-
Recent Posts
- Report: “Flash Flooding Is the Number One Storm-Related Killer in the U.S.” Few Cities or Towns in America Are Built to Survive Its Wrath
- Hurricane Helene Dumped 20 Trillion Gallons of Rain, Destroying Entire Towns in Western North Carolina, Hundreds of Miles from any Coastline
- Half of All Deaths from Hurricane Helene Occurred 485 Miles North of Where It Made Landfall
- What Did Madoff, Jeffrey Epstein and Sanctioned Russian Mercenary Group, Wagner, Have in Common? They All Banked at JPMorgan Chase
- Deadly, Exploding Pagers Force the U.S. to Get Serious About Malware from China in U.S. Products that Are Potential National Security Threats
- Wall Street Has Moved Vast Sums of Its Trading to Its Federally-Insured Banks
- The Stock Market Had a Psychotic Episode After the Fed Rate Cut Yesterday, Plunging 479 Points from the Day’s High
- As Trump Launches a Crypto Firm, FBI Reports Crypto Fraud Has Exploded to $5.6 Billion; Representing Almost 50 Percent of All Financial Fraud
- Everything this Book Predicted on Wall Street Megabanks Ruling their Regulators Is Now Unfolding
- The Fed Just Kicked the Capital Increases for the Dangerous Megabanks and their Derivatives Down the Road for Years
- Intel, Boeing and U.S. Steel May Hold the Secrets to What’s Behind All the Talk of a U.S. Sovereign Wealth Fund
- Trump and Paulson’s Proposal: U.S. Sovereign Wealth Fund (or Another Grifter Bailout)
- A Wall Street Regulator Is Understating Margin Debt by More than $4 Trillion – Because It’s Not Counting Giant Banks Making Margin Loans to Hedge Funds
- 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
Search Results for: Federal Reserve
JPMorgan Chase Owns $2.2 Trillion in Stock Derivatives; Two-Thirds the Total for All Banks
By Pam Martens and Russ Martens: May 15, 2019 ~ According to the Office of the Comptroller of the Currency (OCC), the regulator of national banks, as of December 31, 2018 JPMorgan Chase Bank NA (the Federally-insured bank backstopped by U.S. taxpayers) held $2,212,311,000,000 ($2.2 trillion) in equity derivatives. Equity is another name for stock. The OCC also reported that all commercial banks in the U.S. held a total of $3.374 trillion in equity derivatives at the end of last year, meaning that for some very strange reason, JPMorgan Chase holds a 65.5 percent market share of bank trading in this derivatives market. Those trillion dollar figures are notional amounts, meaning the face value. The OCC defines “notional” like this: “The notional amount of a derivative contract is a reference amount that determines contractual payments, but it is generally not an amount at risk. The credit risk in a derivative … Continue reading
These Two Charts Show the Shocking Truth Behind the Sanders/AOC Plan to Cap Credit Card Interest Rates
By Pam Martens and Russ Martens: May 10, 2019 ~ Calling 20 and 30 percent credit card interest rates “extortion and loan sharking,” Senator Bernie Sanders and Congresswoman Alexandria Ocasio-Cortez yesterday introduced the ‘‘Loan Shark Prevention Act’’ which would set a Federal cap of 15 percent on interest rates that can be charged to consumers. In introducing the new legislation, Sanders and Ocasio-Cortez singled out the mega Wall Street banks, writing the following in a white paper they released simultaneously with the proposed legislation: “Today’s modern-day loan sharks are no longer lurking on street corners, threatening violence to collect their payments. Today’s loan sharks wear expensive suits and work on Wall Street, where they make hundreds of millions of dollars in total compensation by charging sky-high fees and usurious interest rates, and head financial institutions like JP Morgan Chase, Citigroup, Bank of America, and American Express… “Despite the fact that … Continue reading
A Troublesome Thing Happened in Yesterday’s Market Selloff
By Pam Martens and Russ Martens: May 8, 2019 ~ For years now, Wall Street On Parade has been pointing out to our readers that the Wall Street mega banks remain dangerously interconnected, despite the fact that those interconnections stopped banks from lending to one another in 2008; resulted in the largest government bailout of Wall Street in U.S. history; and ended up taking down the U.S. housing market and global economy. Whenever there is a major selloff in the broader stock market, the Wall Street mega banks typically bleed far more than the major stock indices. Yesterday, however, something curious and potentially noteworthy happened. The Dow Jones Industrial Average lost 473.3 points or 1.79 percent and the following Wall Street banks traded in line with that decline: JPMorgan Chase actually lost a little less than the Dow with a decline of 1.63 percent. Bank of America and Goldman Sachs … Continue reading
Elizabeth Warren: The Woman Who Knows Too Much about Wall Street
By Pam Martens and Russ Martens: May 6, 2019 ~ In May 2012 when New York Times reporter Andrew Ross Sorkin wrote his severely factually-challenged analysis of whether the repeal of the Glass-Steagall Act had led to the Wall Street collapse in 2008, he seemed to have an agenda of undermining Elizabeth Warren, then running for her first U.S. Senate seat from Massachusetts, in her push to restore the Glass-Steagall Act. That legislation, which was formally known as the Banking Act of 1933, created Federal insurance on deposits held in commercial banks while barring those banks from being under the same roof with the Wall Street casino – that is, high risk securities underwriting and trading firms known as investment banks and broker-dealers. The legislation grew out of two intense years of Senate investigations from 1932-1934 which concluded that the “unsavory and unethical” practices by Wall Street securities trading firms … Continue reading
Fed’s Powell Says Financial Risks Are “Moderate”; These Charts Don’t Agree
By Pam Martens and Russ Martens: May 3, 2019 ~ During the question and answer period of Federal Reserve Chairman Jerome Powell’s press conference on Wednesday, Michael McKee of Bloomberg News asked the Chairman the following question: “I’m curious about the financial conditions that you see out there. The minutes of the March meeting tell us a few officials worried about financial stability risks. Was there a broader discussion at this meeting? Any consensus on whether such risks are growing as the markets hit new highs and we do see some instability in short-end trading. Is it possible that rates are too low at this point?” Powell answered the first part of the question as follows: “…I’d say that the headline really is that while there are some concerns around nonfinancial corporate debt, really the finding is that overall financial stability vulnerabilities are moderate on balance and, in addition, I … Continue reading
Sullivan & Cromwell’s Rodge Cohen: The Untold Story of the Fed’s $29 Trillion Bailout
By Pam Martens and Russ Martens: May 2, 2019 ~ There is a little noticed audio tape of an interview conducted on August 5, 2010 by investigators for the Financial Crisis Inquiry Commission (FCIC), a body convened under the Fraud Enforcement Recovery Act of 2009 to investigate the 2008 financial collapse on Wall Street. The interview is with Rodgin (Rodge) Cohen, Senior Chairman of Sullivan & Cromwell, the preeminent go-to lawyer on Wall Street. Cohen makes a number of eyebrow-raising admissions during his interview. First, in response to a question, Cohen concedes that he was personally involved in the amendment contained in the Federal Deposit Insurance Corporation Improvement Act (FDICIA) that changed the Fed’s emergency lending powers under Section 13(3) of the Federal Reserve Act. That one-sentence amendment to Section 13(3) was interpreted by the Federal Reserve from December 2007 to mid-2010 as giving it carte blanche to shovel $29 … Continue reading
Bernanke, Paulson, Geithner Wrap Themselves in the Heroic Garb of Firefighters to Lobby for Another Wall Street Bailout
By Pam Martens and Russ Martens: May 1, 2019 ~ Could Bernanke, Paulson and Geithner have possibly picked a more self-serving title for their latest revisionist history of their secret $29 trillion bailout of the most insidiously corrupt industry in America? Their new book is titled Firefighting: The Financial Crisis and Its Lessons. Every municipal and volunteer firefighter in America should come together to file a class action lawsuit against the three for invoking an honorable profession in their dishonorable gambit to set Wall Street up for another obscene heads-we-win, tails-you-lose bailout. What the shameless trio – former Fed Chair Ben Bernanke; former Treasury Secretary under G.W. Bush and Ex-CEO of Goldman Sachs Hank Paulson; and former New York Fed President and Treasury Secretary under Obama, Tim Geithner – are up to is to provide cover for the Wall Street lobbyists who are trying to bully Congress into repealing the … Continue reading
Reuters Drops a Bombshell: The Big Short Doomsday Machine Is Back
By Pam Martens and Russ Martens: April 29, 2019 ~ In what can only be described as a new low in defining deviancy down on Wall Street, Thomson Reuters’ International Financing Review (IFR) reported this past weekend that some of the biggest names on Wall Street have returned to creating and/or trading synthetic collateralized debt obligations (Synthetic CDOs). The products were a major factor in bringing the U.S. financial system to the brink of failure in 2008. Synthetic CDOs also resulted in hundreds of millions of dollars in fines and reputational damage to these same Wall Street behemoths as investigators found that the firms were allowing hedge funds to pick “crap” subprime mortgage bonds to stuff in the CDOs in order to make windfall profits for the hedge fund, which shorted (bet against) the CDOs. The Wall Street firms had full knowledge of what the hedge funds were doing … Continue reading
The Criminal Case Against Merrill Lynch: “Sinister,” “Whores,” “Beards”
By Pam Martens and Russ Martens: April 24, 2019 ~ What the Financial Crisis Inquiry Commission (FCIC) wanted to see the U.S. Justice Department pursue was a potential criminal prosecution of Stan O’Neal, the CEO of Merrill Lynch in the leadup to the financial crisis, and its then CFO Jeffrey Edwards, for “making materially false and misleading representations and omissions about (a) Merrill’s exposure to retained CDO positions, (b) the value of those positions and (c) the firm’s risk management.” The FCIC also believed that Merrill had lied “in the offering documents for its $1.5 billion Norma CDO that was sold to investors in March of 2007.” A CDO is a Collateralized Debt Obligation which can be stuffed with about anything but during the 2006-2007 period was typically stuffed with subprime mortgages or synthetics linked to subprime mortgages. It was Wall Street’s cash cow and through what amounted to pay-to-play … Continue reading
Maxine Waters Needs to Subpoena Details of the Fed’s Dirtiest Bailout
By Pam Martens and Russ Martens: April 22, 2019 ~ Based on data that Wall Street On Parade has newly compiled, there is a strong suggestion that the Federal Reserve conspired with at least three of the largest Wall Street firms to hide their teetering condition from the public during the financial crisis, despite the fact that these were all New York Stock Exchange listed companies with a duty to reveal material, adverse financial information to the public in a timely fashion. If Maxine Waters wants to leave her mark in history as Chairman of the House Financial Services Committee, she will subpoena records from the Federal Reserve on its biggest and dirtiest bailout program, known as the Primary Dealer Credit Facility (PDCF). She and her colleagues must then demand answers from Fed witnesses during the hearing Waters has scheduled for May 16 at 10:00 a.m. The upcoming hearing … Continue reading