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Non-Tech : Kirk's Market Thoughts -- Ignore unavailable to you. Want to Upgrade?

To: Kirk © who wrote (9293)	4/19/2020 1:05:15 PM
From: Sun Tzu	Read Replies (1) \| Respond to of 26687

Three of the Biggest Banks on Wall Street Have $7.4 Trillion In Off-Balance Sheet Exposures By Pam Martens and Russ Martens: April 14, 2020 ~ In the past few weeks everyone from Fed Chair Jerome Powell to U.S. Treasury Secretary Steve Mnuchin to former Fed Chair Janet Yellen to bank analyst Mike Mayo have appeared on TV to tell the American people that the big banks on Wall Street are well capitalized. To put it in Janet Yellen’s exact words on CNBC last Thursday, “we have a strong, well capitalized banking system.” These folks have to keep repeating this mantra to the public because the public is increasingly getting curious as to why the New York Fed has had to pump a cumulative $9 trillion in cash to these Wall Street banks, since September 17 of last year, if they are so well capitalized. Can big banks actually be well capitalized and have no liquid money to make loans – the key function of a … Continue reading ? PS I was speaking from memory and I was too positive. It's 3 banks, not 5. Also: JPMorgan Chase Has $2.9 Trillion Exposure in Off-Balance Sheet Items Vs $2.3 Trillion on Its Balance Sheet By Pam Martens and Russ Martens: April 5, 2020 ~ According to the Uniform Bank Performance Report for December 31, 2019 at the Federal Financial Institutions Examination Council (FFIEC), JPMorgan Chase, whose Chairman and CEO, Jamie Dimon, has perpetually bragged about its “fortress balance sheet,” has $2.3 trillion in exposure on its balance sheet and $2.9 trillion in off-balance sheet exposure. The off-balance sheet exposure includes things like credit card lines of credit that have been issued but not tapped as of December 31, 2019; corporate standby letters of credits that have been issued but not yet tapped; securitized assets that have been sold with recourse back to JPMorgan Chase’s balance sheet; real estate loans committed but not yet funded; and a staggering $1.2 trillion in credit derivatives – the same instruments that brought on an FBI probe and congressional investigations of the bank in 2012 and cost the bank … Continue reading ? FacebookTwitterEmail