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Recent Posts
- 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
- 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
Search Results for: JPMorgan
Biden Is Bringing Financial Crisis Guys from the New York Fed’s Markets Group to His Administration: Should We Worry?
![Joshua Frost](https://wallstreetonparade.com/wp-content/uploads/2021/08/Joshua-Frost.jpg)
By Pam Martens and Russ Martens: August 17, 2021 ~ President Joe Biden is tapping insiders from the Federal Reserve Bank of New York for key financial posts in his administration. These insiders played key roles during the financial crash of 2008 or the repo loan crisis in the fall of 2019 or the pandemic-related financial crisis of 2020. One of them was around for all three. We’ll get to the specific names in a moment, but first some necessary background. The Federal Reserve Board of Governors is an independent federal agency whose Board members are appointed by the President of the United States. But the 12 regional Federal Reserve banks that are part of the Federal Reserve System are owned, outright, by commercial banks, thus making these Fed banks private entities. The New York Fed stands out because it is owned by some of the largest and most dangerous mega … Continue reading
Barack Obama’s Fall from Grace
![Hopeless -- Barack Obama and the Politics of Illusion (Cover)](https://wallstreetonparade.com/wp-content/uploads/2013/06/Hopeless-Barack-Obama-and-the-Politics-of-Illusion-Cover-120x150.jpg)
By Pam Martens: August 16, 2021 ~ As millions of struggling Americans face eviction this fall; as children are dying in hospitals from a raging pandemic; as his political party is facing a brutal fight in the upcoming midterms — what does former President Barack Obama do? He throws himself a lavish, celebrity-studded birthday bash at his $12 million waterfront mansion on Martha’s Vineyard with a sprawling dining tent potentially creating a super-spreader event. The party was held on Saturday evening, August 7. New York Times columnist, and Pulitzer Prize winner, Maureen Dowd, gave it the scathing review it deserved in this past Sunday’s print edition of The Times. In the article, Dowd quotes André Leon Talley’s take on the over-the-top soiree. Talley said “the Obamas are in Marie Antoinette, tacky, let-them-eat-cake mode. They need to remember their humble roots.” The brutal truth is that the Obamas have been in tacky, … Continue reading
After Taking Millions in Speaking Fees from Wall Street, Treasury Secretary Yellen Redacted 73 Meetings or Phone Calls in First 3 Months in Office
![Janet Yellen](https://wallstreetonparade.com/wp-content/uploads/2021/01/Janet-Yellen-iii-125x150.jpg)
By Pam Martens and Russ Martens: August 13, 2021 ~ After stepping down as Fed Chair on February 3, 2018, Janet Yellen began a whirlwind of speaking engagements that netted her millions of dollars over the next two years. But when it came time to disclose those fees after she was nominated by President Biden to become Treasury Secretary, Yellen disclosed only the fees she had made in 2019 and 2020, not the millions she had made in fees in 2018. What Yellen did disclose showed more than $7 million in speaking fees, with the bulk of that coming from Wall Street banks, trading houses and hedge funds. As the news broke this past January about Yellen’s cash haul, Senior Reporter Jesse Eisinger of ProPublica Tweeted this: “Deeply troubling two-fisted money grab from banks by Janet Yellen. This is corruption, but isn’t called that because it’s so quotidian.” Eisinger added: “Sure, Yellen … Continue reading
The Fed Just Published 36 Years of Its Money Data. It Shows a Spike in Repo Loans Is an Early Warning of an Impending Market Crash
![Jerome Powell (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2021/07/Jerome-Powell-Thumbnail-1.jpg)
By Pam Martens and Russ Martens: August 12, 2021 ~ On July 29 the Federal Reserve released its Annual Report for 2020. The Appendix contains 13 statistical tables that would make most folks’ eyes glaze over. Table G.5A., however, is worthy of a glass of good wine, a comfy arm chair, and some serious musing. That table provides a 36-year history of, among other things, the Fed’s deployment of Repurchase Agreements (Repo Loans) at the outbreak of a crisis; its Loans and Other Credit Extensions; and its Securities Held Outright – which have exploded since the Fed adopted Quantitative Easing (QE) in 2008. QE is the Fed’s wonky expression for it buying up trillions of dollars in notes and bonds to push interest rates down to near zero, thus forcing money in search of a return into the stock market, which is majority-owned by the top 10 percent of the wealthiest … Continue reading
U.S. Banking System Has a $168 Trillion Nightmare Looming. It Was Ignored in Written Testimony for Today’s Senate Banking Hearing
![Gary Gensler](https://wallstreetonparade.com/wp-content/uploads/2021/01/Gary-Gensler.jpg)
By Pam Martens: August 3, 2021 ~ Risky derivative bets made by the mega banks on Wall Street, offloaded onto inadequately capitalized counterparties, were at the core of the collapse of the U.S. financial system in 2008. That collapse left millions of Americans without jobs, which led to millions of families and traumatized children losing their homes to foreclosure. The bank bosses got their million-dollar bonuses from the taxpayer bailouts and the Federal Reserve secretly pumped in over $29 trillion over 31 months to shore up the failing trading houses on Wall Street and their foreign derivative counterparties. Wall Street banks have rebuilt that derivatives doomsday machine today – a $168 trillion monster concentrated at four mega banks on Wall Street. But as we read through dozens of pages of written testimony submitted by witnesses for today’s Senate Banking hearing, the word “derivative” did not appear once. At 10:00 a.m. the U.S. Senate … Continue reading
There’s a Lot More to Investigate than Just Zombie Risk Managers in the Archegos Hedge Fund Blowup
![Brad Karp, Chair of Paul Weiss](https://wallstreetonparade.com/wp-content/uploads/2020/11/brad-karp-thumbnail.jpg)
By Pam Martens and Russ Martens: July 30, 2021 ~ The Swiss mega bank, Credit Suisse, lost $5.5 billion in late March and early April from the highly-leveraged, highly concentrated stock positions it was financing via tricked-up derivatives for Archegos Capital Management, the family office hedge fund of Sung Kook “Bill” Hwang. Archegos blew up on March 25 after it defaulted on its margin calls from its banks. U.S. mega banks, Goldman Sachs and Morgan Stanley, were also extending high levels of margin debt to Archegos at the time of its blowup, as were other foreign banks. Over $10 billion in total losses have thus far been acknowledged by the banks. To get out in front of an ongoing Department of Justice investigation of the matter, Credit Suisse decided to hire the BigLaw firm, Paul, Weiss, Rifkind, Wharton & Garrison, to conduct an investigation. Yesterday, Paul Weiss issued a 165-page report … Continue reading
The Fed Announces Plans to Permanently Backstop Wall Street with a Standing Repo Loan Facility of $500 Billion…Starting Tomorrow
![Jerome Powell (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2021/07/Jerome-Powell-Thumbnail-1.jpg)
By Pam Martens and Russ Martens: July 28, 2021 ~ You really can’t make this stuff up. A G30 Working Group Chaired by Tim Geithner, the former President of the New York Fed, that secretly sluiced $29 trillion to bail out the Wall Street banks from their hubristic collapse in 2008, released a report today calling for a Standing Repo Facility from the Fed that would be “open to a broad range of market participants….” The ink was barely dry on that report when the Fed issued a press release today saying it was doing just that. The Standing Repo Facility (effectively meaning that it is permanent until the Fed says otherwise) will be able to lend out $500 billion in overnight loans each day at below-market interest rates. If the $500 billion runs out, Fed Chair Jerome Powell has the discretion to increase it. The repo operations will be conducted … Continue reading
U.S. Mega Banks Were Sitting on $6.56 Billion of Chinese Education Stocks that China Just Eviscerated
![New York Stock Exchange](https://wallstreetonparade.com/wp-content/uploads/2020/04/New-York-Stock-Exchange-with-Dark-Clouds-iii-150x100.jpg)
By Pam Martens and Russ Martens: July 28, 2021 ~ According to their latest 13F form filings with the Securities and Exchange Commission, as of March 31, 2021 the U.S. mega banks on Wall Street held a staggering $6.56 billion in three Chinese education stocks that just had their business model put through a shredder by the Chinese Communist Party. As of yesterday’s close, that $6.56 billion is now worth about 90 percent less than it was on March 31. Depending on just when these mega banks started panic dumping their positions, their losses could be substantial. New Oriental Education & Technology (stock symbol EDU), Gaotu Techedu (which previously went by the name GSX Techedu) (stock symbol is now GOTU), and TAL Education Group (stock symbol TAL) were all trading below $7 a share shortly after the market opened this morning. New Oriental has gone from a share price of more … Continue reading
Biden’s Crime Chief Had Screaming Red Flags on His Financial Disclosure Form; Senators Ignored Them
![](https://wallstreetonparade.com/wp-content/uploads/2021/07/Senator-Dick-Durbin-Thumbnail.jpg)
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.
![Jerome Powell (Thumbnail)](https://wallstreetonparade.com/wp-content/uploads/2021/07/Jerome-Powell-Thumbnail-1.jpg)
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