Ripped From The Headlines, January 31, 2024
New York Community Bancorp Stock Crashes, EU Calls For "Gendered Language," 23andMe Almost Out Of Business With Your DNA - Read, Share, & Subscribe - SherlocExposes.com
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“Regional U.S. bank shares sank on Wednesday, dragged down by a 46% plunge in the shares of New York Community Bancorp (NYCB.N), opens new tab after it cut its dividend and posted a surprise loss.
The KBW Regional Banking Index (.KRX), opens new tab fell by nearly 4%, putting it on track for its biggest one-day drop since May 2 last year when concerns over the health of First Republic Bank deepened the impact of the collapse of Silicon Valley Bank and Signature Bank.
Deposits have since stabilized, but investors said ongoing concerns about the regional banking sector were compounded on Wednesday by uncertainty over the trajectory of Federal Reserve interest rates.
The central bank will announce the outcome of its first policy meeting this year later on Wednesday.
‘That fear is out there. On the banking side, that’s what’s happening,’ Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder, said. ‘The fact that it’s Fed day compounds this issue because you never know what the Fed is going to say. They might be somewhat dovish.’
Shares of Valley National Bancorp (VLY.O), opens new tab, Western Alliance Bancorp (WAL.N), opens new tab and Comerica (CMA.N), opens new tab also fell between 3% and 10% each.”
THINGS TO PONDER:
Here’s the explanation of what happened to NYCB from David Smith, a bank analyst at Autonomous Research, and Stephen Biggar, a banking analyst at Argus Research:
"I don't think what we saw in the regional banking space in last March is anywhere on the cards right now,” said Smith.
"Its purchase of assets from failed Signature Bank apparently triggered NYCB to set aside more capital and additional loss provisions. So on that front, it was unique to NYCB and not contagious to other regional banks," said Biggar.
Best we can tell, it looks like the banks are now doing what they should have been doing all along (being stable) and you get to pay for their screwup in the form of lower return on investment…
And these are the “smart people” that we trust with our increasingly worthless dollars…
Let that sink in for a minute.
Keep your eyes open.
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“The EU has called for 'gendered language' such as 'no man's land' and 'Joe Public' to be axed.
A 61-page document advises policymakers, legislators and the media to revise the order of common phrases such as 'King and Queen' or 'brother and sister' in which the male comes first.
It suggests to 'try swapping the order of these phrases sometimes'.
Bureaucrats say 'Joe Public' should be replaced with 'average citizen' and 'no man's land' should be substituted with 'unclaimed territory'.
Tory MP Nick Fletcher has called the guidelines 'nonsense' and argued that the EU had 'far more serious issues' that it should be concerned about.
The 'Toolkit on Gender-sensitive Communication' document compiled by The European Institute for Gender Equality highlights language that needs to be changed and notes alternatives.
It adds that terms such as 'shrill' and 'pushy' have 'strong connotations that are strongly associated with only women' and should be replaced with 'high-pitched' and 'assertive' respectively.
It says that 'virile', considered 'strongly associated with only men', should be substituted with 'strong or energetic'.
The famous Star Trek line, 'To boldly go where no man has gone before', is noted in the bundle as an example for which 'women may be subject to invisibility or omission.’”
THINGS TO PONDER:
BREAKING NEWS: The thought police think that your use of common sense is racist, sexist, and every other “ist” there is…
Here’s a sample of how “you will comply” soon:
Please understand that this isn’t about the language you use “for the greater good…”
It’s about controlling you, period.
Know Your Foe.
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“Five years ago, 23andMe was one of the hottest startups in the world. Millions of people were spitting into its test tubes to learn about their ancestry. Oprah had named its kit one of her favorite things; Lizzo dressed up as one for Halloween; Eddie Murphy name-checked the company on “Saturday Night Live.” 23andMe went public in 2021 and its valuation briefly topped $6 billion.
Forbes anointed Anne Wojcicki, 23andMe’s chief executive and a Silicon Valley celebrity, as the ’newest self-made billionaire.’
Now Wojcicki’s self-made billions have vanished. 23andMe’s valuation has crashed 98% from its peak and Nasdaq has threatened to delist its sub-$1 stock. Wojcicki reduced staff by a quarter last year through three rounds of layoffs and a subsidiary sale. The company has never made a profit and is burning cash so quickly it could run out by 2025.
Silicon Valley’s fortunes were built on the lofty ambitions of entrepreneurs swinging for the fences—even if most of them strike out. Wojcicki, for her part, isn’t giving up. She’s sticking to her goal to transform 23andMe from a supplier of basic ancestry and health data into a comprehensive healthcare company that develops drugs, offers medical care and sells subscription health reports.
She still has to prove the business can sustain itself. She’s raised about $1.4 billion for 23andMe, and spent roughly 80% of it.
At the center of 23andMe’s DNA-testing business are two fundamental challenges. Customers only need to take the test once, and few test-takers get life-altering health results.”
THINGS TO PONDER:
Looks like 23andMe has outlived its usefulness in collecting your data…
Makes you wonder why/how the entire company happened in the first place… and investors put in $1.4B with issues that are easily seen like these:
At the center of 23andMe’s DNA-testing business are two fundamental challenges. Customers only need to take the test once, and few test-takers get life-altering health results.
Another curious case of “Why do you even exist?”
When you look at what they did, what they got from people, and how they did it, it should give you pause.
Know Your Foe.
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