January 2025 - cypherpunks - lists.cpunks.org

xNY.io - Bank.org | Memo #2 - JPMorgan Chase Board of Directors ESG Marketplace Manipulation
by Gunnar Larson 08 Jan '25

08 Jan '25

https://docs.google.com/document/d/1bxERzXknAFfVW3YsDpNB-GPlVoiLAeeBXUrxwOF… May 1, 2022 BY ELECTRONIC MAIL Investor Relations Board of Directors, JPMorgan Chase & Co. 277 Park Avenue New York, NY 10172-0003 JPMCinvestorrelations(a)jpmchase.com Re: JPMorgan Chase Board of Directors ESG Marketplace Manipulation Dear Board of Directors: xNY.io - Bank.org recently contacted JPMorgan Chase’s board of directors to communicate our concern(s) that potentially JPMorgan Chase may be engaging in exploitation of more than $100B of ESG asset liabilities, across international regulatory arbitrage structures, while headquartered in Manhattan. Specifically, the duty to promote the success of the company is that a director must act in the way that she considers, in good faith, and would be most likely to promote the success of the company for the benefit of its members as a whole. - Failure by a board to adequately consider ESG-related risks, particularly entity-specific compliance risks such as breach of securities laws, could serve as the basis for liability of individual directors or officers for breach of their fiduciary duties. Given JPMorgan’s five cout felonies, xNY.io - Bank.org is concerned with your board of director governance in preventing ESG fraud. xNY.io - Bank.org’s assessment of JPMorgan’s board embraces fundamentals including liquidity risk and protecting New York ESG cross border innovation from marketplace manipulation. - According to JPMorgan’s August 2021 Sovereigns and ESG whitepaper, the bank states that governance carries the largest weight of the three ESG pillars across scores, as it is the most empirically relevant for asset prices. - JPMorgan notes that philosophically, the bank views good governance as a foundational pillar for positive ESG developments in other pillars. Today’s memo follows protocol suggested by the United States of America, in that JPMorgan Chase’s board of directors is responsible to xNY.io - Bank.org’s enterprise and the Department of the Interior, in connection with any action alleging a violation of the Endangered Species Act, by any person (“person” means an individual, corporation, partnership, trust, association, or any other private entity) claiming the benefit of any exemption or permit under the Act, who shall have the burden of proving that the exemption or permit is applicable, or has been granted, and was valid and in force at the time of alleged violation. xNY.io - Bank.org has made 91 highlights to the Department of Interior’s Endangered Species Act for JPMorgan Chase’s board of directors reference. 1. xNY.io - Bank.org has reason to believe in the JPMorgan Chase board of directors’ engagement of ESG marketplace manipulation, risking your ESG portfolio’s future at the cost of New York digital asset innovation. 2. xNY.io - Bank.org references your 2021 Environmental Social and Governance Report, totaling $117B of ESG “development funding” transferred from New York to Caribbean and Eastern European accounts. 3. xNY.io - Bank.org is concerned of JPMorgan Chase board directors leveraged marketplace manipulation techniques in allocating ESG funds to engage in potential harassment (the term "harassment" means any act of pursuit, torment, or annoyance) of some of the world’s most precious endangered species protected by domestic and international governance. 4. JPMorgan Chase’s $2.3B ESG “wind farm” facility is characterized by the Washington Post as a potential misuse of ESG assets (and board policies) to fund probable violation(s) of the Marine Mammal Protection Act of 1972. Looking internationally, xNY.io - Bank.org is concerned of further ESG marketplace manipulation structures, sacrificing endangered species, via JPMorgan Chase’s board directed ESG investments in the Caribbean (your largest ESG investment region). xNY.io - Bank.org signals that JPMorgan’s board of directors is party to the Convention on Nature Protection and Wild Life Preservation in the Western Hemisphere. Being clear, any violation of the Endangered Species Act, the Marine Mammal Protection Act and/or the Convention on Nature Protection and Wild Life Preservation in the Western Hemisphere … Requires xNY.io - Bank.org to consult JPMorgan Chase board members on ESG allocations that may be in conflict with construction, or other development projects, or other forms of economic activity. xNY.io - Bank.org asks JPMorgan Chase board directors to return the Secretary of Department of the Interior’s approval, confirming licensing and/or exclusion to the Endangered Species Act, with further authorization of “harassment” pursuant to exemption(s). Including (if available) a similar Environmental Protection Agency permit that is applicable and is valid and in force. - Due to the riskiness of ESG portfolio mismanagement in violation of the Endangered Species Act, ESG marketplace manipulation risk(s) may trigger causal shocks to New York State monetary and regulatory innovation. - According to JPMorgan’s sovereign fund ESG research, “A common complaint about ESG analysis is that data can be difficult to source. Some sovereign data is in fact more readily available than corporate data given the multitude of multinational organizations and NGOs – including the World Bank, the IMF and the United Nations.” - The European Central Bank provides support to the eurozone sovereign debt market but has more restrictions on what and how much it can buy, so eurozone bonds can trade with more credit risk premium compared to other major developed market bonds. - Whatever the case may be, JPMorgan disclosures detail significant concern of lapse in board governance and ESG portfolio risk with potential violation of the Endangered Species Act, risking ESG portfolio default(s) in Europe and the United States risking ESG customer financial abuse. Forbes recently profiles JPMorgan Chase ESG investments as problematic, highlighting that your board of directors potentially are allocating ESG proceeds in competition with human rights at the expense of customers’ best interests while investing heavily in fossil fuels. A letter to JPMorgan Chase’s board of directors from ESG scholars (including, The Sierra Club, Public Citizen, Greenpeace, Amazon Watch, Revolving Door Project, Rainforest Action Network and the Center for International Environmental Law) suggests the bank would “...lock us into energy sources that are overly expensive and subject to wild price swings, and that exacerbate rather than ease global conflict.” xNY.io - Bank.org aims to protect ESG digital asset innovation and JPMorgan’s board should understand your proprietary ESG scoring matrix should signal seismic marketplace manipulation risk if directors are in potential violation of any Endangered Species Act covenant. - Head of Europe, Middle East, and Africa (EMEA) distribution at JP Morgan Asset Management says, “In Europe, we do not have a semi-transparent product – like the US and Australia – which would add further complexity to the trading. For example, the US has several models which make it harder for the AP to guess what the actual fund looks like and therefore the costs might be higher accordingly.” - Given, JPMorgan may potentially be in breach of United States Endangered Species Act provisions, similar risk of ESG asset failure(s) may include Europe, Middle East, Africa and Australia international law, as ratified by the Convention on International Trade in Endangered Species of Wild Fauna and Flora. While directors and officers are likely to be particularly focused on the risk that they may be found personally liable for a breach of their duties, proper ESG compliance with fiduciary obligations requires acting to a higher standard. Given the defenses available to fiduciaries, and the difficulty in bringing claims for breach of fiduciary duty, a director or officer found to be liable for such ESG breaches will generally have acted egregiously. This ‘sliding scale’ of the standards to which directors and officers should adhere. Following the Endangered Species Act, xNY.io - Bank.org kindly petitions JPMorgan’s board of directors, in connection with all ESG investments, claiming the benefit of any exemption or permit under the United States Department of the Interior’s Endangered Species Act … Shall have the burden of proving that an exemption or permit is applicable, or has been granted, and is valid and in force. - At JPMorgan’s earliest convenience (within 60 days of receipt of this memo) xNY.io - Bank.org kindly requests a certified copy of JPMorgan Chase’s approval by the Department of the Interior, being a license and/or exclusion to the Endangered Species Act and/or the Marine Mammal Protection Act. - JPMorgan Chase suggests a commitment to anti-corruption compliance is central to the success of its business. Your board of directors stand to maintain that trust by promoting a corporate culture that encourages ethical business practices and compliance with both the letter and the spirit of the laws of the countries in which the JPMorgan conducts business. xNY.io - Bank.org’s research guidance from the United States Securities and Exchange Commision, supports the international community in taking actions to address ESG issues on a global basis, and those actions that can have a material impact on companies. Future correspondence concerning ESG innovation is at your board’s leisure. Respectfully yours with appreciation, 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

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BREAKING: CFTC Chair Behnam To Step Down When Trump Takes Office
by Gunnar Larson 08 Jan '25

08 Jan '25

BREAKING: CFTC Chair Behnam To Step Down When Trump Takes Office <https://www.law360.com/capitalmarkets/articles/2280562?nl_pk=35f19b02-1b5d-…> By Jessica Corso U.S. Commodity Futures Trading Commission Chair Rostin Behnam announced on Tuesday that he will resign his chairmanship on Inauguration Day in order to make way for new agency leadership under incoming President Donald Trump. Read full article » <https://www.law360.com/capitalmarkets/articles/2280562?nl_pk=35f19b02-1b5d-…> | Save to favorites » <https://www.law360.com/capitalmarkets/articles/2280562?nl_pk=35f19b02-1b5d-…>

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BREAKING: FTC Imposes Record $5.6M 'Gun Jumping' Penalty On Oil Deal
by Gunnar Larson 08 Jan '25

08 Jan '25

BREAKING: FTC Imposes Record $5.6M 'Gun Jumping' Penalty On Oil Deal <https://www.law360.com/competition/articles/2280560?nl_pk=6e763a2a-9f82-44c…> By Bryan Koenig The Federal Trade Commission brought a rare merger "gun jumping" action Tuesday under which Verdun Oil Co. will pay $5.6 million for exerting control over EP Energy LLC before the mandatory waiting period under U.S. antitrust law expired and its purchase of the company actually closed. Complaint attached | Read full article » <https://www.law360.com/competition/articles/2280560?nl_pk=6e763a2a-9f82-44c…> | Save to favorites » <https://www.law360.com/competition/articles/2280560?nl_pk=6e763a2a-9f82-44c…>

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Wall Street Is Sending the Same Message to Americans on Fossil Fuel Financing that It Sent on Cigarettes: Drop Dead
by Gunnar Larson 08 Jan '25

08 Jan '25

https://wallstreetonparade.com/2025/01/wall-street-is-sending-the-same-mess… By Pam Martens and Russ Martens: January 7, 2025 ~ On July 31, 2023 the World Health Organization released a report on cigarette smoking. It noted the following: “The tobacco epidemic is one of the biggest public health threats the world has ever faced, killing over 8 million people a year around the world. More than 7 million of those deaths are the result of direct tobacco use while around 1.3 million are the result of non-smokers being exposed to second-hand smoke. “All forms of tobacco use are harmful, and there is no safe level of exposure to tobacco…. “Around 80% of the 1.3 billion tobacco users worldwide live in low- and middle-income countries, where the burden of tobacco-related illness and death is heaviest. Tobacco use contributes to poverty by diverting household spending from basic needs such as food and shelter to tobacco. This spending behaviour is difficult to curb because tobacco is so addictive.” Despite awareness for decades by Wall Street banks that cigarettes are deadly, they have continued to finance cigarette manufacturers. According to MarketBeat, as of this October, Citigroup had a buy rating on Philip Morris International and JPMorgan Chase rated it “overweight.” Philip Morris International is publicly traded on the New York Stock Exchange under the ticker symbol PM. Its cigarette brands include Marlboro, Parliament, Virginia S., L&M, Lark, Merit, Muratti, Chesterfield and numerous others. In a 2004 paper, two researchers, B. C. Alamar and S. A. Glantz, exposed how two Wall Street analysts became shills for the tobacco industry while representing themselves as independent Wall Street analysts. The researchers write: “In particular, for the two analysts discussed in detail below, their conflicts of interest, in regards to their firms’ revenues attributable to investment banking relationships with tobacco companies, and their collaboration with the firms, are never noted in their role as policy advisers. The first analyst, David Adelman, worked for Morgan Stanley which, at the time of the activities described below, owned approximately $1.7 billion of Philip Morris stock and functioned as an underwriter on Philip Morris bond offerings. The second analyst, Martin Feldman, worked for Smith Barney, a subsidiary of Citigroup, which owned approximately $894 million of Philip Morris stock and also functioned as the underwriter on several Philip Morris bond offerings. We document how Philip Morris-USA (PMUSA) used these analysts, who represented themselves as independent, to advance the interest of the tobacco industry in public policy debates.” (Refer to the 2004 paper linked above for the specific details.) Megabanks on Wall Street have taken a similarly reckless and irresponsible attitude toward financing fossil fuel companies that are responsible for deadly climate change. According to the Fossil Fuel Finance Report 2024, the largest bank in the United States, JPMorgan Chase, is the largest lender to fossil fuel projects, with $430.9 billion in financings since 2016. Citigroup is ranked as the number one lender to fossil fuel expansions since 2016, according to the same report, with $396.3 billion in financings. Last month, 14 researchers from around the world published a paper in the BioScience journal under the title: “Perilous Times on Planet Earth.” They write as follows: “We are on the brink of an irreversible climate disaster. This is a global emergency beyond any doubt. Much of the very fabric of life on Earth is imperiled. We are stepping into a critical and unpredictable new phase of the climate crisis. For many years, scientists, including a group of more than 15,000, have sounded the alarm about the impending dangers of climate change driven by increasing greenhouse gas emissions and ecosystem change (Ripple et al. 2020). For half a century, global warming has been correctly predicted even before it was observed—and not only by independent academic scientists but also by fossil fuel companies (Supran et al. 2023). Despite these warnings, we are still moving in the wrong direction; fossil fuel emissions have increased to an all-time high, the 3 hottest days ever occurred in July of 2024 (Guterres 2024), and current policies have us on track for approximately 2.7 degrees Celsius (°C) peak warming by 2100 (UNEP 2023). Tragically, we are failing to avoid serious impacts, and we can now only hope to limit the extent of the damage. We are witnessing the grim reality of the forecasts as climate impacts escalate, bringing forth scenes of unprecedented disasters around the world and human and nonhuman suffering. We find ourselves amid an abrupt climate upheaval, a dire situation never before encountered in the annals of human existence. We have now brought the planet into climatic conditions never witnessed by us or our prehistoric relatives within our genus, Homo… “Last year, we witnessed record-breaking sea surface temperatures (Cheng et al. 2024), the hottest Northern Hemisphere extratropical summer in 2000 years (Esper et al. 2024), and the breaking of many other climate records (Ripple et al. 2023a). Moreover, we will see much more extreme weather in the coming years (Masson-Delmotte et al. 2021). Human-caused carbon dioxide emissions and other greenhouse gases are the primary drivers of climate change. As of 2022, global fossil fuel combustion and industrial processes account for approximately 90% of these emissions, whereas land-use change, primarily deforestation, accounts for approximately 10%….” How is Wall Street responding to these very real threats to humans and the planet? According to a report by Reuters yesterday, the Wall Street megabanks are “rushing in recent weeks to leave one of the world’s top banking sector climate coalitions,” the Net-Zero Banking Alliance (NZBA). The article suggests that Republican politicians warned the Wall Street banks that they might face antitrust challenges if they remained in the group. That is a laughable threat and Wall Street knows it. Wall Street’s top lawyers have been meeting secretly for years with no pushback from these Republican lawmakers. The New York Fed has been blurring antitrust lines for decades with sponsored Wall Street megabank groups with no pushback from either political party.

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Talk Show Host Says OpenAI Can't Duck Ga. Defamation Suit
by Gunnar Larson 08 Jan '25

08 Jan '25

Talk Show Host Says OpenAI Can't Duck Ga. Defamation Suit <https://www.law360.com/governmentcontracts/articles/2280064?nl_pk=0fbf612f-…> By Madison Arnold A conservative talk radio show host pushed back Monday against OpenAI's quest to secure summary judgment in his defamation lawsuit, calling the company "the high-tech equivalent of the neighborhood gossip." Brief attached | Read full article » <https://www.law360.com/governmentcontracts/articles/2280064?nl_pk=0fbf612f-…> | Save to favorites » <https://www.law360.com/governmentcontracts/articles/2280064?nl_pk=0fbf612f-…>

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Chinese Billionaire's Deputy Gets 10 Years For $1.4B Fraud
by Gunnar Larson 08 Jan '25

08 Jan '25

Chinese Billionaire's Deputy Gets 10 Years For $1.4B Fraud <https://www.law360.com/fintech/articles/2279850?nl_pk=31322029-63eb-4d40-ac…> By Pete Brush A Manhattan federal judge sentenced a Chinese business manager to 10 years in prison Monday for her role assisting convicted billionaire Miles Guo's $1.4 billion fraud, saying the lawbreaking was egregious because it leveraged talk of bringing democracy to authoritarian China. 2 documents attached | Read full article » <https://www.law360.com/fintech/articles/2279850?nl_pk=31322029-63eb-4d40-ac…> | Save to favorites » <https://www.law360.com/fintech/articles/2279850?nl_pk=31322029-63eb-4d40-ac…>

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PayPal Steals Influencers' Commissions Via Honey, Suit Says
by Gunnar Larson 08 Jan '25

08 Jan '25

PayPal Steals Influencers' Commissions Via Honey, Suit Says <https://www.law360.com/technology/articles/2279858?nl_pk=b6acf8b6-b37c-4b07…> By Gina Kim PayPal hijacks sales commissions from social media influencers using its Honey browser extension by "swooping in at checkout" and swapping out the influencers' affiliate marketing cookies with Honey's own tracking cookies, thereby taking credit for customer purchases, according to a putative class action filed in California federal court. Complaint attached | Read full article » <https://www.law360.com/technology/articles/2279858?nl_pk=b6acf8b6-b37c-4b07…> | Save to favorites » <https://www.law360.com/technology/articles/2279858?nl_pk=b6acf8b6-b37c-4b07…>

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Ohio Landlord Seeks $9M Insurance Payout For Hail Damage
by Gunnar Larson 08 Jan '25

08 Jan '25

Ohio Landlord Seeks $9M Insurance Payout For Hail Damage <https://www.law360.com/insurance/articles/2280050?nl_pk=347c5954-47a8-495c-…> By Hope Patti The operator of a 324-unit apartment complex is seeking to recover over $9 million from its insurer for damages caused by a 2022 hail and windstorm, according to filings in Ohio federal court. 2 documents attached | Read full article » <https://www.law360.com/insurance/articles/2280050?nl_pk=347c5954-47a8-495c-…> | Save to favorites » <https://www.law360.com/insurance/articles/2280050?nl_pk=347c5954-47a8-495c-…>

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Insurance Execs Seek Defense Costs For Self-Dealing Suit
by Gunnar Larson 08 Jan '25

08 Jan '25

Insurance Execs Seek Defense Costs For Self-Dealing Suit <https://www.law360.com/insurance/articles/2279984?nl_pk=347c5954-47a8-495c-…> By Elizabeth Daley Insurance company executives who were fired amid accusations they stole assets from their company to start a competing venture demanded coverage for the dispute from their new business's insurer in Georgia Federal Court. Complaint attached | Read full article » <https://www.law360.com/insurance/articles/2279984?nl_pk=347c5954-47a8-495c-…> | Save to favorites » <https://www.law360.com/insurance/articles/2279984?nl_pk=347c5954-47a8-495c-…>

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German Burford Funding Fight Belongs In Del., Court Hears
by Gunnar Larson 08 Jan '25

08 Jan '25

German Burford Funding Fight Belongs In Del., Court Hears <https://www.law360.com/delaware/articles/2280043?nl_pk=9f0ef0c6-df48-47ce-8…> By Caroline Simson A German entity is fighting litigation funder Burford's efforts to force it to arbitrate a dispute over an allegedly fraudulent arbitration pact contained in a funding agreement for antitrust litigation, telling a Delaware federal judge on Friday that the feud belongs before him. Brief attached | Read full article » <https://www.law360.com/delaware/articles/2280043?nl_pk=9f0ef0c6-df48-47ce-8…> | Save to favorites » <https://www.law360.com/delaware/articles/2280043?nl_pk=9f0ef0c6-df48-47ce-8…>

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