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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
House Hearing Provides a Message to Robinhood Traders: Retail Investors Lose Consistently When They Actively Trade their Own Account
![Dennis Kelleher, Co-Founder, President and Chief Executive Officer of Better Markets](https://wallstreetonparade.com/wp-content/uploads/2021/03/Dennis-Kelleher-Co-Founder-and-Chief-Executive-Officer-of-Better-Markets-125x150.jpg)
By Pam Martens and Russ Martens: March 18, 2021 ~ There were plenty of fireworks during yesterday’s House Financial Services Committee hearing on the ongoing GameStop trading fiasco and two of the major players involved: retail broker-dealer, Robinhood, which offers free trading accounts to novice investors and provides behavioral messaging like a digital display of confetti when they complete a trade; and Citadel Securities, a giant market-maker that pays Robinhood to route the bulk of its orders to it for execution. The most interesting moment of the day arrived several hours into the hearing in the following exchange between Congressman Jim Himes (D-CT) and a hearing witness, Dennis Kelleher, Co-Founder, President and CEO of Better Markets, a Wall Street watchdog that has been working in the public interest for the past decade. Kelleher holds a law degree from Harvard Law School. Himes said he wanted to figure out if “what we’re … Continue reading
A Sex Scandal at Goldman Sachs Has Morphed into a Lawyer Scandal
![Government Sachs](https://wallstreetonparade.com/wp-content/uploads/2020/11/government-sachs.jpg)
By Pam Martens and Russ Martens: November 19, 2020 ~ It’s starting to feel like Goldman Sachs has an insatiable appetite for scandal. Thanks to Matt Taibbi, Goldman is already known around the world as “a great vampire squid wrapped around the face of humanity, relentlessly jamming its blood funnel into anything that smells like money.” Most recently, Goldman jammed its blood funnel into the 1MDB sovereign wealth fund of Malaysia, resulting in a criminal indictment by the Malaysian government followed by a settlement with Malaysia for $3.9 billion. In October criminal charges were brought in the same matter by the U.S. Department of Justice against Goldman, resulting in another $2.9 billion in fines by U.S. and foreign regulators. The heavily publicized 1MDB scandal has filled headlines for the past five years. The Justice Department just settled its 1MDB charges against Goldman four weeks ago. Now Goldman is already back … Continue reading
Goldman Sachs Criminally Charged by Justice Department – and Its Stock Closes Up $2.49
![David Solomon, Chairman and CEO, Goldman Sachs](https://wallstreetonparade.com/wp-content/uploads/2019/12/David-Solomon-Chairman-and-CEO-Goldman-Sachs-147x150.jpg)
By Pam Martens and Russ Martens: October 23, 2020 ~ If you needed further proof that crime pays on Wall Street, look at the chart above. Goldman Sachs and its Malaysian subsidiary were criminally charged yesterday by the Justice Department, they admit to the charges, and its stock closed up on the day by $2.49. The U.S. Department of Justice is being played like a fiddle at a tractor meet. Those big white shoe law firms that handle increasingly dirty cases against the mega banks on Wall Street have twice, in a period of just three weeks, managed to get the Justice Department to announce settlements of landmark criminal cases against two of the largest banks on Wall Street on the day of presidential debates when the public and the media are not paying attention to Wall Street. On September 29, the day of the first presidential debate between President … Continue reading
New Book Proves U.S. Is Living Under a Disastrous Banking Model from a Century Ago
![Taming the Megabanks](https://wallstreetonparade.com/wp-content/uploads/2020/10/Taming-the-Megabanks-iii.png)
By Pam Martens and Russ Martens: October 13, 2020 ~ It has been the contention of Wall Street On Parade for more than a decade that today’s so-called “universal banks,” also variously known as megabanks or Global Systemically Important Banks (G-SIBs), are a banking model from hell that was thoroughly discredited in the tens of thousands of transcripts and documents released by the U.S. Senate following its multi-year investigation of that structure in the early 1930s. Now the seminal book proving that theory has just been published. Written by Arthur E. Wilmarth, Jr. and titled Taming the Megabanks: Why We Need a New Glass-Steagall Act, the book brilliantly takes the reader through a riveting guided tour covering the past century and the resurrection of this same disastrous U.S. banking model in 1999. Oxford University Press is the publisher of Wilmarth’s book. We can envision it becoming one of the most … Continue reading
BlackRock Begins Buying Junk Bond ETFs for the Fed Today: It’s Already at Work for the Central Bank of Israel
![](https://wallstreetonparade.com/wp-content/uploads/2020/05/BlackRock-Thumbnail-150x88.jpg)
By Pam Martens and Russ Martens: May 12, 2020 ~ It’s off to the races today for BlackRock. The New York Fed, with authority from the Federal Reserve Board and backstopped with taxpayers’ money, will begin the first phase of the Fed’s unprecedented leap into shoring up the sagging prices of investment grade corporate debt and junk bonds. BlackRock has been selected by the New York Fed to be the investment manager for these bailout facilities and will begin Phase I today by buying up Exchange Traded Funds (ETFs) containing investment grade corporate bonds as well as junk bonds. Making the situation particularly dicey is that BlackRock just happens to be one of the largest purveyors of said ETFs. The screaming conflict-of-interest that this raises in the minds of many is not ruffling any feathers at the New York Fed (which is itself a bundle of conflicts wrapped in a … Continue reading
Timeline of How Fed Chair Powell Knocked 603 Points Off the Dow Yesterday
![Federal Reserve Chair Jerome Powell](https://wallstreetonparade.com/wp-content/uploads/2020/03/Federal-Reserve-Chair-Jerome-Powell-iii-150x150.jpg)
By Pam Martens and Russ Martens: March 4, 2020 ~ We write this with some trepidation that after this appears in print Federal Reserve Chairman Jerome Powell will stop taking questions at his press conferences or that all media questions will have to be routed through Vice President Mike Pence’s press office, as is now occurring with matters pertaining to the coronavirus. (We say that with only some facetiousness.) However, in this age of spin, facts matter more than ever. First, a little background. After losing 3600 points the prior week, the Dow Jones Industrial Average staged a monster rally (more likely a short squeeze) on Monday, climbing 1293 points to close at 26,703. At 1:34 a.m. (the wee hours of Tuesday morning) President Donald Trump posted a tweet to his Twitter page stating, among other things, that the Fed should ease and “cut rate big” adding that “Powell led … Continue reading
Quietly, U.S. and Foreign Banks Have Increased their Borrowings from U.S. Money Market Funds
![New York Stock Exchange](https://wallstreetonparade.com/wp-content/uploads/2018/08/New-York-Stock-Exchange-150-pix-150x134.jpg)
By Pam Martens and Russ Martens: October 25, 2019 ~ Memories are apparently very short at the Securities and Exchange Commission (SEC). The SEC seems to have forgotten that a run on money market funds holding bank commercial paper set off a panic after the Lehman Brothers bankruptcy filing on September 15, 2008. The government had to step in and guarantee the funds. Despite those disastrous days, the SEC has allowed money market funds being sold in the U.S. to hold a staggering $642 billion in the instruments of foreign banks, as of September 30, 2019. It categorizes those instruments as: certificates of deposits, time deposits, sponsored asset-backed commercial paper, and repurchase agreements (repos) where the bank is the counterparty. On top of the $642 billion in the instruments of foreign banks, the money market funds are holding another $292 billion in the instruments of U.S. banks, bringing the total … Continue reading
High Drama in SEC House Hearing Ignored by Mainstream Media
![SEC Chair Jay Clayton](https://wallstreetonparade.com/wp-content/uploads/2019/09/SEC-Chair-Jay-Clayton-Testifying-at-House-Financial-Services-Committee-Hearing-September-24-2019-iii.jpg)
By Pam Martens and Russ Martens: September 26, 2019 ~ Editor’s Note: We have a news flash for our reporting colleagues at mainstream media – you are missing high drama and great quotes by failing to cover the Wall Street-related hearings being held regularly by the House Financial Services Committee. This Committee is dead serious about holding Federal regulators and Wall Street banks’ collective feet to the fire. After more than 30 years of watching congressional hearings covering Wall Street, we have to commend the Chair of this Committee, Maxine Waters, and the individual Congressmen and Congresswomen who serve on this Committee for their outstanding knowledge of how Wall Street has erected an elaborate and highly efficient wealth transfer system from the poor and middle class of America to the pockets of the one percent. ~~~ On Tuesday, September 24, 2019, the U.S. House of Representatives’ Financial Services Committee, chaired … Continue reading
Wall Street’s Sleeping Cops Head to the Hill Tomorrow
![U.S. Capitol With Storm Clouds](https://wallstreetonparade.com/wp-content/uploads/2014/12/U.S.-Capitol-With-Storm-Clouds-150x150.jpg)
By Pam Martens and Russ Martens: May 15, 2019 ~ The House Financial Services Committee, Chaired by Democratic Congresswoman Maxine Waters, has been doing the heavy lifting for Congress when it comes to oversight of the mega banks on Wall Street. After grilling the CEOs of these banks on April 10, the Committee will convene again tomorrow to grill the Federal regulators of these serially charged mega banks. The witness list includes: Rodney Hood, Chairman, National Credit Union Administration; Jelena McWilliams, Chairman, Federal Deposit Insurance Corporation (FDIC); Joseph Otting, Comptroller, Office of the Comptroller of the Currency (OCC); and Randal Quarles, Vice Chairman of Supervision, Board of Governors of the Federal Reserve System. The Committee has released a very impressive Memorandum, which lays out the Frankenbank framework that exists in the United States today. For example, consider this one sentence from the Memorandum: “U.S. G-SIBs [Global Systemically Important Banks] made … Continue reading
Transparency on Wall Street: SEC Chair Raises Weak Defenses
By Pam Martens and Russ Martens: December 4, 2017 On November 8, the Securities and Exchange Commission (SEC) Chairman, Jay Clayton, delivered a speech at the Practising Law Institute’s 49th Annual Institute on Securities Regulation. His focus was transparency on Wall Street and he had this nugget of wisdom to share with the audience: “Looking back at enforcement actions, a common theme emerges – where opacity exists, bad behavior tends to follow. As Joseph Pulitzer said: ‘There is not a crime, there is not a dodge, there is not a trick, there is not a swindle, there is not a vice which does not live by secrecy.’ The remainder of my remarks will concentrate on topics that have proven over time to be fertile ground for fraud on investors. The SEC may not yet have policy or rulemaking answers in these areas, but we are on the lookout for ways … Continue reading