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Pam and Russ Martens: Wall Street banks, insurers sell off, dangerously linked by derivative trades
By Pam and Russ Martens
Wall Street on Parade
Tuesday, February 26, 2020
If the federal government wants to quarantine the most dangerous threat to the financial health of the United States, it will impose a lockdown and decontamination of the federally-insured banks that are holding tens of trillions of dollars in derivative trades. Yesterday, the stock market rout outed the worst of these actors.
While the Dow Jones Industrial Average fell a hefty 1,031.61 points, that was only a 3.56 percentage point loss. The S&P 500 was off by 3.35 percent. The decline in the broader averages looks tame compared to what happened to some of the biggest banks on Wall Street and their derivative counterparties.
... Dispatch continues below ...
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Morgan Stanley tanked by 5.23 percent; Citigroup was off by 5.12 percent; while Bank of America closed down 4.74 percent. JPMorgan Chase and Goldman Sachs magically trimmed their losses during the trading day, closing down 2.69 percent and 2.64 percent, respectively. (Both JPMorgan Chase and Goldman are the targets of criminal probes by the U.S. Department of Justice, making their mild declines yesterday, compared to their peers, a bit hard to swallow. Both banks own Dark Pools where they are allowed to trade their own stocks.)
Why did the Wall Street banks trade so much worse than companies that are experiencing supply chain disruptions from the coronavirus? Other market activity strongly suggests that there is a critical problem with the banks’ counterparties to their tens of trillions in derivative trades. ...
... For the remainder of the report:
https://wallstreetonparade.com/2020/02/wall-street-banks-insurers-sell-o...
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