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Keyword: ponzi

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  • What Tesla’s “Inexplicable” “Ponzi Scheme” Valuation Says about the Stock Market

    04/12/2017 11:20:44 AM PDT · by Lorianne · 13 replies
    Wolf Street ^ | 11 April 2017 | Wolf Richter
    In fact, it’s not “inexplicable” at all. ___ Tesla shares rose to $313.38 this morning, giving the company a market capitalization of about $51 billion, surpassing GM for a moment as the most valuable American automaker. This left some industry insiders wondering about tulip bulbs. “It’s either one of the great Ponzi schemes of all time, or it’s all going to work out,” mused Mike Jackson, CEO of AutoNation, the largest dealer group in the US. He was speaking at a conference hosted by the National Automobile Dealers Association and J.D. Power. “It’s totally inexplicable, as far as its valuation,”...
  • Stanford Study Reveals California Pensions Underfunded By $1 Trillion Or $93k Per Household

    12/03/2016 7:06:36 AM PST · by george76 · 72 replies
    Zero Hedge ^ | Dec 2, 2016 | Tyler Durden
    Earlier today the Kersten Institute for Governance and Public Policy highlighted an updated pension study, released by the Stanford Institute for Economic Policy Research, which revealed some fairly startling realities about California's public pension underfunding levels. After averaging $77,700 per household in 2014, the amount of public pension underfunding for the state of California jumped to a staggering $92,748 per household in 2015. But don't worry, we're sure pension managers can grow their way out of the problem...hedge fund returns have been stellar recently, right? Stanford University’s pension tracker database pegs the market value of California’s total pension debt at...
  • Can Someone Please Make the Candidates Talk About Social Security?

    10/07/2016 9:13:21 AM PDT · by Eric Pode of Croydon · 63 replies
    The Daily Beast ^ | 7 Oct 2016 | Bob Kerrey
    Few if any candidates for federal office will tell you that as a consequence of current federal law, young Americans are being screwed in two life-changing ways. First, under current law, every Social Security beneficiary under the age of 48 will have their promised benefits cut by a third. And second, every young person who works is contributing between $10,000 and $20,000 to the health care and retirement of those lucky Americans who are already drawing benefits under federal law. In some ways the second screwing is worse than the first. Young workers do not have the defined benefit retirement...
  • Berkshire is accused in NY lawsuit of workers' comp 'siphoning'

    09/12/2016 2:22:11 PM PDT · by george76 · 4 replies
    Reuters ^ | Sep 12, 2016 | Jonathan Stempel
    Berkshire Hathaway Inc has been sued by a New York bicycle courier company over an alleged illegal scheme to cheat employers buying workers' compensation policies. The complaint, filed late Friday by Breakaway Courier Systems, came as Berkshire's Applied Underwriters unit faces scrutiny over its workers' compensation policies, including some that have been banned by California, Vermont and Wisconsin. Breakaway, with about 300 employees, accused Berkshire and Applied of "siphoning" premiums through a web of illegal shell companies, with diverted premiums going to unlicensed out-of-state insurers. The plan amounted to a "reverse Ponzi scheme" where unsuspecting employers expecting to buy affordable...
  • Like Ebay For Oilfields, EnergyNet Booms As Oil Busts

    06/01/2016 6:47:09 PM PDT · by 2ndDivisionVet · 2 replies
    Forbes ^ | June 1, 2016 | Christopher Helman
    How online auctioneer EnergyNet helps bring liquidity, and recovery, to America’s busted oil patch. In the first 18 months of the oil bust, 70 companies have gone bankrupt, defaulting on $40 billion in debt. A trillion dollars of oil company equity has been wiped out. Layoffs top 200,000. With oil holding at around $45 a barrel, more liquidations are on the way. Already the old guys swear this bust is worse than in 1986, when oil dropped below $25 in today’s dollars. At least one thing is better now: Thanks to the magic of the Internet, it’s easier for cash-strapped...
  • Hedge Funds Pulled Short Oil Positions Just Before Rebound: Bloomberg

    01/26/2016 11:49:37 AM PST · by Citizen Zed · 4 replies
    barrons ^ | 1-25-2016 | Teresa Rivas
    Computer automated hedge fund strategies weren't the only winners amid recent volatility. Hedge funds also appear to have timed oil’s recent slump and rebound. That's according to Bloomberg's Moming Zhou, who reports  that hedge fund significantly curbed their bearish positions in crude oil just after it fell to a 12-year low last week -- and then rebounded in its biggest jump since 2008. While oil had a brutal start to 2016 after a disappointing 2015 showing, many are coming around to the idea of a recovery in prices, as Citi argued it could be the trade of the year, some...
  • Green Energy Execs Praised by Clinton Foundation Indicted for $54M Ponzi Scheme

    09/07/2015 6:06:03 AM PDT · by afraidfortherepublic · 13 replies
    The Washington Free Beacon ^ | 9-5-15 | Lachlan Markey
    Executives of a Pennsylvania green energy company singled out for praise by Bill Clinton were arrested on fraud charges on Thursday in connection with an alleged Ponzi scheme. The individuals are facing charges of wire fraud, securities fraud, and conspiracy over their roles in running a green energy company that authorities say was an elaborate $54 million Ponzi scheme, the Associated Press reported. Prosecutors said the trio lied to investors that their “biochar” technology and “carbon-negative” housing in Tennessee made millions, but they had almost no earnings and used the money to repay earlier investors and for themselves. The scam...
  • Trustees: Social Security Will Run $84 Billion Deficit in 2015

    09/05/2015 11:24:08 AM PDT · by Olog-hai · 55 replies
    Cybercast News Service ^ | September 1, 2015 | 5:17 PM EDT | Barbara Hollingsworth
    The Old-Age, Survivors, and Disability Insurance (OASDI) program commonly known as Social Security, which celebrated its 80th birthday on August 14, is projected to run an $84 billion deficit this year, according to the 2015 Annual Report of the Board of Trustees. […] During 2014, $646.2 billion in payroll taxes was collected from 166 million working Americans. But that was not enough to cover the $859 billion in Social Security benefits that were collected by 59 million people, including 42 million retired workers and their dependents, six million survivors of deceased workers, and 11 million disabled workers and their dependents....
  • [Church of Scientology Press Release] Medicare at 50 - Still Flawed, After All These Years

    Medicare at 50--Still Flawed, After All These Years ST. PAUL, Minn.—This Thursday, Medicare will mark a milestone—50 years since it was signed into law by President Lyndon B. Johnson on July 30, 1965. Designed as part of LBJ’s “Great Society” initiative, Medicare was intended to provide low-cost hospitalization and medical insurance for the nation’s elderly. But the program has been in crisis for years and needs an escape plan, not a rescue plan, says Twila Brase, president and co-founder of Citizens’ Council for Health Freedom (CCHF, www.cchfreedom.org), a national organization dedicated to preserving patient-centered health care and protecting patient and...
  • Exclusive: Greece taps IMF reserves to pay IMF debt - sources

    05/12/2015 10:07:37 AM PDT · by tcrlaf · 8 replies
    Yahoo News ^ | 5-12-2015 | Lefteris Papadimas and George Georgiopoulos
    Greece emptied an IMF holding account to repay 750 million euros ($840 million) due to the fund, a Greek central bank official said, avoiding default but underscoring the dire state of the country's finances. With Athens close to running out of cash and a deal with its international creditors still elusive, there had been doubts about whether the leftist-led government would pay the IMF or opt to save cash to pay salaries and pensions later this month. Greece, like all other International Monetary Fund members, holds reserves from the IMF that are denominated in Special Drawing Rights (SDR), a basket...
  • The Biggest Ponzi Scheme in the History of the World "When She Blows It'll Be Krakatoa Redux"

    04/22/2015 2:11:51 PM PDT · by concernedcitizen76 · 73 replies
    April 22, 2015 | Self
  • Is Apple Cheating On The Dividends?

    03/20/2015 3:45:20 PM PDT · by Swordmaker · 2 replies
    Seeking Alpha ^ | Mar. 19, 2015 9:11 AM ET
    Summary Apple has been paying a dividend since Q3 2012. The current dividend has fallen a percentage of earnings. Calculations are made to estimate what the new dividend will be. . . . Summary While Apple's dividend has remained constant over the last four quarters, it value as a percent of earnings has fallen significantly. If Apple wants to keep the earlier ratios, then it will need to raise the dividends. My estimate is that Apple is likely to raise the per share dividend to between 62 and 65 cents per share from the current 47 cents. On the other...
  • The Reality: Liberals HATE the middle class! Lies, Damn Lies and Ponzi "Progressive"/Liberalism.

    02/25/2015 8:16:31 AM PST · by FiddlePig · 14 replies
    RedNeckoBlogger ^ | 2/25/2015 | RedNeckoBlogger
    The truth… Democrat/liberals/”progressives” HATE the middle class! Think a moment… their alleged “beloved” middle class, especially the blue collar whites and independent small business… are where most of the GOP vote resides these days. (I wish the RINOs would learn this). Obama's “economic policies” overwhelmingly favor the 1% (Fed prints money, sends it to Wall Street… stock market soaring, middle class pooring)! Observe ('cept the hated Koch Brothers)… nearly ALL the richest 1% (Hollywood, BIG media, Gates, Buffet, Steyer) are loyal Democrats and Obama’s golf pals (having purchased their Obamacare exemptions)! Obamacare, with its fines, and the growing regulatory state...
  • $386M allegedly missing, as investors fear bitcoin Ponzi

    02/09/2015 8:26:35 PM PST · by CutePuppy · 47 replies
    CNBC ^ | 2015 February 08 | Everett Rosenfeld
    Hong Kong-based bitcoin exchange MyCoin has allegedly shut its doors and stolen HKD 3 billion ($386.9 million) in the process. The South China Morning Post reported Monday that 30 MyCoin clients approached a local lawmaker with complaints that the company had fled with funds from up to 3,000 investors. The reports coming out of Hong Kong would seem to indicate that there may have been a Ponzi scheme at play. "No one seems to know who is behind this," a woman surnamed Lau, who said she lost HKD 1.3 million, told the paper. "Everyone says they, too, are victims ......
  • The bitcoin bubble has burst – but the real excitement is yet to come

    01/21/2015 4:30:58 PM PST · by 9thLife · 23 replies
    Today I want to consider the outlook for bitcoin. 2014 was its worst year on record. It fell by 67%, from $800 to $320 a coin. In doing so, it beat the likes of the Russian rouble and the Ukrainian hryvnia, to the dubious honour of being the world’s worst-performing currency. You know what the world’s best-performing currency was by the way? Nope, not the US dollar, but the Somali shilling. Yup. It surprised me too. Anyway, back to bitcoin… The bursting of the bitcoin bubble So far, 2015 has not been any better than 2014 for bitcoin. At one...
  • Ponzi: Treasury Issues $1T in New Debt in 8 Weeks—To Pay Old Debt

    11/28/2014 5:30:08 PM PST · by xzins · 45 replies
    CNS ^ | November 28, 2014 | Terence P. Jeffrey
    The Daily Treasury Statement that was released Wednesday afternoon as Americans were preparing to celebrate Thanksgiving revealed that the U.S. Treasury has been forced to issue $1,040,965,000,000 in new debt since fiscal 2015 started just eight weeks ago in order to raise the money to pay off Treasury securities that were maturing and to cover new deficit spending by the government. During those eight weeks, Treasury took in $341,591,000,000 in revenues. That was a record for the period between Oct. 1 and Nov. 25. But that record $341,591,000,000 in revenues was not enough to finance ongoing government spending let alone...
  • Charlie Crist to Scott Rothstein: "We Love You"

    06/27/2014 1:07:17 PM PDT · by SoFloFreeper · 3 replies
    NEW TIMES ^ | 1/21/11 | BOB NORMAN
    Former Gov. Charlie Crist was apparently a little closer to Scott Rothstein than we knew. Or maybe not. They blew out the candles on Crist's birthday cake a couple of years ago after giving the governor $52,000 (a grand for each candle).
  • Russia Dumps 20% Of Treasury Holdings, Mystery "Belgium" Buyer Adds Another $40 Billion

    05/15/2014 10:02:41 AM PDT · by tcrlaf · 22 replies
    Zerohedge ^ | 5-15-2014 | Tyler Durden
    Back in mid-March, there was a brief scare after the start of the Ukraine conflict, when Fed custody holdings plunged by a record $104.5 billion (if promptly bouncing back the following week), leading many to believe that Russia may have dumped its Treasurys, or at least change its bond custodian. We noted that we wouldn't have a definitive answer until the May TIC number came out to know for sure how much Russia had sold, or if indeed, anything. Moments ago the May TIC numbers did come out, and as expected, Russia indeed dumped a record $26 billion, or some...
  • Bitcoin Price Move Below $600 Continues

    03/22/2014 12:31:38 PM PDT · by Errant · 42 replies
    Market Oracle, UK ^ | 22 March 2014 | Mike_McAra
    Cutting right to the chase: we don't think going short is a good idea yet. Just when you would think the situation with Mt. Gox couldn't get any stranger, it has. Apparently, the exchange "found" almost BTC 200,000 in one of its old wallets this month. The coins would be currently worth approximately $115 million. A statement published yesterday on the exchanges website reads: MtGox Co., Ltd. had certain old-format wallets which were used in the past and which, MtGox thought, no longer held any bitcoins. Following the application for commencement of a civil rehabilitation proceeding, these wallets were rescanned...
  • Macro Energy Shares Soar on Australian Stock Exchange Following Bitcoin Deal

    03/15/2014 4:26:19 PM PDT · by TsonicTsunami08 · 7 replies
    CoinDesk ^ | March 14, 2014 | Nermin Hajdarbegovic
    Shares of Australian investment firm Macro Energy gained 42% yesterday, after news emerged that it plans to enter the bitcoin space and raise A$9.1m ($8.2m) in funding.