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Recent Posts
- 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
- 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
Search Results for: stress test
Large Banks Have Bled $921 Billion in Deposits Since April 2022 — the Fastest Pace in 40 Years — and a Much Larger Decline than Small Banks
![Deposits at Large Commercial Banks versus Small Banks (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2023/07/Deposits-at-Large-Commercial-Banks-versus-Small-Banks-Thumbnail.jpg)
By Pam Martens and Russ Martens: July 6, 2023 ~ You may recall reading a burst of headlines during the banking crisis in March of this year about depositors fleeing small banks for the perceived comfort of the largest banks. Unfortunately, those headlines were never put in context or updated to reflect a broader picture. In fact, using deposit data that is updated weekly from the Federal Reserve’s own H.8 releases, it becomes crystal clear that the large banks are bleeding deposits at the fastest pace in 40 years. As the Federal Reserve data in the chart above indicates, deposits at the largest 25 commercial banks in the U.S. peaked at $11,679,758,700,000 on April 13, 2022. The most recent H.8 release shows that the deposits of the 25 largest banks as of June 21 stood at $10,758,977,000,000. That’s a percentage decline of 7.88 percent or $920,781,700. The Fed’s H.8 data defines … Continue reading
Sullivan & Cromwell’s Crypto Clients Are in Growing Distress
![Andrew (Andy) Dietderich, Law Partner at Sullivan & Cromwell](https://wallstreetonparade.com/wp-content/uploads/2023/01/Andrew-Andy-Dietderich-Law-Partner-at-Sullivan-Cromwell-140x150.jpg)
By Pam Martens and Russ Martens: January 31, 2023 ~ The 144-year old law firm, Sullivan & Cromwell, which previously prided itself on being the go-to law firm for Wall Street, decided a few years back to get deep in the swamp with all things crypto. That dicey decision is now playing out in negative headlines that are dragging down the reputation of the 900-attorney law firm. Adding to questions swirling around its past legal representation of now indicted crypto kingpin, Sam Bankman-Fried, as well as his bankrupt crypto exchange, FTX, and his hedge fund, Alameda Research, is the fact that a growing number of Sullivan & Cromwell’s other crypto clients are also in various stages of distress. Notwithstanding that reality, the presiding judge in the FTX bankruptcy proceedings, John Dorsey, signed an order on January 20 naming Sullivan & Cromwell the lead counsel in the FTX bankruptcy case. But long … Continue reading
BlackRock Stands at the Nexus Between Derivatives Blowing Up in U.K. Pensions and the Shortest Tenure of a Prime Minister in U.K. History
![Laurence (Larry) Fink, Chairman and CEO, BlackRock](https://wallstreetonparade.com/wp-content/uploads/2020/06/Laurence-Fink-iii-150x150.jpg)
By Pam Martens and Russ Martens: October 21, 2022 ~ Goodbye Liz Truss. We hardly knew ye. Yesterday, Liz Truss announced she would resign as Prime Minister of the U.K. after just 44 days in office. That’s a new one for the record books in the U.K. In her brief span in office, Truss had managed to create a financial crisis in the sovereign debt market, force a bailout by the Bank of England, trigger alarm bells about the safety of pension plans in the U.K., and fire her Finance Minister. All of these events are interconnected. Here’s the short version: On September 23 Truss’ Finance Minister (the Chancellor of the Exchequer) Kwasi Kwarteng announced big tax cuts which had to be funded through higher government borrowing because the Truss government had no clear plan for how to pay for them. This was interpreted by debt markets to mean bigger deficits, … Continue reading
California Governor Rattles Stocks: A State with 40 Million Residents Has Just 200 Coronavirus Test Kits from the CDC
![Governor Gavin Newsom of California Holds Press Conference on Coronavirus, February 27, 2020](https://wallstreetonparade.com/wp-content/uploads/2020/02/Governor-Gavin-Newsom-of-California-Holds-Press-Conference-on-Coronavirus-February-27-2020-150x150.jpg)
By Pam Martens and Russ Martens: February 27, 2020 ~ The Dow Jones Industrial Average was down by 960 points this morning and then began to stage a strong rally. That rally unraveled on news that came out of the press conference held by California Governor Gavin Newsom. The Governor, a Democrat, seemed to go out of his way to stress that his administration has been working closely with the Trump administration in addressing the coronavirus outbreak. He refused to criticize Trump when questioned by reporters. What did become quite clear, however, as reporters drilled down to the situation on the ground in California, is that the state has taken in 800 repatriated Americans from countries with coronavirus outbreaks, has received thousands more passengers on domestic flights from suspect countries, while it currently has just 200 tests kits from the CDC to test for the virus. Newsom told reporters that … Continue reading
Fed’s Latest Plan for Bailing Out Wall Street Banks: Let Them Overdraft their Accounts at the Fed
![Victoria Guida, Reporter for Politico (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2019/10/Victoria-Guida-Reporter-for-Politico-Thumbnail-150x150.jpg)
By Pam Martens and Russ Martens: October 31, 2019 ~ Yesterday, following the announcement of another 1/4 point interest rate cut by the Federal Reserve’s Open Market Committee, Fed Chairman Jerome Powell held a press conference at 2:30 p.m. It proved to be an embarrassing and shameful example of New York City-centric business journalism. Seven business journalists from leading business news outlets that cover Wall Street asked questions in the first 23 minutes of the press conference. Not one of these reporters asked about the liquidity crisis on Wall Street that has resulted in the Fed offering $690 billion a week to 23 Wall Street securities firms and one foreign bank as well as a newly launched “don’t call it QE4” operation by the Fed to buy up $60 billion a month in Treasury bills from Wall Street dealers. The Fed began its repo loan interventions on September 17 of … Continue reading
Wall Street’s Latest Plot: Blame the Financial Crash on the French
By Pam Martens and Russ Martens: August 21, 2017 Wall Street appears to have a plan to get the deregulation it wants by pinning the start of the epic financial crash of 2007-2010 on (wait for it) the French, rather than its own unbridled greed, corruption and toxic manufacture of junk bonds known as subprime debt that it paid to have rated AAA by ethically-challenged and deeply conflicted rating agencies. (The same rating agencies that are getting paid by Wall Street to rate its debt issues today.) One of the men helping to peddle this narrative is Steve Hanke, a Senior Fellow at the Cato Institute, a taxpayer-subsidized nonprofit that was secretly owned by the billionaire Koch brothers for decades. Hanke’s bio at Cato lists him as a Professor of Applied Economics at John Hopkins University in Baltimore and provides the following titillating background: “Prof. Hanke served as a State … Continue reading
Neel Kashkari: The Shadow Over Janet Yellen’s Head as She Testifies to Congress
By Pam Martens and Russ Martens: June 21, 2016 At 10 a.m. this morning, Federal Reserve Chair Janet Yellen will take her seat before the U.S. Senate Banking Committee to deliver her semi-annual testimony on monetary policy. She’ll perform the same task tomorrow before what is likely to be a far more hostile House Financial Services Committee, based on the fireworks that were flying in her last testimony there in February. There will be a shadow wafting over Yellen at both hearings. The shadow is being cast by Neel Kashkari, who took the reins as President of the Federal Reserve Bank of Minneapolis this past January and has effectively transferred the debate on too-big-to-fail banks from the hands of Yellen to his own regional institution. Kashkari has been conducting symposiums and delivering speeches on the issue and has promised a formalized plan to deal with the problem by the end … Continue reading
Interconnected Banks Pose Greatest Threat to U.S. Financial System
By Pam Martens and Russ Martens: February 17, 2015 Last Thursday, the Office of Financial Research (OFR), part of the Federal boondoggle created under the Dodd-Frank financial reform legislation in 2010 to foster the illusion that the government was reining in risk on Wall Street, released a new study showing almost unfathomable levels of systemic and interconnected risk among the too-big-to-fail banks that cratered the U.S. financial system in 2008 and has left our economy still struggling to right itself. Authored by Meraj Allahrakha, Paul Glasserman, and H. Peyton Young, the report reconfirms to Americans that nothing significant has been accomplished in the last six years to prevent casino capitalism on Wall Street from crashing our financial system and the U.S. economy again. The report found that five U.S. banks had high contagion index values — Citigroup, JPMorgan, Morgan Stanley, Bank of America, and Goldman Sachs. The authors write: “…the … Continue reading
Full Text of Fed Chair Janet Yellen’s Testimony Today Before House Financial Services Committee
By Pam Martens: February 11, 2014 Janet Yellen, the newly installed Chair of the Federal Reserve Board of Governors, will face her first Congressional grilling as Fed Chair today before the House Financial Services Committee. That Committee is chaired by Jeb Hensarling, a staunch conservative, who has turned the web site for the Committee into a billboard for self promotion and the Koch Party platform for small government, deregulation, and partisan attacks. Below is the written testimony that Yellen will deliver this morning at 10:00 a.m. before the Committee. ————- Chair Janet L. Yellen, Semiannual Monetary Policy Report to the Congress Before the Committee on Financial Services, U.S. House of Representatives, Washington, D.C. February 11, 2014 Chairman Hensarling, Ranking Member Waters and other members of the Committee, I am pleased to present the Federal Reserve’s semiannual Monetary Policy Report to the Congress. In my remarks today, I will discuss the current … Continue reading
Citigroup’s Latest Brainchild: CitiFirst
By Pam Martens: August 28, 2012 When Ron Suskind’s new book, “Confidence Men,” was released last Fall, there was much noise about the jaw-dropping revelation that President Obama told Treasury Secretary Tim Geithner to “wind down” Citigroup and Geithner brazenly disobeyed the President, essentially doing his own thing where Citigroup was concerned. Here’s a snippet: “In early April, Obama’s economic team congregated in the Oval office for the morning briefing. All the key players were there, except Geithner. After a few moments, the president talked about a resolution plan for Citigroup as a key item in his arsenal, and wondered how close it was to completion. Christina Romer and Larry Summers glanced at each other. They had been talking for nearly a month about how the Treasury Department seemed to be ignoring the president’s clear, unequivocal orders involving Citigroup. Geithner and his team were moving forward with their own favored … Continue reading