This isn’t a bad downturn yet; but one has hope that it could deepen into something truly dreadful.
As an aside, it appears the CEO of LFIN is a lying SACK OF SHIT. The SEC just got an emergency order to shut his stock sales the fuck down. This sneaky shithead was selling unregistered sales. I hope he rots in prison for 300 years like a god damned oak tree.
The U.S. Securities and Exchange Commission obtained an emergency freeze of $27 million in profits from stock sales involving the CEO of cryptocurrency company Longfin and three other affiliated individuals, the agency said in a statement Friday.
Longfin’s stock was halted on the Nasdaq as of 10:01 a.m. ET on the SEC alert after jumping more than 47 percent.
The freeze was to prevent three shareholders from moving money overseas, the SEC said.
“We acted quickly to prevent more than $27 million in alleged illicit trading profits from being transferred out of the country,” Robert Cohen, Chief of the SEC Enforcement Division’s Cyber Unit said in the statement. “Preventing defendants from transferring this money offshore will ensure that these funds remain available as the case continues.”
Amro Izzelden “Andy” Altahawi, Dorababu Penumarthi, and Suresh Tammineedi allegedly sold large blocks of their restricted Longfin shares illegally to the public shortly after the company acquired a “purported” cryptocurrency business and began trading on the Nasdaq, according to the SEC complaint.
The SEC claims Longfin CEO and Chairman Venkat Meenavalli caused the company to issue unregistered shares to the three individuals so they could sell them.
The small company that has attracted controversy over its ties to cryptocurrency, and its CEO said this week that he is not going to sell his shares while he is fighting $1.4 billion in bets against the stock by short-sellers.
“I’m not going to sell [for] the next three years,” Meenavalli said Wednesday on CNBC’s “Fast Money” as he was rigorously questioned about stock sales and inconsistencies about his business
Back to China. As you know, Trump is playing hardball and is going to destroy their country’s trade game. Bear in mind, we’re not the only one’s getting fucked by China. I would expect Europe to eventually follow our lead and get better deals too. In others words, this is the beginning of the end of China.
Nevertheless, they’ve offered a rebuttal. It’s quite funny, actually. They’re liking criminals who just got done burglarizing your home, complaining about you installing a new alarm system.
“We will immediately fight back with a major response,” a Ministry of Commerce representative said during a Chinese-language briefing with reporters Friday in Beijing. “We have no other choice.”
“We feel America is very arrogant. They have taken a wrong action. The result is that they will hurt themselves. If they release the list of $100 billion tariffs, China is prepared. And will not hesitate,” he added.
“We have prepared with a bottom-line mindset and have planned detailed action. We won’t start a war, but if someone does, we will definitely fight back,” the representative said.
The Dow is off by nearly 400. I want more, a lot fucking more.
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Yeah I can’t wait to pay moar for stuff. Inflation baby!
The pain will be good for you. Quit being a pussy.
If there’s one thing the average household complains about these days, it’s “why can’t we pay more for shit?”
Yeah, but average households also want to (1) cut *their own* taxes and (2) reduce ‘wasteful” federal spending, (3) reduce the national debt, at the same time as (3) leaving anything that benefits *them* alone including (4) defense/welfare/social security/medicare.
Just look at how fiscal hawks in Congress transmogrified into spending hogs as soon as they had actual control.
1- You can’t imprison an oak tree. Only cut it down or ignore it.
2- LFIN is more like saw grass. Yesterday was very telling. Look at volumes on daily.
The DOW will hit election night lows. The 10 year will hit 3%. The dollar will be worthless.
Without timeframes (and more detail on “worthless”), those predictions are pretty limp
Ah, yes, the timing is the tricky part. Not a question of “if” bids for my gold and lead, as in ammo, will reach wheel barrows full of paper, but when.
Bwahhahhhaa!
I we hit election night lows 10 year will be not be going to 3 but toward 2.5 or lower.
Ten year over 3% is my favorite consensus story. When is this happening exactly?
Every talking head CNBC can find has acted like it’s a foregone conclusion since January and all TNX does is roll over. Meanwhile utes consumer staples and bonds have held up since then and everything else has been annihilated. Fading this BS consensus for months now.
Banksters want inflation and they will have their inflation. It’s all coordinated. Dont get all excited and let them fool you. PBoC is a member of the IMF and BIS. The only independent central banks are in Cuba, NK, and Iran. This “trade war” is just a kabuki theater for us dumbbells. The banksters want a good hot war to clear excess production, cull goyim, reset the debt clock and establish NWO – totalitarian communism blueprinted by China. Nothing to see here…
The bottom comes when Bitcoin hits $999.99.
It will happen this summer, early fall.
Their is an interesting theory on the crypto collapse: many retail investors made a lot of profits last fall, but were too ignorant to reserve some of those profits for tax bills. Instead they reinvested 100% into other cryptos, and subsequently lost money. Then they realized that they still ahd to pay taxes and are being forced to liquify their reinvested crypto profits, resulting in more downward selling pressure. By that theory, cryptos may make a (temporary) recovery soon (after tax bills are paid).
So you’re saying it’s the government’s fault?
Abso frikkin lutely!!
Hell no!
Bad decisions (including poor research leading to ignorance of tax law or other expenses) should have consequences. Heck, that’s the biggest problem with corporate malfeasnce: no one goes to prison.
Somehow you swing to “corporate malfeasance” when your original point was ignorant retail traders didn’t plan for eventual capital gains taxes. ok, sure.
Maybe because the sheeple are so used to tax withholding out of their paychecks, they don’t realize what’s happening.
Like when I was asked if I “had to pay taxes” after my return was calculated. Of course I did, you moron! I also had to write a check for an additional 2500 since the 75k they already seized wasn’t enough!
Yes, my original point was “ignorant retail traders.” However, you switched subjects first.
Every major selloff/Bear needs a sacrifice…a bank, a brokerage (back in the old days), a fund, a dictator, a geopolitical shift.
Bitcoin will be this Bear’s sacrifice to the trading Gods.
It aint just a theory.
Losing money and still owing cap gains on crypto is hilarious on so many levels.
Not to mention the 3000 limit on loss deduction, just because we have to (adopt solemn voice) “Pay our fair share.”
Well, at least you can carry over the loss above $3000. (When I was younger, I learned about stock trading the hard and stupid way)
I think you meant to say “Oaked tree”