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.
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Max Keiser does not really understand what the monetary expansion has to cover.
Central banks are transferring wealth from the average person to the likes of Bill Gates and Jeff Bezos – RT’s Keiser Report
You have according to the BIS 600 trillion in derivatives against a 81 trillion dollar world GDP or a multiple of 7. The BIS coordinates only the banks so this figure does not include insurance company derivatives or others in private industry unless a bank is connected to the transaction so it is grossly understated. Some Swiss bankers tell me it is more like 1.2 quadrillion and others up to 2.5 quadrillion. 1.2 quadrillion gives you a multiple on the world GDP of 14 and 2.5 quadrillion a multiple of 30.
Continue reading “David K. Lifschultz: New Forms of [Wall Street] Treason?”
15 Hedge Fund Managers Made $23 Billion In 2020
Tyler Durden, Zero Hedge, 10 February 2021
The historic gains by a handful of Wall Street tians demonstrates “the disconnect between the stock market and the real economy,” said finance professor Reena Aggarwal, director of Georgetown University’s Center for Financial Markets & Policy. While high volatility and low interest rates buoyed hedge funds, much of the population struggled “with worries about health, jobs, mortgage payments and student loans,” she said.
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Steven A. Cohen is an American billionaire hedge fund manager, He is the founder of hedge funds Point72 Asset Management and now-closed S.A.C. Capital Advisors, both based in Stamford, Connecticut. In 2013, the Cohen-founded S.A.C. Capital Advisors pleaded guilty to insider trading and agreed to pay $1.8 billion in fines in one of the biggest criminal cases against a hedge fund. Cohen was prohibited from managing outside money for 2 years as part of the settlement. The hedge fund agreed to plead guilty to wire fraud and four counts of securities fraud and to close to outside investors.
Steven A. Cohen
S.A.C. Capital Advisor
Point72 Asset Management
Richard Choo-Beng Lee, who co-founded Spherix Capital and once was an analyst at SAC Capital, pled guilty in 2009 along with Spherix co-founder Ali Far, admitting to engaging in an insider trading scheme that enabled Spherix to make $5 million. Lee secretly informed on various individuals and recorded several phone calls with 28 people, including billionaire Steven A. Cohen, whose SAC Capital employed Lee as an analyst from 1999 to 2004, prosecutors said. Lee was also ordered by U.S. District Judge Kevin Castel in Manhattan to pay a $100,000 fine in light of his 2009 guilty plea.
Three weeks prison for key informant in U.S. insider-trading cases
S2014 E1: To Catch a Trader
FRONTLINE correspondent Martin Smith goes inside the government’s ongoing, seven-year crackdown on insider trading, drawing on exclusively obtained video of hedge fund titan Steven A. Cohen, incriminating FBI wiretaps of other traders, and interviews with both Wall Street and Justice Department insiders.
Amazon DVD Option
New Evidence Raises Questions About Kingsford Capital – Links To TheStreet.com Inc., Others
Market Rap, 7 January 2010
A blog published by the University of North Carolina School of Journalism reported recently that Steve Cohen of hedge fund SAC Capital managed to kill a story by Reuters reporter Matt Goldstein. It seems that Goldstein was going to shed some light on allegations that Cohen engaged in insider trading. Cohen didn’t like that, and got in touch with Goldstein’s superiors.
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Naked and Confused
Forbes, 12 February 2007
How a tiny software outfit fell victim to an illegal but unrestrained practice known as naked short-selling.
Most investors have never heard of Sedona (otcbb: SDNA.OB – news – people ) Corp., a piddling Pennsylvania outfit that sells customer relationship management software for small U.S. banks and credit unions. But to a rogue band of short-selling hedge fund managers, Sedona was prime meat.