The U.S. Federal Reserve released data concerning repo loans in Q1 2020, as per law. The Dodd-Frank Act provides that those data should be published at least two years after. “The Fed data released this morning shows that the trading units of six global banks received $17.66 trillion of the $28.06 trillion in term-adjusted cumulative loans, or 63% of the total for all 25 trading houses (primary dealers) that borrowed through the Fed’s repo loan program in the first quarter of 2020,” wrote Wall Street On Parade on March 31. (https://wallstreetonparade.com/2022/03/the-feds-secret-repo-loans-another-news-blackout-and-a-french-bank-scandal/)
The largest borrower in Q1, 2020 was Paribas, through its subsidiary BNP Paribas Securities, with a cumulative $3.84 trillion in rolled-over one-14-day, 28-day, 42-day and other loans. “What may have led to the scramble for money by BNP Paribas Securities is—wait for it—risky derivatives, the same financial weapons of mass destruction that blew up the U.S. financial system and economy in 2008 and led to the biggest bailout of Wall Street in history by the Fed.”
The same goes for JP Morgan Securities, which got $3.6 trillion; Goldman Sachs $2.85 trillion; Nomura Securities $2.7 trillion; Citigroup Global Market $2.67 trillion; and Barclays Capital $2 trillion.
Pam and Russ Martens demand that Congress investigate: “JPMorgan Chase, Goldman Sachs and Citigroup all own federally-insured banks backstopped by the U.S. taxpayer. The public’s money is on the line and the public needs to fully understand what’s going on here.”
