Ripped From The Headlines, January 2, 2024
More Big Companies Set To Collapse, Google Glitch Hurts Polish Currency, #ICYMI: Sam Bankman-Fried = No 2nd Trial - Read, Share, & Subscribe - SherlocExposes.com
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“More big firms are likely to go bust next year amid the ‘double whammy’ of high borrowing costs and pressure on consumer budgets, according to insolvency experts.
Administrators and restructuring specialists also warned the PA news agency that high-growth companies such as tech firms could be among those facing financial turbulence.
Official figures from the Insolvency Service earlier this month showed the total of company failures over the first 11 months of 2023 was more than reported during the entirety of 2022.
PwC’s head of insolvency David Kelly said both the construction sector and business services industries each saw almost a fifth of total insolvencies.
He said he therefore expects these areas to ‘remain the hardest hit in 2024.’
Around 17% of all insolvencies have come from the hospitality sector and 14% have come from retailers.
Rob Hornby, partner and managing director of AlixPartners, said he expects company insolvencies to continue apace in 2024.
‘We are expecting next year to be a big year for insolvency,’ he said.
‘That is likely to be across the board, both in terms of geographies and sectors.’”
THINGS TO PONDER:
This is the “great economy” that you keep hearing about in the US… it kind of looks like this:
Many economists and people who carry the water for the current administration will tell you that there’s no good reason for people to be afraid and the economy is strong and growing…
As the saying goes, “You gonna believe me or your lyin’ eyes…”
BELIEVE YOUR LYING EYES… AND BRACE FOR IMPACT.
Click Here to see our running list of business failures.
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“Google provided information that incorrectly undervalued the Polish currency the zloty by over a fifth, prompting authorities on Tuesday to calm the public and demand the search engine giant provide an explanation.
On Monday evening, Google’s currency converter showed a rate of up to 5.20 zloty per euro and 4.70 zloty per dollar, which represented a drop in value of more than a fifth from the rate on the previous trading day on Friday.
The information set off a storm of speculation on X, formerly Twitter, and although Poles did not rush to buy dollars on Tuesday, officials called for calm.
‘Relax. This zloty rate that is causing panic is a ‘fake’ (a data source error),’ Poland’s Finance Minister Andrzej Domanski said on X.
Poland’s central bank on Tuesday said the exchange rate published by Google was ‘fictitious,’ adding the currency exchange rates and charts on the platform ‘are not always precise.’
In a statement quoted by a Polish television TVN24, Google said its currency converter relied on data from ‘external sources.’ ‘If inaccuracies are reported, we contact data providers to correct errors as quickly as possible,’ the company added.”
THINGS TO PONDER:
This is a reminder to NOT take everything you see when using Google as gospel…
In an era of convenience, it’s easy to get sucked into the false belief that “it’s Google.. it HAS to be right!”
As we can see, once you figure out how to game a system like Google, you can trick it into providing whatever result you want… including manipulating markets.
Be cautious when it comes to big tech, and also when it comes to “convenience.” Neither means that what you’re getting is actually true.
Know Your Foe.
ICYMI: Sam Bankman-Fried Will Not Face 2nd Trial For Congressional Donations
“U.S. prosecutors said they do not plan to conduct a second trial against Sam Bankman-Fried, who was convicted last month of stealing from customers of his now-bankrupt FTX cryptocurrency exchange.
In a letter filed on Friday night in federal court in Manhattan, prosecutors said the "strong public interest" in a prompt resolution of their case against the 31-year-old former billionaire outweighed the benefits of a second trial.
Prosecutors said that interest "weighs particularly heavily here," given that Bankman-Fried's scheduled March 28, 2024, sentencing will likely include orders of forfeiture and restitution for victims of his crimes.
Jurors on Nov. 2 convicted Bankman-Fried on all seven fraud and conspiracy counts he faced. Prosecutors had accused him of looting $8 billion from FTX customers out of sheer greed.
Lawyers for Bankman-Fried declined to comment.
Bankman-Fried had faced six additional charges that had been severed from his first trial, including campaign finance violations, conspiracy to commit bribery, and conspiracy to operate an unlicensed money-transmitting business.
He had been extradited in December 2022 from the Bahamas, where FTX was based, to face the seven earlier charges.”
THINGS TO PONDER:
Wow… how the tables have turned.
A trial that would have implicated members of Congress will now not happen, because “the strong public interest in a prompt resolution of their case against the 31-year-old former billionaire outweighed the benefits of a second trial.”
Let that sink in for a moment…
Bypassing justice and accountability is OK if someone who is appointed by enemies of your freedom deems it OK on your behalf.
Ladies and Gentlemen, the UNITED STATES is officially a banana republic and the justice system will not hold public servants accountable.
Members of Congress just skated off with millions of dollars of #FTX money, and now won’t have to answer for it.
Will Scam Bankman-Fraud go to jail? Yes, he will.
Will those who were complicit go to jail? Of course not.
#SBF was a useful tool… Congress and its agencies can now legislate your crypto freedom into oblivion…
For your security.
Click Here to read all of Ripped From The Headlines coverage on #FTX and #SBF
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