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BAML Admits Wrongdoing, Agrees To Pay $415 Million For “Misusing Customer Cash To Generate Profits”

The SEC announced on Thursday that Bank of America’s Merrill Lynch unit admitted wrongdoing and has agreed to pay $415 million to settle charges that it “misused customer cash to generate profits for the firm.”

According to the statement, Merrill violated the SEC’s Consumer Protection Rule by misusing customer cash that rightfully should have been deposited in a reserve account, freeing up billions to finance its own trading activities as a result.

An SEC investigation found that Merrill Lynch violated the SEC’s Customer Protection Rule by misusing customer cash that rightfully should have been deposited in a reserve account. Merrill Lynch engaged in complex options trades that lacked economic substance and artificially reduced the required deposit of customer cash in the reserve account. The maneuver freed up billions of dollars per week from 2009 to 2012 that Merrill Lynch used to finance its own trading activities. Had Merrill Lynch failed in the midst of these trades, the firm’s customers would have been exposed to a massive shortfall in the reserve account.

cont. http://www.zerohedge.com/news/2016-06-24/baml-admits-wrongdoing-agrees-pay-415-million-misusing-customer-cash-generate-profit

You dumped all your positions?

Sounds kind of extreme amigo. My bet is that we have at least a good start for next week in the PMs and more weakness in the SM. Of course I’ve been wrong before. 🙂

Have a great weekend everyone!

More bought and paid for insiders from the mayor to the DA of twin falls. Why else would they not act and deport the father of the boys who rapes that little girl in Idaho. Now helping them to get a new place to live. More aiding abetting by a corrupt system. This guy needs to be shut down before he causes more problems.go after the instigators and gun handers  instead of the guns.

Found this post and obviously behind the paid off silence of these sell outs.
BOYCOTT AND CALL OUT! Chobani Yogurt Founder Pushing For MORE Refugee Labor
American workers are being shoved out and replaced with cheap labor from refugees. Chobani Yogurt’s founder is one of the many culprits who’s kicking American workers to the curb and welcoming he so-called “refugees”. it’s so important to call out these CEO’s and others who’re killing American jobs. Do what you can!

We’ve had an issue with this company before:COINCIDENCE? CHOBANI SCORES MAJOR CONTRACT WITH MOOCH’S GOVERNMENT CONTROLLED SCHOOL LUNCH PROGRAM After Airing Naked Lesbian TV Ad To 3% Of Population [VIDEO]

One of those is Hamdi Ulukaya founder of Chobani Yogurt who will be going to Davos to the World Economic Forum this week to encourage more businesses to hire refugees (that is, to encourage more resettlement of refugees to America).

http://100percentfedup.com/boycott-and-call-out-chobani-yogurt-founder-pushing-for-more-refugees/

Yes I’ve heard of the guy saw his hair lol  and may be the next PM they said. Yes we’re all aware of the global take down of all advanced wealthier economies getting a reduction in their living standards to appease the self made elete. Unlimited immigration for this reason is a legitimate concern and PC is only used as a weapon against them as well as everyone else. I don’t think the majority don’t care anymore. People have a bad habit of waiting till damage is done before they act. They see what’s happened in Europe and what Obama has done and has good reason to act before it’s too late.

This has got to be the weirdest 3 day  Gold Chart ever !!

CENTRAL CONTROL  …..CENTRAL CONTROL    CENTRAL CONTROL…

The same old communist ideology    Nobody wants Brussels to control London,Frankfort,ROME …those DAMM BUREAUCRATS did this …The Union can still be preserved but its going to take an Abraham Lincoln to fix it     !     Just remember ……”and they shot men like Lincoln”  Thats Europes Risk  !

We have Joe Sixpack to congratulate and thank, when they stopped paying down loans. Is butt slammed the right word?

Dow just dropped below 600 and falling. Lets see how many want out of the markets over the weekend. But yet…..gold and silver remain stuck. Today has been amazing to say the least.

It depends on the businesses. I’m betting a lot of business were behind the EU because it provided them ” dime a dozen foreign workers for lower wages so no businesses should be left on their own due to self interest factors that could not only cause over pricing but wage and workplace safety issues. Big business and agriculture is part of this lack of border control. To hell with the country if it can improve their bottom line. We’re seeing this currently expressed in the market reaction.

I dumped all my positions as to not get surprised by a miracle rally on Monday am.

As for your vote and the storms in London and the help from God himself, I don’t know. I’m not religious anymore, and in fact I’m afraid if I saw God he’d just point toward the ground and tell me to go… 🙁

BUT there is a lot of prophecy concerning Trump these days, one of these guy’s is named Mark who is a retired firefighter and interviewed on this program. You can fast forward to around 3:40 if you want to hear it. I dunno, but I do believe Trump is the last hope for the US and maybe the world…

https://youtu.be/rCeVCFe1Uro

What happens to the stock market now? I keep it simple, using “reversal of the past” to navigate.

I strongly suspect, the multi national big global corporations will be big short opportunities. They benefitted the MOST from globalization past 40 years. So reversing that, means they are going DOWN DOWN DOWN.

I’d be bullish on smaller domestic corporations, that were HAMMERED for the past 40-50 years. They had two choices. Close down or move off shore. Big businesses constantly killed or absorbed small businesses. Reverse it.

Big business will lose to small domestic businesses.

China is forcing up to 90,000 prisoners to have organs removed for sale on the black market, despite denying claims they are harvesting body parts illegally, says new report

China is forcing up to 90,000 prisoners a year to have organs removed, a shocking new report has claimed.

The widespread practice of removing organs from political prisoners has fuelled ‘organ tourism’ in China with foreigners paying for transplants.

Medical professionals and human rights advocates at The International Coalition To End Organ Pillaging In China have published a damning report which examines the transplant activity at hundreds of hospitals in China.

Co-author of the report Ethan Gutmann said in a video posted online:’If somebody goes to China to get an organ at this point, chances are they are getting it from a Falun Gong practitioner who was murdered on their behalf.’

‘Even if voluntary donations of organs have gone up, they can’t reach this level. This is live organ harvesting,’ he warned.

cont. http://www.dailymail.co.uk/news/article-3657966/China-forcing-90-000-prisoners-organs-removed-sale-black-market.html

What did they expect, to get advice in a state thats hostile to small businesses?

Im wondering if the Britexit hopefully freeing the chains of other countries is going to throw a monkey wrench in Obamas TPP.

Turkey-Germany row over Incirlik base visit: ‘Provocation by Erdogan’

With growing criticism of his regime Turkish President Recep Tayyip Erdogan needs scandals and grounds to strengthen his internal power, says Michael Opperskalski, international affairs expert from Geheim Magazine.

Ankara has blocked a delegation headed by Germany’s deputy defense minister from visiting the Incirlik air base in Turkey. The base, mainly used by the US and Turkish air forces for strikes against ISIS, is home to 250 German soldiers.

Turkey’s Foreign Minister Mevlut Cavusoglu said visits to the base by non-military delegations and politicians “are not appropriate”. He added that military and technical delegations were free to come to the air base, Reuters reported.

In response, German MPs called on the government to protest and raise the issue at NATO headquarters in Brussels.

The decision was “unacceptable” said Christian Democratic Union’s foreign policy spokesman Jurgen Hardt, adding that German officials needed to have access to their troops abroad.

The German media branded the situation “a political scandal” and “a diplomatic spat”.

Michael Opperskalski, journalist and expert on international affairs from Geheim Magazine agrees “it’s a serious scandal.”

He said this latest development is a continuation of a whole range of “scandals” the “Erdogan regime” has sparked with Germany and other European countries.

cont. https://www.rt.com/op-edge/348001-erdogan-turkey-germany-ban-base/

Buygold @ 10:20 on June 24, 2016

Quote of the Day!
Greenspan: “I would worry”

https://youtu.be/z62YbkpzL2g

It’s an interesting tax question (did I just say that?) about the streaming deals where miners are selling an Au oz to SLW for $400 when the market price might be $1250 or so …

I don’t think Mexico is going to kill the Golden Goose … at least not for a while, when real chaos breaks out then who knows.

Tks that’s great…..when Farage conceded …I got a look from the Missus….like what have u gone and done AGAIN !!!!!!

As for Trump….that statement he put out today, was a beauty, he is gonna eat Cankles lunch, he seems to be master at changing stripes and obviously extremely smart, whereas she just gives Grifters an even worse name and has zero class.

Your gonna have some great debates, where he will slaughter her…even if she gets all the questions first, like usual.

I’ll be amazed if the US doesn’t embrace him big time…he is just what the doctor ordered, a breath of fresh air with a can do attitude.

Gold stuck for hours now around 1320. Strange, very strange. Especially in light of the avg daily volume ion GLD is around 11,000,000 shares and todays volume is already over 24,000,000. The ‘Fix’ is in. Ba*turds.

They were telling the English they were going to ban their Tea pots, hair dryers and toasters because they used too much energy. No Tea time for the English? Then claiming their better off in the EU. Was that a attack on their culture? That I guess would be the same as no coffee to Americans. Now elites are complaining about all the work they have to do with trade. Poor guys, they will have to work for their money this time. Hope they come in with a position of strenght and fairness and not wind up back where they started.

Meanwhile in California a nameless law maker is trying to get on the ballot background checks everytime you buy ammo for your guns. That will impact all the game hunters and target practice including law inforcement or just another assault on your freedom. I guess with the decades of refugees and increase in libs theyll vote for anything here.

This herd mentality type people so easily fall into form just like the so called herd immunity and mandatory vaccines despite vaccinated people getting sick anyways and more getting injured or killed from vaccines than the childhood measles in modern day medicine. Theyre chipping away on every right. Herd mentality the same kind of thinking that caused the needless death of Jews or a 5 year old getting raped by muslims because it’s said to be part of their culture which is a lie anyways. Simple minded people or have a really big yellow streak. Anyone heard of the old woman who called the police on a six year old boy because he came into Mac Donnalds dressed like a cowboy with six shooters? Brain dead herd mentality.

http://www.bbc.com/news/world-europe-36610411

Who would invest in a country that changes the TAX rules after the investment is made…Mexico is going to learn that lesson….  US MILITARY should protect US investments abroad….SAME thing happened in CUBA and Venezuela  ……Is that what Mexico wants  ?

he who sells what isnt hison ,must buy it back or go to prison…

When Central Banks loaned out Gold they required payback in Bullion…..Why should public investers get paid back in PAPER  !    PEOPLE BEFORE BANKS  !

Dont give them time to swindle   ..get out NOW !   YOU LOST, GET OUT !

GET OUT !  or CARRY HIM OUT !