The Phaserl


Bitcoins, Murder-for-Hire, 28-Year Old Pie Makers: Welcome to the New World of Banking

by Pam Martens, Wall Street on Parade:

Mark Karpeles, a 28-year old Frenchman and the head of the now shuttered Bitcoin web site Mt. Gox, where customers are said to have lost hundreds of millions of dollars, may be a very talented software developer and entrepreneur, but what he clearly is not is a competent banker; and yet, he was allowed to accept large quantities of deposits of money from the public.

Mt. Gox, a purveyor of the virtual currency, Bitcoin, held no banking license or bank charter in the U.S. It had no FDIC insurance guaranteeing the deposits. There were no bank examiners periodically checking the books to be certain the deposits were safe. And yet, according to the chart below from Alexa, it may be U.S. citizens who suffered the largest losses.

Read More @

Help us spread the ANTIDOTE to corporate propaganda.

Please follow SGT Report on Twitter & help share the message.

3 comments to Bitcoins, Murder-for-Hire, 28-Year Old Pie Makers: Welcome to the New World of Banking

  • rich

    Get Elected, Get Your Kids Rich: Washington Is Spoiled Rotten

    Take Senator Ron Wyden’s son, Adam—directly upon graduation from his Columbia MBA program he started his own hedge fund, no doubt capitalizing on contacts he made interning at the $19-billion fund of one of his father’s supporters, David Shaw. “Not many college kids get to intern on a D.E. Shaw portfolio for the summer,” Brian Marshall, who once ran the fund, was quoted as saying in a 2011 Bloomberg article on the younger Wyden.

    It’s also fair to speculate that former Clinton Treasury Secretary Robert Rubin’s son James might have had a few family friends numbers in his Rolodex starting out as well. Rubin worked for a big New York law firm directly out of school (Harvard, then Yale), went on to hold a few policy jobs in Clinton’s FCC, then found himself at a series of investment and private equity jobs (including the private-equity arm of JPMorgan), where his employers were no doubt heartened by the thought of one of the nation’s most powerful influencers in finance talking shop over the family dinner table with their guy.

    By the time she landed a spot as a Deputy Director of Public Affairs for International Trade in the Obama administration from 2009-2011, Valeisha Butterfield-Jones, daughter of North Carolina Congressman G.K. Butterfield, had already turned an internship with Russell Simmons into a position as the Executive Director of his Hip Hop Summit Action Network (in the span of three years), founded a non-profit focused on portrayals of women in the media, and done campaign work. She now has a production company, is president of a communications and management firm, and married Dahntay Jones of the Dallas Mavericks. Her personal website also lists Buttefield-Jones as a “lifestyle expert.”

  • jeff

    “…and yet, he was allowed to accept large quantities of deposits of money from the public.”

    Geez, all we need is more government regulations and all will be well.

    GIve me a freaking break – how about the public take responsibility for their own actions.

  • jonathan

    Is Pam Martens claiming there are competent Bankers in this world today? Because if that’s what she is claiming she has lost her mind.

Leave a Reply

You can use these HTML tags

<a href="" title=""> <abbr title=""> <acronym title=""> <b> <blockquote cite=""> <cite> <code> <del datetime=""> <em> <i> <q cite=""> <s> <strike> <strong>