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The Fed Just Kicked the Capital Increases for the Dangerous Megabanks and their Derivatives Down the Road for Years
by Gunnar Larson 12 Sep '24

12 Sep '24

https://wallstreetonparade.com/2024/09/the-fed-just-kicked-the-capital-incr… By Pam Martens and Russ Martens: September 12, 2024 ~ Federal Reserve Building, Washington, D.C.When the next megabank blows up from its derivative exposure, you can add the names Jamie Dimon and Patick McHenry to former Republican Congressmen Randy Hultgren and Kevin Yoder as four of the men who greased the skids for another derivatives banking crisis. (For our report on the role played by Hultgren and Yoder, see our 2021 report here.) Dimon and McHenry are the latest lead players in the disastrous history of derivative regulation in the U.S. Dimon is the Chair and CEO of the riskiest and largest bank in the United States, JPMorgan Chase. After his bank lost $6.2 billion gambling in derivatives in London in 2012 – using deposits from his federally-insured bank – Dimon would, to rational minds, seem like the least qualified candidate to be giving advice to his banking regulators on how much capital megabanks need to hold to offset their gargantuan trading and derivatives risks. (See All the Devils from 2008 Are Back at the Megabanks: Leverage, Off-Balance-Sheet Debt, Over $192 Trillion in Derivatives, Shaky Capital Levels.) Unfortunately, rational thought holds no weight in a kleptocracy. (If it did, America would not have a 34-count indicted felon as the Republican candidate for the Presidency and safekeeper of the nuclear codes.) For the same reason that Dimon’s Board of Directors gave him a $50 million bonus after he settled his bank’s fourth and fifth criminal felony counts, Dimon is still able to throw his weight around and intimidate federal banking regulators into becoming his lapdogs. A little background on Dimon’s battle with his banking regulators on the issue of adequate capital is in order: On July 27 of last year, the Federal Reserve, FDIC and Office of the Comptroller of the Currency (OCC) released a proposal to require higher capital levels at banks with $100 billion or more in assets. Many of these banks had demonstrated quite clearly in the spring of 2023, via bank runs on deposits, that they could spread systemic contagion throughout the U.S. banking system. The three federal bank regulators provided a very generous public comment period of 120 days on the proposal. The megabanks had to only begin transitioning to the new rules on July 1, 2025, with full compliance not due for a preposterously long five years – on July 1, 2028. On September 12, 2023 the megabank cartel made its anger and intention to push back known in a 7-page letter that assaulted the proposal. The cartel demanded that the three federal agencies turn over all “evidence and analyses the agencies relied on” in making the proposal. One of the signatories to the letter was the Bank Policy Institute (BPI), whose Board of Directors consists of the CEOs of the megabanks on Wall Street. BPI is Chaired by none other than Jamie Dimon. BPI then launched an ad campaign that grossly distorted what the increase in capital would do, claiming that it would harm working families. (These are the same megabanks that blew up the U.S. economy in 2008, put millions of Americans out of work, left millions of working families in foreclosure and got a secret $29 trillion bailout from the Fed – because they had inadequate capital. These megabanks then formed their own coalition to battle in court against the Fed releasing the details of the trillions of dollars in revolving loans these banks had received from December 2007 to the middle of 2010. They lost that battle.) The Bank Policy Institute then hired Eugene Scalia, a law partner at Big Law firm Gibson, Dunn, to weigh options for potentially suing the Federal Reserve and the other bank regulators over the proposed higher capital rules. Scalia was expected to argue, if the case went to court, that the banking regulators did not do a proper cost benefit analysis prior to proposing the capital rule. Scalia is the son of the late Supreme Court Justice Antonin Scalia, who didn’t see anything wrong with accepting lots of free vacations from private interests while he sat on the high court. Eugene Scalia is also the lawyer who previously wielded a hatchet to gut key elements of the Dodd-Frank financial reform legislation of 2010. The very suggestion that the Fed could end up in an embarrassing, headline-grabbing court battle with the very banks it regulates – with appeals dragging the case out for years – had the intended effect of intimidation. Fed Chair Jerome Powell appeared before the Senate Banking Committee on March 7 of this year for his regularly scheduled Semiannual Monetary Policy Report. After Republicans on the Committee gushed over Powell’s willingness to rethink, redraft or repropose the capital rules, it came time for Senator Elizabeth Warren (D-MA) to question Powell. Warren was incensed that after Powell had promised in 2023 to support the Fed’s Vice Chair for Supervision, Michael Barr, in making capital reforms to prevent more bank runs and systemic contagion, Powell was now caving to pressure from the banking industry. Senator Warren said the 37 largest banks that would be impacted by the higher capital rules have “spent tens of millions of dollars running ads during Sunday night football and millions more for an army of lobbyists to try to twist arms here in Congress.” Warren told Powell this: “Despite all you said last year when the banks failed about supporting Vice Chair Barr’s recommendations to strengthen rules for big banks, public reporting now says that you are driving efforts inside the Fed to weaken the capital rule. You even told the House Financial Services Committee representatives yesterday that you think it’s ‘very plausible’ that you withdraw the rule.” Warren concluded with this: “You are the leader of the Fed and when the heat was on last year, you talked a lot about getting tougher on the banks. But now the giant banks are unhappy about that and you’ve gone weak-kneed on this. The American people need a leader at the Fed who has the courage to stand up to these banks and protect our financial system.” Dimon received assistance in his effort to bully and intimidate federal banking regulators to back off the capital proposals by Patrick McHenry, the Republican Chair of the House Financial Services Committee. According to a report in the Financial Times on Tuesday, McHenry threatened that if the Fed didn’t overhaul its capital proposal, Congress would invoke the Congressional Review Act, which gives Congress the ability to reverse federal agency rules. The long and short of this bullying and intimidation campaign is that Michael Barr, the Fed’s Vice Chair for Supervision, addressed an audience at the Hutchins Center on Fiscal and Monetary Policy at the Brookings Institution on Tuesday and formally capitulated on the proposed capital reforms. The capital increase for the megabanks is now being proposed by the Fed at a 9 percent increase, down by more than half from the original proposal submitted for public comment in July 2023. As for those dodgy trillions of dollars in derivatives, it appears that the Fed intends to let the megabanks continue to use their own internal models to assess that risk. The bank regulators will now need to resubmit their new capital proposal for public comment; negotiate for months or years to issue a final rule; and then offer a multi-year phase-in period – meaning this can is being indefinitely kicked down the road. At present, it’s not clear if the FDIC and the OCC are going along with the Fed’s capitulation to the demands of the Wall Street megabanks. We will report more on that as we obtain clarifying information.

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15 resources against the state monopoly on identity
by cryptoagorism＠morke.org 12 Sep '24

12 Sep '24

Passports Were a “Temporary” War Measure - Speranta Dumitru https://fee.org/articles/passports-were-a-temporary-war-measure During World War II, we did have something to hide - Hans de Zwart https://medium.com/@hansdezwart/during-world-war-ii-we-did-have-something-t… Surveillance and exclusion: The dangers of the state monopoly on identity - Anarkio https://medium.com/p/2979e9802d3e The rarely discussed dangers of KYC and what you can do about it - Anarkio https://vonupodcast.com/know-your-customer-kyc-the-rarely-discussed-danger-… Identity Crisis — Privacy International https://privacyinternational.org/campaigns/identity-crisis True Names Not Required: On Identity and Pseudonymity in Cyberspace — DerGigi https://dergigi.medium.com/true-names-not-required-fc6647dfe24a You Don’t Need To See My ID — Jeffrey Paul https://sneak.berlin/20200118/you-dont-need-to-see-my-id The Danger of Government-Issued Photo ID — Pierre Lemieux https://www.econlib.org/the-danger-of-government-issued-photo-id What’s in a name? The case for inclusivity through anonymity — Common Thread https://blog.twitter.com/common-thread/en/topics/stories/2021/whats-in-a-na… With each person left living on the streets, we are losing as a society - Petr Baroch https://www.statelessness.eu/blog/each-person-left-living-streets-we-are-lo… Proving who I am: the plight of people in detention without proof of legal identity – Vicki Prais https://www.penalreform.org/blog/proving-who-i-am-the-plight-of-people/ Survival outside of the state - Crypto Agorism https://paper.wf/crypto-agorism/introduction-to-crypto-agorism-2-presentati… Self-declaration of identity - EPO https://epo.codeberg.page/memdeklaro/ Non-government ID - Digitalcourage https://shop.digitalcourage.de/gadgets/lichtbildausweis-mit-selbst-waehlbar… What is the World Passport - World Citizens https://worldcitizengov.org/what-is-the-world-passport

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Pakistani National with Ties to Iran Charged in Connection with Foiled Plot to Assassinate a Politician or U.S. Government Official
by Gunnar Larson 12 Sep '24

12 Sep '24

My God! ---------- Forwarded message --------- From: FBI <fbi(a)subscriptions.fbi.gov> Date: Wed, Sep 11, 2024, 4:55 PM Subject: Pakistani National with Ties to Iran Charged in Connection with Foiled Plot to Assassinate a Politician or U.S. Government Official To: <g(a)xny.io> * National Press Releases/FBI New York News * Pakistani National with Ties to Iran Charged in Connection with Foiled Plot to Assassinate a Politician or U.S. Government Official Asif Merchant, also known as Asif Raza Merchant, was indicted with attempting to commit an act of terrorism transcending national boundaries and murder-for-hire as part of a scheme to assassinate a politician or U.S. government official on U.S. soil. Sept. 11, 2024 Full Press Release <https://www.fbi.gov/news/press-releases/pakistani-national-with-ties-to-ira…> ------------------------------ <https://www.facebook.com/FBI> <https://twitter.com/FBI> <https://www.youtube.com/user/FBI> <https://www.fbi.gov/e-mail-updates?utm_campaign=email-Immediate&utm_medium=…> * You have received this message because you are subscribed to one or more of the following categories: National Press Releases * Manage Subscription <https://delivery.fbi.gov/account-reminder> | Unsubscribe <https://delivery.fbi.gov/subscriber/c57956fe9830b3f02d21fe7a2581942df706f0b…> If you have questions about this service, email us at delivery(a)subscriptions.fbi.gov. Help <https://www.fbi.gov/e-mail-updates?utm_campaign=email-Immediate&utm_medium=…> | Privacy Policy <http://www.fbi.gov/privacy_policy?utm_campaign=email-Immediate&utm_medium=e…> | Visit FBI.gov <https://www.fbi.gov/?utm_campaign=email-Immediate&utm_medium=email&utm_sour…>

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Re: SpaceX Interlocking Directors’ Intent to Manipulate Markets
by Gunnar Larson 12 Sep '24

12 Sep '24

Ms. James: We have yet to hear from you on this important matter. Best, Gunnar On Thu, Nov 2, 2023, 12:52 PM Gunnar Larson <g(a)xny.io> wrote: > Dear Madam Attorney General James: > > xNY.io - Bank.org kindly seeks a response from your office concerning the > message below. > > Today in Manhattan, the FTX case will soon be sent for jury deliberation. > According to NPR, "... FTX founder Sam Bankman-Fried is accused of > orchestrating one of the largest financial frauds in history." > > Additionally, today Donald Trump's civil fraud trial continues in New York > City. > > Attorney General James, as you are aware xNY.io - Bank.org has an ongoing > dialog with your office concerning a 'RICO.' The New York State Department > of Financial Services records office has responded with a memo concerning > the "Las Vegas Museum of Organized Crime and Law Enforcement" here: > https://drive.google.com/file/d/1reLapm-6C0QJZhPKIPtN5HZGbYhTxZMh/view?usp=… > . > > This memo aims to execute N.Y. Executive Law, Article 15 § 297. Procedure > 1. Additionally, § 298-a. Application of article to certain acts committed > outside the state of New York, (Israel Crisis). > > Kind regards, > > Gunnar > -- > Gunnar Larson > xNY.io - Bank.org > > MSc - Digital Currency > MBA - Entrepreneurship and Innovation (ip) > > G(a)xNY.io > +1-917-580-8053 > New York, New York 10001 > > On Sat, Jun 18, 2022, 4:44 PM Gunnar Larson <g(a)xny.io> wrote: > >> Dear Attorney General Letitia James: >> >> xNY.io - Bank.org, PBC seeks to earn your esteemed approval to engage the >> New York False Claims Act under urgent pretences. >> >> Today's correspondence marks the first time in history, a self-titled >> "mafia" (aka, the "PayPal Mafia '') is compelled to answer publicly the >> decision to manipulate both the New York False Claims Act and the Martin >> Act against one another. >> >> - Madam Attorney General, your leadership approach has historical >> context >> <https://www.nytimes.com/2019/12/10/climate/exxon-climate-lawsuit-new-york.h…> >> to logic and ultimate Exxon Mobil vs. New York State >> <https://drive.google.com/file/d/1nLp9RIYw8mAh1SRG8E9PMEK94SV-viUN/view?usp=…> case >> precedent. >> - xNY.io - Bank.org, PBC research and development notes our hawkish >> approach to ESG, D&O and LBO innovation. >> - xNY.io - Bank.org, PBC sees this not a democrat vs. republican >> concern as Mr. Elon Musk (CEO, SpaceX and Tesla) claims. False pretense to >> protect free speech are now being debated as party to a $200B pryamid >> scheme. >> >> Ms. James, on May 21, 2022 xNY.io - Bank.org, PBC >> <https://docs.google.com/document/d/1lv9Wt6y1ld4bNap0z3epIxttEGiP_oVpfxH0GTS…> >> contacted the SpaceX Corporation with reasonable concern of CEO Musk's >> intent behind the $44B Twitter LBO. The Orlando Police Pension Fund shared >> similar concerns to the intent behind Twitter's LBO as illegal. >> >> Since, market forces suggest that SpaceX and Tesla directors are part of >> interlocking directorate, self proclaimed the PayPal Mafia. The racket >> could waterfall to problem(s) at the New York State Department of Financial >> Services with Superintendent association to D&O insurance regulation. >> >> Ms. James, xNY.io - Bank.org, PBC seeks your office's urgent assessment >> of this matter. We aim to earn approval to explore the New York False >> Claims Act to confront SpaceX as a racket. >> >> *Like a house of cards, the PayPal Mafia racket could risk a waterfall >> of D&O interlocking directorate insolvencies. In summary: * >> >> 1. xNY.io - Bank.org's May 21, 2022 memo to SpaceX questioned intent >> behind baseless claims pioneered by SpaceX's CEO, branding ESG a scam via >> Exxon Mobil. Obviously, Exxon Mobil vs. New York State >> <https://drive.google.com/file/d/1nLp9RIYw8mAh1SRG8E9PMEK94SV-viUN/view?usp=…> alludes >> Mr. Musk party to a false claim. >> 2. SpaceX has failed to establish a preponderance of evidence and >> burden of proof not a racket. >> 3. SpaceX has failed to prove that Twitter's LBO is not false claim >> to free speech protection. >> 4. True social innovation cannot sponsor a fake news racket that >> could jeopardize space exploration and war. >> 5. Twitter's LBO dealmakers (Goldman Sachs and JP Morgan Chase) >> company balance sheets, financial statements and other corporate records do >> not impact xNY.io - Bank.org, PBC holding a racket accountable to false >> claims. >> >> The CEO of SpaceX and Tesla leveraging Exxon Mobil as an ESG >> securities scam does not preclude the PayPal Mafia's intent to engage false >> claims at the sacrifice of New York State's financial future. >> >> Madam Attorney General James, we hope to hear from your esteemed office >> and learn assessment of best next steps. >> >> Thank you, >> >> Gunnar >> >> -- >> *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 >> >> On Sun, May 22, 2022 at 9:34 AM Gunnar Larson <g(a)xny.io> wrote: >> >>> May 21, 2022 >>> >>> BY ELECTRONIC MAIL >>> >>> SpaceX Corporation >>> Board of Directors >>> One Rocket Road >>> Hawthorne, California >>> 90250 >>> Sales(a)SpaceX.com >>> >>> Re: Potential SpaceX Interlocking Directors’ Intent to Manipulate >>> Markets >>> >>> Dear SpaceX Board of Directors: >>> >>> From our New York headquarters, xNY.io - Bank.org, PBC embodies the >>> notion that rather than a merry-go-round, the process of change and >>> innovation is like a slide. >>> >>> Today’s memo aims to notify the SpaceX Corporation of concern of >>> potential market manipulation that could impact cross-border digital asset >>> innovation, free speech in the United States of America, the global ESG >>> economy and Moon exploration. >>> >>> Please find the attached memo >>> <https://docs.google.com/document/d/1lv9Wt6y1ld4bNap0z3epIxttEGiP_oVpfxH0GTS…> >>> addressed to SpaceX's board of directors. >>> >>> Respectfully, >>> >>> Gunnar Larson >>> >>

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Ky. Breeder Not Covered For Horse's Death, Court Says
by Gunnar Larson 11 Sep '24

11 Sep '24

Ky. Breeder Not Covered For Horse's Death, Court Says <https://www.law360.com/insurance/articles/1878299?nl_pk=59612751-8689-4b1e-…> By Law360 Staff A horse breeder has no coverage for the death of a stallion that occurred after he was given an injection to increase his libido as the injection triggered an exclusion for unauthorized medications, a Kentucky federal court said Tuesday. Opinion attached | Read full article » <https://www.law360.com/insurance/articles/1878299?nl_pk=59612751-8689-4b1e-…> | Save to favorites » <https://www.law360.com/insurance/articles/1878299?nl_pk=59612751-8689-4b1e-…>

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Scientist Nabs $3.8M Win In U. Of Alabama Harassment Suit
by Gunnar Larson 11 Sep '24

11 Sep '24

Scientist Nabs $3.8M Win In U. Of Alabama Harassment Suit <https://www.law360.com/health/articles/1878225?nl_pk=6422bbc2-a823-4be5-9a9…> By Law360 Staff A federal jury found that a former University of Alabama at Birmingham scientist should receive nearly $4 million in damages after allegedly enduring years of harassment based on her race and Iranian national origin, an assault by her supervisor and a trumped-up arrest after she complained about the mistreatment. 2 documents attached | Read full article » <https://www.law360.com/health/articles/1878225?nl_pk=6422bbc2-a823-4be5-9a9…> | Save to favorites » <https://www.law360.com/health/articles/1878225?nl_pk=6422bbc2-a823-4be5-9a9…>

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Werfel Asked To Clarify How To Treat R&D Costs In M&A
by Gunnar Larson 11 Sep '24

11 Sep '24

Werfel Asked To Clarify How To Treat R&D Costs In M&A <https://www.law360.com/mergersacquisitions/articles/1878275?nl_pk=a34c25b5-…> By Law360 Staff Accounting firm RSM US LLP, in a letter released Tuesday, asked Internal Revenue Commissioner Daniel Werfel to clarify how to treat research and development costs when a taxpayer disposes of an entire business in a mergers and acquisitions transaction. Letter attached | Read full article » <https://www.law360.com/mergersacquisitions/articles/1878275?nl_pk=a34c25b5-…> | Save to favorites » <https://www.law360.com/mergersacquisitions/articles/1878275?nl_pk=a34c25b5-…>

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Biden Says He'd Veto Proposed GOP Continuing Resolution
by Gunnar Larson 11 Sep '24

11 Sep '24

Biden Says He'd Veto Proposed GOP Continuing Resolution <https://www.law360.com/governmentcontracts/articles/1877925?nl_pk=4126fe73-…> By Law360 Staff President Biden said Monday that he would veto House Republicans' proposed continuing resolution for fiscal year 2025, asserting that the funding measure amounts to "brinksmanship" and would "place agencies at insufficiently low levels — both for defense and non-defense — for a full six months." Statement attached | Read full article » <https://www.law360.com/governmentcontracts/articles/1877925?nl_pk=4126fe73-…> | Save to favorites » <https://www.law360.com/governmentcontracts/articles/1877925?nl_pk=4126fe73-…>

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Security Co. Loses $300M Pot Suit Over Lack Of Attorney
by Gunnar Larson 11 Sep '24

11 Sep '24

Security Co. Loses $300M Pot Suit Over Lack Of Attorney <https://www.law360.com/newyork/articles/1878269?nl_pk=ac5a3855-e47c-4403-be…> By Law360 Staff A New York federal judge tossed a $300 million lawsuit from an Illinois security company that claimed the business was convinced to do free surveillance camera work at hundreds of New York cannabis facilities with promises of a state contract that never came, because the plaintiff missed a pretrial conference and can't represent themselves anyway. Order attached | Read full article » <https://www.law360.com/newyork/articles/1878269?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1878269?nl_pk=ac5a3855-e47c-4403-be…>

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Truth Social Founder Ordered To Disclose Investor Details
by Gunnar Larson 11 Sep '24

11 Sep '24

Truth Social Founder Ordered To Disclose Investor Details <https://www.law360.com/newyork/articles/1876801?nl_pk=ac5a3855-e47c-4403-be…> By Law360 Staff A Florida state court judge on Tuesday ordered the founder of former President Donald Trump's Truth Social to turn over investor material in a suit accusing the founder of interfering with the process of taking the company public, holding it's "likely to lead to discovery of relevant and discoverable information." 2 documents attached | Read full article » <https://www.law360.com/newyork/articles/1876801?nl_pk=ac5a3855-e47c-4403-be…> | Save to favorites » <https://www.law360.com/newyork/articles/1876801?nl_pk=ac5a3855-e47c-4403-be…>

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