#UNRIG Video (8:20) Stop Naked Short Selling — the $100 Trillion Wall Street Crime Against the 99%
VideoWeb: Wikipedia – Naked Short Selling
WebNaked short selling, or naked shorting, is the practice of short-selling a tradable asset of any kind without first borrowing the security or ensuring that the security can be borrowed, as is conventionally done in a short sale. When the seller does not obtain the shares within the required time frame, the result is known as a “failure to deliver” (“FTD”). The transaction generally remains open until the shares are acquired by the seller, or the seller’s broker settles the trade.
Article: Foreign IBs face flak for short selling stocks in Korea
Article - MediaForeign IBs face flak for short selling stocks in Korea
Jie Ye-eun
The Korea Herald, 23 March 2020
Despite a six-month ban on short selling, foreign investment banking houses remain dominant players betting on falling prices of South Korean shares, raising hackles due to stock market volatility.
Article: JPMorgan Facing Suit Over Spoofing Metals
Article - MediaJPMorgan Likely to Face Lawsuit for Precious Metal Spoofing
Zacks Equity Research, February 6, 2020
Per a Bloomberg’s article, JPMorgan Chase JPM is likely to face a criminal lawsuit over rigging precious-metals futures. The authorities that had previously accused six of the bank’s employees of the same misconduct are now planning to charge the company.
The Department of Justice and the Commodity Futures Trading Commission have been investigating the company’s precious metals desk’s trading practices for the past two years.
Continue reading “Article: JPMorgan Facing Suit Over Spoofing Metals”
Article: Goldman Sachs ‘close to $2bn settlement’ over 1MDB scandal
Article - Media, PublicationsGoldman Sachs ‘close to $2bn settlement’ over 1MDB scandal
Kalyeena Makortoff, 19 December 2019
Goldman Sachs is close to reaching a settlement of nearly $2bn (£1.5bn) with the US Department of Justice over the 1MDB corruption scandal, according to a report.
The Wall Street bank is said to be formulating a deal under which its Asian subsidiary, rather than the parent company, would pay a multibillion-dollar fine and admit guilt for having allegedly turned a blind eye while $4.5bn was looted from its client, Malaysia’s sovereign wealth fund, 1MDB.
The deal would also involve oversight from an independent monitor that would help reform the bank’s compliance rules, the Wall Street Journal reported.
The settlement package would end the US justice department’s investigation into Goldman Sachs’ role as an underwriter and arranger of bond sales for the wealth fund, totalling $6.5bn.
About $4.5bn was allegedly looted from 1MDB in a fraud said to have involved the former Malaysian prime minister Najib Razak, the Malaysian financier Jho Low, and his associates. The funds were allegedly used to buy everything from yachts to artwork, and fund the production of Hollywood films including The Wolf of Wall Street.
Razak is facing criminal charges in Malaysia but has pleaded not guilty. Low is facing charges in both Malaysia and the US, and has also denied wrongdoing.
Goldman Sachs, meanwhile, said it was lied to about how the proceeds of the three bond sales it conducted on the fund’s behalf between 2012 and 2013 were used.
In November, the Malaysian prime minister, Mahathir Mohamad, confirmed he had rejected a separate offer from Goldman Sachs worth less than $2bn. “We are not satisfied with that amount so we are still talking to them … If they respond reasonably, we might not insist on getting that $7.5bn,” he told the FT.
Fined: Goldman Sachs & Co. LLC Fined by FINRA (December 2019)
FinedGoldman Sachs & Co. LLC Fined by FINRA
An AWC was issued in which the firm was censured and fined $130,000. Without admitting or denying the findings, the firm consented to the sanctions and to the entry of findings that it effected customer sale transactions of municipal bonds on a discretionary basis in amounts lower than the minimum denomination of the respective issues.
Article: These Are the Banks that Own the New York Fed and Its Money Button
Article - MediaThese Are the Banks that Own the New York Fed and Its Money Button
Pam Martens, Russ Martens
Wall Street on Parade, 20 November 2019
The New York Fed has now pumped out upwards of $3 trillion in a period of 63 days to unnamed trading houses on Wall Street to ease a liquidity crisis that has yet to be credibly explained. In addition, it has launched a new asset purchase program, buying up $60 billion each month in U.S. Treasury bills. Based on the continuing escalation of its plans, it appears to be testing the limits of what the public will tolerate. We thought it was time to answer the question: who exactly owns the New York Fed and its magical money spigot that can pump trillions of dollars into Wall Street at the press of a button.
Filing: Raser Technologies, Inc. v Morgan Stanley & Company, LLC
Article - MediaRaser Technologies, Inc. v Morgan Stanley & Company, LLC
14 August 2019
Plaintiffs allege that Defendants “devised and perpetrated a
naked short selling stock manipulation scheme that targeted and
intentionally destroyed a Utah company, Raser Technologies.” The
merits of this theory are not before us. Instead, we are faced with the
threshold determination of whether a Utah court may assert specific
personal jurisdiction over some or all of Defendants
PDF (32 pages): Raser Technologies, Inc. v Morgan Stanley & Company, LLC
Article: Peter Navarro: Goldman Sachs is the ‘commander-in-chief’ of offshoring
Article - Media, PublicationsPeter Navarro: Goldman Sachs is the ‘commander-in-chief’ of offshoring
Nick Giampia, 06 August 2019
White House trade adviser Peter Navarro on Monday slammed Goldman Sachs, after they claimed President Trump’s China tariffs last year raised the prices of goods and hurt American businesses.
“Goldman Sachs, they are the commander-in-chief on Wall Street of offshoring,” Navarro told FOX Business’ Lou Dobbs on “Lou Dobbs Tonight.”
Last Sunday, Navarro spoke with Fox News host Christopher Wallace about the U.S.-China trade dispute.
Wallace pulled up a chart from Goldman Sachs, which showed President Trump’s tariffs raised the price of goods more than the rate of inflation. In addition, the anchor also talked about a report the bank released in May that said the cost of Trump’s tariffs last year have fallen “entirely” on American businesses and households.
“China is bearing the entire burden of these tariffs through currency manipulation and through slashing prices and if you look at inflation rates from 2018 to 2019 they’re down, including on our imports,” Navarro told Dobbs.
The Treasury Department declared China as a currency manipulator, after the Chinese let the yuan fall below 7 to the U.S. dollar.
Navarro continued to push back against Goldman, questioning whether the tariffs really had the effect the chart was suggesting.
Article: Part 10 of Illegal Naked Shorting Series: Legal Shorting of Stocks is a Loser’s Game but Illegal Naked Shorting Transforms It into a Winner’s Game
Article - MediaLarry Smith
Smith On Stocks, 24 July 2019
When I launched my research on stock manipulation and the prominent role played by illegal naked shorting, I believed that I had a fair understanding of the subject and could knock out comprehensive research in just a few blogs. However, as I dug in I was taken aback at how complex and widespread this subject is. I think that a team of hundreds of experts with unlimited resources would have difficulty ferreting out all of the details on a scam that Wall Street has been perpetrating and perfecting for over 40 years.
Article: Part 8: Illegal Naked Shorting Series: Who or What is Cede and What Role Does Cede Play in the Trading of Stocks?
Article - MediaLarry Smith
Smith On Stocks, 1 July 2019
ost investors when they buy a publicly traded stock believe that they own a part of some company. They think that somewhere there is a stock certificate or some indication of ownership that has their name on it, but this is not the case. When you buy a “stock” you are actually purchasing a security that affords certain entitlement rights related to registered stock which actual owners hold. The registered shares of a private company are directly owned by shareholders. In contrast, the registered shares of nearly all publicly traded equities are owned by Cede & Co., which is the nominee of the Depository Trust Company (DTC). (A nominee is a company whose name is given as having title to a stock, but does not receive the financial benefits of ownership.) Cede is a subsidiary of the Depository Trust Company (DTC) which is a subsidiary of the Depository Trust and Clearing Corporation (DTCC) and the DTCC is a private company owned by elite Wall Street firms and money center banks. If you need background or a refresher on DTC and DTCC, click on this link. Effectively, elite Wall Street firms and money center banks, not institutions and individual investors, own almost all of the registered shares of publicly traded companies in the US.
Article: Part 7: Illegal Naked Shorting: DTCC Continuous Net Settlement and Stock Borrowing Programs Have Loopholes That Facilitate Illegal Naked Shorting
Article - MediaLarry Smith
Smith On Stocks, 31 May 2019
There is an integral relationship between the DTCC and hedge funds. The DTCC is owned by Prime Brokers; these are Goldman Sachs, Morgan Stanley, Merrell Lynch and other household name investment banks. Prime Brokers provide basic services to hedge funds that allow them to trade with multiple brokerage houses while maintaining a centralized master account at their prime broker containing cash and securities. The prime broker offers stock loan services, portfolio reporting, consolidated cash management and other services. Hedge fund support is a very meaningful percentage of the net income of Prime Brokers.
Article: Part 4 in Series on Illegal Naked Shorting’s Role in Stock Manipulation: Who are the Key Players?
Article - MediaLarry Smith
Smith On Stocks, 17 April 2019
I worked on Wall Street as an analyst for nearly 40 years and was involved in the stock market on a day to day basis. Throughout this time, I was focused on fundamental developments that would give an insight into the potential for a company to grow its sales and profits and then trying to translate that into future stock performance. Like many investors, I believed that this was the overarching factor in predicting future stock performance. I had no inkling and I would have been shocked if someone had told me ten years ago what the experience of the past decade has taught, i.e., in many, many cases (particularly for small companies) fundamentals are not the most important factor determining the stock price.
Article: Part 3 in Series on Illegal Naked Shorting’s Role in Stock Manipulation – Prime Brokers and the DTCC Have a Troubling Monopoly on Clearing and Settling Stock Trades
Article - MediaLarry Smith
Smith On Stocks, 11 April 2019
I am not going to attempt to show in any detail how the clearing, settlement and depositing of securities system evolved from the crisis of the mid-60s to what is now a totally paperless, electronic system. But briefly, Congress passed legislation in 1971 for two new service organizations, whose objectives were the speeding up the clearance and settlement process. The Depository Trust Company (DTC) was established as the nation’s principal securities depository, with the mission to convert paper certificates to electronic book entries and to immobilize the paper certificates and keep them in a vault at the DTC. (No more shuttling by messengers.) The National Securities Clearing Corporation (NSCC) was established at the same time to speed up clearance and settlement services.
Article: Goldman Sachs faces 72 million won fine due to naked short selling
Article - Media, PublicationsGoldman Sachs faces 72 million won fine due to naked short selling
Kim Min-jee, 10 April 2019
Goldman Sachs was slapped with fines by financial authorities for illegal short stock selling. According to the Financial Services Commission on April 9, Goldman Sachs India, a subsidiary of Goldman Sachs, was fined 72 million won for making a naked short selling at a meeting of the Securities and Futures Commission held in February.
Goldman Sachs allegedly made naked short selling for 21 Lotte Chilsung Beverage shares and 18 JW Pharmaceutical shares in October 2017 and January 2018, respectively. Goldman Sachs said, “It is a human error.”
In November last year, the committee also slapped a record 7.5 billion won fine on Goldman Sachs International, a unit of Goldman Sachs, on charges of illegal short stock selling. Continue reading “Article: Goldman Sachs faces 72 million won fine due to naked short selling”
