Wall Street On Parade

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator

Citibank, Which Foreclosed on Homes Under an Alias, Illegally Held Homes Off the Market for More than Five Years Says Regulator

By Pam Martens and Russ Martens: January 28, 2020 ~ On October 11 of last year, in a bland press release that drew little mainstream media attention, the Federal regulator of national banks, the Office of the Comptroller of the Currency, announced that Citibank had agreed to pay a $30 million fine over charges that it held homes on which it had foreclosed off the market for more than the statutory holding period of five years. Citibank is the federally-insured, deposit-taking bank that is part of the serially-miscreant Wall Street mega bank, Citigroup. The action comes at a time when rents are rising dramatically across the U.S. as a result of a shortage of affordable homes to purchase. What is extremely troublesome about the OCC’s action, and which continues a trend among federal bank regulators in the Trump administration, is just how little the regulators are willing to share with … Continue reading →

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Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash

Fed Repos Have Plowed $6.6 Trillion to Wall Street in Four Months; That’s 34% of Its Feeding Tube During Epic Financial Crash

By Pam Martens and Russ Martens: January 27, 2020 ~ According to the data made available on the public website of the New York Fed, since September 17, 2019 it has funneled a cumulative total of $6.6 trillion to some of  the 24 trading houses on Wall Street that are known as its “primary dealers.” The giant sum has been sluiced to Wall Street in the form of repurchase agreement (repo) loans without any details being provided to the elected representatives in Congress as to which firms are getting the money or what it’s being ultimately used for. But since the stock market has set repeated new highs since the program launched, some veteran market watchers believe the Fed is fueling a Ponzi-like rally in stocks. When the nonpartisan investigative arm of Congress, the General Accountability Office (GAO), tallied up the cumulative total that the Federal Reserve had secretly sluiced … Continue reading →

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Jamie Dimon Gets $31.5 Million Pay Despite Bank’s Criminal Charges as U.S. Slides Below Uruguay on Corruption Index

Jamie Dimon Gets $31.5 Million Pay Despite Bank’s Criminal Charges as U.S. Slides Below Uruguay on Corruption Index

By Pam Martens and Russ Martens: January 24, 2020 ~  Yesterday, Transparency International released its annual Corruption Perceptions Index (CPI). The CPI ranks 180 countries and territories by their perceived levels of government corruption, using 13 expert assessments and surveys of business executives. The most corrupt countries rank lower on the scale while a score of 100 represents the least corrupt. This year the United States ranked below Uruguay on the corruption gauge. The report found this about the U.S.:  “With a score of 69, the United States drops two points since last year to earn its lowest score on the CPI in eight years. This comes at a time when Americans’ trust in government is at an historic low of 17 percent according to the Pew Research Center.” The least corrupt nations are Denmark, New Zealand and Finland. Patricia Moreira, Managing Director of Transparency International, said this about the report’s … Continue reading →

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Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England

Goldman Sachs: The Vampire Squid’s Alum Control Two Fed Banks, the U.S. Treasury, the European Central Bank and the Bank of England

By Pam Martens and Russ Martens: January 23, 2020 ~ The head of the Federal Reserve Bank of Dallas (Robert S. Kaplan), the head of the Federal Reserve Bank of Minneapolis (Neel Kashkari), the Secretary of the U.S. Treasury (Steve Mnuchin), the President of the European Central Bank (Mario Draghi) and the head of the Bank of England (Mark Carney) all have two things in common: they sit atop vast amounts of money and they are all alums of Goldman Sachs. In addition, the immediate past President of the Federal Reserve Bank of New York, William Dudley, which secretly sluiced over $29 trillion to bail out Wall Street banks during the financial crisis and has now opened its money spigot for trillions of dollars more, worked at Goldman Sachs for more than two decades, rising to the rank of partner and U.S. Chief Economist. Goldman Sachs has been variously depicted … Continue reading →

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The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market”

The Man Who Advises the New York Fed Says It and Other Central Banks Are “Fueling a Ponzi Market”

By Pam Martens and Russ Martens: January 22, 2020 ~ On Monday, a member of the New York Fed’s own Investor Advisory Committee on Financial Markets, Scott Minerd, published a critique which he headlined as follows: “Global Central Banks Fueling a Ponzi Market,” with this scary subhead: “Ultimately, investors will awaken to the rising tide of defaults and downgrades.” The thrust of the article is that central banks (which include the New York Fed’s Wall Street money spigot that was launched on September 17, 2019) are creating a Ponzi scheme of liquidity that is hiding the true state of risk in both the stock and bond markets. The implication is that without the Fed’s cheap money flooding markets, interest rates on questionable debt would be much higher, thus providing a red flag for investors. Minerd develops his thesis as follows: “The disturbing trend is that despite the rally in risk … Continue reading →

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