tyb's
Ex-Barclay’s CEO Varley to Be Cross-Examined in $2 Billion Suit
Former Barclays Plc Chief Executive Officer John Varley faces cross-examination later this year as part of a 1.6 billion pound ($2 billion) lawsuit against the bank linked to its controversial deal with Qatar at the height of the 2008 financial crisis.
The suit is being brought by Amanda Staveley, CEO of PCP Capital Partners LLP, who alleges Barclay’s cheated her out of profits she says she should have earned by bringing investors into the fundraising.
Varley’s ex-colleague at the bank, Roger Jenkins, will also provide a witness statement and be quizzed, lawyers for Barclays and PCP told a London court Thursday. Attorneys for PCP want four days to cross-examine both the bankers. The trial, due to start in June, was adjourned until after a criminal trial against Jenkins, Tom Kalaris and Richard Boath concluded. A jury unanimously acquitted the men of fraud charges last month. Appellate courts had already thrown out similar charges against Varley and Barclays.
PCP’s civil lawsuit will cover similar ground as the criminal trial, which centered on two capital raisings Barclays conducted during the financial crash in order to avoid government bailout, as well as its negotiations with Qatar. It will also cover a Qatar loan that wasn’t discussed at the criminal trial, PCP’s lawyer Joe Smouha said.
Staveley, a well-connected dealmaker with ties to the Persian Gulf, seeks to show how bankers tried to deny her credit for engineering an investment of 3.5 billion pounds from a billionaire member of Abu Dhabi’s royal family.
In response, Barclay’s lawyers have asked to spend six days cross-examining her. The bank is bringing 13 witnesses and has submitted more than 4,000 documents in evidence, the court heard.
Barclays’s lawyers said Varley and Jenkins should only be cross-examined for two days each, particularly as Jenkins went through a rigorous examination during the criminal trial.
Smouha said that “we should not assume that because Mr. Jenkins was cross-examined in the criminal case that it’s somehow appropriate not to cross-examine him on matters that he was asked questions about.”
https://www.bloomberg.com//news/articles/2020-03-12/ex-barclay-s-ceo-varley-to-be-cross-examined-in-2-billion-suit
ETF's and Physical metal(s)
This methodology can be applied to virtually ALL of the ETF products out there.
Some background of process and stated ownership (custodial) . Blackrock is LARGE in this space with trillions tied to ETF's. Larry Fink COB/CEO and his handler's et al deserve a special place in hell for all this too.
You own real hard assets if you purchase physical. You own pieces of paper that promise you can have it later. This is the fallacy that the system has created to make you get muh feels that you are protected from any systemic problems the system has. Understand that these products that are in retirement account(s), brokerage accounts, managed money accts etc. They are nothing moar then a promise to get in a very LONG line should you actually need this protection. The contracts that trade on the COMEX are also this way. You are buying a paper delivery promise to own the metal(s) that is not backed by anything but it's input price and that is taken from the spot price. These are ok if you want to capture movements with the daily prices. They are NOT going to give you anything physical when it all goes tits up.
Exchange Traded Funds or ETF's are a vehicle to capture any given movement of an asset class. These grew like weeds starting in 2006. They are hundreds of them that "track" market index(s), commodity's, bonds, currency-anything that is offered for trade. Now in the case of metals ETF's the major ones are: GLD (SPDR Gold Trust), IAU (ishares Gold Trust) for Gold and SLV (ishares Silver Trust) and SIVR (Aberdeen Standard Physical Silver Shares) for Silver- There are several moar in each and also have products that use leverage against the spot prices (2-3x of movement up and down) but those are the big ones based on the total amount of 'assets' placed in both. They key point of this is what you own. You own NOTHNG…all you own is a piece of paper that SAYS you can stand for delivery at an agreed upon call date. The price for these products are derived from the Chicago Mercantile Exchange or COMEX and use the spot prices you see displayed on any ticker that tracks that pricing input. Kitco is but one. In the case of iShares these are owned by Blackrock and they are the custodian of the metal that are supposed to be in these things. They do not have it. Larry Fink is the CEO of Blackrock and Cheryl Mills sits on the BoD as well. What they do is create fake reports that basically say "we have moved this amount in or out of the trust" to reflect the movement of daily prices. This can be seen in what is called the Committment of Traders report or COT. See Cap #2 for the process of how they report it habbens…it don't be like this.
It's nothing moar then a way to make it seem they are moving real metal around and satisfying the duties they have as custodians. If they truly did this in the way it is reported you would see real physical evidence of it being moved around-like a few trucks here and there…you don't. Recall the 911 event when the gold was taken out of the WTC complex afterwards. They had all these trucks lined up to "clean it up" what they really did was loot the gold that was stored in the complex. Think about it- if you did not know that was going to habben how could you amass a small army of trucks and put it on stand-by waiting to "clean it all up"? This goes back to Barrick gold and a few other mining companies too-not enough space to get in to that.
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The system created these products to take the pressure off of the physical metals trade..as to say, they want you in these instead of investing in real hard assets. In the last run-up in both metals that culminated in 2011- the day that UBL was "killed" both spot markets were HAMMERED upon the release of that information to the public. They used that event to have cover to do it. It was on a sunday early evening/anoon CONUS time. While everyone was transfixed by that news the system slammed both metals upon the opening of those markets for the coming Asian market open. See cap #3 for the silver slam-May 6th 2011. It was to the absolute SECOND that the UBL information released and the paper contracts were dumped on both Gold and Silver. William Daley (THAT Daley family)-Hussein's Chief of Staff, at the time, was brought in to manage this event in concert with the "news" being released-he was on staff for about a year. He currently occupies a positon as Vice Chairman of Public Affairs for Wells Fargo and was on the BoD of Bank of MY mellon just prior
Now JP Morgan, HSBC, Deutsche Bank and several others ran the metals up in anticipation of this event habbening-they knew it was coming and with each subsequent rise they were also acquiring physical metal and storing it somewhere in NY-the docks most likely-and systematically placing shorts on the overall market so that when the news bomb was dropped they were all positioned to profit on the way down. So no matter which way it went they were going to reap the benefit. See Cap#4 for muh"inventory" they claimed to have during the run-up to the 2011 event.
JP Morgan does have a sizable physical position in physical silver and this is what will be confiscated from them using the E.O.'s. However it is not the same as what Blackrock represents as the custodian of the iShares products it created.
way moar to this but space in limited
ty anon
here is why
Fed announces $500 billion in short-term bank funding
Statement Regarding Treasury Reserve Management Purchases and Repurchase Operations
March 12, 2020
The Open Market Trading Desk (the Desk) at the Federal Reserve Bank of New York has released a new monthly schedule of Treasury securities operations and has updated the current monthly schedule of repurchase agreement (repo) operations. Pursuant to instruction from the Chair in consultation with the FOMC, adjustments have been made to these schedules to address temporary disruptions in Treasury financing markets. The Treasury securities operation schedule includes a change in the maturity composition of purchases to support functioning in the market for U.S. Treasury securities. Term repo operations in large size have been added to enhance functioning of secured U.S. dollar funding markets.
As a part of its $60 billion reserve management purchases for the monthly period beginning March 13, 2020 and continuing through April 13, 2020, the Desk will conduct purchases across a range of maturities to roughly match the maturity composition of Treasury securities outstanding. Specifically, the Desk plans to distribute reserve management purchases across eleven sectors, including nominal coupons, bills, Treasury Inflation-Protected Securities, and Floating Rate Notes. The distribution of purchases across sectors will be the same distribution as the Desk uses to reinvest principal payments from the Federal Reserve’s holdings of agency debt and agency MBS in Treasury securities. The first such purchases will begin tomorrow, March 13, 2020.
Today, March 12, 2020, the Desk will offer $500 billion in a three-month repo operation at 1:30 pm ET that will settle on March 13, 2020. Tomorrow, the Desk will further offer $500 billion in a three-month repo operation and $500 billion in a one-month repo operation for same day settlement. Three-month and one-month repo operations for $500 billion will be offered on a weekly basis for the remainder of the monthly schedule. The Desk will continue to offer at least $175 billion in daily overnight repo operations and at least $45 billion in two-week term repo operations twice per week over this period.
These changes are being made to address highly unusual disruptions in Treasury financing markets associated with the coronavirus outbreak. Reserve management purchases into the second quarter will continue to be conducted with this maturity allocation. The terms of operations will be adjusted as needed to foster smooth Treasury market functioning and efficient and effective policy implementation.
Detailed information on the schedule of Treasury purchases is provided on the Treasury Securities Operational Details page. Detailed information on the schedule and parameters of term and overnight repo operations are provided on the Repurchase Agreement Operational Details page.
https://www.newyorkfed.org/markets/opolicy/operating_policy_200312a
because they were at the center of manipulating the price up and down so they could acquire it.