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Recent Posts
- 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
- 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
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SEC Chair Gensler Will Tiptoe Around Questions of Meaningful Reform on Wall Street at Today’s Senate Banking Hearing
By Pam Martens and Russ Martens: September 14, 2021 ~ The Senate Banking Committee will hold a hearing today titled “Oversight of the U.S. Securities and Exchange Commission.” The SEC needs a lot of oversight because that’s the federal agency that didn’t catch Bernie Madoff for more than four decades, despite a financial expert, Harry Markopolos, sending the SEC detailed written reports (in 2000, 2001, 2005, 2007 and 2008), making the case that Madoff was running a Ponzi scheme. The SEC was also asleep at the switch while Wall Street banks concocted their subprime debt bombs, then bet billions of dollars that they would fail while selling them to public pension funds as good investments. Those subprime bombs blew up in 2008, cratering the U.S. economy and leaving millions of innocent Americans jobless and homeless. More recently, the SEC was caught flat-footed when the family office hedge fund, Archegos Capital Management, … Continue reading
Meet Damian Williams, President Biden’s Pick to Prosecute Wall Street
By Pam Martens and Russ Martens: August 11, 2021 ~ When it comes to prosecuting the serial criminal cases arising out of Wall Street, there are two critical posts: the head of the Criminal Division at the Department of Justice and the U.S. Attorney for the Southern District of New York. (The Securities and Exchange Commission has only civil powers and, thus, conveniently, cannot bring criminal charges.) President Biden failed to properly vet his nominee, Kenneth Polite, to head the Criminal Division, “despite screaming red flags on his financial disclosure form.” Polite was confirmed for the job by the U.S. Senate on July 20. Senators asked zero questions about these financial red flags. Yesterday, President Biden announced that he was nominating Damian Williams to become the U.S. Attorney for the Southern District of New York, the office that brings (or fails to bring) the majority of criminal cases involving Wall Street … Continue reading
The Four Years of the Trump Administration Saw the Largest Number of IPOs with Negative Earnings in the Last 40 Years
By Pam Martens and Russ Martens: July 9, 2021 ~ Donald Trump was inaugurated as President on January 20, 2017. But 16 days before Trump even took office, he sent the message to Wall Street that “I’ve got your back.” On January 4, 2017, Trump nominated Jay Clayton to Chair the Securities and Exchange Commission, ostensibly the top watchdog on Wall Street. But Clayton’s resume ensured that he would be doing a lot more recusing than watchdogging. Clayton, a law partner at Sullivan & Cromwell, had represented 8 of the 10 largest Wall Street banks in the three years prior to his nomination. Clayton did not disappoint. He looked the other way as the Wall Street banks traded their own bank’s stock in their own Dark Pools. He wore blinders as the Wall Street banks flagrantly violated the Dodd-Frank financial reform legislation’s Volcker Rule. He took no action to stop Wall … Continue reading
Three Wall Street Mega Banks Have Admitted to a Combined Eight Felony Counts; But Don’t Expect the Word “Felony” to Come Up in Wednesday’s Senate Banking Hearing with their CEOs
By Pam Martens and Russ Martens: May 25, 2021 ~ On Wednesday, the Senate Banking Committee will haul each of the CEOs of the largest U.S. banks on Wall Street to a hearing. Three of those banks have been charged with, and admitted to, egregious felonies. But we will be shocked if any Senator dares to inquire about these unprecedented felony counts. Until 2014, no major Wall Street bank that held federally insured deposits had ever been charged with a felony in a century. That all changed on January 7, 2014 when the U.S. Department of Justice charged JPMorgan Chase with two criminal felony counts for its role in the Bernie Madoff Ponzi scheme. The bank had managed the business account for Madoff for decades and had even written to U.K. regulators that it suspected Madoff of running a fraudulent operation. It failed to share any such concerns with U.S. regulators. … Continue reading
At $49.1 Trillion, the U.S. Stock Market Is Larger than the Combined GDP of the U.S., China, Japan and Germany
By Pam Martens and Russ Martens: May 11, 2021 ~ When the motherlode of stock market bubbles finally pops, exposing the corrupt edifices on which it was built, you can count on one thing for sure – there will be lots of testimony before Congress that no one could have seen it coming. The simple chart above, that took us 30 minutes to prepare in an Excel spreadsheet, is proof that anyone among the legions of Wall Street bank regulators at the Federal Reserve, the OCC, the FDIC, and the SEC can see what’s coming. The chart compares U.S. GDP to the total stock market value at December 31, 1999, prior to the bursting of the dot.com bubble; at December 31, 2007, prior to the bursting of the subprime and derivatives bubble; and on December 31, 2020, prior to the bursting of whatever the bailout boys decide to call this bubble. … 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
SEC’s Gary Gensler Picks a 20-Year Wall Street Bank Defender for His Crime Chief
By Pam Martens and Russ Martens: April 28, 2021 ~ The only thing worse than SEC Chairman Gary Gensler’s pick for Director of Enforcement at Wall Street’s so-called watchdog is the way corporate media is attempting to spin it. On April 22 Gensler announced that he had appointed Alex Young K. Oh to be his top Wall Street crime fighter. Reuters (and numerous other media outlets) spun the announcement like this: “The U.S. Securities and Exchange Commission on Thursday named former federal prosecutor Alex Oh as its new head of enforcement, the first woman of color to lead the division, which plays a crucial role in policing U.S. financial markets.” Yes, Alex Young K. Oh was a former federal prosecutor, but one of numerous assistant U.S. Attorneys working in the Southern District of New York more than two decades ago. What Oh has been doing for the past two decades is … Continue reading
Where’s Gary Gensler? It’s Day 69 of the Biden Presidency and Wall Street’s Top Cop Has Yet to be Confirmed
By Pam Martens and Russ Martens: March 29, 2021 ~ It was a bone-chilling 42 degrees with winds gusting to 28 miles per hour when Joe Biden was sworn in as the 46th President of the United States on January 20. Today is Biden’s 69th day in office. Washington D.C.’s beloved Cherry Blossoms are within days of reaching their peak, and yet, Biden’s nominee to Chair the Securities and Exchange Commission, Gary Gensler, has not been confirmed by a full vote in the Senate. Given that former President Trump’s SEC Chair, Jay Clayton, has left U.S. markets in their most perilous state since 1929, one would think that the Senate would be rushing to hold a vote to confirm Gensler. (Clayton had legally represented 8 of the 10 largest Wall Street banks in the three years before Trump nominated him to become SEC Chair. Clayton left the SEC after a controversial … Continue reading
Dems Provide Brutal Assessment of Wall Street at Senate Banking Hearing
By Pam Martens and Russ Martens: March 10, 2021 ~ Yesterday’s Senate Banking Committee hearing to assess if the wild trading in meme stocks like GameStop and others requires new regulations on Wall Street turned into an overall assessment that Wall Street’s capital allocation system is broken and the main function of Wall Street today is a wealth transfer system for the rich. The Chair of the Committee, Senator Sherrod Brown (D-OH) summed it up as follows: (Read his full, enlightening remarks here.) “We’ve seen Wall Street treat the markets as a game for decades – a game they always win, at the expense of pretty much everyone else. Wall Street has never been friendly to the little guy. Surely this time is no different. Yes, some regular people have had success. But fundamentally, the system is set up to funnel more wealth to the already-wealthy. Just like in Las Vegas, … Continue reading
GameStop Hearing: Citadel’s Ken Griffin Doesn’t Let the Brutal Facts Get in the Way of His Testimony
By Pam Martens and Russ Martens: February 18, 2021 ~ The billionaire hedge fund titan of Citadel LLC and its market-making/trade execution arm, Citadel Securities, delivered a load of horse pukky in his written testimony to the House Financial Services Committee. Griffin is slated to appear as one of six witnesses at the hearing scheduled at noon today to examine the trading in shares of GameStop in January. GameStop is the brick-and-mortar video game retailer whose stock soared from $18.84 on December 31 of last year to an intraday high of $483 on January 28 – an unprecedented run of 2,465 percent in four weeks by a struggling retail outlet. The stock price then quickly plunged back to earth. It closed yesterday at $45.94. GameStop is listed on the New York Stock Exchange. Its shares are not supposed to trade like a penny stock operated out of a boiler room. … Continue reading