April 2024 - cypherpunks@lists.ogf.org

Judge Consolidates Wells Fargo Unwanted Products Suits
by Gunnar Larson 04 Apr '24

04 Apr '24

Judge Consolidates Wells Fargo Unwanted Products Suits <https://www.law360.com/cybersecurity-privacy/articles/1820460?nl_pk=3dfd2fd…> By Emilie Ruscoe A San Francisco federal judge has consolidated five suits asserting proposed class claims that the bank sought to shortchange customers who deserved compensation after they were enrolled in financial products without their knowledge. Order attached | Read full article » <https://www.law360.com/cybersecurity-privacy/articles/1820460?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/1820460?nl_pk=3dfd2fd…>

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There’s a Revival of the Dotcom-esque Froth in Today’s Markets; Cathie Wood Is Standing in for Henry Blodget and Jack Grubman; Nasdaq Is Playing Nasdaq
by Gunnar Larson 04 Apr '24

04 Apr '24

https://wallstreetonparade.com/2024/04/theres-a-revival-of-the-dotcom-esque… By Pam Martens and Russ Martens: April 3, 2024 ~ BubblesOn Wednesday, April 3, Cathie Wood, CEO and Chief Investment Officer of ARK Investment Management, reiterated her price target of $2,000 on Tesla, the electric vehicle manufacturer. Tesla’s stock opened Wednesday at $164.02 and was trading at $168 by early afternoon. The average analyst price target on Tesla is $178.16 – more than $1800 away from Cathie Wood’s price target. Market Insider reported on March 14 that Tesla is the third-largest holding in Wood’s flagship ARKK fund, “with a value of $574.88 million.” In other words, Wood has a not so subtle incentive to want to boost Tesla’s share price. Tesla has lost $300 billion in market cap since June of last year and its share price is down more than 30 percent year-to-date. Tesla does have this going for it. It makes real things – autos – that are useful to society (providing there is an engaged human behind the wheel). The stock exchange where Tesla is listed is Nasdaq – which has a checkered past in terms of its listings – as well as price fixing by the biggest trading houses on Wall Street. Following the Nasdaq dotcom mania of the late 1990s, the Nasdaq reached a closing high of 5,048.62 on March 10, 2000. It then proceeded to lose 78 percent of its market value over the next 2-1/2 years. It reached a closing low of 1,114.11 on October 9, 2002. One year into the crash, New York Times reporter Ron Chernow described the devastation as follows: “Let us be clear about the magnitude of the Nasdaq collapse. The tumble has been so steep and so bloody — close to $4 trillion in market value erased in one year — that it amounts to nearly four times the carnage recorded in the October 1987 crash.” Chernow called the Nasdaq stock market a “lunatic control tower that directed most incoming planes to a bustling, congested airport known as the New Economy while another, depressed airport, the Old Economy, stagnated with empty runways. The market functioned as a vast, erratic mechanism for misallocating capital across America,” Chernow wrote. Misallocating capital across America and away from the “Old Economy”? Hmmm. Today we have airplane components falling off commercial passenger planes in the sky and unsafe bridges, while a Donald Trump startup, Trump Media & Technology Group, (owner of a social media platform whose primary use seems to be for Trump to slander sitting judges and elected officials), has a market cap of $5.5 billion and trades at 1800 times revenues. According to an SEC filing on Monday, the company lost $58.19 million last year on revenues of a meager $4.13 million. Where does Trump’s company trade? Nasdaq, of course. Following the dotcom bust, the Nasdaq was so discredited that it did not reset its March 2000 high until 15 years later. In fact, it remained 50 percent or more below that high until 2007. It turned out that there was a pack of crooked analysts on Wall Street that were the wind beneath the Nasdaq’s dotcom wings. These analysts were effectively pimps pushing out lemon companies as hot IPOs while calling the companies dogs and crap in internal emails. The analysts and their bosses got rich from bonuses while investors were left with a portfolio of bankrupt companies. On April 28, 2003, the Securities and Exchange Commission settled its cases against the corrupt research practices with 10 Wall Street banks for $875 million. No one went to jail. Just two individual analysts were charged: Jack Grubman of Citigroup’s former Salomon Smith Barney unit and Merrill Lynch’s Henry Blodget. Both men were barred from future affiliation with a Wall Street firm and paid fines that were a fraction of the bonuses they had collected. The same Wall Street banks that settled with the SEC in 2003 continue to be allowed by the SEC to issue research reports on companies for whom they underwrite stock and debt offerings.

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Re: Dear Professor Rat
by Gunnar Larson 04 Apr '24

04 Apr '24

#NYCCOIN #MIACoin On Wed, Apr 3, 2024, 2:53 AM Gunnar Larson <g(a)xny.io> wrote: > Dear Professor Rat: > > You have to be joking. > > I do not support any type of propaganda against the FBI. I have my own > records/document access agenda here in New York City. > > You know this. > > For example, the FBI sent me a letter just the other day, noting documents > for First Republic are forthcoming... They closed my account being a crypto > innovator (the records should prove). > > In other news, you are Australian? > > Well, your boyfriend Assange is on borrowed time. You know this too. > > I graduated from Bond University on the Gold Coast, #1 in the world for > study abroad: > https://www.buzzfeed.com/laraparker/the-best-places-to-study-abroad > > Here is a Australian feature Assange would kill for: > https://youtu.be/9VNar7BWnA8?si=kfd9foOC7W2f6v0S > > What I am trying to say is that this is 2024 and the obsolete Assange bad > attitude vs. the intelligence community has expired. > > While I am at it, Bloomberg is the head of DOD Innovation. Bloomberg has > impacted my life for the better. > > If Assange was really who he says he is, he would be a AI Australia price > gouging activist. > > Professor Rat, we should band together and start pounding the table to get > answers on our Australian, Canadian and American colleagues lost yesterday. > > I was told there could be AI price gouging at play. I contacted a > Bloomberg government reporter, but no response yet. Maybe he too is waiting > for documents/records. > > Have a good day! > > Gunnar >

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Regulators Propose Special Regime For Digital Securities
by Gunnar Larson 04 Apr '24

04 Apr '24

Regulators Propose Special Regime For Digital Securities <https://www.law360.co.uk/financial-services-uk/articles/1820568?nl_pk=a94fc…> By Alex Davidson Britain's finance regulators proposed on Wednesday a special regulatory regime to allow firms to use new technology to issue, trade and settle digital shares and bonds, a move they hope will boost the country's global competitiveness. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1820568?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1820568?nl_pk=a94fc…>

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Tort Report: Cert Bid For NY Gun Law; Insult Atty Update
by Gunnar Larson 04 Apr '24

04 Apr '24

Tort Report: Cert Bid For NY Gun Law; Insult Atty Update <https://www.law360.com/newyork/articles/1820318?nl_pk=ac5a3855-e47c-4403-be…> By Y. Peter Kang A high court challenge of New York's gun sales law and an update on disciplinary proceedings against an attorney who hurled insults at judges, calling them "scumbags," lead Law360's Tort Report, which compiles recent personal injury and medical malpractice news that may have flown under the radar. Complaint attached | Read full article » <https://www.law360.com/newyork/articles/1820318?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1820318?nl_pk=ac5a3855-e47c-4403-be…>

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NY Bank, Investors Want Derivative Suits Merged, Paused
by Gunnar Larson 04 Apr '24

04 Apr '24

NY Bank, Investors Want Derivative Suits Merged, Paused <https://www.law360.com/newyork/articles/1820769?nl_pk=ac5a3855-e47c-4403-be…> By Isaac Monterose New York Community Bancorp Inc. and several of its investors asked a New York federal judge to consolidate and stay the investors' derivative shareholder suits against the bank. Letter attached | Read full article » <https://www.law360.com/newyork/articles/1820769?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1820769?nl_pk=ac5a3855-e47c-4403-be…>

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Trump Ally Brings Ethics Query Over Judge's CNN Interview
by Gunnar Larson 04 Apr '24

04 Apr '24

Trump Ally Brings Ethics Query Over Judge's CNN Interview <https://www.law360.com/competition/articles/1820440?nl_pk=6416fd97-1dc4-4e0…> By Emily Sawicki An ally of Donald Trump has raised ethics concerns about a senior D.C. federal judge, complaining that the judge's statements on CNN about the former president's statements about the judiciary was "highly prejudicial" toward Trump's four pending criminal cases. 1 document attached |

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Truth Social Investors Cop To Fraud In $23M Insider Case
by Gunnar Larson 04 Apr '24

04 Apr '24

Truth Social Investors Cop To Fraud In $23M Insider Case <https://www.law360.com/mergersacquisitions/articles/1820647?nl_pk=a34c25b5-…> By Pete Brush Two Florida venture capitalists on Wednesday admitted to insider trading on confidential plans to take former President Donald Trump's media company public, after prosecutors charged that the Truth Social fraud netted them and a third defendant $23 million. 2 documents attached | Read full article » <https://www.law360.com/mergersacquisitions/articles/1820647?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1820647?nl_pk=a34c25b5-…>

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OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud
by Gunnar Larson 04 Apr '24

04 Apr '24

OneCoin Atty Gets 4 Years For Role In $4B Crypto Fraud <https://www.law360.co.uk/financial-services-uk/articles/1820936?nl_pk=a94fc…> By Stewart Bishop The former head of legal and compliance at OneCoin on Wednesday was sentenced to four years in prison for her role in the $4 billion cryptocurrency scheme that defrauded millions of investors around the world. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1820936?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1820936?nl_pk=a94fc…>

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Watchdog Bans 'Misleading' Advertisements By UK Lender
by Gunnar Larson 04 Apr '24

04 Apr '24

Watchdog Bans 'Misleading' Advertisements By UK Lender <https://www.law360.co.uk/financial-services-uk/articles/1820529?nl_pk=a94fc…> By Sam Tabahriti The advertising watchdog said Wednesday that it has banned "misleading" promotions by Nationwide Building Society that boasted of its record of keeping branches open amid closures by competitors, pointing out that the lender has shut just over 150 branches in a decade. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1820529?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1820529?nl_pk=a94fc…>

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