Article: DOJ’s New No. 3 Faces Delicate Balancing Act

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DOJ’s New No. 3 Faces Delicate Balancing Act

Jack Queen, 21 April 2021

Vanita Gupta was fresh out of law school when she heard about what happened in Tulia, Texas. Two years earlier, in 1999, nearly half of the town’s adult Black population was rounded up in a drug sting on the word of a single undercover cop, accused of selling him small amounts of cocaine. Several convictions swiftly followed, accompanied by sentences of up to 361 years. The remaining defendants, 43 of whom were people of color, started pleading guilty.

Gupta, weeks into a job at the NAACP Legal Defense Fund in New York, sensed something was amiss. She flew down to Texas, where families shared the humiliation of seeing loved ones marched through the streets handcuffed and half-clothed, with a local newspaper later declaring, “Tulia’s Streets Cleared of Garbage.” Documents in the Swisher County courthouse told a remarkable story as well. Gupta, then 26, stuffed a suitcase full of copies and flew back to New York to pitch her bosses. Continue reading “Article: DOJ’s New No. 3 Faces Delicate Balancing Act”

Legal Notice: Letter to PayPal CEO As Delivered

Letter

OFFICIAL LETTER with Letterhead: PayPal Letter Final

Dear Mr. Schulman,

As of the first minute of April 16, 2021 PayPal terminated my client, Robert David Steele, by terminating the PayPal account of Earth Intelligence Network, a 501c3 educational corporation in good standing with the IRS and also the recipient of a Gold Star transparency award from Guidestar, a leading evaluator of non-profit endeavor competency and integrity. A copy of the termination letter is attached.

Article: The Weird, Extremely German Origins of the Wirecard Scandal

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The Weird, Extremely German Origins of the Wirecard Scandal

Adrian Daub, 21 April 2021

German scandals are not like other scandals. The bouquet of a classic German scandal contains unmistakable notes: a rabbit-hole impenetrability, the implication of an entire guilt-ridden society, and, most importantly, a sense that the controversy says something essential about Germany as a whole. German scandals are collectivized. They are about a belief in German difference, for good or ill.

The rise and fall of the financial services giant Wirecard is such a scandal. Wirecard, whose products facilitated e-commerce payment transactions, was the rare German startup that seemed primed to become a “global player”—a phrase with special resonance in a country that, despite all evidence to the contrary, still perceives itself as being small-time. The company was founded in 1999, survived the dotcom-bubble, began a massive expansion into Asia in the middle of the financial crisis, and, later, began another expansion into the Middle East. Continue reading “Article: The Weird, Extremely German Origins of the Wirecard Scandal”

Article: Bank of England sees potential risks from cloud data providers

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Bank of England sees potential risks from cloud data providers

Reuters, 21 April 2021

The Bank of England might strengthen its controls on cloud data providers and other technology firms to counter possible risks to the stability of the financial system from the rise of fintech, Deputy Governor Dave Ramsden said.

The Bank of England (BoE) has expressed concerns before about the reliance by financial firms, especially fintech startups, on third-party technology companies for key parts of their operations, and Ramsden said this scrutiny would intensify. Continue reading “Article: Bank of England sees potential risks from cloud data providers”

Article: Wells Fargo Can Appeal Cert. Order In Overtime Suit

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Wells Fargo Can Appeal Cert. Order In Overtime Suit

Max Kutner, 21 April 2021

Wells Fargo can challenge in the Third Circuit part of an order directing it to produce contact information for thousands of workers involved in a proposed collective and class action alleging off-the-clock overtime, a Pennsylvania federal judge has ruled.

In a memorandum order Tuesday, U.S. District Judge Robert J. Colville agreed to certify Wells Fargo’s interlocutory appeal of a March 15 conditional certification order, which required the bank to provide contact information for sending notice to thousands of home mortgage consultants with arbitration agreements. The judge said a question of law existed about whether the arbitration issue should come up during conditional certification or at a later stage. Continue reading “Article: Wells Fargo Can Appeal Cert. Order In Overtime Suit”

Article: Britain to crack down on online fraud after LCF collapse

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Britain to crack down on online fraud after LCF collapse

Huw Jones, 21 April 2021

Britain will crack down on online scams and make platforms that make money from advertising financial products more accountable, financial services minister John Glen said on Wednesday.

A report into the collapse of London Capital & Finance investment firm recommended that the government should consider including financial fraud in its proposed law on online safety. LCF was authorised by the Financial Conduct Authority but the mini-bonds it sold online were unregulated.

The government said on Monday it would pay up to 120 million pounds in compensation to many of the 11,600 investors who lost up to 237 million pounds when the fund collapsed in early 2019. The Serious Fraud Office is investigating the collapse. Continue reading “Article: Britain to crack down on online fraud after LCF collapse”

Article: U.S. files lawsuit against Danske Bank, attorney says

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U.S. files lawsuit against Danske Bank, attorney says

Reuters, 20 April 2021

The United States of America and the Federal Retirement Thrift Investment Board (FRTIB) have filed a lawsuit against Danske Bank (DANSKE.CO) and its former CEO in the Copenhagen city court, according to the attorney representing the parties.

Shares in Danske Bank (DANSKE.CO) fell around 8% after the news, which was first reported by the business daily Borsen.

The suit is linked to Danske’s involvement in a major money laundering scandal, according to Borsen. Continue reading “Article: U.S. files lawsuit against Danske Bank, attorney says”

Article: VLSI Tells Jury $3B Intel Case Hinges On Witness Credibility

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VLSI Tells Jury $3B Intel Case Hinges On Witness Credibility

Cara Salvatore, 20 April 2021

Patent holder VLSI made its final argument Tuesday that Intel owes $3 billion for allegedly infringing chip-voltage-regulation technology, telling a Texas federal jury Intel’s witnesses contradicted themselves at moments they weren’t “getting the script right.”

In the second of three planned trials in the multipatent case, hedge-fund-owned VLSI has argued that Intel chip properties directly echoed two technologies invented by engineers at a company called Sigmatel around the year 2000. The patents are U.S. Patent Number 6,633,187, which covers “waking up” chip cores very quickly from power-saving idle states, and U.S. Patent Number 6,366,522, which covers regulating power draw while the cores are awake. Continue reading “Article: VLSI Tells Jury $3B Intel Case Hinges On Witness Credibility”

Article: BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg

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BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg

Rick Archer, 20 April 2021

A Brazilian mining joint venture between Vale SA and the BHP Group involved in a 2015 dam disaster Tuesday asked a New York bankruptcy court for Chapter 15 bankruptcy recognition as it attempts to reorganize $8.8 billion in debt in the Brazilian courts.

n its petition late Monday, Samarco Mineração SA asked for the U.S. court’s recognition of the restructuring proceedings it began in the Brazilian courts last week.

Vale and BHP announced April 9 that Samarco Mineração had filed for judicial reorganization in the Brazilian courts as a “last ditch” response to legal actions filed by creditors in the U.S. and Brazil seeking payments on $2.5 billion in debt, and pledged Samarco would continue operating and paying for remediation efforts stemming from the Fundão Dam collapse. Continue reading “Article: BHP, Vale-Owned Mineral Co. Files Ch. 15 For $9B Debt Reorg”

Article: Secrecy in the Battery Industry Is Becoming a Headache for Everyone

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Secrecy in the Battery Industry Is Becoming a Headache for Everyone

Akshat Rathi, 20 April 2021

Most automakers have now committed to electrifying their fleets. That’s brought growing attention to batteries, which still make up about a third of the cost of an electric car, and led to multibillion-dollar valuations of secretive startups.

All well and good for battery chemists who get large sums of money to pursue wild scientific ideas that may lead to major breakthroughs. But when secrecy and early-technology risk collide with public markets, it can spell trouble. Continue reading “Article: Secrecy in the Battery Industry Is Becoming a Headache for Everyone”

Article: German Regulator Accuses Deutsche Bank Board Member Of Insider Trading Linked To Wirecard

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German Regulator Accuses Deutsche Bank Board Member Of Insider Trading Linked To Wirecard

TYLER DURDEN, 20 April 2021

For a minute there, it appeared that Credit Suisse might have snatched Deutsche Bank’s crown as the most dysfunctional bank in Europe as the Swiss lender struggled with the fallout from the Archegos blowup and the collapse of Greensill (a scandal that has set off a massive corruption scandal in the UK, and triggered renewed calls for regulatory reform in the European financial system). CS has announced billions of dollars worth of losses tied to the scandals, fired its head of risk and nearly half a dozen other senior employees, and taken other steps in an attempt at penance. But on Monday, Deutsche Bank, which seemingly can’t go more than couple of quarters without a scandal, has found itself in the headlines once again. Continue reading “Article: German Regulator Accuses Deutsche Bank Board Member Of Insider Trading Linked To Wirecard”

Article: Former B.C. premier Christy Clark to face questions from money laundering inquiry

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Former B.C. premier Christy Clark to face questions from money laundering inquiry

CBC News, 20 April 2021

Former Premier Christy Clark will testify Tuesday at the official inquiry investigating the scope and impact of money laundering in B.C., answering questions as to how much her cabinet knew about the crisis that grew during its tenure.

Clark, who was premier from 2011 to 2017, is the first of several present and past politicians to appear this month before the Cullen Commission, which is investigating the causes and impact of B.C.’s money laundering problem over the past decade. Continue reading “Article: Former B.C. premier Christy Clark to face questions from money laundering inquiry”

Article: Meet The Tiny California Town “Full Of Dirt” That Snagged Elon Musk’s Boring Company

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Meet The Tiny California Town “Full Of Dirt” That Snagged Elon Musk’s Boring Company

TYLER DURDEN, 20 April 2021

Elon Musk is taking his Boring Company circus on the road to Adelanto, California.

Adelanto is a town of 37,000 where the mayor, Gabriel Reyes, works part time and the city manager, Jessie Flores, is the full time chief executive of the city, according to a recent Bloomberg report.

The county supervisor mentioned to Flores recently that Musk’s Boring Company was looking for a place to practice digging tunnels, so Flores reached out. “Steve, we’re the ones you’re looking for. When can we meet?,” Flores texted Boring’s President Steve Davis. Flores suggested meeting at SpaceX’s headquarters, which was about 2 hours away from Adelanto. Continue reading “Article: Meet The Tiny California Town “Full Of Dirt” That Snagged Elon Musk’s Boring Company”

Article: Cayman Fund Seeks To Revive $2B Claim Over Madoff Losses

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Cayman Fund Seeks To Revive $2B Claim Over Madoff Losses

Richard Crump, 20 April 2021

A Cayman Islands investment fund urged the highest court for overseas British territories on Tuesday to revive its breach of contract claim against Bank of Bermuda and an HSBC subsidiary for $2 billion in damages as the result of losses from Bernie Madoff’s massive Ponzi scheme.

Primeo Fund said the Judicial Committee of the Privy Council, which sits in London, should overturn a decision by the Court of Appeal of the Cayman Islands that the fund’s claims are barred by the reflective loss principle. That rule prevents shareholders from bringing a claim for personal losses arising from a breach of duty or contract owed to the company they have invested in. Continue reading “Article: Cayman Fund Seeks To Revive $2B Claim Over Madoff Losses”

Article: India does not see logic in U.S. putting it on currency watchlist

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India does not see logic in U.S. putting it on currency watchlist

Reuters, 20 April 2021

India does not see any logic in the United States putting it on a monitoring list of currency manipulators, a trade ministry official said on Tuesday.

“I don’t understand any economic logic,” Anup Wadhawan, India’s commerce secretary told reporters. The Reserve Bank of India is following a policy that allows currency movements based on market forces, he said.

Last week, the U.S. Treasury Department put India along with 10 other economies including Singapore, Thailand and Mexico on the “Monitoring List” that it said required close attention to their currency practices. read more Continue reading “Article: India does not see logic in U.S. putting it on currency watchlist”