Seems strange that it could go so long in a
heavily regulated industry. This might have gone undetected if they
had a reliable, encrypted back-channel. Talk only “legitimate”
trade talk on the recorded channels, keep the spoofing to the
back-channel. (Now watch the FBI pick up that argument.) Of course,
the offers to buy and the canceled orders are all recorded too.
A new sweep of three big banks and six traders for
allegedly manipulating metals futures relied heavily on electronic
chatter to build a case.
The Commodity Futures Trading Commission announced
criminal
and civil enforcement actions on Monday against Deutsche Bank AG
and Deutsche Bank Securities Inc, UBS AG and HSBC Securities (USA)
Inc. and six individuals involved in spoofing and stop loss collusion
schemes.
Deutsche Bank AG and Deutsche Bank Securities Inc.
were hit the hardest, agreeing
to pay a $30 million penalty while neither admitting or denying
they failed to supervise precious metals traders who allegedly
schemed to manipulate the price of precious metals futures contracts
and allegedly colluding to trigger customer stop-loss orders. The
fraud allegedly ran from Feb. 2008 to at least Sept. 2014.
… As in past enforcement orders regarding
traders schemes, the CFTC along with the U.S. Attorney’s office and
the FBI relied on the mandatory recordings of trader chatter to prove
the brazen nature of the schemes.
One trader was recorded responding to another
trader’s discussion of a bid with, “For anyone. Or a spoof?” to
which the other trader admits, “spoof.”
In another conversation, one trader admitted in
another in a chat that he used spoofing to manipulate the market: “so
glad I could help...got that up 2 bucks...that does show u how easy
it is to manipulate it so[me]times.” Trader A c ommented further:
“that was alot of clicking...i know how to ‘game’ this stuff.”
OMG. Are we going to start seeing WWBD T-shirts?
(What Would Bezos Do) On the other hand, Amazon might like a really
pliable state legislature.
To Get
Anything Done, Georgia Politicians Say, ‘Do It for Amazon’
From a religious-freedom bill to a proposed
English-only constitutional amendment, Georgia politicians and
advocates are invoking Amazon’s name.
The prospect of luring the retailer here is being
used as political ammunition, notwithstanding that Amazon.com Inc. is
months away from picking among Atlanta and 19 other finalists for the
location of its second headquarters.
How easily the health care industry panics.
Amazon,
Berkshire, JPMorgan Move to Target Health-Care Costs
Amazon.com
Inc., Buffett’s Berkshire Hathaway Inc. and JPMorgan
Chase & Co. said they plan to collaborate on a way to offer
health-care services to their U.S. employees more transparently and
at a lower cost. The three companies plan to set up a new
independent company “that is free from profit-making incentives and
constraints,” according to a
short statement on Tuesday.
The move sent shares of health-care stocks falling
in early trading. Express Scripts Holding Co. and CVS Health Corp.,
which manage pharmacy benefits, slumped 6.7 percent and 5.5 percent,
respectively. Health insurers Cigna Corp. and Anthem Inc. also
dropped.
We’re creating more videos for our students, so
this might be useful.
A Free
Teleprompter
Thanks to Beth
Holland this weekend I learned about a free teleprompter service
called CuePrompter.
CuePrompter displays your written script in a clear, large,
scrolling format in your web browser. It's perfect for use when
recording yourself or someone else on camera.
To use CuePrompter
just go to the site then start entering your script into the "quick
start" text box. After you have entered your script you can
select the size of the prompter display, the size of the text, and
the display color scheme. Click "start prompter" when
you're ready to start using your script in the CuePrompter display.
You can adjust the speed at which your script scrolls down the
screen. If you need to stop and rewind, you can do that in the
script display too.
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