Tag Archives: White Shoe Boys

New York Hedge Fund Has Already Taken $5.4m in Bitcoin Deposits

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“New York-based hedge fund NYSO HEDGE revealed on 7th February that it would accept bitcoin for all deposit transactions, and as of 10th February, $5.4m in deposits had been invested via the new offering.  A subsidiary of NY Stock Options Inc, NYSO HEDGE describes itself as an ‘aggressive growth hedge fund’ aimed at retail investors and specializing in ‘high risk, high return’ funds.  Accounts feature a minimum deposit of $25,000, and available payment options include credit cards and bank transfers.  The announcement ends a long journey for the trading platform provider, which has been seeking regulatory approval to accept bitcoin since 2013.”

http://www.coindesk.com/bitcoin-as-safe-as-wire-transfers-says-ny-hedge-fund/

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Patrick Byrne: Bitcoin Messiah, Overstock CEO, Scourge of Wall Street

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“‘Someday, either zombies walk the Earth or something close to that,’ says Byrne, the son of the man who built the GEICO insurance empire, Jack Byrne, and a protege of Warren Buffet, the most successful investor in the history of Wall Street. ‘Bitcoin is the solution.’  Like Marc Andreessen, one of the founding fathers of the web browser, who has also put his weight behind the digital currency, Byrne brings more than highfalutin metaphors to the table. The 51-year-old has proven that, beneath his wonderfully entertaining and often perplexing way of describing the world, he has a knack for seeing where things are going before others do.”

http://www.wired.com/business/2014/02/rise-fall-rise-patrick-byrne/

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Goldman to Fidelity Call for Calm After Global Stock Wipeout

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“Strategists from Goldman Sachs Group Inc. to AMP Capital Investors and JPMorgan Chase & Co. are telling clients to hang on after losses that began with currencies in Turkey and Argentina spread to developed markets. The Standard & Poor’s 500 Index slid 2.3 percent yesterday, capping its first 5 percent retreat in eight months, while Japan’s Topix index plunged 4.8 percent for its biggest decrease since June.  While Fed bond buying is being curtailed, it’s because policy makers say the U.S. economy is strengthening.  The Fed left unchanged its statement that the target interest rate will be left near zero ‘well past the time’ that unemployment falls below 6.5 percent.”

http://www.bloomberg.com/news/2014-02-04/goldman-to-fidelity-call-for-calm-after-global-stock-wipeout.html

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Currency Market Unsettled by Trader Exits on Lawsky Probe

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“The foreign-exchange trading business was in upheaval across Wall Street as senior executives resigned and others were fired amid an expanding probe of possible currency manipulation.  Benjamin Lawsky, superintendent of New York’s Department of Financial Services, asked more than a dozen firms including Deutsche Bank AG (DB),Goldman Sachs Group Inc. (GS) and Citigroup Inc. (C) for documents on their currency-trading practices. Deutsche Bank, the top foreign-exchange trader, fired four dealers after an internal probe, people with knowledge of the move said. Goldman Sachs lost two partners while Citigroup said its foreign-exchange chief will leave in March.”

http://www.bloomberg.com/news/2014-02-05/currency-market-unsettled-by-trader-exits-as-lawsky-opens-probe.html

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Bill Bonner: Is the Greatest Bull Market of All Time Now Over?

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Bill-Bonner2

“Something important happened in the early 1980s. The healthy economy of the postwar period split in two – one real… one unreal.  In one, people got rich. No special knowledge or skills were required. You just had to buy US stocks and wait. If you put in $100,000 in 1982, you’d have about $1,500,000 today.  Or you could have made about the same amount from the bond market. Again, no sweat. But better even than buying stocks and bonds – much better – was selling them. This created a new class of rich people. A financial elite who got MBAs or degrees in math and finance and then went to work for Goldman Sachs, JPMorgan, Merrill Lynch and other Wall Street firms.”

http://www.bonnerandpartners.com/is-the-greatest-bull-market-of-all-time-now-over/

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Third prominent banker found dead in six days

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“Bloomberg is reporting this morning that former Federal Reserve economist Mike Dueker was found dead in an apparent suicide near Tacoma, Washington.  Dueker, 50, a chief economist at Russell Investments, had been missing since Jan. 29 and was reportedly having troubles at work.  On Sunday, William Broeksmit, 58, former senior manager for Deutsche Bank, was found hanging in his home, also an apparent suicide. On Tuesday, Gabriel Magee, 39, vice president at JPMorgan Chase & Co’s London headquarters, apparently jumped to his death from a building in the Canary Wharf area.”

http://www.housingwire.com/articles/28796-third-prominent-banker-found-dead-in-six-days

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Analyst says HSBC overstated assets by billions

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“Shares of HSBC Holdings PLC fell on Thursday following a report that the banking giant may have overstated assets by as much as $92 billion. Analysts Thomas Monaco and Andrew Haskins at Forensic Asia initiated coverage of HSBC with a sell rating due to concerns over earnings presure and dilution from capital increases. ‘HSBC Holdings has overstated assets at the major subsidiary level to the tune of US$63.6 billion-US$92.3 billion, by our calculation, amounting to between five and seven years of results,’ said the analysts in a report released earlier this week.”

http://www.marketwatch.com/story/analyst-says-hsbc-overstated-assets-by-billions-2014-01-16

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Pulling the Plug: Taking Delivery of Gold

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“In 2011, the University of Texas investment committee took delivery of what was then just under $1 billion worth of gold. It had held the gold in the form of gold futures contracts. Kyle Bass persuaded the committee to take delivery. The statement that only 1% of futures contract holders (‘longs’) ever ask for delivery is significant.  Most people trade futures to make fiat money. They do not trade as hedgers who plan to take delivery. They are speculators. They want leverage. Futures give them this.  It is clear that if 4% (20% of 20%) ever want delivery, they will not be able to get it.  The rules will be changed, as they were when Bunker Hunt threatened to take delivery in 1979.”

http://www.garynorth.com/public/12045.cfm

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Bitcoin Pioneers Arrested While Renegade Banking System Carries On

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“Even if the Silk Road charges of true – they would amount to only a fraction of the money laundering activities of HSBC Bank.  HSBC set up an entire subsidiary firm with the specific intention of using it to launder the money of Mexican drug cartels.  It spirited over $7bn of the stuff between 2001 and 2007. HSBC were found guilty on all charges – but no executives were arrested, none of the bank’s branches, operations or websites were closed down.  In fact, HSBC were able to settle it all with a fine, paid by the company, worth just 14% of the profits the bank made in the same year.”

http://iacknowledge.net/bitcoin-pioneers-arrested-by-us-authorities-while-renegade-banking-system-carries-on-regardless/

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Wells Fargo Presents Virtual Currency: Viability, Compliance, & Direction

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“Please join us for a discussion on the rapidly emerging field of virtual currency. Our panel of experts will weigh in on market trends, investment opportunities, compliance imperatives, and interoperability with traditional fiat currencies. What industries will be disrupted? Which will be enhanced? Particular attention will be given to regulatory compliance, risk management, and policy frameworks. The event format will allow each panelist 10-15 minutes of presentation time. Audience Q&A to follow.”

http://national.wellsfargobank.com/VirtualCurrency

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