April 2023 - cypherpunks@lists.ogf.org

Ex-Goldman Banker Ng Seeks Delay to Start of 10-Year Sentence (1MDB Goldman Sachs Fraud)
by Gunnar Larson 29 Apr '23

29 Apr '23

The Wolf of Wall Street was financed out of this 1MDB Goldman Sachs scandal. Have you heard of the Brody of Wall Street? Top dog, Brody Larson (RIP) lost in the line of duty. I loved that dog. --- Former Goldman Sachs Group Inc. (GS) banker Roger Ng asked a US judge to delay the start of a 10-year prison sentence for his role in the global 1MDB fraud, saying he needs three months to allow for his wife and young daughter to arrive in New York from Malaysia. Ex-Goldman Banker Ng Seeks Delay to Start of 10-Year Sentence https://www.bloomberg.com/news/articles/2023-04-28/ex-goldman-banker-ng-see…

1 0

I Was Skeptical About Innovation Advice, So I Put It to the Test
by Gunnar Larson 29 Apr '23

29 Apr '23

The most influential book ever written about how to innovate turns 70 this year. It features no mentions of the word “innovate” and just one of “innovation” — its author, advertising executive Alex F. Osborn of Buffalo, New York, preferred “creativity” or “imagination.” It is also definitely of another era: “In New York, Robert Moses has shown what imagination can do,” Osborn gushes. “If parents cannot spare the rod, they can at least think of better ways to spank,” he suggests a little later. His lists of exercises at the end of every chapter feature gems such as: I Was Skeptical About Innovation Advice, So I Put It to the Test https://www.bloomberg.com/opinion/articles/2023-04-29/i-was-skeptical-about…

1 0

Peter Thiel Tells Black-Tie NYC Audience That Diversity Is a Distraction
by Gunnar Larson 29 Apr '23

29 Apr '23

Peter Thiel, the billionaire tech investor and one-time adviser to President Donald Trump, is renewing his argument that there are more serious issues facing society than debates over diversity and identity politics. Peter Thiel Tells Black-Tie NYC Audience That Diversity Is a Distraction https://www.bloomberg.com/news/articles/2023-04-28/peter-thiel-tells-black-…

1 0

Twitter Co-Founder Dorsey Rues Musk Deal: ‘It All Went South’
by Gunnar Larson 29 Apr '23

29 Apr '23

Twitter co-founder Jack Dorsey — once a supporter of Elon Musk’s $44 billion acquisition of the site — is now offering sharp criticism of the new owner and his handling of the deal. Twitter Co-Founder Dorsey Rues Musk Deal: ‘It All Went South’ https://www.bloomberg.com/news/articles/2023-04-29/twitter-co-founder-dorse…

1 0

You don't know Jack
by professor rat 29 Apr '23

29 Apr '23

Jack Smith has zeroed in on the quarter billion dollars that Donald Trump and his co-conspirators raised by claiming that the 2020 election had been stolen from them. Significant proof has since emerged that Trump and many of his people knew at the time that the election hadn’t been stolen, which means they committed wire fraud by raising that money under false pretenses That Stop-the-Steal Scam With election tampering, incitement, obstruction of justice, and Espionage Act charges already in the mix, does Jack Smith really need to add wire fraud charges against Trump as well? The answer is yes. The point of bringing wire fraud charges alongside all the other charges is that it acts as an insurance policy. Even if the trial jury isn’t willing to take a leap on the bigger and more complex charges, the jury should certainly convict on something like wire fraud, where the proof is right there on paper. https://www.palmerreport.com/analysis/looks-like-jack-smith-has-donald-trum… Reposts not gleeful knitting by the guillotine

1 0

Calls for an American Lobotomy
by professor rat 29 Apr '23

29 Apr '23

The liberatory promises of the 1990s, the high point of the Californian Ideology, have led over the past decade and a half to mass epistemic fragmentation and social-cognitive degeneration: ever-shorter attention spans; a tribalized and post-rational society; citizens who are far less literate, creative, or capable of critical and abstract thinking than their forebears; human beings who are lonelier, more atomized, and prone to mental illness; a public discourse mired in the shallow and ephemeral; a nation stuck in a never-ending present . . ." https://compactmag.com/article/we-must-declare-jihad-against-a-i Reposts for a second Tleilaxu Foundation the answer to bad Ghola speech being more Ghola speech

1 0

111 Highlights - FDIC’S SUPERVISION OF SIGNATURE BANK
by Gunnar Larson 29 Apr '23

29 Apr '23

xNY.io - Bank.org collates 111 highlights to the "FDIC’S SUPERVISION OF SIGNATURE BANK." https://drive.google.com/file/d/1La2K6-B158sIypq-FYW8MjRm9MgvINwJ/view?usp=… On March 12, 2023, the New York State Department of Financial Services (NYSDFS) closed Signature Bank of New York (SBNY) and appointed the Federal Deposit Insurance Corporation (FDIC) as receiver of the bank. SBNY was a full-service, commercial bank founded in 2001. As of December 31, 2022, SBNY had total deposits of $88.6 billion and total assets of $110.4 billion. SBNY was the 29th largest bank in the country, and its failure constituted the third largest bank failure in United States history. As of March 19, 2023, the FDIC estimated the cost of SBNY’s failure to the Deposit Insurance Fund (DIF) to be approximately $2.5 billion. The exact cost will be determined when the FDIC terminates the receivership. The FDIC was the primary federal regulator of SBNY and, in late March, FDIC Chairman Martin J. Gruenberg commissioned the FDIC’s Chief Risk Officer to conduct an internal review of the agency's supervision of SBNY and produce a report to the FDIC Board of Directors for release to the public by May 1, 2023.

1 0

My name is Dmitry Petrov, and if you read these lines, then most likely I died
by professor rat 29 Apr '23

29 Apr '23

As an anarchist, revolutionary and Russian, I found it necessary to take part in the armed resistance of the Ukrainian people against Putin’s occupiers. I did this for justice, for defense of the Ukrainian society and for liberation of my country, Russia, from oppression. For the sake of all the people who are deprived of their dignity and the opportunity to breathe freely by the vile totalitarian system created in Russia and Belarus. https://anarchistnews.org/comment/53800#comment-53800 Reposts not all dead communists are good ones and Dim an exception to prove this rule

1 0

214 Highlights - Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank
by Gunnar Larson 28 Apr '23

28 Apr '23

xNY.io - Bank.org collates 214 highlights to the "Review of the Federal Reserve’s Supervision and Regulation of Silicon Valley Bank." https://drive.google.com/file/d/1LXZB60lmoAnZiTaC5q6cmfLuOKPzG4AT/view?usp=… --- Silicon Valley Bank (SVB) failed because of a textbook case of mismanagement by the bank. Its senior leadership failed to manage basic interest rate and liquidity risk. Its board of directors failed to oversee senior leadership and hold them accountable. And Federal Reserve supervisors failed to take forceful enough action, as detailed in the report. The four key takeaways of the report are: 1. Silicon Valley Bank’s board of directors and management failed to manage their risks. 2. Supervisors did not fully appreciate the extent of the vulnerabilities as Silicon Valley Bank grew in size and complexity. 3. When supervisors did identify vulnerabilities, they did not take sufficient steps to ensure that Silicon Valley Bank fixed those problems quickly enough. 4. The Board’s tailoring approach in response to the Economic Growth, Regulatory Relief, and Consumer Protection Act (EGRRCPA) and a shift in the stance of supervisory policy impeded effective supervision by reducing standards, increasing complexity, and promoting a less assertive supervisory approach.

1 0

Adrienne Harris Is Crypto’s Most Powerful Regulator
by Gunnar Larson 28 Apr '23

28 Apr '23

THE MONEY GAME MAR. 30, 2022 Crypto’s Most Powerful Regulator Is Here Adrienne Harris, New York’s financial watchdog, has enormous sway over the industry’s future. By Kevin T. Dugan, staff writer at Intelligencer, who covers money and business Photo: Victor Llorente Thirteen years after the birth of cryptocurrency, it was supposed to be time for Washington to rein it in. Instead, the White House punted, and the Securities and Exchange Commission is still hashing out how it’s going to oversee the $2 trillion industry. State watchdogs have filled that vacuum, making Adrienne Harris, the head of the New York State Department of Financial Services, by default the most powerful crypto regulator in the country. While states such as Florida and Wyoming have adopted a laissez-faire approach to regulation, attracting a sizable chunk of the booming industry, more money and jobs are still flowing into New York than any other city, making it the de facto crypto capital of the U.S. “There’s a misconception that having rigorous regulation turns off innovative companies,” Harris tells me during an hour-long interview at her office looking out onto the Statue of Liberty last month. “That hasn’t been our experience here.” Sign up for Dinner Party A lively evening newsletter about everything that just happened. SIGN UP Harris was tapped as the first Black woman to lead DFS last year. She came into her position after a turn working in Silicon Valley and representing Wall Street banks, a résumé that critics have used to paint her as too close to the industries she is regulating. She’s eager to dispel any criticism that she’s soft as a regulator, especially when it comes to crypto. Harris says she’s looking to expand the agency’s remit, hire new regulators, and possibly watch over lending and asset management in decentralized finance, a.k.a. DeFi, one of the fastest-growing crypto industries, which has been prone to very large hacks. The agency’s power over the industry lies mostly with the BitLicense, a required if unloved permit for crypto exchanges to operate within state lines. When it was first introduced in 2014, it was meant to be a model for the country, but the crypto industry has attacked the license for being too strict, limiting what people can trade, and requiring expensive anti-money-laundering operations, which, it should be noted, most traditional financial institutions are required to maintain. For Harris, the problem isn’t that it’s too restrictive — it’s that the process of getting one, which has stretched years for some companies, is too slow. “If you think about the companies that are BitLicensees, and even the companies in the queue, having the imprimatur of ‘Have you passed regulatory muster with a stringent regulatory regime?’ — I think the good actors see that as a good thing,” she says. Created in 2011, DFS has been a regulator feared more than any of its counterparts in other states for the power it has over banks, insurance companies, and a host of other financial institutions. It brought ambitious money-laundering cases against banks like BNP Paribas (a settlement that resulted in several bankers losing their jobs), fined Deutsche Bank for its relationship with Jeffrey Epstein, and levied a $2.5 million fine on the National Rifle Association for selling its so-called murder insurance in the state. “DFS has a lot of teeth, and the sky’s the limit if the agency is exercised properly,” says state Sen. John Liu of Queens, a member of the state finance committee. “DFS compelled multinational banks to cough up $15 billion. We were able to build a couple bridges with that money. We still have much infrastructure in the state of New York that might benefit from DFS’s vigorous functions.” But part of DFS’s mandate is to keep the state’s economy healthy, a balancing act when it means protecting consumers from predatory, but also lucrative, companies. “For me, it’s an opportunity to bring my lived experience as a woman of color,” Harris says. So far, she has established the agency’s first climate division, frozen fees for check-cashing businesses that target the poor, and looked into non-bank lenders for evidence of redlining. “It’s important to me that those voices are at the table and being heard,” she says. “I bring a sort of pragmatism. It’s one thing to sit in our offices with nice views and make policy, but it’s another thing, in my mind, to really run the water through the pipes.” In 2008, Harris joined Sullivan & Cromwell, a law firm so close with Goldman Sachs that it has long sent its lawyers to work in-house at the investment bank. It was there that she worked for H. Rodgin “Rodge” Cohen, then the law firm’s chairman and the so-called trauma surgeon of Wall Street. Cohen remembers Harris working late into the night writing near-flawless memorandums so they’d be ready on his desk in the morning. “She just brought what I’d call a penetrating intelligence to the problems that were at hand,” Cohen tells me. “Many of the problems we get, you cannot just look up the answer in a book. It’s a question of judgment and trying to apply rules written often for other circumstances.” Still, it was clear that corporate law wasn’t for her. “Her heart was really in public service,” he says. From there, she went on to work for the Treasury Department, then the Obama White House, where she focused on policies around the then-upstart fintech industry. After the administration turned over, Harris took a spin through the revolving door between government and business. Her New York financial-disclosure forms show a superabundance of work with the tech and finance industries: She sat on the boards of six companies and nonprofits, including LendingClub, which had recently settled with the Federal Trade Commission over claims it had misled users on fees. She also advised 11 companies, owned two, and invested in or on behalf of two others. “I just thought, well, if you’re going to make policy about it, you should do the thing — run the company, build the company,” she says. “At the time, I felt very comfortable going to a start-up because I thought, well, coming out of government, you’re not making a ton of money. And if this start-up blows up, I’ll probably be no worse off, financially speaking.” It seems Harris did well enough. One real-estate tech company at which she worked went public last summer, and Harris appears to have cashed out. Since the disclosures were for 2020, they didn’t include her stake in Forethought, a private A.I.-based customer-service company that announced in December that it had attracted such investors as Harris, Ashton Kutcher, and Gwenyth Paltrow. When I asked her about Forethought, Harris said her investment in the company predated her time at DFS, that all her investments are now in a blind trust, and that she would recuse herself from any dealings with companies she has conflicts with. So when Hochul appointed Harris to lead DFS, she was attacked by the left. Zephyr Teachout and Cynthia Nixon both criticized Harris as being insufficiently independent, thanks to her connections in tech and finance. The American Prospect dug up a speech in which she characterized regulators as looking for “no-nos” and “icky things.” Harris has also advised the cash-advance companies Earnin, Brigit, and SmartWage (based in South Africa), according to her disclosures. In 2019, DFS led a multi-state investigation into the cash-advance industry over whether they created debt traps and state banking and anti-usury laws, since equivalent interest rates for the fees they charged would reach as high as 469 percent. A person directly familiar with the investigation told me that Harris’s predecessor was presented with multiple options for furthering the investigation, including reaching a settlement, but ultimately never made a decision. DFS wouldn’t comment. So, of all the companies to work for, why them? “My role, when I was working with those companies, was not to dictate price pricing or business model. It was more to say: Here’s how regulators would view this. Here’s why you should engage with them. Let me help you engage with them and figure out these issues and how you can also serve customers. Less pricing and business model, but, as an adviser who’s not in the day-to-day, helping to sort of guide a culture and mentality,” she says. Did she disagree with those arguing that these companies created debt traps for consumers? “I think it’s hard to paint with a broad brush,” she says. “I think we should always always be careful with any new products and services, that they are affordable and non-predatory, not creating debt traps, and that they’re solving a real problem for consumers. And I think some do that and some don’t.” Last summer, after Andrew Cuomo resigned as governor, many of his appointees went with him, including then-superintendent of DFS, Linda Lacewell. Soon Harris’s old boss, Cohen, had recommended her to Kathryn Wylde, the president and CEO of the Partnership for New York, a business-advocacy group that has advised DFS. “The folks at Sullivan & Cromwell thought that Adrienne would be a terrific candidate to field for that job given her eight years of experience in the Obama administration and the fact that she was somebody who understood industry,” Wylde says. “On the theory that a regulator should know something about the industries they’re regulating — which may be a novel concept but struck me as a valid one — I thought she sounded like a terrific candidate.” Harris sailed through her confirmation, with 63 senators voting for her and nine against. “When the regulated are complaining that the regulator is being too aggressive, that generally means the regulator is doing their job.” said Michael Gianaris, the state senator from Queens who voted against Harris’s nomination and, in 2019, tanked Amazon’s proposed HQ2 in New York. “Cuomo was a prick, and the people he appointed tended to share his bare-knuckles approach to the world. In some cases, that’s actually not a bad thing.” While the crypto industry doesn’t appear to be getting the reprieve it had been hoping for, other industries will surely lobby Harris to make similar gestures toward the business community. For instance, Wylde says that insurance companies are hoping that Harris will lower the reserves they are required to have on hold, which they claim are higher than what’s required by other states. “There are some long-standing issues that the industry has that they feel that they’ve got a fresh start on with Adrienne’s leadership,” she says. Still, crypto is going to play a major part in how Harris’s tenure is defined. “It’s clear that New York is doing well now and the companies that came and started here five to ten years ago are doing well,” says Matt Homer, a former deputy superintendent at DFS and the current executive-in-residence at the venture-capital fund NYCA Partners. “It’s not totally clear what the future will look like five to ten years from now.” New York is the home base for major exchanges such as Coinbase and Gemini, and it’s also home to shady NFT front-running scandals and alleged rapping billionaire money launderers. That such a volatile industry could implode and damage New York’s economy is apparent. “I understand that other states may have gone the opposite way of the BitLicense, but there are things we can do here in New York that will hopefully inform the federal regulators as they continue to think about this space,” Harris said. “It’s a new world with crypto, with DeFi, with NFTs.” SIGN UP FOR THE INTELLIGENCER NEWSLETTER Daily news about the politics, business, and technology shaping our world. Email SIGN UP TAGS: THE MONEY GAME CRYPTOCURRENCY LEAVE A COMMENT 12/12/2022 CRIME Sam Bankman-Fried Has Been Arrested in the Bahamas By Kevin T. Dugan The disgraced FTX founder is facing charges from both the Justice Department and the S.E.C. 12/12/2022 POLITICS Twitter’s Former Safety Head Forced From Home After Being Smeared by Elon Musk By Chas Danner Former Twitter executive Yoel Roth and his family have reportedly faced a torrent of harassment and threats after Elon Musk’s false claims. 12/12/2022 WHAT WE KNOW How Big Is the U.S. Fusion Breakthrough? By Chas Danner The Department of Energy’s Lawrence Livermore National Laboratory has reportedly achieved a historic milestone in nuclear fusion. MOST POPULAR The ‘Twitter Files’ Is What It Claims to Expose By ERIC LEVITZ Twitter’s Former Safety Head Forced From Home After Being Smeared by Elon Musk By CHAS DANNER How Big Is the U.S. Fusion Breakthrough? By CHAS DANNER Red-Pilled Elon Musk Still Loves the Chinese Communist Party By JONATHAN CHAIT Elon Musk Gets Loudly Booed at Chappelle Comedy Show By BENJAMIN HART 12/12/2022 EARLY AND OFTEN Here Come the Trump 2024 Alternatives By Ed Kilgore A crop of presidential hopefuls represent Republican fantasies of something better for them than a Trump-Biden rematch. 12/12/2022 POLITICS Scott Stringer Files Defamation Suit Against Harassment Accuser By Nia Prater The former comptroller is suing lobbyist Jean Kim, alleging that her accusations against him were defamatory. 12/12/2022 LOS ANGELES L.A. Councilman Calls Guy He Fought Last Week ‘Hostile Individual’ By Matt Stieb Kevin de León, who was caught making racist remarks on a recording earlier this year, did not apologize after a scuffle with a protester on Friday. 12/12/2022 THE MONEY GAME Now That FTX Is Toast, Is Binance Too Big To Fail? By Kevin T. Dugan The Justice Department is weighing criminal charges against the world’s biggest crypto exchange. 12/12/2022 THE NATIONAL INTEREST Red-Pilled Elon Musk Still Loves the Chinese Communist Party By Jonathan Chait The Twitter owner may hate the left, but he does admire Leninism. 12/12/2022 ELON MUSK Elon Musk Gets Loudly Booed at Chappelle Comedy Show By Benjamin Hart “It sounds like some of the people you fired are in the audience.” 12/12/2022 POLITICS Jay Jacobs Has Few Regrets and No Apologies By Nia Prater Despite a bruising midterm, the Democratic boss isn’t going anywhere, to the frustration of critics. 12/10/2022 THE MEDIA The ‘Twitter Files’ Is What It Claims to Expose By Eric Levitz The purported exposé of Twitter’s political bias is itself an attempt to weaponize control of Twitter for political purposes. 12/9/2022 BRITTNEY GRINER What’s Next for Viktor Bout, According to His Lawyer By Amos Barshad Steve Zissou predicts the notorious arms dealer will now lead a “quiet existence.” 12/9/2022 WORLD CUP The Best Team in the World Is Out of the World Cup By Benjamin Hart Another devastating quarterfinals defeat for Brazil. 12/9/2022 POLITICS What Happens to Paul Whelan Now? By Nia Prater President Biden said his administration is not giving up on securing the former marine’s release from Russia. 12/9/2022 JUST ASKING QUESTIONS A Crisis-PR Veteran on Sam Bankman-Fried’s Odd Media Strategy By Benjamin Hart Eric Dezenhall thinks the explanation for SBF’s behavior is pretty straightforward. 12/9/2022 WORLD CUP Goalkeepers Gone Wild By David Gendelman At the World Cup, netminders are increasingly going on offense. The consequences can be miraculous or disastrous. 12/9/2022 THE NATIONAL INTEREST Kyrsten Sinema Is Playing Chicken By Jonathan Chait Declaring herself an independent is a way to force the Democratic Party into embracing her. 12/9/2022 FINDINGS Why Spending Time With Kids Might Actually Help Protect You From COVID By David Zweig Two studies find an immunological downside for adults who stay away from children. 12/9/2022 FIRST PERSON I Lost My Brother Twice By Alex Brook Lynn First to schizophrenia, then forever to the city. 12/8/2022 SPORTS Brittney Griner Is Coming Home From a Russian Prison By Margaret Hartmann And Nia Prater The WNBA star is headed home after being released in a prisoner swap for the notorious international arms dealer. 12/8/2022 STOP THE PRESSES Just What Did the Times Walkout Change? By Shawn McCreesh Some employees have said they are ready to vote on a strike authorization as soon as tomorrow. Others worry this has all gone too far. 12/8/2022 TREMENDOUS CONTENT Do the Trumps Want to Crop Kimberly Guilfoyle Out of the Family? By Margaret Hartmann Eric Trump felt compelled to announce that, despite the rumors, he doesn’t hate his brother’s fiancée. Ivanka Trump’s silence may say more. 12/8/2022 SAM BANKMAN-FRIED Sam Bankman-Fried’s Parents Are No Longer Teaching Law at Stanford By Kevin T. Dugan His mother says her sudden decision to retire now has “nothing to do with anything else going on.” 12/8/2022 TREMENDOUS CONTENT Donald Trump Cost Lara Trump Her Fox News Gig By Margaret Hartmann Nepotism giveth, and nepotism taketh away. 12/8/2022 And now the House 258-169-1, House passes bill to protect same sex marriages. 39 Rs vote for it. Bill heads to Biden —@mkraju 12/8/2022 BRITTNEY GRINER The 7 Craziest Facts About Arms Trafficker Viktor Bout’s Career By Matt Stieb Getting to know the “merchant of death” the U.S. just sent to Russia in a prisoner swap for basketball star Brittney Griner. SIGN IN TO COMMENT Like Us Follow Us ABOUT INTELLIGENCER ABOUT NEW YORK MAGAZINE NEWSLETTERS HELP CONTACT PRESS MEDIA KIT WE’RE HIRING PRIVACY TERMS AD CHOICES DO NOT SELL MY INFO ACCESSIBILITY INTELLIGENCER IS A VOX MEDIA NETWORK. © 2022 VOX MEDIA, LLC. ALL RIGHTS RESERVED. Holiday Sale: Save up to 70% and get two exclusive gifts with any annual plan. SUBSCRIBE NOW " https://nymag.com/intelligencer/2022/03/adrienne-harris-is-cryptos-most-pow…

1 2