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Law Society of Scotland on Post Office Scandal Litigation - Litigation Finance Journal
by Gunnar Larson 06 Dec '24

06 Dec '24

Check out my recent article: https://litigationfinancejournal.com/law-society-of-scotland-on-post-office… The Law Society of Scotland shares a new debrief of the Post Office scandal. The story goes: When the Horizon computer system found over 736 sub-postmasters were allegedly grifting from the United Kingdom’s postal budgets, they were summarily punished. However, Horizon’s back office capabilities were later found to contain bugs and other system defects that allegedly found workers at fault by mistake. Enter litigation funding, a utility that many of the former post office workers found necessary to clear their name. According to the Law Society of Scotland, February of 2022 saw the initiation of a public debate and investigation on the totality of the Post Office scandal’s effects. The whole affair is being dubbed an extreme case of United Kingdom justice malfeasance. Furthermore, the Law Society explains that about 10% of the 736 criminal records have been overturned. A class of 555 claimants have won restitution, totaling £20,000 each. Click here to read more about the Law Society of Scotland’s take on the Post Office Scandal.

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CFO.com Discusses Litigation Investment and Corporate Recovery
by Gunnar Larson 05 Dec '24

05 Dec '24

CFO.com Discusses Litigation Investment and Corporate Recovery <https://litigationfinancejournal.com/cfo-com-discusses-litigation-investmen…> Generally accepted accounting principles (GAAP) call for litigation expenses to be accounted for during month/quarter of incurrence. Similarly, GAAP holds future recoveries vacant on the balance sheet until award(s) are recovered, oftentimes years in the future. For companies self funding meritorious litigation, application of GAAP may produce a balance sheet that undervalues the firm’s worth. CFO.com suggests that maneuvering costs off balance sheet via litigation finance products and services is potentially a smart idea. CFO.com reports <https://www.cfo.com/risk-compliance/legal/2022/04/litigation-financing-fund…> that with the bespoke nature of litigation investment agreements, chief financial officers are able to arrange scenarios to meet cash flow constraints. Corporate recovery, or affirmative action, can be a useful strategy for companies who develop a portfolio of pursuable claims. According to CFO.com, litigation finance allows firms to effectively boost net income line items on the balance sheet. More importantly, utilization of litigation investment vehicles drive the ability to pursue claims that normally would be avoided due to cost restrictions. While firms are raising capital, exploring a merger/acquisition or in the process of going public, CFO.com underscores value in engaging ligation finance tools to maximize valuation. -- *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

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Enron’s Board of Directors: Contemporary Lessons on Crypto Marketplace Manipulation Computer Crimes - Crypto Computer Crimes Manual (W/183 Highlights)
by Gunnar Larson 05 Dec '24

05 Dec '24

A few years ago, I wrote an essay titled: "Enron’s Board of Directors: Contemporary Lessons on Crypto Marketplace Manipulation Computer Crimes - Crypto Computer Crimes Manual (W/183 Highlights)" https://thecapital.io/article/crypto-computer-crimes-manual-w183-highlights… Working references on disclosure controls and procedures, as well as strategic initiatives including mergers and acquisitions, joint ventures, and management restructurings (including public/private board of directors). Full, fair, and accurate disclosures from all parties in a battle for corporate influence or control are critically important to investors, particularly when they are called upon to make decisions about their investments. Contemporary crypto computer crimes likely are key considerations relevant to making informed investment decisions by sophisticated investors, underscoring protection of pension assets via keen planning. BitLicense marketplace manipulation techniques and potential cross-border computer crimes has been a major focus of xNY.io's scholar research/innovation communication and Bank.org's business plan execution strategy. The World Bank (WorldBank.org) notes that vulture funds endanger the gains made by debt relief to poorest countries. "The Bank has already delivered more than $40 billion in debt relief to 30 of these countries...thanks to this, countries like Ghana can provide micro-credit to farmers, build classrooms for their children, and fund water and sanitation projects for the poor," wrote World Bank Vice President Danny Leipziger in 2007. World Bank directors warn that strategies adopted by vulture funds divert much needed debt relief away from the poorest countries on earth and into the bank accounts of the wealthy. Bank.org is clear-eyed; microcredit lending fraud is a major issue for developing economies. Likewise, in western developed economies, market history warns that when boards of directors approve of and/or ignore the misuse of computer software programs which compute values based upon data input formulas from active cross-border manipulation structures, the results can lead to scandals like Enron. Such outcomes cost investors billions of dollars when the share prices of affected companies collapse, while also shaking public confidence in the United States securities markets. Enron’s Board of Directors: Contemporary Lessons on Crypto Marketplace Manipulation Computer Crimes In its 2000 review of best corporate boards, Chief Executive Magazine included Enron among its five best boards. Even with its complex corporate governance and network of intermediaries, Enron was still able to "attract large sums of capital to fund a questionable business model, conceal its true performance through a series of accounting and financing maneuvers, and hype its stock to unsustainable levels."On paper, Enron had a model board of directors comprised predominantly of outsiders with significant ownership stakes and a talented audit committee of various state and federal regulators. Two decades later, in 2021, it is clear that cryptocurrency and blockchain computer software systems require contemporary, ethically pure and sound cultivation to support the realization of a "generation of innovation," maximizing the full potential of blockchain software technologies. Board directors that will pioneer the next chapters of the meaningful New York legacy of global, cross-border banking will agree: Close scrutiny of corporate governance and greater responsibility placed on directors to vouch for the reports submitted to the SEC and other federal agencies have resulted in the growth of computer software solutions such as blockchain systems and processes. Cryptocurrency and Blockchain computer software products allow corporate directors and internal auditors to assemble and analyze financial and other relevant data—including unstructured data—and create reporting required by New York BitLicense regulators and various Federal counterparts. Before its demise, Enron was lauded for its sophisticated software, including financial risk management tools powered by computer software. Risk management was crucial to Enron not only because of its regulatory environment, but also because of its business plan. Enron established long-term fixed commitments which needed to be hedged to prepare for the invariable fluctuation of future energy prices. Enron's downfall was attributed to its reckless use of derivatives and special purpose formulas manipulated by computer accounting software tools. To engage in probable computer crimes, Enron hedged its risks with special purpose entities which it owned, and Enron retained the risks associated with the transactions. Enron's aggressive accounting practices were not hidden from the board of directors, as later learned by a Senate subcommittee. The board was informed of the rationale for using the Whitewing, LJM, and Raptor transactions, and after approving them received status updates on the entities' operations. Although not all of Enron's widespread improper accounting practices were revealed to the board, the practices were dependent on board decisions. Eliminating Bad Board of Director Schemes Ranging from additional corporate board responsibilities to criminal penalties, the Securities and Exchange Commission (SEC) implemented disclosure requirements to comply with the law. A recent SEC order reiterated the importance of the disclosures, noting that the requirements were adopted in order to alert the market to large and rapid accumulation of shares that might represent a possible change in corporate control so that shares can be valued accordingly. The SEC order also noted that the requirements were designed to provide an issuer’s management with timely information to appropriately protect its shareholders’ interests (including pension protections). The SEC’s recent enforcement actions relate to disclosure obligations in connection with M&A transactions and fights for corporate control. In 2015, the SEC brought forth a number of similar enforcement actions alleging that filers had failed to update their disclosures after taking steps towards certain plans and proposals. These types of enforcement actions continue to create challenging issues for practitioners, particularly when potential transactions are still in the early stages of planning and preliminary negotiation. The SEC’s historic actions serve as a reminder to investors, including vulture activists, that Schedule 13D violations can result in monetary liability and, in the case of registered funds and investment advisers, can also have other regulatory consequences. Care must be taken to avoid those communications constituting group activities with disclosure consequences. It should be noted that in some cases, coordination among the parties or sharing of information is sufficient to form prompts for disclosure purposes. Intention of Disclosing Crypto Computer Crimes Manual (W/183 Highlights) Published by the Office of Legal Education Executive office for United States Attorneys, the “Prosecuting Computer Crime Manual” has been xNY.io’s reference guide as international scholars researching Crypto Computer Crimes and how to best position corresponding Bank.org business innovation moving forward. The SEC encourages the description of any plans or proposals such as Proof of Burn (PoB) or Short Selling market activities which may relate to or would result in: The acquisition by any person of additional securities of the issuer, or the disposition of securities of the issuer; An extraordinary corporate transaction, such as a merger, reorganization or liquidation, involving the issuer or any of its subsidiaries; A sale or transfer of a material amount of assets of the issuer or any of its subsidiaries; Any change in the present board of directors or management of the issuer, including any plans or proposals to change the number or term of directors or to fill any existing vacancies on the board; Any material change in the present capitalization or dividend policy of the issuer; Any other material change in the issuer's business or corporate structure, including but not limited to, if the issuer is a registered closed-end investment company, any plans or proposals to make any changes in its investment policy for which a vote is required by section 13 of the Investment Company Act of 1940; Changes in the issuer's charter, bylaws or instruments corresponding thereto or other actions which may impede the acquisition of control of the issuer by any person; Causing a class of securities of the issuer to be delisted from a national securities exchange or to cease to be authorized to be quoted in an inter-dealer quotation system of a registered national securities association; A class of equity securities of the issuer becoming eligible for termination of registration pursuant to section 12(g)(4) of the Act; or Any action similar to any of those enumerated above. Below we share 183 highlights to the Computer Crimes Manual as per best disclosure practices to illustrate various potential scenarios when market conditions are met and a board of directors potentially exploits blockchain technological software innovation with forecastable reckless consequences. https://thecapital.io/article/crypto-computer-crimes-manual-w183-highlights…

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Will The UK Supreme Court Decision In PACCAR Affect Hong Kong Litigation Funding? - Litigation Finance Journal
by Gunnar Larson 05 Dec '24

05 Dec '24

Check out my recent article: https://litigationfinancejournal.com/will-the-uk-supreme-court-decision-in-… The Hong Kong Department of Justice’s approach to litigation finance and third party funding is coming into greater focus following the UK Supreme Court’s July 26, 2023 ruling on R. (on the Application of PACCAR Inc) v Competition Appeal Tribunal [2023] UKSC 28. Mondaq reports that PACCAR has defined “damaged-base agreements” or “DBAs” in the United Kingdom. DBAs are strictly regulated in the UK, now including litigation funding agreement contract law. Many UK courts have operated under the assumption that funding of litigation agreements does not fall under the purview of DBAs. PACCAR’s Supreme Court decision has sparked a fervent debate around this topic. Mondaq says that Hong Kong DBA relevancy differs from the UKs DBA approach. Specifically, in Hong Kong, champerty and maintenance are illegal factors that can lead to a fine and prison sentence. It’s important to note that Hong Kong does allow waivers to the general prohibition of litigation investment if: 1. Third parties share a common interest in funding the outcome of a case. 2. Accessible justice is a prime consideration. 3. Insolvency proceedings are necessary.

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BREAKING: DEI Provision Dooms Boeing's 737 Max Plea Deal, Judge Says
by Gunnar Larson 05 Dec '24

05 Dec '24

BREAKING: DEI Provision Dooms Boeing's 737 Max Plea Deal, Judge Says <https://www.law360.com/compliance/articles/2268876?nl_pk=ab5ce197-c1fb-4d8e…> By Linda Chiem A Texas federal judge on Thursday rejected Boeing's plea agreement in its 737 Max criminal conspiracy case, finding flaws in how the U.S. Department of Justice intended to use race and diversity to select an independent compliance monitor to oversee Boeing, and cutting off the court's role in the process. Order attached | Read full article » <https://www.law360.com/compliance/articles/2268876?nl_pk=ab5ce197-c1fb-4d8e…> | Save to favorites » <https://www.law360.com/compliance/articles/2268876?nl_pk=ab5ce197-c1fb-4d8e…>

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BREAKING: Insulet Corp. Wins $452M In Trade Secret Theft Trial
by Gunnar Larson 05 Dec '24

05 Dec '24

BREAKING: Insulet Corp. Wins $452M In Trade Secret Theft Trial <https://www.law360.com/competition/articles/2269897?nl_pk=6416fd97-1dc4-4e0…> By Ivan Moreno A federal jury has awarded Massachusetts-based Insulet Corp. $452 million after concluding that a South Korean company stole its trade secrets for a wearable insulin patch pump, making it one of the largest trade secrets verdicts of the decade. Verdict attached | Read full article » <https://www.law360.com/competition/articles/2269897?nl_pk=6416fd97-1dc4-4e0…> | Save to favorites » <https://www.law360.com/competition/articles/2269897?nl_pk=6416fd97-1dc4-4e0…>

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Despite More than 1600 Tech Scientists Signing a Letter Calling Crypto a Sham, Trump Names a Crypto Cheerleader for SEC Chair
by Gunnar Larson 05 Dec '24

05 Dec '24

https://wallstreetonparade.com/2024/12/despite-more-than-1600-tech-scientis… ← The Fed Rings a Warning Bell: Hedge Funds and Life Insurers Are Reporting Historic Leverage -- Despite More than 1600 Tech Scientists Signing a Letter Calling Crypto a Sham, Trump Names a Crypto Cheerleader for SEC Chair By Pam Martens and Russ Martens: December 5, 2024 ~ Paul Atkins Two years ago, more than 1,600 computer scientists, software engineers and technologists from around the world sent a letter to U.S. Senate and House Committee Chairs, Ranking Members, and Congressional leaders. There were 45 signatories that were employed at Google at the time; 19 who worked at Microsoft; 11 employed at Apple. There were signatories that are Ph.Ds from the most prestigious universities in the world, including the University of Oxford and MIT. And all 1,600 signed a letter that says this about crypto and blockchain: “We strongly disagree with the narrative—peddled by those with a financial stake in the crypto-asset industry—that these technologies represent a positive financial innovation and are in any way suited to solving the financial problems facing ordinary Americans… “As software engineers and technologists with deep expertise in our fields, we dispute the claims made in recent years about the novelty and potential of blockchain technology. Blockchain technology cannot, and will not, have transaction reversal or data privacy mechanisms because they are antithetical to its base design. Financial technologies that serve the public must always have mechanisms for fraud mitigation and allow a human-in-the-loop to reverse transactions; blockchain permits neither.” The letter links to an article from Bruce Schneier, a Security Technologist who teaches at the Harvard Kennedy School. The article appeared at Wired on February 6, 2019 under the headline: “There’s No Good Reason to Trust Blockchain Technology.” The article makes the following salient points: “What blockchain does is shift some of the trust in people and institutions to trust in technology. You need to trust the cryptography, the protocols, the software, the computers and the network. And you need to trust them absolutely, because they’re often single points of failure. “When that trust turns out to be misplaced, there is no recourse. If your bitcoin exchange gets hacked, you lose all of your money. If your bitcoin wallet gets hacked, you lose all of your money. If you forget your login credentials, you lose all of your money. If there’s a bug in the code of your smart contract, you lose all of your money. If someone successfully hacks the blockchain security, you lose all of your money. In many ways, trusting technology is harder than trusting people. Would you rather trust a human legal system or the details of some computer code you don’t have the expertise to audit?” In 2019, Trump Tweeted that “Bitcoin and other Cryptocurrencies” are “based on thin air” and “can facilitate unlawful behavior, including drug trade….” In 2021, Trump was on Fox Business calling crypto a scam. But all that was before crypto billionaires began plowing big money into his latest campaign for President and he and his family created their own crypto firm, World Liberty Financial. Now Trump is all in on crypto and pledging to make the U.S. the crypto capital of the world. This past July, Trump delivered a speech at the 2024 Bitcoin Conference in Nashville, Tennessee. At 46 minutes and 10 seconds (46:10) on this CSPAN video of the Trump speech, you can hear Trump say this to the audience: “America will become the world’s undisputed bitcoin mining powerhouse. You’ll be a bitcoin mining powerhouse. You will not have to move your family to China. We will not be moving to China. As we implement these reforms, Bitcoin and crypto will grow our economy, cement American financial dominance and strengthen our entire country, long into the future….” Yesterday, consistent with what Trump is doing with other federal agencies, Trump nominated a crypto cheerleader, Paul Atkins, to become Chair of the Securities and Exchange Commission. And, unlike some of Trump’s other jaw-dropping picks, Atkins has actual prior experience at the SEC, so he will more than likely pass Senate confirmation. That could make Atkins an extremely dangerous man to U.S. national security interests because crypto mining is adding to the heating of the planet and life-threatening climate change. In January 2022, Senator Elizabeth Warren and other Democrats in Congress investigated the inherent dangers between crypto, energy usage and the heating of the planet. A press statement summarized their concerns as follows: “Bitcoin is the largest cryptocurrency by market cap, and the United States’ share of Bitcoin mining increased from 4% in August 2019 to 35% in July 2021. This share of mining is growing even more rapidly after China’s crackdown on crypto-mining, which left 500,000 mining operations looking for new locations. This could push North America to represent over 40% of the total global computing power dedicated to mining Bitcoin. As more cryptomining operations proliferate in the United States, the extraordinary energy use raises alarms about massive carbon emissions and the impacts of this energy consumption on consumer energy prices. A recent study estimated that cryptomining in upstate New York raised annual electric bills by about $165 million for small businesses and $79 million for consumers.” According to a report published by the United Nations University and Earth’s Future journal, “during the 2020–2021 period, the global Bitcoin mining network consumed 173.42 Terawatt hours of electricity. This means that if Bitcoin were a country, its energy consumption would have ranked 27th in the world, ahead of a country like Pakistan, with a population of over 230 million people. The resulting carbon footprint was equivalent to that of burning 84 billion pounds of coal or operating 190 natural gas-fired power plants. To offset this footprint, 3.9 billion trees should be planted, covering an area almost equal to the area of the Netherlands, Switzerland, or Denmark or 7% of the Amazon rainforest.” The report also found this: “The UN scientists report that Bitcoin mining heavily relies on fossil energy sources, with coal accounting for 45% of Bitcoin’s energy supply mix, followed by natural gas (21%). Hydropower, a renewable energy source with significant water and environmental impacts, is the most important renewable source of energy of the Bitcoin mining network, satisfying 16% of its electricity demand. Nuclear energy has a considerable share of 9% in Bitcoin’s energy supply mix, whereas renewables such as solar and wind only provide 2% and 5% of the total electricity used by Bitcoin.” Bitcoin mining involves massive banks of computers being deployed to solve complex math problems which have no practical use to society. The incentive to build these crypto “mines” and solve the math problems is simply to get rewarded with the payment of Bitcoins. A rational person would have to seriously question if the fossil fuel industry has been the invisible hand in creating this preposterous business model to prop up energy demand and prices. Indicating just how pleased crypto interests were with the nomination of Atkins to head the SEC, Bitcoin spiked above $100,000 yesterday for the first time, following the announcement. Atkins worked for two SEC Chairmen in the 90s, serving as Chief of Staff to Richard Breeden and Counsellor to Arthur Levitt. He returned to the SEC as a Commissioner from 2002 to 2008. Atkins received his J.D. from Vanderbilt University School of Law. Following his stint as an SEC Commissioner, Atkins founded Patomak Global Partners in 2009. He remains there today as its CEO. Patomak is a firm that helps crypto firms, Wall Street trading houses and megabanks push for less regulation and get out of trouble with their regulators. It is the quintessential revolving door company with its lawyers having previously worked at Big Law firms providing outside counsel to Wall Street and/or at federal regulators like the SEC and Office of the Comptroller of the Currency (OCC). For an understanding of just how that revolving door spins, the orbit of Keith Noreika who now serves as Executive Vice President and Chairman of the Banking Supervision and Regulation Group at Patomak Global Partners is an eye opener. Patomak’s website shares the following about its “Litigation Support” and “Crisis Management and Investigation Issues” for its clients: “Our team assists counsel in legal, regulatory, and transactional issues involving major financial firms and collaborates with counsel to develop litigation strategies. The team then assists counsel with preparing for depositions and enforcement interviews. Patomak’s experience and vision help clients develop effective litigation strategies in preparation for depositions and enforcement interviews.” And this: “We work with law firms to support financial institutions during high-profile regulatory investigations. In doing so, we provide expert-level insights to aid preparation for interactions with regulators and Congress on sensitive issues.” FacebookTwitterWhatsAppLinkedInEmail

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Re: Bloomberg Follow Up
by Gunnar Larson 05 Dec '24

05 Dec '24

Thomas: No. Friday 13 December, anytime after 9:00am EST. Gunnar ✌️ On Thu, Dec 5, 2024, 4:51 PM Thomas Murray (BLOOMBERG/ 731 LEX) < tmurray27(a)bloomberg.net> wrote: > Hello Gunnar, > > Sorry for the delay. Would it be possible to schedule it for next week? > Monday afternoon? > > Thank you, > > Tom > > Thomas Murray > Bloomberg Senior Relationship Manager > 212-617-3923 > tmurray27(a)bloomberg.net > > From: g(a)xny.io At: 12/03/24 19:32:14 UTC-5:00 > To: Thomas Murray (BLOOMBERG/ 731 LEX ) <tmurray27(a)bloomberg.net> > Cc: cypherpunks(a)lists.cpunks.org > Subject: Re: Bloomberg Follow Up > > Thomas: > > Sure. How is a call on Friday 13 December, anytime after 9:00am EST. > > Gunnar Larson > > On Tue, Dec 3, 2024, 1:38 PM Thomas Murray (BLOOMBERG/ 731 LEX) < > tmurray27(a)bloomberg.net> wrote: > >> Hello Gunnar, >> >> I hope are well. I am part of the relationship management team at >> Bloomberg and was passed along a note that you were interested in the >> Bloomberg terminal. Please let me know if we are able to coordinate a call >> to discuss your business, what you are looking to solve for and the >> Bloomberg solution. If you are able to provide some times that work best, I >> will send over a calendar invite. >> >> Thank you, >> >> Tom >> Thomas Murray >> Bloomberg Senior Relationship Manager >> 212-617-3923 >> tmurray27(a)bloomberg.net >> >> >

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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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