Posts Tagged ‘State Street Bank And Trust’

Is CNBC Pimping for State Street Bank?

The two clowns at CNBC were obnoxious to Jerry Brown; they made themselves look foolish and prompted him to write this in response. – Ilene

Is CNBC Pimping for State Street Bank?

CA Attorney General Brown Unveils Online Patient Prescription Tracking

By Jerry Brown, Attorney General of California, writing in the Huffington Post

If street thugs were to hold up a convenience store and drive off with $1 million, it would be national news. But when a venerable Boston bank rips off California’s two largest pension funds for $56 million, it’s business-as-usual — at least to the anchors of CNBC.

State Street Bank — the world’s largest servicer of pensions — systematically ripped off CalPERS and CalSTRS over a period of eight years. It did this by adding a tiny surcharge on foreign currency trades. But this adds up, especially considering that some $35 billion in 42,000 transactions were traded by these funds since 2001.

So when two whistle-blowers filed suit under seal in April 2008, attorneys from my office immediately investigated — examining hundreds of thousands of pages of documents, interviewing witnesses and subpoenaing records.

They found in the course of an 18-month investigation that State Street was contractually obligated to give CalPERS and CalSTRS the "interbank rate" at the precise time of the trade. Instead, State Street consistently charged at or near the highest rate of the day, even if the interbank rate was lower at the time of trade. And traders concealed the fraud by deliberately failing to include time stamp data in its reports, so that the pension funds could not determine the true execution costs.

When the suit was filed, we notified the media and held a press conference — to bring the fraud to light and to deter other financial traders from considering similar action. This is a routine part of prosecuting important corporate fraud cases.

But, in a commentary post today, CNBC anchor Michelle Caruso-Cabrera sneered at California’s effort to recover $200 million in damages and penalties, using a made-up quote from Elliot Spitzer to call it "quaint."

This follows an interview Tuesday that was straight out of the Daily Show. CNBC invited me on to talk about the case, and then Caruso-Cabrera asked why I would come on the air to talk about it.

Her co-anchors seemed to have no problem with the rip-off ("as long as they quoted you a dollar…
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ValueWalk

Clem Chambers Explains How ADVFN Became A Financial Information Juggernaut

By Jacob Wolinsky. Originally published at ValueWalk.

Clem Chambers, the CEO of ADVFN and the CEO of Online Blockchain plc was kind enough to talk with Valuewalk about the success of his investment website. Below is a lightly edited Q&A between Clem and our editor.

Q2 2020 hedge fund letters, conferences and more

Can you tell us about your background?

I started in the software industry over thirty-six years ago and was a pioneer of computer games, massively multiplayer games, multimedia and the internet. I founded internet company Online plc in 1990, which incubated stocks and shares (and now ...



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Phil's Favorites

Bombshell Report: Fed Is Aware that Big Banks Are Rigging their Stress Tests and Letting Them Get Away with It

Courtesy of Pam Martens

Randal Quarles, Vice Chairman for Supervision, Federal Reserve, Testifying before the Senate Banking Committee on May 12, 2020

On January 31 of this year, researchers for the Federal Reserve released a study that showed that the largest banks operating in the U.S. have been gaming their stress test results by intentionally dropping their exposure to over-the-counter derivatives in the fourth quarter. The fourth quarter data is the information used by the Federal Reserve to determine surcharges on capi...



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Kimble Charting Solutions

Doc Copper Bear Market Resistance Kiss In Play!

Courtesy of Chris Kimble

Is ole Doc Copper about to ends its 9-year bear market? I suspect we will find out the answer to the question very soon!

Doc Copper has created a series of higher lows inside the falling channel (1) since it peaked back in 2011.

The rally from the lows in March of this year, has Doc Copper testing the top of its falling channel as well as a support/resistance price zone at (2).

With Doc Copper still in a bear market (lower highs for 9-years), this price test comes into play as important resistance at (2).

If Doc Copper breaks out at (2), it would send...



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Zero Hedge

Global COVID-19 Pandemic Surpasses 20 Million Confirmed Cases: Live Updates

Courtesy of ZeroHedge View original post here.

Summary:

  • Global COVID count tops 20 Million
  • Cali sees "encouraging signs", Gov Newsom says
  • "Big Ten" cancels season
  • California reports 7,751 new cases, says it has fixed reporting issues
  • NJ transmission rate shows virus no longer spreading in state
  • Arizona COVID outbreak continues to slow; ICU rates decline again
  • NY reports just 2 COVID deaths ...


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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.


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Biotech/COVID-19

How to use ventilation and air filtration to prevent the spread of coronavirus indoors

 

How to use ventilation and air filtration to prevent the spread of coronavirus indoors

Open windows are the simplest way to increase air flow in a room. Justin Paget / Digital Vision via Getty Images

Courtesy of Shelly Miller, University of Colorado Boulder

The vast majority of SARS-CoV-2 transmission occurs indoors, most of it from the inhalation of airborne particles that contain the coronavirus. The best way to prev...



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The Technical Traders

Melt-Up Continues While Metals Warn of Risks

Courtesy of Technical Traders

What a week for Metals and the markets, folks. The Transportation Index is up nearly 4% for the week.  The Dow Jones Industrial Average is up over 3% for the week.  Silver is up over 14% and reached a peak near $30 (over 23%).  Gold is up over 2.5% and trading above $2025 right now – with a peak price level near $2090.  If you were not paying attention this week, there were some really big moves taking place.

MELT-UP WITH HIGH RISKS – PAY ATTENTION

Overall, our research team believes the current “melt-up” price action is likely to continue as global investors continue to believe the US Fed will do everything possible to save the...



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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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Promotions

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

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Mapping The Market

How IPOs Are Priced

Via Jean Luc 

Funny but probably true:

...

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About Phil:

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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Ilene is editor and affiliate program coordinator for PSW. Contact Ilene to learn about our affiliate and content sharing programs.