Article: SEC Data Show $359 Million of GameStop Shares Failed to Deliver

Article - Media

SEC Data Show $359 Million of GameStop Shares Failed to Deliver

Brandon Kochkodin, Bloomberg, 17 February 2017

  • GameStop surged more than 1,700% before curbs were implemented
  • More than 2 million shares failed to deliver at peak of mania

“Fails-to-deliver can occur for a number of reasons on both long and short sales,” reads a disclaimer on the SEC website. “Therefore, fails-to-deliver are not necessarily the result of short selling, and are not evidence of abusive short selling or ‘naked’ short selling.”

Comment: The SEC is full of shit and a RICO organization complicit in Class A felonies enabled by the Department of Justice and the Senate Banking Committee. For the slow learners, start with the Cartoons.

Subject: Richard H. Clarida

Subject of Interest

Richard H. Clarida began a four-year term as Vice Chair of the Board of Governors of the Federal Reserve System on September 17, 2018, and took office as Board member to fill an unexpired term ending January 31, 2022. Prior to his appointment to the Board, Dr. Clarida served as the C. Lowell Harriss Professor of Economics and International Affairs at Columbia University, In addition to his academic experience, Dr. Clarida served as the Assistant Secretary of the U.S. Department of the Treasury for Economic Policy from February 2002 until May 2003.  Dr. Clarida also served on the Council of Economic Advisers under President Reagan. From 2006 to 2018, Dr. Clarida served as global strategic advisor with PIMCO and was promoted to managing director in 2015. Dr. Clarida is a member of the Council on Foreign Relations. Dr. Clarida received a BS in economics from the University of Illinois.


Board of Governors of the Federal Reserve System

Article: BlackRock, PIMCO said to plan new front in bank FX-rigging cases

Article - Media, Publications

BlackRock, PIMCO said to plan new front in bank FX-rigging cases

Bloomberg, 05 March 2017

Some of the world’s biggest investors are working with a U.S. law firm to prepare a fresh wave of litigation against banks accused of rigging foreign-exchange markets.

BlackRock, Pacific Investment Management Co. and hedge fund BlueCrest Capital Management are working with law firm Quinn Emanuel to recover losses they blame on the manipulation of currency benchmarks, according to two people familiar with the case, who asked not to be identified because nothing has been filed.

The target banks, including Barclays, Citigroup, HSBC Holdings, J.P. Morgan Chase, Royal Bank of Scotland Group and UBS Group, have been fined billions of dollars for conspiring to rig FX benchmarks. The firm, which will probably file lawsuits in London and New York, is trying to attract additional investors, the people said.

Quinn Emanuel’s clients will likely opt out of an existing New York class action over currency manipulation that won a total of about $2 billion in settlements from HSBC, Barclays, RBS, Goldman Sachs Group and others in 2015, according to people with knowledge of the firm’s strategy.

Opting out of the class action would allow large investors to seek higher settlements by pursuing a global strategy that includes the recovery of losses from London, where a significant portion of global trades are settled. The existing class action is limited to transactions that took place in New York.

The two law firms that are running the existing U.S. lawsuit, Hausfeld and Scott + Scott, won’t give up control of the case without a fight.

In an April 24 letter emailed to U.S. District Judge Lorna Schofield, lawyers complained that “certain unnamed law firms were sending false and misleading communications to class members to persuade them to opt out of the settlements,” the judge said in a court order Thursday. She set a May 12 deadline for the two firms to make a formal request as to what she should do in response.

Read Full Article

Article: Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages

Article - Media

Bank of America: Bondholders’ Naked Play for a “Do-Over” on Mortgages

Marion Maneker

CBS, 20 October 2010

Yesterday’s Bank of America (BAC) bond scare was an interesting reminder of just how much of a mess the foreclosure crisis really is. It may not be the same kind of swoon we experienced two years ago, but the vulnerabilities created by the shoddy mortgage origination and servicing industry will probably haunt the financial system for years to come — like war reparations.

It took a while for the financial world to sort out the meaning of the letter PIMCO, Blackstone and the New York Federal Reserve Bank sent to Bank of America yesterday asking that $47 billion in bonds be “put back” to the bank because of deficient servicing by Countrywide, the Bank of America subsidiary that originated the loans. The markets and the journalistic community can be forgiven for over-reacting.

Read full article.