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Pam and Russ Martens: Citigroup fined $400 million for doing something so bad it must be kept secret
By Pam and Russ Martens
Wall Street on Parade
Thursday, October 8, 2020
Federal regulators are rapidly becoming bigger Dark Pools of information than those secretive stock exchanges run by the big banks on Wall Street.
On Tuesday, September 29, when all eyes were focused on the presidential debate to occur that evening, the Justice Department issued a press release announcing the fourth and fifth felony counts against JPMorgan Chase in the past six years. In an unprecedented move, the Justice Department did not hold a press conference to explain why the country's largest bank is allowed to perpetually commit felonies with no change in management.
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Asante Gold Announces Kubi 3D Model
Extends Gold Mineralizing System
Company Announcement via Globe Newswire
Thursday, July 2, 2020
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE:ASE / Frankfurt:1A9 / U.S.OTC: ASGOF) has received the results of 3D magnetic modeling completed over its Kubi mining lease in the Ashanti Gold Belt in Ghana.
The results show that the Kubi Main Zone gold resource is intimately associated with and interfingers the western sheared contact of a magnetic high feature that plunges to more than 2 kilometers in depth. Here is the 3D model video:
In Ghana, Africa's largest gold producer, many big mines are located along northeast-trending regional shear systems that exceed 250 kilometers in length. Studies indicate that the hydrothermal gold mineralizing system that generated the Ashanti Gold Belt deposits was "gigantic and extended to at least 10 to 15 kilometers in depth" (Schmidt Mumm et al., 1996). The Ashanti shear zone hosts the largest single gold resource in Ghana, the 66-million-ounce Obuasi mine. This major shear zone cuts Kubi 15 kilometers southwest of Obuasi. ...
... For the remainder of the announcement:
The bank admitted to the charges and was put on a three-year probation -- its third such probation in six years. Jamie Dimon, the chairman and CEO of the bank, who has presided over all five felony counts, was left in place at the bank.
Yesterday, when all eyes were on the vice-presidential debate last night, the Federal Reserve and Office of the Comptroller of the Currency announced consent decrees with Citigroup, the third largest bank in the country. The OCC imposed a $400 million fine on Citigroup's federally-insured commercial bank, Citibank, and stated in its consent order that it had "identified unsafe or unsound practices with respect to the bank's internal controls, including, among other things, an absence of clearly defined roles and responsibilities and noncompliance with multiple laws and regulations."
"Noncompliance with multiple laws and regulations" means the bank has broken "multiple laws and regulations." But apparently the laws it broke, how it broke them, and who benefited and by how much were just too explosive a story to see the light of day. The consent orders from both the OCC and Federal Reserve failed to specify what crimes Citigroup had committed and instead used vague generalities such as "unsafe or unsound practices." ...
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