By Pam Martens and Russ Martens: July 21, 2020 ~President Obama Signs the Dodd-Frank Wall Street Reform and Consumer Protection Act, July 21, 2010Today marks the 10th Anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, named after its two sponsors, former Senator Christopher Dodd (D-CT) and former Congressman Barney Frank (D-MA). The massive piece of legislation was signed into law on July 21, 2010 by President Barack Obama at a time when Democrats controlled both houses of Congress – meaning there was no excuse not to put tough Wall Street reform...…By Pam Martens and Russ Martens: July 21, 2020 ~President Obama Signs the Dodd-Frank Wall Street Reform and Consumer Protection Act, July 21, 2010Today marks the 10th Anniversary of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act, named after its two sponsors, former Senator Christopher Dodd (D-CT) and former Congressman Barney Frank (D-MA). The massive piece of legislation was signed into law on July 21, 2010 by President Barack Obama at a time when Democrats controlled both houses of Congress – meaning there was no excuse not to put tough Wall Street reform...WW…

By Pam Martens and Russ Martens: July 22, 2020 ~U.S. Attorney General, Eric Holder, Announcing the $7 Billion Settlement With Citigroup on July 14, 2014When it comes to the crime families of New York, they literally do catch and kill people who can’t be trusted to keep the secrets of their criminal operations. When it comes to the superrich in New York, they’re more inclined to “catch and kill” the story, rather than the accuser. (Jeffrey Epstein’s untimely death last year may be an exception.)On October 11, 2017, Jim Rutenberg, writing for the New York Times about the aiders and abettors...…By Pam Martens and Russ Martens: July 22, 2020 ~U.S. Attorney General, Eric Holder, Announcing the $7 Billion Settlement With Citigroup on July 14, 2014When it comes to the crime families of New York, they literally do catch and kill people who can’t be trusted to keep the secrets of their criminal operations. When it comes to the superrich in New York, they’re more inclined to “catch and kill” the story, rather than the accuser. (Jeffrey Epstein’s untimely death last year may be an exception.)On October 11, 2017, Jim Rutenberg, writing for the New York Times about the aiders and abettors...WW…

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. As the chart above indicates, the Fed had reported this data series from October 2, 1996 to March 30, 2022 – and then, poof, it was gone and could no longer be graphed weekly at FRED, the St. Louis Fed’s Economic Data website. (See chart above from FRED.)...…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. As the chart above indicates, the Fed had reported this data series from October 2, 1996 to March 30, 2022 – and then, poof, it was gone and could no longer be graphed weekly at FRED, the St. Louis Fed’s Economic Data website. (See chart above from FRED.)...WW…

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. Yesterday, the bank settled for $75 million the Jeffrey Epstein related claims brought by the Attorney General of the U.S. Virgin Islands, after settling class action claims brought by Epstein’s victims for $290 million in June. (The June settlement was so questionable that we initiated an inquiry into the presiding Judge, Jed Rakoff, who called it a “really fine settlement.”) Both lawsuits...…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. Yesterday, the bank settled for $75 million the Jeffrey Epstein related claims brought by the Attorney General of the U.S. Virgin Islands, after settling class action claims brought by Epstein’s victims for $290 million in June. (The June settlement was so questionable that we initiated an inquiry into the presiding Judge, Jed Rakoff, who called it a “really fine settlement.”) Both lawsuits...WW…

By Pam Martens and Russ Martens: June 23, 2020 ~A Stake in the Park Lane Hotel in Manhattan Was Purchased With Money Looted from 1MDB According to the U.S. Justice Department (Photo Source: DOJ)There’s something unsettling about the top law enforcement officer in the United States telling a brazen lie to the American people late on a Friday night when most folks have called it quits for the week on the news. Shortly after 9 p.m. last Friday evening, the U.S. Attorney General, William Barr, indicating that the top federal prosecutor for the Southern District of New York, Geoffrey Berman, was...…By Pam Martens and Russ Martens: June 23, 2020 ~A Stake in the Park Lane Hotel in Manhattan Was Purchased With Money Looted from 1MDB According to the U.S. Justice Department (Photo Source: DOJ)There’s something unsettling about the top law enforcement officer in the United States telling a brazen lie to the American people late on a Friday night when most folks have called it quits for the week on the news. Shortly after 9 p.m. last Friday evening, the U.S. Attorney General, William Barr, indicating that the top federal prosecutor for the Southern District of New York, Geoffrey Berman, was...WW…