Tag: Ridiculously obvious scams

Wolf Richter: Oops, SpaceX to Lay Off 10% of its Employees after Funding Fiasco in November

By Wolf Richter, a San Francisco based executive, entrepreneur, start up specialist, and author, with extensive international work experience. Originally published at Wolf Street What SpaceX is trying to do has “bankrupted other organizations,” it said. SpaceX, the unicorn startup with a newly minted $30.5 billion “valuation” and dreams of […]

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Journey into a Libertarian Future: Response to Reader Comments

This post was first published on December 12, 2011 By Andrew Dittmer, who recently finished his PhD in mathematics at Harvard and is currently continuing work on his thesis topic. He also taught mathematics at a local elementary school. Andrew enjoys explaining the recent history of the financial sector to a popular audience. […]

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CalPERS’ Private Equity “Fire, Aim, Ready”: Railroading Board by Screening Candidates Before Scheme Approved; Seeking to be Victimized Again by Silver Lake Partners

On Wednesday, John Gittelsohn of Bloomberg wrote that CalPERS acknowledged that it has been in ongoing discussions with two former partners from the tech-focused private equity firm Silver Lake. Each is a candidate to run one of CalPERS two new private equity schemes, even though the board hasn’t agreed to […]

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Stumped by the Stock Market Slump? Start by Picturing a Used Car Dealership

Lambert here: Even I know what a lemon market is! By Steven Pressman, Professor of Economics, Colorado State University. Originally published at Alternet. Stocks have been slumping on a variety of concerns, from President Donald Trump’s ongoing trade war with China to worries about an economic slowdown and rising interest […]

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CalPERS’ Bill Slaton (Again) Embarrasses Himself and the CalPERS Board

We normally restrict our comments on individual CalPERS board members to the uphill efforts of the ones who are trying to move the institution forward. However, at the discussion of the private equity “new business model” earlier this week, as one prominent stakeholder put it, “There were lots of bad […]

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Fracking in 2018: Another Year of Pretending to Make Money

Jerri-Lynn here. This is the latest installment in Justin Mikulka’s excellent series on the fracking beat, Finances of Fracking: Shale Industry Drills More Debt Than Profit. The industry lacks even the excuse of profit to justify the environmental costs it inflicts – yet  the mainstream media continue to swallow industry waffle. […]

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The UK’s Reform of Limited Partnership Law: Dead on Arrival (II)

British company structures which hide the identity of those behind them were branded a disgrace by the whistleblower who brought to light an alleged 200 billion euro (178 billion pounds) money laundering scandal involving Danske Bank (DANSKE.CO). “The role of the United Kingdom is an absolute disgrace. Limited liability partnerships […]

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Why Is CalPERS Out to Give Roundly Defeated Ex-Board Member Priya Mathur a Glamorous Boondoggle, and Poke a Stick in the Eye of Beneficiaries and Board Members in the Process?

Even though the item up for approval by the CalPERS Board of Administration this Wednesday is far from the most important CalPERS abuse, it’s a case study in how CalPERS staff put their personal prerogatives over what is best for the fund. We’ve embedded the agenda item in question at […]

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The UK’s Reform of Limited Partnership Law: Dead on Arrival (I)

“Scottish Limited Partnerships are used by thousands of legitimate British businesses – from pension schemes to owning farm land in Scotland – to invest more than £30 billion in the UK a year. We have seen mounting evidence that in their current form they are vulnerable to abuse. Last year […]

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Our New York Magazine Article: “‘Alpha Wolves in the Henhouse’: California’s Multibillion-Dollar Private-Equity Boondoggle”

We hope you don’t mind the extra helping of CalPERS articles today. Although they are both about CalPERS’ private equity “new business model,” you’ll see that this piece looks at it from a much broader vantage than JJ Jelincic’s article. His piece, which I hope you’ll also read if you […]

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Our New York Magazine Article: “Uber Is Headed for a Crash”

We thought New York Magazine readers might enjoy seeing Hubert Horan’s hard-hitting assessment of Uber’s dubious economics and less-than-rosy financial prospects.  I liked the photo that the editors chose for the story. If you are so disposed, please comment at New York Magazine as well as here. Thanks! By steamrolling […]

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CalPERS PR Messaging on Private Equity Backfiring as Lack of Justification, Flailing About, Become Obvious

For some time, this site has chronicled how CalPERS has been attempting to implement a “new business model” for private equity that is so criminally incompetent that insiders wonder if it actually is criminal. As one wrote: In all my years of working with the system, I’ve never seen anything […]

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Corporate PACs Plot Counterstrategy to Thwart Campaign Finance Reform

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. A couple of days after the midterms, Politico reported: “I’m going to say something controversial: We believe there isn’t enough money in politics,” said Geoff Ziebart, executive […]

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Don Quijones: Wall Street Mega-Landlord Blackstone Turns Screw on Spanish Government & Property Market

Jerri-Lynn here.  Blackstone is a major operator in the Spanish property market. This post discusses prospects for  the Spanish government’s plans to enact modest protections for tenants, by reforming rent laws. One proposed reform would extend the minimum length of rental contracts so as to slow the pace of rent […]

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As Zuckerberg Refuses to Testify, UK Seizes Thousands of ‘Potentially Explosive’ Documents Facebook Has Tried to Keep Secret

Yves here. Zuckerberg’s woes are too much fun not to highlight. Mark Zuckerberg and Sheryl Sandberg are already in hot water thanks to a New York Times expose that Facebook conceded was correct in the news dead time of last Friday. It included bombshells like this: While Mr. Zuckerberg has […]

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The Global Financial Crime Wave Is No Accident

By Nat Dyer, a freelance writer based in London. He was previously an investigator and campaigner at Global Witness, an anti-corruption group. He tweets at @natjdyer. Originally published at openDemocracy There was a little bit of good news this month for those worried about a tidal wave of McMafia-style financial […]

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CalPERS CEO Marcie Frost Misrepresentations Scandal Not Going Away: Former Board Member and Board Designee Continue to Press for Investigation

We thought it was extremely odd that on November 13, two months after the last board meeting, that toadying over-eager CalPERS staffers orchestrated a show of support for CEO Marcie Frost. In case you missed it: This was not a smart move. Even if it was organic, which we and […]

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Another Blow to the Biometric ID Fairy: Researchers Show ‘Master’ Fingerprints Can Bypass Smartphone ID Sensors

By Jerri-Lynn Scofield, who has worked as a securities lawyer and a derivatives trader. She is currently writing a book about textile artisans. Motherboard ran a piece last week that suggests the biometric identification fairy’s days may be numbered – at least in her ability to protect smartphones, Researchers Created […]

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Uber Releases Ugly 3Q 2018 Results: Losses Widen to $1.1 Billion, Growth Slows

From Hubert Horan: 3q P&Ls released tonight. Losses and margins got worse. Gross revenue growth continues to slow down, showing their inability to fix the fundamental weakness in the core car service business. Expenditures on the marginal business (food delivery, scooters) that are key to the longer term growth narrative […]

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Marshall Auerback: Apple Has an Early Case of GE’s Disease

By Marshall Auerback, a market analyst. Produced by the Independent Media Institute The boom witnessed in the U.S. equity market over the past few years has begun to echo the latter stages of the high tech bubble of the early 2000s, right down to the investor interest ultimately gravitating toward […]

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