Wallstreet On Parade is a Fantastic website!
By Pam Martens and Russ Martens: September 17, 2019 ~
Yesterday, three traders at JPMorgan Chase, the bank headed by Jamie Dimon, got smacked with the same kind of criminal felony charge that was used to indict members of the Gambino crime family in 2017. The charge is racketeering and falls under the Racketeer Influenced and Corrupt Organizations Act or RICO. According to the Justice Department, the traders engaged in a pattern of rigging the gold, silver and other precious metals markets from approximately May 2008 to August 2016. <snip>
By Pam Martens and Russ Martens: September 19, 2019 ~ Fed Chairman Jerome Powell at Press Conference, September 18, 2019 Following a lack of liquidity on Wall Street, which necessitated the Federal Reserve having to provide $53 billion on Tuesday and another $75 billion on Wednesday to normalize overnight lending in the repo market, the Chairman of the Fed, Jerome (Jay) Powell held his press conference at 2:30 p.m. yesterday. The press gathering followed both a one-quarter point cut in the Fed Funds rate by the Fed yesterday as well as the first intervention by the Fed in the overnight lending market since the financial crash. (The Fed had to intervene again this morning, making another $75 billion in repo loans available.)
The Fed Intervened in Overnight Lending for First Time Since the Crash. Why It Matters to You.
By Pam Martens and Russ Martens: September 18, 2019 ~ Federal Reserve Chairman Jerome Powell Gives Testimony Before the House Financial Services Committee on February 27, 2018 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. </snip>