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Thursday, March 28, 2024

The Repo Crisis, Jamie Dimon, and the Bloomberg News Mystery

Courtesy of Pam Martens

Billionaire Owner of Bloomberg News, Michael Bloomberg

Billionaire Owner of Bloomberg News, Michael Bloomberg

Academics and historians who attempt to compare the epic Wall Street crash of 2007- 2010 to the next one that’s inevitably coming won’t be able to count on publicly available articles from Bloomberg News. As we reported on Monday, critical articles by a top investigative reporter at Bloomberg News, Mark Pittman, that exposed the corrupt cronyism between Wall Street and the Federal Reserve have gone missing on the Internet.

Just this morning we located yet another key article from Bloomberg News that has just up and disappeared on the Internet. Put this 2008 Bloomberg headline in the Google search box with the quotes included and see what happens: “Citigroup Unravels as Reed Regrets Universal Model.”

Bloomberg News informed us that Pittman’s articles are still available on the Bloomberg terminal. That’s a market data and news terminal that hundreds of thousands of global bank traders around the world use daily. But at a cost of upwards of $20,000 or more per terminal per year, it’s not something that scholars or journalists are going to be able to afford.

This week, something else strangely went missing at Bloomberg News – a very essential part of something Jamie Dimon, Chairman and CEO of JPMorgan Chase,  said on his earnings call on Tuesday. Here’s a transcript from SeekingAlpha on what Dimon said about why his mega bank stood down from providing more assistance during the repo blowout on September 17 when overnight lending rates shot up to 10 percent and the Federal Reserve, for the first time since the financial crisis, became the lender of last resort in the overnight lending market. (The Fed has since that time continued to pump hundreds of billions of dollars a week into Wall Street trading firms.)

From the SeekingAlpha transcript:  (Dimon is speaking of his bank’s reserve account at the Federal Reserve):

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