Subject: Timothy Geithner

Subject of Interest

Timothy Franz Geithner is a former American central banker who served as the 75th United States Secretary of the Treasury under President Barack Obama, from 2009 to 2013. He was the President of the Federal Reserve Bank of New York from 2003 to 2009, following service in the Clinton administration. Since March 2014, he has served as president and managing director of Warburg Pincus, a private equity firm headquartered in New York City.  At the New York Fed, Geithner helped manage crises involving Bear Stearns, Lehman Brothers, and the American International Group. Geithner graduated from Dartmouth College (BA) and Johns Hopkins University (MA).

Biography

Federal Reserve Bank of New York

Subject: Justin Lubell

Subject of Interest

Justin Lubell is Head of Citadel Global Equities and is a member of Citadel’s Portfolio Committee. He joined the firm in 2019 as a Senior Managing Director and was subsequently appointed Head of Citadel Global Equities in 2020. Prior to joining Citadel, Mr. Lubell spent more than a decade at Point72 Asset Management, where he was a Portfolio Manager specializing in the Media, Internet, Telecom, and Services industries and was a member of the firm’s Risk Committee. Before that, he was a Managing Director within the Equity Derivatives Strategy team at Bear Stearns & Co. He is a CFA charterholder and graduated magna cum laude from the University of Pennsylvania with a dual bachelor’s degree in Economics and Political Science.

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Web: Wikipedia – Naked Short Selling

Web

Naked Short Selling

Naked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame, the result is known as a “failure to deliver” (“FTD”). The transaction generally remains open until the shares are acquired by the seller, or the seller’s broker settles the trade.

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Article: How phantom shares on Wall Street threaten U.S. companies and investors

Article - Media

How phantom shares on Wall Street threaten U.S. companies and investors

Lucy Komisar

The Komisar Scoop, 26 March 2020

As stocks are in free fall, a scam run by the big banks/broker-dealers for the benefit of themselves and their hedge fund clients threatens to worsen the situation of large and small American companies and investors.

It’s when the bank/broker-dealers buy stocks, pocket the money and fail to deliver to clients the shares they are supposed to settle through the national stock clearing house. In another industry that might be called embezzling.

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Article: JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

Article - Media

JPMorgan’s Metals Desk Was a Criminal Enterprise, U.S. Says

By and

Bloomberg

  • U.S. invokes racketeering law in charging three metals traders
  • RICO statute is rarely used in cases involving big banks

The head of the bank’s global precious metals desk, Michael Nowak, 45, and two others ripped off market participants and even clients as they illegally moved prices for gold, silver, platinum and palladium, the Justice Department said Monday. Nowak was placed on leave last month, a person familiar with the matter has said. The other traders charged were Gregg Smith, 55 and Christopher Jordan, 47.

Article: Three J.P. Morgan precious metals traders charged as criminal probe continues

Article - Media

Three J.P. Morgan precious metals traders charged as criminal probe continues

Dawn Giel

CNBC, 16 September 2019

Federal prosecutors on Monday accused three J.P. Morgan precious metals traders, including the global head of base and precious metals trading, of participating in a racketeering conspiracy in connection with a multiyear scheme to manipulate the markets and defraud customers.

The alleged scheme saw the nation’s largest bank by assets profit handsomely, while investors suffered losses.

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Article: The Truth About Naked Short Selling Commentary

Article - Media

The Truth About Naked Short Selling: Commentary

John Olagues

Investopedia, 25 June 2019

The basic form of short selling is selling stock that you borrow from an owner and do not own yourself. In essence, you deliver the borrowed shares. Another form is to sell stock that you do not own and are not borrowing from someone. Here you owe the shorted shares to the buyer but “fail to deliver.” This form is called naked short selling.

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Web: 5,000 Reasons Why the Overstock.com Saga is Crazier Than Ever

Web

5,000 Reasons Why the Overstock.com Saga is Crazier Than Ever

Gary Weiss

gary-weiss.com, 30 January 2018

It’s been a long time since the financial press has cast a skeptical eye on Overstock.com and its CEO, Patrick Byrne, Yet there are multiple reasons to do so. Five thousand to be exact. So I’ve dusted off my blog for an update on my favorite fraudulent stock.

As in all soap operas, its continuing story line is not new: Byrne wants the stock to go up. The stock has a history of manipulation, mainly through cooking the books, resulting in multiple restatements. But it takes an expert to sniff out accounting irregularities. All you need to detect the latest Overstock scam is a working pair of eyes and an Internet connection.

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Paper: Counterfeiting Stock

Paper

Counterfeiting Stock

Anna McParland

The Creation of Counterfeit Shares — There are a variety of names that the securities industry has dreamed up that are euphemisms for counterfeit shares. Don’t be fooled : Unless the short seller has actually borrowed a real share from the account of a long investor, the short sale is counterfeit. It doesn’t matter what you call it and it may become non–counterfeit if a share is later borrowed, but until then, there are more shares in the system than the company has sold.

The magnitude of the counterfeiting is hundreds of millions of shares every day, and it may be in the billions. The real answer is locked within the prime brokers and the DTC. Incidentally, counterfeiting of securities is as

It is estimated that 1000 small companies have been put out of business by the shorts.

PDF (12 Pages): Paper Counterfeiting Stock