Posts Tagged ‘London’

Goldman Faces “Near Record Fine” In London

Goldman Faces "Near Record Fine" In London

Courtesy of JESSE’S CAFÉ AMÉRICAIN

Even this ‘near record fine’ is likely to be little more than a wrist slap, a manageable cost of doing business compared to the massive profits and bonuses obtained from such dealings.

It appears that financial regulations such as the Volcker rule are getting some traction with Goldman and their ilk, compelling them to spin off their proprietary trading desks to institutions that do not drink so directly from the subsidies of the Federal Reserve.

Still, regulation is not a set of rules, but a mindset to enforcement and investigation for the many, with no favoritism shown to the powerful few.

Financial fraud has been a major export from the US for the past ten years. As we have noted elsewhere, New York financial firms may find themselves persona non grata in many of the overseas markets, especially the sovereign financial asset markets, which they have abused repeatedly from their US and London centers.
 

Financial Times
Goldman now faces large fine in UK
By Megan Murphy and Brooke Masters in London
and Francesco Guerrera and Henny Sender in New York
September 8 2010 20:05

Goldman Sachs is facing a near-record fine from the UK’s financial regulator following a five-month investigation into the investment bank’s international business initiated in the wake of fraud charges against the company in the US.

The fine, which could be announced by the Financial Services Authority as early as Thursday morning, will deal a blow to Goldman’s efforts to put the high-profile fraud case behind it following the bank’s settlement with the US Securities and Exchange Commission probe in July for $550m.

The largest fine handed down by the UK regulator came three months ago, when JPMorgan paid a £33.3m for failing to keep client money in separate accounts.

Goldman, the world’s best-known investment bank, has seen its reputation tarnished in recent months as questions continue to swirl over whether it favoured the interests of some clients at the expense of others during the financial crisis.

The bank’s business model is also under pressure amid volatile markets and regulatory reforms that have forced it to shut some of its highly profitable “proprietary” trading operations.

On Wednesday it emerged that KKR, the private equity firm, is in early talks with individuals in Goldman


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You Don’t Mess With The LBMA – Assassination Attempt On Silver Market Manipulation Whistleblower?

You Don’t Mess With The LBMA – Assassination Attempt On Silver Market Manipulation Whistleblower?

Courtesy of Zero Hedge 

The latest development in Silvergate, in which whistleblower Andrew Maguire has exposed the manipulation details in the London commodity market, is straight out of a John Le Carre or Ian Flemming novel: an assassination attempt. From GATA:

London metals trader Andrew Maguire, who warned an investigator for the U.S. Commodity Futures Trading Commission in advance about a gold and silver market manipulation to be undertaken by traders for JPMorgan Chase in February and whose whistleblowing was publicized by GATA at Thursday’s CFTC hearing on metals futures trading was injured along with his wife the next day when their car was struck by a hit-and-run driver in the London area.

According to GATA’s contact with Maguire, board member Adrian Douglas, Maguire and his wife were admitted to a hospital overnight and released today and are expected to recover fully.

Maguire told Douglas by telephone today that his car was struck by a car careening out of a side road. When a pedestrian who witnessed the crash tried to block the other driver’s escape, the other driver accelerated at the pedestrian, causing him to jump out of the way to avoid being hit. The other driver’s car then struck two other cars in escaping. But the other driver was caught by police after a chase in which police helicopters were summoned.

We’ll convey more information about the incident as it becomes available.

We are in process of corroborating this story with independent sources. It will be interesting to see what information the escapee driver discloses and whether this was just a case of a little extra fish and chips and extra, extra beer. In the meantime, the battle against the big banks and the LBMA might have just gotten a little more personal.

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See also: Markopolos: Madoff’s Mob Ties Made Me Fear For My LifeZachary Roth


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Phil's Favorites

Pop Culture as an edge in business

 

Pop Culture as an edge in business

Courtesy of 

 

 

Josh here – once upon a time it was totally normal to be sitting face to face with a friend and talking across a table, and then they locked down New York City and you know what happened from there. Anyway, my friend Brooke Hammerling was the last person I met with before the shutdown and we taped this conversation about the importance being up on Pop Culture. Lots of business leaders struggle to understand what’s going on from day to day because they’re busy! Brooke’s new newsletter, Pop Culture Mondays, fi...



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Biotech/COVID-19

Trump Vaccine Czar Still Stands to Profit

 

Will there really be several hundred million doses of a COVID-19 vaccine by the end of 2020, which would be record fast vaccine develop, or is this just wishful thinking? Moncef Slaoui, former executive at GlaxoSmithKline and board member of Moderna (till recently) and newly appointed Trump official, says the vaccine will be ready. Either way, Moderna (MRNA) has received nearly half a billion dollars from the government, and its stock price has soared. Amee Vanderpool tells more of the story: 

 

Trump Vaccine Czar Still Stands to Profit

Courtesy of Amee Vanderpool, SHERO 

The Trump administration has announced an ambitious plan to develop and produce millions of doses of a new COVID-19 vaccine by t...



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ValueWalk

New home sales smashed expectations during economic crisis

By Gorilla Trades. Originally published at ValueWalk.

The major indices are all sporting considerable gains at midday, with the S&P 500, the Dow, and the Nasdaq all hitting new multi-month highs in early trading. The continued COVID-related optimism remains the main catalyst behind the rally in stocks and global risk assets and investors shrugged off the diplomatic standoff between the U.S. and China despite the protests in Hong Kong over the weekend. On another note, small-caps have been leading the way higher this morning, together with the key cyclical sectors and that bodes well for the rest of the week, especially as the main overseas indices have also been pushing higher this week.

[reit]

...

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Zero Hedge

"This Ship Is Sinking" - The Economy Is Holed Below The Waterline

Courtesy of ZeroHedge View original post here.

Authored by Bill Blain via MorningPorridge.com,

“Until then men felt they had found the answer to a steady, orderly, civilized life. For 100 years the Western world had been at peace. For 100 years technology had steadily improved. For 100 years the benefits of peace and industry seemed to be filtering satisfactorily through society. Life was all right. The Titanic woke them up.”

...



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Kimble Charting Solutions

King Dollar Could Double Topping; Commodities Would Benefit If It Does!

Courtesy of Chris Kimble

The U.S. Dollar has been a pillar of strength for the past 12-years, at it created higher lows starting in 2008, near the 70 level. Since these lows, it has rallied nearly 50%.

The 102 level was resistance for nearly 13-years (1987 to 2000) until an upside breakout took place.

The rally over the past 12-years took it up to test the 61% retracement level of its 2001 highs and 2008 lows and the 102 level again at (1), where it created back to back monthly bearish reversal patterns in 2017.

The rally over the past 2-years has King$ testing its 61% retracement...



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The Technical Traders

Chuck Jaffe Talks Technical Analysis on Money Life - Indexes & Metals

Courtesy of Technical Traders

Chuck Jaffe, the host of Money Life, is a veteran financial journalist and nationally syndicated financial columnist whose work appears in newspapers from coast to coast. Today he talks with Chris Vermeulen.

Chuck has been named to MutualFundWire’s list of the 40 Most Influential People in Fund Distribution and was the first journalist to make the list. Over the course of his career, he has won numerous awards for business and personal finance journalism.

...

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Lee's Free Thinking

US Southern States COVID19 Cases - Let's Give Credit Where Due

 

US Southern States COVID19 Cases – Let’s Give Credit Where Due

Courtesy of  

The number of new COVID 19 cases has been falling in the Northeast, but the South is not having the same experience. The number of new cases per day in each Southern state has been rangebound for the past month.

And that’s assuming that the numbers haven’t been manipulated. We know that in Georgia’s case at least, they have been. And there are suspicions about Florida as well, as the State now engages in a smear campaign against the fired employee who built its much praised COVID19 database and dashboar...



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Chart School

Is this your local response to COVID 19

Courtesy of Read the Ticker

This is off topic, but a bit of fun!


This is the standard reaction from the control freaks.








This is the song for post lock down!







What should be made mandatory? Vaccines, hell NO! This should be mandatory: Every one taking their tops off in the sun, they do in Africa!

Guess which family gets more Vitamin D and eats less sugary carbs, TV Show



...



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Digital Currencies

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

 

Blockchains can trace foods from farm to plate, but the industry is still behind the curve

App-etising? LDprod

Courtesy of Michael Rogerson, University of Bath and Glenn Parry, University of Surrey

Food supply chains were vulnerable long before the coronavirus pandemic. Recent scandals have ranged from modern slavery ...



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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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Phil will discuss positions, COVID-19, market volatility -- the selloff -- and more! 

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Mike will show off the TradeExchange's new platform which you can try for free.  

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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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