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The Sumitomo copper affair refers to a metal trading scandal in 1996 involving Yasuo Hamanaka, the chief copper trader of the Japanese trading house Sumitomo Corporation (Sumitomo). The scandal involves unauthorized trading over a 10-year period by Hamanaka, which led Sumitomo to announce US$1.8 billion in related losses in 1996 when Hamanaka's ...
For Polanyi, the effort by classical and neoclassical economics to make society subject to the free market was a utopian project and, as Polanyi scholars Fred Block and Margaret Somers claim, "When these public goods and social necessities (what Polanyi calls "fictitious commodities") are treated as if they are commodities produced for sale on the market, rather than protected rights, our ...
Although it was described by others as just a conspiracy theory, [1] [2] in a July 2013 article, David Kocieniewski, a journalist with The New York Times, accused Goldman Sachs and other Wall Street firms of "capitalizing on loosened federal regulations" to manipulate "a variety of commodities markets", particularly aluminum, citing "financial ...
From 1986 to 2001, Reed Slatkin raised almost $600 million from about 800 wealthy investors in one of the largest Ponzi schemes in the history of the United States. [31] Tenka Ikka no Kai (天下一家の会, Tenka ikka no kai, literally meaning "The Society of One Family under the Heavens") was a pyramid scheme run by Ken'ichi Uchimura ...
After the Clinton trading matter became public, Leo Melamed, a former chairman of the Mercantile Exchange, was brought in by request of the White House to review the trading records. On April 11, 1994, he said that the whole matter was "a tempest in a teapot" and that while her brokers had not required her to provide typical margin cushions ...
During the hearings, the Commodity Exchange Authority stated that it was the perishable nature of onions which made them vulnerable to price swings. [8] Then-congressman Gerald Ford of Michigan sponsored a bill, known as the Onion Futures Act, which banned futures trading in onions. The bill was unpopular among traders, some of whom argued that ...
The scam targets Marketplace sellers who’ve listed big-ticket items worth several hundred dollars. A buyer contacts a seller requesting to buy the item and pay using Zelle.
An estimated 97% of investors lost money, with total estimated losses to customers of $28 million. Carr sent about $5 million to $8 million of the funds to foreign bank accounts he controlled. Throughout 1977, the Commodity Futures Trading Commission took legal action against the company, and an injunction was issued in December 1977. The ...