Posts Tagged ‘derivatives losses’

Italy Seizes Bank of America Assets In Derivatives Fraud Probe

Italy Seizes Bank of America Assets In Derivatives Fraud Probe

Courtesy of Jesse’s Café Américain

Bank Of America Reports Quarterly Earnings

"more than 519 municipalities that face 990 million euros in derivatives losses"

As the quote indicates, its a big problem, and Bank of America is not the only bank involved. But they are a big player, and actively using derivatives to ‘rip customer’s faces off’ as they saying goes.

Why does this happen? Bank of America just announced they will be paying, on average, a $400,000 bonus per employee for this year past. Any fines or penalities that are incurred from offenses are treated as a cost of doing business.

Crime does pay in the short term. Especially if you can buy off the government and co-op the regulators of a major developed nation. When someone succumbs to fraud, there is a tendency to blame the victim. The purpose of the law is to protect the weak. Perhaps they could have been more vigilant, but this in no way diminishes the guilt of the perpetrator, and the likelihood that this is something they have been doing in many places over a period of time, with a growing level of sophistication.

People argue that if a nation sets rules for banks, they will just move offshore and keep doing business in any way that they please. This is intended to undermine any reforms and the rule of law.

It is possible to ban a company from doing business in your nation if it engages in unlawful practices. As noted here previously, Citi was engaging in trading practices in Europe and Japan that put them on the receiving end of bans for fraud.

Globalization is used as a rationale for stripping nations of their sovereign rights, and the people from their ability to rule and protect themselves in accord with their own beliefs and preferences.

Why people accept this nonsense when it applies to the financial sector is amazing. Well perhaps not, given the force of a steady propaganda that has been promoting it for the past twenty years.

The truth is ugly when you see it in plain black and white. The US is a relative safe haven for multinational corporations that engage in various forms of fraud and market manipulation around the world, like modern day privateers. It appears unable…
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Zero Hedge

Does Anyone Else Find This Ironic?

Courtesy of ZeroHedge View original post here.

Authored by Simon Black via SovereignMan.com,

Does anyone else find this ironic?

In the age of #MeToo and BLM, the most ‘woke’ political party in the Land of the Free ha...



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Phil's Favorites

Trump's attempts to ban TikTok and other Chinese tech undermine global democracy

 

Trump's attempts to ban TikTok and other Chinese tech undermine global democracy

Banning TikTok in the United States poses a threat to global democracy. (Shutterstock)

Courtesy of Philip Mai, Ryerson University

The Trump administration aims to purge Chinese tech companies from the United States, and that has consequences for all of us.

U.S. President Donald Trump and his administration recently issued three new national security measures: an expansion of the State Department’s Clean Network initiative and two executive orders. The Clean Network initiative forbids the use of Chinese tech in the U.S. telecom ...



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Biotech/COVID-19

Up to 204,691 extra deaths in the US so far in this pandemic year

 

Up to 204,691 extra deaths in the US so far in this pandemic year

The pandemic leaves its mark in the number of lives ended. Ben Hasty/MediaNews Group/Reading Eagle via Getty Images

Courtesy of Ronald D. Fricker Jr., Virginia Tech

The Conversation, ...



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ValueWalk

Peter Schiff Expands Offering to Include Gold Chains in Hopes That Gen Z Will Buy Them

By Jacob Wolinsky. Originally published at ValueWalk.

With precious metals making a massive resurgence in the past month, namely gold, Peter Schiff hopes to capitalize on the ostentatious nature of Gen Z, with their endearment for overpriced clothes and name brands. Schiff Gold is reported to start offering 18k cuban links, bracelets, and other various wearable accouterments.

Q2 2020 hedge fund letters, conferences and more

“These kids need to understand that while they can personally invest in themselves by being dripp...



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Kimble Charting Solutions

History Says Gold Correction Could Lead to Big Rally!

Courtesy of Chris Kimble

Over a decade ago, Gold rallied past its 1980 highs and over $1000/oz at (1) on today’s chart.

That rise to new highs was met with a 30 percent correction at (2), followed by a blast off rally to new highs.

Is gold setting up for a repeat of its past?

Gold recently rallied past its 2011 highs and above $2000/oz. Could Gold soon turn lower for a sharp correction before another blast off toward $3000?

If so, Gold bulls should look for a pullback, before blasting higher. Stay tuned!

This article was first written fo...



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The Technical Traders

Adaptive Fibonacci Price Modeling System Suggests Market Peak May Be Near

Courtesy of Technical Traders

Our Adaptive Fibonacci Price Modeling system is suggesting a moderate price peak may be already setting up in the NASDAQ while the Dow Jones, S&P500, and Transportation Index continue to rally beyond the projected Fibonacci Price Expansion Levels.  This indicates that capital may be shifting away from the already lofty Technology sector and into Basic Materials, Financials, Energy, Consumer Staples, Utilities, as well as other sectors.

This type of a structural market shift indicates a move away from speculation and towards Blue Chip returns. It suggests traders and investors are expecting the US consumer to come back strong (or at least hold up the market at...



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Chart School

Silver Big Channel

Courtesy of Read the Ticker

Big channels are the sand pit of price action. Lets review some big trends of these past months.


GLD
- Moving higher to upper solid red line channel


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XAU
- Ready to pause, or simply explode.



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SILVER
- Ready to pause, or simply explode.


Click for popup. Clear your browser cache if image i...



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Digital Currencies

Raoul Pal: "It May Not Be Worth Owning Any Asset Other Than Bitcoin"

Courtesy of ZeroHedge View original post here.

Authored by Turner Wright via CoinTelegraph.com,

Raoul Pal, CEO and founder of Real Vision, says Bitcoin may soon become his only asset for long-term investments.

image courtesy of CoinTelegraph ...



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Lee's Free Thinking

Texas, Florida, Arizona, Georgia - The Branch COVIDIANS Are Still Burning Down the House

 

Texas, Florida, Arizona, Georgia – The Branch COVIDIANS Are Still Burning Down the House

Courtesy of Lee Adler, WallStreetExaminer 

The numbers of new cases in some of the hardest hit COVID19 states have started to plateau, or even decline, over the past few days. A few pundits have noted it and concluded that it was a hopeful sign. 

Is it real or is something else going on? Like a restriction in the numbers of tests, or simply the inability to test enough, or are some people simply giving up on getting tested? Because as we all know from our dear leader, the less testing, the less...



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Members' Corner

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

 

Coronavirus, 'Plandemic' and the seven traits of conspiratorial thinking

No matter the details of the plot, conspiracy theories follow common patterns of thought. Ranta Images/iStock/Getty Images Plus

Courtesy of John Cook, George Mason University; Sander van der Linden, University of Cambridge; Stephan Lewandowsky...



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Insider Scoop

Economic Data Scheduled For Friday

Courtesy of Benzinga

  • Data on nonfarm payrolls and unemployment rate for March will be released at 8:30 a.m. ET.
  • US Services Purchasing Managers' Index for March is scheduled for release at 9:45 a.m. ET.
  • The ISM's non-manufacturing index for March will be released at 10:00 a.m. ET.
  • The Baker Hughes North American rig count report for the latest week is scheduled for release at 1:00 p.m. ET.
...

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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Philip R. Davis is a founder Phil's Stock World, a stock and options trading site that teaches the art of options trading to newcomers and devises advanced strategies for expert traders...

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