[00:00:06] Welcome to the John Lothian News daily Update podcast for June 4, 2024. I am your host, John Lothian. This podcast is brought to you by John Lothianus, the home of markets Wiki and Marketswiki education. Thank you for joining us. Here are the hits and takes comments from today's JLN FIA hall of Fame member doctor Henry Jarecki is the subject of a story in the Wall Street Journal and another in the New York Post today after being named in a lawsuit accusing him of participating in Jeffrey Epstein's sex trafficking operation.
[00:00:48] The 91 year old famed psychiatrist is accused of raping a woman who was sent to him for psychiatric help. It is not a pretty story CFTC commissioner Carolyn D. Pham will speak at Commodity Trading Week Americas today at 130 Eastern Daylight time. The event will be held at the Stamford Hotel in Stamford, Connecticut. During her fireside chat, Commissioner Pham will discuss the CFTC's global markets advisory committee recommendations, including Basel three end game bank capital proposals, as well as geopolitical risk and commodity market volatility.
[00:01:32] In an FIA Market voice podcast episode titled Moneyball in Markets, the crossover of Finance and Sports, a panel from FIA Boca 2024 discussed the convergence of financial markets and professional sports. The conversation covered topics such as the use of data and analytics for valuing and developing players and teams, team ownership as a form of investment, the growing involvement of sovereign wealth funds in sports, the financial impact on college sports, and the increasing trend of gambling and event markets in sports. The session was moderated by Don Wilson, CEO and founder of DRW holdings, and featured panelist Doug Sifu, CEO of Virtu Financial and vice chair chairman of the Florida Panthers Mike D. Bartolo, vice president and assistant general manager of baseball operations for the Washington Nationals Tyler Epp, president of f one Miami Grand Prix and Ryan McIllian, co owner and chairman of sale GP USA Exchange analytics launched new compliance courses that focus on sanctions, anti bribery and anti corruption, and preventing financial exploitation of specified adults. You can learn more about the
[email protected] my problems with CME group Facebook groups continued after I posted my story to one in response to a Bobby Alpert post that advertised the CME group Friends group with a message that it did not tolerate spam and podcasts being posted. I took that as a direct message and responded with my commentary, which elicited a positive response from one former CME member for a good call out of Alpert. However, later in the day, the whole thread was deleted. When I asked the administrator where it went, he said he deleted it. When I asked him if I could inquire why, he said no. When I asked for guidance on posting guidelines, he did not answer. It would appear the COVID up of Mister Albert's 1999 trading and brokering ban and fine continues.
[00:04:10] Our most read stories from our previous edition of JLN options were CME Group appoints John Rickey as managing director and global head of agricultural products from CME Group Boom in us penny stock trading prompts warnings of frothy markets from the Financial Times and these ETF's let you invest like the rich, but you might want to keep your money from Market watch. Subscribe to the free JLN Options newsletter with a link in today's JLN. Here are more stories from the first reads section of today's JLN. Here's a video from the path to electronic trading video series part three former CQG president reflects on algo trading, crypto and AI's impact Joseph Schroeder, the former president of CQG, a provider of trading software and market data, shared his insights on the evolution of electronic trading, the rise of crypto, and the potential impact of AI eye in part three of his interview with John Lothian. News for the path to electronic trading video series. You can watch this video on johnlothiannews.com. here is another story. This is from the Wall Street Journal. The headline the dollar is at its strongest since the 1980s. Can it last? The greenback is historically very expensive amid a recovery in global growth and a fraught election campaign.
[00:05:47] For a decade now, currency markets have been ruled by the strengthening dollar. But no kingdom lasts forever. Contrary to what many on Wall street expected, the us dollar has gotten a fresh win this year as bumpy inflation data has prompted investors to dial back bats on rate cuts. My comment it would appear my trip to London for IDX and to Amsterdam to visit EPTA groups is well timed. Here's another story, this one from the Wall Street Journal. The headline Epstein accuser files lawsuit alleging famed psychiatrist Henry Jerrecki facilitated sexual abuse. Woman's lawsuit alleges Jeffrey Epstein sent her for psychological treatment to wealthy psychiatrists who sexually abused her. Over several years, Henry Jrecki has won awards practicing psychiatry, made a fortune trading medals, produced Hollywood movies, dabbled in real estate, and co founded Moviefone. The 91 year old has also now been accused of participating in Jeffrey Epstein's sex trafficking operations. An unnamed woman filed a lawsuit in Manhattan federal court on Monday against Diraci, accusing him of raping her repeatedly from 2011 to 2014. She alleges that Epstein introduced her to Jureki for mental health treatment and instead of helping her, Jurecki sexually abused her.
[00:07:26] This is so disturbing on so many levels, including me sitting two seats away from doctor Jurecki at a CFTC hearing two years before the start.
[00:07:36] Here's another story, this one from the Wall Street Journal. The headline scammers tried to sell Graceland how to prevent your home from being next even if you don't lose your property title fraud can have real consequences. When a company tried in May to auction off Graceland, the iconic former home of music legend Elvis Presley in Memphis, a Tennessee court stepped in to stop it. The court stopped the sale because the company that was trying to auction off the property was fake. Also fraudulent were the supporting documents the fraudsters presented that purported to show that Lisa Marie Presley, Elvis late daughter, had defaulted on a loan that they claimed they made to her, for which she had used Graceland as collateral. While this audacious and complex attempt at defrauding a famous family made national news, most other cases of attempted title theft or mortgage fraud don't. Some homes, such as Graceland, where the original owners are deceased, are popular targets for scammers, according to Victor Petrescu, a real estate attorney with Levine, Kellogg, Lehman, Schneider and Grossman in Miami. My comment it helps to have suspicious minds like a hound dog.
[00:09:07] Here's another here are the top three stories from Monday's JLN. Our top story Monday was John Lothian's commentary. That's me. Controversial past shadow CME brokers present Bobby Alpert's clash with open outcry trading and social media from JLN. Second was the ASX announcing the passing of Maurice Farhart. Third was transforming financial operations, integrating planning, accounting and subscription management from Agile business. A webinar from AWS set to take place on Wednesday, June 12. Here are the top four stories from the lead section of today's JLN. The first story is from Bloomberg. The headline short sellers in danger of extinction after crushing stock gains the business of betting on stock declines is shrinking as bearish investors face threats on all sides. Jim Chanos quit after failing to raise capital. Carson blocks firm launched its first long only fund. Andrew left, dubbed his kind a dying breed. And these are bad times to be a bear on Wall street. After taking hits on multiple fronts, short sellers who borrow and then sell stocks in a bid to profit from price declines are in retreat, thank the gravity defying bull market. Lingering regulatory threats a day trading horde randomly squeezing shares like GameStop Corp. Ever higher and more here's another story, this one from the Financial Times. The headline NYSE cancels erroneous trades of Berkshire Hathaway and other stocks after glitch exchange investigates technical issue just days after brief disappearance of live data for S and P 500, the New York Stock Exchange said it would cancel erroneous trades after a technical glitch led to dozens of trading halts for us listed companies and exchange traded funds. Class A shares in Warren Buffet's Berkshire Hathaway appeared to plunge 99% on Monday morning before a trading pause, which prohibits trading activity and exchange listed securities at prices outside specified price bands was initiated. LSAG data recorded a handful of trades at a price of $185.10 per share, compared with a previous price of $621,484.
[00:12:03] NYSE said after markets closed on Monday afternoon that all trades at or below $603,718.30 would be cancelled.
[00:12:17] Here's another story, this one from the Wall Street Journal. The headline e trade considers kicking meme stock leader Keith Gill off platform Morgan Stanleys trading platform discusses concerns about possible manipulation in GameStop E trade is considering telling meme stock leader Keith Gill he can no longer use its platform after growing concerned about potential stock manipulation around his recent purchases of GameStop options, according to people familiar with the matter. Shortly before Gil reignited a meme stock rally in May, he bought a large volume of GameStop options on E trade, the people said. This week, Gil posted screenshots of an E trade account showing he owns GameStop shares now valued at $140 million and a new set of options that expire later this month. His total gains on the positions were $85.5 million. He posted late Monday showing his account remained in operation.
[00:13:30] Here's another story, this one from Bloomberg. Trafigura settles billionaire Rubin brothers nickel fraud suit dispute over cargo of nickel sold by Trafigura to Rubens Rubens had claimed Trafigara shipping document was fraudulent. Commodity trader Trafigura Group has settled a London lawsuit brought by billionaire Rubin brothers after selling them a cargo of nickel that was part of a high profile fraud. Trafigra is still dealing with the fallout of a massive alleged nickel scam that rocked the global metal markets last year when the trader revealed that it had paid nearly $600 million for nickel, only to discover that the cargoes actually contained something else.
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[00:15:17] This has been. John Lothian Goodbye. This podcast has been produced by Andrew Lothian.
