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The Fed Rings a Warning Bell: Hedge Funds and Life Insurers Are Reporting Historic Leverage
by Gunnar Larson 05 Dec '24

05 Dec '24

https://wallstreetonparade.com/2024/12/the-fed-rings-a-warning-bell-hedge-f… By Pam Martens and Russ Martens: December 3, 2024 ~ Jerome Powell (Thumbnail) Jerome (Jay) Powell, Chairman of the Federal Reserve Board The semi-annual Financial Stability Report released recently by the Federal Reserve Board of Governors rang a loud warning bell about high levels of leverage at hedge funds and life insurers. Wall Street watchers will no doubt recall that in 2008, during the worst Wall Street collapse since the Great Depression, Bear Stearns went under after it blew up two internal hedge funds the prior year and the giant life insurer, American International Group (AIG), blew itself up by acting as a counterparty to Wall Street’s derivative schemes and had to be taken into receivership by the U.S. government. On the matter of leverage at hedge funds, the Fed wrote this in its most recent Financial Stability Report: “Comprehensive data collected through SEC Form PF indicated that measures of leverage averaged across all hedge funds were at or near the highest level observed since these data became available in 2013. Relative to the previous report, leverage increased when measured using either average on-balance-sheet leverage…or average gross leverage of hedge funds…a broader measure that also incorporates off-balance-sheet derivatives exposures, but which does not account for netting of offsetting exposures.” And just who was providing this leverage to hedge funds? It was the federally-insured megabanks on Wall Street, of course. You won’t find that information in the Fed’s report but you can gain an in-depth understanding of this issue from our September 3 article titled: Three Megabanks Had Loans Outstanding of $1.832 Trillion to Giant Hedge Funds on March 31. The Fed seems to be a serial protector of the illusion that U.S. megabanks are doing just swell. It says this in its current report: “The banking system remained sound and resilient, with regulatory capital ratios approaching or exceeding historical highs.” That statement on capital levels would be much more convincing from the Federal Reserve Board of Governors if researchers at one of their 12 regional Fed banks, the New York Fed, had not just told the public in October that 27 percent of bank capital is “extend and pretend” commercial real estate loans. On the issue of high leverage at life insurers in 2024, the Fed’s Financial Stability Report tells us this: “Life insurers continued to allocate a substantial percentage of assets to risky and less liquid instruments, such as leveraged loans, collateralized loan obligations (CLOs), high-yield corporate bonds, privately placed corporate bonds, and alternative investments. Moreover, life insurance companies have material direct exposures to commercial mortgages and are large holders of commercial mortgage-backed securities (CMBS). This exposure to illiquid and risky assets makes life insurers vulnerable to an array of adverse shocks, including that of an economic downturn or of a significant further deterioration of the CRE [commercial real estate] market.” Another section of the Fed’s Financial Stability Report that looks highly suspect is the list of the most cited potential shocks that two dozen sophisticated contacts expressed as top concerns that might occur over the next 12 to 18 months. The Fed explains the survey as follows: “As part of its market intelligence gathering, staff from the Federal reserve bank of New York solicited views from a wide range of contacts on risks to U.S. financial stability. From late August to late October, the staff surveyed 24 contacts, including professionals at broker-dealers, investment funds, research and advisory firms, and academics. This section is a summary of the views provided by survey respondents and should not be interpreted as representing the views of the Federal reserve bank of New York or the Federal reserve board.” The chart below is the list of the most cited concerns. We do not find the list credible. From August to late October, tens of millions of Americans could think of little else than the possibility that Donald Trump might return to the White House for a second reign of chaos. But we are asked to believe that not one person out of the two dozen the New York Fed spoke to mentioned Trump as a key concern according to the chart the Fed released. Two days after the presidential election, on November 7, when it was clear that Trump had won both the electoral college and the popular vote, the U.K.’s Guardian newspaper summed up the view around the world on its front cover with this: “American dread.” A column headlined on the front page read: “Time to Rethink Everything We Thought About the U.S.” Tens of millions of Americans were thinking those exact words with many doing a Google search on how to relocate to a foreign country. Vanity Fair’s digital front cover on November 6 captured the mood perfectly with these words: “34 Felony Counts; 1 Conviction; 2 Cases Pending; 2 Impeachments; 6 Bankruptcies; 4 More Years: The 47th American President.”

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Syrian Army Says It’s Retreated From City of Hama: Sana
by Gunnar Larson 05 Dec '24

05 Dec '24

Syrian Army Says It’s Retreated From City of Hama: Sana https://assets.bwbx.io/s3/readings/SO0UCPDWLU681733404780960.mp3

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Bitcoin Soars Past $100,000 on Trump’s Pro-Crypto Pick for SEC - Digital asset had jabbed at the six-figure mark for two weeks
by Gunnar Larson 05 Dec '24

05 Dec '24

Bitcoin Soars Past $100,000 on Trump’s Pro-Crypto Pick for SEC https://www.bloomberg.com/news/articles/2024-12-05/bitcoin-btc-nears-record… Digital asset had jabbed at the six-figure mark for two weeks

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Fwd: Early Admissions Discount for Spring 2025 - Apply Now!
by Gunnar Larson 05 Dec '24

05 Dec '24

---------- Forwarded message --------- From: MSc in Blockchain & Digital Currency <digitalcurrency(a)unic.ac.cy> Date: Thu, Dec 5, 2024, 7:16 AM Subject: Early Admissions Discount for Spring 2025 - Apply Now! To: <g(a)xny.io> Benefit from 5% Early Admissions Discount View this email in your browser <https://mailchi.mp/f25be45a9fdc/early-admissions-discount?e=b9a58150fa> [image: UNIC | Institute For the Future] <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> * Hello Gunnar, * *Gain a competitive advantage with the MSc in Blockchain and Digital Currency <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> program, offered by the world leaders in blockchain education.* *The next start date for the Master's program is 10 February 2025. Pay your tuition deposit by Friday, 27 December 2024, to secure your spot and benefit from a 5% early admissions discount!* Start your MSc in Blockchain & Digital Currency here <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> *Top reasons to enroll: * - The MSc in Blockchain and Digital Currency <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> is the world’s first graduate program focused on blockchain and crypto (first offered in 2014). - The master's program is offered fully online (distance learning) with a flexible structure. - Learn from world-renowned experts, such as Prof. George Giaglis, Antonis Polemitis and Punk6529 (teaching free MOOC on M <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…>astering Web3 <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> ). - The master's program offers EUR 300,000 in financial aid through merit or need-based scholarships. - Benefit from a holistic coverage of the field, including courses in finance & economics, business management, and computer science, all focused on existing and emerging crypto applications, such as Decentralized Finance (DeFi) and asset tokenization. - MSc graduates gain a competitive advantage in the workplace by being among the first in the world to hold a graduate degree in blockchain. - Be a member of the UNIC community <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> of 1,650+ students from over 110 countries and join the world's largest Web3 student network! Pay your tuition fee deposit by 27 December 2024 and benefit from a 5% Early Admissions discount! As I progressed through the MSc in Blockchain and Digital Currency program I knew that I had found my passion. Courses were stimulating and insightful and they also gave me the opportunity to interact with my peers from across the globe. Simply hearing and discussing the different perspectives of others further highlighted how impactful digital currencies are for the future of finance. With each one of these interactions, I knew that I was a part of a program that would shape the future. After graduating, I found an opportunity to work at Coinbase, one of the leading companies in the crypto industry. *Trey Edwards, UNIC Alumni Project Manager, Coinbase* The 23rd edition of our newly revamped world's first free MOOC on Mastering Web3 <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> is now open for registrations! Starting on 10 February 2025, this comprehensive course offers up-to-date material to equip you with the theoretical knowledge & practical skills needed to excel in the dynamic world of blockchain, crypto, NFTs, and the metaverse. Don’t miss out - register now <https://unic.us18.list-manage.com/track/click?u=9ed28d2c07a5971bfa0d5a121&i…> and start your Web3 journey! 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Re: MIA Coin and POX Kleptocracy: CORRUPTION FIN-2022-A001 - SAR 38(m).
by Gunnar Larson 05 Dec '24

05 Dec '24

Respected Treasury: Today, xNY.io - Bank.org contacted FinCEN concerning JPMORGAN in New York, and they soon could be contacting Treasury. FinCEN, on Wed, Apr 20, 2022 took your prompt action in contacting Treasury below. Warm regards, Gunnar ✌️ Larson On Wed, Apr 20, 2022, 4:38 PM Gunnar Larson <g(a)xny.io> wrote: > Dear Department of the Treasury: > > From the prompt of FinCEN's Resource Center, the details below are kindly > submitted to your esteemed attention. > > Please let me know if I can be of any assistance. > > Sending you the very best regards. > > Thank you, > > Gunnar Larson > -- > *Gunnar Larson - xNY.io <http://www.xny.io/> - Bank.org <http://bank.org/>* > 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 > > ---------- Forwarded message --------- > From: Gunnar Larson <g(a)xny.io> > Date: Fri, Apr 15, 2022 at 1:17 PM > Subject: MIA Coin and POX Kleptocracy: CORRUPTION FIN-2022-A001 - SAR > 38(m). > To: <FRC(a)fincen.gov> > Cc: cypherpunks <cypherpunks(a)lists.cpunks.org> > > > Dear FinCEN: > > xNY.io - Bank.org, PBC thanks you for sending yesterday's advisory on > kleptocracy and foreign public corruption. We have made 30 highlights to > the FIN-2022-A001 > <https://drive.google.com/file/d/1yF3qDQG19J-qN1vUPC36lQfVClq3HPXB/view?usp=…> > advisory for reference. > > *The aim of today's memo is to learn FinCEN's insights into MIA Coin and > the consensus algorithm Proof of Transfer (POX). xNY.io - Bank.org, PBC is > concerned about potential MIA Coin and City Coin kleptocracy that may be > affecting our global enterprise. * > > *FinCEN may note that NYCCoin is illegal in New York State, given the > BitLicense mandate. As such, we are not concerned with NYCCoin's legality > given the clear BitLicense mandate. * > > - On February 4, 2022 we submitted a City of Miami records request for > any and all correspondence between the City of Miami concerning CityCoins, > MIA Coin and Stacks (STX). Additionally, any and all related correspondence > concerning CityCoins, MIA Coin, Stacks (STX), Digital World Acquisition > Corp and Harvard Management Company. > - Today, April 15, 2022 > <https://drive.google.com/file/d/1OyVUBq8PcG7SVZ5lUp_oWyL0IDAR5uTP/view?usp=…> > we have yet to receive the 13, 092 records. Attached you will find our > latest correspondence with Miami, notifying them of our intention to > contact FinCEN concerning MIA Coin and POX. > - Conducting independent marketplace research, xNY.io - Bank.org, PBC > established a premise to potential kleptocracy between the City of Miami > and City Coins, of Iceland <https://who.is/whois/citycoins.co> > international registration. Furthermore, MineMiamiCoin.com is registered > in Germany <https://who.is/whois/minemiamicoin.com>. > - Please find the City of Miami's resolution > <https://drive.google.com/file/d/1IrQwP46alrnQXRxIoXxm8kifZMVTRB_x/view?usp=…>approving > gifts from City Coins ... Furthermore, City Coins suggests a $25,000 > "reward" > <https://drive.google.com/file/d/1Eb2Q-LZNApwQRyjbBcD5-_yEW0Id51QD/view?usp=…> > (that may be confused as bribery) for Mayors who participate. > > MIA Coin is powered by POX > <https://drive.google.com/file/d/1wL2kN6aMfsyT-T7g01YJSBB8meMn2SWg/view?usp=…>, > a computer protocol that may exploit the U.S. and international financial > systems to launder illicit gains, including through the use of shell > companies, offshore financial centers, and professional service providers > who enable the movement and laundering. > > MIA Coin' POX protocol is a wealth extraction tool that unfairly rewards > an inside group of miners, rewarding patronage networks that benefit his > inner circle and regime. These practices harm the competitive landscape of > financial markets and often have long-term corrosive effects on good > governance, democratic institutions, and human rights standards. > > FinCEN, we are concerned Miami's City Coin > <https://drive.google.com/file/d/1IrQwP46alrnQXRxIoXxm8kifZMVTRB_x/view> > resolution potentially confirms Miami leaders as kleptocrats, using their > position and influence to enrich themselves and their networks of corrupt > actors. > > Finally, we understand that MIA Coin and POX operations are powered by > international data warehouses, located in Iceland, Germany and Hong Kong. > For these reasons, given FinCEN's alert on kleptocracy and foreign public > corruption we kindly seek guidance. > > Sending you the very best regards. > > Thank you, > > Gunnar Larson > -- > *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 > > ---------- Forwarded message --------- > From: Financial Crimes Enforcement Network < > fincenupdates(a)public.govdelivery.com> > Date: Thu, Apr 14, 2022 at 2:46 PM > Subject: FinCEN Updates: FinCEN Issues Advisory on Kleptocracy and Foreign > Public Corruption > To: <g(a)xny.io> > > > *You are subscribed to FinCEN Updates. The information below is available > at Fincen.gov.* > > *FinCEN Issues Advisory on Kleptocracy and Foreign Public Corruption* > > The Financial Crimes Enforcement Network (FinCEN) today issued an advisory > on kleptocracy and foreign public corruption, urging financial institutions > to focus their efforts on detecting the proceeds of foreign public > corruption — a priority for the U.S. Government as it continues to > implement the U.S. Strategy on Countering Corruption > <https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDAsInVy…>. > The advisory provides typologies and potential indicators of kleptocracy > and other forms of foreign public corruption, namely bribery, embezzlement, > extortion, and the misappropriation of public assets. > > *News Release:* > > > https://www.fincen.gov/news/news-releases/fincen-issues-advisory-kleptocrac… > <https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDEsInVy…> > > *Advisory: * > > https://www.fincen.gov/resources/advisories/fincen-advisory-fin-2022-a001 > <https://lnks.gd/l/eyJhbGciOiJIUzI1NiJ9.eyJidWxsZXRpbl9saW5rX2lkIjoxMDIsInVy…> >

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X Corp Says Gov't Trying To 'Muzzle' Doc In Bitter HIPAA Case
by Gunnar Larson 04 Dec '24

04 Dec '24

X Corp Says Gov't Trying To 'Muzzle' Doc In Bitter HIPAA Case <https://www.law360.com/compliance/articles/2266672?nl_pk=ab5ce197-c1fb-4d8e…> By Spencer Brewer X Corp has told a Texas federal judge that government prosecutors were trying to "muzzle" a doctor accused of sharing protected patient information while talking to the press about a hospital's gender-affirming care practices, saying the government was out of line. Motion attached | Read full article » <https://www.law360.com/compliance/articles/2266672?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/2266672?nl_pk=ab5ce197-c1fb-4d8e…>

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Ark. Governor Wants Out Of Cherokee Casino License Row
by Gunnar Larson 04 Dec '24

04 Dec '24

Ark. Governor Wants Out Of Cherokee Casino License Row <https://www.law360.com/competition/articles/2266466?nl_pk=6416fd97-1dc4-4e0…> By Crystal Owens Arkansas Gov. Sarah Huckabee Sanders is asking a federal district court to be removed as a defendant and for an overall dismissal of a challenge to a state amendment that revoked a Cherokee Nation business' casino license, arguing the Oklahoma tribe doesn't have any property interest in the case. Brief attached | Read full article » <https://www.law360.com/competition/articles/2266466?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/2266466?nl_pk=6416fd97-1dc4-4e0…>

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Government Mole Faces Tough Cross From Madigan's Atty
by Gunnar Larson 04 Dec '24

04 Dec '24

Government Mole Faces Tough Cross From Madigan's Atty <https://www.law360.com/legalethics/articles/2268217?nl_pk=153d4a8a-6fb9-4a5…> By Celeste Bott An attorney for former Illinois House Speaker Michael Madigan got his chance Monday to question the ex-Chicago alderman who recorded his client while cooperating with the government, pushing him to admit that Madigan never explicitly conditioned his support on legal business for his law firm or told the alderman to vote against developers who didn't hire him for tax work. Read full article » <https://www.law360.com/legalethics/articles/2268217?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/2268217?nl_pk=153d4a8a-6fb9-4a5…>

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Miss America CEO Files $500M Suit Alleging Bankruptcy Fraud
by Gunnar Larson 04 Dec '24

04 Dec '24

Miss America CEO Files $500M Suit Alleging Bankruptcy Fraud <https://www.law360.com/legalethics/articles/2268121?nl_pk=153d4a8a-6fb9-4a5…> By Carolina Bolado The producer of the Miss America pageant and its related entities have filed a $500 million racketeering suit in Florida accusing developer Glenn Straub of fraudulently pushing the organization into bankruptcy in an effort to take over its assets. Complaint attached | Read full article » <https://www.law360.com/legalethics/articles/2268121?nl_pk=153d4a8a-6fb9-4a5…> | Save to favorites » <https://www.law360.com/legalethics/articles/2268121?nl_pk=153d4a8a-6fb9-4a5…>

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JPMorgan, Tesla Agree To End $162M Suit Over Musk Tweet
by Gunnar Larson 04 Dec '24

04 Dec '24

JPMorgan, Tesla Agree To End $162M Suit Over Musk Tweet <https://www.law360.com/newyork/articles/2268140?nl_pk=ac5a3855-e47c-4403-be…> By Gina Kim JPMorgan Chase & Co. and Tesla told a New York federal judge on Monday the parties have agreed to voluntarily end JPMorgan's suit alleging Tesla owes it $162 million over expired stock warrants after Tesla CEO Elon Musk mulled taking the company private in an August 2018 tweet. 1 document attached | Read full article » <https://www.law360.com/newyork/articles/2268140?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/2268140?nl_pk=ac5a3855-e47c-4403-be…>

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