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Pam and Russ Martens: Trillions in uninsured deposits are threat to Wall Street mega-banks
By Pam and Russ Martens
Wall Street on Parade
Tuesday, July 25, 2023
In June, Reuters reported that JPMorgan Chase was expanding the reach of its commercial bank into two additional foreign countries -- Israel and Singapore -- bringing its foreign commercial bank presence to a total of 28 countries. Those plans could add billions of dollars more to its already problematic uninsured deposits.
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Why federal regulators are allowing JPMorgan Chase to continue to expand, despite its admitting to five criminal felony counts since 2014 and currently facing three lawsuits in federal court for facilitating Jeffrey Epstein's sex trafficking of underage girls, is drawing attention from watchdogs.
According to its regulatory filings, as of December 31, 2022, JPMorgan Chase Bank held $2.015 trillion in deposits in domestic offices, of which $1.058 trillion were uninsured. It also held another $418.9 billion in deposits in foreign offices, which were also not insured by the Federal Deposit Insurance Corp. (FDIC). That brought its uninsured deposits as of year-end to a total of $1.48 trillion or 60% of its total deposits.
Under federal statute, the deposits held by U.S. banks that are located on foreign soil are not insured by the FDIC. Depositors in the Cayman Islands branch of Silicon Valley Bank found that out the hard way when their deposits were seized by the FDIC after the bank failed in March.
Deposits in domestic bank offices in the U.S. that exceed $250,000 per depositor per bank are also not insured by the FDIC. ...
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