Murdoch skewers Xi Jinping’s CCP daily, then takes nine figure sums of cash from the Communist-run bank…
All the Devils from 2008 Are Back at the Megabanks: Leverage, Off-Balance-Sheet Debt, Over $192 Trillion in Derivatives, Shaky Capital Levels…
As indicated on the above graph, as of December 31, 2023, Goldman Sachs Bank USA, JPMorgan Chase Bank N.A., Citigroup’s Citibank and Bank of America held a staggering total of $168.26 trillion in derivatives out of a total of $192.46 trillion at all federally-insured U.S. banks, savings associations and trust companies. That’s just four banks holding 87 percent of all derivatives at all 4,587 federally-insured financial institutions in the U.S. that existed as of December 31, 2023…
Almost 10,000 U.S. Banks Have Disappeared Since 1985, Leaving 4 Mega Banks Controlling 39 Percent of Bank Assets…
According to Federal Deposit Insurance Corporation (FDIC) data, there were 14,417 federally-insured banking institutions in the U.S. in 1985. As of December 31, 2023, the FDIC reports there are only 4,587 remaining. The vast majority of the 9,830 banks that have disappeared since 1985 did not fail – they were merged with other banks…
Wall Street Mega Banks and Their Disgraceful Bailout Charts Since the Repeal of the Glass-Steagall Act in 1999…
The Bill Clinton administration’s repeal in 1999 of the 1933 Banking Act, commonly known as the Glass-Steagall Act, ushered in the greatest kleptocracy America has ever known…
Virgin Island Attorney General Issues 15 Sweeping Subpoenas for Jeffrey Epstein Financial Accounts…
U.S. Virgin Island Attorney General Denise George has expanded her investigation into what she calls the “Epstein Enterprise” by filing 15 sweeping subpoenas to eight financial institutions in which convicted sex offender Jeffrey Epstein held at least 35 specifically named accounts. Among the banks subpoenaed are: Wells Fargo; Silicon Valley; Northern Trust International Banking Corporation; […]
Small Business Rescue Earned Banks $10 Billion in Fees…
Banks handling the government’s $349 billion loan program for small businesses made more than $10 billion in fees — even as tens of thousands of small businesses were shut out of the program, according to an analysis of financial records by NPR. The banks took in the fees while processing loans that required less vetting […]
Americans Are Paying a Tragic Price for Allowing Five Banks to Control the U.S. Economy…
According to the Federal Deposit Insurance Corporation, as of yesterday there were 5,117 federally-insured banks and savings associations in the United States. But in terms of risk to the U.S. economy and financial system, according to the U.S. Treasury’s Office of Financial Research, only five of those banks matter. And as you can see from […]
Fed’s $400 Billion Plan to Bailout Repo Market…
One of the most vital pieces of plumbing that powers the global financial system usually runs so smoothly that it gets overlooked by market watchers. It’s the “repo market,” comprising the short-term funding that banks and financial counter-parties regularly tap to lend each other trillions. It’s suddenly in the news again, and for all the […]
Fed Injects Cash for Fourth Day as Funding Markets Stabilize…
The Fed’s “Emergency” Actions this Week Were Dated a Full 48 Days Earlier…
The storyline in the business press is that the lending rate on overnight repos had spiked to an unprecedented 10 percent, necessitating an emergency infusion of $53 billion by the New York Fed on Tuesday to ramp up liquidity for overnight loans and bring down the loan rate. (That was followed with $75 billion more […]