When Bernard Madoff’s Ponzi scheme collapsed in December 2008, $65bn vanished overnight, devastating tens of thousands of small investors, charities and religious groups who continue to struggle to this day.
The former chair of the Nasdaq stock market’s confession that his fabled investment company was “one big lie” came at the depths of the financial crisis and riveted global attention. Amid an alphabet soup of opaque financial products that had crashed the world economy, people could understand this crime. Continue reading “Article: Bernard Madoff, criminal financier, 1938-2021”
Ex-JPMorgan Chase & Co. traders who were fired in connection with recent U.S. Justice Department inquiries into market manipulation have a message for their former employers: give us our jobs back.
In separate lawsuits in London and New York, two of the bank’s former traders are saying they were unfairly dismissed and are asking to be reinstated. Both men had proximity to spoofing tactics that wound up being prosecuted by U.S. authorities but neither was charged. They both maintain they did not engage in the manipulative conduct themselves.
In a report titled “Why Is The Bitcoin Futures Curve So Steep?” JPMorgan Chase analysts examined the growing futures and derivatives market surrounding bitcoin, provided insights as to why the contango is so steep and explored what the future holds for the monetary asset as it becomes increasingly financialized.
The move will add to similar controls put in place since August 2016, first on extreme gyrations in equities and a year later on derivative products. They followed a series of events that provoked regulatory probes into market misconduct such as price manipulation and pump-and-dump scandals.
“The volatility control mechanism (VCM) has worked as intended without any negative feedback from the market,” said Tom Chan Pak-lam, chairman of Hong Kong Institute of Securities Dealers, the local brokerage industry body. “In many cases, sharp and sudden price movements were smoothed out as the cooling-off periods allowed participants to react while trading continued.”
In the aftermath of the Archegos blow up, the biggest nightmare on Wall Street – where there is never just one cockroach – is that (many) more Archegos-style, highly levered “family office” blow ups are waiting just around the corner.
Well, in a transaction after the close that is sure to spark much heated controversy tonight and tomorrow morning, Bloomberg announced that JPMorgan was offering a 9 million block of Academy Sports and Outdoors (ASO) stock. Since this is virtually identical to what happened two Fridays ago when similar public BWICs by Goldman and other banks proceeded to unwind the Archegos portfolio, the immediate question on everyone’s lips is whether a second highly levered family office has blown up. Continue reading “Article: Is Another Family Office Blowing Up: JPM Dumps 9MM Share Block Of ASO After Hours”
And the CEO who once called for the US to raise taxes on the rich and adopt more explicitly socialist policies to expand access to higher education, housing and child care, praised the federal government’s response to the economic crisis caused by the COVID pandemic. Consumers who are now flush with savings will help drive an economic boom, Dimon wrote in his 34K-word missive.
It is a striking paradox that postwar Germany has achieved sustained success as an economy, even with a flailing banking sector, headed by the flag-carrying Deutsche Bank, to underpin it. But there are signs the contradiction may be resolving.
Brenna Hughes Neghaiwi, Matt Scuffham, 06 April 2021
ZURICH (Reuters) -Credit Suisse said on Tuesday it will take a 4.4 billion Swiss franc ($4.7 billion) hit from dealings with Archegos Capital Management, prompting it to overhaul the leadership of its investment bank and risk division.
It’s official: the Financial Times (citing an informal polling of anonymous bankers) has declared Deliveroo’s botched London offering the “worst IPO in London’s history.”
As we reported yesterday, shares of the food-delivery competitor, which is struggling to grow market share at all costs in a battle for survival with Uber Eats and “Just Eat Takeaway”, tanked in their public-markets debut, sliding 31% after pricing at the bottom of their range. Bankers immediately started complaining to reporters about being misled by Deliveroo’s bankers, who had initially bragged that the company would price at the high end of the range. The debut, marketed as a major coup for the LSE and London markets, which are struggling for European supremacy with Euronext Amsterdam, more generally, has turned into a major embarrassment for the industry. Continue reading “Article: Deliveroo Debut Declared “Worst IPO In London’s History”, Sign Of Amsterdam’s Growing Dominance”
Turkey fined 10 securities firms for up to 7.8 million lira ($1 million) in relation to irregularities in short-selling transactions, the country’s Capital Markets Board said in its weekly bulletin on Thursday.
Fines of various amounts were imposed on firms including Merrill Lynch International, JP Morgan Securities, Goldman Sachs International, Credit Suisse Securities Europe and Barclays Capital Securities, the statement said.
NEW YORK (Reuters) – A U.S. judge on Wednesday dismissed long-running litigation accusing 10 large banks of conspiring to suppress competition in the now $21.2 trillion market for U.S. Treasury securities.
U.S. District Judge Paul Gardephe in Manhattan ruled against 21 pension, retirement and benefit funds, as well as unions, banks, individuals, and companies that traded in Treasuries, in the proposed antitrust class action.