Foreign Collusion, Naked Shorting (Counterfeiting) & Money Laundering — All Illicit Wealth
Man beats cancer, rides across country to beat it some more
Ronda Sluder, 20 December 2001
It’s been nine years since Patrick Byrne has been to South Lake Tahoe.
Unlike a typical gambling or camping trip, on this visit Byrne is just passing through. His schedule is tight. He needs to travel 4,000 miles on his bike to meet the Pan-Massachusetts Challenge and raise money for a cause all too familiar to him. Continue reading “Article: Man beats cancer, rides across country to beat it some more”
Steven Cohen slapped with lawsuit by ex-wife
Associated Press, 17 December 2009
The ex-wife of one of America’s richest men has sued the billionaire in New York for racketeering, saying he hid millions of dollars from her for decades. Continue reading “Article: Steven Cohen slapped with lawsuit by ex-wife”
Manulife’s Jakarta Unit Could Face Bankruptcy in Policy Claim Dispute
Michael SchumanStaff Reporter of The Wall Street Journal, 21 August 2001
JAKARTA, Indonesia — The Indonesian subsidiary of Manufacturers Life Insurance Co. of Canada faces bankruptcy because of one disputed claim, highlighting the desperate need for legal reform by President Megawati Sukarnoputri’s new government.
The beneficiary of a deceased policyholder has filed a bankruptcy claim against the subsidiary at Jakarta’s commercial court and a ruling is expected on Thursday. Manulife refused to pay the beneficiary of the 50 million rupiah ($5,714) policy, claiming that the deceased failed to disclose his health problems when he applied for the policy. The policyholder passed away two years ago. In a strange legal twist, however, the beneficiary and his lawyers, instead of filing a civil complaint against the company, are trying to push Manulife’s subsidiary into bankruptcy if it doesn’t pay the claim plus damages, an amount totaling 5.1 billion rupiah.
Continue reading “Article: Manulife’s Jakarta Unit Could Face Bankruptcy in Policy Claim Dispute”
India Market Regulator Suspects Credit Suisse Unit of Manipulation
Daniel Pearl, 20 April 2001
India’s stock market regulation authority ordered three brokerage groups, including Credit Suisse Group ‘s Credit Suisse First Boston unit, to freeze brokerage activities until further notice, saying they were involved in recent manipulation of share prices.
The actions, by the Securities and Exchange Board of India, marked the toughest discipline yet meted out to a foreign brokerage firm in India. Besides CSFB, the regulator handed similar notices to Indian companies, five of them associated with Nirmal Bang Group and three associated with First Global Securities.
The Securities and Exchange Board, known as SEBI, gave the companies the opportunity to contest the freeze order, but not before the end of this month, people familiar with the matter said. SEBI officials said they were acting to protect investor interests but declined to make public letters SEBI sent to the companies and to Indian stock exchanges. Continue reading “Article: India Market Regulator Suspects Credit Suisse Unit of Manipulation”
Internet law site sues old partners
Jenna Colley , 25 February 2001
Houston-based Internet Law Library Inc. is throwing the book at its former partners.
In a federal lawsuit filed Jan. 26, Internet Law Library accuses ex-investors of a slew of improprieties, alleging stock manipulation, securities and exchange violations and fraud.
Internet Law Library filed the suit in U.S. District Court in Houston against Southridge Capital Management LLC and its executives Steve Hicks, Dan Pickett and Christy Constabile. Also named are Canadian company Thomson Kernaghan & Co. and investor Cootes Drive LLC.
Internet Law Library, through several subsidiaries, operates various Internet sites containing databases for legal and other research.
According to the suit, Southridge agreed to a $3 million convertible preferred stock purchase and a $25 million line of equity. The company alleges that after agreeing to provide the $28 million in capital, Ridgefield, Conn.-based Southridge sold the company’s stock short. Continue reading “Article: Internet law site sues old partners”
High Yield Financing and Efficiency-Enhancing Takeovers
Susanne Trimbath
Milken Institute Policy Brief No. 22, 27 November 2000
This study analyzes the determinants of the risk of takeover from 1981 to 1997 based on a sample of 896 Fortune 500 firms using sophisticated methodology. The measure of firm efficiency includes both production costs and overhead expenses. If relatively inefficient firms are chosen as the targets in takeovers and the new owners reduce the costs of these inefficiencies, then the potential for gains from takeovers for the US economy exists. Because firm-level costs are adjusted for the industry median, the study is able to capture the inefficiency implications of firms where it is clear that other firms in the same general product line are better controlling their costs. Indeed, high total cost per unit of revenue is a powerful determinant of the risk of takeover throughout the period under study. The impact of size on the risk of takeover, however, changed across time.
PDF (29 pages): High Yield Financing and Efficiency-Enhancing Takeovers
Fox News and TheStreet.com Reach Settlement on Lawsuit
The Fox News Network has settled a lawsuit against TheStreet.com and its co-founder, the hedge fund manager James J. Cramer, after the financial news site canceled a program on the Fox News Channel, a cable channel.
The terms of the settlement include a promise by TheStreet.com not to produce a similar show for another network before May 1, 2001. Mr. Cramer promised to make only occasional appearances on other networks until then.
"Eric Holder is the guy who worked for a corporate law firm that represents Wall St firms, then he went into government and explicitly outlined a “too big to jail” policy for Wall St firms, and then he left government to go back to the same law firm."
— Rudy Havenstein. Gain-of-Function Fintwit. (@RudyHavenstein) September 23, 2020
Jim Cramer Responds to Fox News Lawsuit After TheStreet.com
NEW YORK, June 6 /PRNewswire/ — In the wake of Fox News’ airing of the
final “TheStreet.com” show on May 28, 2000, former program panelist James J.
Cramer has filed counterclaims against Fox News. Alleging that Fox News
breached its contract, Cramer, a partner in the hedge fund Cramer Berkowitz,
charges that Fox News invented new policies that it applied only to him which
made it impossible for Cramer to appear on the program. Cramer also states he
is now free to appear on other TV networks because TheStreet.com show has been
canceled, and his contract with Fox News provided that the agreement would
terminate if Fox News discontinued airing the program.
Russian Mafiya Red-Handed in Extensive Crime Ring
RED MAFIYA: How the Russian Mob Has Invaded America. Robert I. Friedman. Little, Brown. $25.95. 269 pp.
Guess where the second-largest American collection of Russian mobsters outside of Brighton Beach, Brooklyn, lives? That’s right: the land of leche and EliM-an — Miami.
Read Full Article
Nicholas Stein, 07 February 2000
How many Internet CEOs spend their adolescence learning allegorical life lessons from Warren Buffett? And how many then go on to follow his advice? Patrick Byrne, CEO of Overstock.com, a Salt Lake City company that sells excess inventory of items such as clothing and consumer electronics at deep discounts, has done both. Continue reading “Article: The Renaissance Man of E-Commerce Patrick Byrne has done more in his 37 years than most do in a lifetime. Will that make his company, Overstock.com, a success?”
Life of an 18-Year-Old Day Trader: He’s Got Fake Millions, Fake ID
Nick Paumgarten , Observer, 09 August 1999
For a good chunk of July, an 18-year-old kid from Long Island named Harris Kupperman was beating the 9,100 other contestants_in_something_called “TheStreet.com Investment Challenge.” In just four weeks, he had turned $500,000 into $7.6 million, a 1,400 percent return. At that rate, he’d have $76 quintillion in a year. “I guess that’s O.K.,” he said. Actually, it’s unheard of. And to think-this kid couldn’t get a summer job on Wall Street this year. He was too young.
Continue reading “Article: Life of an 18-Year-Old Day Trader: He’s Got Fake Millions, Fake ID”
Eric Himpton Holder Jr. (born January 21, 1951) is an American lawyer who served as the 82nd Attorney General of the United States from 2009 to 2015.
Holder is notorious for his bad judgement and complicity in massive financial fraud inclusive of naked short selling. The Holder Memorandum will stand with Herbert Hoover’s complicity in The Great Depression as one of the most examples of what Matt Taibbi calls “Griftopia” – the merger of political and financial crime.
The Holder Memorandum of 16 June 1999 is the equivalent of a “get out of jail free” card for all practitioners of financial fraud, with naked short sellers being the largest group of Wall Street criminals who are not only stealing money at the trillion dollar level, but also destroying innovation and individual entrepreneurs. The Department of Justice — until it overturns the Holder Memorandum and also applies federal RICO to all forms of inter-state financial crime, is complicit in this massive crime against humanity and the Republic. This should be a priority to our President, Donald J. Trump.
PDF (12 Pages): Holder Memo 1999-06-16
NASD Fines Morgan Stanley $1 Million For Allegedly Manipulating Stock Prices
Deborah Lohse
Wall Street Journal,
The National Association of Securities Dealers fined Morgan Stanley & Co. $1 million and suspended and fined seven traders for allegedly manipulating in 1995 the price of 10 stocks that are part of the Nasdaq 100 Index.
The decision was issued Monday, following five days of hearings last June and July before the NASD’s market-regulation committee. That committee, made up of members of the securities industry, was convened after Morgan Stanley contested an NASD Regulation complaint on the matter issued Oct. 25, 1996.
THE DOLLAR HAS NO INTRINSIC VALUE : DO YOUR ASSETS?
