Pam Martens

If one considers the customer losses at other crypto companies that have filed bankruptcy, potentially as a result of their exposure to FTX, the total dollar amount of losses may come close to or even exceed the estimated $17.8 billion of lost principal in the Madoff fraud. Currently, Ray is acknowledging $8 billion of missing customer funds at FTX, while indicating that records are in disarray and funds are still being tracked.

Twelve days after the disgraced and corrupt crypto exchange, FTX, filed for bankruptcy, the New York Times ran this headline: “Crypto Firm FTX’s Ownership of a U.S. Bank Raises Questions.” The article explains that a tiny bank in Washington state, Farmington State Bank (also known as Moonstone Bank), had received an ownership stake of $11.5 million from FTX’s sister firm, Alameda Research, which at the time was twice the net worth of the bank.

On April 21 Josh Bivens posted a titillating analysis on the Working Economics Blog. Bivens has a Ph.D. in Economics from the New School for Social

Last Thursday, Jeanna Smialek, who reports on the Fed for the New York Times, broke the news that the President of the St. Louis Fed, James Bullard, gave

The March 15-16 minutes of the Federal Open Market Committee (FOMC) of the Federal Reserve show that there was agreement, given “elevated inflation and

The Financial Times reported that “Germany’s federal police office, criminal prosecutors and the country’s financial watchdog BaFin raided Deutsche Bank’s

Under just three of the emergency bailout programs offered by the Fed to Wall Street, units of the megabank JPMorgan Chase tapped over $6 trillion in cumulative (term-adjusted) loans from September 17, 2019 through the first quarter of 2020. That figure will definitely go higher as the Fed is releas…

The Washington Post’s Bob Woodward and Bob Costa of CBS News have unleashed a fury of renewed interest in the work of the House Select Committee investigating the January 6 attack on the Capitol. Last Thursday, Woodward and Costa set off a political firestorm when they released the contents of email…

For more than two decades, the general counsels of Wall Street’s mega banks have been meeting together secretly once a year at ritzy hotels and resorts around the world. This would appear to be a clear violation of anti-trust law but since Wall Street’s revolving door has compromised the U.S. Department of Justice over much of that time span, there has been no pushback from the Justice Department to shut down these clandestine meetings.

The Federal Reserve has authorized 11 financial bailout programs thus far. Despite Fed Chairman Jerome Powell’s reassurances at his press conferences that

The riveting writer, Michael Hudson, has read our collective minds and the simmering anger in our hearts. Millions of American have long suspected that their inability to get financially ahead is an intentional construct of Wall Street’s central planners. Now Hudson, in an elegant but lethal indictment of the system, confirms that your ongoing struggle to make ends meet is not a reflection of your lack of talent or drive but the only possible outcome of having a blood-sucking financial leech aff…

It’s Now Official

A CounterPunch Special Investigation: Part One of a Series