Charles Gasparino has an article in the NY Post outlining what the SEC chairman might have in mind. Remember, Gensler met with FTX’s former CEO SBF a couple of months before the crypto kingpin’s empire failed.
Author: TCA
Question asked: “What in the Actual F— Is Wrong With These People?”
Andrew Stiles over at The Washington Free Beacon has the analysis. Exit quote:
And they wonder why no one takes them seriously anymore. To hell with these people.
Exactly!
“You’ll have nothing and like it”
Go Woke …..
Twitter’s new philosophy.
Apple Doesn’t Fall from the Tree for SBF
ZeroHedge hits ’em again where it hurts.
Musk the Comedian
I love Elon Musk’s sense of humor. How he does it I have no idea, but as was reported, certain members of congress asked the FTC to investigate Twitter since Musk has taken over. His response was classic.
Musk’s Twitter
Lots of chirping that the libs would leave Twitter. Also, the media is happy to publish the mass resignations ongoing. As I posted earlier, there may be a play here similar to what happened in the 1980s. Lauren Chen’s tweets nail it.
Revolver News: Does Twitter pave the way for more corporate raids on bloated tech companies?
Interesting article on Revolver News that takes a page from the 1980s takeovers.
In a Twitter thread, Samo Burja has some great points.
Macleod: The Upside-Down World Of Currency
ZeroHedge posts another great article on fiat currencies. This one is from Alasdair Macleod via goldmoney.com and is a must read to understand what is happening compared to what should happen.
What can we learn from the FTX/Alameda Research Fiasco?
There are lessons to be learned from the FTX/Alameda disaster.
First, to the extent you can, hold your own assets. The exchange was taking customer assets and lending them to the trading arm of the firm. Had customers held their own tokens, this wouldn’t have happened to the extent it did.
Second, value cannot be created out of thin air. Perhaps, these young kids were simply taking lessons from the Fed and the U.S. government (and the others around the world) who constantly print dollars thereby “creating value” out of thin air. As the holders of the FTT token found out, there is only value if someone wants to buy the thing you are selling. If all the sellers show up and there are no buyers, the value goes to zero pretty quickly. And “we all understand zero.“
Third, governance matters. A total lack of corporate governance was on display. As the former Enron liquidator found out. In most of these flameouts, you will find shoddy governance and controls.
Fourth, accountants play a crucial role for investors. Right now, there are too few people studying accounting the business schools. This is partially due to the extra hours students must obtain to enable them to take the CPA exam, and partially due to the rigor of the subject. Accounting is hard and the accountant schools often have the lowest GPAs on campus because of it.
Finally, don’t believe the bullshit when making investments. Approach every deal the same way and don’t ever fall in love with a deal. As the media has pointed out, there are some big names in the investing world that were scammed by SBF and his cronies. Had the basics been followed, these investors wouldn’t have been scammed, and the people who put money with these fund managers wouldn’t have gotten hurt. Perhaps, SBF’s ESG thoughts intrigued these investors given their push. Who knows, but I certainly hope the investors push back on these funds for failing to do proper diligence on a deal.