China Pushes Back Against Threat Of Inflation – Analysis
Michael Lelyveld, 19 June 2021
China’s government has suffered a setback in its campaign against inflation as consumer prices accelerated last month despite pressure on producers to keep commodity costs down.
On June 9, the National Bureau of Statistics (NBS) reported that the consumer price index (CPI) for May rose 1.3 percent from a year earlier, quickening from the 0.9-percent pace the month before. Continue reading “Article: China Pushes Back Against Threat Of Inflation – Analysis”
Let the Apes Have Wall Street
Matt Taibbi, 10 June 2021
The much-publicized war over “meme stocks” drags a longstanding Wall Street ripoff out of the shadows, to hilarious results
On CNBC’s Fast Money last week, anchor Melissa Lee appeared to mention the unmentionable. She was talking with Tim Seymour, CEO of Seymour Asset Management, who made offhand mention of the hedge funds shorting now-infamous stocks like AMC and GameStop. “Look, there are a lot of short sellers out there who have been borrowing stock they didn’t have,” Seymour said.
“Naked shorts, yeah,” said Lee.
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SEC Launches Review Of High-Frequency Traders’ Market Abuses
Tyler Durden, 09 June 2021
Nearly 8 years have passed since Michael Lewis published “Flash Boys”, raising awareness of the relatively new practice of high-frequency trading and its transformative impact on markets, allowing the most technologically-advanced traders to effectively see a picture of the market that’s nanoseconds ahead of what their non-NFT peers see, giving them a massive advantage.
Now, the SEC is finally considering changing the rules of how stocks are priced and traded to stop exchanges from incentivizing brokers (nowadays, particularly retail trading brokerages that have seen an explosion of activity in the past couple of years).
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Meme Stocks Mania: What Is ‘Naked Shorting’ and Why Is It Trending on Twitter?
William White, 07 June 2021
Naked shorting is trending on Twitter (NYSE:TWTR) today and it looks like there’s no end in sight to the meme stock mania as users react to the news that kicked this all off.
All of the excitement around naked shorting started after CNBC host Melissa Lee mentioned that the practice was taking place with shares of AMC Entertainment (NYSE:AMC) stock. The host said the following while discussing the matter.
“There’s a lot of people, a lot of short sellers out there borrowing stock they didn’t have.” Continue reading “Article: Meme Stocks Mania: What Is ‘Naked Shorting’ and Why Is It Trending on Twitter?”
$100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors
Dan Mangan, 11 May 2021
Shell companies sure make strange bedfellows.
A New York real estate tax lawyer — who did work for former President Donald Trump decades ago — in 2011 purchased a shell company whose creators later became key investors in a mystery $100 million company that owns just a small New Jersey deli, records show.
The shell company — Europa Acquisition I Inc. — was one of eight shell entities set up in 2010 by Peter Reichard and Peter Coker Sr., the North Carolina-based investors in deli owner Hometown International. Continue reading “Article: $100 million New Jersey deli: Ex-Trump tax lawyer owned shell company created by mystery investors”
“A Gigantic Clusterf**k”: How Morgan Stanley Avoided $10BN In Archegos Losses By Selling First
TYLER DURDEN, 07 April 2021
One week ago, in our initial take on the biggest hedge fund collapse since LTCM, we explained that – in our view – the catalyst for the failure of the Archegos hedge fund, which had as much as 10x leverage allowing it to hold some $100BN in positions, was Morgan Stanley and Goldman breaking ranks with their fellow prime brokers, and sparking the biggest margin call since Lehman and AIG.
Turns out we were right. Continue reading “Article: “A Gigantic Clusterf**k”: How Morgan Stanley Avoided $10BN In Archegos Losses By Selling First”
Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms
PYMNTS, 30 March 2021
Scammers stealing from government-funded pandemic relief programs have found a new trick — opening accounts with at least four online investment platforms, CNBC reported Monday (March 29).
Law enforcement officials say digital platforms are an easy way to dump money into stolen identity accounts.
Authorities say over $100 million in fraudulent funds reportedly passed through investment accounts in the time since Congress passed the CARES Act last March.
Among the platforms allegedly used by thieves are Robinhood, TD Ameritrade, E-Trade and Fidelity, according to law enforcement.
“The thieves are loving this stuff. This has been the financial crime bonanza act of 2021,” said Charles Intriago, a money-laundering expert and former federal prosecutor, according to CNBC. Continue reading “Article: Fraudsters Siphon $100 Million In COVID Relief Through Online Investment Platforms”
COVID FRAUDSTERS ARE NOW TARGETING INVESTMENT PLATFORMS
Jacob Wolinsky, 30 March 2021
CNBC’s Senior Washington Correspondent Eamon Javers reports on covid fraudsters that are stealing people’s identities to open up investment accounts with apps like Robinhood to hide the source of their funds. A law enforcement official told CNBC that at least four investment platforms are being targeted by criminals. The digital platforms, investigators said, are easy to dump the money into by setting up accounts with stolen identities and more than $100 million in fraudulent funds passed through investment accounts since Congress passed the CARES Act last March, according to authorities.
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Tesla Customers Report Being Charged Double on New Cars
Yaёl Bizouati-Kennedy, 30 March 2021
“Things @Tesla has done for me in the past 2 days: 1) stolen 5 figures directly from my bank account, and that of at least 400 other buyers 2) not delivered the car that was promised yesterday and paid for (TWICE, as it turns out) 3) provided zero contact. Thanks, @elonmusk!” one of these Tesla buyers, Tom Slateery, posted on Twitter.
Slattery told CNBC that on March 24, he received a text from Tesla saying the car he had ordered in January could be delivered to his home in one to three days via the company’s “contactless” delivery service.
The following day, Slattery found his bank account “depleted by nearly $53,000 more than he expected — the sum he agreed to pay for a long-range, all-wheel-drive, 2021 Tesla Model Y. It would be a second Tesla for his family,” according to CNBC. Continue reading “Article: Tesla Customers Report Being Charged Double on New Cars”