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 […]
Liquidity Scramble: Fed Announces Overnight Repos Every Day Next Week, Introduces Term Repos…
The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You…
Yesterday felt a little like that scene from the 1946 movie “It’s a Wonderful Life” starring Jimmy Stewart. There’s a run on Stewart’s bank because his absent-minded Uncle Billy loses the cash he was sent off to deposit on behalf of the bank. The bank examiners discover there’s money missing and rumors spread. The rumors […]
Bonds, Stocks, & Bullion Battered as Powell Shrugs Off Liquidity Crisis…
JP Morgan Blames Bear Stearns for ‘Criminal Enterprise’ at Precious Metals Trading Desk…
Regulators Expand Already Massive Precious Metals Manipulation Probe to Other Markets…
Just two days after the DOJ took the unprecedented step of designating the JPMorgan precious metals trading desk as a “criminal enterprise” using unusually aggressive language which reminded legal experts of indictments utilizing the RICO Act, and which hopefully ended years of precious metal manipulation by the group formerly headed by Blythe Masters, CNBC now […]
JPMorgan Traders Indicted for Market Manipulation, Racketeering…
Three JPMorgan employees, some of whom were executives, were indicted on charges related to making fake orders of gold, silver and other metals to trick the market, federal Department of Justice announced Monday. Gregg Smith, 55, Michael Nowak, 45, and Christopher Jordan, 47 and other co-conspirators allegedly manipulated the market by placing orders that they […]
In the WeWork IPO, the Money Trails End Up at JPMorgan’s Doorstep…
According to the amended prospectus filed with the Securities and Exchange Commission to alert the public to the thousands of warts with malignant possibilities sprouting out of the office rental company, WeWork, which plans to offer its shares to the public for the first time, JPMorgan Chase will receive something no other underwriter is getting […]
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