https://rewiringangel.wordpress.com/2024/10/21/further/
On Sun, Oct 20, 2024, 4:02 PM Gunnar Larson <[email protected]> wrote: > > Mon, Jan 1, 2024 > > Gunnar ✌️ > > ---------- Forwarded message --------- > From: Gunnar Larson <[email protected]> > Date: Mon, Jan 1, 2024, 3:51 PM > Subject: Enron’s Board of Directors: Contemporary Lessons on Crypto > Marketplace Manipulation Computer Crimes - Crypto Computer Crimes Manual > (W/187 Highlights Attached) > To: <[email protected]> > > > A few years ago, I wrote an essay titled: "Enron’s Board of Directors: > Contemporary Lessons on Crypto Marketplace Manipulation Computer Crimes - > Crypto Computer Crimes Manual (W/183 Highlights) > > Working references on disclosure controls and procedures, as well as > strategic initiatives including mergers and acquisitions, joint ventures, > and management restructurings (including public/private board of directors). > Full, fair, and accurate disclosures from all parties in a battle for > corporate influence or control are critically important to investors, > particularly when they are called upon to make decisions about their > investments. Contemporary crypto computer crimes likely are key > considerations relevant to making informed investment decisions by > sophisticated investors, underscoring protection of pension assets via keen > planning. > > BitLicense marketplace manipulation techniques and potential cross-border > computer crimes has been a major focus of xNY.io's scholar > research/innovation communication and Bank.org's business plan execution > strategy. > > The World Bank (WorldBank.org) notes that vulture funds endanger the gains > made by debt relief to poorest countries. "The Bank has already delivered > more than $40 billion in debt relief to 30 of these countries...thanks to > this, countries like Ghana can provide micro-credit to farmers, build > classrooms for their children, and fund water and sanitation projects for > the poor," wrote World Bank Vice President Danny Leipziger in 2007. > > World Bank directors warn that strategies adopted by vulture funds divert > much needed debt relief away from the poorest countries on earth and into > the bank accounts of the wealthy. > > Bank.org is clear-eyed; microcredit lending fraud is a major issue for > developing economies. Likewise, in western developed economies, market > history warns that when boards of directors approve of and/or ignore the > misuse of computer software programs which compute values based upon data > input formulas from active cross-border manipulation structures, the > results can lead to scandals like Enron. Such outcomes cost investors > billions of dollars when the share prices of affected companies collapse, > while also shaking public confidence in the United States securities > markets. > > Enron’s Board of Directors: Contemporary Lessons on Crypto Marketplace > Manipulation Computer Crimes > > In its 2000 review of best corporate boards, Chief Executive Magazine > included Enron among its five best boards. Even with its complex corporate > governance and network of intermediaries, Enron was still able to "attract > large sums of capital to fund a questionable business model, conceal its > true performance through a series of accounting and financing maneuvers, > and hype its stock to unsustainable levels."On paper, Enron had a model > board of directors comprised predominantly of outsiders with significant > ownership stakes and a talented audit committee of various state and > federal regulators. > > Two decades later, in 2021, it is clear that cryptocurrency and blockchain > computer software systems require contemporary, ethically pure and sound > cultivation to support the realization of a "generation of innovation," > maximizing the full potential of blockchain software technologies. > > Board directors that will pioneer the next chapters of the meaningful New > York legacy of global, cross-border banking will agree: > > Close scrutiny of corporate governance and greater responsibility placed > on directors to vouch for the reports submitted to the SEC and other > federal agencies have resulted in the growth of computer software solutions > such as blockchain systems and processes. > > Cryptocurrency and Blockchain computer software products allow corporate > directors and internal auditors to assemble and analyze financial and other > relevant data—including unstructured data—and create reporting required by > New York BitLicense regulators and various Federal counterparts. > > Before its demise, Enron was lauded for its sophisticated software, > including financial risk management tools powered by computer software. > > Risk management was crucial to Enron not only because of its regulatory > environment, but also because of its business plan. Enron established > long-term fixed commitments which needed to be hedged to prepare for the > invariable fluctuation of future energy prices. > > Enron's downfall was attributed to its reckless use of derivatives and > special purpose formulas manipulated by computer accounting software tools. > To engage in probable computer crimes, Enron hedged its risks with special > purpose entities which it owned, and Enron retained the risks associated > with the transactions. > > Enron's aggressive accounting practices were not hidden from the board of > directors, as later learned by a Senate subcommittee. The board was > informed of the rationale for using the Whitewing, LJM, and Raptor > transactions, and after approving them received status updates on the > entities' operations. Although not all of Enron's widespread improper > accounting practices were revealed to the board, the practices were > dependent on board decisions. > > Eliminating Bad Board of Director Schemes > Ranging from additional corporate board responsibilities to criminal > penalties, the Securities and Exchange Commission (SEC) implemented > disclosure requirements to comply with the law. A recent SEC order > reiterated the importance of the disclosures, noting that the requirements > were adopted in order to alert the market to large and rapid accumulation > of shares that might represent a possible change in corporate control so > that shares can be valued accordingly. The SEC order also noted that the > requirements were designed to provide an issuer’s management with timely > information to appropriately protect its shareholders’ interests (including > pension protections). > > The SEC’s recent enforcement actions relate to disclosure obligations in > connection with M&A transactions and fights for corporate control. > > In 2015, the SEC brought forth a number of similar enforcement actions > alleging that filers had failed to update their disclosures after taking > steps towards certain plans and proposals. > > These types of enforcement actions continue to create challenging issues > for practitioners, particularly when potential transactions are still in > the early stages of planning and preliminary negotiation. > > The SEC’s historic actions serve as a reminder to investors, including > vulture activists, that Schedule 13D violations can result in monetary > liability and, in the case of registered funds and investment advisers, can > also have other regulatory consequences. > > Care must be taken to avoid those communications constituting group > activities with disclosure consequences. It should be noted that in some > cases, coordination among the parties or sharing of information is > sufficient to form prompts for disclosure purposes. > > Intention of Disclosing Crypto Computer Crimes Manual (W/183 Highlights) > > Published by the Office of Legal Education Executive office for United > States Attorneys, the “Prosecuting Computer Crime Manual” has been xNY.io’s > reference guide as international scholars researching Crypto Computer > Crimes and how to best position corresponding Bank.org business innovation > moving forward. > > The SEC encourages the description of any plans or proposals such as Proof > of Burn (PoB) or Short Selling market activities which may relate to or > would result in: > > The acquisition by any person of additional securities of the issuer, or > the disposition of securities of the issuer; > > An extraordinary corporate transaction, such as a merger, reorganization > or liquidation, involving the issuer or any of its subsidiaries; > > A sale or transfer of a material amount of assets of the issuer or any of > its subsidiaries; > > Any change in the present board of directors or management of the issuer, > including any plans or proposals to change the number or term of directors > or to fill any existing vacancies on the board; > > Any material change in the present capitalization or dividend policy of > the issuer; > > Any other material change in the issuer's business or corporate structure, > including but not limited to, if the issuer is a registered closed-end > investment company, any plans or proposals to make any changes in its > investment policy for which a vote is required by section 13 of the > Investment Company Act of 1940; > > Changes in the issuer's charter, bylaws or instruments corresponding > thereto or other actions which may impede the acquisition of control of the > issuer by any person; > > Causing a class of securities of the issuer to be delisted from a national > securities exchange or to cease to be authorized to be quoted in an > inter-dealer quotation system of a registered national securities > association; > > A class of equity securities of the issuer becoming eligible for > termination of registration pursuant to section 12(g)(4) of the Act; or > > Any action similar to any of those enumerated above. > > Below we share 187 highlights to the Computer Crimes Manual as per best > disclosure practices to illustrate various potential scenarios when market > conditions are met and a board of directors potentially exploits blockchain > technological software innovation with forecastable reckless consequences. > > > https://drive.google.com/file/d/11tbgHgDg8qagomO-NBffvIFpxXKmBC3g/view?usp=drivesdk > >
