BlackMask Breaking News

Bernard Madoff, the mastermind behind the worst financial scam in history, has died in prison at the aged of 82, US media reported Tuesday. Madoff was sentenced to 150 years in prison in 2009 for running a pyramid-style scheme that defrauded tens of thousands of people around the world. The scheme was estimated to be worth anywhere between $25 billion and $63 billion. For decades, Madoff enjoyed an image as a self-made financial guru whose Midas touch defied market fluctuations. A former chairman of the Nasdaq stock market, he attracted a devoted legion of investment clients – from Florida retirees to celebrities such as famed film director Steven Spielberg, actor Kevin Bacon and Hall of Fame pitcher Sandy Koufax. But his investment advisory business was exposed in 2008 as a multibillion-dollar Ponzi scheme that wiped out people’s fortunes and ruined charities and foundations. He became so hated he had to wear a bulletproof vest to court. Madoff pleaded guilty in March 2009 to securities fraud and other charges, saying he was “deeply sorry and ashamed”. “He stole from the rich. He stole from the poor. He stole from the in between. He had no values,” former investor Tom Fitzmaurice told the judge at the sentencing. “He cheated his victims out of their money so he and his wife (…) could live a life of luxury beyond belief.” US District Judge Denny Chin showed no mercy, sentencing Madoff to the maximum 150 years in prison. “Here, the message must be sent that Mr. Madoff’s crimes were extraordinarily evil and that this kind of irresponsible manipulation of the system is not merely a bloodless financial crime that takes place just on paper, but it is instead (…) one that takes a staggering human toll,” Chin said. Madoff was born in 1938 in a lower-middle-class Jewish neighbourhood in Queens. In the financial world, the story of his rise to prominence – how he left for Wall Street with his brother Peter in 1960 with a few thousand dollars saved from working as a lifeguard and installing sprinklers – became legend. In the 1980s, Bernard L. Madoff Investment Securities occupied three floors of a midtown Manhattan high-rise. There, with his brother and later two sons, he ran a legitimate business as middlemen between the buyers and sellers of stock. Madoff raised his profile by using the expertise to help launch Nasdaq, the first electronic stock exchange, and became so respected that he advised the Securities and Exchange Commission (SEC) on the system. But what the SEC never found out was that behind the scenes, in a separate office kept under lock and key, Madoff was secretly spinning a web of phantom wealth by using cash from new investors to pay returns to old ones. Authorities say that over the years, at least $13 billion was invested with Madoff. An old IBM computer cranked out monthly statements showing steady double-digit returns, even during market downturns. As of late 2008, the statements claimed investor accounts totaled $65 billion. The ugly truth: No securities were ever bought or sold. Madoff’s chief financial officer, Frank DiPascali, said in a guilty plea in 2009 that the statements detailing trades were “all fake”. The massive fraud brought fresh meaning to “Ponzi scheme,” named after Charles Ponzi, who was convicted of mail fraud after bilking thousands of people out of a mere $10 million between 1919 and 1920.

JPMorgan Chase & Co. said Wednesday that first-quarter profit nearly quintupled, after the bank released $5.2 billion it had set aside to cover soured loans. The bank posted a profit of $14.3 billion, or $4.50 per share, well above the $3.10 per share forecast by analysts polled by FactSet. A year earlier, JPMorgan reported a quarterly profit of $2.87 billion, or $0.78 a share. At that time, the coronavirus pandemic was just taking hold in the U.S., and JPMorgan and other big banks set aside billions of dollars to prepare for a potential flood of bad loans. In the first quarter, the reserve release gave earnings a meaningful boost. The bank released $2.9 billion in the fourth quarter. The nation’s largest bank also reported revenue of $32.27 billion, up 14% from a year earlier. Revenue beat the $30.5 billion predicted by analysts. The rainy-day funds ate into quarterly profits for much of 2020, when banks were concerned that struggling businesses and consumers would start to miss loan payments. But many of those losses never materialized, and now banks are poised to cash in on their diligence. The U.S. economy’s rebound has surpassed banks’ internal forecasts, convincing large financial institutions including JPMorgan to begin removing some of the safeguards erected during 2020 to prevent major losses. Banks believe the trillions of dollars in government stimulus coursing through the economy, coupled with accelerating vaccine distribution, have insulated consumers and businesses from the pandemic’s worst-case financial scenarios. JPMorgan Chief Executive James Dimon believes the economy is primed for a “Goldilocks moment” of fast growth and inflation and interest rates that move slowly upward, he said in his annual letter to shareholders last week. The bank’s stock price reflects that shift. Shares of JPMorgan have risen more than 21% since the beginning of the year. The KBW Nasdaq Bank Index, which tracks shares of the largest lenders, is up close to 25% this year, compared with 10% for the S&P 500. Nick Note: Always remember the Fed is a creature of the mega banks. With the Fed Stepping on ZERO it means the yield curve is steepening and banks do the yield curve tango. Even a fucking idiot inbred silver spoon banker can make money in this… They borrow for near zero and lend out over 3%. In banking its the rule of three. 3% spread on you loans, Out of the office by 3PM, 3 lines of cocaine (supplied by the drug dealers they launder their money by the billion) several times a day and 3 whores (male and female)  for the orgy…… SO this tells me with bank profits up 25% and the S&P500 up 10% this market still has room to run.

It’s a sea of green today as the Good Ship Cryptocurrency sails on the crest of a wave of all-time highs. It’s Cheech and Chong time for the crypto markets. The fuse has been lit and we are at the show. Where will it go? Nobody knows. With Coinbase’s direct listing on Nasdaq kicking off today, almost every coin under the sun is bathing in the warm glow of the notorious ‘Coinbase effect’ – the price bump a coin experiences when it first gets added to the leading US exchange. Bitcoin is back in uncharted territory, soaring to almost $65,000 this morning. It’s now been trading hands at more than $60,000 for four days in a row and looks to be establishing that level as support. It’s up more than six per cent over the last 24 hours and 11 per cent in the last week. Is there still more to come from the leading cryptocurrency? There are gains across the board today, though. Bitcoin’s market dominance has actually slipped to 54% despite its recent rise as other coins also show strength, with the total cryptocurrency market capitalisation now sitting above $2.2 trillion. The second-largest cryptocurrency, Ethereum (ETH) has also set a new all-time high of almost $2,400. Can it hit $2,500 today, having only just established itself over the important psychological level of $2,000 at the weekend? It’s now the 36th largest asset in the world, outstripping the likes of Netflix and Adobe. It wasn’t even in the top 100 at the turn of the year. Perhaps an even bigger question for Ethereum at the moment though is whether it can hold that second spot. Binance’s BNB and XRP continue to see massive gains, rising to $600 and $2 respectively. Even Cardano (ADA) has come storming back into the mix after a quiet couple of months, up 20% over the last 24 hours and currently changing hands at an all-time high of $1.53. Are they now truly ready to give ETH a real run for its money? Nick Note: Its a rare trade for us where we buy into a rally. The reason is not everyone has bought in yet. When they do our intent is to sell them some. This is not a simple Getty up and go trade. I need to see plenty of cash on the sides lines and a LOT of skepticism which i do see. This coinbase IPO along with some screaming erasings for the banks tells me to let our bet ride…. for now!

https://youtu.be/kOl5y14bvg8

DUBAI (Reuters) – Iran’s move to enrich uranium up to 60% purity is a response to the sabotage at its key nuclear facility, President Hassan Rouhani said on Wednesday, adding the Islamic Republic had no intention of building a nuclear weapon. After an explosion at its Natanz uranium enrichment site on Sunday blamed by Tehran on arch-foe Israel, Iran said it would begin enriching uranium at 60%, a move bringing the fissile material closer to levels suitable for a bomb. It also said it would activate 1,000 advanced centrifuge machines at the site. “Of course, the security and intelligence officials must give the final reports, but apparently it is the crime of the Zionists, and if the Zionists act against our nation, we will answer it,” Rouhani said in a televised cabinet meeting. “Our response to their malice is replacing the damaged centrifuges with more advanced ones and ramping up the enrichment to 60% at the Natanz facility.” Iranian authorities have described the incident as an act of “nuclear terrorism”. Israel, which the Islamic Republic does not recognise, has not formally commented on the matter. The International Atomic Energy Agency, the U.N. nuclear watchdog, said on Tuesday it had been informed of Iran’s decision.

Iran’s 2015 nuclear deal with six powers, which it has been breaching since the United States withdrew in 2018 and reimposed sanctions on Tehran, caps the fissile purity to which Tehran can refine uranium at 3.67%.

That is well under the 20% achieved before the agreement and far below the 90% suitable for a nuclear weapon. In an apparent bid to heap pressure on U.S. President Joe Biden’s administration that is willing to revive the accord, Iran in recent months has raised enrichment to 20% purity, a level where uranium is considered to be highly enriched. Rouhani, echoing Iran’s stance for decades, said Tehran had no intention to obtain or develop nuclear weapons. France said on Tuesday it was coordinating a response with world powers, including the United States, after Iran said it would begin enriching uranium at 60%. Washington called Iran’s announcement “provocative” and said the U.S. administration was concerned, adding that it called into question Tehran’s seriousness on nuclear talks. Last week, Iran and the global powers held what they described as “constructive” talks to salvage the 2015 accord. The talks will resume on Thursday in Vienna to discuss the sanctions Washington might lift and the nuclear curbs Tehran might observe. “They (Israel) want our hands to be empty in the negotiations, but we will be in the negotiations with a stronger hand,” Rouhani said. Nick Note: Its all about your knowledge. So allow me to increase your knowledge. The really hard part is enriching Uranium to 20%. Once enriched to over 50% its a hop skip and jump to 100% enrichment for a nuke. And their is no use for uranium enriched over 20% except for a bomb. Iran is obviously moving towards nuclear weapons. Breakout to where they have enough material for 10 nukes is less then a year away…….

China’s trade surplus in the first quarter of 2021 came in at CNY759.29 billion (USD115.99 billion), the latest data from the Customs showed on Tuesday.

China Q1 yuan-denominated exports +38.7% YoY.

China Q1 yuan-denominated imports +19.3% YoY.

China Q1 total trade with the united states +61.3% in yuan term.

China’s foreign trade has been recovering and growing.

The U.S. economy is ready to take off, U.S. Federal Reserve Chairman Jerome Powell said Sunday. In an interview with CBS News’ “60 Minutes,” which released a snippet Sunday morning, Powell said increased growth should create more jobs. The full interview will air Sunday night at 7 p.m. Eastern on CBS. “What we’re seeing now is really an economy that seems to be at an inflection point,” Powell said in the interview. “We feel like we’re at a place where the economy’s about to start growing much more quickly and job creation coming in much more quickly.” Powell credited widespread vaccinations and strong fiscal-policy support through the pandemic, but warned that the economy could suffer a setback if there’s another wave of COVID-19 infections. “It’s going to be smart if people can continue to socially distance and wear masks,” he said.