by Pam Martens and Russ Martens
Wall Street on Parade
On June 24 Bloomberg News reporters Lisa Lee and Shahien Nasiripour dumped a bucket of cold water on Fed Chairman Jerome Powell’s official narrative that the mega Wall Street banks are “well capitalized” and a “source of strength” in the pandemic.
The Federal Reserve, and particularly the New York Fed which wore blinders leading up to Citigroup’s blow up in 2008, are walking a delicate tight rope in reassuring the public that all is well under their watch versus what any first year accounting major can see is happening on the mega banks’ balance sheets.
The Bloomberg News article revealed the following about the dividends and stock buybacks at Bank of America, Citigroup, JPMorgan Chase, and Wells Fargo: