In October we noted that the death of Theranos has been long coming – ever since the WSJ’ John Carreyrou did a phenomenal job, starting about one year ago, of exposing the fraud that is Clinton Global Initiative-darling Elizabeth Holmes – but now following the second round of massive job cuts, it appears the final nail in the coffin of this ‘fake news’ unicorn is being struck. As Bloomberg reports, the startup will eliminate 155 more positions, leaving 220 employees (down over 70% from highs).
As Bloomberg details, Theranos Inc., the embattled blood-testing company, will fire about 41 percent of its employees after months of regulatory setbacks,lawsuits, and scrutiny. Continue reading »
Four days after the first sporadic protests emerged in Mexico City, following the infamous “gasolinazo”, or mandatory 15%-20% increase in Mexican gas prices which went into effect on January 1, the mood across the country has significantly deteriorated, with hundreds of demonstrators blocking highways, snarling traffic, raiding gas stations, jeopardizing critical supplies, and looting stores as angry but impotent motorists lashed out at the price surge, which is only going to get worse as inflation spikes even more following the record plunge in the Mexican Peso.
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Three years ago, in February 2013, traders were outraged upon learning that the National Futures Association refused to ban former MF Global chief Jon Corzine from trading with other people’s money, rejecting a motion brought before that body’s board of directors to do so. The decision was a blow to a vocal group within the commodities trading world who – noting that Corzine has not been held accountable by the government for alleged crimes – wanted to see him publicly upbraided by his peers in the market.
All that changed today when Corzine agreed to pay a $5 million civil fine to settle a lawsuit by the U.S. Commodity Futures Trading Commission over the 2011 collapse of the former New Jersey governor’s brokerage, MF Global Holdings. More importantly, under the settlement disclosed on Thursday, Corzine also agreed to be barred for life and never again work for a futures commission merchant, or register with the CFTC in any capacity. Continue reading »
Check out this receipt and you realize why the country just elected Donald Trump. Liberal Democrat scumbag mayor Jim Kenney and his entirely Democrat city council thought it was a brilliant idea to ram a beverage tax down the throats of Philadelphians last year. They were doing it for the chilruns. It’s always for the chilrun. The ignorant masses bought the load of bullshit because they don’t understand maff. They understand it now. The tax went into effect on January 1 and the sticker shock is infuriating the ignorant masses.
This receipt for a 10 pack of flavored water shows a 51% beverage tax. It gets even better. PA has a sales tax of 6%. Philly already charges another 2% (for the chilruns) to make the sales tax 8%. These bastards now charge the 8% on the original price plus the beverage tax. Last week this purchase came to $6.47. Today it is $9.75.
Now ask yourself, who drinks the most sugary drinks? That’s right. Obese uneducated poor people who are likely to be scraping by on food stamps or very low incomes. Kenney and his liberal minions have fucked over their main voters. This tax is going to drive grocery purchases outside the city and hurt small restaurant owners. It isn’t benefiting kids. It’s funding the bloated pensions of teachers and government employees. Overall tax revenue will decline. Democrats are complete idiots when it comes to economics. Taxing their people to death is destroying Philly. Continue reading »
Greenland’s ice sheet kicked off 2017 gaining about eight gigatons of snow and ice, which is well above what’s usually added to the ice sheet Jan. 1 for the last 24 years, according to Danish meteorologists.
In fact, Greenland’s ice sheet has been gaining ice and snow at a rate not seen in years based on Danish Meteorological Institute (DMI) data. DMI reports the Greenland ice sheet’s “mass surface budget” has been growing significantly since October.
Greenland’s “surface mass budget” for winter 2016-2017 is already more than two standard deviations higher than the northern ice sheet’s mean snow and ice accumulation over the last 24 years. DMI data shows the ice sheet added 8 gigatons of ice and snow Jan. 1, well above the standard deviation for that day.
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Prices offered by different shops can vary wildly. For example, offers on a single diamond ring Birnholtz shopped around to different storefronts in the Detroit area ranged from $65 to $1,060.
Pawnshops don’t exactly have the best of reputations. Their business model – offering people short-term loans using personal items as collateral – has consistently drawn complaints suggesting the industry preys upon the needy. In 2012, when a national chain wanted to open a pawnshop in a long-vacant lot in Chicago’s predominantly African American 18th Ward, for example, community members erupted up in strident opposition.
We officially have a new definition ot “thin-skinned”.
In what may be one of the most dramatic retaliations to a downgrade report, Indonesia’s government said it has terminated all business partnerships with JPMorgan Chase after the U.S. bank downgraded its outlook on stocks in Southeast Asia’s largest economy. The finance ministry announced it would stop using JPMorgan as a primary dealer and as an underwriter of its sovereign bonds, Robert Pakpahan, the ministry’s director-general for budget financing and risk management told reporters in Jakarta on Tuesday. The reason: Pakpahan said a November research report issued by the bank was not “accurate or credible.” Continue reading »
Scour the aisles of the grocery store, and you may be astonished to find just how many types of Pringles there are out there. But while there seems to be no end to the diversity of junk food, a comprehensive infographic has been put together to show you just how few corporations provide us with the hundreds of products available at our fingertips.
Internet data mining expert Clif High uses calls what he does “Predictive Linguistics,” to mine the Internet and collects billions of data points to produce forecasts of the future. High has predictions on Trump, gold, silver, housing, stocks, bonds, the dollar, interest rates and even new discoveries that will change the world that are coming out of Antarctica.
H/t reader squodgy:
“The CRASH is already in place for those not in the manipulated financial world.
But Mr High says end Feb through March & April will have notable signs of correction and reality checks.”
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Just over a year ago, we reported that in what was set to be a pilot experiment in “universal basic income”, Finland would become the first nation to hand out “helicopter money” in the form of cash directly to a select group of citizens.
As of January 1, 2017, the experiment in “basic income” has officially begun, with Finland becoming the first country in Europe to pay its unemployed citizens the guaranteed monthly sum of 560 euros ($587), in a “unique social experiment which is hoped to cut government red tape, reduce poverty and boost employment.” According to Olli Kangas from the Finnish government agency KELA, which is responsible for the country’s social benefits, the two-year trial with the 2,000 randomly picked citizens who starting on the first day of the year, will receive a guaranteed income, with funds that will keep flowing whether participants work or not.
The money, which is guaranteed regardless of income, wealth or employment status, is well below the average private sector income in Finland of €3,500 per month, but is still revolutionary in its broad-sweeping approach and will be closely watched by economists around the globe for its social consequences. Continue reading »
In a time of great change; upheaval of norms and establishment status quo dissolution, there is one steadfast member of the elite that the world can rely on to never change – no matter how the facts around him do. Nobel-prize-winner Paul Krugman has begun the year as he ended the last, with a New York Times’ op-ed exclaiming that “America has become a ‘Stan’.”
In 2015 the city of Ashgabat, the capital of Turkmenistan, was graced with a new public monument: a giant gold-plated sculpture portraying the country’s president on horseback. This may strike you as a bit excessive. But cults of personality are actually the norm in the “stans,” the Central Asian countries that emerged after the fall of the Soviet Union, all of which are ruled by strongmen who surround themselves with tiny cliques of wealthy crony capitalists.
Americans used to find the antics of these regimes, with their tinpot dictators, funny. But who’s laughing now? Continue reading »
It may be the world’s largest technology giant and retailer, but many of Amazon’s workers appear to be living like they were deployed in a war zone: In tent cities.
As reported by the UK’s Courier newspaper (why hasn’t an American media outlet reported on this—like Amazon founder Jeff Bezos’ Washington Post, which he owns?), which reported exclusively, Amazon workers at one of the company’s England-based fulfillment centers are actually sleeping in tents.
Reporters for the paper recently discovered at least three tents in a wooded area beside the online retail behemoth’s base near Dunfermline, Scotland, which has sparked new concerns that some employees have to sink to depths unheard of for workers of other companies just to survive. Continue reading »
Here’s your “it’s hard to believe, but true” article of the day.
Lawmakers in Montreal have moved to crack down on new restaurants, in an odious attempt to protect existing ones.
“Montreal has one of the highest restaurant per-capita ratios in North America and the amount of places to eat is worrying local politicians,” reads a Canadian Press piece from earlier this week.
If that sounds awful and weird, that’s because it is. Studies of the best places to eat often conclude that the more restaurants a city has per-capita, the better its restaurant scene. It’s no surprise that the more choices a consumer has, the better off that consumer is. Continue reading »
Indian banks are fearful of running out of cash as lines queue up to withdraw money.
Bankers say they cannot cope with any sudden increase in demand, and warn against lifting cash withdrawal limits.
A decision by New Delhi on November 8 to scrap all large-denomination banknotes overnight removed 86 per cent of India’s currency from circulation. In an effort to prevent banks running out of cash, the finance ministry then imposed strict limits on the amount of new notes that could be withdrawn. Customers can currently withdraw just Rs2,500 from an ATM per day — equivalent to $37 — or Rs24,000 over the counter per week. Continue reading »
Today’s piece should be seen as a bit of a followup to yesterday’s post, India’s Demonetization Debacle Highlights the Dangers of Monetary Monopoly. While yesterday’s piece was more philosophical/strategic in nature, today’s zeroes in on some of the devastating real world impacts of Narendra Modi’s insane and inhumane cash ban. It’s hard to overstate the damage this policy has done to India’s economy. Modi is quickly solidifying his place as one of monetary history’s biggest idiots.