Article: After WallStreetBets, Australia’s securities regulator warns share trading forums

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After WallStreetBets, Australia’s securities regulator warns share trading forums

Byron Kaye, 27 April 2021

SYDNEY (Reuters) – Australia’s securities regulator has contacted internet share trading forums to question them about policing of “pump and dump” scams on their platforms, a sign of growing scrutiny of an investment subculture that soared during pandemic lockdowns.

The Australian Securities and Investments Commission (ASIC) told Reuters it has boosted surveillance of local retail trading internet chatrooms that have sprung up since the “WallStreetBets” Reddit chatroom was linked to wild U.S. stock fluctuations this year.

That has led to discussions between the regulator several operators of the profanity, irony and meme-laden chat forums – who often operate anonymously – about their liability if they allow share inflation schemes to flourish. Continue reading “Article: After WallStreetBets, Australia’s securities regulator warns share trading forums”

Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts

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Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts

Byron Kaye, Rashmi Ashok, 22 March 2021

Crown shares leapt more than 20% after it disclosed the informal offer on Monday, passing Blackstone’s indicative price of A$11.85 as investors wagered a bigger payment could be in the offing from the world’s No. 1 private equity firm or another suitor.

“It’s nice to get a bid, and now it’s about price discovery,” said John Ayoub, a portfolio manager at Wilson Asset Management, which has Crown shares.

“These stocks are trading at trough earnings and I wouldn’t be surprised to see further activity in the sector.” Continue reading “Article: Blackstone rolls the dice with $6.2 billion move on Australia’s Crown Resorts”

Article: FX collusion scandal reaches Australia, class action launched

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FX collusion scandal reaches Australia, class action launched

Byron Kaye, 27 May 2015

An Australian law firm filed a class action lawsuit on Monday against five major international investment banks accusing them of colluding to rig foreign exchange rates during 2008-2013 to jack up profits at the expense of businesses and investors.

The case involved some of the same banks caught up in similar currency market scandals in Europe and the United States.

UBS AG, Barclays Bank Plc, Citigroup Inc, Royal Bank of Scotland Group Plc and JP Morgan AG are accused, according to Australian court documents, of colluding to increase the price clients paid for certain investment products in order to fix exchange rates at more costly levels. Continue reading “Article: FX collusion scandal reaches Australia, class action launched”

Article: Gangster State America. “Naked Short” in the Gold Market

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Gangster State America. “Naked Short” in the Gold Market

Dr. Paul Craig Roberts

Global Research, 13 May 2013

There are many signs of gangster state America. One is the collusion between federal authorities and banksters in a criminal conspiracy to rig the markets for gold and silver.

My explanation that the sudden appearance of an unprecedented 400 ton short sale of gold on the COMEX in April was a manipulation designed to protect the dollar from the Federal Reserve’s quantitative easing policy has found acceptance among gold investors and hedge fund managers.

The sale was a naked short. The seller had no gold to sell. COMEX reported having gold only equal to about half of the short sale in its vaults, and not all of that was available for delivery. No one but the Federal Reserve could have placed such an order, and the order came from one of the Fed’s bullion banks, one of the entities “too big to fail.”

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