A former trader at Bank of America Corp.’s Merrill Lynch unit told a federal jury in Chicago that he learned how to manipulate the price of precious metals from two more senior traders in the bank’s New York office, John Pacilio and Edward Bases.
Harnaik Lakhan said he used Merrill’s internal computer system to watch Pacilio and Bases, who are on trial for alleged spoofing, issue buy and sell orders they didn’t intend to be filled, pushing prices up or down to make it profitable for orders they wanted to execute. Lakhan, who agreed to cooperate with the government to avoid prosecution, said he began using the same techniques from his office in London.
New Mexico State Investment Council v Bank of America
Since 2005, the Wall Street banks that comprise the major dealers of credit default swaps (“CDS”) have been engaged in a conspiracy to manipulate the CDS “final auction price,” the benchmark price used to value all CDS contracts market-wide at settlement.
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.
“Nearly all the money went to too-big-to-fail institutions. For example, in one emergency lending program, the Fed put out $9 trillion and over two-thirds of the money went to just three institutions: Citigroup, Morgan Stanley and Merrill Lynch.
“Those loans were made available at rock bottom interest rates – in many cases under 1 percent.”
The problem with the modern economy, Byrne says, is that it rests on the whims of our government and our big banks, that each has the power to create money that’s backed by nothing but themselves. Thanks to what’s called fractional reserve banking, a bank can take in $10 in deposits, but then loan out $100. The government can make more dollars at any time, instantly reducing the currency’s value. Eventually, he says, laying down a classic libertarian metaphor, this “magic money tree” will come crashing down.
As delivered to POTUS, Patrick Byrne, Mike Flynn, & Sidney Powell. The Chief of Staff was not able to block this one.
FULL COLOR CARTOONS INCLUDED. Letter size for maximum effect. A collector’s item.
Wall Street has stolen over $100 trillion dollars from Main Street over the past fifteen years. They have also laundered over $100 trillion in dirty money from trafficking in children, drugs, and other contraband.
This means that there is $200 trillion in illicit wealth all of which is confiscatable by the President via civil and criminal forfeiture, without trial.
#MAGA is assured. This memorandum is worth $100 trillion to We the People. Share it broadly, please.