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Pam and Russ Martens: Fed fears an explosion on Wall Street, and JPM lit the fuse
By Pam and Russ Martens
Wall Street on Parade
Monday, October 28, 2019
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, 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.
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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. ...
... For the remainder of the report:
https://wallstreetonparade.com/2019/10/the-fed-fears-an-explosion-on-wal...
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