Department of Justice, 07 May 2021

BOSTON – A New York man pleaded guilty today in federal court in Boston to heroin and fentanyl possession and distribution charges.

James De La Cruz, 30, pleaded guilty to one count of conspiracy to distribute and to possess with intent to distribute one kilogram or more of heroin and 400 grams or more of fentanyl and one count of possession with intent to distribute one kilogram or more of heroin and 400 grams or more of fentanyl. U.S. District Judge Richard G. Stearns scheduled sentencing for Oct. 6, 2021. Continue reading “Article: New York Man Pleads Guilty to Fentanyl and Heroin Trafficking”

Article: In Cramer We Trust

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In Cramer We Trust

HARRISON R. T. WARD, 24 March 2021

Without trust, markets break down. The U.S. dollar is a fiat currency, which means that its value is derived from the trust we ascribe to our government; as that trust wanes, Americans turn away from traditional financial institutions. During the 2008 financial crisis, many everyday Americans, unsure of who to trust, took their money out of banks en masse. Large commercial banks began to fail; by 2012, almost 450 banks had collapsed. Today, deep into a historic pandemic and recession marked by political division, Americans’ trust is waning again.

On Jan. 27, a group of amateur traders helped push the stock of struggling video game retailer Gamestop to a price of $347 per share. Alarmed, financial experts took to the air to warn against what Alan Greenspan, former chair of the Federal Reserve, calls “irrational exuberance” — an unreasonable, optimistic view that the market will keep rising. Jim J. Cramer ’77, host of CNBC’s finance show “Mad Money,” was of those exasperated experts — “People begin to think, ‘Are prices real?’” he exclaimed on the air. Continue reading “Article: In Cramer We Trust”

03/02/201003/02/2021

Article: LARRY FINK’S $12 TRILLION SHADOW

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LARRY FINK’S $12 TRILLION SHADOW

SUZANNA ANDREWS, 02 March 2010

Though few Americans know his name, Larry Fink may be the most powerful man in the post-bailout economy. His giant BlackRock money-management firm controls or monitors more than $12 trillion worldwide—including the balance sheets of Fannie Mae and Freddie Mac, and the toxic A.I.G. and Bear Stearns assets taken over by the U.S. government last year. How did Fink rebound from a humiliating failure to become the financial fulcrum of Washington and Wall Street? Through a series of interviews, the author probes his role in the crisis, his unique risk-assessment system, and the growing concern he inspires. Continue reading “Article: LARRY FINK’S $12 TRILLION SHADOW”

07/15/200803/05/2021

Article: SEC to limit shorting of Fannie, Freddie, brokers

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SEC to limit shorting of Fannie, Freddie, brokers

SAN FRANCISCO (MarketWatch) — The Securities and Exchange Commission said Tuesday that it will try to limit so-called “naked” short selling of shares in Fannie Mae, Freddie Mac and big brokerage firms.

The SEC will issue an emergency order stating that all short sales of shares in these companies will be subject to a “pre-borrow” requirement, said Christopher Cox, chairman of the SEC. This will last for 30 days, he said. The SEC is also planning more rule-making focused on short selling in the broader market, Cox said.

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