Publications – Page 49 – Financial Treason & Crime

Suttinee Yuvejwattana, 17 April 2021

The Bank of Thailand has responded to the U.S. decision to keep the nation on watch for currency manipulation by asserting it has stepped into the market only to curb volatility in the baht.

The central bank is committed to exchange-rate flexibility, with “interventions limited only to curbing excessive volatility and rapid movements of the baht on both sides,” Assistant Governor Chantavarn Sucharitakul said in a statement Saturday, adding that “Thailand has never used the exchange rate as a tool to gain an unfair trade advantage.” Continue reading “Article: Bank of Thailand Unfazed by U.S. Currency Watchlist Inclusion”

04/17/202104/19/2021

Article: JPMorgan forced out trader who cooperated with fed probe: lawsuit

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JPMorgan forced out trader who cooperated with fed probe: lawsuit

Kathianne Boniello, 17 April 2021

JPMorgan Chase treated indicted employees better than an executive who cooperated with federal investigators, according to a lawsuit.

Commodities trader Donald Turnbull claims in court papers he was abruptly canned from the bank’s precious metals trading group as soon as JPMorgan execs discovered the extent of his cooperation with the U.S. Department of Justice. Continue reading “Article: JPMorgan forced out trader who cooperated with fed probe: lawsuit”

04/17/202105/08/2021

Article: Vietnam Reiterates Dong Policy After Manipulator Label Dropped

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Vietnam Reiterates Dong Policy After Manipulator Label Dropped

Mai Ngoc Chau, 17 April 2021

Vietnam’s central bank reiterated its exchange-rate management policy was in line with other economic goals after the U.S. Treasury Department removed the nation from its currency manipulator list.

The State Bank of Vietnam said its monetary policies are not meant “to create an unfair competitive advantage in international trade” for Vietnam, and are intended to control inflation and support growth, according to a statement on Saturday.

“The State Bank has applied measures to gradually improve the flexibility of the exchange rates while maintaining the foreign currency market in a stable manner,” it said. “The U.S. Treasury Department has recorded positive developments in Vietnam’s foreign currency market and the central bank’s performances.” Continue reading “Article: Vietnam Reiterates Dong Policy After Manipulator Label Dropped”

04/17/202104/24/2021

Article: EXCLUSIVE Brazil’s IG4 bids $916 mln to become a top shareholder in Chilean miner SQM -sources

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EXCLUSIVE Brazil’s IG4 bids $916 mln to become a top shareholder in Chilean miner SQM -sources

Dave Sherwood, Tatiana Bautzer, 17 April 2021

Brazilian private equity firm IG4 Capital has delivered a $916 million bid to buy into holding companies that have large stakes in Chilean lithium miner Sociedad Quimica y Minera de Chile, known as SQM, two sources with knowledge of the matter said.

If SQM’s shareholder Julio Ponce agrees to the proposed deal, IG4 would become one of the largest shareholders of the world’s second largest lithium producer. The group intends to appoint up to four board members, according to the proposal described by the sources. Continue reading “Article: EXCLUSIVE Brazil’s IG4 bids $916 mln to become a top shareholder in Chilean miner SQM -sources”

04/16/2021

Article: Switzerland’s SNB Still Ready for Forex Intervention as U.S. Drops Manipulator Tag

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Switzerland’s SNB Still Ready for Forex Intervention as U.S. Drops Manipulator Tag

John Revill, 16 April 2021

ZURICH (Reuters) – The Swiss National Bank (SNB) said on Friday it remained ready to intervene in foreign exchange markets, after the U.S. Treasury Department dropped its currency manipulator label for the country even though it met criteria for the designation.

The Swiss central bank noted the U.S. Treasury Department did not use the term currency manipulator in a new report, adding its foreign exchange purchases were not intended to alter Swiss balance of payments or unfairly help the Swiss economy.

“The SNB’s position is therefore clear: Switzerland does not engage in any currency manipulation,” the SNB said. Continue reading “Article: Switzerland’s SNB Still Ready for Forex Intervention as U.S. Drops Manipulator Tag”

04/16/2021

Article: Morgan Stanley Burned by $911 Million of Losses on Archegos

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Morgan Stanley Burned by $911 Million of Losses on Archegos

Sridhar Natarajan, 16 April 2021

(Bloomberg) — Morgan Stanley became the latest bank to get swept up in the implosion of Archegos Capital Management, reporting $911 million in total losses related to the debacle.

“The current quarter includes a loss of $644 million related to a credit event for a single prime brokerage client, and $267 million of subsequent trading losses through the end of the quarter related to the same event,” Morgan Stanley said Friday in announcing first-quarter earnings.

The loss was tied to Archegos, said a person with knowledge of the matter.

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04/16/2021

Article: This $800 million whistleblower program is losing its top cop

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This $800 million whistleblower program is losing its top cop

Matt Egan, 16 April 2021

The head of the Securities and Exchange Commission’s highly-successful whistleblower program is stepping down at a delicate moment for the market watchdog.

Jane Norberg is leaving the SEC on Friday, after presiding over a four-and-half-year period during which the whistleblower office handed out a staggering $702 million in awards to 114 individuals who aided the agency’s investigations.

Her departure comes as former Obama-era official Gary Gensler takes over the SEC and as regulators come under fire from progressives — and even some famous investors — for failing to do enough to protect investors. Continue reading “Article: This $800 million whistleblower program is losing its top cop”

04/16/2021

Article: David Einhorn calls out Elon Musk and Chamath Palihapitiya, defends GameStop champion Roaring Kitty, and blasts market regulators in a new letter. Here are the 11 best quotes.

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David Einhorn calls out Elon Musk and Chamath Palihapitiya, defends GameStop champion Roaring Kitty, and blasts market regulators in a new letter. Here are the 11 best quotes.

Theron Mohamed, 16 April 2021

The elite investor David Einhorn blasted market regulators, accused Elon Musk and Chamath Palihapitiya of juicing assets, and praised the GameStop champion Keith Gill in a letter to Greenlight Capital investors this week.

The Greenlight president also highlighted the “Big Short” investor Michael Burry’s exit from Twitter and pushed for greater scrutiny of Archegos Capital, the family office that blew up in March. Einhorn’s latest letter was obtained by ValueWalk. Continue reading “Article: David Einhorn calls out Elon Musk and Chamath Palihapitiya, defends GameStop champion Roaring Kitty, and blasts market regulators in a new letter. Here are the 11 best quotes.”

04/16/202104/17/2021

Article: Developer Can’t Revive Lloyds Suit Over Misselling Review

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Developer Can’t Revive Lloyds Suit Over Misselling Review

Paige Long, 16 April 2021

An English appeals court ruled on Friday that a property investor cannot sue Lloyds Banking Group over its conduct during a review of interest rate hedging products bought in the mid-2000s because his complaint was invalid.

The Court of Appeal upheld a decision from July that threw out the lawsuit brought by Clive Davis against Lloyds Bank. The higher court ruled that the property investor’s grievances did not comply with the regulatory definition of “complaint” in the Financial Conduct Authority’s dispute resolution rules. Continue reading “Article: Developer Can’t Revive Lloyds Suit Over Misselling Review”

04/16/202104/17/2021

Article: Jury Awards AMS Sensors $86M In EDTX Trade Secrets Trial

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Jury Awards AMS Sensors $86M In EDTX Trade Secrets Trial

Ryan Davis, 16 April 2021

An Eastern District of Texas jury determined Friday that Renesas should pay damages of nearly $85.9 million in a trade secrets and contract suit brought by rival light sensor maker AMS Sensors, although a Renesas attorney insisted the award will ultimately be much lower.

The jury reached its verdict after deliberating for about seven hours over two days following a damages retrial that began April 5 in Sherman, Texas, before U.S. District Judge Amos L. Mazzant III.

A jury in a previous trial found in 2015 that Renesas Electronics America Inc. misappropriated AMS Sensors USA Inc. trade secrets and breached a confidentiality agreement after the two companies, which have both made light sensors for Apple’s iPhone, met to discuss a merger but never reached a deal. The Federal Circuit vacated the damages award in that case in 2018, leading to a retrial solely on damages.

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04/16/202104/17/2021

Article: China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss

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China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss

Emilie Ruscoe, 16 April 2021

A Canada-based investment firm has sued the Industrial and Commercial Bank of China Financial Services LLC in New York state court, accusing ICBC of looking the other way while an alleged Ponzi schemer used her accounts there to orchestrate a $100 million investment scam.

In its complaint filed Thursday, SureFire Dividend Capture LP sought at least $46.6 million that it, and its predecessors, invested in liquid hedge fund Broad Reach Capital LP, which was run by former broker Brenda Smith. According to SureFire, ICBC, a U.S. subsidiary of the state-owned Industrial and Commercial Bank of China Ltd., was the bank that was designated to serve as Broad Reach’s “clearing broker” for the unique “dividend capture” options trading strategy that Broad Reach used. Continue reading “Article: China Bank Unit Faces Ponzi Scheme Suit Over $46.5M Loss”

04/16/202104/17/2021

Article: Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

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Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion

TYLER DURDEN, 16 April 2021

In 2018, the Chinese launched a gold-backed, yuan-denominated oil futures contract. These contracts were priced in yuan, but convertible to gold, raising the prospect that “the rise of the petroyuan could be the death blow for the dollar.”

Two weeks ago, The IMF reported that the global share of US-dollar-denominated exchange reserves dropped to 59.0% in the fourth quarter, according to the IMF’s COFER data released today. This matched the 25-year low of 1995. Continue reading “Article: Is China Preparing A Gold-Backed Yuan: Beijing Greenlights Purchases Of Billions In Bullion”

04/16/202104/17/2021

Article: 5 Key Details As Drugmakers Face $50B Opioid Trial In Calif.

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5 Key Details As Drugmakers Face $50B Opioid Trial In Calif.

Jeff Overley, Cara Salvatore and Emily Field, 16 April 2021

Barring last-minute settlements, Johnson & Johnson, Endo Pharmaceuticals and other major drugmakers are poised to go to trial Monday against some of California’s largest counties, which are seeking $50 billion in one of the nation’s oldest opioid-crisis cases.

The West Coast clash centers on now-familiar allegations that pharmaceutical manufacturers — divisions of J&J, Endo, Teva Pharmaceuticals and Allergan PLC — to varying degrees bankrolled pernicious promotional campaigns for prescription painkillers, unleashing a devastating wave of drug dependence and death. Continue reading “Article: 5 Key Details As Drugmakers Face $50B Opioid Trial In Calif.”

04/16/202104/17/2021

Article: JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement

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JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement

Bryan Koenig, 16 April 2021

JBS USA Food Co. has settled with more plaintiffs in litigation accusing meat-processing giants of scheming to inflate pork prices, with commercial and institutional indirect buyers asking a Minnesota federal judge to preliminarily greenlight a $12.75 million deal.

This would be the first settlement these plaintiffs, which include a number of restaurant chains, have reached with meatpackers. JBS has already cut multimillion-dollar deals with direct buyers and consumer indirect purchasers, both of which similarly called their settlements “ice-breakers” that, like Thursday’s agreement, come with promises to help with ongoing claims against other pork producers such as Clemens, Hormel, Tyson and Smithfield.

In their motion for preliminary approval Thursday, the commercial and institutional buyers, which include Longhorn’s Steakhouse, defined the settlement class as anyone who indirectly bought pork from the defendants “during the settlement class period for their own business use in commercial food preparation” based on a class period starting in 2009. Continue reading “Article: JBS Offers Eateries $13M In New ‘Ice-Breaker’ Pork Settlement”

04/16/202104/17/2021

Article: Hartford Cuts $650M Deal To End Boy Scouts Abuse Claims

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Hartford Cuts $650M Deal To End Boy Scouts Abuse Claims

Dorothy Atkins, 16 April 2021

Hartford Financial Services Group announced Friday that the insurance company has agreed to pay $650 million to resolve sexual abuse claims in Delaware bankruptcy court related to the Boy Scouts of America scandal.

Under the deal, which is subject to a bankruptcy judge’s approval, the Connecticut-based insurance company will make the payment to the Boy Scouts of America and its local councils in exchange for releasing it of any obligation under the insurance policies, most of which were issued in the 1970s, according to the company. Continue reading “Article: Hartford Cuts $650M Deal To End Boy Scouts Abuse Claims”