DOJ Casts the FCPA Spotlight on Brazil-Related Enforcement
Kevin Roberts, Lex Urban, Duncan Grieve, Stephen Weiss, 12 June 2021
On May 25, 2021, the U.S. Department of Justice (“DOJ”) unsealed an indictment charging two Austrian citizens, Peter Weinzierl (“Weinzierl”) and Alexander Waldstein (“Waldstein”), for their roles in a scheme to launder hundreds of millions of dollars through the U.S. financial system on behalf of the Brazilian construction conglomerate, Odebrecht S.A. (“Odebrecht”). The indictment alleges that Weinzierl and Waldstein helped Odebrecht funnel money to offshore accounts to pay bribes to government officials in Brazil, Panama, and Mexico. The announcement was timed to coincide with the arrest of Weinzierl in the United Kingdom; however, Waldstein remains at large.
This enforcement action is notable for a number of reasons:
(1) DOJ has used U.S. money laundering statutes to charge Weinzierl and Waldstein with bribery-related misconduct because both individuals likely fall outside of the ambit of the Foreign Corrupt Practices Act (“FCPA”); Continue reading “Article: DOJ Casts the FCPA Spotlight on Brazil-Related Enforcement”
A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain
Jeff John Roberts, 27 March 2021
This time it’s different.
For years, Bitcoin companies have been banging on the SEC’s door in hopes of launching a Bitcoin ETF—only to have the agency reply with a hard no. But now one of the companies at the door is the mighty Fidelity Investments, and that’s likely to be a game changer.
In case you missed it, the Boston-based financial giant dropped paperwork this week to create an ETF (exchange-traded fund) called the Wise Origin Bitcoin Trust—a name some say is derived from the Japanese kanji for Satoshi Nakamoto. If approved, Fidelity’s Bitcoin fund would be traded as shares on public stock exchanges alongside the company’s other ETFs dedicated to bonds, blue-chip stocks and other assets.
If this comes to pass, it would be a huge win not just for Fidelity but for everyone who owns Bitcoin. The approval of a Bitcoin ETF would add another sheen of legitimacy to cryptocurrency and, more importantly, it would lead to a flood of new investment from both retail and institutional clients. All of this would likely cause the price of Bitcoin to moon, as they say. Continue reading “Article: A Fidelity Bitcoin ETF Would Be Everyone’s Gain—But Grayscale’s Pain”
Hamilton Evans “Tony” James (born February 3, 1951) is an American billionaire businessman, and the executive vice chairman of The Blackstone Group, a New York-based global asset management firm, having previously been president and chief operating officer. James has been chairman of Costco since August 2017.
In 1975, James joined investment bank Donaldson, Lufkin & Jenrette and became head of its global M&A group in 1982. He founded DLJ Merchant Banking, Inc in 1985. In 1995, James was appointed chairman of the firm’s banking group, a position he held when DLJ was acquired in 2000 by Credit Suisse First Boston, and was a member of its board of directors. At CSFB, James served on the executive board and as chairman of global investment banking and private equity. A 2007 Wall Street Journal article credited James with leading the acquisition process, on behalf of DLJ. Continue reading “Subject: Hamilton E. James”
How to Break the Kneecaps of Wall Street Sociopaths Before It’s too Late: Ferdinand Pecora Revisited
Matt Ehret, SubStack, 18 February 2021
If America and the western order is to somehow find its moral fitness to survive and if a world war is to be avoided in the coming near-term future, then certain fundamental banking reforms will be needed. Among the most important of these reforms will be a breaking up of banking activities into two categories under a renewal of the Glass-Steagall bank reform which was repealed by Bill Clinton in 1999. These two categories would include: 1) speculative trash and illegitimate usury which must be “deleted” under a debt jubilee and 2) legitimate savings and other useful commercial banking activities tied to “real” values without which society couldn’t sustain itself.
Faced with these revelations, The Nation magazine famously reported “If you steal $25, you’re a thief. If you steal $250 000, you’re an embezzler. If you steal $2.5 million, you’re a financier.”
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Comment: The House of Morgan was a British operation. The UK is the main enemy of the USA. Rothschilds/Israel/Vatican as well. Time everyone got this.
‘Global Trade’ Super Bowl XX: U.S. Can’t Manufacture A Win Over China
Ken Roberts, 05 February 2021
Let’s think about President Biden’s strategy on China this way.
It’s early Sunday evening. Tampa Bay quarterback Tom Brady is standing over his center, preparing to take his first snap at the start of Super Bowl LV.
As he barks his signals and glances left to right, right to left, into his vision comes a sea of more than 40 Kansas City Chief defenders scattered across the line of scrimmage rather than the customary 11. Continue reading “Article: ‘Global Trade’ Super Bowl XX: U.S. Can’t Manufacture A Win Over China”
Testimony Concerning The Involvement of Organized Crime on Wall Street
Richard H. Walker, 13 September 2019
The government has charged affiliates of organized crime families with securities law violations in several recent cases. While any unlawful activity by organized crime on Wall Street is cause for concern, the Commission believes such activity to be limited and not a threat to the overall integrity of our nation’s securities markets. The Commission’s experience shows that the activities of organized crime have been confined to the “microcap” securities market1 and taint only a small fraction of that sector. Moreover, through joint prosecutions with various United States Attorney’s Offices and state and local prosecutors, as well as the adoption of regulatory initiatives designed to safeguard the microcap market, the Commission has made significant strides in curtailing organized crime activity on Wall Street. Continue reading “Article: Testimony Concerning The Involvement of Organized Crime on Wall Street”
Supreme Court Decides Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning
Chuck Webber, Jeffrey P. Justman, James G. Martignon, 05 May 2016
On May 16, 2016, the Supreme Court of the United States decided Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning, No. 14-1132, holding that that the “arising under” test for federal-question jurisdiction under 28 U.S.C. § 1331 determines whether federal courts have exclusive jurisdiction under section 27 of the Securities Exchange Act of 1934 (the “Exchange Act”) of lawsuits to enforce liabilities or duties created by that Act. (The Court did not address the portion of section 27 that gives federal courts exclusive jurisdiction of “violations of this chapter or the rules and regulations thereunder” with respect to criminal and regulatory enforcement actions.)
Greg Manning owned stock in Escala Group, Inc., a company traded on the NASDAQ. Between 2006 and 2007, Escala’s share price plummeted and Manning lost most of his investment. Manning blamed Merrill Lynch and other financial institutions for devaluing Escala during that period through “naked short sales” of its stock, under which one borrows stock from a broker and sells it to a buyer on the open market, but never delivers the shares back to the buyer. “Naked” short sales of stock may be designed to drive down a company’s stock price, and are accordingly regulated by Regulation SHO. Continue reading “Article: Supreme Court Decides Merrill Lynch, Pierce, Fenner & Smith Inc. v. Manning”
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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