Rogue algorithm wreaks havoc on stocks for 30 minutes straight
Investing Legend Louis Bacon Has Had Enough Of Algos And Central Planners, Calls It Quits
Submitted by Tyler Durdenon 08/01/2012 – 11:12
“Bacon pulls no punches as he goes after inept regulators in Europe and the US, and describes the state of affairs as “Disaster Economics, where assets are valued based on their ability to withstand a lurking disaster as opposed to what they may yield or earn, is now the prism through which investors are pricing markets.” And perhaps most ‘distorted’ is the credit market where trading in individual corporate credits has also been ‘decimated’ he said. “I shudder to think of the stress that is going to occur during the new credit liquidation cycle.”
Doing simple searches for law firms’ legal activity in the financial and mortgage sectors since 2008 and the spike in profit surges and court Subpoenas for bank and investor records the evidence is clear.
Sadly what has been forewarned for decades is currently being openly admitted that government and banking institutions are under the influence of FINANCIAL fraud, deceit and manipulations.
[Sadly many of those early warnings included time tables that did not materialize and decades later we may be in the final stages of a global financial collapse. But let us not fall into the trap of trying to predict the moment of collapse or war declarations.
Rather allow those manipulators the rope to hang themselves because their decisions will ultimately set the time for the bank doors to be locked, the market exchanges to be halted and closed, War and/or marshal law declared.]
08/01/2012 Li(e)bor: The Cartel Emerges
“By 2005 at the latest, the traders would seem to have begun realizing just how much power they had were they able to collaborate within their small group. There was no need for formal contracts between large institutions, merely agreements among friends. A pointer here, a few traders meeting for lunch there, and soon the group had formed a global cartel that, according to investigators, reached from Japan to Europe to Canada.
“Come on over; I’ll open a bottle of Bollinger,” a trader, inebriated with his success, wrote to a colleague after the Libor rate had been set. Adair Turner of the British regulatory agency quotes the email as evidence of “a culture of cynical greed in the trading rooms.”
Read more at: http://www.zerohedge.com/news/liebor-cartel-emerges
Libor probers subpoena UK’s Lloyds Banking Group
Analysts at Liberum Capital have suggested Lloyds could have to pay out up to 1.5 billion pounds ($2.3 billion) to settle Libor-related claims.Read more at: http://www.gmanetwork.com/news/story/266940/economy/finance/libor-probers-subpoena-uk-s-lloyds-banking-group*
Lawyers Challenge Occupy Evictions
New York: Pushing back against what appears to be a coordinated national crackdown on the Occupy movement, the National Lawyers Guild (NLG) is bringing preemptive legal challenges to halt Occupy evictions and other attacks on occupiers’ free speech. “From day one of the Occupy movement, the Guild has been there protecting protesters’ rights to free speech,” said NLG Executive Director Heidi Boghosian. “Occupiers have been saying that you can’t evict an idea. We agree, and we say further that you can’t evict protests that are rooted in the founding legal principles of this country.”
As more financial and corporate attorneys are over-flowing with growing caseloads and profits in suing and counter-suits the knowledge that fraud, market manipulations and racketeering is rampant in the global financial system.
U.S. Queries 64 Issuers of Mortgage Securities, Others
“A federal regulator said it sent 64 subpoenas to issuers of mortgage-backed securities and other entities in an effort to probe whether the firms misled Fannie Mae and Freddie Mac, two of the biggest investors in privately issued bonds.
The subpoenas, issued on Monday by the Federal Housing Finance Agency, which oversees the government-backed mortgage titans, could lead the government to recoup some of the billions of dollars that Fannie Mae and Freddie Mac lost when they scooped up mortgage-backed securities issued by Wall Street banks during the housing boom.”
In the course of the United States Trustee’s role of supervising bankruptcy cases the United States Trustee has reviewed the bankruptcy filing[s] by Wells Fargo Bank, N.A. in this case, as well as the Objection filed by the Debtors, and has taken note of conflicting factual allegations associated with the status of the loan regarding Wells Fargo’s bankruptcy filing and papers including, but not limited to such filing and papers as are incident to proving a claim in bankruptcy. Specifically, the conduct of Wells Fargo Bank, N.A. and its agents regarding seeking relief from the automatic stay in a bankruptcy proceeding to proceed with a potential foreclosure action under a state law forum.
These issues directly relate to administration of this bankruptcy estate and the integrity of the bankruptcy system. The United States Trustee seeks to ascertain whether the conduct of Wells Fargo Bank, N.A.. deviated from the standards established by the bankruptcy code, and/or whether its particular actions threatened an abuse of the bankruptcy system or its procedures. 28 U.S.C. § 528(3)(G); 11 U.S.C. § 307; In re A-1 Trash Pickup, Inc., 802 F.2d 774, 775 (4th Cir. 1996) (Congress intended the United States Trustee to be an enforcer of bankruptcy laws). See In re DePalma, United States Bankruptcy Court District of Arizona (emphasis mine).
Among other items related to the loan application and origination, the trustee sought:
All documents evidencing, relating to or referring to the secured status of the mortgage of the Debtors, together with any assignments and endorsements thereof.”
More professionals, investors and executives are waking up.
“…if there is one thing the past 4 years have taught us, is that in America the bigger the crime, the greater the golden parachute.”
Read more at: JPM To Be Subpoenaed Over Defunct PFG’s Missing Segregated Money
“Whether you’re in the middle of a divorce, custody proceeding or other court case, you can subpoena bank records that are relevant to your current case. The appropriate preparation and service of the subpoena (legally termed a subpoena duces tecum) depends on the state’s civil procedures. In general, you serve a bank corporation a subpoena either through the bank’s registered agent or by serving one of the corporation’s officers. Once served, the petitioned person(s) must bring or send the bank records to court. This article outlines the steps you need to take to effectively file a subpoena for bank records.”
Obtain the Proper Subpoena Duces Tecum Form
Call or visit your local courthouse and ask them for a subpoena duces tecum form so you can subpoena bank records.
- If they don’t provide the form, check online for your state’s version of the form or go to your local library and copy the form from a book of standard legal pleading forms.
Fill in the Subpoena Duces Tecum
Include the following information in the spaces provided at the top of the form: the legal name of your court case, the case index number, the name of the plaintiff/petitioner, the name of the defendant/respondent and any other blanks left blank.
Complete the necessary information in the body of the form.
- After the word “TO,” fill in the name and address of the bank or corporation you want to serve with the subpoena.
- Enter the name and address of your county’s Superior Court along with the date and time the person(s) need to attend court with the bank records.
- Specify the records you want them to procure. This can include checking account records of any kind (bank statements, cancelled checks, etc.), loan information (loan applications, ledgers, etc.), savings account and securities records (certificates of deposit, investments, etc.), records of any safe deposit boxes at that bank, supporting financial documents (copies of tax returns, credit reports, etc.) and any correspondence between the opposing party and the bank.
- Be as specific as possible. Include the full name of the person whose bank records you’re requesting, the relevant dates you need information about (from this date through that date) and all possible financial information you might need from that bank.
- If you’re not certain of the name or type of bank record you need, use the terms “any and all” when referring to the bank records. You can also include “and all other documents concerning…” and then fill in the name of the person or bank account for which you’re requesting the information.
Leave the Date and Signature lines blank. The judge or court commissioner will fill these in.
Notarize and Copy the Subpoena
Take the form to any notary public and have it notarized. Often you can do this at City Hall or at a bank for little or no fee.
Make at least 2 copies of the form.
Complete an Affidavit of Service
Visit your court’s clerk or ex-parte department to get the subpoena signed.
- Be prepared to pay any related fees.
- Some states require a waiting period to give the opposing parties a chance to object to your subpoena before the document can be served.
Serve the Subpoena
Find the right person to serve the subpoena.
- The person must be over 18 years old and can not be a party to your lawsuit.
- Choose to use the services of a sheriff or professional process server. This will most likely cost you money.
- The person serving the document must personally hand the bank agent a copy of the subpoena or leave a copy of the subpoena at their residence with another adult who also lives there.
- The bank you serve the subpoena to will most likely notify the account holder of your actions. The account holder is then able to object to the subpoena.
- It is illegal to obtain (or even try to obtain) another person’s bank records by using false or fraudulent statements to a bank or other financial institution.