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Recent Posts
- 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
- 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
Search Results for: Jamie Dimon
How the New York Times Hides the Truth About Wall Street’s Catastrophic Misdeeds
By Pam Martens: July 2, 2012 The paper of record is in serious need of a fact checker when it comes to whether the Glass-Steagall Act could have prevented the financial crisis. Promoting ignorance could help sink the financial system – again. Back on April 8, 1998, the New York Times ran a slobbering editorial pushing for the repeal of the Glass-Steagall Act. It sounded like it came straight from Sandy Weill’s public relations flacks. Weill, head of Wall Street brokerage and investment firms Smith Barney and Salomon Brothers, as well as insurance company, Travelers Group, wanted to merge with a large commercial bank, Citicorp, owner of Citibank, and get his speculative hands on that pile of insured deposits. The merger was illegal at the time under the depression era Glass-Steagall Act. The legislation was enacted after the 1929 stock market crash to keep speculative gambling on margin and risky … Continue reading
JPMorgan’s Other Big Gamble
By Pam Martens: June 29, 2012 Recent settlements by the Securities and Exchange Commission (SEC) have sent a dangerous message to Wall Street: feel free to lie freely to investors and shareholders as long as you have deep pockets. In 2007, Citigroup told investors it had $13 billion in subprime exposures, knowing the figure was in excess of $50 billion. It got caught and on July 29, 2010 paid $75 million to settle charges with the SEC. Its CFO, Gary Crittenden, was fined a puny $100,000 and the head of its Investor Relations Department, Arthur Tildesley, was fined an even punier $80,000. That sent a clear message to Wall Street, lying about the risks you are taking or what’s on your balance sheet results in a slap on the wrist and some chump change. Lying has now morphed into its own profit center. Also in July 2010, Goldman Sachs settled … Continue reading
Wall Street to Public on Ratings: Don’t Believe Your Lying Eyes
By Pam Martens: June 22, 2012 Moody’s had barely published its ratings downgrades of the big banks on Wall Street before their public relations flaks hurled an avalanche of insults at Moody’s. Citigroup was the most vitriolic of the pack, calling Moody’s “arbitrary,” “backward looking,” and “opaque.” This from a company managed by a former hedge fund manager whose stock would be trading at $2.79 (intraday) had it not done a 1 for 10 reverse split and who previously hid tens of billions off its balance sheet in Structured Investment Vehicles (SIVs). In fact, Citigroup wouldn’t even exist today had the taxpayer not bailed it out with $45 billion in TARP funds, over $300 billion in guarantees, and trillions in secret loans from the Fed. But Citi said in its press release: “In our view, investors and clients should make their own decisions and not rely on ratings — … Continue reading
The Road to Thermo Global Banking Meltdown Was Paved On June 25, 1998
By Pam Martens: June 22, 2012 On June 25 and June 26, 1998, the Federal Reserve held hearings at the Federal Reserve Bank of New York on allowing Travelers Group, which owned an insurance firm (Travelers), investment bank (Salomon Brothers) and brokerage firm (Smith Barney) to merge with a bank holding FDIC insured deposits (Citicorp/Citibank). Despite solid testimony that this merger was illegal, the Fed approved the merger and Citigroup was born. Sandy Weill, head of Travelers, and Jamie Dimon, his first lieutenant (now Chairman and CEO of the risk-management-challenged JPMorgan Chase) were the brains behind the Travelers/Citicorp deal and made a fortune from it. That merger forced all of Citigroup’s main competitors to do similar deals in order to compete, setting in motion today’s too big to fail financial chaos. Why didn’t the Fed listen to the testimony? Why didn’t the Fed follow the law? Here’s a sampling of … Continue reading
Congressional Hearing Shows Loss of Public Confidence in Markets
By Pam Martens: June 20, 2012 The House of Representatives held a hearing at 9:00 a.m. this morning titled “Market Structure: Ensuring Orderly, Efficient, Innovative and Competitive Markets for Issuers and Investors.” The hearing was convened by the Capital Markets and Government Sponsored Enterprises Subcommittee of the House Financial Services Committee. The panel included no one representing the public’s voice. Four of the panelists called attention to the loss of confidence that the public now has in the stock market. Those views are in stark contrast to the perpetually repeated statement by Jamie Dimon, Chairman and CEO of JPMorgan Chase, that “We have the widest, deepest and best capital markets in the world.” There are now 264,000 links at Google’s search engine to some variation of that statement by Jamie Dimon, e.g., “the best capital markets,” “the widest, deepest and most transparent capital markets.” The gap between Dimon’s statement and … Continue reading
JPMorgan: Too Big To Tell the Truth
By Pam Martens: June 19, 2012 The House Financial Services Committee was in hearing session for four hours today on JPMorgan Chase’s losses and the only thing that was materially different from last week’s Senate Banking hearing was the tie of Jamie Dimon, Chairman and CEO of JPMorgan Chase. America’s mega banks that are too big to fail are now viewed as too big to manage, too big to regulate and the latest incarnation, too big to tell the truth to the American people for fear of a panic. Repeatedly during the hearing today, Chairman Spencer Bachus, Republican from Alabama, interrupted fellow members of the Committee who attempted to probe the size or specifics of the losses. The impression was that a deal had been made with JPMorgan’s lawyers that these subjects would be quickly shot down by the Chair. The House Financial Services committee also heard from the siloed regulators … Continue reading
SEC Releases Tomorrow’s Testimony on JPMorgan Losses
By Pam Martens: June 18, 2012 Mary Schapiro, Chair of the Securities and Exchange Commission, has released her written statement for tomorrow’s hearing before the House Financial Services Committee regarding JPMorgan Chase’s losses. Based on the text, a number of problematic areas may arise for Chairman and CEO, Jamie Dimon, who signed off on the firm’s first quarter financial filings with the SEC: Was there adequate disclosure of the credit default insurance sold to hedge funds and the ensuing income the firm was receiving from this high risk source; Was the potential for losses on all synthetic credit products adequately described; Did the firm properly detail the collateral calls that could arise on these synthetic credit derivatives. Why wasn’t the change to the VAR (Value at Risk) disclosed to investors? Read the full text of the statement here.
U.S. Chamber of Commerce Frets About JPMorgan Hearing Tomorrow
By Pam Martens: June 18, 2012 You didn’t really think the ubiquitous U.S. Chamber of Commerce would stay quiet for long regarding the JPMorgan Chase fracas on Capital Hill did you? They’ve got a post up today at their blog comparing JPMorgan’s Chief Investment Office to getting hit by a bus. While that’s exactly what it has felt like to shareholders who have lost a quarter of their investment in the stock since Bloomberg News first started reporting on the problem on April 5, the Chamber actually attempts to twist the bus analogy into an argument for giving JPMorgan a free hand to blow up depositors’ money as it sees fit. One suspects that someone connected to JPMorgan has asked the Chamber to trumpet a warning to frisky Congressmen on the House Financial Services Committee who will be probing Jamie Dimon, Chairman and CEO of JPMorgan Chase, tomorrow. After the … Continue reading
Wall Street Hearings Continue This Week
By Pam Martens: June 18, 2012 As you review the make up for the panels in these hearings, be sure to note that not one hearing has included representatives from the public or from consumer advocacy groups. “Examining Bank Supervision and Risk Management in Light of JPMorgan Chase’s Trading Loss” House Financial Services Committee Tuesday, June 19 9:30 a.m.; 2128 Rayburn House Office Building WITNESS LIST Panel I Thomas J. Curry, Comptroller of the Currency Mary Schapiro, Chairman, U.S. Securities and Exchange Commission Gary Gensler, Chairman, U.S. Commodity Futures Trading Commission Martin J. Gruenberg, Acting Chairman, Federal Deposit Insurance Corporation Scott Alvarez, General Counsel, Federal Reserve Board of Governors Panel II Jamie Dimon, Chairman and Chief Executive Officer, JPMorgan Chase & Co. ~ “Market Structure – Ensuring Orderly, Efficient, Innovative and Competitive Markets for Issuers and Investors” House of Representatives Financial Services’ Subcommittee on Capital Markets and Government Sponsored Enterprises … Continue reading
Can You Trust This Banker
By Pam Martens: June 13, 2012 Jamie Dimon, Chairman and CEO of JPMorgan Chase, told the U.S. Senate Banking Committee today that “there are no off-balance sheet vehicles…” But JPMorgan Chase’s financial filings with the SEC for 2011 tell a different story. Those documents state: “Includes off–balance sheet risk-weighted assets at December 31, 2011, of $301.1 billion, $291.0 billion and $38 million…for JPMorgan Chase, JPMorgan Chase Bank, N.A. and Chase Bank USA, N.A., respectively.” Dimon was not asked to testify under oath today. In an exchange with Senator Bob Menendez, Dimon said he never criticized the new regulatory requirements for increased capital for banks. Senator Menendez said he did. Dimon said that was untrue. The Senator was referring to an interview Dimon gave to the Financial Times of London which was published on September 12, 2011. The Financial Times reported as follows: Dimon: “ ‘I’m very close to thinking the United States shouldn’t be … Continue reading