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Recent Posts
- 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
- After Weeks of Howling by MAGA Republicans for the Chair of the FDIC “to Resign,” a Democrat Delivers the Decisive Stab in the Back
Search Results for: boli
Banking Deaths: Why JPMorgan Stands Out
By Pam Martens and Russ Martens: May 19, 2014 In the past six months, five current workers and two former workers of JPMorgan Chase have died under unusual circumstances. Adding to the tragedy, all seven were in their late 20s or 30s and three of the deaths involved alleged falls from buildings – a rare form of death even during the height of the financial crisis in 2008. According to the New York City Department of Health, there were just 93 deaths resulting from leaps from buildings in Manhattan and boroughs during 2008 – a time when century old iconic Wall Street firms collapsed and terminated tens of thousands of workers. Those 93 deaths represented just .000011625 of the City’s population of 8 million. JPMorgan’s global workforce population is just 260,000. No other major Wall Street bank comes close in terms of young worker deaths over the past six months. … Continue reading
Suspicious Deaths of Bankers Are Now Classified as “Trade Secrets” by Federal Regulator
By Pam Martens and Russ Martens: April 28, 2014 It doesn’t get any more Orwellian than this: Wall Street mega banks crash the U.S. financial system in 2008. Hundreds of thousands of financial industry workers lose their jobs. Then, beginning late last year, a rash of suspicious deaths start to occur among current and former bank employees. Next we learn that four of the Wall Street mega banks likely hold over $680 billion face amount of life insurance on their workers, payable to the banks, not the families. We ask their Federal regulator for the details of this life insurance under a Freedom of Information Act request and we’re told the information constitutes “trade secrets.” According to the Centers for Disease Control and Prevention, the life expectancy of a 25 year old male with a Bachelor’s degree or higher as of 2006 was 81 years of age. But in the … Continue reading
Document: JPMorgan Chase Bets $10.4 Billion on the Early Death of Workers
By Pam Martens and Russ Martens: March 24, 2014 Families of young JPMorgan Chase workers who have experienced tragic deaths over the past four months, have been kept in the dark on many details, including the fact that the bank most likely held a life insurance policy on their loved one – payable to itself. Banks in the U.S., as well as other corporations, are allowed to make multi-billion dollar wagers that their profits from life insurance policies on employees will outstrip the cost of paying premiums and other fees. Early deaths help those wagers pay off. According to the December 31, 2013 financial filing known as the Call Report that JPMorgan made with Federal regulators, it has tied up $10.4 billion in illiquid, long term bets on the death of a large segment of its employees. The program is known among regulators as Bank Owned Life Insurance or BOLI. … Continue reading
As Bank Deaths Continue to Shock, Documents Reveal JPMorgan Has Been Patenting Death Derivatives
By Pam Martens and Russ Martens: February 17, 2014 The probability of two vibrant young men in their 30s who are employed by the same global bank but separated by an ocean dying within six days of each other is remote. And few companies are in as good a position to understand just how remote as is JPMorgan: since 2010, it has received four patents on quantifying longevity risks and structuring wagers via death derivatives. The two deaths at JPMorgan remain unexplained. Gabriel Magee, a 39-year old technology Vice President was found dead on the 9th level rooftop of JPMorgan’s European headquarters at 25 Bank Street in the Canary Wharf section of London on January 28 of this year. A London coroner’s inquest is scheduled for May 15 to determine the cause of death. Six days later, Ryan Crane, a 37-year old Executive Director involved in trading at JPMorgan’s New … 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
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
Snowden’s Cry for Help Is a Cry for America
By Pam Martens: July 2, 2013 In July 2002, less than a year after Congress passed the USA Patriot Act, Nancy Chang, then Senior Litigation Attorney for the Center for Constitutional Rights, published a prophetic and comprehensive book about the legislation titled: Silencing Political Dissent: How Post-September 11 Anti-terrorism Measures Threaten our Civil Liberties. Chang was one of the early visionaries to see that the USA Patriot Act was not so much about protecting us from terrorists but a weapon to control, contain and criminalize political dissent. I had the privilege of assisting in a New York City book launch event for Chang in September 2002, where Chang warned that the endless war on terrorism theme was critically different from past assaults on Constitutional freedoms during war time. The earlier crises came to an end when the country returned to peacetime. With an endless war mantra, there would be no … Continue reading
Is Sheila Bair Dangerously Naïve When It Comes to Dodd-Frank
By Pam Martens: June 27, 2013 Former Federal Deposit Insurance Corporation Chair, Sheila Bair, was watching the clock on the wall yesterday during her questioning by the House Financial Services Committee on whether the Dodd-Frank financial reform legislation can stop another taxpayer bailout of too-big-to-fail banks. In the midst of the hearing, it was announced that Bair would have to depart at 12 noon. Based on the answers coming from Bair versus the three other witnesses, there was the impression that Bair wanted to beat a hasty retreat to lunch. The problem comes down to this: Bair and many on the Democrats’ side of the aisle, refuse to acknowledge that their much ballyhooed financial reform legislation passed in July 2010, the Dodd–Frank Wall Street Reform and Consumer Protection Act, is an utter failure in reining in the abuses of the Wall Street behemoths as well as useless in preventing another … Continue reading
The Koch Brothers as Newspapermen
By Pam Martens: April 22, 2013 Corporate media is abuzz with the possibility that the Koch brothers will use their majority-control of Koch Industries to buy eight daily newspapers owned by the Tribune Company, including the Los Angeles Times and Chicago Tribune, the fourth and ninth largest dailies in the country, respectively. If the Kochs’ bid is successful, it will signal a plan by the Kochs to stop hiding behind front groups and the launch of a full-scale, open assault on reshaping the country to fit their agenda: deregulation, privatization, and dramatically shrinking the Federal government. Tribune also owns two of the largest dailies in the battleground state of Florida: the Orlando Sentinel and the Sun Sentinel out of Fort Lauderdale. Other dailies include The Baltimore Sun, Hartford Courant, The Morning Call and Daily Press. According to the 2013 Forbes list of billionaires, both Charles and David Koch increased their wealth by … Continue reading
The Foreclosure Settlement Scandal: It’s All About Paying Former Regulators Billions
By Pam Martens: April 16, 2013 The $3.6 billion in checks from a government approved settlement fund for victims of foreclosure abuse by the country’s biggest banks and mortgage servicers began arriving in mailboxes this week, with additional mailings to extend into July. But what should also be tucked into the envelope is a truth in advertising disclaimer stating that the government is now disavowing the use of the phrase “Independent Foreclosure Review” as a hyperbolic and untruthful characterization. The process was anything but “independent” and out of more than 4 million foreclosure files potentially stuffed with evidence of illegal activity on the part of banks, only 100,000 files were actually reviewed, not even enough to constitute a reliable statistical sampling. In a Senate hearing last Thursday, Senator Elizabeth Warren revealed for the first time that it was the actual banks that engaged in the illegal foreclosure activities, not the so-called … Continue reading