Article: SD cattle producer asks U.S. senators for ‘level playing field’ in testimony

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SD cattle producer asks U.S. senators for ‘level playing field’ in testimony

Carter Woodiel, 24 June 2021

STURGIS, S.D. (KBHB) – The Senate Ag Committee held a hearing Wednesday to discuss the issue of cattle market manipulation and anti-competitive practices by the meat packers.

South Dakota Senator John Thune was among those chairing the meeting and hearing input from witnesses – including Justin Tupper – cattle producer and manager of St Onge Livestock Auction.

Tupper testified there is a crisis in rural America. Continue reading “Article: SD cattle producer asks U.S. senators for ‘level playing field’ in testimony”

Article: How the GameStop Hustle Worked

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How the GameStop Hustle Worked

Lucy Komisar, 22 June 2021

I have written previously for the Prospect about the frenzy over GameStop (GME), the video game and electronics company. By now, you know the story. Millions of retail investors made the stock soar by over 1,000 percent in January 2021. This brought disaster upon a handful of hedge funds that had bet on GameStop’s stock to drop. According to Markets Insider, one analyst estimated losses in February of roughly $19 billion. The hedge fund Melvin Capital reportedly closed out its position after taking a drubbing of 51 percent. Another fund, Maplelane, lost 40 percent.

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Article: Why Crime Could Kill Crypto

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Why Crime Could Kill Crypto

Justin Lahart and Telis Demos, 18 June 2021

The strongest argument against cryptocurrencies used to be that they had yet to show they were much good for anything. Now the strongest argument against them may be that they have become far too good at one thing: enabling crime.

Not long after the first of the private digital currencies, bitcoin, launched in 2009, crooks recognized its appeal. While law enforcement is proving increasingly adept at tracking bitcoin transactions and at times seizing ill-gotten money, the ability to make digital payments without financial intermediaries has facilitated activities such as the selling of illegal goods and services online and money laundering. In a 2019 paper, researchers Sean Foley, Jonathan Karlsen and Tālis Putniņš estimated that 46% of bitcoin transactions conducted between January 2009 and April 2017 were for illegal activity. Continue reading “Article: Why Crime Could Kill Crypto”

Article: Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion

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Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion

GILES KYSER , 18 June 2021

The U.S. public health system is part of our country’s center of gravity: a critical sustaining element of our society and a comparative advantage that sets us apart from—and supports—other parts of the world. But our system is not without its challenges. We witnessed during the COVID-19 pandemic how a vulnerable healthcare system exposes our communities to a cascading set of problems, highlighting just how important it is to strengthen our public health infrastructure. Continue reading “Article: Stop Relying on China. We Need to Start Manufacturing PPE Here in the U.S. | Opinion”

Article: China’s Price Controls Won’t Crash a Booming Metals Market

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China’s Price Controls Won’t Crash a Booming Metals Market

David Fickling, 17 June 2021

China’s government is on a campaign to rein in prices for industrial metals. If it wants the plan to work, it needs to address the cause, not the symptoms.

State-owned companies have been ordered to control their risks and limit exposure to overseas commodities markets, people with knowledge of the matter told Bloomberg News this week. Government stockpiles of copper, aluminum and zinc will also soon be released to fabricators and manufacturers, a measure that could be expected to reduce prices. Continue reading “Article: China’s Price Controls Won’t Crash a Booming Metals Market”

Article: MindGeek Execs and Owners — Along With Visa and Colbeck Capital — Hit With U.S. Lawsuit

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MindGeek Execs and Owners — Along With Visa and Colbeck Capital — Hit With U.S. Lawsuit

Michelle Celarier, 17 June 2021

Thirty-four women who claim they are victims of Pornhub filed a federal racketeering lawsuit against the company’s secretive Canadian parent, MindGeek; its owners and executives; Visa, which processes payments for the porn site; and hedge fund Colbeck Capital, which underwrote a debt financing for the company.

“MindGeek is a classic criminal enterprise run, according to those who know it best, ‘just like the Sopranos,’” according to the complaint, written by Mike Bowe, partner at Brown Rudnick, who is representing the plaintiffs in the case. Continue reading “Article: MindGeek Execs and Owners — Along With Visa and Colbeck Capital — Hit With U.S. Lawsuit”

Article: 2 Indian-Americans among six charged in Silicon Valley insider trading ring

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2 Indian-Americans among six charged in Silicon Valley insider trading ring

The Tribune, 16 June 2021

Two Indian-Americans were among six members of a Silicon Valley trading ring against which the US’ Securities and Exchange Commission has slapped charges for generating nearly USD 1.7 million in illegal profits by trading on the confidential earnings information of two local technology companies.

According to the SEC complaint on Tuesday, Nathaniel Brown, 49, who served as the revenue recognition manager for Infinera Corporation, repeatedly tipped Infinera’s unannounced quarterly earnings and financial performance to his best friend, Benjamin Wylam, 42, from April 2016 until Brown left the company in November 2017. Continue reading “Article: 2 Indian-Americans among six charged in Silicon Valley insider trading ring”

Article: Assets recovered from Tom Petters Ponzi scheme reach $722 million

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Assets recovered from Tom Petters Ponzi scheme reach $722 million

Dana Thiede, 15 June 2021

MINNEAPOLIS — A bankruptcy trustee’s search to recover assets linked to one of the largest financial crimes in Minnesota’s history has netted $722 million.

Doug Kelley says his work to collect assets from Tom Petters’ $1.9 billion Ponzi scheme is nearly done, 13 years after the search began.

Petters, now 63, was indicted in 2008 on multiple counts of mail fraud, wire fraud, money laundering and conspiracy for operating a scheme which spanned 26 countries, including the the Cayman Islands, Germany and Switzerland. Continue reading “Article: Assets recovered from Tom Petters Ponzi scheme reach $722 million”

Article: True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

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True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021

Omar Faridi, 15 June 2021

LexisNexis Risk Solutions, a global data and analytics firm, has published its annual True Cost of Financial Crime Compliance Global Report.

The results shared in the new report have been prepared after conducting an extensive survey of 1,015 financial crime compliance decision-makers at established financial institutions such as banks, investment companies, funds managers, and insurers. Continue reading “Article: True Cost of Financial Crime Compliance Global Report Reveals that Costs Reached $213.9 Billion in 2021”

Article: U.S. Futures Gain, Bond Rally Pauses as Fed Eyed: Markets Wrap

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U.S. Futures Gain, Bond Rally Pauses as Fed Eyed: Markets Wrap

Cecile Gutscher and Joanna Ossinger, 14 June 2021

U.S. equity futures and stocks posted modest gains Monday as investors prepared for a key Federal Reserve meeting later in the week. The rally in bond markets lost steam.

S&P 500 futures signaled the gauge was poised to add to Friday’s fresh record. An advance in European equities was led by shares in energy firms. The Treasury 10-year yield rose to 1.46% after hitting three-month lows on Thursday amid the biggest weekly slide since December. French and German government bond peers also reversed course with yields turning higher. Continue reading “Article: U.S. Futures Gain, Bond Rally Pauses as Fed Eyed: Markets Wrap”

Article: United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest

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United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest

Wilmer Hale, 14 June 2021

On June 3, 2021, President Biden issued a National Security Memorandum establishing the fight against corruption both at home and abroad as a core United States national security interest and directing the development of a 200-day interagency review designed to culminate in a report and recommendations on how the United States government and its partners can better combat corruption, enhance transparency in the global financial system and promote good governance. When combined with the anti-money laundering (AML) legislation that entered into force with the January 2021 bipartisan passage of the National Defense Authorization Act for Fiscal Year 2021 (NDAA)1- the most significant reforms to US AML laws since the 2001 adoption of the USA PATRIOT Act-and a review of sanctions policy conducted by the Treasury Department, the Memorandum may lead to a heightened focus on illicit financial activity and corruption and may ultimately result in additional resources being allocated to anti-corruption and AML enforcement.

A. Overview of the Memorandum
Defining the need to “counter[] corruption” as a “core United States national security interest,” President Biden advances a multifaceted policy initiative that rests on three key pillars: promoting good governance, ensuring transparency in global financial systems, and combating and preventing corruption. We can expect more detail on President Biden’s anti-corruption strategy with the publication of the Interagency Report after 200 days. President Biden’s focus on promoting good governance, increasing transparency and reducing impunity centers on the following themes: Continue reading “Article: United States: Biden: The Fight Against Foreign And Transnational Corruption Is A National Security Interest”

Article: Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says

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Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says

Shalini Nagarajan, 13 June 2021

Many people think bitcoin transactions can be anonymous or untraceable, but they’re misunderstanding how the process works, Ben Weiss, CEO of crypto ATM operator CoinFlip, said at a webinar on digital assets this week.

“It’s not anonymous. It’s pseudo-anonymous. You can’t buy any large amount of bitcoin without KYC or ID or driver’s licenses,” he said, referring to “know your customer” and similar identification checks. Continue reading “Article: Bitcoin anonymity is just a big myth – and using it to launder dirty money is stupid, a crypto ATM chief says”

Article: Corporate Welfare Props Up the Billionaire Class

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Corporate Welfare Props Up the Billionaire Class

GRACE BLAKELEY, 13 June 2021

Last year, during the peak of the global pandemic, the world created more than seven hundred new billionaires. In the year since, another five hundred have been created — but the total wealth on the Forbes list has increased from $5 trillion to $13 trillion, the largest increase ever recorded in any one-year period. China topped the list for the highest number of new billionaires, with the United States coming in second.

Meanwhile, global GDP shrank by 3.3 percent in 2020 and unemployment rates are around 1.5 percentage points higher than they were before the pandemic in most economies. This doesn’t simply raise moral questions about the distribution of wealth during a pandemic — it requires us to ask exactly how those at the top are doing so well while demand in the global economy is so subdued. Continue reading “Article: Corporate Welfare Props Up the Billionaire Class”

Article: VW data leak in North America – over 3.3 million customers affected

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VW data leak in North America – over 3.3 million customers affected

MRT, 12 June 2021

New trouble for Volkswagen in North America: Due to a breakdown at a business partner, the data of more than 3.3 million people was unsecured on the Internet for over a year. According to current knowledge, VW is assuming that customers and prospective buyers of the Audi subsidiary will be affected, a company spokesman said on Friday. Previously, the US blog TechCrunch reported on the data leak and published a letter to customers and a corresponding letter from a lawyer.

U.S. social security and bank account numbers Continue reading “Article: VW data leak in North America – over 3.3 million customers affected”

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