Some of the recent stories at Wall Street on Parade:
Pam Martens and Russ Martens: October 26, 2021 This month, the Vanderbilt Law Review published a 69-page paper by Saule Omarova, President Biden’s nominee to head the Office of the Comptroller of the Currency (OCC), the Federal regulator of the largest banks in the country that operate across state lines. The paper is titled “The People’s Ledger: How to Democratize Money and Finance the Economy.” The paper, in all seriousness, proposes the following: (1) Moving all commercial bank deposits from commercial banks to so-called FedAccounts at the Federal Reserve; (2) Allowing the Fed, in “extreme and rare circumstances, when the Fed is unable to control inflation by raising interest rates,” to confiscate deposits from these FedAccounts in order to tighten monetary policy; (3) Allowing the most Wall Street-conflicted regional Fed bank in the country, the New York Fed, when there are “rises in market value at rates suggestive of a … Continue reading
Pam Martens and Russ Martens: October 27, 2021 In 2012, short seller Citron Research released a 57-page report alleging fraudulent accounting at China Evergrande Group, the now teetering Chinese property development conglomerate that is causing severe anxiety in global markets. After spelling out six specific forms of accounting fraud that it believed to be taking place, the Citron report noted the following: “Meanwhile, Evergrande’s auditor, PricewaterhouseCoopers (Hong Kong office) has continued to provide an unqualified opinion.” The author of the Citron report, Andrew Left, received a 5-year trading ban in Hong Kong by the Hong Kong Market Misconduct Tribunal over what it alleged was a false report. On November 30, 2016, GMT Research, an accounting research firm that focuses on Asia, released a report titled: “China Evergrande: Auditors Asleep.” The report found that Evergrande had overcapitalized interest and classified its own commercial premises as an investment property. Yesterday, those previous … Continue reading
By Pam Martens and Russ Martens: October 28, 2021 ~ Congressman Brad Sherman (D-CA) knows a thing or two about accounting and law. He has a law degree from Harvard, where he graduated Magna Cum Laude. He has previously worked as a CPA and Certified Tax Law Specialist. Sherman chairs the House Subcommittee on Investor Protection, Entrepreneurship, and Capital Markets. At a Tuesday hearing on China’s myriad forms of market abuses, he made it crystal clear that investors are being hoodwinked when it comes to buying Chinese stocks. In his opening statement for the hearing, Sherman said this: “We see that China is able to pressure index funds to include Chinese companies but it’s not Chinese companies that are in the index funds. An index fund may choose to put the thousand biggest companies in the world in the index. But you can’t buy Alibaba. You buy Alibaba of the Cayman … Continue reading
By Pam Martens and Russ Martens: October 29, 2021 ~ Reuters reported on Wednesday that Alec Baldwin and other producers of the low-budget western film, “Rust,” have hired the high-priced law firm, Jenner & Block, to investigate the fatal shooting of cinematographer Halyna Hutchins during a rehearsal on the set. The producers circulated a memo to the movie crew about the hiring of Jenner & Block the night before the Santa Fe Sheriff’s Department was scheduled to hold a press conference and announce its current findings. (See YouTube video below for the full press conference.) During that press conference, Sheriff Adan Mendoza revealed that a real gun, a Colt .45 revolver, was being used by Alec Baldwin at the time of the shooting. Mendoza said the gun had fired a live single round that killed Hutchins and then the bullet embedded itself into the shoulder of Director Joel Souza. (Souza was … Continue reading
