Bankers finding new ways (including creative accounting) to con customers into paying more in overdraft fees:
There is always a grift with these gQp assholes. Always.
The deli itself was earning less than $40,000 in annual revenue, according to the SEC, but artificially inflated the share price of Hometown International from approximately $1 per share in October 2019 to nearly $14 per share by April 2021. This led to “a grossly inflated market capitalization of $100 million,” the SEC wrote.
The $100 million deli rose to fame during a time when hamsters were trading crypto on Twitch livestreams and just about everyone got into trading meme stocks for nostalgic mall stores, so a tiny suburban sandwich shop being valued at $100 million might have gotten lost in the madness. But now that the SEC has charged the owners with fraud, they’re facing serious penalties and criminal charges.
That story left out that part of the investment for the deli’s reverse merger scam came from Duke and Vanderbilt University endowments. As someone that works in higher ed, that stuck with me more than that folks on Wall st. never stop scamming
Starting with Brett Favre, Michael Harriot does a deep dive into the history of gaining wealth at the expense of BIPOC in the US:
Ghost cattle in the sky
A cattle rancher in Washington was sentenced yesterday to 11 years in prison for defrauding Tyson Foods Inc. (Tyson) and another company (Company 1) out of more than $244 million by charging the victim companies for the purported costs of purchasing and feeding hundreds of thousands of cattle that did not exist.
At least his ghost cattle didn’t overgraze federally protected land.
Johnny is not even close with his lipsyncing in that video. Wow, did he forget the lyrics?
Interesting report on McKinsey & Company, an example of how consulting firms manipulate and influence the public and private sectors for profit:
I have no reason to doubt any altruistic notions they may have shared when first deciding to become nurses… but I wonder if the profession itself may in some cases lead to feeling underappreciated and later a kind of entitlement: “They owe us!”
Watch the guitars and drums. The audio is out of sync with the video.