China Resists US Push To Blacklist Ships Caught Trading With North Korea

After the US Treasury Department released satellite images purporting to show Chinese ships transferring oil to a North Korea-flagged vessel in blatant violation of UN Security Council sanctions, the US is pressing for 10 ships, several of them Chinese, to be added to the list of entities banned by the UN.
But there’s one problem: China, which like the US holds a permanent veto over UN Security Council decisions, is pushing back. It says it will only accept sanctions on four ships, according to the Wall Street Journal.
While there’s some skepticism about how well these rules are enforced, UN sanctions would require members to bar blacklisted ships from their ports.
A Security Council resolution passed last week gives member states more authority to seize the ships that have breached international sanctions and ban them from their ports. And the satellite images mentioned above have shown just how easily North Korea has managed to circumvent sanctions managed to restrict energy flowing into the country while also choking off its exports of North Korean coal.

This post was published at Zero Hedge on Fri, 12/29/2017 –.

Wall Street Traders Used Chat Rooms To Rig Treasury Auctions, Federal Lawsuit Alleges

Over the past several months, as we followed HSBC’s currency scandal involving trader Mark Johnson who netted his firm $8 million in illicit profits by front-running a $3.5 billion client order, we frequently noted that Johnson was nothing more than a convenient scapegoat for a global financial industry that is rife with similar front-running scams that go unnoticed.
That said, to our complete ‘shock’ the NY Post today highlights another front-running scam allegedly perpetrated by Wall Street’s finest at the expense of their clients. According to new documents published in a class action lawsuit filed by a number pension funds and wealthy individual investors, some of Wall Street’s largest primary dealers in the U. S. Treasury market habitually, and illegally, shared client orders via online chat rooms to order to game Treasury auctions.
Wall Street banks secretly shared client information in online chat rooms in order to rig auctions for the $14 trillion US Treasurys market, according to an explosive lawsuit filed in Manhattan federal court on Wednesday.
The move wrongly fattened the banks’ profits and picked profits from clients, the suit claims.
The new accusations, leveled by several pension funds and wealthy individual investors, are contained in an expanded class-action suit originally filed in July 2015 – and include an unusual twist: Some of the evidence came from confidential informants and one of the banks sued in the earlier action.

This post was published at Zero Hedge on Nov 17, 2017.