March 2024 - cypherpunks - lists.cpunks.org

Deals Rumor Mill: WeWork, Reading FC, Pet Food Co.
by Gunnar Larson 29 Mar '24

29 Mar '24

Deals Rumor Mill: WeWork, Reading FC, Pet Food Co. <https://www.law360.com/mergersacquisitions/articles/1817911?nl_pk=a34c25b5-…> By Al Barbarino Ex-WeWork CEO Adam Neumann looks to buy the company back, Chiron Sports Group is in talks to buy Reading Football Club, and the private equity firms Advent and CVC eye a pet food company. Here, Law360 breaks down the notable deal rumors from the past week. Read full article » <https://www.law360.com/mergersacquisitions/articles/1817911?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1817911?nl_pk=a34c25b5-…>

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PwC Fined $3M Over Auditor Controls, Australia Probe
by Gunnar Larson 29 Mar '24

29 Mar '24

PwC Fined $3M Over Auditor Controls, Australia Probe <https://www.law360.com/capitalmarkets/articles/1818818?nl_pk=abe82add-2a33-…> By Jessica Corso The Public Company Accounting Oversight Board leveled a pair of fines totaling more than $3 million against PwC on Thursday, accusing the Big Four accounting firm of failing to maintain policies to ensure auditor independence and of waiting years to inform the U.S. regulator that it was being investigated in Australia. 2 documents attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1818818?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1818818?nl_pk=abe82add-2a33-…>

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An Overview Of Key Financing Documents In Venture Capital
by Gunnar Larson 28 Mar '24

28 Mar '24

An Overview Of Key Financing Documents In Venture Capital <https://www.law360.com/banking/articles/1817939?nl_pk=feb6bbba-7878-4d39-be…> The Delaware Chancery Court’s recent Moelis decision highlights the importance of structuring corporate governance around investor demand, meaning early-stage companies seeking venture funding through sales of preferred stock should understand the legal documents needed to do so successfully, say Daniel Bell-Garcia and Tristan Kaisharis at Winstead. Read full article » <https://www.law360.com/banking/articles/1817939?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1817939?nl_pk=feb6bbba-7878-4d39-be…>

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Video Streamer Escapes Crypto Token Holder's Fraud Suit
by Gunnar Larson 28 Mar '24

28 Mar '24

Video Streamer Escapes Crypto Token Holder's Fraud Suit <https://www.law360.com/capitalmarkets/articles/1818489?nl_pk=abe82add-2a33-…> By Katryna Perera A New York federal judge has permanently tossed a suit accusing video streaming service Open Props Inc. and its executives of misrepresenting to investors that it would become a decentralized blockchain network following the sale of its native cryptocurrency tokens. Opinion attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1818489?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1818489?nl_pk=abe82add-2a33-…>

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Binance Says Fla. Suspension Order Violates Due Process
by Gunnar Larson 28 Mar '24

28 Mar '24

Binance Says Fla. Suspension Order Violates Due Process <https://www.law360.com/capitalmarkets/articles/1816362?nl_pk=abe82add-2a33-…> By David Minsky Binance on Wednesday told a Florida appeals court that state regulators wrongly suspended its license to operate as a money transmitter, saying an emergency order issued earlier this year telling the cryptocurrency exchange to cease operations wasn't sufficiently justified and violates due process. 3 documents attached | Read full article » <https://www.law360.com/capitalmarkets/articles/1816362?nl_pk=abe82add-2a33-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/1816362?nl_pk=abe82add-2a33-…>

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2nd Circ. Won't Revive Ex-NY Law Clerk's Harassment Suit
by Gunnar Larson 28 Mar '24

28 Mar '24

2nd Circ. Won't Revive Ex-NY Law Clerk's Harassment Suit <https://www.law360.com/legalethics/articles/1818196?nl_pk=153d4a8a-6fb9-4a5…> By Andrea Keckley The Second Circuit Wednesday agreed with a New York federal district court's dismissal of a suit brought by a former New York law clerk accusing the state's judicial system of covering for a judge she says sexually harassed her, holding that it lacked jurisdiction to hear the appeal. Opinion attached | Read full article » <https://www.law360.com/legalethics/articles/1818196?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/1818196?nl_pk=153d4a8a-6fb9-4a5…>

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CFPB Flags False Advertising Risk For Money Transfer Firms
by Gunnar Larson 28 Mar '24

28 Mar '24

CFPB Flags False Advertising Risk For Money Transfer Firms <https://www.law360.com/banking/articles/1818237?nl_pk=feb6bbba-7878-4d39-be…> By Jon Hill The Consumer Financial Protection Bureau on Wednesday cautioned international money transfer providers about how they market themselves, saying advertising services as "free" when customers are still required to pay additional fees for converting or delivering funds may violate federal law. 1 document attached | Read full article » <https://www.law360.com/banking/articles/1818237?nl_pk=feb6bbba-7878-4d39-be…> | Save to favorites » <https://www.law360.com/banking/articles/1818237?nl_pk=feb6bbba-7878-4d39-be…>

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BlockFi Wins Approval Of 'Tremendous' Deal With FTX
by Gunnar Larson 28 Mar '24

28 Mar '24

BlockFi Wins Approval Of 'Tremendous' Deal With FTX <https://www.law360.com/fintech/articles/1817896?nl_pk=d2b3e7ef-ab62-4a62-80…> By Hilary Russ A New Jersey bankruptcy judge gave his blessing on Wednesday to a global settlement that ends disputes between fallen cryptocurrency giants BlockFi Inc. and FTX, saying the results were "tremendous." Read full article » <https://www.law360.com/fintech/articles/1817896?nl_pk=d2b3e7ef-ab62-4a62-80…> | Save to favorites » <https://www.law360.com/fintech/articles/1817896?nl_pk=d2b3e7ef-ab62-4a62-80…>

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Video: Margin Call 2011 - Senior Partners Emergency Meeting
by Gunnar Larson 28 Mar '24

28 Mar '24

Margin Call 2011 - Senior Partners Emergency Meeting Video: https://www.instagram.com/reel/C5Ch0-IKR3v/?igsh=MWs4bHVuZTNkMDdjMQ==

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Report: Five Banks Have a Combined Half Trillion Dollars in Commercial Real Estate Loans; Number 1 is JPMorgan Chase
by Gunnar Larson 28 Mar '24

28 Mar '24

https://wallstreetonparade.com/2024/03/report-five-banks-have-a-combined-ha… By Pam Martens and Russ Martens: March 28, 2024 ~ JPMorgan Chase Bank BuildingYesterday, American Banker released a report showing that five banks in the U.S. hold a combined half trillion dollars in commercial real estate (CRE) loans. It came as a big surprise to a lot of folks that the bank holding the largest amount of CRE loans is JPMorgan Chase – whose bank holding company is also exposed to $49 trillion in derivatives as of December 31, 2023 according to the Office of the Comptroller of the Currency. (See Table 14 at this link.) JPMorgan Chase is already considered the riskiest bank in the U.S. according to its regulators. American Banker reported the following CRE totals for the five banks: JPMorgan Chase, $173 billion; Wells Fargo, $139.65 billion; Bank of America, $82.8 billion; U.S. Bank, $55.66 billion; and PNC Bank, $48.89 billion. Some of the same hubris and willful blindness that prevailed in the runup to the subprime mortgage crisis that blew up large financial institutions in 2008 is showing itself today in regard to commercial real estate loans at federally-insured banks. On March 7, Federal Reserve Chairman Jerome Powell testified before the Senate Banking Committee as part of his Semiannual Monetary Policy Report to Congress. During his testimony, Powell downplayed concerns about the impact of commercial real estate loans at the largest banks. Powell stated: “There will be bank failures, but this is not the big banks. If you look at the very big banks, this is not a first order issue for any of the very large banks. It’s more smaller and medium size banks that have these issues.” If CRE is not a problem at the largest banks, that’s because both the banks and the Fed believe that the Fed will always spring to the rescue with an emergency bailout program. In fact, the Fed has already created just such a program that’s waiting in the wings. It’s called the Standing Repo Facility (SRF). It has a lending capacity of $500 billion and can lend to both the federally-insured bank and its trading unit (primary dealer) – thus giving the so-called “universal banks” on Wall Street two bites at the bailout apple. For a look at just how quickly the Fed can sluice money to Wall Street mega banks with few questions asked by Congress, check out the chart below. It shows the Fed’s emergency money spigot to the mega banks in the last quarter of 2019 – for a financial emergency at the banks which has yet to be explained to the American people. Fed's Repo Loans to Largest Borrowers, Q4 2019, Adjusted for Term of Loan To grasp how radically things have changed since 2008 when former Goldman Sachs veteran-turned Treasury Secretary Hank Paulson took a 3-page document to Congress and demanded a $700 billion taxpayer bailout for the banks (Troubled Asset Relief Program, TARP), let the full meaning of the chart above sink in. The Fed can now funnel trillions of dollars in cumulative loans to mega banks on Wall Street, report the names of the banks and amounts borrowed two years later, and get a complete news blackout from mainstream media. (Wall Street On Parade was the only media outlet to chart the details and report the names of the banks that got the trillions of dollars in loans in 2019.) Powell might have his own agenda in playing down the risks to the mega banks on Wall Street. According to Senator Elizabeth Warren, who sits on the Senate Banking Committee, Powell is leading the charge behind the scenes to overturn federal regulators’ proposal to require the largest banks to hold larger amounts of capital to prevent a replay of the 2008 financial crisis.

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