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Pam and Russ Martens: Market plunge sheds harsh light on big banks and their derivatives counterparties
By Pam and Russ Marens
Wall Street on Parade
Thursday, August 15, 2019
As we've previously reported, five mega-banks on Wall Street hold the fate of the entire financial system of the United States in their crony, frequently soiled hands. Yesterday's trading action clearly showed the ugly warts between those banks and their derivative counterparties in the insurance industry.
And even though their crony regulator, the Securities and Exchange Commission, allows the banks to trade their own stocks in darkness in their own internal dark pools, someone else clearly got the upper hand yesterday.
... Dispatch continues below ...
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The Dow Jones Industrial Average lost a whopping 800 points or 3.05% percent but each of the five mega-banks outpaced the Dow's losses on a percentage basis. That's not a good thing when Congress has left the fate of a nation in such perilous hands -- especially when those very same banks caused the greatest financial crash in 2008 since the Great Depression.
Citigroup, the bank that received the largest government bailout in U.S. history in 2008, including a secret $2.5 trillion in almost zero-rate loans from the Federal Reserve, led the losses among the Wall Street mega-banks yesterday with a decline of 5.28%. Bank of America was next with a loss of 4.69%. Goldman Sachs lost 4.19% with JPMorgan Chase following on its heels with a decline of 4.15%. ...
... For the remainder of the commentary:
http://wallstreetonparade.com/2019/08/yesterdays-market-plunge-shines-ha...
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