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Ex-BVI Fund Boss Challenges $400M Ponzi Scheme Debt
by Gunnar Larson 10 Dec '24

10 Dec '24

Ex-BVI Fund Boss Challenges $400M Ponzi Scheme Debt <https://www.law360.co.uk/financial-services-uk/articles/2270976?nl_pk=a94fc…> By Sophia Dourou The former director of a defunct investment fund urged the top appeals court for U.K. overseas territories on Monday to allow him to challenge a decision by its liquidators to accept a $400 million demand by the bankrupt company behind a multibillion-dollar Ponzi scheme. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/2270976?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/2270976?nl_pk=a94fc…>

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Lawyer Fined For Nondisclosures About Mafia-Linked Project
by Gunnar Larson 10 Dec '24

10 Dec '24

Lawyer Fined For Nondisclosures About Mafia-Linked Project <https://www.law360.co.uk/financial-services-uk/articles/2270995?nl_pk=a94fc…> By Ronan Barnard A partner at an Italian firm was fined £50,000 ($64,000) and reprimanded by a London legal disciplinary tribunal Monday after he admitted failing to declare previous findings made against him in Italy and the U.K. related to failed investments in a 'Ndrangheta mafia-linked real estate project. Read full article » <https://www.law360.co.uk/financial-services-uk/articles/2270995?nl_pk=a94fc…> | Save to favorites » <https://www.law360.co.uk/financial-services-uk/articles/2270995?nl_pk=a94fc…>

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Trump Has a Slush Fund to Prop Up the Dollar – Will He Use It to Prop Up Bitcoin Instead?
by Gunnar Larson 10 Dec '24

10 Dec '24

https://wallstreetonparade.com/2024/12/trump-has-a-slush-fund-to-prop-up-th… By Pam Martens and Russ Martens: December 10, 2024 ~ Trump, Pied PiperThe dark veil behind which the U.S. political system has operated since the U.S. Supreme Court’s Citizens United decision and its progeny turned presidential elections into a subtle form of payoffs and kickbacks has been lifted. Donald Trump is handing out cabinet posts and ambassadorships to his largest donors in the most scandalous manner in U.S. presidential history. Now Trump’s crypto megadonors are demanding their own form of a kickback – a Bitcoin Strategic Reserve, where the U.S. government would, effectively, prop up the price of Bitcoin by buying up large amounts each year and holding it as a Strategic Reserve. (Skeptics might be forgiven for seeing that as a means for Bitcoin billionaires to sell their Bitcoin without driving down the price too much because there is a perpetual buyer on the other side of their trade.) Most Americans have heard of the Strategic Petroleum Reserve (SPR). The U.S. Department of Energy describes the SPR like this: “The Strategic Petroleum Reserve (SPR), the world’s largest supply of emergency crude oil was established primarily to reduce the impact of disruptions in supplies of petroleum products and to carry out obligations of the United States under the international energy program. The federally-owned oil stocks are stored in huge underground salt caverns at four sites along the coastline of the Gulf of Mexico. The sheer size of the SPR (authorized storage capacity of 714 million barrels) makes it a significant deterrent to oil import cutoffs and a key tool in foreign policy.” Until more green energy sources are established, Americans must use petroleum products to drive their cars to work, to stay warm in the winter, and for various other essential functions. Other than speculative trading and money laundering, we can’t think of anything that Bitcoin does. In July 2019, NYU Professor and economist Nouriel Roubini critiqued the lack of a useful purpose for Bitcoin as follows: “Crypto currencies are not even currencies. They’re a joke…The price of Bitcoin has fallen in a week by how much – 30 percent. It goes up 20 percent one day, collapses the next. It is not a means of payment, nobody, not even this blockchain conference, accepts Bitcoin for paying for conference fees cause you can do only five transactions per second with Bitcoin. With the Visa system you can do 25,000 transactions per second…Crypto’s nonsense. It’s a failure. Nobody’s using it for any transactions. It’s trading one sh*tcoin for another sh*tcoin. That’s the entire trading or currency in the space where’s there’s price manipulation, spoofing, wash trading, pump and dumping, frontrunning. It’s just a big criminal scam and nothing else.” The FBI reported that crypto schemes defrauded victims out of $5.6 billion in 2023, accounting for 50 percent of fraud victims’ total financial losses. One of the politicians pushing for a crypto or Bitcoin strategic reserve is Senator Cynthia Lummis, a Republican from Wyoming whose campaign coffers benefit from the generosity of wealthy crypto investors. On July 31, Lummis introduced Senate bill S.4192 which is aptly called The Bitcoin Act of 2024. The official summary of the bill reads as follows: “This bill provides for the acquisition and storage of the cryptocurrency Bitcoin by the U.S. government. “The Department of the Treasury must purchase one million Bitcoins over a five-year period and hold the Bitcoins in trust for the United States. All Bitcoins acquired under this bill must be held for at least 20 years unless used to retire outstanding federal debt. “The bill directs Treasury to establish a Strategic Bitcoin Reserve for the secure storage of U.S. Bitcoins. The reserve must be a decentralized network of secure facilities across the United States. Existing U.S. Bitcoin holdings must be transferred to the reserve. States may voluntarily store Bitcoin holdings in the reserve in segregated accounts. “The bill also reduces the total amount of U.S. dollars Federal Reserve banks may hold in surplus and requires Federal Reserve banks to remit a certain amount of net earnings annually to the purchase of Bitcoins.” Let all that sink in for a moment. Some of the greatest investment and tech minds in the U.S. have called crypto a scam and a pump and dump scheme. (Warren Buffett called it “rat poison squared.”) And yet a Senate bill wants to get the U.S. Treasury and the central bank of the United States, the Federal Reserve, engaged in propping up crypto. Fortunately, as of this morning, the Lummis bill had zero co-sponsors. Trump appears to be in favor of the Bitcoin Strategic Reserve. At the Nashville Bitcoin Conference in July, Trump was a featured speaker and told the crowd this: “It will be the policy of my administration to keep 100 percent of all Bitcoin the US government currently holds [seized from fraudulent actors] or acquires in the future…as a core of the strategic national Bitcoin stockpile.” As recently as 2019, before all that money began to flow into his campaign from the ultra-wealthy crypto bros, Trump was a crypto skeptic, calling it “based on thin air” and facilitating “drug trade and other illegal activity.” Even if Lummis can’t drag her proposed legislation over the finish line, Trump has another resource he might try to use to prop up the price of cryptocurrencies – especially since he and his family stand to financially benefit from a crypto operation, World Liberty Financial. While the footnote at the company’s website goes out of its way to emphasize that Trump and his family and the Trump Organization do not own the business and are not officers of the business, it does share this: “DT Marks DeFi, LLC and its affiliates, including Donald J. Trump has or may receive approximately 22.5 billion tokens from World Liberty Financial, and will be entitled to receive 75% of net protocol revenues as defined in a services agreement to include revenue from any source after deduction of agreed reserves, expenses and other amounts, which amount cannot yet be determined….” The resource we’re referring to is the Exchange Stabilization Fund (ESF) – an entity that most Americans do not know exists. It’s essentially a slush fund available to the sitting U.S. Treasury Secretary since 1934, with the approval of the President. The ESF grew from $94.3 billion in assets prior to Trump taking office in his first term as President to $682 billion as of September 30, 2020, four months before he left office. The size of the ESF slush fund matters because under current law (31 U.S.C. §5302) the decisions on how to spend the billions in this slush fund belong to the Treasury Secretary and “are final and may not be reviewed by another officer or employee of the Government.” The law also provides that the Treasury Secretary “with the approval of the President, may deal in gold, foreign exchange, and other instruments of credit and securities the Secretary considers necessary.” The “other instruments” might be interpreted to include cryptocurrencies by some legal brain serving in the second Trump administration. We know that Trump in his first term as President issued an Executive Memorandum on March 20, 2020 giving U.S. Treasury Secretary Steve Mnuchin complete discretion to use $50 billion in the Treasury’s Exchange Stabilization Fund (ESF) as Mnuchin solely saw fit. On the prior Tuesday and Wednesday of that same week, Mnuchin had already used $20 billion of the Exchange Stabilization Fund to bail out Wall Street. As Mnuchin’s letter of November 19 to Fed Chair Jerome Powell confirms, he gave (or committed) $10 billion from the ESF to the Fed’s Commercial Paper Funding Facility on March 17 and another $10 billion to another Fed emergency lending program, the Money Market Mutual Fund Liquidity Facility, on March 18. Trump has nominated a hedge fund manager, Scott Bessent, to become U.S. Treasury Secretary. (See Donald Trump’s Treasury Nominee Made Big Bets this Year on Chinese Stocks and a Big Short on the U.S. Market.) What could possibly go wrong? FacebookTwitterWhatsAppLinkedInEmail

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Fwd: Ohio and freakin' Florida! >>
by Gunnar Larson 09 Dec '24

09 Dec '24

---------- Forwarded message --------- From: James Carville <info(a)dscc.org> Date: Mon, Dec 9, 2024, 11:22 AM Subject: Ohio and freakin' Florida! >> To: <g(a)xny.io> ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ ‌ Y'all…Ohio and Florida. *Ohio and freakin' Florida!* As pissed as I am that Trump and his followers are gonna be back in charge, they could be giving us two HUGE chances to take back the Senate. Putting JD Vance's and Marco Rubio's seats up for grabs in special elections? I mean, they might as well be handing us a personalized invitation to get right back in this! And you know what? We've gotta reply HELL YES! If you agree, *chip in $5 today to fight for every seat and say "sorry Donald Trump, but we're gonna win back the Senate!!" <https://go.dscc.org/go/20088?amount=5&t=7&firstname=&lastname=&email=g%40xn…>* Pretty soon, JD Vance and Marco Rubio could be out of the Senate. And that means their seats in Ohio and Florida could be back on the ballot YEARS before anyone expected. *If you want to be one of the FIRST people to take a stand to win seats like those, you've got to do it NOW!* *So are we gonna do this or what?!* We could be looking at a once-in-a-presidency chance to STOP Trump, but it'll ONLY work if we take advantage. *We need all hands on deck, so don't wait another moment:* *If we pull this off, it could be LIGHTS OUT for the GOP. So please, my friends at the DSCC and I are counting on you: Chip in $5 to help Democrats win and take back the Senate majority from Donald Trump's allies! <https://go.dscc.org/go/20088?amount=5&t=8&firstname=&lastname=&email=g%40xn…>* We need your help to fight for the Senate. If you've saved payment info with ActBlue express, your donation will be processed immediately. Donate $5 <https://go.dscc.org/go/20088?amount=5&t=9&amount=5&express_lane=true&firstn…> Donate $10 <https://go.dscc.org/go/20088?amount=5&t=10&amount=10&express_lane=true&firs…> Donate $20 <https://go.dscc.org/go/20088?amount=5&t=11&amount=20&express_lane=true&firs…> Other Amount <https://go.dscc.org/go/20088?amount=5&t=12&firstname=&lastname=&email=g%40x…> Let's do this, James Carville [image: James Carville] <https://go.dscc.org/go/20088?amount=5&t=13&firstname=&lastname=&email=g%40x…> Derivative of photo <https://go.dscc.org/go/6153?t=1&firstname=&lastname=&email=g%40xny.io&addr1…> by JD Lasica. CC BY-SA 2.0 <https://go.dscc.org/go/1271?t=2&firstname=&lastname=&email=g%40xny.io&addr1…> . [image: Chip in $5 monthly to flip the Senate] <https://secure.actblue.com/donate/support-senate-democrats-2024-q4-recurrin…> ------------------------------ The DSCC is the only committee solely dedicated to supporting Democrats in the U.S. Senate, and our work relies on grassroots supporters like you. If you'd like to make a contribution to support us, please *click here <https://secure.actblue.com/donate/support-senate-democrats-2024-q4?refcode=…>*. *Click here <https://go.dscc.org/signup/receive-fewer-emails/?t=5&akid=19101%2E26297126%…>* to receive fewer emails. *Click here <https://go.dscc.org/unsubscribe/unsubscribe/?t=6&akid=19101%2E26297126%2Ehd…>* to unsubscribe. Paid for by the DSCC | PO Box 96047, Washington, DC 20090 | *dscc.org <https://www.dscc.org/>* | Not authorized by any candidate or candidate's committee. Contributions or gifts to the DSCC are not tax deductible.

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Hello, its me!
by Gunnar Larson 09 Dec '24

09 Dec '24

https://www.instagram.com/reel/DDSKJ0Cu_dS/?igsh=MXhmZWtkd2lzb3Y4eg==

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Ex-City Officials In California Cop To Cannabis Permit Bribes
by Gunnar Larson 09 Dec '24

09 Dec '24

Ex-City Officials In California Cop To Cannabis Permit Bribes <https://www.law360.com/cannabis/articles/2270211?nl_pk=c844ee6a-f80e-4e60-b…> By Elliot Weld Two former officials of Los Angeles County cities have pled guilty to bribing another local politician in an attempt to influence his votes for cannabis dispensary permits. Read full article » <https://www.law360.com/cannabis/articles/2270211?nl_pk=c844ee6a-f80e-4e60-b…> | Save to favorites » <https://www.law360.com/cannabis/articles/2270211?nl_pk=c844ee6a-f80e-4e60-b…>

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AngioDynamics Port Defect Caused Infection, Ga. Man Says
by Gunnar Larson 09 Dec '24

09 Dec '24

AngioDynamics Port Defect Caused Infection, Ga. Man Says <https://www.law360.com/health/articles/2270385?nl_pk=6422bbc2-a823-4be5-9a9…> By Kelcey Caulder A medical device manufacturer and one of its subsidiaries have been sued in Georgia federal court over allegations that their implantable port for delivering medications directly into patients' bloodstreams has a defect that can lead to increased risk of infection and sepsis. Complaint attached | Read full article » <https://www.law360.com/health/articles/2270385?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/2270385?nl_pk=6422bbc2-a823-4be5-9a9…>

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USDA Orders Raw Milk Be Tested For Bird Flu
by Gunnar Larson 09 Dec '24

09 Dec '24

USDA Orders Raw Milk Be Tested For Bird Flu <https://www.law360.com/health/articles/2270774?nl_pk=6422bbc2-a823-4be5-9a9…> By Rae Ann Varona The U.S. Department of Agriculture on Friday issued a federal order requiring raw milk across the country to be tested as part of an effort to control and stop the spread of bird flu. Read full article » <https://www.law360.com/health/articles/2270774?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/2270774?nl_pk=6422bbc2-a823-4be5-9a9…>

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Netflix's 'Our Father' Trial Ends With Modest Award
by Gunnar Larson 09 Dec '24

09 Dec '24

Netflix's 'Our Father' Trial Ends With Modest Award <https://www.law360.com/health/articles/2270601?nl_pk=6422bbc2-a823-4be5-9a9…> By Y. Peter Kang Facing millions of dollars in punitive damage liabilities, Netflix and its army of lawyers were able to keep an Indiana federal jury's verdict at $385,000 in a privacy lawsuit over the names of the biological children of a rogue fertility doctor that appeared in the "Our Father" documentary. 2 documents attached | Read full article » <https://www.law360.com/health/articles/2270601?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/2270601?nl_pk=6422bbc2-a823-4be5-9a9…>

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Up Next: Environmental Reviews, Wire Fraud & TM Awards
by Gunnar Larson 09 Dec '24

09 Dec '24

Up Next: Environmental Reviews, Wire Fraud & TM Awards <https://www.law360.com/governmentcontracts/articles/2270789?nl_pk=4126fe73-…> By Katie Buehler The U.S. Supreme Court will hear its final set of oral arguments for the 2024 calendar year starting Monday, including disputes over the proper scope of federal environmental reviews and whether corporate affiliates can be ordered to pay disgorgement awards in trademark infringement disputes. Read full article » <https://www.law360.com/governmentcontracts/articles/2270789?nl_pk=4126fe73-…> | Save to favorites » <https://www.law360.com/governmentcontracts/articles/2270789?nl_pk=4126fe73-…>

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