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Recent Posts
- 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
- 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
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Wall Street Watchdog, Better Markets, Calls Fed Presidents’ Trading Binge “Pandemic Profiteering” or, Possibly, “Illegal Insider Trading”
By Pam Martens and Russ Martens: September 21, 2021 ~ Fortunately for Americans, the keen-eyed Wall Street watchdog group, Better Markets, is not living in the same alternative reality universe as the cable financial news network, CNBC. Last Friday, CNBC published a crazy headline regarding Dallas Fed President Robert Kaplan trading tens of millions of dollars of individual stocks and S&P 500 futures in 2020 while Boston Fed President Eric Rosengren traded in and out of REITs (Real Estate Investment Trusts). The trading occurred despite both men being privy to non-public, market moving information coming from the Federal Reserve, the central bank of the United States. CNBC’s headline read: “After years of being ‘squeaky clean,’ the Federal Reserve is surrounded by controversy.” CNBC was royally roasted on Twitter for its “squeaky clean” fairy tale. CNBC’s flight from reality comes after the Fed’s former Chair, Janet Yellen, went straight from her position at … Continue reading
Quietly, the Fed Has Seduced $1 Trillion a Day into the Best Game in Town – Its Reverse Repo Facility
By Pam Martens and Russ Martens: September 16, 2021 ~ During the financial collapse of 2008, money market funds found themselves holding toxic paper that no one wanted to buy. In order to stop panic runs on money market funds, on September 19, 2008 the U.S. Treasury Department issued a statement indicating it would guarantee more than $3.5 trillion in money market funds. As COVID-19 concerns took root in March of last year and the stock market plunged, the Fed launched another bailout program for money market funds on March 18, 2020. The program was called the Money Market Mutual Fund Liquidity Facility (MMLF) and was run out of the Federal Reserve Bank of Boston. Going forward, the Fed does not want to be in the position of having to bail out more privately owned money market funds. So the Fed has been seducing money market funds and other financial institutions … Continue reading
The Latest Outrage Over Fed Presidents Trading Stocks Is Just the Tip of the Iceberg
By Pam Martens and Russ Martens: September 15, 2021 ~ Last Tuesday, Mike Derby reported at the Wall Street Journal that the President of the Dallas Fed, Robert Kaplan, had “made multiple million-dollar-plus stock trades in 2020, according to a financial disclosure form provided by his bank.” The individual stocks included shares of Apple, Alphabet (Google), Alibaba, Amazon, Chevron, Delta Airlines, Facebook, General Electric, Johnson and Johnson, Oracle, Tesla and numerous others. Kaplan previously spent more than two decades at Goldman Sachs, one of the largest trading houses on Wall Street, and, apparently, he thinks he still works there. Think about this for a moment. While Fed Chair Jerome Powell is repeatedly testifying to Congress last year that its every monetary move during the pandemic was on behalf of the average American, the Dallas Fed President is making million-dollar bets on big tech stocks the Justice Department is investigating for anti-trust … Continue reading
After Taking Millions in Speaking Fees from Wall Street, Treasury Secretary Yellen Redacted 73 Meetings or Phone Calls in First 3 Months in Office
By Pam Martens and Russ Martens: August 13, 2021 ~ After stepping down as Fed Chair on February 3, 2018, Janet Yellen began a whirlwind of speaking engagements that netted her millions of dollars over the next two years. But when it came time to disclose those fees after she was nominated by President Biden to become Treasury Secretary, Yellen disclosed only the fees she had made in 2019 and 2020, not the millions she had made in fees in 2018. What Yellen did disclose showed more than $7 million in speaking fees, with the bulk of that coming from Wall Street banks, trading houses and hedge funds. As the news broke this past January about Yellen’s cash haul, Senior Reporter Jesse Eisinger of ProPublica Tweeted this: “Deeply troubling two-fisted money grab from banks by Janet Yellen. This is corruption, but isn’t called that because it’s so quotidian.” Eisinger added: “Sure, Yellen … Continue reading
Bezos Has Dumped Over $16.6 Billion of Amazon Stock Over the Last 17 Months – That’s More than He Sold Over the Prior Decade. Should Shareholders Worry?
By Pam Martens and Russ Martens: June 15, 2021 ~ Jeff Bezos, the founder and man at the helm of Amazon for the past 27 years, announced last month that he will be stepping down as CEO on July 5. Fifteen days later, according to Bezos, he and his brother Mark will take off on the first crewed space flight from his rocket company, Blue Origin. (Another seat on the flight has been auctioned online for $28 million. The winner has not yet been named.) Following on the heels of Bezos’ 2019 announcement of his divorce to his wife of a quarter of a century, MacKenzie Bezos, and tabloid headlines over his accusations of attempted extortion and blackmail by the National Inquirer over Bezos salacious texts to his girlfriend, shareholders were likely becoming eager for Bezos to hop aboard that spacecraft. What shareholders were apparently not thinking about was what was going … Continue reading
Crypto Will Be Put Under the Microscope at June 30 House Hearing
By Pam Martens and Russ Martens: June 4, 2021 ~ The House Financial Services Subcommittee on Oversight and Investigations, chaired by Congressman Al Green of Texas, will hold a hearing on June 30 titled: “America on ‘FIRE.’ Will the Crypto Frenzy Lead to Financial Independence and Early Retirement or Financial Ruin?” The announcement of the hearing came yesterday, the same day that Wall Street On Parade reported that the Federal Trade Commission was witnessing a skyrocketing increase in crypto scams. The FTC wrote on May 17: “Reports to the FTC’s Consumer Sentinel suggest scammers are cashing in on the buzz around cryptocurrency and luring people into bogus investment opportunities in record numbers. Since October 2020, reports have skyrocketed, with nearly 7,000 people reporting losses of more than $80 million on these scams.” The Subcommittee has not yet posted its lineup of witnesses for the hearing. Republicans, who are the minority party … Continue reading
Shhh! Don’t Tell Congress that the Cabal It’s Investigating Over GameStop and Archegos Quietly Got SEC Approval to Jointly Run their Own Stock Exchange
By Pam Martens and Russ Martens: May 5, 2021 ~ The House Financial Services Committee has released its official Memorandum outlining the general topics it wants to cover in tomorrow’s hearing on the wild trading action in GameStop and other meme stocks in January that has raised serious questions about U.S. market integrity. The implosion of the Archegos Capital Management family office hedge fund in March, which has generated losses of more than $10 billion thus far at global systemically important banks, will likely be a key topic when the Senate Banking and House Financial Services Committees haul Wall Street bank CEOs to hearings on May 26 and 27, respectively. An insightful paragraph in the Memorandum for the House hearing tomorrow reads as follows: “Testimony given at the first two GameStop hearings raised concerns about the market dominance of some capital market participants, as well as correlated risks arising from the … Continue reading
More than a Year Later, Americans Have No Idea Where $9 Trillion of Fed Money Went
By Pam Martens and Russ Martens: March 1, 2021 ~ Beginning on September 17, 2019 – months before there was any report of a COVID-19 case anywhere in the world – the Federal Reserve turned on its money spigot to the trading houses on Wall Street. By October 23, 2019 the Fed announced that it was upping these loans to $690 billion a week – again, months before any report of COVID-19 anywhere in the world. Earlier in October 2019, the Fed had also announced that it would be buying back $60 billion a month in Treasury bills. Within a span of six months, the Fed had pumped out a cumulative $9 trillion in loans to Wall Street’s trading houses, according to its own spread sheets, with no peep as to which Wall Street firms were getting the bulk of that money. It’s more than a year later and the … Continue reading
GameStop Short Squeeze: These Are the Big Wall Street Players Who Stood to Make Billions
By Pam Martens and Russ Martens: February 1, 2021 ~ When it comes to the shares of GameStop, most of the mainstream media’s focus has been on the Reddit message board commentators who stood to make millions of dollars from boosting the stock price. It’s a good bet that the SEC, FBI, Financial Stability Oversight Council, Senate and House investigators are setting their sights on those who stood to make…not millions but billions. The overarching question will be: did any of the big players engage in a direct role on Reddit or incentivize the people posting on the Reddit message board, WallStreetBets, to hawk the shares of GameStop. It’s very clear from the volume of trading in GameStop that amateur traders are not the major movers of this stock. The stock has gone from trading less than 13 million shares a day in November to over 150 million shares per … Continue reading
GameStop Promoter Keith Gill Was No “Amateur” Trader; He Held Sophisticated Trading Licenses and Worked in the Finance Industry
By Pam Martens and Russ Martens: January 30, 2021 ~ Yesterday evening, CNN’s Erin Burnett told millions of viewers that it was “amateur traders” who had taken on the powerful Wall Street hedge funds to pump up the share price of GameStop. The New York Post also called Keith Gill, the man who initiated the frenzy in GameStop shares, an “amateur investor.” This characterization of Gill fits with the broader mainstream media narrative that this is an exciting David versus Goliath story. Unfortunately, the facts keep getting in the way of that narrative. Wall Street On Parade has confirmed that Keith Patrick Gill, a man holding highly sophisticated licenses to trade and supervise others on Wall Street, is the same man using multiple identities to promote GameStop on social media platforms. Gill, and a member of his family, have confirmed to other media outlets that Gill used the identity of … Continue reading