Asic accuses Westpac of insider trading over $12bn Ausgrid privatisation deal
Ben Butler, 05 May 2021
The corporate regulator has taken legal action accusing Westpac of insider trading over a $12bn interest rate swap linked to the part-privatisation in 2016 of New South Wales’s electricity distribution network, Ausgrid.
In a federal court lawsuit filed on Wednesday, the Australian Securities and Investments Commission accused Westpac of using inside information to trade in interest rate derivatives during the two hours before it executed the swap, which was the largest in Australian history.
It is the latest regulatory blow for the big bank, which in September last year agreed to pay a record $1.3bn fine to settle legal action over money laundering and child exploitation allegations levelled against it by the financial intelligence agency, Austrac.
Westpac also has recent form in the area of market manipulation – in 2018, the federal court found it had engaged in “serious and unacceptable” conduct by attempting to fix an interest rate benchmark, and fined it $3.3m, which was the maximum available under the law at the time.
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The mania phase, we’re in it
Chuck Butler, 26 April 2021
Good Day… And a Marvelous Monday to you! Well, did you tune in for the panel discussion that I participated in last Thursday? I thought it went pretty well, and I thoroughly enjoyed doing my bit, that’s for sure! I hadn’t seen Mary Anne and Pamela Aden for a few years, and afterward, I had the thought that maybe they had found the fountain of youth, for they looked the same to me, as they did the last time I saw them in Orlando, years ago! And Omar spoke as well as he writes, which sometimes is a tough trick to pull off… And as far as I’m concerned, I have fun speaking, even more, than I do writing… not that I do either of them very well, but I have fun! Gerry & The Pacemakers greet me this morning with their song: Ferry Across The Mersey… I used to sing this song to Alex when he was a toddler to get him to sleep… Alex is nearing 26 this summer, so that tells you how long ago that was! Continue reading “Article: The mania phase, we’re in it”
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”
VIDEO — Ed Steer: Silver Market on a Knife’s Edge
Charlotte McLeod , 13 April 2021
The silver squeeze first started making headlines more than two months ago, but the movement continues today, led by retail investors who continue to snap up physical metal.
Ed Steer of Ed Steer’s Gold and Silver Digest said that while he commends those who have been buying physical silver, there’s a reason their efforts haven’t led to a sustained silver price increase.
“They’re certainly having an impact … as far as the physical market is concerned, but as far as the short position that exists in the COMEX futures market, it doesn’t make any difference at all,” he said. Continue reading “Article: VIDEO — Ed Steer: Silver Market on a Knife’s Edge”
‘A harm-production factory’: Crown casino faces scrutiny over problem gambling
Ben Butler, 26 March 2021
Triads, shopping bags full of cash, money laundering – if you’ve been following the inquiry into Crown Resorts run by New South Wales authorities, you might think there aren’t many allegations left to be hurled at the casino operator.
But a royal commission into the operation of the James Packer-controlled group’s flagship casino in Melbourne could expose it to fresh attack over a problem its critics have long claimed is rife at the complex: problem gambling.
Opening the inquiry on Wednesday, royal commissioner Ray Finkelstein said there was “no practical utility” in going over the same territory dealt with by the NSW inquiry, which reported to state parliament in February. Continue reading “Article: ‘A harm-production factory’: Crown casino faces scrutiny over problem gambling”
How to Break the Kneecaps of Wall Street Sociopaths Before It’s too Late: Ferdinand Pecora Revisited
Matt Ehret, SubStack, 18 February 2021
If America and the western order is to somehow find its moral fitness to survive and if a world war is to be avoided in the coming near-term future, then certain fundamental banking reforms will be needed. Among the most important of these reforms will be a breaking up of banking activities into two categories under a renewal of the Glass-Steagall bank reform which was repealed by Bill Clinton in 1999. These two categories would include: 1) speculative trash and illegitimate usury which must be “deleted” under a debt jubilee and 2) legitimate savings and other useful commercial banking activities tied to “real” values without which society couldn’t sustain itself.
Faced with these revelations, The Nation magazine famously reported “If you steal $25, you’re a thief. If you steal $250 000, you’re an embezzler. If you steal $2.5 million, you’re a financier.”
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Comment: The House of Morgan was a British operation. The UK is the main enemy of the USA. Rothschilds/Israel/Vatican as well. Time everyone got this.
Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation
Ben Butler, 23 September 2020
Westpac has agreed to pay a record penalty of $1.3bn to settle legal action over money laundering and child exploitation allegations levelled against it by the financial intelligence agency, Austrac.
The $1.3bn figure is $400m more than the $900m the bank had previously set aside as an estimate of the penalty it would have to pay and comes after the bank said an additional 250 customers made transactions consistent with child exploitation – a dramatic increase on the 12 over which the regulator originally took action.
In a further concession to Austrac, Westpac has also agreed to additional contraventions of anti-money laundering and counter-terror finance laws, the company told the stock exchange on Thursday. Continue reading “Article: Westpac to pay record $1.3bn fine after money laundering and child exploitation investigation”