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Recent Posts
- 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
- 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
Search Results for: JPMorgan
Warren Buffett Is Taking a Flyer on $3 Billion of Citigroup’s Stock — After It Loses 40 Percent in a Year
![Warren Buffett](https://wallstreetonparade.com/wp-content/uploads/2020/08/Warren-Buffett.jpg)
By Pam Martens and Russ Martens: May 17, 2022 ~ Tongues are wagging this morning about the 13F filing by Warren Buffett’s Berkshire Hathaway. The filing shows that in the first quarter of this year, Berkshire Hathaway bought 55,155,797 shares of Citigroup stock for its portfolio, which came to the tidy sum of $2.9 billion as of March 31, 2022. The tongue-wagging stems from the fact that over the past 52 weeks, Citigroup’s stock has lost 40 percent of its value, with no sign that the bleeding will stop anytime soon. Citigroup closed at $53.40 a share on March 31. It closed yesterday at $47.46. That means that Buffett’s wager on Citigroup is down 11 percent or a loss of $327.6 million so far. Knowing Citigroup’s history, things are highly likely to go from bad to worse from here. As Wall Street On Parade reported just last Friday, Citigroup’s Stock Price … Continue reading
Citigroup’s Stock Price Is Still Down 84 Percent from the Year of Crash in 2008
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By Pam Martens and Russ Martens: May 13, 2022 ~ On January 2, 2008, the first trading day of the year that would become the biggest Wall Street crash since the Great Depression, Citigroup’s shares closed at $28.92. Yesterday, Citigroup’s shares closed at $4.66 (adjusted for the 1-for-10 reverse stock split the company did on May 9, 2011). That means that shareholders who have hung on to the stock for the past 14 years are still down 84 percent. In terms of assets, Citigroup is the third largest bank holding company in the U.S. with $2.29 trillion in assets as of December 31, 2021. (JPMorgan Chase and Bank of America rank first and second with $3.7 trillion and $3.2 trillion in assets, respectively, as of the same date according to the Office of the Comptroller of the Currency.) Despite the fact that Citigroup blew itself up in 2008 with off-balance-sheet subprime … Continue reading
Scandalized Dallas Fed Keeps It All in “The Family” with Appointment of Lorie Logan as President
![Lorie Logan, Head of Trading at the New York Fed](https://wallstreetonparade.com/wp-content/uploads/2022/05/Lorie-Logan-Head-of-Trading-at-the-New-York-Fed.jpg)
By Pam Martens and Russ Martens: May 12, 2022 ~ Yesterday, Thomas Falk and Claudia Aguirre, who were co-chairing the Dallas Fed’s Search Committee, announced that they had found the ideal candidate to become the new Dallas Fed President. They said it was a person who would “understand the economic issues and needs of the residents of Texas, northern Louisiana and southern New Mexico,” the areas served by the Dallas Fed. Given that criteria, one might have suspected that their candidate would have some relationship with Texas or its neighboring states. But no. Falk and Aguirre selected a person who works 1500 miles from the Dallas Fed, Lorie Logan, the head of the trading desks for the New York Fed, the only one of the 12 regional Fed banks to have trading desks (one in New York near the New York Stock Exchange and one in Chicago near the futures exchange). … Continue reading
Senator Tells Treasury Secretary Yellen that Crypto Market Is Now Larger than Subprime Market that Triggered Global Financial Crisis
![Janet Yellen](https://wallstreetonparade.com/wp-content/uploads/2021/01/Janet-Yellen-iii-125x150.jpg)
By Pam Martens and Russ Martens: May 11, 2022 ~ As a result of the Dodd-Frank financial reform legislation of 2010, the U.S. Treasury Secretary chairs a key group of banking and Wall Street regulators called the Financial Stability Oversight Council – pronounced F-SOC for short. The idea behind F-SOC was that Wall Street’s insane binges into things like toxic subprime debt and credit default swaps would never again be allowed to sneak up on snoozing government watchdogs, take down the U.S. economy and put the Wall Street megabanks on a long-term feeding tube from the Fed as occurred from 2008 to 2010. Yesterday, the Senate Banking Committee held a hearing to take testimony from Treasury Secretary Janet Yellen on F-SOC’s annual report to Congress and what F-SOC sees as the biggest threats right now to financial stability. There were numerous fireworks during the hearing, including when Senator Tim Scott, a … Continue reading
Charts: “Massive Buyers’ Strike” for Tech; Bitcoin as an Inflation Hedge Exposed as a Bad Joke; Megabanks in Freefall
![Bubbles](https://wallstreetonparade.com/wp-content/uploads/2020/12/Bubbles-iii.jpg)
By Pam Martens and Russ Martens: May 10, 2022 ~ Last October 6, Bloomberg News had a prominent headline on their digital front page that read: “Citi Says Banks Are In, Tech Is Out Ahead of Rates Lift-Off.” The thrust of the article was this: “In the race to find the best hedges against higher rates and inflation, Citigroup Inc.’s chief global equity strategist is moving with the tide toward global financial stocks. “Like a growing number of his peers, Robert Buckland expects value stocks to provide a degree of protection against the market turbulence brought about by rising bond yields.” There’s a sleight of hand in that phrasing, somehow transporting the riskiest megabanks and their trillions of dollars in opaque derivatives into “value stocks.” A global bank is to a value stock what a loaded grenade is to a box of granola. There is zero correlation. (See our warning about … Continue reading
These Stock Patterns Are Impossible – Without Brazen Manipulation that the SEC Is Choosing to Ignore
![Frightened Wall Street Trader](https://wallstreetonparade.com/wp-content/uploads/2020/03/Frightened-Wall-Street-Trader-150x133.jpg)
By Pam Martens and Russ Martens: May 9, 2022 ~ Beginning in November of 2008, the Fed was allowed by Congress to manipulate the U.S. bond market through purchases of bonds with money it creates at the flick of an electronic button. The Fed calls this “Quantitative Easing” or QE. Beginning on September 17, 2019 – when overnight lending rates on repo (repo means repurchase agreements between financial institutions) touched 10 percent instead of the 2-1/2 percent that the Fed wanted the market to be at – the Fed began providing repo loans at “administered rates.” It did that by jumping into the repo market with both feet, proceeding to make trillions of dollars in cumulative loans to trading houses on Wall Street, at interest rates as low as 0.10 percent by the spring of 2020. During 2020, the Fed also artificially propped up money market mutual funds, commercial paper, Exchange … Continue reading
Goldman Sachs Says Its Dark Pools Are Under Investigation – Along with About Everything Else the Firm Does
![David Solomon, Chairman and CEO, Goldman Sachs](https://wallstreetonparade.com/wp-content/uploads/2019/12/David-Solomon-Chairman-and-CEO-Goldman-Sachs-1-147x150.jpg)
By Pam Martens and Russ Martens: May 6, 2022 ~ We’ve been reading SEC filings for more than 35 years. We have to sadly say that the 10-Q that Goldman Sachs filed with the SEC on May 2, for the quarter ending March 31, 2022, shocks even our well-documented assessment of Wall Street as a crime syndicate. Goldman Sachs has listed pretty much everything the firm does as a target of an ongoing investigation, notwithstanding that the company and a subsidiary were criminally charged by the U.S. Department of Justice in the looting and bribery scandal known as 1MDB in October 2020, admitted to the charges, and had to pay over $2.9 billion. The good news is that Goldman Sachs’ Dark Pools are one of the areas it lists as being under a probe. Dark Pools (also benignly called Alternative Trading Systems or ATS) are effectively unregulated stock exchanges being run by … Continue reading
Powell Says Fed Doesn’t Have a Credibility Problem with the American People – Despite Gallup Poll Showing Lowest Confidence Since 2008 Financial Crisis
![Federal Reserve Chair Jerome Powell](https://wallstreetonparade.com/wp-content/uploads/2020/03/Federal-Reserve-Chair-Jerome-Powell-iii-150x150.jpg)
By Pam Martens: May 5, 2022 ~ At the Fed’s press conference yesterday, Federal Reserve Chair Pro Tempore Jerome Powell was asked by Mike McKee of Bloomberg Television a series of questions on monetary policy which ended with this: “Are you concerned about Fed credibility with the American people?” Powell answered the monetary policy questions but did not directly address the credibility issue. McKee then repeated the question, phrased as follows: “Do you think the Fed has a credibility problem?” Powell’s answer provides an alarming insight into with whom the Fed seeks to maintain confidence. Powell said this: Powell: “No. I don’t. A good example of why would be that—so in the fourth quarter of last year, as we started talking about tapering sooner and then raising rates this year, you saw financial markets reacting, you know, very appropriately. Not to bless any particular day’s measure, but the way financial markets—you … Continue reading
Global Megabanks Are Tanking – The Same Ones the Fed Bailed Out in 2019
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By Pam Martens and Russ Martens: April 27, 2022 ~ As long-term readers of Wall Street On Parade know well, we have regularly warned that the failure of Congress to meaningfully reform Wall Street by restoring the Glass-Steagall Act poses a national security threat to our nation in times of crisis. Instead of meaningful reform, Congress has stood by and watched the Fed bail out the global banks repeatedly since 2008 – either with direct loans or by keeping interest rates artificially low (“administered rates”) or through trillions of dollars in asset purchases from the banks (what the Fed prefers to call Quantitative Easing). The Fed’s balance sheet has ballooned from less than $1 trillion before the financial crisis in 2008 to $9 trillion today as a result of its willingness to perpetually bail out Wall Street. American taxpayers are on the hook for 98 percent of the Fed’s balance sheet … Continue reading
Markets Climb a Wall of Worry but a War, a Pandemic, Soaring Inflation and Opaque Megabanks Spell Big Trouble
![Frightened Wall Street Trader](https://wallstreetonparade.com/wp-content/uploads/2020/03/Frightened-Wall-Street-Trader-150x133.jpg)
By Pam Martens and Russ Martens: April 26, 2022 When the U.S. Bureau of Labor Statistics released its Consumer Price Index (CPI) report on April 12, it showed that inflation had surged to the highest rate in 40 years, reaching 8.5 percent in March compared to the same month a year ago. The CPI report for February had shown a year-over-year increase of 7.9 percent – meaning that inflation had surged further in March and the Fed’s target of 2 percent inflation was getting further out of reach. While inflation has soared, supply bottlenecks from the pandemic and now Russia’s war in Ukraine are pushing down Gross Domestic Product (GDP) expectations. The highly-respected GDPNow model from the folks at the Atlanta Fed puts first quarter GDP in the U.S. at a tepid 1.3 percent. (That figure will be updated later today following the release of new home sales for March at … Continue reading