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Pam and Russ Martens: JPMorgan's derivatives surpass $60 trillion, a six-year high

Section: Daily Dispatches

But what if they are really U.S. government positions? This analysis notes that 100% of the bank's monetary metals derivatives and 96% of its foreign exchange derivatives are not centrally cleared. Might central clearing expose the government's connection?

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By Pam and Russ Martens
Wall Street on Parade
Friday, June 224, 2022

Add JPMorgan Chase, the biggest bank in the United States with an unprecedented five criminal felony counts since 2014, to the growing list of debacles of which the Federal Reserve has lost control.

The Fed has its bank examiners pouring over the books of JPMorgan Chase on an ongoing basis, but somehow the bank's dangerous book of derivatives has been allowed to spike by $14.42 trillion in the first quarter of this year, soaring from $45.84 trillion on December 31, 2021, to $60.26 trillion on March 31, 2022. 

That's an increase of 24% in a three-month span. That information comes from Page 18 of the newly-released report on derivatives in the banking system from the Office of the Comptroller of the Currency.

... Dispatch continues below ...


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The Dodd-Frank Act of 2010 was supposed to stop the insanity of unfathomable amounts of risky derivatives being held at federally-insured banks. Under the so-called "push-out" rule in Dodd-Frank, derivatives were supposed to be moved out of the federally-insured bank to other parts of the bank holding company so that they could be wound down in a bankruptcy proceeding without endangering the federally-insured bank. 

Citigroup and its lobbyists succeeded in getting that provision repealed in a sneak maneuver in December 2014.

Then there was Dodd-Frank's promise that all of these dangerous derivatives would become centrally-cleared in short order instead of being opaque over-the-counter contracts with bespoke (custom) terms that regulators and the public could not make heads or tails of. 

Well, that didn't happen either. The current OCC report tells us that 71% of JPMorgan Chase's equity derivatives are not centrally cleared; 100% of its precious metals contracts are not centrally cleared; and 96% of its foreign exchange derivative contracts are not centrally cleared. ...

... For the remainder of the analysis:

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