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The Viral Economy

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LawBeefaroni
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Re: The Viral Economy

Post by LawBeefaroni »

Eastman Kodak gets a $765M federal DPA loan for vaccine supplies. It was a 115M market cap company at the time. Now it's around $460M after shares went up over 300%.
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Re: The Viral Economy

Post by malchior »

This has been a bad day for Congressional Democrats.


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Re: The Viral Economy

Post by LawBeefaroni »

Dickhead.


Fund payroll, take care of employee benefits, pay the mortgage, cover utilities, buy a Lambo?

Apparently, that last one doesn’t quite qualify as a permissible cost under the Paycheck Protection Program, but that didn’t stop one Florida man — yes, Florida man — from putting some of his coronavirus aid money toward buying a $318,000 Huracán EVO.

David Hines, whose business was in the red by more than $30,000, received a $4 million loan from the government and soon took to the streets of Miami Beach in his fancy Italian sports car.

...

“David is a legitimate business owner who, like millions of Americans, suffered financially during the pandemic,” he told the Post, while acknowledging the severity of the allegations.

The Miami Herald reported that federal investigators linked Hines with the sports car after he was involved in a hit-and-run accident earlier this month. When the bank froze Hines’ corporate accounts, they showed a balance of $3,463,162 but no repayments on the loans.
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Re: The Viral Economy

Post by malchior »

I know very well that a few local companies got several large loans and then went on to have the best quarters of their existence. You know since they are all soap manufacturing companies. Free money straight into their pockets.

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Re: The Viral Economy

Post by LordMortis »

It was necessary and it was necessary to do quickly. But Congress fucked up their job. I don't know what else to say. I know we got furloughed, unable to make payroll, which means we still syphoned off the system without being able to payback a loan while the work and bills piled up and I assume the overwhelming majority of small businesses were in the same boat. The idea that so much of that money got sucked up by so many through financial institution nepotism that systemically didn't need it but to pad bonuses and WallStreet earnings just exemplifies how unfit our congressional representatives are to make the laws they make.

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Re: The Viral Economy

Post by malchior »

I agree they could have drafted the legislation better but they were in a hurry. Still I put a solid 90% of the blame here on the Trump administration. But what should we have expected? I can't help but think of the Frog and the Scorpion.

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Re: The Viral Economy

Post by malchior »

LawBeefaroni wrote:
Tue Jul 28, 2020 10:19 am
Eastman Kodak gets a $765M federal DPA loan for vaccine supplies. It was a 115M market cap company at the time. Now it's around $460M after shares went up over 300%.
There was a sudden 25% bump in the price just prior to the big jump. I'm sure the market regulators are right on top of it.

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Re: The Viral Economy

Post by LawBeefaroni »

Market cap went as high as $2.8B or so when the stock was at $60. Currently at around $34 with a $1.44B cap.

This has traded between $17 and $60 today, was a $2 stock last Friday. It's like buying TSLA at $200 and seeing $6000 a few days later.

This is absolutely insane, not just the increase but the action all day today.

And someone was buying up on Monday before the announcement, as malchior noted. Volume was way up.
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Re: The Viral Economy

Post by malchior »

I would love to see the surveillance report for this stock for Monday.

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Re: The Viral Economy

Post by Holman »

US Economy Contracted At Head-Spinning 33% Rate Last Quarter.
The U.S. economy shrank at a dizzying 33% annual rate in the April-June quarter — by far the worst quarterly plunge ever — when the viral outbreak shut down businesses, throwing tens of millions out of work and sending unemployment surging to 14.7%, the government said Thursday.

The Commerce Department’s estimate of the second-quarter decline in the gross domestic product, the total output of goods and services, marked the sharpest such drop on records dating to 1947. The previous worst quarterly contraction, a 10% drop, occurred in 1958 during the Eisenhower administration.

Last quarter’s drop followed a 5% fall in the January-March quarter, during which the economy officially entered a recession triggered by the virus, ending an 11-year economic expansion, the longest on record in the United States.
Much prefer my Nazis Nuremberged.

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Re: The Viral Economy

Post by LawBeefaroni »

Here’s a pic of Jim Continenza, shown here on a magazine cover touting Vivial, the other company where he’s also Chairman and CEO. Vivial is a digital marketing company, which is Jim’s particular forte.

Oh, wait, you thought Jim had a background in manufacturing or pharmaceuticals? Hahahahahahaha. Hooo, boy, that’s rich. No, no … Jim is a marketing guy. Shocking, I know.

Based on yesterday’s closing price of $33.20 for the stock, I figure Jim and George and Philippe have made about $400 million over the past 48 hours.

The numbers looked even better when Kodak hit $53 earlier earlier in the day, but easy come, easy go.

I’m focused on Jim and George and Philippe, each of whom were granted tens of thousands of shares in Kodak just over the past 60 days, because this is where the real money from crony capitalism grift is made. But I’d be remiss if I didn’t acknowledge the effort of the small-fry Kodak grifters who covered their tracks and tipped their buddies about the deal, sparking 1.65 million Kodak shares trading for $2 and change on Monday, about 25 times the average trading volume of the prior week, in advance of the Tuesday announcement.
Full treatment here.
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Re: The Viral Economy

Post by Isgrimnur »

But the stock market's still fine, so who cares?

:roll:

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Re: The Viral Economy

Post by Smoove_B »

I mean, a great way to distract from the historic drop would be to go after the mailed votes and the USPS while also crowing about legislation that suburban racists champion, right?

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Re: The Viral Economy

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Much prefer my Nazis Nuremberged.

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Re: The Viral Economy

Post by RunningMn9 »

We all already know that the drop is temporary, and we know that when the results for the next quarter come out, it will be the largest quarterly increase ever. This drop is insane, but we’ve known about it for months, and we know that the cause of it wasn’t the economy, so nominally, it’s temporary.
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Re: The Viral Economy

Post by LawBeefaroni »

M-m-m-m-multikill!!!
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Re: The Viral Economy

Post by LawBeefaroni »

RunningMn9 wrote:
Thu Jul 30, 2020 12:54 pm
We all already know that the drop is temporary, and we know that when the results for the next quarter come out, it will be the largest quarterly increase ever. This drop is insane, but we’ve known about it for months, and we know that the cause of it wasn’t the economy, so nominally, it’s temporary.
The Plunge Protection Team is on it. No, really.
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Re: The Viral Economy

Post by LordMortis »

we know that when the results for the next quarter come out, it will be the largest quarterly increase ever.
And Trump will take credit for it.

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Re: The Viral Economy

Post by Paingod »

RunningMn9 wrote:
Thu Jul 30, 2020 12:54 pm
We all already know that the drop is temporary
Temporary problems have never been obstructions to the stock market bucking and kicking wildly.

Also not at all surprised at the rapid implosion. How many people had to go on unemployment how fast? How many more people will be out of work due to illness in the coming months?
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Re: The Viral Economy

Post by LordMortis »

Paingod wrote:
Thu Jul 30, 2020 1:13 pm
Also not at all surprised at the rapid implosion. How many people had to go on unemployment how fast? How many more people will be out of work due to illness in the coming months?
Don't forget school and sports (entertainment and recreational travel). COVID is not done the economy or the market. We may get a huge rebound from 30% down being baked in, but to metameme "Say the new normal one more time, motherfucker."

The economy needs interference or a vaccine that is widely accepted. "CARES" ends tomorrow, don't it?

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Re: The Viral Economy

Post by Isgrimnur »

CNN
Senate Republicans and Democrats traded blows for yet another day and then left town as a federal enhancement of unemployment benefits that has been utilized by millions was all but certain to expire.

"If you are a person deciding today what bill to pay, I wouldn't trust us," Sen. Kevin Cramer, a Republican from North Dakota, said of the partisan fight that had captured the hill Thursday.
...
In remarks on the Senate floor earlier Thursday, Senate Majority Leader Mitch McConnell and Democratic Leader Chuck Schumer took turns lambasting the other side for the inaction before the looming deadline, ramping up the rhetorical heat to negotiations that have for days been cold as ice.

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Re: The Viral Economy

Post by Holman »

A more nuanced and no less distressing chart:

Much prefer my Nazis Nuremberged.

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Re: The Viral Economy

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US June personal income down 1.1% vs 0.7% expectations. Spending up 5.6% vs 5.0%.

BEA
Personal income decreased $222.8 billion (1.1 percent) in June according to estimates released today by the Bureau of Economic Analysis (tables 3 and 5). Disposable personal income (DPI) decreased $255.3 billion (1.4 percent) and personal consumption expenditures (PCE) increased $737.7 billion (5.6 percent).

....

The decrease in personal income in June was more than accounted for by a decrease in government social benefits to persons as payments made to individuals from federal economic recovery programs in response to the COVID-19 pandemic continued, but at a lower level than in May (table 3).

Never before have we been more dependent on thegovernment teat. Yay small government party! Next up, tax increase!
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Re: The Viral Economy

Post by malchior »

LawBeefaroni wrote:
Thu Jul 30, 2020 9:45 am
Here’s a pic of Jim Continenza, shown here on a magazine cover touting Vivial, the other company where he’s also Chairman and CEO. Vivial is a digital marketing company, which is Jim’s particular forte.

Oh, wait, you thought Jim had a background in manufacturing or pharmaceuticals? Hahahahahahaha. Hooo, boy, that’s rich. No, no … Jim is a marketing guy. Shocking, I know.

Based on yesterday’s closing price of $33.20 for the stock, I figure Jim and George and Philippe have made about $400 million over the past 48 hours.

The numbers looked even better when Kodak hit $53 earlier earlier in the day, but easy come, easy go.

I’m focused on Jim and George and Philippe, each of whom were granted tens of thousands of shares in Kodak just over the past 60 days, because this is where the real money from crony capitalism grift is made. But I’d be remiss if I didn’t acknowledge the effort of the small-fry Kodak grifters who covered their tracks and tipped their buddies about the deal, sparking 1.65 million Kodak shares trading for $2 and change on Monday, about 25 times the average trading volume of the prior week, in advance of the Tuesday announcement.
Full treatment here.
SEC has announced an investigation into the loan and trades. I wished I had faith it won't end up being a cover up.

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Re: The Viral Economy

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Cover up in plain sight. Wish I had faith in enforcement.
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Re: The Viral Economy

Post by malchior »

LawBeefaroni wrote:
Wed Aug 05, 2020 9:08 am
Cover up in plain sight. Wish I had faith in enforcement.
The 27th!?! That is really brazen. I'm sure we'll get the usual planned buying bullshit.

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Re: The Viral Economy

Post by LawBeefaroni »

malchior wrote:
Wed Aug 05, 2020 10:05 am
LawBeefaroni wrote:
Wed Aug 05, 2020 9:08 am
Cover up in plain sight. Wish I had faith in enforcement.
The 27th!?! That is really brazen. I'm sure we'll get the usual planned buying bullshit.
Don't worry, they're not even bothering.
NEW YORK/LONDON (Reuters) - Eastman Kodak Co on Monday [July 27] granted its executive chairman options for 1.75 million shares as the result of what a person familiar with the arrangement described as an “understanding” with its board that had previously neither been listed in his employment contract nor made public.

One day later, the administration of President Donald Trump announced a $765 million financing deal with Eastman Kodak, and in the days that followed the stock soared, making those additional options now held by executive chairman Jim Continenza worth tens of millions.

The decision to grant Continenza options was never formalized or made into a binding agreement, which is why it was not disclosed previously, according to the person familiar with the arrangement.
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Re: The Viral Economy

Post by malchior »

WTF. This feels like literal in your face as a message kleptocracy. It is like shouting, "Oligarchs we are open for business as long as you play ball." Between this and Trump fixing TikTok up with Microsoft.

I really wonder if people understand this stuff. I can't believe the metaphorical guillotines haven't rolled out yet.

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Re: The Viral Economy

Post by Smoove_B »

You can get away with this when people are living in a pandemic, not making money, potentially losing their home, etc...

It's happening in plain sight because every day is worse than the day before and the white collar crimes of the Washington elite don't register.

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Re: The Viral Economy

Post by LawBeefaroni »

We're coming up on the 9th anniversary of Occupy Wall Street. Things are much worse today than they were then, in terms of wealth inequality. Yet no pitchforks in this roaring bull market.

COVID and BLM have been perfect cover for the 7th inning of the great fleecing.
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Re: The Viral Economy

Post by Blackhawk »

We have to have something left to look forward to in 2021. Or maybe 2022.
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Re: The Viral Economy

Post by malchior »

If you needed another dose of bad news. :cry:


Put it all together and the expiration of emergency aid could produce a 4 percent to 5 percent fall in G.D.P. But wait, there’s more. States and cities are in dire straits and are already planning harsh spending cuts; but Republicans refuse to provide aid, with Trump insisting, falsely, that local fiscal crises have nothing to do with Covid-19.

Bear in mind that the coronavirus itself — a shock that came out of the blue, though the United States mishandled it terribly — reduced G.D.P. by “only” around 10 percent. What we’re looking at now may be another shock, a sort of economic second wave, almost as severe in monetary terms as the first. And unlike the pandemic, this shock will be entirely self-generated, brought on by the fecklessness of President Trump and — let’s give credit where it’s due — Mitch McConnell, the Senate majority leader.

The question is, how can this be happening? The 2008 financial crisis and the sluggish recovery that followed weren’t that long ago, and they taught us valuable lessons directly relevant to our current plight. Above all, experience in that slump demonstrated both that economic depressions are no time to obsess over debt and that slashing spending in the face of mass unemployment is a terrible mistake.

But nobody in the White House or on the G.O.P. side of Capitol Hill seems to have learned anything from that experience. In fact, not having learned anything from the last crisis almost seems to be a requirement for Republican economic advisers.

So at the moment we seem to be headed for a Greater Recession — a worse slump than 2007-2009, overlaid on the coronavirus slump. MAGA!

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Re: The Viral Economy

Post by Zarathud »

Getting pissed off by the USPS interference. This year packages keep getting falsely identified as delivered or undeliverable at the end of day. Maybe they’ll get around in the next few days. Damn frustrating.

I’m in a gerrymandered Hispanic district so I expect its more than Trump incompetence.
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Re: The Viral Economy

Post by LawBeefaroni »

Here's one. What do I do with the estimated $600 or so that will be left in my parking FSA at the end of the year? Is there a charity that charges outrageous parking fees?



Edit: nevermind, there is such a charity. The City of Chicago.
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Re: The Viral Economy

Post by malchior »

If you haven't been watching, the impasse over pandemic support between the Senate, House, and White House made zero progress today. In response, Trump has retired to NJ to attempt to write some Executive Orders that'll lower taxes, extend the eviction moratorium, and extend unemployment benefits. How? Who knows since that is clearly requires the Congressional power of the purse. It doesn''t help that Mark Meadows is now involved since he is OG Tea Party.

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Re: The Viral Economy

Post by RunningMn9 »

Pretty confident that he can’t do any of those things. That only matters if someone tries to do their job and stop him.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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Re: The Viral Economy

Post by Blackhawk »

Well, at least next year Biden's AG can sue him for a full refund.
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Re: The Viral Economy

Post by malchior »

RunningMn9 wrote:
Fri Aug 07, 2020 7:15 pm
Pretty confident that he can’t do any of those things. That only matters if someone tries to do their job and stop him.
We'll see now that he has done it. The insanity is off the charts. He is redirecting $44B of disaster aid to provide a $400 a week unemployment benefit...and wait for it...he is asking the states to kick in 25%. It isn't clear what that means. Is it voluntary? Who knows? It's pure lawless madness.

It gets better. He declared that he is killing payroll taxes under $100K (again he can't do this) until the end of the year. It'll have to be paid back in 2021 (at tax time I assume). *BUT* he says he'll promise to forgive it if we re-elect him. This is like a high school election where they start promising things like a candy machine in the lobby that they can't deliver. This isn't governance. It is pure seat of your pants nonsense. We're deep into developing nation territory here. I'm wondering now if he sent Meadows to make sure any deal fell through so he can appear all powerful with these EOs.

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Re: The Viral Economy

Post by Smoove_B »

He's trying to make financial/budget/benefit decisions because the hardcore (R) members in Congress wouldn't vote on things. When he signs EO declaring all this nonsense, he reaps the visibility benefits as the incumbent for the upcoming election ("He's doing something good! I must vote for Trump!") while simultaneously providing cover for the "fiscal conservatives" that don't want to rock the boat in their local districts.

F him. F Mitch McConnell and F the people that voted for all these clowns.

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Re: The Viral Economy

Post by RunningMn9 »

malchior wrote:
Sat Aug 08, 2020 7:58 pm
*BUT* he says he'll promise to forgive it if we re-elect him.
I feel like that, on its own, should be an impeachable offense.
And in banks across the world
Christians, Moslems, Hindus, Jews
And every other race, creed, colour, tint or hue
Get down on their knees and pray
The raccoon and the groundhog neatly
Make up bags of change
But the monkey in the corner
Well he's slowly drifting out of range

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