Home

The Fed Fears an Explosion on Wall Street: Here’s How JPMorgan Lit the Fuse

Leave a comment

By Pam Martens and Russ Martens of Wall Street on Parade

JPMorgan Chase is the largest bank in the United States with $1.6 trillion in deposits from more than 5,000 retail bank branches spread across the country. When it withdraws liquidity from the U.S. financial system, that has a reverberating impact. 

According to the filings that JPMorgan Chase makes annually with the Securities and Exchange Commission (SEC), since 2013 JPMorgan Chase has spent $77 billion buying back its own stock. That includes the whopping $17.01 billion it has spent in just the first nine months of this year buying back its stock.

But here’s the shocking news. According to its SEC filings, JPMorgan Chase is partly using Federally insured deposits made by moms and pops across the country in its more than 5,000 branches to prop up its share price with buybacks. The wording in the filing is as follows:

“In 2019, cash provided resulted from higher deposits and securities loaned or sold under repurchase agreements, partially offset by net payments on long-term borrowing…cash was used for repurchases of common stock and cash dividends on common and preferred stock.”

Had JPMorgan Chase not spent $77 billion propping up its share price with stock buybacks, it would have $77 billion more in cash to loan to businesses and consumers – the actual job of its commercial bank. Add in the tens of billions of dollars that other mega banks on Wall Street have used to buy back their own stock and it’s clear why there is a liquidity crisis on Wall Street that is forcing the Federal Reserve to hurl hundreds of billions of dollars a week at the problem.

On September 17, the overnight lending rate on repurchase agreements (repos) spiked from the typical 2 percent range to 10 percent, meaning some very big lenders such as JPMorgan Chase were backing away from lending. That forced the Federal Reserve to jump in as lender of last resort, the first time it has done that in any material way since the financial crisis

Continue reading the article

HOW A FRAUDULENT GUARDIANSHIP COMMENCES AND CONTINUES

90 Comments

Guest Author: Angela V. Woodhull,Ph.D.

© 2010-2011, Angela V. Woodhull, Ph.D.  All rights reserved.*

________________________________________________________

“A large part of the victim’s money is spent on attorney’s fees and guardian’s fees.  As long as there is ample money in the victim’s guardianship account, the guardian and her attorney cohorts will file motion upon motion after motion to the courts,”

___________________________________________________________

STEP ONE—“EMINENT DANGER”—THE INITIAL COURT       PETITION

The professional guardian, with the assistance of her attorneys, commences the embezzlement process by filing an emergency petition in the probate courts to become the “emergency” “temporary” guardian

Florida guardianship statutes, like many states, (Chapter 744) require that there be an “eminent danger” in order for the petitioner to become the “emergency temporary guardian.”

The guardian oftentimes fabricates the “eminent danger” by , stating that there is a neighbor or relative or stranger who is taking advantage of the elderly person.  In some cases, this may be a somewhat true statement, albeit an exaggerated claim.  In most cases, upon further investigation, there has been no “eminent danger” whatsoever.

Step One takes away all of the victim’s civil rights and therefore gives the guardian and her attorneys full control over the victim and his or her assets.

STEP TWO—THE EXAMINING COMMITTEE   More

Regulation in FantasyLand

2 Comments

The general co-chairman of John McCain’s presidential campaign, former Sen. Phil Gramm (R-Texas), led the charge in 1999 to repeal a Depression-era banking regulation law that Democrat Barack Obama claimed on Thursday contributed significantly to today’s economic turmoil.

http://www.politico.com/news/stories/0308/9246.html

 

Let me see if I have this right.  On December 15, 2000, as part of a decades-long anti-regulatory crusade, Former Senator Phil Gramm, representing the “foxes,” slipped a 262-page measure called the Commodity Futures Modernization Act into the omnibus spending bill.

 

Years of unceasing effort to beat down Depression-era firewalls between commercial banks, investment banks, insurance companies, and securities firms had come to a successful conclusion, and set off a wave of merger mania with a return to the halcyon pre-Depression days of unregulated and unfettered manipulation of banking and the stock market.

 

The foxes had succeeded in defeating most of the protections the “farmer” (responsible government) had erected around the “henhouse” (our much-vaunted capitalism) in an effort to prevent the abuses that resulted in the Great Depression.

 

Not to push the allegory too hard, now all of those chickens have come home to roost.

 

And, the Administration wants to put the foxes in charge of 700 billion dollars ($7,390 per U.S. family) to save the henhouse from total collapse.

 

YOU HAVE GOT TO BE KIDDING ME!

%d bloggers like this: