Goldman Bought $100M Of Deliveroo Shares During “Worst IPO Ever”…And Still Made Money
TYLER DURDEN, 07 April 2021
Goldman Sachs managed to avoid billions of dollars in potential losses from the implosion of highly levered hedge fund Archegos Capital Management by breaking ranks with other syndicate banks to dump large blocks of shares representing Archegos’s exposure to a coterie of tech and media names. When the dust settled, the bank told shareholders any losses would be insignificant, while Credit Suisse, the bank with perhaps the biggest exposure, said Tuesday it has booked a nearly $5 billion loss. Continue reading “Article: Goldman Bought $100M Of Deliveroo Shares During “Worst IPO Ever”…And Still Made Money”
People moves: facing the funds fallout music, CS changes chairs, and more
Natasha Rega-Jones, 07 April 2021
Credit Suisse faces some tough choices as it absorbs the extraordinary losses inflicted by the Greensill and Archegos fund fiascos and subsequent ratings hit. On April 6, the firm announced an estimated pre-tax loss of approximately Sfr900 million ($963 million) for the first quarter, including a charge of Sfr4.4 billion ($4.7 billion) in respect of Archegos. At the same time, the firm announced that investment bank CEO Brian Chin and chief risk and compliance officer Lara Warner were stepping down from their roles with immediate effect.
Christian Meissner, co-head of wealth management banking advisory and vice-chair of investment banking, will replace Chin in May. Meissner was previously head of global corporate and investment banking at Bank of America Merrill Lynch, and earlier co-CEO for EMEA at Lehman Brothers. Continue reading “Article: People moves: facing the funds fallout music, CS changes chairs, and more”
Big banks win dismissal of U.S. Treasury rigging litigation
Jonathan Stempel, 31 March 2021
NEW YORK (Reuters) – A U.S. judge on Wednesday dismissed long-running litigation accusing 10 large banks of conspiring to suppress competition in the now $21.2 trillion market for U.S. Treasury securities.
U.S. District Judge Paul Gardephe in Manhattan ruled against 21 pension, retirement and benefit funds, as well as unions, banks, individuals, and companies that traded in Treasuries, in the proposed antitrust class action.
The defendants included Bank of America, Barclays, BNP Paribas, Citigroup, Credit Suisse, Goldman Sachs, JPMorgan Chase, Morgan Stanley, NatWest Group and UBS, as well as trading platform operator Tradeweb Markets. Continue reading “Article: Big banks win dismissal of U.S. Treasury rigging litigation”
Wall Street Giants Beat Treasury Auction Rigging MDL
Dean Seal, 30 March 2021
A New York federal judge ruled Wednesday that he has yet to see any direct evidence that Wall Street banks including Goldman Sachs and Credit Suisse conspired to manipulate the $14 trillion market for securities issued by the U.S. Treasury Department.
U.S. District Judge Paul G. Gardephe dismissed long-running multidistrict litigation accusing a group of banks that also included JPMorgan Chase and Morgan Stanley of rigging auctions for Treasury Department bonds and other securities, on top of reducing competition in a secondary market for those securities. Continue reading “Article: Wall Street Giants Beat Treasury Auction Rigging MDL”
A “Very Surprised” JPMorgan Calculates The Damage From The Archegos Collapse
TYLER DURDEN, 30 March 2021
Unlike the devastating London Whale debacle in 2012, which was all JPMorgan eventually drawn and quartered quite theatrically before Congress (and was a clear explanation of how banks used Fed reserves to manipulate markets, something most market participants had no idea was possible), this time JPMorgan was nowhere to be found in the aftermath of the historic margin call that destroyed hedge fund Archegos. Which is may explain why JPMorgan bank analyst Kian Abouhossein admits he is quite “puzzled” by the recent fallout from the Archegos implosion (or maybe JPM simply was not a Prime Broker of the notorious Tiger cub), which however does not prevent him from trying to calculate the capital at risk from the Archegos collapse. Continue reading “Article: A “Very Surprised” JPMorgan Calculates The Damage From The Archegos Collapse”
Bank of America, Morgan Stanley win dismissal of metals spoofing litigation
Jonathan Stempel, 05 March 2021
NEW YORK (Reuters) – A federal judge in Manhattan on Thursday dismissed litigation by traders and trading firms accusing Bank of America Corp and Morgan Stanley of manipulating the precious metals futures market by placing trades and then cancelling them before execution, or “spoofing”.
U.S. District Judge Lewis Liman in Manhattan said the June 2019 lawsuit over alleged spoofing in gold, silver, platinum and palladium futures from 2007 to 2014 was filed long after the two-year federal statute of limitations had run out.
The investors said the clock started in January 2018 when the traders Edward Bases and John Pacilio, both from Connecticut and also defendants, were charged with commodities fraud. Six other people were criminally charged at the time. Continue reading “Article: Bank of America, Morgan Stanley win dismissal of metals spoofing litigation”
Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street
Cade Metz, WIRED, 18 February 2021
The problem with the modern economy, Byrne says, is that it rests on the whims of our government and our big banks, that each has the power to create money that’s backed by nothing but themselves. Thanks to what’s called fractional reserve banking, a bank can take in $10 in deposits, but then loan out $100. The government can make more dollars at any time, instantly reducing the currency’s value. Eventually, he says, laying down a classic libertarian metaphor, this “magic money tree” will come crashing down.
Continue reading “Article: Meet Patrick Byrne: Bitcoin Messiah, CEO of Overstock, Scourge of Wall Street”
Hedge Fund Sues Brokers Alleging Naked Shorting In Now Defunct Concordia Health
Tyler Durden, Zero Hedge, 16 February 2021
Several major international brokers have been sued by a Bermuda hedge fund that claims the brokerages coordinated “abusive” naked short selling and spoofing strategies in US and Canadian markets. The suit revolves around the former Concordia Health, which was highly leveraged and ultimately went bankrupt after controversy about price gouging.
CIBC, Bank of America, UBS and TD Bank are among those named as defendants in a lawsuit filed by Harrington Global Opportunity Fund in the US District Court for the Southern District of New York, according to Securities Finance Times.
Read full article.
CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies
onlymadethistoupvote, 12 February 2021
International brokers sued over naked short selling allegations CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies in US and Canadian stock markets by a Bermuda hedge fund that claims to have lost tens of millions of dollars as a result.
Harrington Global Opportunity Fund has filed a suit at the US District Court for the Southern District of New York alleging that various US and Canadian financial institutions, through their broker divisions, manipulated markets and drove down pharmaceutical company ADVANZ PHARMA’s (formerly Concordia) share price in 2016. Continue reading “Article: CIBC, Bank of America, UBS and TD Bank stand accused of coordinating “abusive” naked short selling and spoofing strategies”
Hedge Fund Says Banks’ Spoofing, Naked Shorting Cost It Big
Jon Hill, 29 January 2021
A Bermuda-based hedge fund has accused several major financial institutions’ U.S. and Canadian securities arms of engaging in spoofing and naked short-selling, alleging in a new Manhattan federal court lawsuit that their tactics caused it to suffer losses in the tens of millions of dollars back in 2016.
In a complaint filed Thursday, Harrington Global Opportunity Fund Ltd. said U.S. and Canadian broker-dealer affiliates of Bank of America, TD Bank, UBS and several other large financial institutions drove down the stock price of the former Concordia International Corp. through illegal trading practices, forcing the hedge fund to sell its own shares in the pharmaceutical company at artificially low prices. Continue reading “Article: Hedge Fund Says Banks’ Spoofing, Naked Shorting Cost It Big”
Five Banks Settle LIBOR Manipulation Suit for $22 Million
Meg Slachetka, 13 October 2020
Last week, Judge Naomi Buchwald of the Southern District of New York provided final approval of a nearly $22 million settlement between a class of indirect investors and five Wall Street banks that the plaintiff investors accused of manipulating the London Interbank Offered Rate (LIBOR) in violation of the Sherman Act. The plaintiffs are over-the-counter (OTC) investors who indirectly interacted with the defendant banks via interest rate swaps and other transactions.
These plaintiffs made purchases from other banks that are not defendants in the case; the five settling defendants are JPMorgan, Citibank, Bank of America, HSBC, and Barclays. The suit is one of many filed after Barclays admitted in 2012 that it had manipulated LIBOR. Continue reading “Article: Five Banks Settle LIBOR Manipulation Suit for $22 Million”
JPMorgan pays $920 million to settle spoofing claims
Bloomberg News, 29 September 2021
The New York-based lender will pay the biggest monetary penalty ever imposed by the CFTC, including a $436.4 million fine, $311.7 million in restitution and more than $172 million in disgorgement, according to a statement from the Commodity Futures Trading Commission.
The CFTC said its order will recognize and offset restitution and disgorgement payments made to the Department of Justice and Securities and Exchange Commission.
The accord ends a criminal investigation of the bank that has led to a half-dozen employees being charged for allegedly rigging the price of gold and silver futures for more than eight years. Two have entered guilty pleas, and four others are awaiting trial. Continue reading “Article: JPMorgan pays $920 million to settle spoofing claims”
Our Financial Oligarchy; Emperors of a Brave New World
They own the regulators; they own the brokerage houses; they own the clearing houses; they own all of your investments; and it’s even been shown that they can exert complete control over the government.
To understand how these banks exert complete control over our financial system, one must first understand the securities clearance system.
In the United States of America, there is only one central clearinghouse: The Depository Trust and Clearing Corporation, and for almost 50 years they have maintained a virtual monopoly over this essential service.
It is a private corporation that is owned by these mega-banks and brokers.
Read full free book online with many illustrations
PDF (470 Pages): Our Financial Oligarchy Back-Up
“For Guys Like Me, It’s All About Sheer Luck”: Why Retail Traders Are Facing “Catastrophic Losses”
Comment: Zero Hedge is such a shit rag when it comes to honesty about how the system works. Day Traders / retail traders you can they are facing major losses The poor bastards stand a better chance at a casino at least they will give you a FREE DRINK.. Wall St little known secret is BIG Players will counterfeit shares into their buying and when they run our of money the stocks will go straight down WELCOME TO FRAUD ST. Poor Retail investors you know them Fireman, Police ,Nurses ,Teachers, military it goes on and on we all tell them what a great job,, BUT not on our field we will take your heads off But Thanks for playing