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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
The Federal Reserve Has Radically Changed from a Central Bank to a Bailout Kingpin. Americans Just Haven’t Paid Attention – Until Tonight
By Pam Martens and Russ Martens: July 13, 2021 ~ This evening, the PBS program, Frontline, will do something that corporate broadcast media has failed to do since the financial crash of 2008. Frontline will air the results of its year-long investigation of the most powerful financial institution in the world – the central bank of the United States – known as the Federal Reserve, or simply “the Fed.” The Fed’s radical makeover of itself began in December of 2007 when the Fed decided, on its own, that it had the authority to secretly pump out trillions of dollars in cumulative loans to prop up the mega banks on Wall Street, as well as to the foreign banks that were on the other side of Wall Street’s hundreds of trillions of dollars in derivative trades. The Fed secretly ran that program through at least July of 2010 according to the eventual … Continue reading
Frontline Investigates the Federal Reserve: Is It a Captured Regulator that’s Wrecking the U.S. Economy with Asset Bubbles?
By Pam Martens and Russ Martens: July 11, 2021 ~ Fed Chair Jerome Powell will take his seat before the House Financial Services Committee on Wednesday at noon and before the U.S. Senate Banking Committee on Thursday at 9:30 a.m. for his semi-annual testimony on monetary policy. Some embarrassing questions may come up for Powell based on an investigative report on the Fed that’s airing earlier in the week. This Tuesday evening, the PBS investigative program, Frontline, will broadcast a documentary covering its year-long investigation of the Federal Reserve’s bailouts of Wall Street, from the financial crisis of 2008 to the present. According to the information about the program that Frontline has released, the documentary, titled “The Power of the Fed,” will include interviews with multiple people who believe that the Fed has been captured by Wall Street and is creating dangerous asset bubbles. Legendary investor Jeremy Grantham will tell viewers … Continue reading
The Four Years of the Trump Administration Saw the Largest Number of IPOs with Negative Earnings in the Last 40 Years
By Pam Martens and Russ Martens: July 9, 2021 ~ Donald Trump was inaugurated as President on January 20, 2017. But 16 days before Trump even took office, he sent the message to Wall Street that “I’ve got your back.” On January 4, 2017, Trump nominated Jay Clayton to Chair the Securities and Exchange Commission, ostensibly the top watchdog on Wall Street. But Clayton’s resume ensured that he would be doing a lot more recusing than watchdogging. Clayton, a law partner at Sullivan & Cromwell, had represented 8 of the 10 largest Wall Street banks in the three years prior to his nomination. Clayton did not disappoint. He looked the other way as the Wall Street banks traded their own bank’s stock in their own Dark Pools. He wore blinders as the Wall Street banks flagrantly violated the Dodd-Frank financial reform legislation’s Volcker Rule. He took no action to stop Wall … Continue reading
These Charts Suggest the Stock Market Is Mentally Unhinged
By Pam Martens and Russ Martens: July 8, 2021 ~ Good morning ladies and gentlemen of the jury. You are tasked with the grave undertaking of deciding if the U.S. stock market is mentally fit to function as a barometer of the health of the U.S. economy and a gauge of the well-being of the nation in general. We will introduce evidence showing that on January 6, 2021, as a violent mob of thousands overtook police and seized control of the United States Capitol building around 2 p.m., the Dow Jones Industrial Average set a new intraday high of 31,022.65. And as the grisly scenes of rioting and mayhem continued to play out on every news channel in the United States, the Dow gave up very little of its huge gains on that day, closing at 4 p.m. with a gain of 437.80 points. Ladies and gentlemen of the jury, this … Continue reading
State Attorney General Files Suit Charging Wall Street Mega Banks with “Multi-Year Bid Rigging and Price Fixing” Conspiracy in Credit Default Swaps Market
By Pam Martens and Russ Martens: July 7, 2021 ~ Last week the New Mexico Attorney General’s office filed a breathtaking, 128-page anti-trust lawsuit in federal court in New Mexico on behalf of the state’s $31 billion investment fund, the New Mexico State Investment Council. The Council manages a permanent endowment along with money for 23 state agencies. The lawsuit alleges, backed by striking evidence, that the following banks have engaged in a 16-year conspiracy of “bid rigging and price fixing” in the Credit Default Swap (CDS) market: Bank of America/Merrill Lynch; Barclays; BNP Paribas; Citigroup; Credit Suisse; Deutsche Bank; Goldman Sachs; JPMorgan Chase; Morgan Stanley; and RBS. The lawsuit also names a swaps trade association, the International Swaps and Derivatives Association (ISDA), as a defendant, noting that a “majority of ISDA’s board members” are employed by the bank defendants. The lawsuit characterizes ISDA as a “front organization.” Two other companies … Continue reading
Wall Street Watchdog Assails Fed’s Stress Tests of Mega Banks as “Toothless” – Provides a Wakeup Call to Biden Administration
By Pam Martens and Russ Martens: July 2, 2021 ~ Dennis Kelleher, the co-founder, President and CEO of the nonpartisan Wall Street watchdog, Better Markets, has issued a scathing rebuke of the Federal Reserve’s so-called “stress tests” of the mega banks on Wall Street, calling them “toothless.” Kelleher’s criticisms revolve around two key points. The Fed is preordaining the outcome of the tests by (1) pumping up the banks’ capital with financial handouts prior to the tests and (2) by removing key aspects of the stress tests that would negatively impact the outcome. Kelleher writes that the Fed’s “unprecedented” support to financial markets and the economy since last March was $4 trillion and “has materially helped to bolster bank balance sheets and capital levels.” But Kelleher is overlooking the more than $9 trillion in cumulative repo loans that the Fed showered on the trading units of these mega Wall Street banks, at … Continue reading
Here Come Wall Street Rental Communities: What Could Possibly Go Wrong?
By Pam Martens and Russ Martens: June 24, 2021 ~ If you’ve been following our reporting of JPMorgan Chase since Chairman and CEO Jamie Dimon has been at the helm, you’re aware of one striking fact: this bank has a pattern of getting into bed with unsavory characters: Bernie Madoff, check. Racketeering traders, check. A sex trafficker of children, Jeffrey Epstein, check. Money launderers, check. The guy who bragged on his resume that he knew how to game electric markets, check. Despite an unprecedented record of five felony counts from the U.S. Department of Justice since 2014, to which it admitted guilt, and the reputational damage this has done to its brand, JPMorgan Chase’s asset management unit made the unusual decision last year to form a joint venture with an SFR (Single-Family Rental company) whose tenant complaints are so eye-popping that they fill pages on the internet and have been the … Continue reading
Another Choice Offering from Wall Street: A Doughnut with 11-25 Grams of Fat from a Company Awash in Red Ink with a Checkered Accounting History
By Pam Martens and Russ Martens: June 22, 2021 ~ A preliminary prospectus has been filed with the SEC to bring Krispy Kreme, the doughnut retailer, back to trade in U.S. public markets. JPMorgan, Bank of America and Citigroup will be three of the four Lead Book-Running Managers on the deal according to the preliminary prospectus. Those same three Wall Street underwriters have the distinction of just last week being banned from participating in a big European Union bond offering because of their past cartel activity in Europe. Morgan Stanley is to be the fourth Lead Book-Running Manager on the deal. Krispy Kreme’s net losses have been escalating over the past three years according to its SEC filing. Net losses in 2020 were $60.9 million; $34 million in 2019; and $12.4 million in 2018. During the company’s prior history as a publicly-traded company, the Securities and Exchange Commission charged the company … Continue reading
Experts Have Been Warning for Months of an Unprecedented Stock Market Bubble Set to Explode
By Pam Martens and Russ Martens: June 21, 2021 ~ One thing is for sure. When the current stock market bubble does eventually crash, Federal Reserve Chairman Jerome Powell is not going to be able to sit before Congress and tell lawmakers that nobody could have seen it coming. Wall Street veterans have gone on record repeatedly in recent months to warn of a coming crash. Last week Michael Burry, who heads the hedge fund Scion Asset Management and was immortalized in “The Big Short” movie for making a fortune shorting subprime debt before it collapsed in the 2008 crash, took to Twitter with the latest of these warnings. (The Tweets were subsequently deleted after they were heavily publicized in the business media and retweeted.) On Tuesday, Burry Tweeted this: “People always ask me what is going on in the markets. It is simple. Greatest Speculative Bubble of All Time in … Continue reading
Analyst Mike Mayo’s “Dose of Heaven” Prediction Turns to Hell for the Banks on Thursday
By Pam Martens and Russ Martens: June 17, 2021 ~ Wells Fargo bank analyst Mike Mayo appeared on CNBC this morning to paint a rosy picture for how banks would be treating the Fed’s less than dovish statement yesterday. Mayo said this about the banks: “Back in the 70s or even 1994 the inflation caused unrealized securities losses, derivatives losses, asset/liabilities mismatches. So too much inflation is hell for banks. But we think what’s happening now is a dose of heaven. And so higher rates sooner can allow banks to finally earn more money on all those deposits that they’ve gathered. And so this means that assets reprice faster than their liabilities.” What actually priced much faster than either assets or liabilities were the share prices of the mega banks on Wall Street. The cheery words had barely left Mayo’s tongue before the biggest banks on Wall Street went into a … Continue reading