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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
Senator Sherrod Brown Sends a Message to Wall Street Banks: You No Longer Own the Senate Banking Committee
By Pam Martens and Russ Martens: May 27, 2021 ~ Senator Sherrod Brown opened yesterday’s Senate Banking Committee hearing with some fiery words about the mega banks on Wall Street, stating: “Like most Americans, I want businesses to make money, and I don’t mind that bankers are rich. Some people are going to be wealthy, and that’s fine. Here’s the problem: under the current system, Wall Street profits no matter what happens to workers, because those profits now come at the expense of workers. And your banks are the ones that largely built that system. “We often hear about the ‘invisible hand.’ But the economy isn’t physics – it’s not governed by scientific laws outside our control. It’s made up of people making choices about our values and the society we want to live in. The ‘invisible hand’ doesn’t lay off workers. The ‘invisible hand’ didn’t invent credit default swaps. The … Continue reading
This Is What Jamie Dimon Will Tell the U.S. Senate Today (With Annotated Text)
By Pam Martens and Russ Martens: May 26, 2021 ~ Below are selected remarks from Jamie Dimon’s prepared statement for the Senate Banking Committee hearing today, which will take testimony from a total of six Wall Street bank CEOs. Wall Street On Parade’s annotated remarks appear in brackets and italics. ~~~ “Chairman Brown, Ranking Member Toomey and distinguished members of the Committee, I appreciate the invitation to appear before you to talk about JPMorgan Chase, the strength and resilience of the U.S. financial system, and the people, businesses and communities we serve.” [The strength of the U.S. financial system would, of course, be a lot safer and sounder if the largest bank in the U.S., at which Dimon serves as Chairman and CEO, had not been charged with five felony counts since 2014, all occurring under his leadership. The bank admitted to all five counts.] “JPMorgan Chase is a global financial services firm … Continue reading
JPMorgan Chase’s Rap Sheet (Highlights) April 21, 2011, JPMorgan Chase agreed to settle a civil lawsuit and pay $56 million to settle claims that it overcharged members of the military service on their mortgages in violation of the Service Members Civil Relief Act and the Housing and Economic Recovery Act of 2008. February 7, 2012, JPMorgan Chase agreed to pay $110 million to settle consumer litigation that claimed it overcharged customers for overdraft fees. February 9, 2012, JPMorgan Chase reaches an agreement with the OCC to pay $113 million for unsafe and unsound mortgage servicing and foreclosure practices. August 10, 2012, JPMorgan Chase agreed to pay $1.2 billion to settle claims that it, along with other banks, conspired to set the price of credit and debit card fees. November 16, 2012, JPMorgan Chase agreed to pay $296.9 million to the SEC to settle claims that it misstated information about the … Continue reading
Three Wall Street Mega Banks Have Admitted to a Combined Eight Felony Counts; But Don’t Expect the Word “Felony” to Come Up in Wednesday’s Senate Banking Hearing with their CEOs
By Pam Martens and Russ Martens: May 25, 2021 ~ On Wednesday, the Senate Banking Committee will haul each of the CEOs of the largest U.S. banks on Wall Street to a hearing. Three of those banks have been charged with, and admitted to, egregious felonies. But we will be shocked if any Senator dares to inquire about these unprecedented felony counts. Until 2014, no major Wall Street bank that held federally insured deposits had ever been charged with a felony in a century. That all changed on January 7, 2014 when the U.S. Department of Justice charged JPMorgan Chase with two criminal felony counts for its role in the Bernie Madoff Ponzi scheme. The bank had managed the business account for Madoff for decades and had even written to U.K. regulators that it suspected Madoff of running a fraudulent operation. It failed to share any such concerns with U.S. regulators. … Continue reading
Janet Yellen Is Attempting to Consolidate the Fed’s Power to “Supervise” Wall Street Banks
By Pam Martens and Russ Martens: May 10, 2021 ~ You know there’s a problem when the media relations office at the Federal Reserve will not turn over the bio for one of its employees that Treasury Secretary Janet Yellen just tapped to be the acting head of a key Wall Street banking regulator. After days of media rumors that Yellen was set to appoint Michael Hsu, an Associate Director of the Federal Reserve’s Division of Supervision and Regulation, to be the acting head of the Office of the Comptroller of the Currency (OCC), Yellen made the announcement official on Friday. Hsu is set to assume that position today. We had attempted to obtain Hsu’s bio from the Federal Reserve for days. We were told they had no official bio. We asked for the resume Hsu provided when he was hired. We received no response. We then asked the Treasury Department’s … Continue reading
After Mega Banks Supervised by the Fed Lose Over $10 Billion to a Highly Leveraged Hedge Fund, Fed Puts Lipstick on a Pig in its Financial Stability Report
By Pam Martens and Russ Martens: May 7, 2021 ~ Remember the phrase “putting lipstick on a pig.” It became popular after the dot.com bust when it was learned that the big Wall Street banks had glowingly recommended “hot” new issues of stocks to their customers while secretly calling them “crap” and “dogs” in internal emails. Putting lipstick on a pig is what the Federal Reserve is attempting to do in the Financial Stability Report it released yesterday afternoon. Both the lipstick and the pig are captured in this paragraph on page 8 of the Fed’s report: “Banks remain well capitalized, and leverage at broker-dealers is low. Measures of hedge fund leverage are somewhat above their historical averages, but the data available may not capture important risks from hedge funds or other leveraged funds.” To unpack the scope of the Fed’s deception in this paragraph, one needs to first understand that … 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
GameStop House Hearing this Thursday Will Look at Cozy Relationship of Wall Street’s Oversight Bodies: SEC, DTCC and FINRA
By Pam Martens and Russ Martens: May 3, 2021 ~ The House Financial Services Committee is showing a decidedly gutsy streak under the Chairmanship of Congresswoman Maxine Waters. No less than four hearings this month will take a deep dive into the underpinnings of an out of control Wall Street. The kickoff begins this Thursday with the Committee’s third hearing on the wild trading action in shares of GameStop and other meme stocks. GameStop trades on the New York Stock Exchange but its trading pattern has looked more like that of a penny stock operated out of a boiler room – raising serious questions about the integrity of U.S. markets. On January 28, 2021 GameStop hit an intraday peak of $483, bringing its run from a share price of $18.84 on December 31, 2020 — a gain of 2,465 percent for a struggling brick and mortar retail outlet that sells video … Continue reading
Archegos Unpacked: Equity Derivative Contracts Held by Federally-Insured Banks Have Exploded from $737 Billion to $4.197 Trillion Since the Crash of 2008
By Pam Martens and Russ Martens: April 30, 2021 ~ During Federal Reserve Chairman Jerome Powell’s press conference this past Wednesday, he took a question from Brian Cheung of Yahoo Finance. The question was: “It seems like to people on the outside who might not follow finance daily, they’re paying attention to things like GameStop, now Dogecoin. And it seems like there’s interesting reach for yield in this market to some extent — also Archegos. So, does the Fed see a relationship between low rates and easy policy to those things, and is there a financial stability concern from the Fed’s perspective at this time?” As part of Powell’s long, meandering answer, he said this: “Leverage in the financial system is not a problem.” Within a second or so, Powell repeated himself: “Leverage in the financial system is not an issue.” (Read the full transcript here.) Either Powell has not read … Continue reading
Mega Banks on Wall Street Held $3 Billion in Archegos-Related GSX Techedu, Months after Numerous Short Sellers Wrote that it Was a Fraud
By Pam Martens and Russ Martens: April 27, 2021 ~ This morning, UBS reported that it had experienced a hit in the first quarter of $774 million related to its exposure to the implosion of the family office hedge fund, Archegos Capital Management. That brings the tally thus far to more than $10 billion in losses to the global mega banks that have acknowledged losses from their relationship with Archegos. The only thing surprising to us about the Archegos announcement from UBS was that it didn’t take a bigger hit. According to the stock positions reported by UBS on its 13F filing with the SEC for the quarter ending December 31, 2020, it had significant exposure to seven of the same stocks that Archegos had arranged swap contracts on with its numerous prime brokers: ViacomCBS, Discovery, Tencent Music Entertainment Group, Vipshop Holdings, iQIYI Inc., Baidu, and GSX Techedu. (For how these … Continue reading