Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Overstock founder Patrick Byrne pitches radical transformation of government services via blockchain
Aaron Hankin, 12 February 2019
Even Venezuela can easily be fixed, Byrne claims: ‘We could step into Venezuela with six laptops and create not only a functioning society but arguably one with the most advanced government systems in the world’ Continue reading “Article: Overstock founder Patrick Byrne pitches radical transformation of government services via blockchain”
Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry
Royal Commission, 01 February 2019
The Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry has now concluded. The Commissioner, the Honourable Kenneth Madison Hayne AC QC, submitted his final report to the Governor-General on 1 February 2019. The final report was tabled in Parliament on 4 February 2019. Continue reading “Article: Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry”
FRAUD, INTIMIDATION AND TRUTH: MARC COHODES’ LAST STAND
Real Vision, 04 February 2019
Grant Williams visits Marc Cohodes at his farm in Sonoma County to hear the astonishing story of the famed shortseller’s year-long battle with MiMedx – a company he calls the biggest fraud he’s ever seen. Marc details the prodigious amount of work he’s undertaken, his pleas to regulators and the extraordinary story of an FBI visit to his home. Filmed on January 19, 2019 in Cotati, California. Continue reading “Article: FRAUD, INTIMIDATION AND TRUTH: MARC COHODES’ LAST STAND”
The Backlash to Larry Fink’s Letter Shows How Far Business Has to Go on Social Responsibility
Mark R. Kramer, 31 January 2019
Larry Fink, CEO of BlackRock, the world’s largest investor with $6 trillion under management, evoked heated controversy with his remarks last week that his company would change its hiring and potentially its compensation structure to advance diversity and ensure that five years from now the company is not just “a bunch of white men.” This follows on the heels of his annual letter to CEOs asserting that companies need to embrace a purpose beyond just profit maximization. Continue reading “Article: The Backlash to Larry Fink’s Letter Shows How Far Business Has to Go on Social Responsibility”
BlackRock CEO Larry Fink Tells Corporate CEOs to Engage in Better Eyewash
Yves Smith, 21 January 2019
One of the sorry spectacles of modern life is having prominent individuals who profit from and serve as prime exemplars of major social ills trying to depict themselves as part of the solution, when they haven’t gone through any sort of Damascene conversion o give their virtue-signalling even a thin veneer of legitimacy. Today’s object lesson is Larry Fink, the Chairman and CEO of the ginormous fund manager BlackRock (not to be confused with the private equity/alternative asset manager Blackstone). BlackRock, with $6.2 trillion under management as of October, 2018, is the largest asset manager in the world,. Continue reading “Article: BlackRock CEO Larry Fink Tells Corporate CEOs to Engage in Better Eyewash”
The Fake Larry Fink Letter
That Duped Reporters
Alicia McElhaney, 16 January 2019
Asset management giant BlackRock is investigating a fake letter sent to reporters by someone posing as the firm’s chief executive officer Larry Fink, a spokesperson said Wednesday. “Don’t be fooled by imitations…Larry’s real CEO letter coming soon,” BlackRock tweeted Wednesday. The Financial Times was duped by the letter, which focused on climate change, a report from the news outlet said Wednesday. Continue reading “Article: The Fake Larry Fink Letter That Duped Reporters”
Overstock CEO Patrick Byrne Is An Innovator And Survivor – Utah Business
windowswear, 02 January 2019
Patrick Byrne, the CEO of Overstock is known as two things: innovator and survivor. Over the course of his life, Mr. Byrne has beaten cancer three times, hepatitis twice, and endured over 100 surgeries and medical procedures. From this, he draws inspiration.
“Life is short,” said Mr. Byrne in a recent interview with Silicon Slopes. “Samuel Johnson says, ‘When you tell a man he’s to be hung in a fortnight, it tends to focus his mind tremendously.’ Well, I’ve been very focused on getting some things done and it has lasted about 30 years. It’s probably the best thing that ever happened to me. If I hadn’t gotten cancer I probably would’ve been a lifeguard somewhere and not nearly as driven.”
Alongside this constant battle, Mr. Byrne has grown into one of Utah’s most notable innovators. In 1999, he launched Overstock.com to corner an emerging market: discount goods sold via the internet. Continue reading “Article: Overstock CEO Patrick Byrne Is An Innovator And Survivor – Utah Business”
UBS agrees to pay $68M in multistate settlement over Libor manipulation claims
Declan Harty, 21 December 2018
UBS AG agreed to pay $68 million as part of settlement with 39 U.S. states and the District of Columbia related to the Swiss banking giant’s alleged manipulation of the London interbank offered rate.
Led by New York Attorney General Barbara Underwood, the UBS settlement is the latest in a string of agreements state regulators have recently reached with banks that were allegedly altering Libor submissions for their own benefit leading up to and around the financial crisis of 2008.
UBS was accused of misrepresenting its U.S. dollar-tied Libor submissions to protect its reputation, according to a press release from Underwood’s office. The 40 attorneys general who were part of the settlement also claimed UBS manipulated Yen Libor submissions to favor its derivative trading positions. Continue reading “Article: UBS agrees to pay $68M in multistate settlement over Libor manipulation claims”
Major Banks Suspected of Collusion in Bond-Rigging Probe
Patricia Kowsmann and Margot Patrick, 20 December 2018
The European Commission suspects Deutsche Bank AG , Credit Suisse Group AG, Crédit Agricole SA and another global bank of colluding to manipulate a multi-trillion-dollar government-backed bond market, escalating a long running probe.
The European Union’s executive arm, which opened the investigation almost three years ago, said in a statement Thursday that banks will now lay out their defenses. If found guilty, they could face a fine of up to 10% of their annual world-wide revenue. Continue reading “Article: Major Banks Suspected of Collusion in Bond-Rigging Probe”
UBS Fined $15 Million Over Anti-Money-Laundering Systems
Maria Armental and Samuel Rubenfeld, 17 December, 2018
UBS Group AG agreed to pay a combined $15 million fine over regulatory deficiencies in its anti-money-laundering program, U.S. regulators said Monday.
The U.S. Treasury Department’s Financial Crimes Enforcement Network, or FinCEN, said broker-dealer unit UBS Financial Services Inc. violated the Bank Secrecy Act, which requires financial firms to report suspicious activities, over a roughly 13-year period through 2017. Continue reading “Article: UBS Fined $15 Million Over Anti-Money-Laundering Systems”
State Street CEO Hooley to retire at end of 2018
Michael Dabaie, 14 December 2018
State Street said on Friday that Joseph L. Hooley will retire as chief executive on December 31. In late 2017, State Street said Ronald P. O’Hanley would succeed Hooley as CEO. O’Hanley, who has been State Street’s president and chief operating officer since November 2017, will start his new role on January 1. Continue reading “Article: State Street CEO Hooley to retire at end of 2018”
Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea
Yoon Young-sil, 29 November 2018
South Korea’s financial authorities have imposed the biggest ever fine on Goldman Sachs Group for its naked short selling activities.
The Securities & Futures Commission (SFC), an investigative body of the Financial Services Commission (FSC), decided on Nov. 28 to impose a 7.5 billion won ($6.65 million) in fine on Goldman Sachs Group’s subsidiary Goldman Sachs International for violating the short selling rules. Continue reading “Article: Goldman Sachs Fined 7.5 Bil. Won for Naked Short Selling of Stocks in S. Korea”
Goldman Sachs hit with £5.2m fine for short selling
James Booth, 28 November 2018
South Korea’s financial regulator has hit Goldman Sachs with a 7.5bn won (£5.2m) fine for breaking rules on short-selling.
The fine is for short-selling without securing underlying assets, the Financial Services Commission (FSC) said in a statement. Continue reading “Article: Goldman Sachs hit with £5.2m fine for short selling”
(LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea
Yonhap News Agency, 28 November 2018
South Korea’s financial regulator said Wednesday it decided to fine the Seoul branch of Goldman Sachs Group Inc. 7.5 million won (US$6.66 million) for carrying out naked short selling, which is illegal here.
It marked the largest fine against a financial institution for violating the rules that ban such short selling in South Korea.
Market watchers had expected the Financial Services Commission (FSC) to slap a fine of up to 1 billion won against Goldman Sachs for naked short selling, which was carried out in late May. Continue reading “Article: (LEAD) Goldman Sachs fined 7.5 bln won for illegal naked short selling in S. Korea”
S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling
Shi Yinglun, 28 November 2018
South Korea’s financial regulator said Wednesday that it fined the Seoul branch of U.S.-based Goldman Sachs Group 7.5 billion won (6.7 million U.S. dollars) for the naked short selling that is illegal in the country.
The Financial Services Commission (FSC) said the fine was imposed as the U.S.-based investment bank violated the local rules that ban financial institutions from making a sell order without borrowed stocks.
Short selling, which is legal here, refers to the sale of borrowed stocks on expectations for a price fall. The borrowers are required to return back the borrowed stocks by buying back the stocks when the price falls, making a profit of the price gap. Continue reading “Article: S.Korea’s regulator fines Goldman Sachs 6.7 mln USD for naked short selling”
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
