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The whole Madoff money dilemma.

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    They let Clarence Boddicker run a company?

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      That is very BaFin

      And my guess is that the entire German financial establishment will now decide that Braun was a master criminal, thus absolving them of any responsibility for what happened.

      This reminds me a lot of the vendetta against Ackermann over Mannesman. And just as in that case, the fact that Braun is Austrian helps (Ackermann is Swiss).
      Last edited by ursus arctos; 23-06-2020, 12:43.

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        And.... it's bust.

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          The FT comes up with a great excuse for dodgy browser histories: I was investigating a payment processor!

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            Pete Townsend smiles

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              https://twitter.com/FD/status/1281238824744554499

              High finance types do have a unhealthy fascination with the spy services. I am massively unsurprised that he tried this.

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                https://twitter.com/jsphctrl/status/1281583577336090626

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                  Another one for the "who would fall for this scam?" pile:

                  Several cases have come to our attention in Germany and Switzerland in which a caller claiming to be Felix Hufeld asks consumers over the phone to pay large sums of money into a specific account. In addition to these fraudulent calls alleged to be from BaFin’s President, numerous fake e-mails containing fraudulent requests for payments have also be sent using the name of his spokesperson, Dr Sabine Reimer.

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                    Older Germans with a bit of money (but not to much).

                    And only them.

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                      Spiegel reporting that Marsalek is hiding out in Belarus, as one does

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                        Monday 27 July 2020
                        10.00 AM


                        Judgment

                        CR-2019-004304 London Capital & Finance Plc (Skype)

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                          Goldman paying $3.9bn ($2.5bn really) to settle Malaysia's 1MDB investigation.

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                            Were they ever able to claw something back from Leissner?

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                              Still no sign of Jho Low anywhere, I presume. (Billion Dollar Whale is a pretty decent read if you haven't yet.)

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                                Originally posted by WOM View Post
                                Still no sign of Jho Low anywhere, I presume. (Billion Dollar Whale is a pretty decent read if you haven't yet.)
                                Well, his libel lawyers have been fairly visible. Presumably they know where he is.

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                                  Buddy film with Lho and Marsalek. They have the requisite skills and contacts.

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                                    "You go Low, I go to Dubai"

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                                      Levine's take is unsurprisingly amusing and apposite.

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                                        FCA consults on retail investments. This is pretty scary, and seems to support my not-particularly-well-thought-out proposal to ban non-equity retail investments which claim to yield more than x% over BBR or maybe 10 year Gilts, where x is a fairly low (definitely single-digit) percentage:

                                        The historically low interest environment has driven a ‘search for yield’ and may have affected some people’s perception of what a ‘good rate of return’ is. For example, recent FCA research found that consumers only start to recognise that a financial promotion for an investment product is probably ‘too good to be true’ when the promised rate of return is around 30% or more, at which point they are less likely to choose the product.

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                                          WTF is going on at H20?

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                                            One wonders how much of that money ended up in Hertha BSC

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                                              FCA fines Goldman just shy of ?100m for "risk management failures" over 1MDB.

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                                                The FCA has confirmed proposals to permanently ban the mass-marketing of speculative illiquid securities - including speculative mini-bonds - to retail investors.


                                                A temporary ban was introduced without consultation in January following serious concerns that speculative mini-bonds were being promoted to retail investors who neither understood the risks involved, nor could afford the potential financial losses.

                                                The new rules will apply from 1 January 2021 and include a small number of changes to the temporary ban, following a consultation launched in June.

                                                This includes bringing listed bonds with similar features to other speculative illiquid securities, and which are not regularly traded, within the scope of the ban.

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                                                  Bankers frantically calling their Italian retail sales desks

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                                                    Wirecard is the real unendliche Geschichte

                                                    Germany is to probe the head of the country’s audit watchdog after he admitted to buying and selling shares in Wirecard while his own institution was investigating the fraudulent payments company’s auditor.

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