Courtesy of Pam Martens
By Pam Martens and Russ Martens
There are two opposing narratives living side by side in the United States: independent journalists and researchers have documented how the behemoth banks on Wall Street are as crooked as ever while the Federal Reserve Chairman, Jerome Powell, repeatedly tells Congress and the press that these banks are a “source of strength” in this economic crisis. (Never mind that the Fed is flooding these banks with trillions of dollars in cumulative loans at less than 1 percent interest.)
Corporate-owned mainstream media, that is dependent on financing from these same banks, prefers the Fed’s alternative version of reality.
Wall Street On Parade has repeatedly written about critical reports showing serial corruption at these banks that have been censored by those Pulitzer prize winning media outlets. Yesterday provided another example: the New York Times refused to cover the International Consortium of Investigative Journalists’ stunning report on how five of the biggest banks on Wall Street have continued to launder dirty money for fugitives and suspected criminals. The Wall Street Journal, whose name suggests that perhaps its focus should be Wall Street, failed to put the story on its front page, opting instead to bury it under an innocuous headline about HSBC’s stock hitting a new low.
The same news blackout occurred last year when the public interest group, Better Markets, published an in-depth report on “Wall Street’s Six Biggest Bailed-Out Banks: Their RAP Sheets & Their Ongoing Crime Spree.” Three days after the report came out, major news outlets were still refusing to cover the report. We wrote this in a report three days after the study was released:
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