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Vietnamese authorities have initiated unprecedented asset liquidation proceedings against convicted business magnate Truong My Lan, aiming to recover portions of the staggering $27 billion she embezzled in one of history’s largest financial fraud cases. The disgraced tycoon, now serving a life sentence after her death penalty was commuted, controlled Vietnam’s fifth-largest bank through an elaborate network of shell companies over a decade-long period.

Ho Chi Minh City’s Civil Judgment Enforcement Agency is currently preparing two crocodile skin Hermès Birkin bags for valuation and auction, alongside a luxury yacht scheduled for February sale with a starting bid of $1.9 million. These items represent just a fraction of the 1,200 assets seized from Lan’s extensive portfolio, which includes prime real estate, corporate holdings, and additional vessels.

The scale of Lan’s financial crimes reached monumental proportions, with prosecutors establishing that $12 billion was directly embezzled from Saigon Commercial Bank while she secretly directed its operations. Her April 2024 trial became a national spectacle amid Vietnam’s intensified anti-corruption campaign, resulting in convictions for over 80 associates including immediate family members.

Despite Lan’s emotional appeal to retain the Hermès bags as family heirlooms—claiming one was purchased in Italy and another gifted by a Malaysian business contact—the court maintained their status as illicit gains. These exclusive accessories typically command prices exceeding hundreds of thousands of dollars on the luxury market.

Previous auction attempts have seen mixed success: a central Ho Chi Minh City property sold for approximately $24 million last October, while her Reverie Saigon yacht failed to attract bidders at its initial $2.1 million listing. The vessel will be reauctioned February 12th with a reduced reserve price, requiring a 20% deposit from prospective buyers. Two additional boats will be offered at $192,000 each as authorities continue their meticulous asset recovery process.

NEW YORK — Wall Street experienced significant volatility on Friday as investors grappled with the implications of President Donald Trump’s nomination of Kevin Warsh to chair the Federal Reserve, triggering dramatic swings across multiple asset classes.

The S&P 500 declined 0.4%, recovering from an earlier 1.1% plunge, while the Dow Jones Industrial Average dropped 179 points (0.4%). The technology-heavy Nasdaq composite suffered the steepest losses at 0.9%. The U.S. dollar demonstrated considerable instability before ultimately strengthening, reflecting market uncertainty regarding future monetary policy directions.

Precious metals markets witnessed particularly extreme movements, with gold prices collapsing 11.4% to settle at $4,745.10 per ounce—a dramatic reversal following its remarkable 12-month rally that had seen prices approximately double. Silver experienced even more severe declines, plummeting 31.4% after its own spectacular rally.

The nomination has ignited intense scrutiny regarding the Federal Reserve’s future independence, a cornerstone of central banking that allows for politically difficult but economically necessary decisions. Warsh, a former Fed governor, brings established credentials but also represents Trump’s preference for lower interest rates, creating tension between presidential influence and central bank autonomy.

Market analysts offered contrasting interpretations. Some viewed Warsh’s Fed experience as reassuring for institutional independence, while others noted his recent criticisms of current Chair Jerome Powell and alignment with Trump’s monetary policy views since 2009. Thierry Wizman, Macquarie Group strategist, observed that while Warsh might not immediately push for rate cuts, he could prove more amenable to presidential preferences when economic conditions change.

The metals sell-off battered mining stocks, with Newmont declining 11.5% and Freeport-McMoRan dropping 7.5%. These reversals followed massive rallies driven by investors seeking safety against multiple concerns: potential Fed politicization, elevated stock valuations, trade tariff threats, and soaring global government debt.

Market losses were partially mitigated by strong performances from major technology companies. Tesla rebounded with a 3.3% gain after better-than-expected quarterly profits, while Apple added 0.5% following its own strong earnings report.

Bond markets saw the 10-year Treasury yield edge up to 4.25%, with upward pressure coming from hotter-than-expected wholesale inflation data that might compel the Fed to maintain current interest rates rather than implement cuts.

International markets showed mixed performance, with European indexes generally advancing while Asian markets varied. Indonesian stocks rose 1.2% following the resignation of the country’s stock exchange CEO after recent transparency concerns.

The nomination now awaits Senate confirmation, leaving markets to weigh the balance between established Fed traditions and presidential influence over critical interest rate decisions.