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Abraaj Group Hits Back In Fight Over $37M Debt
by Gunnar Larson 11 Jun '24

11 Jun '24

Abraaj Group Hits Back In Fight Over $37M Debt <https://www.law360.co.uk/financial-services-uk/articles/1826312?nl_pk=a94fc…> By William Janes Abraaj Group has hit back at a claim by a UAE bank that it owns $37 million of debt that the now-defunct private equity giant is trying to recover from a troubled investment project in a Pakistani electricity supplier. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1826312?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1826312?nl_pk=a94fc…>

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PwC Accused Of Negligent Advice As $800M BAT Trial Opens
by Gunnar Larson 11 Jun '24

11 Jun '24

PwC Accused Of Negligent Advice As $800M BAT Trial Opens <https://www.law360.co.uk/financial-services-uk/articles/1845827?nl_pk=a94fc…> By Sophia Dourou Bad advice given by PricewaterhouseCoopers LLP to a company embroiled in an expensive environmental cleanup caused it to lose "hundreds of millions of euros," a subsidiary of British American Tobacco said at the opening of an $800million negligence trial on Monday. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1845827?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1845827?nl_pk=a94fc…>

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Next Gov't To Face Tough Pension Decisions, IFS Warns
by Gunnar Larson 11 Jun '24

11 Jun '24

Next Gov't To Face Tough Pension Decisions, IFS Warns <https://www.law360.co.uk/financial-services-uk/articles/1845817?nl_pk=a94fc…> By Joel Poultney The next government will need to make some urgent decisions on pension reforms to ensure future retirees are protected, an influential think-tank has warned ahead of the July 4 general election. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1845817?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1845817?nl_pk=a94fc…>

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Serco Accused Of Playing Around With Books As Trial Opens
by Gunnar Larson 11 Jun '24

11 Jun '24

Serco Accused Of Playing Around With Books As Trial Opens <https://www.law360.co.uk/financial-services-uk/articles/1845846?nl_pk=a94fc…> By Joanne Faulkner Institutional investors told a London court Monday that Serco had "played around" with its financial reporting to keeping the government from clocking fraud in its contract for electronic tagging services as a landmark securities trial kicked off. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1845846?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1845846?nl_pk=a94fc…>

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What Tax Experts Hope To See In Labour's Manifesto
by Gunnar Larson 11 Jun '24

11 Jun '24

What Tax Experts Hope To See In Labour's Manifesto <https://www.law360.co.uk/financial-services-uk/articles/1844657?nl_pk=a94fc…> By Josh White Labour's policy manifesto, expected to be unveiled on Thursday, will be studied by tax lawyers for more detail on the fiscal planning being carried out by the clear favorite to win the general election, including a final word on lifetime pension savings. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/1844657?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/1844657?nl_pk=a94fc…>

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'Why Are You Even Here?' Judge Prods Big Tobacco
by Gunnar Larson 10 Jun '24

10 Jun '24

'Why Are You Even Here?' Judge Prods Big Tobacco <https://www.law360.com/newyork/articles/1845714?nl_pk=ac5a3855-e47c-4403-be…> By Greg Lamm A Washington state appellate panel on Friday criticized Philip Morris USA Inc. and other tobacco companies for attempting to pay the state less under a 1998 master settlement agreement, with one judge asking a Big Tobacco attorney why they were in court in the first place. 2 documents attached | Read full article » <https://www.law360.com/newyork/articles/1845714?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1845714?nl_pk=ac5a3855-e47c-4403-be…>

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Ex-Prosecutors Join Effort To Free Imprisoned Binance Exec
by Gunnar Larson 10 Jun '24

10 Jun '24

Ex-Prosecutors Join Effort To Free Imprisoned Binance Exec <https://www.law360.com/compliance/articles/1845510?nl_pk=ab5ce197-c1fb-4d8e…> By Aislinn Keely More than 100 former federal prosecutors and law enforcement agents have called on the U.S. State Department to ramp up efforts to free Tigran Gambaryan, a Binance compliance executive and former IRS agent, from Nigerian custody over what they call false charges tied to money laundering and tax evasion. Letter attached | Read full article » <https://www.law360.com/compliance/articles/1845510?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1845510?nl_pk=ab5ce197-c1fb-4d8e…>

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BREAKING: High Court To Review HHS Hospital Pay Formula
by Gunnar Larson 10 Jun '24

10 Jun '24

BREAKING: High Court To Review HHS Hospital Pay Formula <https://www.law360.com/health/articles/1845929?nl_pk=6422bbc2-a823-4be5-9a9…> By Mark Payne The U.S. Supreme Court on Monday agreed to review a D.C. Circuit decision siding with the Department of Health and Human Services over how the agency applies a formula for calculating disproportionate share hospital payments for Supplemental Security Income benefits. Read full article » <https://www.law360.com/health/articles/1845929?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1845929?nl_pk=6422bbc2-a823-4be5-9a9…>

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Nvidia Hit a $3 Trillion Market Cap Last Week; Dark Pools Are Making Over 300,000 Trades in the Stock Weekly
by Gunnar Larson 10 Jun '24

10 Jun '24

https://wallstreetonparade.com/2024/06/nvidia-hit-a-3-trillion-market-cap-l… By Pam Martens and Russ Martens: June 10, 2024 ~ The much-hyped artificial intelligence chipmaker, Nvidia (ticker NVDA), reached a market cap of $3 trillion on Thursday, beating out Apple as the second most valuable company, just behind Microsoft. This morning, Nvidia’s 10-for-1 stock split will become effective, reducing its share price to, ideally, entice more retail investors. Year-to-date, Nvidia’s stock price is up 144 percent through the closing bell on Friday. The company was founded on April 5, 1993 and lived the bulk of its existence in obscurity until a New York Times article appeared on September 1, 2017 with this headline: “Why a 24-Year-Old Chipmaker Is One of Tech’s Hot Prospects.” Browsing the company’s prolific newsroom reveals no shortage of bold pronouncements. A June 2 press release carries this seismic prediction: “The next industrial revolution has begun. Companies and countries are partnering with NVIDIA to shift the trillion-dollar traditional data centers to accelerated computing and build a new type of data center — AI factories — to produce a new commodity: artificial intelligence….” Our first instinct was to take a look to see how much trading in Nvidia’s shares is occurring in Dark Pools – non-transparent trading platforms operated by some of the biggest trading houses on Wall Street (which are also, insanely, allowed to own some of the largest federally-insured U.S. commercial banks which hold trillions of dollars in deposits). Wall Street’s self-regulator, FINRA, began providing some Dark Pool data back in 2014. Unfortunately, the trading data for each Dark Pool and the respective stock it is trading is lumped together for the entire week, not by the minute or hour or day, and the data arrives to the public two weeks late for big cap stocks and four weeks late for smaller companies. The charts below show the top eight Dark Pools that made the largest number of trades in Nvidia’s stock for a recent three weeks that FINRA has made trading data available. The Dark Pool owned by Interactive Brokers has consistently been the largest trader of Nvidia’s shares. In second and third place has been global banking behemoths UBS and JPMorgan, respectively. Dark Pools owned by other global trading powerhouses, Goldman Sachs, Morgan Stanley, and Bank of America’s Merrill Lynch, have also ranked in the top eight. Interestingly, JPMorgan has shelled out $250 million in fines to the Office of the Comptroller of the Currency; $98.2 million to the Federal Reserve and $100 million (netted down from $200 million) to the Commodity Futures Trading Commission since March for failing to provide proper surveillance of “billions” of trades. The regulators were deafeningly silent on whether JPMorgan’s Dark Pools were involved in these infractions. (See here, here and here.) Following the stock market crash of 1929 (which ushered in the Great Depression), the U.S. Senate Banking Committee conducted an exhaustive investigation into the trading structure and trading practices on Wall Street. The titans of Wall Street were put under oath and troves of documents were subpoenaed. The Senate investigations focused on the collusive dealings of “pools.” The 1930s Senate investigation found the following: “A pool, according to stock exchange officials, is an agreement between several people, usually more than three, to actively trade in a single security. The investigation has shown that the purpose of a pool generally is to raise the price of a security by concerted activity on the part of the pool members, and thereby to enable them to unload their holdings at a profit upon the public attracted by the activity or by information disseminated about the stock. Pool operations for such a purpose are incompatible with the maintenance of a free and uncontrolled market.” The Senate Banking Committee of 1934 concluded as follows: “The conclusion is inescapable that members of the organized exchanges who had a participation in or managed pools, while simultaneously acting as brokers for the general public, were representing irreconcilable interests and attempting to discharge conflicting functions. Yet the stock exchange authorities could perceive nothing unethical in this situation.” As Wall Street On Parade has previously reported, U.S. regulators are not only allowing these quasi stock exchanges to operate in darkness, they are allowing Goldman Sachs, Bank of America Merrill Lynch, JPMorgan Chase and others to trade their own publicly-traded bank stocks in their own Dark Pools. The U.S. stock market, once the envy of the world, remains dangerously opaque today, in no small part because of the sick revolving door structure between Wall Street and its regulators. Congress does not feel compelled to tackle the problem because corporate media has chosen to ignore the mushrooming problem. Even after bestselling author and Wall Street veteran, Michael Lewis, went on the heavily watched 60 Minutes program on CBS in 2014 and told viewers that “The United States stock market, the most iconic market in global capitalism is rigged,” Congress and the SEC have continued to dance around the problem. Until the public demands change, the darkness will continue to deepen in increasingly dangerous ways.

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Google Ad Tech Case Won't Go To Jury Due To Co.'s Payment
by Gunnar Larson 10 Jun '24

10 Jun '24

Google Ad Tech Case Won't Go To Jury Due To Co.'s Payment <https://www.law360.com/compliance/articles/1844593?nl_pk=ab5ce197-c1fb-4d8e…> By Matthew Perlman A Virginia federal judge ruled Friday that the U.S. Department of Justice's case accusing Google of monopolizing key digital advertising technology will be heard by the bench, and not a jury, thanks to a $2.3 million check from Google covering the amount enforcers could be awarded if they prevail. Read full article » <https://www.law360.com/compliance/articles/1844593?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/1844593?nl_pk=ab5ce197-c1fb-4d8e…>

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