Financial News Stories
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What if your entire economy was based on one product? For all intents and purposes, Denmark quite literally runs on Ozempic, a diabetes medication that is now widely used by consumers to lose weight. Worldwide sales have increased by over 60% in the past year alone. In the United States, which is one of its largest markets, prescriptions for Ozempic and similar drugs quadrupled between 2020 and 2022. At the end of 2023, Novo became the largest company in Europe. And its rise has eclipsed the Danish economy, creating a lot of value on the one hand, but an imbalanced economy on the other. You might have heard of "petrostates," countries where fossil fuel extraction dominates the economy. By that measure, you might call Denmark a pharmastate, because Novo now dominates the Danish economy. Nearly 1 out of every 5 Danish jobs created last year was at Novo. And that's just directly. If you also include the jobs that Novo has created indirectly — like, for example, at its suppliers, or from all the newly wealthy Novo employees spending their money at shops and restaurants — nearly half of all private-sector nonfarm jobs created in Denmark can be traced back to Novo. Novo Nordisk's meteoric trajectory raises a question about economic growth that's much bigger than just Denmark: Namely, what are the risks of having one giant company driving your entire economy? And crucially, what happens if that company's fortunes take a turn for the worse?
Note: The makers of these weight-loss drugs could be hit with over 10,000 lawsuits over severe adverse events from these drugs. It is now estimated that 1 in 8 adults in the US have taken Ozempic or another weight-loss drug. For more along these lines, see concise summaries of deeply revealing news articles on Big Pharma profiteering from reliable major media sources.
A global network of powerful entities, fueled in part by Wall Street, is buying up land and water around the world. This global land rush has led to wrecked wells and lost farms from Arizona to Zambia — and it risks sowing the seeds for future global conflict, according to “The Grab,” a new documentary out today from Gabriela Cowperthwaite. The film follows a seven-year investigation by producer and journalist Nathan Halverson of The Center for Investigative Reporting. In part, “The Grab” argues that power is being exercised over individual landowners by a convoluted and opaque network of sovereign wealth funds, national governments and Wall Street. One critical focus of this push is Africa. Halverson interviewed Brig Siachitema, an activist in the Zambian town of Serenje, where he says foreign investors have been buying up the ancestral land of villagers and kicking them off it. Late in the movie, he presents La Paz County Supervisor Holly Irwin with evidence that the Arizona State Retirement System — her own pension fund — is invested in the project that is draining the aquifer beneath the county. Rather than fighting to protect U.S. land and food from other multinational corporations, “the governments are working for the corporations.” There are enough calories worldwide to feed a growing global population, even with climate change, and even in 2050. The race to lock down resources, and governments’ panic over the unrest caused by spiking food prices, risks scaling up to a war between great powers.
Note: For more along these lines, see concise summaries of deeply revealing news articles on corruption in the financial system and in the corporate world from reliable major media sources.
The United States has long had the world’s biggest defense budget, with spending this year set to approach $900 billion. Yet this spending is rapidly being eclipsed by the fastest-growing portion of federal outflows: interest payments on the national debt. For the first seven months of fiscal year 2024, which began last October, net interest payments totaled $514 billion, outpacing defense by $20 billion. Budget analysts think that trend will continue, making 2024 the first year ever that the United States will spend more on interest payments than on national defense. Interest is now the third-biggest expenditure after Social Security and health. And not because any of the other programs are shrinking. While most government expenditures grow modestly from year to year, interest expenses in 2024 are running 41% higher than in 2023. Interest payments are ballooning for two obvious reasons. The first is that annual deficits have exploded, leaving the nation with a gargantuan $34.6 trillion in total federal debt, 156% higher than the national debt at the end of 2010. As a percentage of GDP, the annual deficit has nearly doubled in just 10 years, from 2.8% in 2014 to a projected 5.3% in 2024. The government is also paying more to borrow. From 2010 through 2021, the average interest rate on all Treasury securities sold to the public was just 2.1%. But in 2022, the Federal Reserve started jacking up rates to tame inflation, and the government now pays an average interest rate of 3.3%.
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption from reliable major media sources.
When Rafael Correa entered Ecuador’s presidency in 2007, the nation faced an opportunity and a challenge. Ecuador’s economy depended on oil, and global crude prices were near a record high. Much of the oil was extracted by foreign companies ... as prices surged more wealth began flowing overseas. Soon after taking office, Correa increased a recently enacted windfall tax on oil companies. The idea was to use the tax as leverage to extract better terms from the companies. Within months, two oil companies working as partners—the independent Anglo-French firm Perenco and Burlington Resources, a subsidiary of ConocoPhillips—ceased paying the tax and sued the government through a system of international tribunals known as investor state dispute settlements, or ISDS. The system allows foreign investors to sue governments before tribunals outside the jurisdiction of national courts. Perenco and Burlington [convinced] arbitrators in two separate tribunals to award the companies more than $800 million. Critics say the ISDS system gives corporations an exclusive, parallel justice system that elevates foreign interests above human rights and environmental concerns. The vast majority of cases have been brought by companies based in North America or Europe against governments in Latin America, Africa and Asia, prompting many critics to liken the ISDS system to a form of market-based colonialism that continues to extract wealth from the Global South.
Note: According to the analysis in the article, fossil fuel companies and investors filed one in five of 1,720 claims since the 1970s, and "have been awarded at least $82.8 billion in compensation from governments." For more along these lines, see concise summaries of deeply revealing news articles on corporate corruption and income inequality from reliable major media sources.
JPMorgan Chase told US authorities it processed more than $1bn for Jeffrey Epstein over 16 years. JPMorgan reported the transactions as suspicious to the US treasury department following Epstein’s suicide in 2019, Mimi Liu, a lawyer for the territory, said at a hearing concerning its lawsuit against the largest US bank. Epstein had been a JPMorgan client from 1998 to 2013, when the bank dropped him. The disgraced financier had been awaiting trial on sex trafficking charges at the time of his death. The US Virgin Islands, where Epstein owned two private islands, is suing JPMorgan for at least $190m and likely much more, saying it ignored red flags that Epstein was running a sex-trafficking operation because he was a lucrative client. Liu mentioned the $1bn amount, which had not been previously disclosed, in arguing that the US district judge Jed Rakoff in Manhattan should find before the case goes to trial that the bank participated in Epstein’s sex trafficking. She said no reasonable juror could find that JPMorgan was in the dark about its jet-setting client. “JPMorgan was a full service bank for Jeffrey Epstein’s sex trafficking,” Liu said. Felicia Ellsworth, a lawyer for JPMorgan, said it was not appropriate for the judge to determine the question of the bank’s knowledge before trial because current and former employees have testified that they were unaware of Epstein’s sex trafficking. In June, Rakoff preliminarily approved JPMorgan’s $290m settlement with women who say Epstein abused them.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption and Jeffrey Epstein from reliable major media sources.
Carbon credit speculators could lose billions as scientific evidence shows many offsets they have bought have no environmental worth and have become stranded assets. Amid growing evidence that huge numbers of carbon credits do nothing to mitigate global heating and can sometimes be linked to alleged human rights concerns, there is a growing pile of carbon credits ... that are unused in the unregulated voluntary market, according to market analysis. Many of the largest companies in the world have used carbon credits for their sustainability efforts from the unregulated voluntary market, which grew to $2bn (£1.6bn) in size in 2021 and saw prices for many carbon credits rise above $20 per offset. The credits are often generated on the basis they are contributing to climate change mitigation such as stopping tropical deforestation, tree planting and creating renewable energy projects. A new study in the journal Science has found that millions of forest carbon credits approved by Verra, the world’s leading certifier, are largely worthless and could make global heating worse if used for offsetting. The analysis ... found that 18 big forest offsetting projects had produced millions of carbon credits based on calculations that greatly inflated their conservation impact. The schemes, which generate credits by avoiding hypothetical deforestation, were found not to reduce forest loss or to reduce it by only small amounts, far less than the huge areas they were claiming to protect, rendering the credits largely hot air.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption and climate change from reliable major media sources.
In a recent discussion on the implications of blockchain technology and its democratization of finance, Roundtable anchor, Rob Nelson and Jordan Fried, CEO of Immutable Holdings explored the depth and magnitude of the possible changes ahead. Jordan Fried ... discussed the roots of Bitcoin, stating it was a direct protest against institutions like BlackRock and the financial systems that seemed to work only for the wealthy. Recalling the 2008 financial crisis, Fried expressed the sentiments of many who wondered why banks were bailed out while average individuals suffered. Bitcoin arose from this frustration, offering a transparent financial system unlike anything before. Expanding on this, Fried emphasized the transparency of Bitcoin in comparison to traditional currencies. In Bitcoin's blockchain, every transaction is traceable, unlike the ambiguous dealings within the current banking system. Contrary to common misconceptions ... only a fraction of crime occurs in crypto, as compared to the US dollar. Most financial crimes, including money laundering, are committed in US dollars. Rob Nelson humorously highlighted the recurring financial scandals of banks like Wells Fargo, suggesting that these financial giants often factor in their fines as just another "cost of doing business." In this evolving era of blockchain and cryptocurrency, one thing is clear: the potential impact on the financial world is vast. The very essence of how we view and interact with money is on the cusp of profound change.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
Public banks are typically operated by government or tribal authorities and, in theory, would be chartered to achieve social good and invest in communities. Only two public banks currently operate in the United States: the Bank of North Dakota, founded in 1919, and the Territorial Bank of American Samoa, founded in 2018. Organizations pushing for a public banking option exist in 37 states, according to the Public Banking Institute. In contrast to private banks, which are responsible to their shareholders, public banks are responsible to their boards and are chartered to invest in public needs. The Bank of North Dakota, for instance, is chartered to offer a “revolving loan fund” to farmers, and profits from loans are directed back into the fund to keep interest rates low. The modern movement to invest in public banks grew out of the 2008 financial crisis and was galvanized during the pandemic, fueled by a populist distrust of the banking and finance sectors. In October 2020, Representatives Alexandria Ocasio-Cortez and Rashida Tlaib introduced the federal Public Banking Act, which would allow state and local governments across the country to create public banks. In the first two months of 2021 there were sixteen bills across the country designed to pave the way for public banks. Supporters of public banks are hoping that any deposits from state and local governments can be used to fund community-based projects that have trouble getting funded by private banks.
Note: Explore more positive stories like this in our comprehensive inspiring news articles archive focused on solutions and bridging divides.
The pressure to repay debts is forcing poor nations to continue investing in fossil fuel projects to make their repayments on what are usually loans from richer nations and financial institutions, according to new analysis from the anti-debt campaigners Debt Justice and partners in affected countries. The group is calling for creditors to cancel all debts for countries facing crisis – and especially those linked to fossil fuel projects. “High debt levels are a major barrier to phasing out fossil fuels for many global south countries,” said Tess Woolfenden, a senior policy officer at Debt Justice. “Many countries are trapped exploiting fossil fuels to generate revenue to repay debt while, at the same time, fossil fuel projects often do not generate the revenues expected and can leave countries further indebted than when they started. This toxic trap must end.” According to the report, the debt owed by global south countries has increased by 150% since 2011 and 54 countries are in a debt crisis, having to spend five times more on repayments than on addressing the climate crisis. Sharda Ganga, the director of the Surinamese civil society group Projekta, said ... “The reality is that this is the new form of colonialism – we have exchanged one ruler for the rule of our creditors who basically already own what is ours. The difference is this time we signed the deal ourselves.”
Note: For more along these lines, see concise summaries of deeply revealing news articles on government corruption and income inequality from reliable major media sources.
Progressives are confused and distressed over the choice by many of our allies to devalue decentralization in the technology space, and even to portray it as worse than Big Tech alternatives. In recent months, a number of progressive commentators have attacked the very idea of decentralization, arguing that it’s a distraction from other political goals. This has also led to progressives making crypto a favorite target and, bizarrely, taking the positions of big banks, which are notoriously monopolistic. To us, the more pressing concern is legacy tech platforms—and their ongoing capture of user data. Decentralizing technology will prove crucial in ensuring that the world isn’t run by a handful of unelected technologists. Crypto is an exception to so much technology because it runs on blockchain and no single person or corporation can control it. We value a world where power is dispersed to the people, where no one is so powerful that they can dictate terms to the rest of us. A blockchain allows everyone to own their own data, to control their own information, and to port that information and data to another system at their discretion. It also allows for people to exchange both data and money in a peer-to-peer manner, without permission from expensive, bureaucratic, and—in many cases—unnecessary intermediaries. Migrants also use crypto to send money to their home countries, and this activity alone will become increasingly important as political and climate migration continues to accelerate.
Note: The US government financially attacked Wikileaks in 2010 after the organization published documentation of US military war crimes. This attack would have ended Wikileaks, but the organization instead embraced bitcoin and survived for several more years. For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption from reliable major media sources.
The IMF and other neoliberal institutions in Ukraine are saying that there are quite a few jobs being created there. But the people I speak to can’t find jobs. On top of that, there are those 12 million people who are abroad. Where will there be jobs for them? There is a lot of talk about the Marshall Plan. But the main lessons from the Marshall Plan I did not see reflected in these recovery plans. First of all, there was the write-off of debts. Second of all, there were grants given to countries, and states were allowed to act as investors and were allowed to directly buy food for families or buy supplies for industries. This is not the case in Ukraine. In reality, a big part of the financial assistance given to Ukraine is in the form of debt. The help supposedly given by the IMF of $15 billion ... is actually $15 billion of debt. And because it’s debt, the interest rate on this debt will be something like 7 or 8 percent. What the European Union is doing with Ukraine is what they did with Greece after 2010. The European Union made an agreement in 2010 with the IMF to gather money to give to the Greek government with very strong and brutal conditionalities. And that’s exactly what [is happening] with the type of assistance given to Ukraine. The debt trap for Ukraine is very dangerous. With the new financial assistance given to Ukraine, in the next ten years, the debt will increase by something like $40 billion. Essentially, from $132 to $170 billion. And the creditors know perfectly that it will be impossible for Ukraine to pay back all this debt.
Note: For more along these lines, see concise summaries of deeply revealing news articles on war and banking corruption from reliable major media sources.
JPMorgan Chase reached a tentative settlement with sexual abuse victims of Jeffrey Epstein, the deceased financier, after weeks of embarrassing disclosures about the bank's longstanding relationship with him. David Boies, one of the lead lawyers for the victims, said the bank was prepared to pay $290 million to resolve the lawsuit. The proposed deal would settle a lawsuit filed ... on behalf of victims who were sexually abused by Mr. Epstein over a roughly 15-year period when they were teenage girls and young women. The number of victims could potentially rise to more than 100. JPMorgan still faces a related lawsuit by the government of the U.S. Virgin Islands. That suit remains the biggest outstanding Epstein-related case after years of lawsuits against Mr. Epstein's estate and Ghislaine Maxwell's conviction in 2021 in Manhattan federal court for helping Mr. Epstein engage in sex trafficking. The lawsuit filed by the victims claimed that JPMorgan ignored repeated warnings that Mr. Epstein had been trafficking teenage girls and young women for sex, even after he registered as a sex offender and pleaded guilty in a 2008 Florida case to soliciting prostitution from a teenage girl. The complaint said the bank had overlooked red flags in Mr. Epstein's activity because it valued him as a wealthy client who had access to dozens of even wealthier people. Legal documents revealed that after designating Mr. Epstein a "high risk client" in 2006, the bank kept him on as a customer.
Note: One Nation Under Blackmail is a new book by Whitney Webb, an investigative journalist who explores the deep ties between Jeffrey Epstein and US and Israeli Intelligence criminal networks. For more along these lines, see concise summaries of news articles on Jeffrey Epstein's child sex ring from reliable major media sources.
In 1998, Jeffrey Epstein purchased Little Saint James in the US Virgin Islands and began trafficking girls as young as 14 into "sexual servitude" at the secluded island. The same year, he opened his first account with JPMorgan Chase, the start of a lucrative partnership for the Wall Street giant that would continue for years after the late financier had been "red flagged" by the bank as a child sex offender. To keep his illicit sex-trafficking scheme running, Epstein needed access to large amounts of cash to pay off recruiters and attempt to silence victims. JPMorgan is alleged to have "pulled the levers" through which Epstein paid his network of enablers, according to a lawsuit filed by the US Virgin Islands (USVI) Attorney General in a US court. The lawsuit claims that JPMorgan concealed wire and cash transactions that were part of a "criminal enterprise" whose currency was vulnerable and desperate women and girls, groomed and recruited over decades by Epstein and his chief lieutenant Ghislaine Maxwell. In separate lawsuits, several survivors of Epstein's abuse sued JPMorgan and Deutsche Bank accusing them of actively enabling his abuse. The sprawling US Virgin Islands legal action is still pending. It has already drawn in some of the world's wealthiest individuals including billionaire JPMorgan CEO Jamie Dimon, Tesla CEO and Twitter owner Elon Musk, Google's co-founders Larry Page and Sergey Brin, and Microsoft co-founder Bill Gates. All have denied any involvement in Epstein's offending.
Note: One Nation Under Blackmail is a new book by Whitney Webb, an investigative journalist who explores the deep ties between Jeffrey Epstein and US and Israeli Intelligence criminal networks. For more along these lines, see concise summaries of news articles on Jeffrey Epstein's child sex ring from reliable major media sources.
JPMorgan Chase & Co. had ties to Jeffrey Epstein that ran deeper than the bank has acknowledged and extended years beyond when it decided to close the convicted sex offender’s accounts. Mary Erdoes, a top lieutenant to Chief Executive Jamie Dimon, made two trips to Epstein’s townhouse on Manhattan’s Upper East Side, in 2011 and 2013, when Epstein still was a client of the bank, said the people familiar with the matter. She exchanged dozens of emails with him and discussed sharing with him fees related to a charitable fund the bank was considering launching. John Duffy, who ran JPMorgan’s U.S. private bank for the ultrarich, went to Epstein’s townhouse for a meeting in April 2013, the people said. One month later, the private bank renewed an authorization allowing Epstein to borrow money against his accounts despite repeated warnings from compliance staffers about his unusual banking practices. Justin Nelson, one of Epstein’s bankers at JPMorgan, had about a half-dozen meetings at Epstein’s townhouse between 2014 and 2017. He also traveled to Epstein’s ranch in New Mexico in 2016. Epstein was convicted of soliciting a minor for prostitution in 2008 and forced to register as a sex offender. The new details show that JPMorgan was treating Epstein like a star client after his first conviction and despite repeated warnings from its own employees. And after JPMorgan closed Epstein’s accounts, bankers kept meeting with him for years.
Note: One Nation Under Blackmail is a new book by Whitney Webb, an investigative journalist who explores the deep ties between Jeffrey Epstein and US and Israeli Intelligence criminal networks. Epstein had many concerning associations, including with Noam Chomsky as reported in Webb's most recent article. For more along these lines, see concise summaries of deeply revealing news articles on banking corruption and Jeffrey Epstein's crime ring from reliable major media sources.
In recent months, the Pentagon has moved to provide loans, guarantees, and other financial instruments to technology companies it considers crucial to national security — a step beyond the grants and contracts it normally employs. So when Silicon Valley Bank threatened to fail in March following a bank run, the defense agency advocated for government intervention to insure the investments. The Pentagon had even scrambled to prepare multiple plans to get cash to affected companies if necessary, reporting by Defense One revealed. Their interest in Silicon Valley Bank stems from the Pentagon’s brand-new office, the Office of Strategic Capital. The secretary of defense established the OSC in December specifically to counteract the investment power of adversaries like China in U.S. technologies, and to secure separate funding for companies whose products are considered vital to national security. The national security argument for bailout, notably, found an influential friend in the Senate. As the Biden administration intervened to protect Silicon Valley Bank depositors on March 12, Sen. Mark Warner, D-Va., who chairs the powerful Senate Intelligence Committee and also sits on the Banking Committee, issued a press release warning that the bank run posed a national security risk. Warner — the only member of Congress to have publicly tied SVB to national security — has received significant contributions from the financial sector. Since 2012, Warner has received over $21,000 from Silicon Valley Bank’s super PAC.
Note: Many tech startups with funds in Silicon Valley Bank were working on projects with defense and national security applications. Explore revealing news articles on the rising concerns of the emerging technologies that the Defense Department is investing in, given their recent request for $17.8 billion to research and develop artificial intelligence, autonomy, directed energy weapons, cybersecurity, 5G technology, and more.
A US Virgin Islands investigations into the sex trafficker Jeffrey Epstein’s ties to an American bank issued subpoenas to four wealthy business leaders on Friday, extending its reach into the highest echelons of tech, hospitality and finance. The subpoenas issued to the Google co-founder Sergey Brin, Hyatt Hotels chairperson Thomas Pritzker, American-Canadian businessman Mortimer Zuckerman and former CAA talent agency chairperson Michael Ovitz are crafted to gather more information about Epstein’s relationship with JPMorgan Chase. The Virgin Islands’ lawsuit against JP Morgan, the world’s largest bank in terms of assets, alleges that the institution “facilitated and concealed wire and cash transactions that raised suspicion of – and were in fact part of – a criminal enterprise whose currency was the sexual servitude of dozens of women and girls in and beyond the Virgin Islands”. “Human trafficking was the principal business of the accounts Epstein maintained at JP Morgan,” it said. The disgraced financier ... owned two private islands – Little Saint James, or “Epstein Island”, and Great Saint James – in the American territory, and authorities there have secured a $105m settlement from his estate. The demand for any communications and documents related to the bank and Epstein from four of the wealthiest people in the US comes days after it was reported that Jamie Dimon, JP Morgan’s chairperson and chief executive, is expected to be deposed in the case.
Note: For more along these lines, see concise summaries of deeply revealing news articles on Jeffrey Epstein's child sex trafficking ring from reliable major media sources.
I participated in an online forum called US CBDC—A Disaster in the making? We had a very productive discussion about the policy aspect of central bank digital currencies (CBDCs). I believe that the Fed should not launch a CBDC. Ever. And I think that Congress should amend the Federal Reserve Act, just to be on the safe side. I want to distinguish between a wholesale CBDC and retail CBDC. With a wholesale CBDC, banks can electronically transact with each other using a liability of the central bank. That is essentially what banks do now. But retail CBDCs are another animal altogether. Retail CBDCs allow members of the general public to make electronic payments of all kinds with a liability of the central bank. This feature–making electronic transactions using a liability of the Federal Reserve–is central to why Congress should make sure that the Fed never issues a retail CBDC. The problem is that the federal government, not privately owned commercial banks, would be responsible for issuing deposits. And while this fact might seem like a feature instead of bug, it’s a major problem for anything that resembles a free society. The problem is that there is no limit to the level of control that the government could exert over people if money is purely electronic and provided directly by the government. A CBDC would give federal officials full control over the money going into–and coming out of–every person’s account. This level of government control is not compatible with economic or political freedom.
Note: The above was written by Norbert Michel, Vice President and Director of the Cato Institute's Center for Monetary and Financial Alternatives. For more along these lines, see concise summaries of deeply revealing news articles on financial system corruption from reliable major media sources.
Among the many surprising assets uncovered in the bankruptcy of the cryptocurrency exchange FTX is a relatively tiny one that could raise big concerns: a stake in one of the country’s smallest banks. The bank, Farmington State Bank in Washington State, has a single branch and, until this year, just three employees. It did not offer online banking or even a credit card. The tiny bank’s connection to the collapse of FTX is raising new questions about the exchange and its operations. The ties between FTX and Farmington State Bank began in March when Alameda Research, a small trading firm and sister to FTX, invested $11.5 million in the bank’s parent company, FBH. At the time, Farmington was the nation’s 26th-smallest bank out of 4,800. Its net worth was $5.7 million. FTX is a now bankrupt company that was one of the world’s largest cryptocurrency exchanges. A judge allowed the law firm Sullivan & Cromwell to continue advising FTX on bankruptcy. It’s unclear how FTX was allowed to buy a stake in a U.S.-licensed bank, which would need to be approved by federal regulators. Banking veterans say it’s hard to believe that regulators would have knowingly allowed FTX to gain control of a U.S. bank. “The fact that an offshore hedge fund that was basically a crypto firm was buying a stake in a tiny bank for multiples of its stated book value should have raised massive red flags for the F.D.I.C., state regulators and the Federal Reserve,” said Camden Fine, a bank industry consultant.
Note: An in-depth investigation by Whitney Webb and Ed Berger further unearths the mysterious connections between FTX and Farmington State Bank. Extending far beyond Sam Bankman-Fried and FTX, they make a case for a deeper criminal network at play, with troubling connections to this bank. Incidentally, the firm Sullivan & Cromwell has old connections with the CIA. For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.
A pair of attorneys defending FTX founder Sam Bankman-Fried against one of the biggest white-collar prosecutions in decades are veterans of high-profile cases, including ones involving drug lord “El Chapo” and disgraced socialite Ghislaine Maxwell. Mark Cohen and Christian Everdell, former federal prosecutors who are now partners in the New York-based boutique firm Cohen & Gresser ... are up against hard-charging Justice Department lawyers who moved quickly to indict Mr. Bankman-Fried after FTX’s collapse and secured two of his former top lieutenants as cooperating witnesses. The Manhattan U.S. attorney’s office this past month charged Mr. Bankman-Fried with stealing billions of dollars from FTX customers while misleading investors and lenders connected to his crypto-trading firm Alameda Research. He faces charges of fraud, conspiracy, money laundering and campaign-finance violations and pleaded not guilty last week. Messrs. Cohen, 59 years old, and Everdell, 48, have already navigated their client through a thorny extradition from the Bahamas, where Mr. Bankman-Fried had been jailed after the Justice Department requested that local police arrest him. The two lawyers worked with local counsel to secure his transfer to U.S. custody while negotiating with federal prosecutors his pretrial release under a $250 million bond. They are now tasked with combing through voluminous and technical discovery, including documents relating to FTX investors, debtors and political campaigns.
Note: For more along these lines, see concise summaries of deeply revealing news articles on financial industry corruption from reliable major media sources.
The former attorney general for the Virgin Islands, who recently secured a $105 million settlement from the estate of Jeffrey Epstein, was recently fired following months of friction between her and the U.S. territory’s governor over the handling of the investigation into the disgraced financier, according to people briefed on the matter. Denise N. George, the former official, was dismissed by Albert Bryan Jr., the governor of the Virgin Islands, on New Year’s Eve, four days after her office sued JPMorgan Chase in federal court in Manhattan for its dealings with Mr. Epstein, who died of an apparent suicide in 2019 while in federal custody. The timing of Ms. George’s firing fueled media speculation in the Virgin Islands and beyond that the suit against JPMorgan was the immediate cause. In late December, Ms. George’s office sued JPMorgan in federal court in Manhattan, claiming that bank was derelict in providing banking services to Mr. Epstein during the time he was charged with sexually abusing teenage girls and young women at Little St. James and elsewhere in the U.S. The lawsuit accused JPMorgan of facilitating and concealing wire and cash transactions that should have raised suspicions that Mr. Epstein was engaging in the sexual trafficking of teen girls and young women. The lawsuit contends the bank essentially turned a “blind eye” to Mr. Epstein’s conduct because it was profitable. JPMorgan, the largest U.S. bank by assets, was Mr. Epstein’s primary banker from the late 1990s to 2013.
Note: For more along these lines, see concise summaries of deeply revealing news articles on banking corruption and Jeffrey Epstein's sex trafficking ring from reliable major media sources.
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