Tag Archives: president trump

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Trump, Russia & Estonia Share Common Bond: 1927 Estonian Govt Bond Certificates

MarketsMuse Exclusive: The Trump-Russia-Estonia Government Bond connection, first disclosed three weeks ago by a MarketsMuse investigative report that linked US Treasury Secretary Mnuchin to a cache of rare, $1000 USD denominated 1927 Estonian Govt bond certificates, has a new layer of intrigue. According to Trump White House sources, last week Estonian Finance Minister Sven Sester visited the White House and held a one hour private meeting with Trump’s Secretary of Treasury Steven Mnuchin and Gary Cohn, Trump’s chief economic advisor. The meeting reportedly took place days after April 14, when President Trump ordered White House visitor logs  be kept secret from public disclosure for the first time since Richard Nixon held that office. In view of the current President’s gag order on disclosing names of lobbyists, foreign government agents and all other visitors to the White House, the loose-lipped White House whistle blower’s view of Estonia’s Sester and Trump team members meeting could not be independently confirmed. The topics discussed in this week’s rumored meeting were equally secret.

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At issue: 1927 Govt of Estonia Debt Certificate
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Estonia Finance Minister Sester (l), US Treasury Secretary Mnuchin (r)

As first disclosed three weeks ago, a rare collection of US dollar denominated bonds ($1000 face value) issued by the Government of Estonia in 1927  has purportedly wound up in the personal hands of Mnuchin. The bonds represent a portion of a $3.8 million sovereign debt offering that went into default after Russia annexed Estonia in 1940, thirteen years into the term of the issuance’s 40-year maturity, whereby each bond obligation came with a 7% per year interest payment promise.

!n 1991, when Boris Yeltsin was Russia’s leader, Estonia secured its independence from Russia and a new Government of Estonia was formed.  If the 1927 Estonian Govt Bond Certificates are somehow deemed to be legitimate debt obligations today, and whether Russian President Vladimir Putin will offer to pay a repatriation payment tp Estonia on behalf the Russian government, each USD $1000 certificate would now be worth more than $130,000, presuming the interest payment coupons from 1940-1967 remain affixed to the physical certificate. International experts who specialize in defaulted government debt peg the value of the Estonia bonds to be of a historical nature only, as evidenced by a listing of a small collection of certificates, which are being offered by the estate of a Wall Street investor who apparently purchased the bonds at a steep discount soon after Russia annexed Estonia in the late spring of 1940.

Aside from Mnuchin’s purported stash, the remaining certificates are thought to be the last known certificates of the three thousand $1000 face certs issued in 1927. A portion of that 1927 debt offering included eight hundred $500 face value certificates; the last know four certificates were sold on eBay for $279 each.

US Treasury Secretary Mnuchin’s early career roles includes a stint as a bond salesman for Goldman Sachs; he later played a role in acquiring subprime mortgage lender IndyMac in 2009 when it was auctioned off by the FDIC. Soon after, Mnuchin moved into the world of feature film production. Cohn, who prior to becoming the Director of Trump’s National Economic Council, led Goldman’s Fixed Income, Currency and Commodities (FICC) division before moving up to the role of the firm’s President and Chief Operating Officer. Continue reading

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Trump Team Bungles Fiduciary Duty Rule Edict

Chaos is the active word to best describe the impact of President Trump’s team of executive order writers, evidenced not only by the contentious ‘ban on immigrant visas’, but also when considering the walk back within hours of the President thinking he had signed an executive order to white wash the long-planned Dept of Labor initiative to impose a fiduciary standard on the the financial advisor community, better known as the Fiduciary Duty Rule.

Multiple financial industry news outlets have since reported that financial advisors are not out of the woods, despite the penmanship of the new President

(BrokerDealer.com) :

Were the reports profiling Trump’s ‘executive order’ that repealed the long-planned Dept of Labor implementation of a new fiduciary rule for investment advisors fake news?? Apparently Mr. Trump, along with whoever on his staff is drafting his first 100 days edicts in rapid fire fashion, as well as financial news media wonks and likely a whole bunch of other folks who thought that Trump was trumping the introduction of more regulations on the financial industry were all wrong. According to Michael Kitces of industry publication Bank Investment Consultant, it turns out that  The Fiduciary Rule was NOT Deleted by President Trump – See more at: www.brokerdealer.com

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(RIAbiz.com)–Trump’s lightning-quick backtrack on executive order relating to DOL rule sows chaos in financial advice industry

The new late-day directive from the president casually strikes the six-month delay on the rule leaving lawyers with mouths agape..

A Trump administration effort to give the financial industry clarity about the fiduciary rule has thrown it into a state of chaos. The executive order sent by the President of the United States to the Department of Labor mandating a review of the fiduciary rule has changed it by either 180 days or 180 degrees — or both.

The main takeaway is the chaos itself around the flip-flop. “This is actually scary,” says Marcia Wagner, partner of The Wagner Law Group, echoing what another ERISA attorney said off the record.  “I’ve been practicing law for 30 years and I’ve never seen anything like this.” See: A veteran securities lawyer takes centenarian stance that the DOL is still ‘suitability’ reworded, when boiling its 1,000-page ‘rule’ down to 16-page ‘guide’

Prospectus.com team of capital markets experts and international securities lawyers specialize in preliminary offering prospectus, secondary offering prospectus and full menu of financial offering memorandum document preparation.

More information re capital raising and related investor offering documentation services via this link

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