March 2024 - cypherpunks - lists.cpunks.org

Watch "Palantir CEO Alex Karp Discusses TITAN, AIPCon on Bloomberg TV" on YouTube
by Gunnar Larson 08 Mar '24

08 Mar '24

Watch "Palantir CEO Alex Karp Discusses TITAN, AIPCon on Bloomberg TV" on YouTube: https://youtu.be/MwYRbKPwO2A?si=nyzLzrCZBDfJgrzy

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Jurors In NY Trump Trial Will Be Anonymous Except To Parties
by Gunnar Larson 08 Mar '24

08 Mar '24

Jurors In NY Trump Trial Will Be Anonymous Except To Parties <https://www.law360.com/competition/articles/1811451?nl_pk=6416fd97-1dc4-4e0…> By Frank G. Runyeon A New York state judge ruled Thursday that jurors in Donald Trump's criminal hush-money case will remain anonymous to the public, but said the former president, the Manhattan district attorney and their counsel and consultants would know the jurors' names and addresses. Decision attached | Read full article » <https://www.law360.com/competition/articles/1811451?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/1811451?nl_pk=6416fd97-1dc4-4e0…>

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Deputy AG Unveils DOJ Whistleblower Rewards Pilot Program
by Gunnar Larson 08 Mar '24

08 Mar '24

Deputy AG Unveils DOJ Whistleblower Rewards Pilot Program <https://www.law360.com/cybersecurity-privacy/articles/1811376?nl_pk=3dfd2fd…> By Stewart Bishop Deputy Attorney General Lisa Monaco on Thursday said the U.S. Department of Justice will soon begin a pilot program to financially reward whistleblowers who alert prosecutors to significant corporate misconduct. Read full article » <https://www.law360.com/cybersecurity-privacy/articles/1811376?nl_pk=3dfd2fd…> | Save to favorites » <https://www.law360.com/cybersecurity-privacy/articles/1811376?nl_pk=3dfd2fd…>

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Libor Convictions Like Post Office Scandal, Lawmakers Say
by Gunnar Larson 08 Mar '24

08 Mar '24

Libor Convictions Like Post Office Scandal, Lawmakers Say <https://www.law360.co.uk/financial-services-uk/articles/1811044?nl_pk=a94fc…> By Sophia Dourou The prosecution of traders over rigging of benchmark interest rates was a "miscarriage of justice" similar to the Post Office scandal, two politicians said on Thursday, a week before two former bankers challenge their convictions in a landmark appeal. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1811044?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1811044?nl_pk=a94fc…>

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Visa, Mastercard Fail To Ax Retailers' Swipe Fees Class Action
by Gunnar Larson 08 Mar '24

08 Mar '24

Visa, Mastercard Fail To Ax Retailers' Swipe Fees Class Action <https://www.law360.co.uk/financial-services-uk/articles/1811080?nl_pk=a94fc…> By Sophia Dourou An English appeals court Thursday said the U.K.'s antitrust tribunal was entitled to have approved a proposed class action against Visa and Mastercard over allegedly unfairly imposing interchange rules on retailers, finding it had a "broad margin of discretion" over case management decisions. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1811080?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1811080?nl_pk=a94fc…>

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1984: Thread
by grarpamp 08 Mar '24

08 Mar '24

https://www.theepochtimes.com/new-york-state-assembly-introduces-bill-manda… https://www.nysenate.gov/legislation/bills/2019/A11179

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USA 2024 Elections Thread
by grarpamp 08 Mar '24

08 Mar '24

The races have begun... https://en.wikipedia.org/wiki/2024_United_States_elections And so has the censorship, deranking, selection, election fraud, violent protests, local and foreign influence and agents, big tech, fake news, lies, hypocrisy, expose', massively unfair moneyed interests, hacks, leaks, trolls, memes, biased coverage, doctored videos, etc... Take out long options on popcorn, if Trump runs it'll be in high demand. US Libertarian Party https://twitter.com/LPNational https://lp.org/ https://freetalklive.com/ https://lbry.tv/The-Ignorance-of-Voters-with-Keith-Knight:7083abfb8bf6cbf88… https://reason.com/video/2022/06/20/dave-smith-comedian-podcaster-president… https://lauraloomerforcongress.com/ https://aria4sheriff.com/ https://keenequeen.com/ https://twitter.com/Aria_DiMezzo "Did Ancaps and Voluntarists somehow not know that the HBO series "The Anarchists" would bring out countless AnComs across the Internet insisting that AnCaps aren't real anarchists? The fuck? Have you never been on Reddit?" "I just think Cheshire County Democrats shouldn't invoke trans issues if they're unwilling to let the trans person speak." Trump's top allies told Axios earlier this month he plans a "purge" of the deep state http://www.informationliberation.com/?id=63229 Fox News 'Banning' Trump From Network, Aggressively Shilling DeSantis http://www.informationliberation.com/?id=63248 https://twitter.com/alexbruesewitz/status/1553844592142946304 https://www.newsmax.com/newsfront/fox-news-donald-trump-republican-leader/2… https://www.nytimes.com/2022/07/29/business/media/fox-news-donald-trump-rup… https://www.thedailybeast.com/fox-news-owner-rupert-murdoch-predicts-a-land… https://twitter.com/RichardHanania/status/1546812895802974208 http://www.informationliberation.com/?id=63140 https://twitter.com/infolibnews https://www.facebook.com/informationliberation/ https://gab.com/InfoLib https://www.minds.com/InfoLib https://t.me/informationliberation Chris Menahan InformationLiberation Jul. 31, 2022 Fox News hasn't had former President Donald Trump on their network in over 100 days and have begun aggressively shilling for Florida Governor Ron DeSantis to replace him. >From Newsmax, "Fox News Banning Trump From Network": The New York Times reported Friday that Fox News has not had Donald Trump on its network in over 100 days, which the paper said was part of a larger strategy to eliminate the former president as a major GOP player. Trump's last appearance on Fox News came April 13 on "Hannity." But, The Times noted, even Trump has complained his longtime friend "doesn't seem to be paying him much attention anymore." The paper said Trump believes Fox's strategy of shunning him is an effort in "effectively displacing him" from the news cycle and as de facto leader of the Republican Party. The decision to shun Trump has been made at "the highest levels" of Fox's parent company, and is backed by its billionaire chairman, Rupert Murdoch, and his son, company CEO Lachlan Murdoch. They're probably the same ones who made the decision to run a Fox News segment for "Pride Month" endorsing trangenderism and child sex changes. Both are Republicans, but are said to have to developed a strong distaste for Trump. Earlier this month, the Murdoch-owned newspapers the New York Post and The Wall Street Journal published harsh rebukes of Trump's actions regarding Jan. 6 while strongly opposing a Trump bid for president in 2024. The Times said Trump's failure to accept the 2020 election result was at the root of the Murdochs' criticism of the former president, a view shared by Senate Minority Leader Mitch McConnell, R-Ky. As Newsmax noted, two weeks ago FoxNews.com ran a three minute propaganda video posing as man-on-the-street interviews "with Trump 'supporters' who did not want him to run again and 'unanimously' backed DeSantis for 2024." If you listen carefully to the Trump "supporter" at the 1:13 mark, you can hear they spliced in him saying "I don't think it would be best for our country for him to run for reelection" at the 1:18 mark. They cut away from his face and ran B-roll footage to hide the edit. The audio levels are different and those comments were said closer to the mic, perhaps in post production or after the initial interview took place. Poll of Republican primary voters. DeSantis beats Trump among those with college degrees, 32-28. But Trump wins non-college, 58-21. This is why pundits fail to see Trump�s strength. https://t.co/UZRxjiACvk https://t.co/5pOweV5fxM pic.twitter.com/rzmhzea6HS � Richard Hanania (@RichardHanania) July 12, 2022 Fox News opposed Trump in 2016 when it mattered and right before the 2020 election the Daily Beast reported that Rupert Murdoch was predicting Trump will lose "in a landslide." The Daily Beast credited "three people who have spoke with Murdoch" for the scoop but I suspect Murdoch just gave them the story himself. Trump's top allies told Axios earlier this month he plans a "purge" of the deep state if reelected and will right the wrongs he made during his first term in office. �Let�s go Brandon� chant breaks out at #LIVGolf as President Trump, @DonaldJTrumpJr, @TuckerCarlson, @kimguilfoyle, @RepMTG, and @EricTrump stepped outside together. MAGA! 🇺🇸 pic.twitter.com/68MF0DgSPm � Alex Bruesewitz (@alexbruesewitz) July 31, 2022

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Fwd: ETS-Lindgren News: Automotive Test Solutions Featured at EMV, Europe’s Leading Conference on EMC
by Undescribed Horrific Abuse, One Victim & Survivor of Many 07 Mar '24

07 Mar '24

enclosures need testing + additional shielding added appropriately in-house ---------- Forwarded message --------- From: Joel Kellogg <joel.kellogg(a)ets-lindgren.com> Date: Thu, Mar 7, 2024 at 09:42 Subject: ETS-Lindgren News: Automotive Test Solutions Featured at EMV, Europe’s Leading Conference on EMC To: <gmkarl(a)gmail.com> Automotive Test Solutions Featured at EMV, Europe’s Leading Conference on EMC CEDAR PARK, Texas – March 7, 2024 – ETS-Lindgren, the test and measurement global leader, will share the latest in Automotive Solutions during *EMV 2024* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…>, Europe’s leading conference for electromagnetic compatibility (EMC), held in Cologne, Germany, from March 12 to 14. Participants are invited to attend the presentations “Exploring Modern Automotive EMC Design Considerations and Test Methodologies” by Garth D’Abreu, Director of Automotive Solutions with ETS-Lindgren, and Vignesh Rajamani, EMC Strategy and Business Development Manager with Rohde & Schwarz USA, as well as “Modern Automated EMC Testing: Flexible and Efficient” by Ryan Fergus, EMEA EMC Engineer with ETS-Lindgren. Mr. D’Abreu’s and Mr. Rajamani’s presentation will be in the Exhibit Hall on Tuesday, March 12, from 2:00 to 3:00 pm CET, and Mr. Fergus’s presentation will be in the Exhibit Hall on Wednesday, March 13, from 12:20 to 12:40 pm CET. "I'm excited about the opportunity to present at EMV 2024 on the crucial role of automation in modern EMC and RF testing environments,” says Mr. Fergus. “My presentation addresses the significance of automation in maximizing throughput and accuracy while increasing efficiency. Everyone at ETS-Lindgren is committed to innovation in EMC testing solutions and to contributing to the discussion at EMV 2024." Our Trusted Advisors will be in Hall 11.1, Booth #306 — stop by for a demonstration of EMSense™ 40 <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…>, ETS-Lindgren’s laser-powered electric field probe. Our brochure featuring our new series of *E-Motor Test Solutions* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> *,* addressing the emerging requirements of e-motor EMC performance validation and compliance testing, will also be available to attendees. These highlighted Solutions extend EMC support of full vehicles and electric/electronic sub-assembly (ESA) testing to meet the requirements of industry standards CISPR 12, Ed. 6.1; CISPR 25, Ed. 4; ISO 11451-2; and ISO 11452-2. To address the increasingly complex technology in today’s modern vehicles, ETS-Lindgren has created automated test software applications that greatly enhance and simplify testing: TILE!™ and VisionTRX™. *TILE!* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> (Totally Integrated Laboratory Environment) Software is an integrated test environment for creating and performing EMC tests. TILE!’s library of profiles is designed for testing to international test regulations for radiated emissions and immunity (RE, RI) as well as conducted emissions and immunity (CE, CI). Since TILE! is instrument-agnostic, it can be used with most test instrumentation our customers may already have onsite or plan to purchase. Our *VisionTRX* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> Visual Monitoring System redefines automated movement-based analysis of equipment under test (EUT) during EMC testing. To verify EUT behavior, the software allows automated visual monitoring of relevant parameters during exposure to the required electromagnetic field strengths. EUT may include speedometer needles, dash lights, LEDs, radios, heads-up displays, etc. – the possibilities are limitless. ETS-Lindgren’s software ensures the entire automotive test system works together seamlessly. The result? Our customers are confidently and productively testing from their first test program! Stop by ETS-Lindgren’s Booth #306 in Hall 11.1 at EMV 2024 to view live demonstrations of our Test Software and learn more about our *Series of Broadband E-Field Probes* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…>, as well as our range of *Automotive EMC Solutions* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> for ADAS, electric-vehicle, and connected-vehicle testing. For greater insight into today’s dynamic automotive EMC test and measurement industry, watch our *Automotive Testing Solutions video* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> and review our *Top 10 Considerations for Automotive EMC Chamber Design and Testing* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…>, Test and Measurement Full Line <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> and our Wireless Full Line <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> brochures. Visit with our sales professionals by *contacting us online* or calling +1 512.531.6400 USA or +358.2.8383.300 Europe. ETS-Lindgren | Committed to a Smarter, More Connected Future. More <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> *Join Us Online!* <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> CONFIDENTIALITY AND PRIVACY NOTICE: You are receiving this email because you requested product or service information from ETS-Lindgren, or you have opted in to receiving ongoing updates emails from ETS-Lindgren on their product and service offerings. View our Privacy Policy and Privacy Notices <https://click.icptrack.com/icp/relay.php?r=48720767&msgid=521177&act=21EF&c…> outlining the guidelines used for protecting your personal information. The information in this communication may be confidential and is intended only for the use of the recipient(s) named above. You are hereby notified that any dissemination, distribution, or copying of this communication, or any of its contents, to any other party, is strictly prohibited. If you have received this communication in error, please return it to the sender immediately and delete the original message and any copy of it from your computer system. If you have any questions concerning this message, please contact the sender. This message was sent to gmkarl(a)gmail.com from: joel.kellogg(a)ets-lindgren.com | ETS-Lindgren | 1301 Arrow Point Drive | Cedar Park, 78613 Email Marketing by [image: iContact - Try It Free!] <http://www.icontact.com/a.pl/144186> Unsubscribe <https://app.icontact.com/icp/mmail-mprofile.php?r=48720767&l=12193&s=21EF&m…>

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Fwd: How to Troubleshoot Radiated Emissions at the EMC Test Lab
by Karl Semich 07 Mar '24

07 Mar '24

---------- Forwarded message --------- From: Interference Technology <updates(a)interferencetechnology.com> Date: Thu, Mar 7, 2024 at 10:05 Subject: How to Troubleshoot Radiated Emissions at the EMC Test Lab To: Karl Semich <0xloem(a)gmail.com> Plus, review five ways signal noise can impact electrical equipment, how to mitigate it, and more. ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Click here to see a web copy of this email <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZl…> <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cCUzQSUyRiUyRmlu…> <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZ3…> March 7, 2024 | Mil/Aero <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZ3…> *Exodus AMP2053A-1LC 6.0 – 10.0GHz, 100 Watts *Exodus AMP2053A-1LC, a rugged SSPA incorporating advance technology for 6.0-10.0GHz applications. 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This article provides a handy checklist you can use, either as a pre-test check prior to compliance testing, or as a check following a test failure. ...*Read More <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZp…>* *5 Ways Signal Noise Can Impact Electrical Equipment*Accurate data acquisition is often critical in various engineering and technical projects. However, a pervasive yet often-overlooked issue that arises in the system is signal noise. This unwanted electrical interference, originating from multiple sources, can corrupt measurements, hinder communication, and compromise equipment integrity. Read this article for tips on recognizing and combating noise from various sources. ...*Read More <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZp…>* <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZp…> <https://email.item.media/Prod/link-tracker?redirectUrl=aHR0cHMlM0ElMkYlMkZp…> *UPCOMING** EVENTS* 12 - 14 Mar *EMV 2024* Cologne, Germany EMV 2024 is an international trade fair focused on electromagnetic compatibility. The event, which features lecture presentations, poster presentations, and practice-oriented workshops, has developed into one of the most important platforms for the EMC community. 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Steve Mnuchin, Trump?s Treasury Secretary/Foreclosure Kingpin, Joins with Hedge Fund Guys to Grab a Teetering, Federally-Insured Bank for $2 a Share
by Gunnar Larson 07 Mar '24

07 Mar '24

https://wallstreetonparade.com/2024/03/steve-mnuchin-trumps-treasury-secret… By Pam Martens and Russ Martens: March 7, 2024 ~ Former Trump Treasury Secretary, Steve Mnuchin, has teamed up with his pals from his days as a foreclosure kingpin at OneWest and assorted hedge funds/private equity guys, to pull a coup d’etat at the teetering New York Community Bancorp (NYCB), parent of Flagstar Bank. A press release from NYCB yesterday confirmed that Mnuchin and his pals would be injecting $1 billion in equity at a purchase price of $2 a share for NYCB, massively diluting existing shareholders whose share price on the last trading day of last year was $10.23. (For why shares of NYCB have been in free fall this year, see our report on Tuesday: New York Community Bancorp Was JPMorgan’s Top Regional Bank Pick for 2024; It’s Lost 73 Percent Y-T-D and Had Its Deposit Rating Downgraded to Junk.) Buttressing Mnuchin’s audacity, he will put himself and three of the other investing pals on the Board of NYCB, giving his team four votes on a Board he plans to shrink from 12 members to 9, according to the press release. In addition, Mnuchin’s foreclosure pal from his days at OneWest, Joseph Otting (whom Trump had made the head of the Office of the Comptroller of the Currency, the regulator of national banks) will become the CEO of NYCB, replacing the existing CEO who just took his seat at the helm of NYCB last Friday. (The bank is now changings its CEO as often as some people change their socks.) Otting is to also have a seat on the NYCB Board of Directors. Trading in the shares of NYCB was so chaotic yesterday that the New York Stock Exchange halted trading 13 times for reasons of limit-up or limit-down, and once for news pending. The share price gyrated yesterday from an all-time low of $1.70 to close at $3.46. To grasp what is really going on here, we need to look back at what happened at Mnuchin’s Senate confirmation hearing when President Donald Trump picked him to become U.S. Treasury Secretary – a post which would simultaneously make Mnuchin the head of the Financial Stability Oversight Council (F-SOC), allowing him to approve or disapprove vast Wall Street bailouts by the Federal Reserve. (See our previous report: The Language Toomey Inserted into the Stimulus Bill Enshrines a $681 Billion Trading Slush Fund for Mnuchin with the NY Fed.) At Mnuchin’s confirmation hearing, Senator Ron Wyden of Oregon had this to say about the practices of OneWest under Mnuchin: “In early 2009, Mr. Mnuchin led a group of investors that purchased a bank called IndyMac [which had also collapsed in share price], renaming it OneWest. OneWest was truly unique. While Mr. Mnuchin was CEO, the bank proved it could put more vulnerable people on the street faster than just about anybody else around. “While he was CEO, a OneWest vice president admitted in a court proceeding to ‘robo-signing’ upward of 750 foreclosure documents a week. She spent less than 30 seconds on each, and in fact, she had shortened her signature to speed the process along. Investigations found that the bank frequently mishandled documents and skipped over reviewing them. All it took to plunge families into the nightmare of potentially losing their homes was 30 seconds of sloppy paperwork and a few haphazard signatures. “These kinds of tactics were in use between 2009 and 2014, a period during which the bank foreclosed on more than 35,000 homes. ‘Widow foreclosures’ on reverse mortgages – OneWest did more of those than anybody else. The bank defends its record on loan modifications, but it was found guilty of an illegal practice known as ‘dual tracking.’ One bank department tells homeowners to stop making payments so they can pursue modification, while another department presses on and hurtles them into foreclosure anyway.” At the close of the confirmation hearing, Senator Wyden strongly suggested that Mnuchin had lied on his personal financial disclosure form, stating the following: “Mr. Mnuchin, a month ago you signed documents and an affidavit that omitted the Cayman Island fund, almost $100 million of real estate, six shell companies and a hedge fund in Anguilla. This was not self-corrected. The only reason it came to light was my staff found it and told you it had to be corrected.” The man the Mnuchin team has named as the new CEO at NYCB, Joseph Otting, set hair on fire in banking circles while serving as the head of the Office of the Comptroller of the Currency (OCC) in the Trump administration. In July of 2018, the OCC announced that financial technology companies, known as fintech, which provide various types of banking activities other than accepting insured deposits, will now be allowed to apply for a special purpose national bank charter and operate across state lines. The OCC announcement promptly followed a report from the U.S. Treasury which recommended that the OCC make the charter available. The immediate impact of gaining such a charter was that online lenders, who then had to abide by state-by-state limits on the amount of interest they could charge on a loan to consumers, would be unleashed to fully channel their predatory lending instincts. The Superintendent of the New York State Department of Financial Services (DFS), Maria Vullo, issued a statement that was highly critical of both the OCC and Treasury actions. Vullo stated: “The New York State Department of Financial Services fiercely opposes the Department of Treasury’s endorsement of regulatory ‘sandboxes’ for financial technology companies. The idea that innovation will flourish only by allowing companies to evade laws that protect consumers, and which also safeguard markets and mitigate risk for the financial services industry, is preposterous. Toddlers play in sandboxes. Adults play by the rules… “DFS also strongly opposes today’s decision by the Office of the Comptroller of the Currency to begin accepting applications for national bank charters from nondepository financial technology (fintech) companies. DFS believes that this endeavor, which is also wrongly supported by the Treasury Department, is clearly not authorized under the National Bank Act.” Laws and rules were just pesky details during the Trump administration – with the evidentiary support of the 91 felony counts the former President is facing today. Another OneWest Mnuchin pal moving to the Board of NYCB is Allen Puwalski, the Chief Investment Officer and Managing Partner at Cybiont Capital. Puwalski served as a Director on the Board of OneWest from 2009 to 2015. Puwalski was also a former partner at John Paulson’s hedge fund, Paulson & Company, from 2007 to 2018. It was during that period that the notorious Goldman Sachs’ Abacus deal went down, where the hedge fund hand-selected subprime mortgage debt it thought would fail for the Abacus offering, then shorted it, making $1 billion for itself while costing unknowing Abacus investors $1 billion. (See our report: Putting John Paulson on AIG’s Board Is an Insult to Every Law-Abiding Citizen.) Another Mnuchin investment team member who will join the NYCB Board is slated to be Milton Berlinski, co-founder of Reverence Capital, which is chipping in $200 million of the $1 billion equity infusion. Mnuchin’s private equity firm, Liberty Strategic Capital, is providing $450 million to the deal. Like Mnuchin, Berlinski was a long-tenured veteran of Goldman Sachs, working there for 26 years. Mnuchin’s tenure at Goldman Sachs was 17 years. In addition to buying up common stock in NYCB at close to a record low share price, Mnuchin’s team is getting lots of other goodies. Yesterday’s press release includes the following terms: “In connection with the equity capital raise transactions, NYCB will sell and issue, in the aggregate, to the Investors approximately (i) 59,750,000 shares of common stock, par value $0.01 per share, of the Company at a price per share of $2.00, (ii) 192,062 shares of a new series of preferred stock, par value $0.01 per share, of the Company designated as Series B Noncumulative Convertible Preferred Stock at a price per share of $2,000 and with a conversion price of $2.00, and (iii) 273,188 shares of a new series of preferred stock, par value $0.01 per share, of the Company designated as Series C Noncumulative Convertible Preferred Stock at a price per share of $2,000 and with a conversion price of $2.00, for an aggregate investment amount of $1.05 billion. In addition, investors will receive 7-year warrants to purchase non-voting, common-equivalent stock of the Company representing $315 million of underlying shares of common stock of the Company with an exercise price of $2.50 per share, a 25% premium to the price paid on common stock. Upon completion of the transactions, the aggregate shares issued to the Investors are expected to represent approximately 41.4% of the outstanding shares of Company on an as converted fully diluted basis. “Holders of the preferred stock will not have voting rights and will be entitled to quarterly non-cumulative cash dividends, as and if declared by the Board. Each share of preferred stock is convertible into common stock on a 1 preferred share – 1,000 common shares basis. Series B preferred stock will automatically convert upon certain transfers permitted by federal banking regulations, while Series C preferred stock will automatically convert upon the achievement of certain trigger events related to receipt of antitrust clearance under the Hart Scott Rodino Act and shareholder approval. The Company will provide customary shelf and piggyback registration rights to each of the Investors. Additionally, Liberty and Reverence will also have the ability to request an underwritten shelf take-down and block trade rights.” The key passage in the above verbiage is this: “Upon completion of the transactions, the aggregate shares issued to the Investors are expected to represent approximately 41.4% of the outstanding shares of Company on an as converted fully diluted basis.” To put that another way, for $1 billion, Mnuchin’s team is getting 41 percent of a federally-insured, regional bank that had a market value of $9.8 billion less than one year ago.

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