On March 9 Morgan Stanley announced that it had been “recognized for industry-leading risk management technology.” Three weeks later it has landed in the middle of one of the biggest hedge fund blowups since the financial crisis of 2008, raising serious questions about how it manages risk…
GameStop Shares: Dark Pools Owned by Goldman Sachs, JPMorgan, UBS, et al, Have Made Tens of Thousands of Trades…
Dark Pools owned by the biggest names on Wall Street – such as Goldman Sachs’ Sigma X2, JPMorgan Chase’s JPM-X, UBS’ UBSA, Morgan Stanley’s MSPL, and Credit Suisse’s Crossfinder — have been making tens of thousands of trades in the shares of GameStop on an ongoing weekly basis…
The Fed Announces New Bank Stress Tests: Will Look at What Would Happen if a Major Counterparty Defaulted…
Back in the days when we actually had an Office of Financial Research (OFR) (before its funding and staff were gutted) we learned that the Fed was actually conducting its stress tests all wrong…
S&P 500 Rises to a Record Close, Fully Wiping Out Its Wuhan Virus Losses…
The S&P 500 rose to an all-time high on Tuesday, capping off its incredible recovery from the coronavirus-induced sell-off that knocked it off its previous record back in February…
Wall Street Banks that Got the Biggest Fed Bailouts Have Been Dogs to Shareholders over the Past 15 Years…
Federal Reserve Chairman Jerome Powell wants Americans to believe that the mega banks on Wall Street that hold trillions of dollars in federally-insured deposits, while peddling everything from high-risk derivatives to junk bonds to precious metals, “are a source of strength” during this economic downturn. The big problem for the Fed is the above two […]
Evidence Suggests U.S. Financial Crisis Started on August 14, 2019…
In the Federal Reserve’s most recent “Supervision and Regulation Report” on the big bank holding companies it “supervises,” the Fed continued its attempts to perpetuate the narrative that “The banking industry came into 2020 in a healthy financial position” and has simply unraveled as a result of the COVID-19 pandemic. That narrative is built on […]
BlackRock Begins Buying Junk Bond ETFs for the Fed Today: It’s Already at Work for the Central Bank of Israel…
It’s off to the races today for BlackRock. The New York Fed, with authority from the Federal Reserve Board and backstopped with taxpayers’ money, will begin the first phase of the Fed’s unprecedented leap into shoring up the sagging prices of investment grade corporate debt and junk bonds. BlackRock has been selected by the New […]
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 […]
Goldman, Morgan Stanley Receive Approvals for Majority Stakes in China Ventures…
Goldman Sachs and Morgan Stanley said on March 27 they had received the final regulatory approvals to take majority stakes in their China securities joint ventures. The approvals come as policymakers and authorities step up efforts to shield the world’s second-largest economy, battered by the CCP virus pandemic. The Epoch Times refers to the novel […]