Article: Steve Cohen’s enormous GameStop losses are his own fault

Article - Media, Publications

Steve Cohen’s enormous GameStop losses are his own fault

DENNIS YOUNG, 28 January 2021

For Mets fans hoping for a hard reset under new owner Steve Cohen, one of the richest men ever to buy an American sports team, this offseason has been depressingly familiar.

The team hasn’t splurged on any major free agents or extended any of its own young talent. They had to fire the GM for being outed as a serial sexual harasser just a month after he was hired. And, most alarmingly for the Mets’ competitive fortunes, Cohen has quickly lost a ton of money on an ill-advised investment. Point72, the $19 billion hedge fund owned and operated by Steve Cohen, is down 15% this year, according to the New York Times. Continue reading “Article: Steve Cohen’s enormous GameStop losses are his own fault”

Article: Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices

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Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices

Bloomberg, 26 September 2020

Prosecutors behind a sweeping US crackdown on market “spoofing” scored a big win on Friday when former Deutsche Bank traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices.

A federal jury in Chicago, after three days of deliberations, concluded Mr Chanu and Mr Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious metals prices. The week-long trial was the latest US prosecution of a “spoofing” case since the global market “flash crash” in 2010. Continue reading “Article: Former Deutsche Bank traders convicted of trying to manipulate gold and silver prices”

Article: Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial

Article - Media, Publications

Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial

Bloomberg, 26 September 2020

Prosecutors behind a sweeping U.S. crackdown on market “spoofing” scored a big win Friday when former Deutsche Bank AG traders Cedric Chanu and James Vorley were convicted of fraud for manipulating gold and silver prices.

A federal jury in Chicago, after three days of deliberations, concluded Chanu and Vorley made bogus trade orders between 2008 and 2013 to illegally influence precious-metals prices. The weeklong trial was the latest U.S. prosecution of a “spoofing” case since the global market “flash crash” in 2010. Continue reading “Article: Ex-Deutsche Bank Gold Traders Found Guilty in Spoofing Trial”

Article: BofA Merrill Lynch Branch in Seoul Fined for High-frequency Trading

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BofA Merrill Lynch Branch in Seoul Fined for High-frequency Trading

Yoon Young-sil

Business Korea, 17 July 2019

Korea Exchange (KRX) has decided to impose a 175 million won (US$148,495) fine on Bank of America Merrill Lynch’s South Korean unit for violating its trading rules. Merrill Lynch’s Seoul branch reportedly served as a trading channel for U.S.-based Citadel Securities and has been suspected of disrupting the market through high-frequency algorithm trading on the KOSDAQ market.

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Article: Naked Shorting Will Cause U.S. Exchange Exodus

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Naked Shorting Will Cause U.S. Exchange Exodus

Bud Burrell

Financial Wire, 5 August 2010

This week, an important online news service released an article that should send shockwaves into our public markets. In very curt form, the article chronicles the many abuses of U.S. public companies by short selling manipulators, particularly through naked short selling and regular and derivative based synthetic shorting. By implication, the article recites the sheer embarrassing ineffectiveness of our regulators, who are engaged in a pattern of systematic conflicts of interest with revolving doors that are a major disgrace to our own government.

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Web: The Death of a Thousand Cuts

Web

The Death of a Thousand Cuts

Bud Burrell

Sanity Check via Wayback, 2 February 2006

During my undergraduate studies, I read of an historical method of execution known as the Death of a Thousand Cuts. I have come to see that as a metaphor for how guerrilla wars (like ours) are won and lost.

Whether any of us have fully realized it or not, we have been engaged by an insidious enemy whose sole desire was to steal what was not theirs from others they viewed as their inferiors, rather than earn it legitimately. When a person was executed by the infliction of a thousand small cuts, the pain was enormous, eventually killing the subject by shock and loss of blood, but very, very slowly.

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Web: Rod Young, Eagletech CEO’s Open Letter on the Shorting Scandal, a Classic

Web

Rod Young, Eagletech CEO’s Open Letter on the Shorting Scandal, a Classic

Bud Burrell, Rod Young

Sanity Check via Wayback, 17 January 2006

Today, more than one month later, the records have not been forthcoming as ordered by the court. Instead, as First Deputy General Counsel for the DTCC, I believe you have undertaken a campaign to disseminate misinformation, lies, and half-truths when confronted with facts made public by your detractors.On March 5, 2005 one day after the announcement of the aforementioned court ruling, your interview @dtcc.com, entitled “Naked Short Selling and the Stock Borrow Program”, stated: “One of these companies has been cited for failing to file financial statements since 2001.” Congratulations! You did get one right. On February 15, 2005, the Securities and Exchange Commission deemed it necessary for the protection of investors to institute proceedings pursuant to Section 12(j) of the Securities Exchange Act of 1934 In the Matter of Eagletech Communications, Inc., Respondent.

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