Tag: Citibank

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Web: Suit Against Prime Brokers for Phony Stock Borrow Charges Filed

Web

Suit Against Prime Brokers for Phony Stock Borrow Charges Filed

Bud Burrell, Chad Bray

Dow Jones Newswires cited by Sanity Check via Wayback, 12 April 2006

An antitrust lawsuit was filed Wednesday against the securities industry’s largest brokerage firms over fees charged as a result of “naked short selling.”

The lawsuit filed in federal court in Manhattan by Electronic Trading Group LLC alleges that the major broker-dealers charged unearned fees, commissions or interest on short sales where those broker-dealers failed to borrow or deliver the stock to back a short position.

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Article: DTCC Chief Spokesperson Denies Existence of Lawsuit

Article - Media

DTCC Chief Spokesperson Denies Existence of Lawsuit

Financial Wire cited by RGM Communications via Wayback, 11 May 2004

FinancialWire received a confidential email between a reporter and Stuart Z. Goldstein, Managing Director of Corporate Communications for the Depository Trust and Clearing Corp. in which Goldstein was represented as denying that a lawsuit filed by Nanopierce Technologies (OTCBB: NPCT) exists.

The chief spokesperson for the DTCC, whose board of directors represent a who’s who of financial entities, including Lehman Brothers (NYSE: LEH), Citigroup / Solomon Smith Barney’s Corporate Investment Bank (NYSE: C), and Morgan Stanley (NYSE: MWD), was quoted as stating that the “lawsuit” did not exist and was simply “charges being leveled by internet crackpots.”

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Article: Offshore Banking – The Secret Threat To America (Hound-Dogs)

Article - Media

Offshore Banking: The Secret Threat To America

Lucy Komisar

Hound-Dogs, 1 March 2004

This is a story about a massive money-laundering operation run by the world’s biggest banks. It hides behind the “eyes-glazing over” technicalities of the international financial system. But it could be one of the biggest illicit money-moving operations anyone has ever seen. And it’s allowed to exist by the financial regulators who answer to Western governments.

In these days of global markets, individuals and companies may be buying stocks, bonds or derivatives from a seller who is Clearstreamhalfway across the world. Clearstream, based in Luxembourg, is one of two international clearinghouses that keep track of the “paperwork” for the transactions.

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