Panic At The Repo: As a professional trader, I keep an eye out for the next panic or market crisis. Since the beginning of my career, there was a crash or panic every few years in one market or another. You try to think about what market is overbought. What market is in a bubble. […]
There’s Nothing Normal About the Fed Pumping Hundreds of Billions Weekly to Unnamed Banks on Wall Street: “Somebody’s Got a Problem”…
Yesterday, the House Financial Services Committee released its hearing schedule for October. There is not a peep about holding a hearing on the unprecedented hundreds of billions of dollars that the Federal Reserve Bank of New York is pumping into unnamed banks on Wall Street at a time when there is no public acknowledgement of […]
The Repo Loan Crisis, Dead Bankers, and Deutsche Bank: Timeline of Events…
Last week, as the Fed was carrying out hundreds of billions of dollars in emergency loan operations on Wall Street for the second week in a row – the first such operations since the financial crisis – Deutsche Bank’s headquarters office in Frankfurt, Germany was being raided by police for the second time in less […]
Should This Be Illegal – Banks Recommending a Stock to the Public Then Secretly Trading It in Their Own Dark Pool?…
The Dow Jones Industrial Average rallied 99.97 points yesterday but the mega Wall Street bank, Citigroup, closed in the red, down 0.15 percent. That decline follows a dramatic loss of 5.28 percent on Wednesday, a day that the Dow was down only 3.05 percent. Citigroup’s closing price yesterday was $61.32. The stock has lost more […]
U.S. Financial System Rests on 5 Mega Banks; and They Tanked Yesterday…
By the closing bell of yesterday’s broad stock market selloff, the Dow Jones Industrial Average, which had been down over 900 points in the afternoon, closed with a loss of 767 points or 2.90 percent. The Standard and Poor’s 500 Index closed even deeper in the red with a loss of 2.98 percent. But those […]
Wall Street Wins OK for Payouts Worth Billions in Fed Stress Tests…
The largest U.S. banks are poised to return billions of dollars to investors after Federal Reserve stress tests showed planned dividends and stock buybacks wouldn’t leave them too weak to survive a harsh economic downturn. Under the most severe test scenario, a recession with unemployment spiking to 10% and the Dow Jones Industrial Average falling […]
These Charts Suggest the Whole Wall Street Casino Has Become Taxpayer-Backstopped and Too-Big-to-Fail…
According to the Federal Deposit Insurance Corporation (FDIC), as of September 30, 2018 there was a total of $13.6 trillion in deposits at all 5,397 Federally insured banking and savings institutions in the U.S. but just nine mega banks represented 40 percent of all domestic deposits. Those nine are the insured banking units of the […]
As Regulators Squirm in their Seats at Hearing, JPMorgan and Citigroup Get Slapped with More Rigging Charges by EU…
At a House Financial Services Committee hearing yesterday, Republicans attempted to marshal arguments for why U.S. banks needed more relief from regulatory oversight. Those arguments weren’t helped by the news of the day. As the hearing got underway, headlines were being promulgated around the globe that JPMorgan Chase, Citigroup and three foreign banks had been […]
EU Fines Citigroup, JPMorgan, 3 Other Banks $1.2B for Collusion…
The European Commission fined five banks more than $1 billion Thursday, including Citigroup and JPMorgan, for participating in collusion activities involving 11 currencies and two cartels in the Spot Foreign Exchange market. The commission penalized Citigroup, JPMorgan, Barclays and the Royal Bank of Scotland for taking part in the Forex-Three Way Banana Split cartel. Barclays, […]
CFPB Settles with Citibank on Overcharging Credit Card Rates…
The Consumer Financial Protection Bureau said Friday that it had reached a settlement with Citibank over the bank’s overcharging of customers on credit card rates. The bank will avoid civil penalties, on the grounds that it first reported the problem to the bureau and took steps to remediate it. Instead, the CFPB required the bank […]
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