Archegos Losses Top $10 Billion as UBS, Nomura Add to Damage
Margot Patrick and Quentin Webb, 27 April 2021
The battering to Wall Street banks from Archegos Capital Management topped $10 billion after UBS Group AG and Nomura Holdings, Inc. reported fresh hits caused by the fund’s collapse.
UBS, Switzerland’s biggest bank by assets, said it lost $774 million following Archegos’s implosion, a bigger hit than analysts expected, deepening the damage caused by the fund. Continue reading “Article: Archegos Losses Top $10 Billion as UBS, Nomura Add to Damage”
The Gamers’ Uprising Against Wall Street Has Deep Populist Roots
Wall Street may own the country, as Kansas populist leader Mary Elizabeth Lease once declared, but a new generation of “retail” stock market traders is fighting back.
Ellen Brown, SheerPost, 10 February 2021
A short squeeze frenzy driven by a new generation of gamers captured financial headlines in recent weeks, centered on a struggling strip mall video game store called GameStop. The Internet and a year off in this shut down to study up have given a younger generation of investors the tools to compete in the market. Gerald Celente calls it the “Youth Revolution.” A group of New York Young Republicans who protested in the snow on January 31 called it “Re-occupy Wall Street.” Others have called it Occupy Wall Street 2.0.
Continue reading “Article: The Gamers’ Uprising Against Wall Street Has Deep Populist Roots”
Global Client Elgindy Slammed by US Attorney
Bud Burrell, Lee M. Webb
Street Wire cited by Sanity Check via Wayback, 4 March 2006
Amr (Anthony) Elgindy, a short selling fraudster who conducted many of his trades through Vancouver-based Global Securities Corp., deserves “a very substantial term of imprisonment,” according to Assistant United States Attorney John Nathanson. In fact, the U.S. government thinks Mr. Elgindy should be locked up for life.
Mr. Elgindy was arrested in May of 2002 and convicted on 11 counts of a 32-count indictment for racketeering, securities fraud and extortion last January. He is now scheduled to be sentenced on March 22.
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