Article: The Reddit revolt: GameStop and the impact of social media on institutional investors

Article - Media, Publications

The Reddit revolt: GameStop and the impact of social media on institutional investors

Annabel Smith, 13 April 2021

The Reddit revolution in the US has drawn attention to the potential power that a growing force of retail investors can wield in stock markets when equipped by social media.

Amateur investors have increasingly engaged with retail platforms in the last year, partly due to the pandemic leaving them idol at home, but also due to the newfound onslaught of information through social media and access to the market through retail brokerages and platforms such as Robinhood. Continue reading “Article: The Reddit revolt: GameStop and the impact of social media on institutional investors”

Article: What the FBI wants you to know about elder fraud schemes following arrest of ‘Real Housewives’ star

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What the FBI wants you to know about elder fraud schemes following arrest of ‘Real Housewives’ star

Erin Coulehan, 31 March 2021

EL PASO, Texas (KTSM) — It might look like the women from Bravo’s “Real Housewives” franchises have it all, but a recent arrest of one star is shedding light on criminal schemes across the country.

The FBI El Paso is warning Borderland residents to beware of elder fraud that targets people over the age of 60 to give their money to scammers seeking to defraud the elderly population.

On Tuesday, “Real Housewife of Salt Lake City” star Jen Shah and her first assistant, Stuart Smith, were arrested and indicted for defrauding elder and tech-illiterate adults using telemarketing schemes, like disrupting and annoying robocalls that many cellphone users regularly receive. Continue reading “Article: What the FBI wants you to know about elder fraud schemes following arrest of ‘Real Housewives’ star”

Article: Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

Article - Media

Senator Ossoff Drops a Bombshell: “The 12 or 13 Largest Banks” Got the Trillions from the Fed’s Repo Loans Last Year

Pam Martens and Russ Martens: March 3, 2021 ~ Wall Street on Parade

“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.”

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Article: The Manipulative, Little Known Billionaire Who Nearly Ruined The Country’s Richest Black Person

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The Manipulative, Little Known Billionaire Who Nearly Ruined The Country’s Richest Black Person

Christopher Helman, 05 February 2021

Ever since Ford Motor Company began selling its Model T in 1908, few pieces of technology have been as important to car dealer profit margins as the DocuPad.

The 45-by-29-inch flat screen sits atop a salesman’s desk, giving him the ability to quickly coax customers through what would normally be mountains of paperwork. By enabling car buyers to check boxes with a stylus and sign contracts on the interactive screen, the DocuPad takes the friction out of a car salesman’s stock in trade—the upsell. Continue reading “Article: The Manipulative, Little Known Billionaire Who Nearly Ruined The Country’s Richest Black Person”

Article: Swiss central bank chief rejects ‘currency manipulator’ label from the U.S.

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Swiss central bank chief rejects ‘currency manipulator’ label from the U.S.

Elliot Smith, 17 December 2020

LONDON — Swiss National Bank President Thomas Jordan has rejected a U.S. decision to label Switzerland a “currency manipulator.”

The U.S. Treasury on Wednesday added Switzerland to a list of nations it suspects of deliberately devaluing their currencies against the dollar.

Jordan told CNBC on Thursday that neither the SNB nor Switzerland itself has artificially manipulated the value of the Swiss franc.

“Our monetary policy is necessary, it is legitimate, and we have a very low inflation rate — it is even negative at this moment — so we have to fight this deflation, and the Swiss franc is very strong, so it appreciated in nominal terms over the last 12 years enormously, both vis-a-vis the euro and vis-a-vis the U.S. dollar,” he said. Continue reading “Article: Swiss central bank chief rejects ‘currency manipulator’ label from the U.S.”

Article: Why Nano-X Imaging Stock Continues to Surge

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Why Nano-X Imaging Stock Continues to Surge

Rich Smith, 02 December 2020

Shares of Nano-X Imaging (NASDAQ: NNOX), the Israeli X-ray machine maker with the novel business idea of giving its products away for free (and then taking a cut of the revenue when doctors use the machines to take X-rays), is back in investors’ favor again. Over the past 10 days, shares of Nano-X have surged 79% — including a big 7% jump today as of 2:20 p.m. EST.

Why is Nano-X doing so well today? To learn the answer, you first have to go back in time a couple of months to mid-September, when Citron Research published a report branding Nano-X as “Theranos 2.0” and a company that not only “has never published any data showing their machine’s images compared to images from a standard CT scanner,” but has actually never even showed investors that it has a machine at all.

These and similar accusations from the short-seller devastated Nano-X’s stock over the summer, but on Thursday starting at 11:30 a.m. EST, Nano-X will attempt to refute all of the above by hosting “a live demonstration that will showcase the Nanox digital x-ray source tube and a range of 2D and 3D imaging applications performed by the Nanox.ARC at the 2020 Radiology Society of North America Virtual Annual Meeting.”

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Media: Larry Smith

Media

Larry Smith spent the first 25 years of his career working on Wall Street as an analyst with a primary focus on biotechnology and pharmaceutical stocks, as well as many other industries. He spent the majority of this time with Smith Barney and Hambrecht & Quist and was Executive Vice President, Director of Equities and Fixed Income Research, Chairman of the Investment Policy Committee, a member of the Board of Directors, on the Operating Committee and on the Commitment Committee. At Hambrecht & Quist, he was a Managing Director, Manager of Life Sciences Research, on the Operating Committee, on the Commitment Committee and was also Chairman of Annual H&Q Life Sciences Conference for six years.  In 2003, Smith founded DLS Research, LLC, a subscription research firm. Smith received a B.S. in Mechanical Engineering from Purdue University, an M.S. in Mechanical Engineering from Stanford University and an MBA from Columbia University.

Subject: Gordon Smith

Subject of Interest

Gordon Smith became Co-President and Chief Operating Officer of JPMorgan Chase in 2018. He is also the CEO of Consumer & Community Banking. Smith joined Chase in 2007. He served first as CEO of Card and then of the Card, Merchant Services and Auto Finance businesses before taking over Consumer & Community Banking in 2012. Before joining Chase, he spent more than 25 years at American Express. From 2005 until 2007, he was President of the Global Commercial Card business. Smith holds a master’s degree from the Thunderbird School of Global Management.

Biography

JP Morgan 

Subject: Jeffrey G. Smith

Subject of Interest

Jeffrey G. Smith is a partner at Wolf Haldenstein. He graduated from Dutchess Community College (A. A. 1972), Vassar College (A.B. 1974), Princeton University (M.P.A. 1977), and Yale Law School (J.D. 1978). His practice areas include: Child Victims Act, U.S. Securities Litigation, Wage & Hour, Consumer Protection, and Civil Rights. His bar admissions are: States of New York and California, U.S. District Courts for the Southern and Eastern Districts of New York, Southern, Central and Northern Districts of California, District of Colorado, District of Nebraska, U.S. Courts of Appeals for the Second, Third, Fourth, Fifth, Sixth, Seventh, Eighth and Ninth Circuits, United States Tax Court, and Supreme Court of the United States.

Biography

Wolf Haldenstein Adler Freeman & Herz LLP

Subject: Tina Smith (D-MN)

Subject of Interest

U.S. Senator Tina Smith (D-MN) is a minority member of the US Senate Committee on Banking. She serves as United States Senator for Minnesota. She graduated from Stanford University and in 1984, earned an MBA from the Tuck School of Business at Dartmouth College. She’s served as Chief of Staff to both Minneapolis Mayor R.T. Rybak and Governor Mark Dayton. In 2014, Tina was elected to serve as Minnesota’s 48th Lieutenant Governor. Other Committee Assignments include: The Senate Committee on Health, Education, Labor, and Pensions, the Committee on Agriculture, Nutrition and Forestry, and the Senate Committee on Indian Affairs.

Biography

United States Senate Committee on Banking

Victim: Rick Smith

Victim - Individual

Rick Smith, founded Axon Enterprise (formerly TASER International) in 1993. As the TASER device became ubiquitous in law enforcement, Smith pushed the company beyond weapons technology and toward a broader purpose of using hardware, software, and artificial intelligence to make the world a safer place. Smith graduated from Harvard with a BA in biology and later earned a master’s in international finance from the University of Leuven in Belgium and an MBA from the University of Chicago.

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Article: Racketeering Law Makes Its Return to Wall Street

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Racketeering Law Makes Its Return to Wall Street

Peter J. Henning

The New York Times 24 October 2019

Prosecutors have not brought a case under the Racketeer Influenced and Corrupt Organizations Act, or RICO, against Wall Street traders since the investment firm Princeton Newport Partners was indicted in the mid-1980s. The RICO charges filed recently against three traders at JPMorgan Chase indicate that prosecutors may be resurrecting the law to target white-collar defendants.

Prosecutors accused Michael Nowak, who was the head of precious metals trading at the bank, along with Gregg Smith and Christopher Jordan, of organizing the precious metals desk as a RICO enterprise to engage in “spoofing,” as well as wire and bank fraud in which JPMorgan and its customers were the victims

Spoofing,” which was made a crime by the Dodd-Frank Act, happens when traders are “bidding or offering with the intent to cancel the bid or offer before execution.”