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Pam and Russ Martens: Federal agency hides bank identities in study of dangerous derivatives
By Pam and Russ Martens
Wall Street on Parade
Tuesday, January 25, 2022
The Office of Financial Research is the federal agency created under the Dodd-Frank financial reform legislation of 2010. Its role is to provide early warnings to U.S. bank regulators and the public of systemic risks that threaten U.S. financial stability, so that another 2008-style Wall Street crisis can never again devastate the U.S. economy.
The OFR was doing an outstanding job of sounding alarm bells until the Trump administration gutted the agency. The Biden administration has clearly not done enough to restore the integrity of the office.
... Dispatch continues below ...
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Asante Gold Announces Significant Gold Intercepts
From Its Near-Mine Exploration Drilling at the Bibiani Gold Mine
Company Announcement
via Globe Newswire and Yahoo Finance
Wednesday, December 15, 2021
VANCOUVER, British Columbia, Canada -- Asante Gold Corp. (CSE: ASE / FRANKFURT: 1A9/ U.S. OTC: ASGOF) announces significant gold intercepts from its ongoing near-mine exploration drill program at its Bibiani Gold Mine in Ghana.
Asante initiated the exploration program in late September 2021. This program includes extensive induced polarization and ground magnetic surveys across the entire lease, RC, and diamond drilling, plus a high-level structural geology review targeting near-mine areas with high potential for new discoveries. The program objective is to grow the resources to be included in our comprehensive mining plan being prepared for the second quarter of 2022, with plant startup scheduled for the third quarter of 2022.
The company is pleased to report early results from the Walsh Satellite pit:
-- WADD21-002: 18 meters @ 3.85 g/t Au from 141 meters, including 16 meters @ 4.22 g/t Au.
-- WADD21-005: 12 meters @ 4.41 g/t Au from 174 meters.
-- WADD21-004: 8 meters @ 4.8 g/t Au from 137 meters.
-- WADD21-007: 4 meters @ 7.49 g/t Au from 170 meters.
-- WADD21-010: 3 meters @ 5.17 g/t Au from 187 meters
-- WADD21-003: 3 meters @ 5.96 g/t Au from 140 meters; 3 meters @ 4.60 g/t Au from 160 meters.
The results confirm the extension and grade continuity of the mineralization beneath the current US$1,500 design shell. These recent assay results improve the existing deposit model and will support an update of the Walsh mineral resource estimate. We anticipate adding ounces to the existing resource. Follow-up drilling is continuing, focusing on deepening and extending the Walsh Pit to its economic limit. ...
... For the remainder of the announcement:
https://finance.yahoo.com/news/asante-gold-announces-significant-gold-145900306.html
Consider the research report that was released by the OFR on July 12 of last year, which we just discovered yesterday. The report is titled: "Counterparty Choice, Bank Interconnectedness, and Systemic Risk." The researchers, Andrew Ellul and Dasol Kim, examined 18 different over-the-counter (OTC) derivative markets and noted the following:
"Bank interconnectedness through the OTC derivative markets was identified as an important factor that contributed to the severity of the Great Financial Crisis…and remains an area of fragility of systemically important banks on which we have very limited understanding. The trading of OTC derivatives is notoriously concentrated in the largest banks, which are also the ones for which we have data. One important feature is the substantial counterparty risk that banks face, in our context the most important counterparty risk is that faced by banks trading with non-bank entities."
Exactly who are these "non-bank entities"?
According to the researchers, banks are increasingly using non-financial corporations on the other side of their derivative trades. ...
... For the remainder of the report:
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