On May 1, the Federal Deposit Insurance Corporation announced that First Republic Bank had failed and that it was being sold to JPMorgan Chase. At the time, JPMorgan Chase was already the largest and riskiest bank in the United States…
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Microsoft Must Pay $28.9 Billion in Back-Taxes…
In an 8K filed by Microsoft after the close, the company said it received notices from IRS seeking additional payment of $28.9b plus penalties and interest for the tax years 2004-2013; the payments stem from disagreements over the tax treatment of intercompany transfer pricing, a well-known corporate tax black hole…
Someone Is Inscribing All of WikiLeak’s Infamous Afghan War Logs on Bitcoin…
An unknown “Project Spartacus” has formed in an attempt to immortalize on bitcoin the thousands of Afghan War logs published by Julian Assange’s WikiLeaks in 2010…
“Surprise Move”: UAW Hits Ford’s Largest Plant in Strike…
Ford Motor Company shares fell in premarket trading after United Auto Workers significantly escalated its strikes against the automaker by targeting its largest and most profitable plant…
When Good News Is Bad News Is Good News – The Jobs Report Reversal…
Over the last two months, the S&P 500 peaked at about 4,600 at the end of July and closed today at about 4300. That about a 7% haircut for a 401k or IRA holding “the market.” Of course, this was not a straight line fall but rather quite a volatile one marked by a strong bear market trap push back to around 4,500 on September 1…
Sam Bankman-Fried Was Holed up in a Bathroom Arguing with His Mother over Text About Which Clothes He Should Wear to Jail As Police Arrived to Arrest Him for FTX Fraud…Talk About a Mama’s Boy…
Sam Bankman-Fried was arguing by text with his mother about which clothes he should wear to be arrested as police arrived at his Bahamas penthouse, according to a new biography…
Biden Isn’t Santa Claus, How Is He Getting Away with This — Forgives Another $9B More in Student Loan Debt…
President Joe Biden canceled another $9 billion in student loan debt, giving relief to 125,000 borrowers…
Student Loan Payments Officially Resume After Three-Year Pause…
On Sunday the Trump administration’s pandemic-era student loan pause officially ended, re-saddling more than 28 million borrowers with the consequences of their own actions (granted, colleges virtually assured 18-year-olds six-figure salaries amid ridiculous tuition hikes before ‘bidenomics’ and the Ukraine war resulted in scorching inflation)…
What’s Behind the Record Divergence Between GDP and GDI, and Why Tomorrow the U.S. Economy Will Be Revised Sharply Lower…
Tomorrow morning years of politically-motivated upward drift in US economic “data” will get their come to Jesus moment of gravitational reacquaintance: at 8:30am ET on Thursday, alongside the final Q2 GDP print (expected unchanged at 2.2%) the BEA will also publish its once-every-five-years revision of GDP from Q1 2005 to Q1 2023, which according to Morgan Stanley will lead to a sharp downward revision, of as much as 80bps from Q2 GDP, and could potentially even indicate economic contraction in the first half of 2023…
Behind Ozempic Media Buzz, Undisclosed Drugmaker Money…
Physicians, activists, and celebrities are quoted by newspapers and media outlets touting Ozempic without disclosing financial ties to the drugmaker…
JPMorgan’s Settlements Reach $365 Million Over Civil Claims It Banked Jeffrey Epstein’s Sex Trafficking of Minors; Criminal Charges Could Lie Ahead…
JPMorgan Chase would like the public to believe that it’s going to walk away from the sleaziest financial crime of the century just $365 million poorer in the process. That’s just not going to happen…
Unprecedented Gold Hoarding by Central Banks Heralds Financial Sea Change…
Amid geopolitical tensions and global debt, central banks are expected to continue purchasing gold, further diminishing the appeal of the US dollar as a reserve currency…
The Perfect Storm Hits Big Banks: Tumbling Deposits, Rising Unrealized Losses, and Higher-for-Longer Interest Rates…
On March 30, 2022, two highly troubling events occurred: (1) Fed data showed that unrealized losses on available-for-sale securities at the 25 largest U.S. banks were approaching the levels they had reached during the financial crisis in 2008; and (2) the Fed simply stopped reporting unrealized gains and losses on these banks’ securities…
House GOP Debate Heating up on Spending Cuts…
The progress in spending and shutdown talks that House Republicans were touting Wednesday night was revealed to be a mirage by midday Thursday, dealing Speaker Kevin McCarthy (R-Calif.) a blow and keeping the conference in a state of turmoil…
U.S. National Debt Surpasses $33 Trillion…
Treasury Secretary Janet Yellen said she was “not really concerned about the impact” the Biden administration’s spending programs were having on the national debt…
FTX Sues Founder Sam Bankman-Fried’s Parents over Missing Millions…
Bankrupted cryptocurrency firm FTX has sued the parents of founder and former CEO Sam Bankman-Fried, alleging that the pair siphoned millions of dollars out of the company through their son…
Commentary: How ‘the Firm’ Pushes Bad Spending Bills — and What We Can Do About It…
The debate on the budget threatening to shut down the government has everything to do with out-of-control spending levels during the covid pandemic. Yanking those billions spent back to pre-covid levels…
JPMorgan’s Pampered Client, Jeffrey Epstein, Broke a Lot More Laws Than Just Sex Trafficking of Minors…
A closer look at the trail of lawlessness perpetrated by Jeffrey Epstein while he was receiving VIP treatment from executives and licensed brokers at the largest bank in the United States – JPMorgan Chase – demands a comprehensive investigation by a genuinely independent Special Counsel…
House Freedom Caucus Draws Hard Line, Says ‘No’ to Current Spending Levels…
The House Freedom Caucus and conservative groups held a press conference Tuesday opposing any deal to continue government spending at current levels, hours before the House reconvened after a week-long recess to tackle the task of keeping the government open past September 30…
Buckle Your Seatbelt: How Auto Strike Could Tank Economy and Hurt Workers…
The country’s largest auto union began a historic strike at midnight on Friday. Here is what to know about why auto workers are striking and what is at stake…
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