March 2024 - cypherpunks - lists.cpunks.org

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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9th Circ. Revives Claims Against Apple In Crypto Theft Row
by Gunnar Larson 28 Mar '24

28 Mar '24

9th Circ. Revives Claims Against Apple In Crypto Theft Row <https://www.law360.com/competition/articles/1818314?nl_pk=6416fd97-1dc4-4e0…> By Allison Grande The Ninth Circuit on Wednesday partially reinstated a putative class action accusing Apple of misrepresenting the safety of its App Store after users' cryptocurrency was stolen from an app, finding that while a federal tech immunity law shielded Apple from an array of fraud and wiretapping claims, three consumer protection claims could move forward. Opinion attached | Read full article » <https://www.law360.com/competition/articles/1818314?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1818314?nl_pk=6416fd97-1dc4-4e0…>

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Ex-SDNY Clerk Can't Skirt Prison For Bribe Plot, Feds Say
by Gunnar Larson 28 Mar '24

28 Mar '24

Ex-SDNY Clerk Can't Skirt Prison For Bribe Plot, Feds Say <https://www.law360.com/competition/articles/1818118?nl_pk=6416fd97-1dc4-4e0…> By Elliot Weld Federal prosecutors in the Southern District of New York pushed back on a former court clerk's request for no prison time after he was convicted of scheming to refer clients to a defense attorney for kickbacks, calling for a sentence of 41 to 51 months. Memorandum attached | Read full article » <https://www.law360.com/competition/articles/1818118?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1818118?nl_pk=6416fd97-1dc4-4e0…>

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FTX’s Original Sin Is a Warning to All of Crypto
by Gunnar Larson 28 Mar '24

28 Mar '24

FTX’s Original Sin Is a Warning to All of Crypto https://www.bloomberg.com/news/features/2024-03-27/sam-bankman-fried-prison… Sometime between FTX’s collapse and Sam Bankman-Fried’s fraud conviction a year later, a consensus formed about the onetime boy genius of cryptocurrency: His wild, curly hair and beanbag chair naps at the office were largely for show, but his company FTX, which had been used by millions of people to buy and sell digital currencies, was the real deal. The crypto faithful see FTX as an almost-success story—if only its owner hadn’t taken customer money to cover side gambles. As the author Michael Lewis put it on 60 Minutes, “They actually had a great, real business.”

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Jury Convicts Ex-LA Official Chan In City Hall Bribery Scandal
by Gunnar Larson 28 Mar '24

28 Mar '24

Jury Convicts Ex-LA Official Chan In City Hall Bribery Scandal <https://www.law360.com/governmentcontracts/articles/1818190?nl_pk=4126fe73-…> By Gina Kim A California federal jury on Wednesday convicted former Los Angeles deputy mayor Raymond Chan of racketeering conspiracy, honest services wire fraud and bribery stemming from his role linking corrupt public officials with wealthy developers in the so-called CD-14 Enterprise. Read full article » <https://www.law360.com/governmentcontracts/articles/1818190?nl_pk=4126fe73-…> | Save to favorites » <https://www.law360.com/governmentcontracts/articles/1818190?nl_pk=4126fe73-…>

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AI Software Co. Hid Oil Biz Partnership's Collapse, Suit Says
by Gunnar Larson 28 Mar '24

28 Mar '24

AI Software Co. Hid Oil Biz Partnership's Collapse, Suit Says <https://www.law360.com/technology/articles/1818465?nl_pk=2bd720dd-746c-4744…> By Sydney Price Executives and directors of artificial intelligence company C3.ai Inc. have been hit with a shareholder derivative suit in California federal court claiming they failed to disclose that the company's partnership with oil company Baker Hughes Co. was falling apart and that its sales team was experiencing high turnover. Complaint attached | Read full article » <https://www.law360.com/technology/articles/1818465?nl_pk=2bd720dd-746c-4744…> | Save to favorites » <https://www.law360.com/technology/articles/1818465?nl_pk=2bd720dd-746c-4744…>

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Fwd: SpaceX Interlocking Directors’ Intent to Manipulate Markets
by Gunnar Larson 28 Mar '24

28 Mar '24

This message will go down in history. Still no response yet. Have a great day! ---------- Forwarded message --------- From: Gunnar Larson <g(a)xny.io> Date: Thu, Nov 2, 2023, 12:52 PM Subject: Re: SpaceX Interlocking Directors’ Intent to Manipulate Markets To: <letitia.james(a)ag.ny.gov> Cc: <ir(a)twitter.com>, Harris, Adrienne A (DFS) <Adrienne.Harris(a)dfs.ny.gov>, <district3(a)council.nyc.gov>, Reader, Shaun <sreader(a)curtis.com> Dear Madam Attorney General James: xNY.io - Bank.org kindly seeks a response from your office concerning the message below. Today in Manhattan, the FTX case will soon be sent for jury deliberation. According to NPR, "... FTX founder Sam Bankman-Fried is accused of orchestrating one of the largest financial frauds in history." Additionally, today Donald Trump's civil fraud trial continues in New York City. Attorney General James, as you are aware xNY.io - Bank.org has an ongoing dialog with your office concerning a 'RICO.' The New York State Department of Financial Services records office has responded with a memo concerning the "Las Vegas Museum of Organized Crime and Law Enforcement" here: https://drive.google.com/file/d/1reLapm-6C0QJZhPKIPtN5HZGbYhTxZMh/view?usp=… . This memo aims to execute N.Y. Executive Law, Article 15 § 297. Procedure 1. Additionally, § 298-a. Application of article to certain acts committed outside the state of New York, (Israel Crisis). Kind regards, Gunnar -- Gunnar Larson xNY.io - Bank.org MSc - Digital Currency MBA - Entrepreneurship and Innovation (ip) G(a)xNY.io +1-917-580-8053 New York, New York 10001 On Sat, Jun 18, 2022, 4:44 PM Gunnar Larson <g(a)xny.io> wrote: > Dear Attorney General Letitia James: > > xNY.io - Bank.org, PBC seeks to earn your esteemed approval to engage the > New York False Claims Act under urgent pretences. > > Today's correspondence marks the first time in history, a self-titled > "mafia" (aka, the "PayPal Mafia '') is compelled to answer publicly the > decision to manipulate both the New York False Claims Act and the Martin > Act against one another. > > - Madam Attorney General, your leadership approach has historical > context > <https://www.nytimes.com/2019/12/10/climate/exxon-climate-lawsuit-new-york.h…> > to logic and ultimate Exxon Mobil vs. New York State > <https://drive.google.com/file/d/1nLp9RIYw8mAh1SRG8E9PMEK94SV-viUN/view?usp=…> case > precedent. > - xNY.io - Bank.org, PBC research and development notes our hawkish > approach to ESG, D&O and LBO innovation. > - xNY.io - Bank.org, PBC sees this not a democrat vs. republican > concern as Mr. Elon Musk (CEO, SpaceX and Tesla) claims. False pretense to > protect free speech are now being debated as party to a $200B pryamid > scheme. > > Ms. James, on May 21, 2022 xNY.io - Bank.org, PBC > <https://docs.google.com/document/d/1lv9Wt6y1ld4bNap0z3epIxttEGiP_oVpfxH0GTS…> > contacted the SpaceX Corporation with reasonable concern of CEO Musk's > intent behind the $44B Twitter LBO. The Orlando Police Pension Fund shared > similar concerns to the intent behind Twitter's LBO as illegal. > > Since, market forces suggest that SpaceX and Tesla directors are part of > interlocking directorate, self proclaimed the PayPal Mafia. The racket > could waterfall to problem(s) at the New York State Department of Financial > Services with Superintendent association to D&O insurance regulation. > > Ms. James, xNY.io - Bank.org, PBC seeks your office's urgent assessment of > this matter. We aim to earn approval to explore the New York False Claims > Act to confront SpaceX as a racket. > > *Like a house of cards, the PayPal Mafia racket could risk a waterfall of > D&O interlocking directorate insolvencies. In summary: * > > 1. xNY.io - Bank.org's May 21, 2022 memo to SpaceX questioned intent > behind baseless claims pioneered by SpaceX's CEO, branding ESG a scam via > Exxon Mobil. Obviously, Exxon Mobil vs. New York State > <https://drive.google.com/file/d/1nLp9RIYw8mAh1SRG8E9PMEK94SV-viUN/view?usp=…> alludes > Mr. Musk party to a false claim. > 2. SpaceX has failed to establish a preponderance of evidence and > burden of proof not a racket. > 3. SpaceX has failed to prove that Twitter's LBO is not false claim to > free speech protection. > 4. True social innovation cannot sponsor a fake news racket that could > jeopardize space exploration and war. > 5. Twitter's LBO dealmakers (Goldman Sachs and JP Morgan Chase) > company balance sheets, financial statements and other corporate records do > not impact xNY.io - Bank.org, PBC holding a racket accountable to false > claims. > > The CEO of SpaceX and Tesla leveraging Exxon Mobil as an ESG > securities scam does not preclude the PayPal Mafia's intent to engage false > claims at the sacrifice of New York State's financial future. > > Madam Attorney General James, we hope to hear from your esteemed office > and learn assessment of best next steps. > > Thank you, > > Gunnar > > -- > *Gunnar Larson * > *xNY.io <http://www.xny.io/> - Bank.org <http://bank.org/>, PBC* > > MSc > <https://www.unic.ac.cy/blockchain/msc-digital-currency/?utm_source=Google&u…> - > Digital Currency > MBA > <https://www.unic.ac.cy/business-administration-entrepreneurship-and-innovat…> - Entrepreneurship > and Innovation (ip) > > G(a)xNY.io > +1-646-454-9107 > New York, New York 10001 > > On Sun, May 22, 2022 at 9:34 AM Gunnar Larson <g(a)xny.io> wrote: > >> May 21, 2022 >> >> BY ELECTRONIC MAIL >> >> SpaceX Corporation >> Board of Directors >> One Rocket Road >> Hawthorne, California >> 90250 >> Sales(a)SpaceX.com >> >> Re: Potential SpaceX Interlocking Directors’ Intent to Manipulate >> Markets >> >> Dear SpaceX Board of Directors: >> >> From our New York headquarters, xNY.io - Bank.org, PBC embodies the >> notion that rather than a merry-go-round, the process of change and >> innovation is like a slide. >> >> Today’s memo aims to notify the SpaceX Corporation of concern of >> potential market manipulation that could impact cross-border digital asset >> innovation, free speech in the United States of America, the global ESG >> economy and Moon exploration. >> >> Please find the attached memo >> <https://docs.google.com/document/d/1lv9Wt6y1ld4bNap0z3epIxttEGiP_oVpfxH0GTS…> >> addressed to SpaceX's board of directors. >> >> Respectfully, >> >> Gunnar Larson >> >

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Take AG James' Suit Over Enviro Claims As A Warning
by Gunnar Larson 28 Mar '24

28 Mar '24

Take AG James' Suit Over Enviro Claims As A Warning <https://www.law360.com/compliance/articles/1817894?nl_pk=ab5ce197-c1fb-4d8e…> New York Attorney General Letitia James' recent suit against JBS USA Food Co. over allegedly misleading claims about its goal to reach net zero by 2040 indicates that challenges to green claims are likely to continue, and that companies should think twice about ignoring National Advertising Division recommendations, say attorneys at Kelley Drye. Read full article » <https://www.law360.com/compliance/articles/1817894?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1817894?nl_pk=ab5ce197-c1fb-4d8e…>

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