EV SPAC Lordstown Shows Why this Market Needs Short Sellers More than Ever; They’re the Only Sheriff Left in Crazy Town

Lordstown now says it has “No Binding Orders” after saying it had “Binding Orders,” after admitting it had “No Binding Orders,” after hyping its binding orders for months. Sheesh.

By Wolf Richter for WOLF STREET.

I mean, anything goes in crazy town that the stock market has become in these fabulous free-money times, right?

Lordstown Motors, a superbly hyped EV SPAC with no revenues and no salable product, rattled some nerves in a devastating admission via an SEC filing on June 8 that warned about running out of money, warned about its “ability to continue as a going concern,” and admitted that it did not have “binding” orders for its electric pickup truck, the Endurance, after having hyped its binding orders for months.

It also announced a housecleaning in its executive suite that swept out CEO Steve Burns and CFO Julio Rodriguez. So that was bad, and shares fell just when the company was trying to raise money.

But wait… On June 15, President Rich Schmidt must have figured out it was time to pump the shares back up to make raising money easier, and at an Automotive Press Association event he said that the company had in fact “firm” and “binding” orders for the first two years of production.

“Currently, we have enough orders for production for ’21 and ’22,” he said. “Those are firm orders we have for those two years.” These are “basically binding orders that are committed here in the last two weeks, reconfirmed orders,” he said when he was asked if they were binding orders. “They’re pretty solid, and I think that’s on the light side or conservative side.” And shares jumped.

Ha, this morning, to “clarify” the lie offered up by President Rich Schmidt on June 15, the company disclosed in an SEC filing that in fact it did not have any “binding purchase orders or other firm commitments.”

It referred to what it had said in its June 8 filing and reiterated that “we have no binding purchase orders or commitments from customers.”

All it has are some loosey-goosey agreements that can be cancelled any time with 30 days’ notice and where there is no down-payment due until 90 days before delivery of the vehicle, whenever that may be, if it takes place at all. The company now says these agreements are just “a significant indicator of demand for the Endurance.”

Binding orders for the capital-intensive production of vehicles is a live-or-die item for Lordstown. And knowing this, the company had been touting its fake binding orders for months.

This became obvious to short-selling firm Hindenburg Research, which came out with a devastating analysis on March 12, titled, “Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno.”

Following the publication of the Hindenburg analysis, the SEC yawned, sort of woke up, and asked Lordstown for more information about the allegations it had misled investors about the orders.

This morning, the company also announced – likely as result of this entire mess – that it postponed its annual meeting that was supposed to be held today (sorta short notice, don’t ya think?) until August 19.

I mean, Lordstown should just file for bankruptcy and liquidate and get this over with, rather than trying to bamboozle potential new investors into forking over more money to finance more lies.

This case is Exhibit A why this market needs vocal short sellers with a big megaphone more than ever. The SEC didn’t even react until after Hindenburg came out with the allegations. The SEC isn’t doing anything as long as the shares are going up. It’s just when the shares collapse that it might start sniffing around belatedly and ineffectually.

The SEC still hasn’t done anything visible concerning Lordstown, and the lies have continued. Short sellers are not paid by the taxpayer, they’re paid by the success of their bet, or they get crushed. The risks are huge. And they’re the only sheriff left in crazy town since regulators have by all appearances abandoned the place.

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  86 comments for “EV SPAC Lordstown Shows Why this Market Needs Short Sellers More than Ever; They’re the Only Sheriff Left in Crazy Town

  1. Rcohn says:

    AMC has a tangible book value of minus (-4.3b).
    after the recent capital raises , but the stock continues to rally and has a market cap of over 30b.Short sellers don’t seem to be “sheriffs” because the inmates are now running the asylum.

    • Wolf Richter says:

      The last sheriffs in town were taken out the back and shot :-]

      • MCH says:

        Shot, then paraded across Main Street (via Twitter) strung up by the mob (retail) as a warning to all of the hedge funds for all eternity on the dangers of shorting.

        This will continue until the lawlessness overwhelms society (the stock market).

        A fitting analogy to society at large. Life sure is ironic.

        Bottom line: mob rule rocks. ?

      • DanR says:

        Have to point out that the sheriffs have to lay high stock borrow fees to short some of these stocks.

      • MiTurn says:

        No, the sheriffs got a cut of the action…

      • Duke says:

        Serious question.
        What happens to the investors of the SPAC pre acquisition?

        Do they got SPACkled too?

        • Wolf Richter says:


          If they were able to sell their stakes to the public after the acquisition, they made a lot of money. Once a company goes public, early investors generally make a ton of money if they can sell, even if the company eventually craters.

      • Wes says:

        Yes, Hindenburg is the only sheriff left and has to operate in Europe to maintain its freedom of speech and to stay alive. Hindenburg is always a good read.

        The SEC, by the government, for the government, and only the government…

        • Rudolf says:

          No. It’s of the corps, by their bought and paid for Congress critters and for the oligarchs/0.01%!
          There, fixed it for ya.

        • NBay says:

          “This country was founded on the principle that one corporation couldn’t hog all the slaves, leaving the rest of us [corporations] to wallow in poverty” -Eric Cartman

    • ethan in NoVA says:

      Well AMC is retail buyers driving the price up to squeeze the naked shorts right? Just the retail buyers having some fun like the whales do.

      Fingers crossed it hits $400 or $500 or something insane (like GME did!)

    • Realist says:

      I wonder what the situation is regarding AMC’s subsidaries overseas ?

    • Joan of Arc says:

      I learned years ago, about 20 years ago that the SEC was there to protect the corporations…not the little guy. I filed a clear cut case showing that my broker front ran me in a trade I made and I had the time and dates of each trade centered around my trade. The SEC reviewed and closed the case in favor of the broker.

      • roddy6667 says:

        Let’s not forget where Madoff came from.

        • NBay says:

          Simply locking up for life (and giving their net wealth to the IRS) all current GS students and alumni would go a long way towards cleaning this mess up….won’t solve it all, but would definitely help. Best piracy training school this side of the Atlantic.

    • Noelck says:

      AMC is more about momentum and the greater fool theory than a short squeeze.

      Anyone that does not believe there is institutional money involved and guiding some of these “fake” short squeezes is being very naïve. There are so many bots and influencers involved on these message boards it is ridiculous. When will people learn never to trust an anonymous internet poster. Wait that could be me :)

  2. YuShan says:

    Totally agree about the short sellers. They have skin in the game, unlike regulators, the Fed, the government etc.

    • wkevinw says:

      Short sellers are important for price discovery.

      Free markets are like free speech. To discover reality/price, we need all participants to show what they want to do and say. Every other system is less efficient.

      • JakeB says:

        They are also the investigations department of the SEC. It’s them or nothing…and even then it’s often nothing. #Funding Secured

      • RepubAnon says:

        Classic free market theory assumes that consumers have “perfect knowledge” of all relevant facts. As this isn’t true in the real world, government regulations take up the role of ensuring that relevant facts are made public.

        Alas, thanks to the multi-year push to deregulate everything, this protection is increasingly threadbare. Re-regulating the financial markets would go a long way to taking the crazy out of these markets.

        • lenert says:

          That’s just your 2 multi-chain partially-collaterized stablecoins.

        • Nacho Libre says:

          In theory:
          regulations keep the industries honest. Regulators are smart, honest and interested in fair outcomes.

          In practice:
          – regulations are written by lobby groups to protect big players and keep small players out.
          – regulators are kept in the dark or mislead.
          – regulators are bought off with post-retirement consultant/lobbyist jobs.

        • Happy1 says:

          There has been complete regulatory capture of federal agencies. We do need an honest sheriff but it would be a good start if the regulations that exist were enforced.

          And it would be an even better start if the Fed would simply take its foot off the gas pedal during a time of raging inflation and declining employment, speaking of government intervention.

        • Nacho Libre says:

          I will give you one example, draw your own conclusions.

          In 2011 MF Global, which was heavily involved in trading commodities futures, filed for bankruptcy. It was a firm headed by former Dem governor of NJ, Jon Corzine. It had more than 30000 retail customers. When the firm lost its own money, it also dipped into customer accounts.

          The regulatory agency that was supposed to regulate it, CFTC, didn’t see it coming or prevent it from happening.

          CFTC was then headed by Corzine’s ex-colleague Gary Gensler. He now heads the SEC.

        • Augustus Frost says:

          Government regulations ensure no such thing, not to mention that even if it did, how these “facts” are interpreted by the end user is something else entirely.

          History better demonstrates that regulatory agencies usually close the barn door after the horses have bolted.

          Look at the history of major regulatory changes. Sarbanes-Oxley after Enron and the dot.com bust. Creating the bond rating agency oligopoly around 1974 which was a big part of the problem in 2008. Creation of the SEC in 1934 after the stock market crashed into 1932. This is just for starters. Similar story in banking and with pensions.

          Whatever the merits or demerits of any specific legislation, you can’t protect someone from themselves. That’s going to be proven again in spades when this mania comes crashing down. Yet I am already waiting to hear that if only we had more regulations and the regulators had the funding, it never would have happened.

          Always trying to regulate greed and moral hazard.

        • wkevinw says:

          RepubAnon- Classic free market theory assumes a few things, but that “each consumer (market participant) has “perfect knowledge” of all relevant facts” isn’t one of them. The theory assumes “rational action”, that the whole market together has all facts that are “possible”.

          There needs to be regulation- as little as possible.

          There is discussion again of the Fed using margin ratios to regulate again, which is what I thought they should have done for the .com bubble.

          I don’t necessarily think more regulations are needed. The people in charge of them need to be competent, and to not have too many conflicts of interest.

          If you think there is corruption today, go back and check into the early 20th century in the markets . It was absolutely crazy and contributed to the depression, for example.

        • topcat says:

          @WKEVINW –> HomoEconomicus is the basis of clasical economic theory and he/she has perfect knowledge and forsight so that all information is at all times available and known to all market participants and the price of anything is always the optimal price at all times.
          Those are the assumptions that lie behind the analysis of free-market-economics. Take it or leave it.

        • joe2 says:

          Regulatory agencies are in business to collect fines for the government and punish companies that stray from their crony cohort. Similar to civil forfeiture – in 2014, law enforcement officers took more property from American citizens than burglars did.

        • wkevinw says:

          On the “perfect knowledge” and other models (often called zero order or first order models). For the sake of argument/discussion, one can make this kind of model- perfect knowledge by market participants, infinite supply or demand, etc. However it is well known by the practitioners that this is an over-simplification.

          Another concept that gets bashed is the efficient market hypothesis. As a first order approximation it has many useful applications. Can one prove that the markets are not absolutely efficient? Easily! That does not render the model completely useless.

          As an example that I have a couple of degrees in, bonded atoms are usually assumed to vibrate in harmonic motion. It is well known that they are not completely harmonic, but it’s close enough to understand a lot of what goes on in molecular vibrations.

          Just because there is a model used for simplicity, does not mean all the practitioners of that discipline don’t know that it is an oversimplification.

        • joe2 says:

          No one is dismissing approximate models – everything is approximate and statistical.

          What is at issue is how the results are publically and politically presented as TRUTH.

  3. polistra says:

    Starting up by subscription can make sense when the company plans to contract with an existing manufacturer. Tesla started that way, paying Lotus to build the cars it designed. Starting by subscription shouldn’t even be conceivable when the company proposes to build its own factory.

  4. A says:

    Starting to think setting up a system where stocks and real estate must go up forever in order for people to pay their bills after age 65 was maybe a mistake.

    • random guy 62 says:

      My thoughts exactly.

      I’m a middle millennial and am losing faith in the stock market as a place to build a retirement plan – Not because of short-term losses, but because of “excessive” gains. It’s like everything I learned in college about profits and cash flows doesn’t matter anymore.

      There is no good reason my monthly index fund gains should be exceeding my income for so long, but here we are… That isn’t bragging or complaining… it’s just WTF??

      It just feels like a ticking time bomb. Or am I just witnessing what happens to stocks when the value of a currency gets destroyed?

      • Guest says:

        It’s just what happens when people are given free money to spend on anything but basics apparently, the government can’t afford to lose face and thus propping up a fake robust economy, and when #yolo and #fomo are on the same condensed timeframe. Give it time and it’ll even out and revert to some stability. Who comes out unscathed and who hurts the most is known, just a matter of when.

        Stocks should never have been some sort of “stable” retirement setup. What wasn’t learned a decade ago may repeat itself. It’s easy to jump on but can people cash out in time? And what if you did nothing yet still suffer the reckless investing from those who manage a fund?

      • Old School says:

        I am 65. Things tend to swing from extreme to extreme. Shiller PE has been as low as 5 and probably then people didn’t want to hear the words “stock market”.

        Now people do stock trading as a pass the time. Over the really, really long term I think total stock return is roughly 6% over inflation. People get sucked in when their neighbors take excess risk and get rich.

        It’s pretty clear if the market gives 15% returns for a decade or so the future returns are going to be disappointing when the tide goes out.

      • Old School says:

        It seems like Fed made a huge mistake with the wealth affect. Stock markets tend to boom and bust without the Fed providing extra fuel. I think for banks in 2009 they wanted to let them earn their way to solvency by cheating Grandma on her interest for a few years. But getting stock market to 70 X dividend is nutso.

    • PNWGUY says:

      LOL, well said.

      The amazing part is, they’re trying to keep the party going by pushing prices up unsustainably.

      It would be so much easier and safer to just reduce key costs (healthcare, housing, food).

      Somehow the lobbies have convinced everyone that centralized cost reduction = socialism… but centralized price pumping is “well managed capitalism.”

      Whatever. We’re all ants on a pebble in space.
      Most of us are blessed with ignorance, some of us are burdened with knowledge.

    • Augustus Frost says:

      Well, if you listen to some of the “experts”, they apparently don’t know the difference between how inflated asset markets are relevant to individuals or society collectively.

      Supposedly with the Social Security Ponzi scheme, if only the participants could have invested in the financial markets in private accounts, retirement funding would be much better or there wouldn’t be a problem.

      Inflating asset markets doesn’t make a society richer, as it isn’t real wealth. An individual is wealthier when their portfolio appreciates but this doesn’t translate to society collectively because it doesn’t increase the supply of goods or services to be bought.

      There is no practical difference between this and QE “printing”.

  5. Micheal Engel says:

    1) The inflation expectation is 3.6%, but RRP @ $756B is bound to $1T.
    2) The RRP takeout window will eliminate hypo beef, to keep the Fed diet simple.
    3) NDX @14,000 is hanging on a clean number to remember, for two months.
    4) NDX might lose it’s grip without hypo beef.

  6. David in Texas says:

    I totally agree with the idea that short sellers are the only check on the vast ocean of lies spewing forth.

    There are two main problems, though:

    1. Shares in garbage stocks like RIDE are often not available to borrow, or if so, only at extortionate interest rates; and

    2. At least lately, the worse the company’s actual prospects (often reflected in a high short interest), the more likely the Wallstreetbets / Reddit crowd is to latch onto it and drive it to the moon.

    Unfortunately for honest price discovery, many would-be short sellers have concluded that there are easier ways to make money and still sleep at night.

  7. WES says:

    Lying is rewarded handsomely and truth-tellers are severely punished when you print money out of thin air..

  8. JC says:

    This is post CEO departure with new acting officers.

    Lordstown Motors has “firm” and “binding” orders for the first two years of production of its electric pickup truck, the startup’s president says, sending shares up 6.4% a week after saying it had no binding orders for the vehicle.

    “Currently, we have enough orders for production for ’21 and ’22,” President Rich Schmidt said at an Automotive Press Association event in Detroit. “Those are firm orders we have for those two years.”

    Days earlier they couldn’t say they had any. How do you react to conflicting statements on something so important only days apart?

    • Wolf Richter says:


      ” How do you react to conflicting statements on something so important only days apart?”

      Go to the latest SEC filing of this morning where the company admits and reiterates that the orders are NOT binding. So they’re NOT binding. They’re just wishful-thinking agreements to maybe buy a truck at a later time. In prior statements calling the orders “binding,” the company lied to deceive its investors.

      Not sure if this is fraud (I’m not a lawyer) and if the individual should be prosecuted.

      But here is how you react: you sell the shares if you own them, and you never ever buy them again, and you never ever buy a vehicle made by this company if it ever makes any vehicles. This company needs to be liquidated.

      • joe2 says:

        Wolf – I read that Lordstown was paying $30-50 per truck for the so-called order commitments. Probably listed as sales incentives. Is that true?

    • RedRaider says:

      This article made me think of Martha Stewart/Omni Corp situation. In publicly making statements in defense of Omni she told some half truths/lies. She got indicted for it – you can’t misrepresent the facts like that to shareholders. Unfortunately the jury convicted her of insider trading which, in my opinion, had nothing to do with it.

  9. 2banana says:

    If only there was some kind of government agency for the prosecuted fraud, stock manipulation and violations of GAAP…

  10. Willy2 says:

    – I steered away from all those SPACs.

  11. reagan pratt says:

    You know what else is important? IPO roadshows. SPACs like this are a cosmic joke.

  12. Their price to book ratio is attractive. When yields rise M & A might work to consolidate the group. Bigger companies buy smaller ones to acquire their debt? This is a US company, and not sure if Tesla really is. Lots of moving parts here.

    • joe2 says:

      Did I misunderstand you? They just said their sales book was zero. Price to book ratio would then be infinite. Logically stock price (capitalization) divided by sales book is a meaningless term unless the smaller the better.

      • Their price to book is similar to GM. Should asset prices fall, against a flood of Fed induced liquidity there will be no margin call event. Likely investors will begin selling expensive assets and buying cheaper ones. That could take shape in waves, as stock owners reallocate. The glamour premium will go out of stock prices. The argument that a high PE ratio is its own justification will be tested. No one knows how it will unfold, but when scared money moves into assets, sooner or later they look at the bottom line.

  13. Harrold says:

    “Fake Orders, Undisclosed Production Hurdles, And A Prototype Inferno.”

    Oh, the humanity!

  14. Anthony A. says:

    This is all so unbelievable. Why aren’t these lairs and crooks in jail?

    • MiTurn says:

      Because the lawyers and the judges don’t see anything wrong.

    • Old school says:

      Because nearly the whole system is set up to keep the status quo going. If truth has to be the casualty, then so be it. Remember Draghi’s words. “Whatever it takes to save the Euro.”

  15. Peanut Gallery says:

    Making money on shorts is kind of like standing in a river for ten years and waiting for one fish (a big fat one) to swim between your legs.

    • Mark says:

      Everyone should read “Reminiscences of A Stock Operator” to see how this is nothing new… has been going on since the days when telegraphs were in style. I’m no expert trader, but I’ve read a few like this one. You don’t short until the market breaks hard and the feeble excuses start. Not unless you want your account to be taken out on a stretcher, like some here who bet fed tightening marked the high late last year.

      Everything a company says should be considered an invitation for you to help pump their stock. The news media is complicit.

      I’ll stay long until I see that market break. Then I’ll gently stop out and look for re-entry points. No hurry. The process takes months.

      “The market can stay irrational longer than you can stay solvent.” — Jessie

  16. YacosModernLife says:

    Nothing but a merry-hell-go-round of shills, conmen and financial cockroaches feasting on financial corpses. Apparently Aka sheriffs, lol. Cops today really don’t deserve this analogy. They work in a reality actually made much, much worse by all this nonsense. What the American spirit has been screaming since 08 is DEFUND WALLSTREET, not the police. Hell if people went back to honest and fair work a lot of the ‘sheriffs’ could join them including all the MSM members who have been parading the defund the police division! See how easy…I know not fake enough for finance and media wizards, LMFAO. Clown world

  17. Seneca's cliff says:

    In the old west when the sheriff left town the bandits and criminals would have a heyday victimizing the townspeople for a while. Then eventually the townsfolk would get tired of the abuse and organize themselves. The bandits would then find themselves facing an angry mob of ordinary citizens and hit the road or face a harsh sentence administered by their victims. I dream that such a thing will materialize for the villains on Wall Street. Many people will wringe their hands at the fate that will await these crooks, but much of the blame will fall on the folks who should have acted as the Sheriff but were too weak or corrupt to do the job right.

    • YacosModernLife says:

      Never was a problem for the vigilant, until the sheriffs join the criminals and bandits, then it’s an undeniable problem as we see now. Money for absolutely nothing, no product, no orders just predators feasting on a mucho bad system which denies reality with only one answer…MUCHO, MUCHO, MOAR !!!

  18. Micheal Engel says:

    Shingle moms 365 days/y o/n federal parties, since they are teenagers.

  19. Micheal Engel says:

    Tomorrow shingle moms bank holiday.

  20. Brent says:

    After much soul-searching Hindenburg Research posted that report online:


    Not only Lordstown orders were non-binding but they were placed by the small companies with no car/truck fleets. ???

    Lordstown plant is located alongside I-80,so if you wanna watch that Potamkin Village you may visit Ohio DOT website and look at the empty Lordstown plant parking lot in real time thru the traffic cameras.

  21. gary says:

    I appreciate all this unearthing of controversies, but I do want to add something to the conversation:

    I order my eyeglasses from an online retailer. I’ve had nothing but great product and service from them. I’ve used them for years.

    Anyhoo, if you google the name of the retailer, you will get back a long list of negative stories, something about the owner and company being in legal trouble and all this other bad stuff. You would think the company was a scam. Yet, they are a real good company. Thus, it’s hard to judge what’s really going on just from the headlines.

    • Petunia says:

      You can buy reviews online, both good and bad ones. Some of the bad reviews are done and paid for by competitors. I read the reviews but try to use common sense as well. A series of bad reviews and good sales numbers, don’t add up.

  22. Brent says:

    From Hindenburg Research report:

    -For example, Lordstown recently announced a 14,000-truck deal from E Squared Energy, supposedly representing $735 million in sales. E Squared is based out of a small residential apartment in Texas that doesn’t operate a vehicle fleet.

    -Another 1,000-truck, $52.5 million order comes from a 2-person startup that operates out of a Regus virtual office with a mailing address at a UPS Store. We spoke with the owner who acknowledged it won’t actually order any vehicles, instead describing the “pre-order” as a mere marketing relationship.

    Lordstown order book deserves Pulitzer prize in “Fiction” category.

    • Mike says:

      WTF! Where is the SEC it’s like Madoff on steroids, they were informed multiple times about and did nothing.

      • Brent says:

        Why the outrage ? ?

        “Vigilantibus non dormientibus aequitas subvenit”
        which means-
        “Equity aids the vigilant not the indolent”

        1.Were you harmed personally ?
        2.Did you file a claim with the SEC ?

        Most likely not.

        On the other hand Fat Cats ripped by Bernie were “vigilantibus”, not “dormientibus”

    • Bead says:

      Smells like all the smartest guys in the room, Enron. Or maybe the Ms. Holmes and her “blood test.”

    • Guest says:

      How do you know that small apartment isn’t harboring the first functional wormhole? 38 a day keeps the coppers at bay.

  23. Jack says:

    “The SEC still hasn’t done anything visible concerning Lordstown, and the lies have continued. Short sellers are not paid by the taxpayer, they’re paid by the success of their bet, or they get crushed. ”

    This really distilled the whole precarious situation that investors are facing in the premier stock market that is the NYSE!

    The “lack of interest “! From the regulator to get on with its ascribed role to err …REGULATE!

    Another failure by the government. The bloated and inefficient machine the you and I keep feeding, to concrete our own demise.

    As individuals, we’re seeing less and less need for these fools in our lives. It frankly astound and amuse me to no end how we’re handing this bunch more and more powers over our lives!

    The SEC, like 95% of it’s peers across the western world is / are a toothless tiger( i e there for the show and good looks).

    Is it any wonder that we keep getting screwed by unscrupulous “ entrepreneurs “!!

    They’re proliferating like mice, from the highly shape shifting unicorns to the blatant lies demonstrated here with lordstown motors .

    This complacency by the overseers( SEC) has added to the scope and magnitude of the future misery that will unfold when everything goes to crap!

    Will we have anyone to blame but ourselves? I’ll leave the answer to you.

    There will be NO building a nation as long as we have a system inefficient in punishing the thieves, and the greatest of them my fellow Wolf Streeters are (you know who).

    If only , you show more interest in the future of your children and grandchildren, only IF.

    • Bead says:

      I thought the SEC at least got their employees’ porn habit under some control. Otherwise our government is here merely to leak their notions to favored journalists and read their ensuing fawning stories. The very great Gary Gensler, for example.

      Jerome is giving his bank buddies a little volatility to play in. Enjoy!

  24. MonkeyBusiness says:

    United Scammers and Spacs of America!!!

    Best country on Earth!!!

  25. MonkeyBusiness says:

    We know the SEC is a lost cause. But now that Lina Khan has been made Chair of the FTC, perhaps our Big Techs will finally be broken up.

    • joe2 says:

      Or she will be bought. I’ve seen no one that has not been bought that was targeted to be bought.
      Except for Assange, Snowden, and Manning, and others who have disappeared.

    • Old School says:

      It takes a long time to learn life’s lesson. One is a fool and his money are soon parted. How many agencies have been shown to be useless?

      Accounting firms, SEC, bond rating agencies, the Federal department who only had one job to over see Fannie Mae let it go right into insolvency, all the agencies overseeing the big banks let them go bust in 2009.

      Maybe things worked better when there was not so many agencies and a company had to compete for your ownership by paying you a higher dividend than a corporate bond.

  26. Yancey Ward says:

    The entire market is a carny operation.

    • YacosModernLife says:

      Wolf let them see why they’ve been condemned to cubicles perpetuating ‘one small box’ of fraud backed back Uncle Sam. won’t you let the carnival be seen for what it is. Hot air trapped by every changing convention to suite these devils. Just like every reverting to the saying ‘shit happens’ in 08, fully orchestrated narrative without facts (although again your workers in manufacturing chart shows exactly what happened) here we are again. So far away from the truth now, status quo is a farm animal chained by greed and fear!

  27. Michael Gorback says:

    Oh gosh, a lying startup. I didn’t know that could happen.

    About 10-15 years ago I bought into a private placement. Another doctor introduced me to it. It was a very unique approach to controlling infection transmission. Quite a few of us got in board. We seemed to have a lot of trouble with regulatory hurdles. We weren’t getting much info. This company owned the rights to all medical applications of another company’s technology. The controlling interest in both companies was the same guy.

    We finally had a showdown because I kept pushing to see the licensing agreement and it turned out all they really really had was a letter of intent.

    Several of us demanded a licensing agreement. What they came up up with was a piece of shit. We had a shareholders meeting and what I and my allies thought made no difference. We didn’t have the votes.

    About 5 of us got together and sued for a refund of our investment. They refused. I suspected the money had gone over the wall into the technology company buried in our budget as expenses and from there into the owner’s pockets. I hired a forensic accountant.

    We got full refunds. Who wants to vote me in for SEC chairman? Imagine what I could accomplish if I knew anything about it.

    • joe2 says:

      Are you bidding for a buyout and position in the elite? Don’t underestimate the enticement of a total moral buyout. Tell us what skin you will put in the game.

      • Guest says:

        Frankly, that he was interested in some concept going through the market already indicates a moral baseline. It’s not a judgment or character attack, just that enough back-patting money can easily entice someone who otherwise would not have made a fuss had things gone their way.

  28. YacosModernLife says:

    ‘Let carnies rage
    My countryclub ‘tis of thee
    Sweet land of corruption
    Of thee I sing.

    Land where my dollars died
    Land o digital-token-fart pride.
    From every landfill side

    Let media crisis ring
    Let its tech deceive
    throughout the carnival
    Let it desecrate 1787 liberty
    And keep us bonded and divided. ‘

    Gotta keep up with the times, we wouldn’t want the old frogs to fully boil with the curtains still up. Happy Friday WOLFSTREETERS ;.)

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