Comments by "Maxwell Benz" (@Tential1) on "How The Biggest Banks Get Away With Fraud" video.

  1. It's been estimated it's quite high. Not sure if those numbers are true though. Just look at the 1mdb scam. You can move millions and billions easily in our system. Only numbers below 10k are suspect if withdrawn in cash.
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  2. They aren't designed to go to zero he just picked a specific example that would go to zero. Sometimes they can go to zero though and then the SEC gets scared and removes the product rather than just letting the issuer reissue it. Those of us who use these products know what we are doing and if you remove it from the public market it just allows the hedge funds to have access to it and no one else. It's not even an etn really because we need to look at what the etn is holding which or just swaps, typically you need to have a hundred million dollars before you can trade swaps and this allows you to be able to do it when you want without having to put a hundred million dollars up. That's democratizing investing, that should be encouraged. Worst case scenario, it should be put in a bucket with options.
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  3. Later, Rob was found overdosed on heroine while sky diving with a concrete block tied to his foot over the ocean. Most likely natural causes....
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  4. Read the chicken shit club if you want to know why the sec doesn't act. It's already been documented, I know it's hard for you wsb guys, but try to read.... Please...
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  5. Then you also don't understand what this video is saying, what's happening with gold also happens with Bitcoin. This is just futures contracts.... there are Futures contracts for Bitcoin as well. It's quite common actually for there to be more contracts and Futures traded than there are of the actual thing in existence. This is why oil futures went negative. People didn't exit their positions in time to deliver something they didn't have, and were willing to pay someone to get out of the trade rather than figure out how the hell to deliver thousands of barrels of oil. Between options and futures contracts, bitcoin has the exact same "issue". Market spoofing has been an issue and when you can spam orders like crazy, it would be impossible to audit. Algos do the trades, so auditing it with a human could take a millennia.
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  6. First sentence of it is wrong. Banks Literally hold the risk. It says it right in the fucking holdings of the etn. "this bank is the counterpart". You can literally see what banks you're trading with. And etns aren't even fucking bad. They're volatile sure, but if they aren't available, that just means hedge funds can do it and you can't. It's literally democratizing complex strategies for everyone. There are strategies I want to do now but I would have to have at least a hundred million dollars before a bank would trade against me for it whereas and with an ecn I'd only need $10 or whatever before I can trade at least some Advanced strategies. I want xiv back too, it's bs that they're still using it privately but won't allow an etn to let us take part too.
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  7. Second sentence or whatever is wrong too. The etn is backed by the fucking bank. Not nothing. They have to pay, they're the counter party, it's a way for you to make a bet on something. It's a bet between two parties. I can bet the patriots will win without owning the fucking team. That's the point. If an etn goes badly, the bank is fucked. At worse for you, it can go to zero, for a bank, an etn can theoretically bankrupt them if they didn't hedge well.
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  8. Etns aren't designed to go to zero.... They just can. It's just banks making available a strategy they give to hedge fund clients to get more liquidity/scale.
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  9. It's in the fucking summary prospectus, you don't need to read the prospectus, most of that info is in the summary. This is why I dislike it when people talk about trading. No one actually trades so they just say shit that's fundamentally wrong. Like Bloomberg reporters pushing a real broker like "ibkr" over Robin hood. Because the real broker has customer service. Shut the fuck up, you clearly don't use ibkr because the service is most likely shared with Robin hood for how bad it is. There's very little good about ibkr but of course the reporters push it because that's their job, and they wouldn't know any better anyway since the only way they invest is through a retirement account
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  10. Ya, that pisses me off, I use etns and leveraged products extensively. Take them away from me, and I will riot. I didn't spend this much time to now be barred from the best products and need to amount 100-500M just to get the products I want. That's what pisses me off about archegos. I want my own custom leveraged products but I need 100M to get them and that's just not cool. But that's the game.
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  11. If he really found a way to consistently make 40% a year, he'd be doing it, he's talking a proof, not real actual trades. He'd be doing his own hedge fund. Over 10 years he could turn 100k into 2.8 million risk fee. He could borrow nonstop at any interest rate to make it happen. Think logically, traders who can make insane profits keep it secret. He can't actually do it, if he could, there'd he tons of new trader billionaires. If the bank makes some money to provide a service people actually want who trade who cares anyway? Not having leveraged products pisses me off, because hedge funds will always be able to trade swaps, you're taking my ability to buy a total return swap that any hundred million dollar hedge fund can. That's not even doing a service, you're taking away the tools that the industry made available to retail and leaving the hedge funds with the tools....
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  12. How can it hide the history, you chart it and you can see it....
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  13. Wells Fargo's reputation wasn't hurt because people still use the bank in droves, and that's the problem with this is that the customers of Banks refused to switch because it's a hassle therefore committing fraud in banking is even more valuable because people won't leave if it's detected
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