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Recent Posts
- 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
- The Fed Tallies Up a Big Threat to Financial Stability in the U.S.: “Runnables” at $21.3 Trillion
- Billionaire-Owned Media Has Gone Full Throttle to Save Fellow Billionaire, Jamie Dimon
- The Professor Who Wrote the Seminal Book on Wall Street Megabanks Calls Today’s Financial System “Dangerously Unstable”
- Gold Has Set Historic Highs this Year as the Federal Reserve Has Reported Historic Losses
- Stanford Finance Professor Anat Admati Is Making Jamie Dimon Very Nervous – Again Calling His Bank “Dangerous”
- Jamie Dimon Dumped $150 Million of His JPMorgan Stock in February; Now He Says His Regulators Want 25 Percent More Capital at his Bank
- The Black Swan Rears Its Head: The Fed Has Negative Capital Using GAAP Accounting
- New York Fed Will Not Confirm or Deny that 5-Count Felon JPMorgan Chase Is Custodian of $2.4 Trillion of Its Securities
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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
Morgan Stanley Has Been Strangely Quiet on Its Exposure to Archegos Capital, the Hedge Fund that Blew Up Last Week. Here’s Why.
By Pam Martens and Russ Martens: March 31, 2021 ~ On March 9 Morgan Stanley announced that it had been “recognized for industry-leading risk management technology.” Three weeks later it has landed in the middle of one of the biggest hedge fund blowups since the financial crisis of 2008, raising serious questions about how it manages risk. Adding to the embarrassment for both Morgan Stanley and its bank holding company supervisor, the Federal Reserve, the Chairman and CEO of Morgan Stanley, James Gorman, sits on the Board of Directors of the New York Fed, to whom the Fed has outsourced much of its oversight of the Wall Street banks. A look at Morgan Stanley’s $647 billion in stock portfolio holdings that it filed with the Securities and Exchange Commission for the quarter ending December 31, 2020 explains why Morgan Stanley has been so strangely silent as the Archegos scandal has played … Continue reading
The Kochtopus Is Betting Billions in the Stock Market: Is There a Case for Systemic Risk?
By Pam Martens and Russ Martens: March 9, 2021 ~ Front groups with long-term histories of funding from billionaire Charles Koch and his related entities have taken a keen interest in Congressional hearings into the manipulative trading action in the shares of GameStop, a struggling brick-and-mortar video game retailer. The Cato Institute maneuvered a seat for itself at a House Financial Services Committee hearing on the matter in February and the Mercatus Center will have a seat at today’s Senate Banking Committee hearing. Shares of GameStop soared from $18.84 on December 31 of last year to an intraday high of $483 on January 28 – an unprecedented run of 2,465 percent in four weeks. The stock price then quickly plunged and is now making a second comeback rally, closing yesterday up 41.21 percent at $194.50. Behind the scenes of this wild trading action has been a decidedly perverse trading model. … Continue reading
Compared to the Last Three Treasury Secretaries, Janet Yellen Is Mother Teresa
By Pam Martens and Russ Martens: December 15, 2020 ~ President-elect Joe Biden’s nomination of Janet Yellen as Treasury Secretary is being viewed cautiously in some progressive circles. As the post-financial crisis Chair of the Federal Reserve under President Obama, Yellen had the opportunity to interpret the rules of the Dodd-Frank financial reform legislation in a manner that would rein in the risks of the mega banks on Wall Street. She failed in that regard while attempting to reassure a skeptical public that the Fed’s stress tests on the banks were adequate to prevent another crisis. Yellen famously stated at a London conference in 2017 the following: “Would I say there will never, ever be another financial crisis? You know probably that would be going too far, but I do think we are much safer, and I hope that it will not be in our lifetimes and I don’t believe … Continue reading
Trump Issued an Executive Memorandum Giving Mnuchin a $50 Billion Slush Fund; Mnuchin Gave Himself $386 Billion More
By Pam Martens and Russ Martens: December 1, 2020 ~ Five days before Congress passed the CARES Act on March 25 of this year, President Donald Trump issued an Executive Memorandum giving U.S. Treasury Secretary Steve Mnuchin complete discretion to use $50 billion in the Treasury’s Exchange Stabilization Fund (ESF) as Mnuchin solely saw fit. The Memorandum was dated Friday, March 20. On the prior Tuesday and Wednesday of that same week, Mnuchin had already used $20 billion of the Exchange Stabilization Fund to bail out Wall Street. As Mnuchin’s letter of November 19 to Fed Chair Jerome Powell confirms, he gave (or committed) $10 billion from the ESF to the Fed’s Commercial Paper Funding Facility on March 17 and another $10 billion to another Fed emergency lending program, the Money Market Mutual Fund Liquidity Facility, on March 18. Most Americans have never heard of the Treasury’s Exchange Stabilization Fund (ESF), … Continue reading
A Sex Scandal at Goldman Sachs Has Morphed into a Lawyer Scandal
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
Wall Street to Come Under Scrutiny in September House Hearings
By Pam Martens and Russ Martens: August 5, 2019 ~ Maxine Waters, the Chair of the House Financial Services Committee, has announced a roster of hearings coming this September. Two of the hearing topics particularly caught our eye as both timely and critical. On Tuesday, September 24, the Committee will hold a hearing titled: “Oversight of the Securities and Exchange Commission: Wall Street’s Cop on the Beat.” If Chair Waters wants to really open eyes as to what the SEC has become – Wall Street’s bad cop on the beat – she will invite the following individuals to give testimony that day: James Kidney, Darcy Flynn, Gary Aguirre, and Harry Markopolos. Testimony from these individuals will show that while the SEC has, throughout its history, had dedicated and honest career attorneys who want to stop the crimes and corruption on Wall Street, there always seems to be a roadblock thrown … Continue reading
Reimagining the Structure of Wall Street in the National Interest
By Pam Martens and Russ Martens: July 1, 2019 ~ The current fragmented, opaque, and deeply conflicted structure of the U.S. stock market as well as the structure of the giant Wall Street banks that interact in every imaginable way with capital formation in America, is not in the public interest, the national interest or in the interest of capitalism itself. Let’s start with the structure of the stock market. Those quaint video clips that you see on television of traders mulling about on the floor of the New York Stock Exchange at 11 Wall Street in Manhattan, as executives from some new company that just listed its shares ring the bell to begin stock trading, is meant to lull the public into a sense of confidence that humans are still in charge and looking out for your retirement investments in your 401(k) or public pension plan. But 11 Wall … Continue reading
A Book on Wall Street’s Dark Underbelly Could Alter Election Outcome in 2020
By Pam Martens: March 11, 2019 ~ The underlying theme that Wall Street’s Federal regulators have become whores for the industry permeates most of the well-researched books that have been written about Wall Street over the past decade. But no book has connected the dots to the nuances and subtleties of how this whoring works as effectively as Noncompliant: A Lone Whistleblower Exposes the Giants of Wall Street. Written by Carmen Segarra, the petite lawyer turned bank examiner turned whistleblower turned one-woman swat team, the 340-page tome takes the reader along on her gut-wrenching workdays for an entire seven months inside one of the most powerful and corrupted watchdogs of the powerful and corrupted players on Wall Street – the Federal Reserve Bank of New York. (The days were literally gut-wrenching. Segarra reports that after months of being alternately gas-lighted and bullied at the New York Fed to whip her … Continue reading
A Look Back at How Reforming Wall Street Failed So Miserably Under Obama
By Pam Martens: March 7, 2019 ~ Progressives have every right to harbor a seething contempt toward the Wall Street wing of the Democratic Party. Democrats controlled both houses of Congress in the last two years of George W. Bush’s presidency as Wall Street blew itself up and Congress passed the massive taxpayer bailout of the Wall Street mega banks. (Democrats held fewer than 50 seats in the Senate but they held operational majority since two Independents caucused with them.) In Obama’s first two years in office (January 2009 to January 2011), Democrats had increased their majorities in both chambers of Congress. Democrats were in charge when it became crystal clear from Congressional hearings that Wall Street mega banks had created, through unbridled greed and corruption, the most catastrophic financial crash since the Great Depression. Democrats were in charge when it became profoundly evident that Wall Street needed a major … Continue reading