Article: Police seize assets worth over $70 million in money laundering investigation

Article - Media

Police seize assets worth over $70 million in money laundering investigation

RNZ, 16 June 2021

Police have seized over $70 million – mostly cash – linked to an international pyramid scheme in China and Canada.

The High Court has approved a settlement between Police and Xiaohua (known as Edward) Gong that enables the forfeiture of over $70m.

It is New Zealand’s largest ever forfeiture under the Criminal Proceeds (Recovery) Act 2009. Continue reading “Article: Police seize assets worth over $70 million in money laundering investigation”

Article: Wall Street Warned by U.S. Regulators to Speed Up Libor Exit

Article - Media

Wall Street Warned by U.S. Regulators to Speed Up Libor Exit

Jesse Hamilton, Alex Harris, and Christopher Condon, 11 June 2021

Wall Street banks must speed up their efforts to stop using Libor, regulators said Friday, issuing one of their sternest warnings yet about abandoning the scandal-plagued benchmark.

From Treasury Secretary Janet Yellen to Federal Reserve Chairman Jerome Powell, watchdogs made clear during a meeting of the Financial Stability Oversight Council that time is running out. The admonishment — coming from the heads of all of the U.S.’s most powerful financial agencies — marked a remarkably high-profile push to light a fire under banks including Citigroup Inc., JPMorgan Chase & Co. and Goldman Sachs Group Inc. Continue reading “Article: Wall Street Warned by U.S. Regulators to Speed Up Libor Exit”

Article: Fed Admonishes Deutsche Bank for Ongoing Compliance Failures

Article - Media, Publications

Fed Admonishes Deutsche Bank for Ongoing Compliance Failures

Robert Schmidt and Jesse Hamilton, 29 May 2021

The Federal Reserve has privately told Deutsche Bank AG that its compliance programs aren’t up to snuff, signaling that the scandal-plagued bank is failing to adhere to a number of past accords with U.S. regulators, according to people familiar with the matter.

The Fed’s recent warning came in an annual regulatory assessment that said Deutsche Bank hadn’t improved its risk management practices despite being under confidential agreements with the central bank to fix the issues, the people said. The assessment letter has the German bank’s leaders bracing for potential sanctions, including the possibility of a large fine, said one person briefed on the matter. Continue reading “Article: Fed Admonishes Deutsche Bank for Ongoing Compliance Failures”

Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots

Web

The Gamers’ Uprising Against Wall Street Has Deep Populist Roots

Wall Street may own the country, as Kansas populist leader Mary Elizabeth Lease once declared, but a new generation of “retail” stock market traders is fighting back.

Ellen Brown, SheerPost, 10 February 2021

A short squeeze frenzy driven by a new generation of gamers captured financial headlines in recent weeks, centered on a struggling strip mall video game store called GameStop. The Internet and a year off in this shut down to study up have given a younger generation of investors the tools to compete in the market. Gerald Celente calls it the “Youth Revolution.” A group of New York Young Republicans who protested in the snow on January 31 called it “Re-occupy Wall Street.” Others have called it  Occupy Wall Street 2.0.

Continue reading “Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots”