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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
A Forensic Look at Jerome Powell’s “Pants on Fire” Explanation for His $1 Million to $5 Million Stock Sale
Pam Martens and Russ Martens: October 21, 2021 ~ On Monday, October 18, the fearless Robert Kuttner at the American Prospect, broke the news that Fed Chairman Jerome Powell had sold between $1 million and $5 million of the Vanguard Total Stock Market Index Fund on October 1, 2020, the same day that Powell had been on four phone calls with Treasury Secretary Steve Mnuchin, who was coordinating the White House response to the financial crisis resulting from the pandemic. The story went viral and forced the Federal Reserve to offer a preposterously lame excuse for what was obviously a desire by Powell to reduce his exposure to the stock market, despite his having access to more insider information than any other human on the planet. The same day that Kuttner’s story ran, Mike Derby, a reporter for the Wall Street Journal, wrote that a Fed representative had characterized the … Continue reading
Senator Pat Toomey Launches a Red-Scare Campaign Against Biden’s Nominee to Head a Top Wall Street Bank Regulator
By Pam Martens and Russ Martens: October 7, 2021 ~ Yesterday, at 4:19 in the afternoon, Wall Street On Parade received an email from the nice communications folks at the Senate Banking Committee, which is chaired by Senator Sherrod Brown of Ohio, a progressive Democrat who has had about all he can stand of the robber barons on Wall Street. The ranking member of the Senate Banking Committee, who was supposed to become the Chair of the Committee in a Trump coup d’état, is Republican Pat Toomey of Pennsylvania, who has been serially funded and backed by Koch-funded front groups. Koch Industries owns a big trading operation, so it is very much vested in what happens in terms of stricter regulations for Wall Street. (For the role of Koch money in the insurrection at the Capitol on January 6, see our report: The Money Trail to the Siege at the Capitol Leads … Continue reading
Trading Unit of 5-Count Felon JPMorgan Chase Gave 550 Customer Passwords and User Names to an “Active Customer” for More than a Decade; SEC Fines It a Paltry $2.75 Million
By Pam Martens and Russ Martens: August 6, 2021 ~ When it comes to the top watchdog of trading on Wall Street, the Securities and Exchange Commission (SEC), that dog can’t hunt. It’s not that the career professionals at the SEC haven’t tried to hunt, it’s that when they get too close to ensnarling some powerful person on Wall Street, they are told to stand down. Having a Wall Street defense lawyer at the helm of the SEC under both Presidents Obama and Trump certainly hasn’t helped the matter. (See here and here.) The jury is still out on President Biden’s SEC Chair, Gary Gensler, who just took office on April 17. (It should be noted, however, that the case described below was settled by the SEC after he took office.) With that as a backdrop, consider the press release and order that the SEC released on June 29 against Neovest … Continue reading
Biden’s Crime Chief Had Screaming Red Flags on His Financial Disclosure Form; Senators Ignored Them
By Pam Martens and Russ Martens: July 26, 2021 ~ What happened on July 20 with the 56-44 vote in the Senate to confirm Kenneth Polite (pronounced Po-leet) to head the most powerful criminal law enforcement office in the United States, the Criminal Division of the Department of Justice, is a cautionary tale that should concern every American. Despite Polite owing more than $1.5 million in debts according to his financial disclosure form and public mortgage records; paying over 18 percent interest on an outstanding balance on a credit card; 19.99 percent interest on a personal loan; and now accepting a job where his income will be slashed by about 77 percent – not one Senator on the Senate Judiciary Committee asked a single question about this man’s bizarre financial picture during his confirmation hearing on May 26 or in written questions that followed. Senator Dick Durbin, a Democrat from Illinois, … Continue reading
The Fed Has Approved 3,576 Bank Mergers in 15-1/2 Years; Denied Zero. One Business Day after President Biden’s Executive Order Warns Against Bank Concentration, the Fed Approves Another Bank Merger.
By Pam Martens and Russ Martens: July 14, 2021 ~ On Monday, the Federal Reserve (which includes no one elected to office by the American people) thumbed its nose at President Joe Biden, the man who received more than 81 million votes in the 2020 Presidential election, representing a 51.3 percent mandate from the American people who vote. On Friday, July 9, President Biden released a sweeping Executive Order warning federal agencies against actions that create “excessive market concentration” with specific mention of bank merger activity. One business day later, the Federal Reserve…wait for it…approved another bank merger. The Federal Reserve’s actions from January 1, 2006 through the latest data available on June 30, 2020, define the Fed as the quintessential “excessive market concentrator.” According to the Fed’s own data, it has approved 3,576 bank mergers, while denying zero merger applications, since January 1, 2006. (See data here and here.) At the … Continue reading
The Wall Street Captured Fed Consolidates Its Power Under Biden
By Pam Martens and Russ Martens: June 7, 2021 ~ Janet Yellen, the current U.S. Treasury Secretary, is also the Chair of the Financial Stability Oversight Council, which includes every Wall Street regulator. Before coming to the Treasury Department, Yellen was the Chair of the Federal Reserve and had spent the bulk of her working career at the Fed or the San Francisco Fed. When Yellen was not reappointed as Fed Chair by Donald Trump when her Chairmanship term expired in 2018, she immediately cashed in her chips on Wall Street, collecting millions of dollars in speaking fees in 2019, and undisclosed millions more in 2018. (See Janet Yellen’s Cash Haul of $7 Million Is Just the Tip of the Iceberg; She Failed to Report Her Wall Street Speaking Fees from JPMorgan and Others in 2018.) Yellen was a Federal Reserve Board Governor when she was appointed Fed Chair. Her term … 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
Fed Chair Jerome Powell Goes on 60 Minutes to Present a False Narrative on Mega Banks He Supervises Loaning Out their Balance Sheets to Hedge Funds
By Pam Martens and Russ Martens: April 12, 2021 ~ The CBS “investigative” program, 60 Minutes, gave Wall Street a pass again last night. This time around 60 Minutes’ host Scott Pelley interviewed Federal Reserve Chairman Jerome Powell. The Fed, and by extension, Powell, are in charge of supervising the holding companies of the mega banks on Wall Street, including those involved just two weeks ago in loaning out their balance sheets to the tune of tens of billions of dollars to a hedge fund run by a man previously charged with insider trading and stock price manipulations. The man is Sung Kook (Bill) Hwang and the hedge fund is Archegos Capital Management. (Fed-supervised mega banks loaning out their balance sheets to hedge funds for nefarious purposes was previously exposed in 2014 in an in-depth report and hearing by the U.S. Senate’s Permanent Subcommittee on Investigations. The practice has clearly metastasized … Continue reading
JPMorgan’s Federally-Insured Bank Holds $2.65 Trillion in Stock Derivatives; How Did It Avoid the Archegos Blowup?
“This raises the serious question as to whether the Senate Banking and House Financial Services Committees should be investigating the gamification of markets or the monetization of the stock market via Wall Street’s ownership of federally insured deposits.” By Pam Martens and Russ Martens: April 5, 2021 ~ In late March, the Office of the Comptroller of the Currency (OCC) released its quarterly report on “Bank Trading and Derivatives Activities.” Graph 15 of the report shows that using data submitted by banks on their form RC-R of their call reports, JPMorgan Chase’s federally insured bank had exposure to $2.65 trillion in notional equity (stock) derivatives as of December 31, 2020. (Notional means face amount.) That’s a stunning figure for the largest federally-insured bank in the United States to have in exposure to the stock market. But more stunning is the fact that according to the OCC, JPMorgan Chase’s equity derivative contracts … Continue reading
On One Day Last Year, the Fed Had $495.7 Billion in Loans Outstanding to Unnamed Wall Street Trading Houses
By Pam Martens and Russ Martens: March 23, 2021 ~ Yesterday the Federal Reserve released its “audited” financial statements with the following caveat, among numerous others: “Due to the unique nature of the Reserve Banks’ powers and responsibilities as part of the nation’s central bank and given the System’s unique responsibility to conduct monetary policy, the Board has adopted accounting principles and practices in the FAM [Financial Accounting Manual for Federal Reserve Banks] that differ from accounting principles generally accepted in the United States of America (GAAP).” The Federal Reserve is the regulator of the largest bank holding companies in the United States and, since December of 2007, has been shoveling trillions of dollars at the trading houses owned by these bank holding companies almost on a non-stop basis, if you include Quantitative Easing (QE) programs 1, 2, 3 and 4 and the repo loan bailout that began on September 17, … Continue reading