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Recent Posts
- 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
- 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
Search Results for: Jamie Dimon
Ryan Chittum Has Had It With Hank Greenberg and Maria Bartiromo
By Pam Martens: October 8, 2013 Last week, Ryan Chittum, writing for the Columbia Journalism Review, unleashed the simmering disgust of hundreds of editors and reporters across America: why won’t former Chairman and CEO of AIG, Maurice (Hank) Greenberg, just shut up and go to trial on his eight year old charges of engaging in accounting fraud at his former company. He’s now on his third New York State Attorney General who has valiantly tried to let this case see the sunshine of a jury trial. What Greenberg has done instead is to pay the law firm of superlawyer David Boies to motion our courts to death while his army of pr flacks try his case on CNBC and in the opinion pages of the Wall Street Journal. Greenberg’s latest soiree into fantasy land came in an October 2 piece in the Wall Street Journal where Greenberg empathized out loud … Continue reading
SEC’s Mary Jo White Uses Bully Pulpit to Lob Grenades at Judge Rakoff
By Pam Martens: October 7, 2013 Last Thursday, Mary Jo White, the Chair of the Securities and Exchange Commission since April, spoke at Fordham Law School on “The Importance of Independence” at the SEC. This is akin to Jamie Dimon speaking at the American Bankers Association on the importance of safety and soundness of insured deposits at the Nation’s banks. The audience sensed an agenda: that White was trying to publicly humiliate Judge Jed Rakoff like a schoolboy getting lectured by the teacher in front of the class. Rakoff is the Judge who is challenging the SEC’s perpetual no-admit-or-deny settlements with Wall Street firms. The Wall Street Journal reported that White looked right at Rakoff who was sitting in the room during her lecture. White came to the SEC from Debevoise and Plimpton, a key Wall Street law firm, where she represented some of Wall Street’s biggest names. Her husband, … 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 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
George Melloan: Pity the Big Banks – the Problem Is Populists
By Pam Martens: August 27, 2013 George Melloan has done a deep disservice to the ever-shrinking pool of ethical investigative writers covering Wall Street, civic-minded prosecutors, and to the underpaid but dedicated career regulators overseeing the financial markets. (No, the revolving door from Wall Street to Washington hasn’t quite killed off all that is good.) Yesterday, Melloan penned an opinion piece for the Wall Street Journal that was so Koch-esque, so preposterously skewed, and so utterly lacking in factual basis that it must be called out. Melloan makes the claim that the big banks aren’t doing anything more egregious than they have done in the past and the growing charges of fraud are the product of overly zealous regulators, “encouraged by the Obama administration” to blame the nation’s economic ills “on the rich, Wall Street, moneybags bankers, deal makers like Mitt Romney or almost anyone else who still wears a suit … 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
ABACUS, London Whale: Frenchmen Take the Fall for Wall Street’s Crimes
By Pam Martens: August 13, 2013 Qu’est-ce que c’est? Frenchmen? In the quintessentially American male testosterone epicenter known as Wall Street, Frenchmen are dropping like flies. Not so much the American CEOs in Wall Street’s corner offices. The only handcuffs these guys are seeing are the golden ones. Fabrice Tourre, the 34-year old Goldman Sachs salesman from an elite educational background in France, was found guilty of six counts of securities fraud in a Manhattan jury trial that ended 12 days ago. The case was a civil suit brought by the Securities and Exchange Commission. One of those counts was for “aiding and abetting” Goldman Sachs in the fraud. Goldman Sachs did not stand trial, in the technical sense although it certainly has in the court of public opinion, because it settled its charges with a payment of $550 million. Not only did the corporation not stand trial, but neither … 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
Wall Street’s Metals Cartel On Trial Today in the Senate
By Pam Martens: July 23, 2013 If you think Wall Street’s rigging of foreclosures to struggling homeowners, or rigging interest rate swaps sold to municipalities, or rigging the Libor interest rate benchmark is the extent of its cartel activities, think again. Today, in U.S. Senate chambers, expert witnesses will make the case that the London Metal Exchange (LME) has become little more than a rigged Wall Street game to benefit a handful of powerful Wall Street firms while costing consumers and the economy greatly. The Senate Banking Subcommittee on Financial Institutions and Consumer Protection, chaired by Senator Sherrod Brown, will hold a hearing titled: “Examining Financial Holding Companies: Should Banks Control Power Plants, Warehouses, and Oil Refineries?” Timothy Weiner, Global Risk Manager of the giant beer brewer, MillerCoors LLC, has told the Senate in his written statement that his company’s concerns about the London Metal Exchange are shared by many other companies, … Continue reading