customers against trusting its advice on investments. According to leaks, the settlement tab to JPMorgan Chase to make most of its civil regulatory problems disappear regarding the London Whale trades will be $700 to $800 million. (There still may be open criminal probes by the U.S. Justice Department and FBI. The Commodity Futures Trading Commission may bring its own civil enforcement action.) … Continue reading
The Missing Pieces in the Criminal Probe of JPMorgan’s Energy Trading
By Pam Martens: September 5, 2013 Yesterday, mainstream media was busy framing the news that JPMorgan is now under an eighth investigation by the U.S. Justice Department, this time a criminal probe into whether some of its employees obstructed the investigation by the Federal Energy Regulatory Commission (FERC) into the company’s manipulative trading of electricity in California and the Midwest. This is a highly unusual development for a number of reasons. FERC settled its claims against JPMorgan Ventures Energy Corporation for $410 million on July 30 of this year. That amount included a civil penalty of $285 million to the U.S. Treasury and a disgorgement of $125 million to be returned to ratepayers. Typically, when a company pays a settlement of that size, its lawyers have made sure there are no loose ends – especially not a criminal probe waiting in the wings. Once the money is paid out, the bank … Continue reading
Looking Back on JPMorgan’s London Whale Saga
With criminal charges imminent, we look back on reporting of the London Whale revelations at Wall Street On Parade. Personal Investing Lessons From JPMorgan’s London Whale Debacle Despite a multitude of formulas for measuring risk, multiple layers of oversight management, 28 members of a risk management team with titles like Managing Director, Executive Director, and Vice President, it somehow didn’t occur to any of these folks that the number one criteria for a trading investment is that you need to be able to get out of it. Continue Reading… JPMorgan: Poster Child for the Most Dangerous Financial System Since 1929 Last Friday, Senator Carl Levin told the Senate’s Permanent Subcommittee on Investigations that JPMorgan “piled on risk, hid losses, disregarded risk limits, manipulated risk models, dodged oversight, and misinformed the public.” And here’s the punch line: that’s not even the worst of what JPMorgan did. Continue Reading… The Other Thing JPMorgan Was … Continue reading
Department of Justice Has Six Ongoing Investigations of JPMorgan
By Pam Martens: August 8, 2013 If a major Wall Street firm is being investigated by the Securities and Exchange Commission (SEC), that’s one thing. The SEC has no criminal powers to prosecute. And when it comes to Wall Street mega banks, there is a long tradition of fines and slaps on the wrist rather than prosecutions. But when there is an open investigation by the Department of Justice, which does possess the power to criminally prosecute, there should be concern in the marketplace, if for no other reason than the fact that there is significant public attention being paid to the DOJ’s failure to prosecute big Wall Street firms. Yesterday, JPMorgan Chase filed its quarterly 10Q with the SEC. If ever there was a document making a convincing case for breaking up the big banks and restoring the Glass-Steagall Act, this is it. JPMorgan reported it is under investigation … Continue reading
Dreyfuss’ Hedge Hogs Timely Read As FERC Fine Against JPMorgan Looms
By Pam Martens: July 19, 2013 Hedge Hogs, the Barbara Dreyfuss book that hit number 9 on the Washington Post’s Hardcover Bestseller List last week, should have a cautionary logo: “Don’t Start Reading This Book Late In the Day: It Could Be Hazardous To Your Sleep.” If you are an avid follower of Wall Street, you’ll read it in one sitting. Sales of the book may soar if, as reported yesterday, JPMorgan reaches an estimated $500 million settlement with the Federal Energy Regulatory Commission shortly for rigging energy markets and we learn the details of just what its traders were doing to manipulate energy prices. What does this have to do with Hedge Hogs? The Dreyfuss book is the fast moving and riveting account of Amaranth Advisors LLC, the hedge fund that went from holding $9.668 billion in client assets in August 2006 to flaming out in losses exceeding $6 billion … Continue reading
About That $500 Million JPMorgan May Shell Out to FERC
By Pam Martens: July 18, 2013 The Wall Street Journal and the New York Times are reporting this morning that JPMorgan Chase, the mega Wall Street bank that has shelled out over $16 billion in the last three years for legal expenses connected to investigations and lawsuits, may shortly be inking a deal with the Federal Energy Regulatory Commission (FERC) that would settle claims it manipulated energy prices. The price tag for making another regulatory mess go away, says the New York Times, may reach $500 million. The specifics of just what charges JPMorgan will be settling are not yet available, but the path to this outlay of a cool half billion is, without question, related to a regulator incensed with what it believes to be stonewalling on the part of JPMorgan’s lawyers. On November 14, 2012, FERC suspended JPMorgan Ventures Energy Corp.’s electric market-based rate authority for submitting false information … Continue reading