Posted on 11/20/2022 5:22:20 AM PST by canuck_conservative
The company hired Curb Your Enthusiasm’s Larry David to pitch crypto to potential investors as a sort of anti-spokesperson, admitting he knew nothing about digital currency. The commercial closes with David rejecting FTX, with a voice-over warning that said: “Don’t be like Larry. Don’t miss out on the next big thing.” ...
Tom Brady’s FTX investment began when he and his wife, Gisele Bündchen, bought an undisclosed equity stake in FTX in June 2021....
But after news broke on November 3 that FTX could be facing a liquidity crisis, investors scrambled to withdraw their holdings, demanding withdrawals worth $6 billion. FTX promptly froze all accounts. On Friday, November 11, 2022, Bankman-Fried stood down as CEO and the company filed for bankruptcy with potentially more than one million creditors in the lurch....
The lawsuit alleges that these sports and TV celebrities brought instant credibility to FTX, and should be held just as culpable as its disgraced now former-CEO Bankman-Fried....
“Selling an asset that is a financial instrument … is not the same thing as selling sneakers,” Charles Whitehead, professor at Cornell Law School, who is not involved in the case, told CNN Business. “There are anti-fraud and consumer-protection rules for selling bad sneakers. There are more restrictive rules when you’re talking about selling financial assets....
(Excerpt) Read more at stylecaster.com ...
Sounds good, congrats.
I’m not near retirement, but I have become more minimalist and non materialistic as I have aged.
I want the same as your first paragraph. Add a gym to it as well.
RE Retirement:
Be aware of what Clint taught us:
Don’t let the old man in
He made movies at 87
Depends on what they knew and when they knew it.
Gator, I was a stockbroker for 4 years after leaving the Army. After that, I got back into accounting for roughly 30 years…I don’t understand any of it, ergo I never put any of my money into it.
Tom and wife are in serious financial peril with this lawsuit. I heard a talking head going through this and he mentioned that they could be very liable.
It’s part of the clawback process. Everyone who profited or gained from the enterprise will have to discorge whey they got to pay off the victims [happened in the Bernie Madoff case and the recoveries are astonishingly high well north of 75%. Pols who got campaign contributions will have hand it all back, etc.
I have many hobbies to pursue, including writing short fiction.
Good for you, Sam. Anyone who invested regularly over the last 40 years in an S&P 500 index fund should be feeling really good now (even in spite of the recent downturn in stocks).
I agree. At 68, I went back to work about 2 months ago, in the tax department at a large real estate company. As long as my health stays good, I will keep doing it.
Rhetorically, why do some folks think an endorsement by a “celebrity” carries any weight? For me, it makes me more wary. They don’t have a clue most times. Just collecting the cash. 🤔😁👍
I’m thinking they know close to nothing.
One is obsessed with throwing a ball, and the other has fags take pictures of her in underwear.
Neither is a Wharton grad…
But they didn’t profit right? If they also were taken for money, would they be liable for anything?
Isn't Zelensky involved in the money laundering?
Sounds like you were a prudent investor.
Thanks for serving.
If they have to go through Tom Brady to get to Larry David, so be it.
Like the Pope, Zelenskyy is infallible…
They didn’t have to endorse this company. They made a poor decision. I guess we will wait and find out their whole story regarding this.
It is always about more money. More riches and a bigger life.
In retrospect, this is really cringeworthy. All the "friends" that he rooked into this scheme must really hate him now.
If I was on the jury I would say give all the investors a tax receipt for their political contribution, pat on the back and a lesson learned commemorative FTX tee shirt.
Since the company is an alien corporation, how is it they donated money to the US political process. I thought that was illegal.
I really think that entire area of the country should be vaporized.
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