Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
How Martin Shkreli Allegedly Created a ‘Ponzi Scheme’ With Biotech Stocks
Jen Wieczner
Fortune, 17 December 2015
After racking up losses while running hedge fund firm MSMB Capital Management, which made bets against biotech stocks, Shkreli formed a biotech company of his own called Retrophin (RTRX) in 2011. He effectively used the company as his own personal piggybank to pay back his and the MSMB funds’ debts, according to the charges brought by the FBI and a separate SEC complaint.
William D. Cohan, a former senior Wall Street M&A investment banker for 17 years at Lazard Frères & Co., Merrill Lynch and JPMorganChase, is the New York Times bestselling author of three non-fiction narratives about Wall Street: Money and Power: How Goldman Sachs Came to Rule the World; House of Cards: A Tale of Hubris and Wretched Excess on Wall Street; and, The Last Tycoons: The Secret History of Lazard Frères & Co., the winner of the 2007 FT/Goldman Sachs Business Book of the Year Award.
#1 New York Times Bestseller ― With a new Afterword
“Guaranteed to make blood boil.” ―Janet Maslin, New York Times
In Michael Lewis’s game-changing bestseller, a small group of Wall Street iconoclasts realize that the U.S. stock market has been rigged for the benefit of insiders. They band together―some of them walking away from seven-figure salaries―to investigate, expose, and reform the insidious new ways that Wall Street generates profits. If you have any contact with the market, even a retirement account, this story is happening to you.
S2014 E1: To Catch a Trader
FRONTLINE correspondent Martin Smith goes inside the government’s ongoing, seven-year crackdown on insider trading, drawing on exclusively obtained video of hedge fund titan Steven A. Cohen, incriminating FBI wiretaps of other traders, and interviews with both Wall Street and Justice Department insiders.
https://www.thirteen.org/programs/frontline/frontline-catch-trader/
Formerly senior vice president and general counsel for Overstock.com, Griffin has been responsible for the strategic direction and operational effectiveness of the legal team. Under his direction, the legal department has repeatedly seen success in fighting high-profile patent troll suits, and in working with the U.S. Congress, regulatory agencies and state legislatures on key legislation and regulatory matters, affecting the retail sector and public companies. Griffin’s new position will expand his responsibilities in these and other areas.
All across America, Wall Street is grabbing money meant for public workers
Matt Taibbi
Rolling Stone, 10 October 2013
Raimondo’s strategy for saving money involved handing more than $1 billion – 14 percent of the state fund – to hedge funds, including a trio of well-known New York-based funds: Dan Loeb’s Third Point Capital was given $66 million, Ken Garschina’s Mason Capital got $64 million and $70 million went to Paul Singer’s Elliott Management.
The state’s workers, in other words, were being forced to subsidize their own political disenfranchisement, coughing up at least $200 million to members of a group that had supported anti-labor laws.
This is the third act in an improbable triple-fucking of ordinary people that Wall Street is seeking to pull off as a shocker epilogue to the crisis era.
Baker reported that, had public pension funds not been invested in the stock market and exposed to mortgage-backed securities, there would be no shortfall at all.
It’s a scam of almost unmatchable balls and cruelty, accomplished with the aid of some singularly spineless politicians. And it hasn’t happened overnight. This has been in the works for decades, and the fighting has been dirty all the way.
Union leaders all over the country have started to figure out the perils of hiring a bunch of overpriced Wall Street wizards to manage the public’s money.
Stop Wall Street From Fraudulent Trades That Short Sell & Undermine the American Dream
MoveOn.org
The Wall Street trading practice known as “naked short selling” is destroying the American dream by threatening our economy while robbing investors, businesses, retirees, homeowners, and hard-working Americans of trillions of dollars and jobs. This illegal practice helped bring down our economy in 2008 and is a concern of all Americans—both Republicans and Democrats. We demand that the White House and members of the Senate Banking Committee and House Financial Services Committee work with new leadership at the SEC and a new Congress to put an end to naked short selling, once and for all!
‘Naked short selling’ probed in new documentary
ctpost, 12 April 2012
Years before the financial collapse of 2008, Greenwich writer-director Kristina Leigh Copeland was digging into Wall Street irregularities that she believed could have a devastating impact on the economy.
Along the way, however, her fictional screenplay, “Blue Chip,” evolved into the new documentary “Wall Street Conspiracy,” which Copeland sees as the first in a series of muckraking nonfiction movies about issues with global impact.
Offered by Amazon Prime: The Wall Street Conspiracy
ETFs and the Present Danger to Capital Formation
Prepared Testimony by Harold Bradley and Robert E. Litan
Before the United States Senate Committee on Banking, Housing, and Urban Affairs Subcommittee on Securities, Insurance, and Investments
ETFs have increasingly distorted the role of equities
markets in capital formation, while posing systemic risks from potential
settlement failures.
Continue reading “Testimony: Kauffman Foundation on ETFs Danger to Capital Formation”
Canaries in the Coal Mine: How the Rise in Settlement ‘Fails’ Creates Systemic Risk for Financial Firms and Investors
Harold S. Bradley, Robert A. Fawls, Robert E. Litan
Kauffman Foundation, 2 March 2011
Our central conclusion is this: Every fail introduces a cumulative and potentially compounding liquidity risk into the orderly process of settling the $7.5 trillion of security transactions completed each day, which could be especially dangerous during times when financial institutions are short of liquidity (as was true during the financial crisis of 2008).
PDF (18 Pages): Kauffman Canaries in the Coal Mine
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
