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Doing Fraud on Securities Fraud

bloomberg.com

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Re: Doing Fraud on Securities Fraud

#3

Post by StopHammoTime »

I feel literally like Abe Simpson "I used to be with 'it', but then they changed what 'it' was. Now what I'm with isn’t 'it' anymore and what's 'it' seems weird and scary. It’ll happen to you!"

We used to buy things that had physical value, now we just buy memes.

Re: Doing Fraud on Securities Fraud

#4

Post by labster »

> It continues not to be my fault! I am sorry! I realize that people think I am having a mental breakdown in this column but I am actually doing fine; financial markets are having a bit of a mental breakdown.

Nice try Matt Levine, you’re never gonna stop my AMC diamond hands

Re: Doing Fraud on Securities Fraud

#5

Post by a-dub »

> I don’t know! Capitalism is different now! It used to be that, if you were a struggling online lingerie retailer, you could try to sell more lingerie, or you could try to cut your costs of selling lingerie, or you could expand into some related apparel business lines, or you could shut down, I don't know, I’m sure there were more options, but if you went to an investment conference and said “I’m tired of lingerie let’s do electric cars” investors would be skeptical. But now sometimes you can be a struggling online lingerie retailer and get hit by Reddit lightning. And if that happens, you gotta seize the moment. “People are paying attention to us, we can raise money, only one choice here: electric cars.” (Honestly two choices: electric cars or crypto.) And off you go. Now you run an electric-car company. Congratulations.

i mean other than the hivemind of reddit making choices on who gets to play based on lulz, how is this all that different from private equity (chosen CFOs without a cause with private investor funds) or SPACs (chosen CFOs without a cause with public market funds)?

Re: Doing Fraud on Securities Fraud

#7

Post by eastdakota »

drivebycomment wrote: post #6

I highly recommend subscribing to Matt Levine's Money Stuff newsletter. Informative and entertaining at the same time! Though be warned that it can be depressing from certain perspective.

Why is this downvoted? This is some of the best advice ever on HN.

Re: Doing Fraud on Securities Fraud

#8

Post by trompetenaccoun »

StopHammoTime wrote: post #3

I feel literally like Abe Simpson "I used to be with 'it', but then they changed what 'it' was. Now what I'm with isn’t 'it' anymore and what's 'it' seems weird and scary. It’ll happen to you!" We used to buy things that had physical value, now we just buy memes.

Well, in case you're referring to cryptocurrency, isn't that initial claims fraud case one of the good old kind?

Some things never change. It's crazy how much our (financial) world is built on fraud. The cases that are discovered and where the perpetrators get convicted are only the tip of the iceberg.

Re: Doing Fraud on Securities Fraud

#9

Post by ttul »

drivebycomment wrote: post #6

I highly recommend subscribing to Matt Levine's Money Stuff newsletter. Informative and entertaining at the same time! Though be warned that it can be depressing from certain perspective.

I can’t comprehend how Matt is able to write so much every day, and yet it’s all good stuff. Insanity.

Re: Doing Fraud on Securities Fraud

#10

Post by Animats »

a-dub wrote: post #5

> I don’t know! Capitalism is different now! It used to be that, if you were a struggling online lingerie retailer, you could try to sell more lingerie, or you could try to cut your costs of selling lingerie, or you could expand into some related apparel business lines, or you could shut down, I don't know, I’m sure there were more options, but if you went to an investment conference and said “I’m tired of lingerie l…

This isn't new. Back in the first dot-com boom, someone did an IPO for a strip club on Broadway in San Francisco, as "BOYSTOYS.COM INC", ticker symbol GRLZ. That failed. (The details are all in the SEC filings.) So they pivoted to trading in pollution credits. That failed. So they pivoted to selling some antifreeze product. That failed in 2020, and all the independent directors quit. They seem to be semi-defunct, not dissolved but not making SEC filings on time.

    GlyEco, Inc. CIK#: 0000931799 

    formerly: ALTERNATIVE ENTERTAINMENT INC (filings through 1997-03-12)
    formerly: BOYSTOYS COM INC (filings through 2009-08-13)
    formerly: Environmental Credits Ltd (filings through 2011-11-10)
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