The Latest Reports About Wall Street’s Corruption


the-latest-reports-about-wall-street’s-corruption

  • Web Hosting
  • Instant Crypto Exchange
  • CryptoDonate Widget for your website

Eric Zuesse

Here are the latest 10 news-reports from the indispensable best reporters on Wall Street’s corruptness, Pam and Russ Martens, at their indispensable news-site, “Wall Street on Parade”:

Wall Street on Parade reports during 10-22 June 2020:

$340 Billion of the $454 Billion that Mnuchin Was to Turn Over to the Fed is Unaccounted For

By Pam Martens and Russ Martens: June 22, 2020 ~ President Donald Trump has been sacking federal watchdogs at the speed of a bullet train. In just a six-week period in April and May, the President fired five Inspectors General of federal agencies. In last Friday night’s coup d’état, Attorney General William Barr, acting as consigliere for the President, ousted the U.S. Attorney for the Southern District of New York, the federal prosecutor that oversees prosecutions of Wall Street banks in that district. The privately owned Federal Reserve Bank of New York, which is in charge of the bulk of the Fed’s bailout programs, also resides in that district. Barr and the President want to put a man with zero experience as a prosecutor in charge of that office, Jay Clayton, who currently heads the Securities and Exchange Commission which has only civil enforcement powers. Clayton represented 8 of the … Continue reading →

As Goldman Sachs and JPMorgan Face Criminal Probes, Barr Fires Top Prosecutor; Tries to Replace Him with Banks’ Former Lawyer, Jay Clayton

By Pam Martens and Russ Martens: June 20, 2020 ~ Shortly after 9 p.m. last evening, the U.S. Attorney General, William Barr, stunned prosecutors in the Southern District of New York with the announcement that their boss, Geoffrey Berman, was stepping down as U.S. Attorney in that District and would be replaced with the sitting Chairman of the Securities and Exchange Commission, Jay Clayton, who lacks even a shred of criminal prosecution experience. What Clayton does have is a lot of experience representing Wall Street’s largest banks, like Goldman Sachs and JPMorgan Chase, both of whom are currently under intense criminal investigations by the Justice Department. Clayton was a former partner at Wall Street’s go-to law firm, Sullivan & Cromwell, which is currently representing Goldman in the criminal case and representing JPMorgan in various matters. The breaking news last night went downhill from there. Several hours after Barr’s announcement, Berman … Continue reading →

Wall Street Veterans Call Out the Fed for Creating a Dangerous Stock Market Bubble

By Pam Martens and Russ Martens: June 18, 2020 ~ As corporate-friendly Republican members of the Senate Banking Committee and House Financial Services Committee engaged in effusive praise at hearings this week over the efforts of Fed Chairman Jerome Powell to quickly establish a plethora of corporate bailout facilities, the voices of Wall Street veterans have struck a different chord. These long-term market watchers are warning that the Fed has created an unprecedented stock market bubble that is destined to end badly. Earlier this week, CNBC anchor Melissa Lee interviewed Sven Henrich, the Lead Market Strategist at Northman Trader. Henrich savaged the Fed’s recent interventions in the market, stating the following: “The Fed really has created a massive asset bubble here in the last few months. The lender of last resort has become the lender of the entire resort. And no red line shall remain uncrossed. “The Fed has basically … Continue reading →

If the Fed Is Being Honest that Citigroup is Well Capitalized, Why Did It Need $3 Billion from the Fed’s Paycheck Protection Program?

By Pam Martens and Russ Martens: June 18, 2020 ~ There is fresh evidence that Citigroup, the mega Wall Street bank that was insolvent but still illegally propped up by the Fed during the last financial crisis (to the tune of $2.5 trillion cumulatively in secret loans for two and one-half years) is back to drinking at the Fed’s trough. The Fed has set up a program called the Paycheck Protection Program Liquidity Facility (PPPLF). That Fed program is reimbursing small banks for the small business loans that they made under the Paycheck Protection Program which was established by Congress in the CARES Act and being overseen by the Small Business Administration (SBA). According to the Fed, the idea is to reimburse these banks around the country for the PPP loans so that they can make fresh loans to other struggling consumers and businesses. The banks simply post the PPP … Continue reading →

The Fed’s Paycheck Protection Program Gave a Tiny NJ Bank $5.3 Billion – 9 Percent of all the Money It’s Spent Thus Far

By Pam Martens and Russ Martens: June 17, 2020 ~ The Paycheck Protection Program (PPP) was authorized by Congress under the CARES Act and is being overseen by the Small Business Administration (SBA). The goal of the PPP program is to make 1 percent interest loans to small businesses experiencing hardship from the coronavirus crisis and then forgive the loans if the businesses keep their employees on the payroll. Even though the loans are guaranteed against losses by the SBA, the Federal Reserve launched its own program, called the Paycheck Protection Program Liquidity Facility, to reimburse lenders who make these loans. So far, the Fed has reimbursed $57 billion of these loans as of June 10, out of total loans approved by the SBA of more than $500 billion. The odd thing about those Fed reimbursements is that a stunning $5.3 billion in reimbursements, or 9 percent of the $57 … Continue reading →

Dirty Details Emerge as to Why Mnuchin Is Fighting Congress Over Releasing the Names of Recipients of PPP Loans

By Pam Martens and Russ Martens: June 16, 2020 ~ Taxpayers’ money is being used to make the Paycheck Protection Program (PPP) loans. Thus, the public has every right to know the names of the recipients of those loans. Despite originally promising transparency, U.S. Treasury Secretary Steve Mnuchin is now stonewalling Congress on releasing a list of the recipients. Congress sold the plan to the public on the basis that the loans would go to small businesses with less than 500 employees. The funds were to be predominantly used to keep workers employed and allow the businesses to survive the coronavirus shutdowns. Instead, our search of filings at the Securities and Exchange Commission reveals that dozens of debt zombie companies that trade on Nasdaq got the loans. Dozens of publicly-traded companies with large credit lines from banks got the loans. Dozens of companies with a lot more than 500 employees … Continue reading →

The Federal Reserve Has Its Own Police and Is Part of a Vast Surveillance Center – Should You Worry?

By Pam Martens and Russ Martens: June 15, 2020 ~ Without any Congressional hearings on the matter, the USA Patriot Act in 2001 bestowed on the 12 regional Federal Reserve banks domestic policing powers. While the Federal Reserve Board of Governors in Washington, D.C. is deemed an “independent federal agency,” with its Chair and Governors appointed by the President and confirmed by the Senate, the 12 regional Fed banks are private corporations owned by the member banks in their region. As settled law under John L. Lewis v. United States confirms: “Each Federal Reserve Bank is a separate corporation owned by commercial banks in its region.” In the case of the New York Fed, which is located in the Wall Street area of Manhattan, its largest shareowners are behemoth multinational banks, including JPMorgan Chase, Citigroup, Goldman Sachs and Morgan Stanley. So what the USA Patriot Act effectively did was to … Continue reading →

Wall Street Banks Tank One Day After Fed Chair Says They’re “a Source of Strength”

By Pam Martens and Russ Martens: June 12, 2020 ~ Every major Wall Street bank tanked yesterday. Citigroup fared the worst, losing 13.37 percent of its market value versus a broader market decline of 5.89 percent on the S&P 500 Index. Bank of America didn’t look like much of a source of strength either, losing 10.04 percent on the day. The largest bank in the country, JPMorgan Chase, whose CEO, Jamie Dimon, perpetually brags about its “fortress balance sheet,” lost 8.34 percent. For a close look at what’s hiding in the tall weeds behind that fortress, see here. Just the afternoon before this bank carnage, this is what the Chairman of the Federal Reserve, Jerome Powell, had to say in his press conference about the U.S. banking system (which, of course, the Fed has been in charge of supervising in order to prevent another catastrophic blowup as occurred in 2008): … Continue reading →

Fed Chair Powell Attempts to Blame U.S. Inequality on Globalization – Gets Smacked Down by Bloomberg Reporter

By Pam Martens and Russ Martens: June 11, 2020 ~ Federal Reserve Chairman Jerome Powell’s press conferences are typically snooze sessions. Yesterday’s virtual press conference got off to a similar start with mainstream media reporters asking about inflation and monetary policy instead of the more critical questions they should have been asking in the midst of the worst labor market and business closures since the Great Depression and food pantry lines that stretch for blocks. Fortunately, two reporters shook things up at the very end of the press conference. Nancy Marshall-Genzer of Marketplace, which airs on public media stations, bluntly asked Powell this: “Is there more the Fed could do to deal with inequality, for example, use the Black unemployment rate as a benchmark.” Powell’s answer was an abomination. First Powell stated that inequality is not related to monetary policy. Next, he decided to target a more specific villain – … Continue reading →

The Fed Just Pulled Off Another Backdoor Bailout of Wall Street

By Pam Martens and Russ Martens: June 10, 2020 ~ The Federal Reserve has authorized 11 financial bailout programs thus far. Despite Fed Chairman Jerome Powell’s reassurances at his press conferences that these programs are to help American families, a full 10 of these programs are actually bailouts of Wall Street banks or their trading units. The latest Wall Street bank bailout to come out of hiding is the Fed’s Secondary Market Corporate Credit Facility (SMCCF). This program was supposed to buy up corporate bonds in the secondary market in order to help corporate bond markets regain liquidity. Thus far, the only thing the SMCCF has bought up are Exchange Traded Funds (ETFs) holding investment grade and junk-rated bonds. The SMCCF program began operations on May 12. By May 18 the Fed had spent $1.58 billion buying up ETFs. The ultimate goal of the facility, at this point, is to … Continue reading →

—————

Investigative historian Eric Zuesse is the author, most recently, of  They’re Not Even Close: The Democratic vs. Republican Economic Records, 1910-2010, and of  CHRIST’S VENTRILOQUISTS: The Event that Created Christianity.

Liked it? Take a second to support The Duran on Patreon!

The statements, views and opinions expressed in this column are solely those of the author and do not necessarily represent those of The Duran.

Leave a Reply