China: Systemic Risk Surges As HNA’s High Coupon Borrowing Binge Accelerates

In early November 2017, we returned to one of our favourite subjects, systemic risk in China related to its big four highly-indebted conglomerates, HNA, Anbang, Evergrande and Dalian Wanda. In particular, we asked whether the extortionately high coupon of 9% on an HNA dollar bond issue, with less than one year to maturity, marked the beginning of China’s Minsky moment? As we noted at the time, HNA has $28 billion of short-term debt maturing before the end of June 2018, much of it accumulated during an acquisition binge over the last two years, which has seen it become a major shareholder in companies such as Deutsche Bank AG and Hilton Worldwide Holdings.
Speaking to Bloomberg at the time, Warut Promboon, managing partner at credit research firm, Bondcritic, noted…
‘Nine percent is really high for one year. Basically, it tells you that the worry is real.”
In a sign that HNA is under pressure, both from the Chinese government and its creditors, CEO Adam Tan announced last week that the company was reversing its previous strategy. From Reuters.
HNA Group CEO Adam Tan said the acquisitive company is making adjustments to conform with national policies, and has sold some investments and real estate projects to improve its liquidity, domestic media reported on Tuesday.

This post was published at Zero Hedge on Dec 4, 2017.

Mueller Goes After Trump’s Bank Accounts, Subpoenas Deutsche Bank

Special Counsel Robert Mueller has subpoenaed Deutsche Bank, demanding that it disclose details of transactions and documents on accounts help by President Trump and members of his family as the “Russian collusion” probe now turns its attention to Trump’s bank accounts. According to Handelsblatt, which first reported the news, the bank received the subpoena several weeks ago. Trump has had a banking relationship with Deutsche Bank dating back nearly two decades and the German lender’s $300 million loan accounts for nearly half of his outstanding debt (based on a July 2016 analysis by Bloomberg). Trump’s debt to Deutsche includes $170m relating to a Washington hotel.
The media is taking the Deutsche Bank news as a sign that Mueller’s investigation into alleged Russian interference in the 2016 alleged campaign is ‘deepening’. However, it was clear that a subpoena was coming more than four months ago (see below) and, besides Michael Flynn, Mueller’s investigation has included interviews with three other former Trump aides recently, former Chief of Staff Reince Priebus, former spokesman Sean Spicer and National Security Council chief of staff Keith Kellogg, according to people familiar with the investigation.
As Bloomberg adds, “the news comes as Mueller’s investigation appears to be entering a new phase, with Trump’s former national security adviser, Michael Flynn, pleading guilty Friday to lying to FBI agents, becoming the fourth associate of the president ensnared by Mueller’s probe. More significantly, he also is providing details to Mueller about the Trump campaign’s approach to Flynn’s controversial meeting with a Russian envoy during the presidential transition.”

This post was published at Zero Hedge on Dec 5, 2017.

WaPo Reporter Caught On Hidden Camera Being A Bit Too Honest; Admits “No Evidence” Of Trump-Russia Collusion

After exposing the shocking, yet predictable, political bias of journalists at CNN and New York Times, Project Veritas has now set their sights on the Washington Post. In a candid conversation with an undercover Project Veritas journalist, the Post’s National Security Director, Adam Entous, put himself in danger of being a bit too honest, at least by his employer’s standards, by admitting that “there’s no evidence of [Trump-Russia collusion] that I’ve seen so far.” Entous goes on to admit that “it’s a fucking crap shoot” and that he has no idea how Mueller’s investigation might turn out.
Entous: “Our reporting has not taken us to a plcae where I would be able to say with any confidence that the result of it is going to be the president being guilty of being in cahoots with the Russians. There’s no evidence of that that I’ve seen so far.”
PV Journalist: “There has to be something, right?”
Entous: “Maybe, maybe not. It could just be lower-level people being manipulated or manipulating, but it’s very hard to, it’s really…It’s a fucking black box.”
“We’ve seen a lot of flirtation, if you will, between them but nothing that, in my opinion, would rank as actual collusion. Now that doesn’t mean that it doesn’t exist, it just means we haven’t found it yet. Or maybe it doesn’t exist.”
“I mean it’s a fucking crap shoot. I literally have no prediction whatsoever as to what would happen, and I do all the stuff for the Post on this so…”

This post was published at Zero Hedge on Nov 29, 2017.

Japan, Inc. Rocked Again: Toray Admits To Falsifying Data After Internet Post Exposes Fraud

Corporate Japan’s credibility, already teetering after a barrage of corporate fraud and falsification scandals in recent months, hit another low after Toray Industries, one of Japan’s biggest materials manufacturers, joined a list of companies admitting to falsifying data. On Tuesdaty, Toray announced it had uncovered 149 cases of data fabrication at its subsidiary, Toray Hybrid Cord, in three products sold to tire companies and autoparts makers: tire cords, cords for car hose belts and cords for paper making. According to Nikkei Asian Review, the subsidiary made the products look as though they met customer requirements. The company admitted that 13 domestic and overseas companies, including at least one South Korean company, are affected.
In a statement issued roughly around the time president Akihiro Nikkaku was bowing to news reporters as Japanese management tends to do when caught engaging in criminal activity, Toray maintained that the “amount by which the data was adjusted to fit customer contract standards was insignificant.” The company believed there were no safety issues involved. Toray Hybrid Cord discovered the problem during a July 2016 internal compliance check, with Toray president Akihiro Nikkaku being informed of the matter the following October.

This post was published at Zero Hedge on Nov 28, 2017.

Pyrrhic Victory – Prosecutor Finds 36 Guilty For The Stock Exchange Crash In 1999

An Athens Appellate Court Prosecutor has found 36 people guilty for the infamous ‘Athens Stock Exchange Crash of 1999’ that caused thousands of small investors to have lost their life savings.
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As KeepTalkingGreece.com reports, it has taken 18 years for an Athens Appellate Court Prosecutor, Athina Theodoropoulou, to find guilty 36 individuals implicated in the affair – including stockbrokers, investors, and shipowners.
The accused had been previously tried on fraud charges and money laundering, but at the time the three-member appellate court of Athens, with different members on the bench, had unanimously declared all of the accused innocent on all counts.

This post was published at Zero Hedge on Nov 27, 2017.

A Private Citizen Would Be in Prison If He Had Citigroup’s Rap Sheet

Since its financial meltdown in 2008 and unprecedented bailout by the U. S. taxpayer, Citigroup (parent of Citibank) has been repeatedly charged by its Federal regulators with odious crimes against its pooled mortgage investors, credit card and banking customers, student loan borrowers, and for its foreclosure frauds. It has paid billions of dollars in fines for its past misdeeds while new charges pile up. In 2015, it became an admitted felon for participating in rigging foreign exchange markets. In short, Citigroup is a lawbreaking recidivist. If it were a mere human, it would be serving a long prison term. Instead, its fines for charges of egregious acts are getting smaller, not larger.
Last Tuesday, the Consumer Financial Protection Bureau (CFPB), which typically has a good track record of holding the big Wall Street banks accountable for their misdeeds, imposed an unusually feeble fine against Citibank for a litany of abuses against student loan borrowers. The CFPB ordered Citi to pay $3.75 million in restitution and to pay a $2.75 million fine. When combined with the fact that the CFPB did not make Citibank admit to the charges, this amounts to a slap on the wrist to a serial lawbreaker. (See Citigroup/Citibank’s history of misconduct below.)
Adding further insult to the American public, the Board of Directors of Citigroup has kept the same CEO in place for more than five years as these serial abuses of the public trust piled up. Michael Corbat has been CEO of Citigroup since October 2012.

This post was published at Wall Street On Parade on November 27, 2017.

UK Trader Fined 60,000 Pounds For Outsmarting Algos

Yet another UK trader is being punished by overzealous regulators for an accomplishment that should instead have earned him accolades: Outsmarting the machines.
In a case that echoes some of the circumstances surrounding the scapegoating of former UK-based trader Nav Sarao, former Bank of America Merrill Lynch bond trader Paul Walter has been fined 60,000 pounds by the FCA for a practice that regulators call ‘algo baiting’.
Algorithm baiting is similar to spoofing – a practice that has been banned by stock-market regulators as those markets have embraced high-frequency trading practices that have broken markets and made them more vulnerable to this type of manipulation. But fixed income markets, like the Dutch loan market Walter is accused of manipulating, have been slower to embrace HFT-type trading. Because of this delay, Walter is a pioneer. Using BrokerTec, a popular fixed-income trading platform, Walter would place a bunch of bids for a given bond, triggering trend-following algos to follow suit. Then he would quickly cancel the bids. Here’s a more complete explanation per the Financial Times.
Mr Walter entered bids for Dutch state loans that pushed up their price. Then, when other algorithmic trades followed him in response and raised their bids, Mr Walter sold to them and cancelled his quote. This happened 11 times between July and August 2014 while he was working for the bank, the FCA said, while on one occasion he did the opposite. He netted a total of 22,000 profit from this ‘algo baiting’.

This post was published at Zero Hedge on Nov 23, 2017.

ThanksFRAUD Day

I often write on the plethora of US-based frauds and scams, both political and business-oriented.
Fraud is the most-profitable business model today, and has been for close to two decades. It is why I’m out of the business world and will not re-enter it. It is why despite having what I believe is a ground-breaking home automation, security and control application that runs on $35 computers (which means there’s a hell of an opportunity to bundle the software with those and sell ’em hella-cheap, undercutting all the other guys plus having a nice installation business to go with it) I am only willing to do so on a “buy it all and you do it” basis.
Companies like Amazon exist with the sort of “valuation” they have only because of these schemes and scams. Cost-shifting (otherwise known as cross-subsidization) for the purpose of destroying competitors is a felony and has been for over 100 years (15 USC Chapter 1) whether you succeed or not. That is, the very attempt is a criminal act. Yet despite continual evidence in the form of quarterly filings that document the company does not make money (on an all-cost-in basis) on their product sales along with near-daily professions of the “next” company being “Amazoned” (that is, put out of business or severely harmed by this practice) in the major business media on television and in print, along with open cheering on of such conduct by same not one single indictment has ever issued.
Facebook, it appears from my work, to be deliberately detecting the use of ad blockers and then gaming their software so as to just meet the so-called “deliverable” standard for ads to people who have blocked them. That is, since I have a blocker on my desktop I would not normally generate any revenue for Facebook from advertisers. But I have observed, in a 100% repeatable manner, that a “display” ad will remain visible until the minimum pixel count and time is met (1 second, etc) and then disappear and a video ad will do so for 2 seconds with 100% pixels — and then likewise disappear. In other words the company is billing the advertisers for content they know damn well I blocked and never see. What do you call billing someone for something they don’t get on purpose, because that’s what it looks like to me. Oh, and how many billions have been taken from advertisers this way? Nobody but Zuckerpig knows but I bet it’s not a small number.

This post was published at Market-Ticker on 2017-11-22.

Unsealed Fusion GPS Bank Records Reveal $523K Payment From Russian Money Launderer

Unsealed court documents reveal that the firm behind the salacious 34-page Trump-Russia Dossier, Fusion GPS, was paid $523,000 by a Russian businessman convicted of tax fraud and money laundering, whose lawyer, Natalia Veselnitskaya, was a key figure in the infamous June 2016 meeting at Trump Tower arranged by Fusion GPS associate Rob Goldstone.
In short, D. C. opposition research firm Fusion GPS is the common denominator linked to two schemes used to damage the Trump campaign.
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Founded in 2011 by former Wall St. Journal journalist Glenn Simpson and two other WSJ alumni, Fusion was responsible for the Clinton/DNC – funded dossier (which two Kremlin officials participated in), and was also involved in the infamous Trump Tower meeting with the Russian attorney of another Fusion client – an encounter some suspect may have been used to obtain a FISA wiretapping warrant on the Trump campaign.
He [Simpson] worked closely with Natalia Veselnitskaya, the Russian lawyer who also showed up at the infamous Trump Tower meeting held on June 9, 2016.
Simpson’s research ended up in the Trump Tower meeting in the form of a four-page memo carried by Veselnitskaya. She also shared Simpson’s work with Yuri Chaika, the prosecutor general of Russia.
Simpson told the House Intelligence Committee earlier this week that he did not know that Veselnitskaya provided the Browder information to Chaika or to Donald Trump Jr., the Trump campaign’s point-man in the Trump Tower meeting. –Daily Caller

This post was published at Zero Hedge on Nov 22, 2017.

Saying Goodbye to Richard Cordray at CFPB Is Hard to Do

Last Wednesday, Richard Cordray, the Director of the Consumer Financial Protection Bureau (CFPB), announced he would be stepping down from his post at the end of this month. Cordray is the former Attorney General of Ohio and there are rumors he may make a run for Governor there.
The CFPB, a Federal agency, was created under the Dodd-Frank financial reform legislation of 2010. The legislation resulted from the greatest fraudulent wealth transfer from the middle class to the 1 percent since the Wall Street frauds of the late 1920s. Both periods ended in an epic financial crash that left the U. S. economy on life support. Since the financial crash of 2008, the U. S. economy has grown at an anemic 2 percent or less per year despite massive fiscal stimulus and unprecedented bond purchases (quantitative easing) by the Federal Reserve.
Despite the desperate need for the CFPB, Republicans fought against its creation and then refused to confirm Cordray for his post as Director for two years. Cordray was finally sworn in on July 17, 2013 after having served in the post for 18 months under a recess appointment by President Obama. Republicans have continued to battle Cordray and attempt to derail his work in protecting vulnerable consumers from credit card, student loan and mortgage frauds.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Is Tesla On The Verge of Bankruptcy?

If you want one of their alleged “Super-Roadsters” you need to ante up $5,000 now plus $245,000 more within 10 days by wire transfer.
Note that the car will not be “ready” and “deliverable” for three years according to Master Touter Musk.
What happens if “three years” turns into “never”?
You flushed $250,000 down the toilet.
May I remind you that Tesla is a money-losing enterprise and has been since it was founded. It has never made a profit, it has zero in retained earnings and you will be an unsecured, back-of-the-line creditor with your “reservation” — which they will spend the minute it comes in the door.
If the “Reservation” was a modest amount of money this might be defensible. $5,000 as a punt on a “supercar”? Sure, why not.
When it’s a quarter of a million bucks it not only is indefensible in my opinion the solicitation of same borders on criminal fraud since the company has absolutely no reasonable reason to believe it will be able to ever deliver said car.

This post was published at Market-Ticker on 2017-11-19.

A Plurality Of Voters Want Special Counsel To Investigate Clinton And Trump

Despite Jeff Sessions’ surprising insistence during his testimony before the House Judiciary Committee earlier this week that there’s ‘no factual basis’ to appoint a special counsel to investigate actions by Clinton and former FBI Director James Comey, a plurality of voters believe special prosecutors should be investigating both the Clinton and Trump campaigns, according to a recent study that was shared with the Hill.
The latest Harvard CAPS/Harris survey found that 44 percent of voters surveyed said a special counsel is needed to investigate both campaigns, meanwhile twenty-seven percent said only Trump needs to be investigated, while 21 percent said only Clinton needs to be investigated and nine percent said neither should be investigated.
The poll’s findings also showed that the number of voters who believe Special Counsel Mueller has found hard evidence of collusion is a paltry 38 percent, while 36 percent say there is no hard evidence yet and 27 percent saying they don’t know.
Unsurprisingly, the survey concluded that the public believes the Mueller investigation is hurting American democracy more than it is helping by implying that powerful, politically-connected Democrats who have the implicit support of the FBI and Deep State intelligence apparatus are immune to prosecution, while an outsider like Trump is not.

This post was published at Zero Hedge on Nov 17, 2017.

After Slamming Bitcoin As A Money Laundering Tool, JPMorgan Busted For Money Laundering

Score one for the poetic irony pages.
Two months after JPMorgan CEO Jamie Dimon lashed out at bitcoin, calling it a “fraud” which is “worse than tulip bulbs, warning it won’t end well”, will “blow up” and “someone is going to get killed” and threatened that “any trader trading bitcoin” will be “fired for being stupid” as it was merely a tool for money-laundering, today Swiss daily Handelszeitung reported that the Swiss subsidiary of JPMorgan was sanctioned by the Swiss regulator, FINMA, over money laundering and “seriously violating supervision laws.”
As the newspaper adds, the Swiss sanctions relate to breaches of due diligence in connection with money laundering standards. In other words, JPMorgan was actively aiding and abeting criminal money laundering.

This post was published at Zero Hedge on Nov 17, 2017.

A WAVE OF CRIME IS ENGULFING SWEDEN: FRAUD, SEXUAL OFFENSES REACH RECORD LEVELS

The annual Swedish Crime survey has shown an increase in five out of the six types of criminal activities against individuals. Crimes like fraud and sexual assault have reached record levels.
The number of Swedes who were victims of crimes such as fraud and sexual offenses jumped to the highest level on record last year. According to Bloomberg, a survey by the Swedish National Council for Crime Prevention showed that 15.6 percent of people suffered one or more offenses against the person (defined in the survey as assault, threats, sexual offenses, robbery, fraud, or harassment) last year. That’s up from 13.3 percent in 2015 and the highest number recorded since the annual Swedish Crime Survey started in 2006.
Of the six types offenses against a person, five of six rose to their highest level on record last year. The number of assault cases reached its second-highest level. The number of offenses against individuals ‘was at a relatively stable level 2005 to 2014, at 11.3 percent to 13.1 percent, but the last two years show an increase,’ the council said in the report published this week. The crimes ‘that have had the clearest development in the past few years are harassment, fraud, and sexual offenses,’ the agency said.

This post was published at The Daily Sheeple on NOVEMBER 16, 2017.

Did The Fed’s Alan Greenspan Admit Gold Is Being Manipulated?

Every now and then I see another analyst publicly claim that the gold market is being manipulated. And, the reason they come to that conclusion is because the market moved in way ‘they did not expect.’
Now, for those of us who are thinking people, we clearly see the issue with such a perspective. Why is it ‘manipulation’ when an analyst is not able to recognize their own limitations?
Personally, I did not expect the metals market to spend all of 2017 in a consolidation, especially since the market had several set ups to break out. But, I simply understand that sentiment was not ripe for the market to break out just yet, and listen to what price tells me. Clearly, I do not suggest that my inability to foresee a year-long consolidation is a result of manipulation.
So, when analysts throw their hands up in frustration because they are wrong does not mean they were wrong because the market is manipulated. I believe that to be quite dishonest and only shows the extent of their ego.
But, we have a bigger problem in the market beyond inflated egos. You see, once they move into the manipulation theories, the ‘proof’ they provide for such manipulation is just as dishonest as their perspective.

This post was published at GoldSeek on Wednesday, 15 November 2017.

Is GE A ‘Black Swan’ In Plain Sight?

GE hit $8 in 2008. If you short the stock with some patience, in my opinion it’s a low-risk bet that it will drop at least 50% over the next 12-18 months. – From the January 29, 2017 Short Seller’s Journal with GE stock at $30
At the end of January, with the stock at $30, I presented GE as a ‘boring and conservative’ short-sell idea. The chart technicals suggested that smart money was dumping their shares. Through today, shorting GE stock when I presented the idea has returned 41.6%. I’m sure Bitcoin bandwagon bubble-chasers would sneer at that ‘low’ ROR but it in the context of the overall stock market, it’s been a significant outperformer.
GE is a GDP company. Its business activity largely ‘mirrors’ overall real economic activity. If GE’s business is eroding, you can be sure that the Government’s GDP calculations are fraudulent. Yet, GE’s GAAP numbers hide the extent of GE’s deteriorating economic and financial fundamentals. GE has always been a bundle of accounting gimmicks and earnings management. Former CEO Jack Welch was practically the inventor or earnings management.
The latest drop in GE’s price is being blamed on GE’s dividend cut. But this is nonsense. GE had literally raised its dividend in December 2016 and that did not cause GE stock to move higher. GE’s business continues to deteriorate. Through the first nine months of 2017, GE’s trailing twelve month net income is down about $1 billion from it run-rate at the end of 2016. The cash GE generates from its continuing operations (cash flow from operating activities) YTD for 2017 is slightly higher than for the same period in 2016, but that’s because GE cut $1 billion from inventories and harvested its account receivables. The latter two attributes reflect declining business activity and a reduced outlook for future business activity.

This post was published at Investment Research Dynamics on November 14, 2017.

Federal Prosecutors Are Running Amok

It is hard to know where to begin regarding the charges against Paul Manafort, the former campaign director for Donald Trump’s successful presidential bid, but having read the indictments and knowing some background about both the case and the investigation, I cannot say it is exactly a high point of American justice. In fact, when former FBI chief Robert Mueller first was appointed as a special prosecutor to look into the allegations that the Trump campaign conspired with Russia the tilt the election to Trump’s favor, I feared his investigation would turn out to be an assault on the Constitution – and Mueller has done nothing to dispel those fears.
I have included a link to the actual indictment, and while federal indictments can be a bit mind-numbing to read, nonetheless I have found nothing in it that relates to the original reason the Mueller probe was created: alleged Russian collusion with the Trump campaign. Instead, it is clear that Mueller engaged in a legal ‘fishing expedition’ against Manafort and found evidence of tax evasion involving income that Manafort made while serving as a lobbyist for the government of Ukraine.
The criminal charges themselves clearly don’t match up to the original purpose of the investigation. Writes Judge Andrew Napolitano:
Both were accused of working as foreign agents and failing to report that status to the federal government, using shell corporations to launder income and obstruction of justice by lying to the federal government.

This post was published at Ludwig von Mises Institute on November 13, 2017.

Financial Experts Release Video on How Wall Street Loots the U.S. Economy

If you feel lost in the cacophony of contrasting claims that Wall Street was adequately reformed under the Dodd-Frank legislation of 2010 or that it remains an insidious wealth transfer system for the 1 percent, then you need to invest one-hour of your time to listen carefully to some of the smartest experts in America address the topic.
A free one-hour video is now available (see below) which should settle the debate once and for all that the Dodd-Frank legislation of 2010 has failed to deliver the needed reforms to Wall Street’s corrupt culture and fraudulent business models and that nothing short of restoring the Glass-Steagall Act is going to make the U. S. financial system safe again.
Don’t let the grainy quality of the video turn you off (it was made from a live webinar): the integrity of the voices will quickly reassure you that you are watching something powerful and critical to the future of the U. S.

This post was published at Wall Street On Parade By Pam Martens and Russ Marte.

Asian Metals Market Update: November-9-2017

Gold and silver are not out of the woods. So far Trump has not said anything to destabilize the markets. Fears of a surprise resulted in the rise of gold and silver yesterday. Developments in Saudi Arabia are here to stay. It may or may not affect metals and crude oil. The internet is filled with speculation that there is collusion between Israel and Saudi to expand Israel among other political agendas. Something is fishy in Saudi Arabia. Something big will happen in the Middle East over the coming months. Only big political news from the Middle east will impact global financial markets.
The trading volumes in bitcoins is not even five percent of its current potential. Bitcoins and other crypto currencies have a lot higher to go. A few Mount Gox type vanishing will be needed to prevent bitcoin prices from zooming. Nations will be forced to adopt and regulate bitcoins. Greater adoption of crypto currencies will imply greater investment demand for gold and silver.

This post was published at GoldSeek on 9 November 2017.

Robert Rubin’s Selective Memory and the Collapse of Citigroup

According to the now publicly available transcript of the testimony that former U. S. Treasury Secretary Robert Rubin gave before the Financial Crisis Inquiry Commission (FCIC) on March 11, 2010, he was not put under oath, despite the fact that the bank at which he had served as Chairman of its Executive Committee for a decade, Citigroup, stood at the center of the financial crisis and received the largest taxpayer bailout in U. S. history.
The fact that Rubin was not put under oath might have had something to do with the fact that he showed up with a team of six lawyers from two of the most powerful corporate law firms in America: Paul, Weiss, Rifkind, Wharton & Garrison and Williams & Connolly. One of Rubin’s lawyers from Paul, Weiss was Brad Karp, the lawyer who has gotten Citigroup out of serial fraud charges in the past.
As one reads the transcript, it becomes alarmingly apparent that a man making $15 million a year at Citigroup for almost a decade has not involved himself in very many intricate details of how the firm is being run or has a very selective memory. (Rubin gave up his $14 million annual bonus when the bank was blowing up during the financial crisis but kept his $1 million salary. According to widely circulated estimates, Rubin’s total compensation for his decade at Citigroup was over $120 million, for a job which he concedes included no operational role and with just two secretaries reporting to him.)
To many of the questions posed by Tom Greene, Executive Director of the FCIC, Rubin responded ‘I don’t remember.’ Rubin used that phrase 41 times during the interview.
At one point, Rubin’s own lawyer, Brad Karp, appears to nudge Rubin on his failing memory. Greene asks Rubin if he attended a tutorial for the Board of Directors on September 17, 2007 on the risk environment. Rubin answers as follows: ‘It is interesting. I don’t remember either going or not going.’ Karp then says to Rubin: ‘Bob, they have the minutes of this meeting.’

This post was published at Wall Street On Parade on November 8, 2017.