Article: US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme

Article - Media, Publications

US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme

Caroline Simson, 10 March 2021

U.S. prosecutors came up short in their bid to seize some $330 million in assets held in escrow by Clyde & Co. that are allegedly connected to embezzled 1Malaysia Development Berhad funds when a California judge ruled that the government had not sufficiently shown how the money was tied to the alleged scheme.

U.S. District Judge Dale S. Fischer concluded on Tuesday that the government’s amended complaint filed last fall failed to show how the money — which an arbitral tribunal determined is owed to a PetroSaudi unit for drilling services provided to Venezuela’s state-owned oil company, Petróleos de Venezuela SA — was traceable to the fraud against 1MDB. Nor had the government proven that the funds were involved in a money laundering transaction, the judge found. Continue reading “Article: US Can’t Seize $330M Allegedly Tied To 1MDB Fraud Scheme”

Article: The Dark Money Secretly Bankrolling Activist Short- Sellers — and the Insiders Trying to Expose It

Article - Media

The Dark Money Secretly Bankrolling Activist Short-Sellers — and the Insiders Trying to Expose It

Michelle Celarier

Institutional Investor, 30 November 2020

More than a dozen short-sellers interviewed by Institutional Investor in an effort to penetrate this murky terrain say there are numerous players and various permutations of the model that may involve the sharing of ideas and research along with either a cut of the gains on the short trade or a set fee. In fact, some short-sellers believe that almost all of the activists have such backing — even those running small hedge funds themselves.

Subject: Stanley Fischer

Subject of Interest

Stanley Fischer took office as a member of the Board of Governors of the Federal Reserve System on May 28, 2014, to fill an unexpired term ending January 31, 2020. He resigned on October 13, 2017. Prior to his appointment to the Board, Dr. Fischer was governor of the Bank of Israel from 2005 through 2013. From February 2002 to April 2005, Dr. Fischer was vice chairman of Citigroup. Dr. Fischer served as the first deputy managing director of the International Monetary Fund until August 2001. From January 1988 to August 1990, he was the chief economist of the World Bank. Dr. Fischer was born in Lusaka, Zambia, in October 1943. He received his BSc and MSc in economics from the London School of Economics. He received his PhD in economics from the Massachusetts Institute of Technology.

Biography 

Board of Governors of the Federal Reserve System

Article: Bank of Israel under fire over decade-long currency intervention

Article - Media, Publications

Bank of Israel under fire over decade-long currency intervention

Steven Scheer, 08 March 2017

JERUSALEM (Reuters) – The Bank of Israel has a problem. After spending almost a decade and huge sums trying to curb the shekel, the currency is still rising relentlessly – to the dismay of the country’s exporters.

In 2008 the central bank began what was supposed to be a temporary fix. The plan was to buy large amounts of dollars and halt a rapid rise in the shekel, partly to protect exporters who account for more than 30 percent of economic output and form a strong domestic lobby.

But after purchasing more than $70 billion over the years, the bank is still struggling to soften the exchange rate and prevent Israeli exports from becoming relatively more expensive on world markets. Continue reading “Article: Bank of Israel under fire over decade-long currency intervention”