To: Hidden Recipient Date: Wed, 24 Sep 2025 17:32:50 +0000 Content-Type: multipart/alternative; boundary="_----u+m+iaabuElNvS8UyJ6tWw===_22/74-25375-24B24D86" MIME-Version: 1.0 Subject: Money Stuff: There Was a RadioShack Ponzi From: "Matt Levine" X-Hiring: We are hiring, reach out at header-hacker@emailshot.io X-EmailShot-Signature: A1luymxf7MKvzwCaVlNC1fuQqcWv94lBIXCX6uF_R73T9HVXJ6AQb2X9ey0aHY7oP1S2ejU7q0FuLnCPkfkE4g== --_----u+m+iaabuElNvS8UyJ6tWw===_22/74-25375-24B24D86 Content-Transfer-Encoding: quoted-printable Content-Type: text/plain; charset="UTF-8" Money Stuff =0A REV, Tether, buybacks, bribes, rap. =0A=0AView in browser <= https://bloom.bg/42a7bvD> =0A =0A=0A =0A=0A =0A=0A=0A=0A=0ARadioShack ponzi=0A=0ADo= es this sound familiar=3F=0A=0AREV=E2=80=99s primary business was purchasin= g distressed retail companies with name =0Abrand recognition and converting= them into e-commerce only businesses. The =0Asecurities offerings at issue= involved offerings by REV and eight REV portfolio =0Acompanies: Brahms LLC= (=E2=80=9CBrahms=E2=80=9D), Dress Barn Online, Inc. (=E2=80=9CDress Barn= =E2=80=9D), =0AFranklin Mint Online, LLC (=E2=80=9CFranklin Mint=E2=80=9D),= Linens =E2=80=98N Things Online, Inc. =0A(=E2=80=9CLinens =E2=80=98N Thing= s=E2=80=9D), Modell=E2=80=99s Sporting Goods Online, Inc. (=E2=80=9CModell= =E2=80=99s=E2=80=9D), Pier 1 =0AImports Online, Inc. (=E2=80=9CPier 1=E2=80= =9D), RadioShack Online, LLC (=E2=80=9CRadioShack=E2=80=9D) and =0AStein Ma= rt Online, Inc. (=E2=80=9CStein Mart=E2=80=9D).=0A=0AFranklin Mint! RadioSh= ack! Bed Bath & Beyond! GameStop! No wait. Not those. =0AJust the first two= . Not Bed Bath, not GameStop. Bed Bath & Beyond sure was =0Adistressed; it= filed for a horrific bankruptcy in 2023. But before that it =0Araised tons= of money from retail investors in absolutely doomed at-the-market =0Aoffer= ings. As its bankruptcy lawyers later put it , = =0Ait raised that money as =E2=80=9Cpart of the =E2=80=98meme-stock=E2=80= =99 movement started and fueled =0Aon Reddit boards and social media websit= es,=E2=80=9D because it =E2=80=9Cchecked the two boxes =0Aneeded to become = a meme-stock: (i) a troubled financial situation and (ii) =0Anostalgia valu= e.=E2=80=9D And because it checked those boxes, Bed Bath was able to go =0A= out to ordinary investors and get them to shovel money into a furnace.=0A= =0AGameStop was also part of that movement =E2=80=94 GameStop was that move= ment =E2=80=94 because =0Ait was troubled and nostalgic, but it did so well= out of being a meme stock =0A that it is no long= er particularly distressed. =0ADefinitely some pivoting to e-commerce thoug= h.=0A=0AMy point here is that if you go to retail investors and say =E2=80= =9Chey, let=E2=80=99s teach =0Athose fat cats on Wall Street a lesson; we= =E2=80=99re going to revive RadioShack but =0Awith e-commerce,=E2=80=9D you= are tapping into some deep and obvious patterns, and you =0Awill undoubted= ly raise a bunch of money. Then you can steal it. [1] <> The =0Aquote at t= he top is from a Securities and Exchange Commissionenforcement =0Acomplaint= against Taino Adrian Lopez, Alexander Mehr =0Aa= nd Maya Burkenroad.Bloomberg News reports :=0A=0A= A company that snatched up distressed brick-and-mortar brands including =0A= RadioShack and Pier 1 Imports and promised investors big returns in a pivot= to =0Ae-commerce operated as a Ponzi-like scheme, the US Securities and Ex= change =0ACommission alleged.=0A=0AWhen the pandemic sparked a wave of reta= il bankruptcies, Retail Ecommerce =0AVentures picked up a slew of iconic br= ands on the cheap, with the aim to revive =0Athem as online-first businesse= s. Its portfolio also includes Dress Barn, =0AModell=E2=80=99s Sporting Goo= ds and Stein Mart.=0A=0ATo attract investors, REV bragged in promotional vi= deos that its portfolio =0Acompanies were =E2=80=9Con fire,=E2=80=9D the re= gulator alleged in a lawsuit filed Monday in =0Afederal court in the Southe= rn District of Florida.=0A=0ABut, says the complaint, =E2=80=9Cwhile some o= f the REV Retailer Brands generated =0Arevenue, none generated any profits,= =E2=80=9D =E2=80=9Cat least $5.9 million of the returns =0Adistributed to i= nvestors were, in reality, Ponzi-like payments funded by other =0Ainvestors= ,=E2=80=9D and also the defendants =E2=80=9Cmisappropriated approximately $= 16.1 =0Amillion in investor funds, which was diverted for Defendants Lopez= =E2=80=99s and Mehr=E2=80=99s =0Apersonal use.=E2=80=9D=0A=0AThe complaint = also explains the business strategy, or at least the fundraising =0Astrateg= y:=0A=0AREV=E2=80=99s primary business was identifying distressed companies= with name brand =0Arecognition, raising funds from investors in order to p= urchase the brand=E2=80=99s =0Aassets, and converting them into successful = e-commerce-only businesses. In one =0Apromotional video publicly available = on the internet, Defendant Lopez touted =0AREV=E2=80=99s business approach = as =E2=80=9Cone of the best strategies you can invest in.=E2=80=9D=0A=0A=E2= =80=9CA troubled financial situation and nostalgia value,=E2=80=9D the two = best things you =0Acan have to raise money from individual investors in the= 2020s.=0A=0A =0A=0A=0A =0A=0A=0ATeth= er=0A=0AMan alive this is the best business in the world :=0A=0ATether Holdings SA, issuer of the world=E2=80=99s largest s= tablecoin, is in talks with =0Ainvestors to raise as much as $20 billion, a= deal that could propel the crypto =0Afirm into the highest ranks of the wo= rld=E2=80=99s most valuable private companies. ...=0A=0ADepending on the st= ake offered, the deal could value the company at around =0A$500 billion, pu= tting it into the same league as OpenAI and Elon Musk=E2=80=99s SpaceX, =0A= an extraordinary achievement for the lightly regulated crypto business even= as =0Arivals multiply and falling US interest rates threaten its windfall = earnings. =E2=80=A6=0A=0ATether is at the forefront of stablecoins, a type = of digital asset that pegs =0Aits value to fiat currencies. Its USDT token = is tied to the US dollar with a =0Amarket value of $172 billion. It is by f= ar the largest, with Circle=E2=80=99s No. =0A2-ranked USDC stablecoin worth= about $74 billion.=0A=0ATether has made a fortune by parking the reserves = that back its token in =0Acash-like assets including US Treasuries, and ear= ning interest. It booked $4.9 =0Abillion in profit during the second quarte= r, according to a company blog post =0Ain July. Ardoino recently claimed Te= ther has a 99% profit margin. The figures =0ATether cites are not subject t= o the same reporting standards as those disclosed =0Aby publicly traded com= panies.=0A=0AOpenAI is trying to build artificial superintelligence. SpaceX= is trying to go =0Ato Mars. What is Tether=3F One simple model is that Tet= her is an asset management =0Afirm with unusual economics. The economics ar= e:=0A=0A * People give Tether money =E2=80=94 currently $172 billion =E2=80= =94 to invest. =0A * Tether invests that money with absolute discretion = =0A, though for various reasons it invests mostly= (not =0Aentirely ) in US Treasury bills and othe= r safe =0Ashort-term assets. =0A * Tether keeps 100% of the investment retu= rns for itself as a management fee. =0AThe first two features are not that = unusual. The third is wild! The Vanguard =0AFederal Money Market Fund has about $362 billion of =0Aassets =E2=80=94 roughly= twice Tether=E2=80=99s assets =E2=80=94 and invests in US Treasury bills; = it =0Acharges an 0.11% annual fee. Tether charges, in round numbers, 40 tim= es as much.=0A[2] <>=0A=0AI write sometimes ab= out a crude valuation model =0Afor asset management firms. Basically a low-= fee index-y asset manager charges =0Afees on the order of basis points of a= ssets under management, and the =0Amanagement company =E2=80=94 the stream = of fee earnings for managing those assets =E2=80=94 =0Ashould be worth on t= he order of 1% of assets. A high-fee alternatives-type =0Aasset manager cha= rges fees on the order of percentage points of assets, and the =0Amanagemen= t company should be worth on the order of 10% of assets. [3] <>=0A=0ATethe= r is trying to raise money at 300% of assets under management. Which: =0Asu= re! If you pay that valuation, it is a bet that:=0A=0A * Tether=E2=80=99s a= ssets are poised to grow enormously (because it is coming back =0Ainto regu= latory favor in the US, because stablecoins are the future of money =0Aand = because Tether will continue to dominate the stablecoin business); and =0A = * It will continue to be able to keep 100% of its returns for itself. =0AAs= for the first bet :=0A=0ATether has spent the l= ast few months laying the groundwork to return to the =0AUS, in a bid to ca= pitalize on President Donald Trump=E2=80=99s pro-crypto policies. It =0Arec= ently unveiled a plan for a US-regulated stablecoin and appointed Bo Hines,= =0Aa former White House crypto official, to lead it.=0A=0AAnd :=0A=0AThe El Salvador-based group is expected to hoover up e= ven more Treasuries in =0Athe near future. Treasury secretary Scott Bessent= has signalled that large =0Astablecoin operators will become a key source = of demand for the deluge of US =0Agovernment debt required to fund the admi= nistration=E2=80=99s spending plans.=0A=0AAs for the second bet =E2=80=A6 l= ook, what do I know, nothing here is ever investment =0Aadvice, and there i= s reason to doubt it. We talked just yesterday =0A about the growing norm =0Aof stablecoin issue= rs passing along most of their interest income, indirectly, =0Ato depositor= s, which makes this a much less lucrative business than if the =0Aissuers k= eep 100% of the income themselves. But Tether, as the biggest and most =0A= =E2=80=A6Tether-y =E2=80=A6 stablecoin issuer, m= ight be able to =0Aresist that trend. If Tether ends up owning a trillion d= ollars of Treasury =0Abills, collecting 5% per year, [4] <> paying 0% to t= he people who deposited =0Athe trillion dollars and having a 99% profit mar= gin, then =E2=80=A6 I don=E2=80=99t know how to =0Aend that sentence=3F Tha= t will justify a $500 billion valuation, sure. (That=E2=80=99s =0Alike a 10= x P/E ratio.) But also =E2=80=A6 what=3F I feel like I write a lot about al= l the =0Acomplex and sophisticated ways people have found to make money wit= h other =0Apeople=E2=80=99s money, and Tether is just like =E2=80=9Cwhy don= =E2=80=99t you give us all the money =0Aand we=E2=80=99ll collect all the i= nterest=E2=80=9D and it works.=0A=0A=0ACrypto treasury buyback=0A=0AOne tra= de is: You buy $100 worth of Bitcoin, you put it in a pot, you sell =0Ashar= es in the pot for $200, you use the extra $100 to buy more Bitcoin, now you= =0Ahave $200 worth of Bitcoin, the shares are worth $400, you sell more sh= ares, =0Aetc. This is the =E2=80=9Ccrypto treasury trade=E2=80=9D that weta= lk =0Aabout a lot around =0A here . I have =0A called it =0A a =E2=80=9Cperpetual motion= machine,=E2=80=9D but it isn=E2=80=99t, and now =0Acrypto treasury compani= es are having a harder time keeping their premiums to =0Anet asset value.= =0A=0AAnother trade is: If you have $200 worth of Bitcoin in your pot, but = this =0Atrade has become oversaturated and now shares of the pot trade for = just $100, =0Ayou sell $100 of your Bitcoin, you use the $100 to buy back a= ll the stock, and =0Anow you have $100 worth of Bitcoin that you own free a= nd clear without any =0Ashareholders. It=E2=80=99s possible that, with the = right mindset, avolatile crypto =0Atreasury company premium is even better = than aconsistently high one. Probably =0Anot. This reverse crypto treasury = trade seems if anythingharder than the =0Aregular one, but in small size it= =E2=80=99s fine.The Financial Times reports =0A:= =0A=0AStruggling crypto-hoarding companies are launching share buybacks in = an =0Aattempt to boost their stock prices, in the latest sign that this yea= r=E2=80=99s =0A=E2=80=9Ccrypto treasury=E2=80=9D craze is unravelling.=0A= =0AAn online gaming company and a maker of golf carts are among lightly tra= ded =0Acompanies that pivoted to buying cryptocurrencies as little as two m= onths ago, =0Ayet are now embarking on share buybacks in an effort to lift = their falling =0Astock prices. Some are taking on debt to fund the purchase= s.=0A=0AAt least seven companies have taken such steps in recent weeks =E2= =80=94 five of which =0Ahave a market value that has sunk below the value o= f their crypto holdings, as =0Ainvestors worry about a saturated market and= raise questions about the crypto =0Atreasury business model.=0A=0A=E2=80= =9CIt=E2=80=99s probably the death rattle for a few [of these companies],= =E2=80=9D said Adam =0AMorgan McCarthy, senior research analyst at crypto a= nalytics company Kaiko. =E2=80=A6=0A=0A=E2=80=9CIt=E2=80=99s only been six = months and we=E2=80=99re already talking about their demise,=E2=80=9D said = =0AElliot Chun, partner at crypto advisory firm Architect Partners. =E2=80= =9CA very small =0Apercentage are going to succeed.=E2=80=9D=0A=0ARaising m= oney to buy back shares instead of spending it on tokens was =0A=E2=80=9Can= tithetical=E2=80=9D to the crypto treasury concept, he said.=0A=0ANo, right= , yes, the concept was =E2=80=9Cwe can sell shares at a premium to net asse= t =0Avalue and get rich,=E2=80=9D and if your shares trade at a discount to= net asset value =0Athe thing doesn=E2=80=99t work as well.=0A=0AElsewhere = : =E2=80=9CScaramucci-Backed Crypto Treasury =0AC= ompany Launches With $550 Million Fundraising Plan.=E2=80=9DAnd =0A: =E2=80=9CInside the Princeton Network Fueling a Crypto = =0ATreasury Boom.=E2=80=9D=0A=0A=0AIs bribing your tax auditor with trips t= o the strip club securities fraud=3F=0A=0AI mean:=0A=0A * Every bad thing t= hat a public company does is also securities fraud =0A. =0A * We talked last week about New York = criminal =0Acharges against RCI Hospitality Holdings Inc., a company that o= wns and operates =0Astrip clubs and that allegedly lowered its sales tax bi= ll by bribing a state =0Atax auditor with lap dances. Bad if true! =0A * RC= I is a publicly traded company. =0ASo the syllogism requires :=0A=0AA securities fraud class action was filed in federal co= urt against RCI =0AHospitality Holdings Inc., which operates a chain of str= ip clubs throughout the =0AUS.=0A=0AThe claims stem from the tax fraud and = bribery charges filed last week against =0Athe company and several officers= by New York Attorney General Letitia James =0A(D). The company allegedly p= rovided a New York Department of Taxation and =0AFinance auditor with trips= to clubs in Florida in exchange for favorable =0Aaudits. RCI allegedly did= n=E2=80=99t pay $8 million in sales taxes to New York City.=0A=0ABetween De= c. 15, 2021, and Sept. 16, 2025, the company=E2=80=99s chief executive =0Ao= fficer Eric Langan and chief financial officer Bradley Chhay filed statemen= ts =0Awith Securities and Exchange Commission that failed to disclose the s= chemes, =0Aunderstated the company=E2=80=99s lack of proper design and impl= ementation controls, or =0Adownplayed the James investigation, the complain= t filed Sunday by Alex =0AHernandez in the US District Court for the Southe= rn District of Texas says.=0A=0AThe value of RCI stock dropped from $34.32 = to $25.80 by Sept. 17 due to the =0Acharges, the complaint says.=0A=0AYep: = Bad stuff, stock went down, securities fraud lawsuit.=0A=0AIncidentally RCI= is about a $260 million company, and that $8.52 stock-price =0Adrop repres= ents about $74 million of lost market value. RCI allegedly saved $8 =0Amill= ion in sales tax with the bribes. Arguably the shareholders=E2=80=99 securi= ties =0Alawsuit (for $74 million in damages) is worth more than New York=E2= =80=99s bribery case =0A(over $8 million in taxes). =E2=80=9CEverything is = securities fraud=E2=80=9D because securities =0Afraud is the mostvaluable s= ort of lawsuit.=0A=0A=0ACorporate rap parody=0A=0ANothing in this column is= ever investing, legal, tax, accounting, etc., =0Aadvice, but I do have one= long-running, sincerely held, urgentpiece =0A of= aesthetic advice , =0Awhich is: Do not under any= circumstances participate in your company=E2=80=99s =0Acorporate rap parod= y video. Anywayhere=E2=80=99s Klarna=E2=80=99s version of =E2=80=9CNot Like= Us.=E2=80=9D =0A (=E2=80=9CFinna max out this qu= arter, we in Stockholm, shop =0Ashop shop shop shop in your own way, pay pa= y pay pay pay in a smart way,=E2=80=9D etc.) =0ANope!=0A=0A=0AThings happen= =0A=0AThe Trillion-Dollar Race for European Money Management=E2=80=99s =0A= Future. Wall Street Is Poaching Bankers in a Red= -Hot =0AJob Market . Bessent Says US Negotiating = $20 Billion =0ASwap Line With Argentina . Milei = Is Counting on Trump =0A to Bail Argentina Out of= an Economic Mess. Big banks =0Aunwind Hong Kong retreat as dealmaking booms. =0ATricolor Interest Payouts Clawed Back From =0ABondholder Accounts. US debt investors raise= alarm overlending standards =0A. Wall Street Hed= ges Backfire as Volatility in Rates =0AMarket S= inks. Marshall Wace Sues to Block =0A Crypto Dat= a Firm=E2=80=99s New Financing. Oracle =0A Looks= to Raise $15 Billion From Corporate Bond Sale. =0AStripe=E2=80=99s Valuation Rises Above Its 2021 Peak to =0A$106.7 Billio= n. Alibaba Shares Soar After Hiking AI =0ABudget= Past $50 Billion. Nvidia=E2=80=99s OpenAI Deal Fuels =E2=80=98Circular=E2= =80=99 Financing =0A Concerns. Cocoa Rebounds as = Attractive Prices Lure in=0A Bean Buyers . Househ= olds should keep emergency cash =0A, ECB study su= ggests. Diddy, SBF and Bill Hwang =0A Are Relyin= g on Wall Street=E2=80=99s Last-Chance Lawyer. =0APeter Thiel Wants Everyon= e toThink More About the Antichrist =0A. Trump=E2= =80=99s UN Escalator Mishap =0A Prompts Secret S= ervice Investigation. CNBC=E2=80=99s Jim =0ACramer pulled out his catheter = in shock afterGameStop rally =0A, needed 24/7 sec= urity. =0A=0AIf you'd like to get Money Stuff in handy email form, right in= your inbox, =0Apleasesubscribe at this link . Or= you can subscribe =0Ato Money Stuff and other great Bloomberg newslettersh= ere =0A. Thanks!=0A=0A[1] Do I have to add =E2=80= =9Cnot legal advice=E2=80=9D=3F Not legal advice.=0A=0A[2] That is: The Van= guard fund=E2=80=99s yield is about 4.1%; if you figure Tether =0Aachieves = roughly the same yield but keeps all of it as a fee, then it collects =0Aab= out 4.2% of assets annually for itself. On the other hand, Tether made $4.9= =0Abillion of profit in the second quarter, on about$162 billion =0A of (end-of-period) assets, or about 3% of assets =0A*t= hat quarter*. (In the first half it =E2=80=9Cgenerated $3.1 billion in recu= rrent =0Aprofits, excluding mark-to-market contributions from gold and bitc= oin,=E2=80=9D which =0Aworks out to a more sensible 1.9% of assets, or 3.8%= annualized, in line with =0Acollecting 100ish percent of money-market retu= rns.)=0A=0A[3] We talked last year about Pershi= ng Square =0Aselling a stake in its management company for more than 50% of= assets under =0Amanagement, and I said: =E2=80=9CThat=E2=80=99s =E2=80=A6 = impressive=3F A crude way to think about it is =0Athat the market thinks th= at, in the long run, Pershing Square will be able to =0Aextract about half = the value of its clients=E2=80=99 portfolios for itself. Seems high! =0ABut= that=E2=80=99s probably not really the right way to think about it. Instea= d, this =0Ais probably more of a bet that, in the future, Pershing Square= =E2=80=99s clients=E2=80=99 =0Aportfolios will be much bigger.=E2=80=9D=0A= =0A[4] Current bill rates are more like 4% or lower, but I write =E2=80=9C5= %=E2=80=9D in reaction =0Ato the word =E2=80=9Cdeluge.=E2=80=9D In a world = in which =E2=80=A6 US fiscal profligacy is funded by =0ATether=3F=3F=3F=3F = =E2=80=A6 rates would be higher=3F I guess=3F=0A=0A=0A =0A=0AFollow Us =0A Get the newsletter =0A=0A=0ALike getting this newsletter=3F Subscribe to Bloomberg.co= m =0A=0A for unlimited access to trusted, data-driven journalism and s= ubscriber-only =0Ainsights.=0A=0ABefore it=E2=80=99s here, it=E2=80=99s on = the Bloomberg Terminal. Find out more about how the =0ATerminal delivers in= formation and analysis that financial professionals can=E2=80=99t =0Afind a= nywhere else.Learn more =0A=0A.=0A=0AW= ant to sponsor this newsletter=3F Get in touch here =0A=0A.=0A=0A You received this message because you are subs= cribed to Bloomberg's Money =0AStuff newsletter. =0AUnsubscribe =0A=0A |Bloomberg.com | Contact Us =0A =0A=0A | =0ABloomberg L.P. 731 Lexington, New York, NY, 10022 =0A --_----u+m+iaabuElNvS8UyJ6tWw===_22/74-25375-24B24D86 Content-Transfer-Encoding: quoted-printable Content-Type: text/html; charset="UTF-8" = = Money Stuff<= /title> <!--[if (mso)|(mso 16)]><style type=3D"text/css">a{text-decoration:= none}</style><![endif]--> <style>body{width:100%;-webkit-font-smoothing:ant= ialiased;font-family:Helvetica,Arial,sans-serif;font-size:16px;line-height:= 150%;margin:0;padding:0}img{max-width:550px}.body-component a:visited{color= :#000;text-decoration:none!important;border-bottom:1px solid #000;backgroun= d-color:#ccc}.body-component h1 a:visited{text-decoration:none;color:#000}@= media only screen and (max-width:480px){.lihide{display:none!important}.lis= how{display:block!important;width:auto!important;overflow:visible!important= ;float:none!important;max-height:inherit!important;line-height:inherit!impo= rtant}.email-ssl-image{width:100%!important;height:auto!important}.body-ima= ge img{width:100%!important}.logo-image{width:100%!important}}</style></hea= d> <body style=3D"width: 100%; 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font-famil= y: Helvetica, Arial, sans-serif; font-size: 16px; max-width: 550px; width: = 100% !important;"> <!--[if mso]><center> <tr><td> <table border=3D"0" cellp= adding=3D"0" cellspacing=3D"0" width=3D"550"><![endif]--> <tr> <td style=3D= "border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;">= <div style=3D"display: none; max-height: 0px; overflow: hidden;"> REV, Tet= her, buybacks, bribes, rap. </div> </td> </tr> <tr> <td style=3D"border-col= lapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding-bott= om: 15px;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpaddin= g=3D"0"> <tr> <td align=3D"center" style=3D"border-collapse: collapse; mso-= table-lspace: 0pt; mso-table-rspace: 0pt; padding: 20px 0px 10px;"> <a href= =3D"https://links.message.bloomberg.com/s/c/er2MT6TC1FYZlUxxTKAxgVV4Yw5c5Pb= SxpW0WRtzXJ1Liu61EDMAJZZmB5DCnGYLuNVV_261dlVH9vb55lLsgR0R3kLbQi3w0-rr7pXPET= lX2U8J6VVfACZxo9vV5DtnJ9-SivqRhs4qxbAi-mVN2BNbRYrVnfDSWM2Y9RuhG4qedExYRpTYH= AeSsIjSA_QVuSLBEPae37V-5HBGZ9EqPzXhWL7obOPo9wgGYXB6azme_DH6kr_PHvYWQ6zXmh0w= 5zClcMPS6XIeMxYqDC33e5d536eiNaCtAlBl7Fg2cjL7RBSx6U5jLW20cfgyYCgyhOzqZUd_qiv= FkVLZ6aLaHicrzo5KM4xNvBsbBy1PlPdJerHsRB1o9JudLw/qVOUJX02IaA3LTW0luQQFLPpmKE= TNIyZ/13" style=3D"font-family: Helvetica, Arial, sans-serif; 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width: 530px; display: block;"/><!--[if mso]><= /div><![endif]--></a> </td> </tr> </table><table align=3D"center" border=3D= "0" cellpadding=3D"0" cellspacing=3D"0" data-lt-version=3D"3.0.0"> <tr> <td= colspan=3D"2" align=3D"center" style=3D"line-height: 1px"> <img src=3D"htt= ps://sli.bloomberg.com/imp=3Fs=3D1149004&li=3D15064703&m=3D1e618ca1= ed3ef770bf0b25ef3db247f4&p=3D09242025&lctg=3D6ab2b7de-2e48-4d78-b91= a-0ecf23e38de5&stpe=3Dstatic" border=3D"0" style=3D"display: block; max= -height: 12px !important"/> </td> </tr> <tr> <td colspan=3D"2" style=3D"lin= e-height: 1px"> <a href=3D"https://links.message.bloomberg.com/s/c/mJV5jJmD= iCHSBW2Sy6U8lC4wg-6Bid2NlIVN-1pQ4eGdzfD7xiC4ydLCMizqBl2OUifukUvK62033S-gvh1= NKG0vif7AZNraOzf2yz8nNZTvYnHfqFJlfuKnmGvj02Hfc7NbjoVL4kpeCMiA_X7sOMSemhzQuC= -begrWCtoKZXCNich9dQWM1Uz0vy7FeETy5Fj3HHxHIECpmxSTJHE3a2rEjrbs3zDr7CNkoGgYe= FvoMBivG7RTKSodiOavsIsQpZ9NWm7-lpD_Hu5DHwNIXVa7_xSf1rcjsrTT8QmzJYy9MR4ymJTd= XvGwUwzlJyzy4oBVDt6ZG9xKpJXm9zLFElsVvCWHYP9AYlttZtvY0f4s9dlNFO1sAh5U7TJicQd= qTxsGIkS0j2XoVhdt7mzL6o-YcRPqhDouh7w48NRc__qzPAkSl4ImpwaQQAC8_Y4hLj-JU6I-ur= cUcg7U117Gh1M551mpCGq7IJZYPbcuXusNmICHyIyQpUVyJ9Hs8kn4Dj1lf49XTMWw6hPqzgxvz= pkpkahHy26TqYmOR_4bC8uwh2GoNVmTak4ERv_jsE4cQcqHnigajXQuogDMgYFfGzVMMBIflFHJ= jrnlUSJY9vDOjamulr_-vsymcI7dKJdT19leImDUkO3tFBi5Ef6qmIHW80EK7B_-sV9XO8hY8Z5= jHFaotFpbQ4FpGSdRwOY/9FYCA49vmwglEMoO2gqJxt7LJS8m7VG4/13" rel=3D"nofollow" = target=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&= li=3D15064703&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09242025&lctg=3D6ab2= b7de-2e48-4d78-b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Ddesktop&collapse= _width=3D550" border=3D"0" width=3D"550" style=3D"display: block; width: 10= 0% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--[if !ms= o]>--> <tr style=3D"display: none"> <td colspan=3D"2" style=3D"line-height:= 1px"> <a href=3D"https://links.message.bloomberg.com/s/c/g9e2yHzEEKoJs0rNe= Nc5w4zH4rwDoRm645W7ChjQfv2r4-NZhLKrGc9REtPkqNWQdnl2uM35M1E4GS7MU2SAqpqrPoMp= ByPhh0I2UsPpcofahTl1WtBhhUQcnSnvgLwLRaki5F9svTMYqZVA80O1XrgmUfBtZemJelNunXA= A2Py2XZX1n4oOq4TzMgLnsYczAV7CAS5ZS_ByFBcAZ7QnzRXW0HMsyKZDMrd1XgQH76fkXesIEM= zt1I3l-Pq4LMF0aZRfLa2_nFYAnD7Bs_9vnLS6VGja-VpmRr_u7X8FNiRVR7YejITo_IDb06nE4= GAkak42zhYW0yQ8wVowpDdqOTE4I2ss3-KnuM8qQZSPKwfx1srfdZoRu_pqAqh8TrMMz7j1cGPm= SKj8gTT5c-0t4vUon8aQB6xyPHoJDcM74dW_gmGMfcbFa84qqShvur7IxuMXEwL97CffHHR1XpT= 6T4ur0FMMh3CxttmwfGyN17zB07iMEcGO9Sw6TrFkuQZ438YXyiCxCDVub0eM5-xJeRMcu_x23p= kqcwqetA7PqrJnQlAR-fjW8G2PgF2OFcnhiRVpiWG1J1bfpA20yDzaC8cOmdCxtuhdqHWdoFopU= hJOR-_nNRn0IsXIuaCTYaQRMe3AIJ1CoJd_LIuHeAqdSohrvbSRg-q6WPRpoQ3_8L-q4oN5YICT= 8tc3MT3B8z8/3O1Ato2ECnAqEo3NLGIGsUVnd2mQ_6fd/13" rel=3D"nofollow" target=3D= "_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D1149004&li=3D1506= 4703&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09242025&lctg=3D6ab2b7de-2e48= -4d78-b91a-0ecf23e38de5&stpe=3Ddefault&li_coord=3Dmobile&collapse_width=3D5= 50" border=3D"0" width=3D"550" style=3D"display: block !important; width: 1= 00% !important; max-width: 550px !important;"/> </a> </td> </tr> <!--<![end= if]--> </table> </td> </tr> <tr> <td style=3D"border-collapse: collapse; ms= o-table-lspace: 0pt; mso-table-rspace: 0pt;"> <table width=3D"100%" border= =3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collap= se: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt; line-height: 15= 0%; padding: 0 10px;"> <table width=3D"100%" border=3D"0" cellspacing=3D"0"= cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-= lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-= family: "Arial Black", Arial, Helvetica, sans-serif; letter-spaci= ng: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-style: d= otted; margin: 0px; padding: 16px 0px 5px;">RadioShack ponzi</h2> </td> </t= r> </table> <p style=3D"margin: 16px 0;">Does this sound familiar=3F</p> <b= lockquote><p style=3D"margin: 16px 0;">REV=E2=80=99s primary business was p= urchasing distressed retail companies with name brand recognition and conve= rting them into e-commerce only businesses. The securities offerings at iss= ue involved offerings by REV and=C2=A0eight REV portfolio companies: Brahms= LLC (=E2=80=9CBrahms=E2=80=9D), Dress Barn Online,=C2=A0Inc. (=E2=80=9CDre= ss Barn=E2=80=9D), Franklin Mint Online, LLC (=E2=80=9CFranklin Mint=E2=80= =9D), Linens =E2=80=98N Things Online, Inc. (=E2=80=9CLinens =E2=80=98N Thi= ngs=E2=80=9D), Modell=E2=80=99s Sporting Goods Online, Inc. (=E2=80=9CModel= l=E2=80=99s=E2=80=9D), Pier 1 Imports Online, Inc. (=E2=80=9CPier 1=E2=80= =9D), RadioShack Online, LLC (=E2=80=9CRadioShack=E2=80=9D) and Stein Mart = Online, Inc. (=E2=80=9CStein Mart=E2=80=9D).</p></blockquote> <p style=3D"m= argin: 16px 0;">Franklin Mint! RadioShack! Bed Bath & Beyond! GameStop!= No wait. Not those. Just the first two. Not Bed Bath, not GameStop. Bed Ba= th & Beyond sure was distressed; it filed for a horrific bankruptcy in = 2023. But before that it raised tons of money from retail investors in abso= lutely doomed at-the-market offerings. As its <a href=3D"https://links.mess= age.bloomberg.com/s/c/gdDjPceyga58AAhIubnFNE_JFz14IiC_eNG9f2DyiMU5YQMvrnMvo= ELb2qO6v9TkOh30Xh_gQ8CA39fIZ7Eia47rwyptip1vqQOGItrPwHJGAC2ATmc77ni0c1TkZB6V= u3bPORDFh6vuWr6ybS4QjDWWJCBL0UOVmvMNRW6C-sO-da1wAcwexFQrgn7swBjEdt9sHE3-Q1y= E2LYLy1ZZfxlumoJgSbHCUt2j5lBChJGxwF-2mwjeZxxeeL1NrWtMz_FtEnH4oFd5n1Sm-CBaB3= RcCywLg6rhYET7pt0_Ay6h8Nc5XbQBXF3StMO3PD16RYUkw9dsnbqAeIjKCRPcc0mTIIPO-zXtO= NiNl94eFTgQ3bLZwsKesey0fw/shdaTOGXaL5P0JCHwdBC3JqM8rytt5yH/13" itemprop=3D"= StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #00000= 0; text-decoration: none !important; border-bottom-width: 1px; border-botto= m-color: #000000; border-bottom-style: solid; background-color: #ccc;"> ban= kruptcy lawyers later put it</a>, it raised that money as =E2=80=9Cpart of = the =E2=80=98meme-stock=E2=80=99 movement started and fueled on Reddit boar= ds and social media websites,=E2=80=9D because it =E2=80=9Cchecked the two = boxes needed to become a meme-stock: (i) a troubled financial situation and= (ii) nostalgia value.=E2=80=9D And because it checked those boxes, Bed Bat= h was able to go out to ordinary investors and get them to shovel money int= o a furnace.=C2=A0</p> <p style=3D"margin: 16px 0;">GameStop was also part = of that movement =E2=80=94=C2=A0GameStop=C2=A0<em>was=C2=A0</em>that moveme= nt =E2=80=94=C2=A0because it was troubled and nostalgic, but it <a href=3D"= https://links.message.bloomberg.com/s/c/yJjU9g7PNuVskk9XMIDvxpUc0uZ3oazoRJi= F61ZP9WmjxMELgYccyNabB2_OJHMZ1yxeo6bzR-nMauoSvZausJn3cvTbtchZe8CvpPKfaFpsBM= fc2iSnYPdkTK-6rjvCiWRhCUfocd0NE3nsDa69BpOJHQ1WBRj99aTCjvhOAq9bGYnoIz59ACB-b= 6o4G2bzNz4UOvPk7FwyLBsRyRwAv-oxc2mvvyhtkrVnGbYkssUhh1gYOk6VXKlyoTMnrd5SKFJn= V636eNzy8SV1nEYH45MU0GVXRDRp8NAdTrhxQeAN_rnlMZxp8Rzg8Payr0lfZTY-b2L_GECgT0E= NPGQ0kn6QW9VtrQZTIgEaXTYO6WIzbah31cMwj9IFZg/sALCUFtcG2iU_C3ifht-ubYEvfyAiQb= N/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" styl= e=3D"color: #000000; text-decoration: none !important; border-bottom-width:= 1px; border-bottom-color: #000000; border-bottom-style: solid; background-= color: #ccc;"> did so well out of being a meme stock</a>=C2=A0that it is no= longer particularly distressed. Definitely some pivoting to e-commerce tho= ugh.</p> <p style=3D"margin: 16px 0;">My point here is that if you go to re= tail investors and say =E2=80=9Chey, let=E2=80=99s teach those fat cats on = Wall Street a lesson; we=E2=80=99re going to revive RadioShack but with e-c= ommerce,=E2=80=9D you are tapping into some deep and obvious patterns, and = you will undoubtedly raise a bunch of money. Then you can steal it.<a href= =3D"#footnote-1" style=3D"color: #000000; text-decoration: none !important;= border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-styl= e: none !important; background-color: transparent !important; display: inli= ne-block;"> <span>[1]</span> </a>=C2=A0The quote at the top is from a Secur= ities and Exchange Commission <a href=3D"https://links.message.bloomberg.co= m/s/c/X0tXEoAomvOmaJcXkOJSTt90jtpzLpQrkVqqKibRWKJtWf14tgxevRhZEV8MiOlaUs17O= kMr5Cl0Pb4KHbvMTuklz7YqE8ArjC1fFQ_mk4vxnvfq4-qQxevDaOSwE4JdE07dG83GhaGtM2iM= UjTzx4qVYB3ZBx0IIOO-HDZDF4J5L5JoURvnl7z72B6DovCpUh4Vl_Z33TuP8IjbO2m9wE_7HWc= uoHnBSh3aFDCh8j59FTJ0QvcLJFyzWKGvbHhkq_pAfsnO62NWTDIXG0InPvoWTPE3Jcq4EwQOgW= CKztfMJTuXIbbjVXUclmVAos_pfTAc9qpSuif89ujV9rxi5ImnYGRwZk0Vg1OFXnKAsPLDouRVu= 3XAMwOv-A/gFaEds9mFp4xqQcgJtPiC00v9Ee04eEl/13" itemprop=3D"StoryLink" items= cope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decorati= on: none !important; border-bottom-width: 1px; border-bottom-color: #000000= ; border-bottom-style: solid; background-color: #ccc;">enforcement complain= t</a> against Taino Adrian Lopez, Alexander Mehr and Maya Burkenroad. <a hr= ef=3D"https://links.message.bloomberg.com/s/c/fwocnz7eETLRxgj2HEBzW6t8l_bHB= Y9xrk52zWhyKAwA2X0qJdmIsxeECMw1cEp8zJJ_fw4_b7nK_1vfHAxx3UzyPp8oZ4XSssdnUwK3= r3ebZslh86p9x5_08EQgRcQd8ZWZlP7iYLNsa_VeFcDyvH9-qCzhqgDajMZDBdx27Yy9o1SY60X= 5Bo_Kle8WtUmapvIUTr8POE-xKq5wPmRABVbb6w-Zy3WYQZYz4dfvSVLlIJNaikAl4qmnAHKD3V= fTA3XTO22EooqaAjGZO1lfLicgZLxxLQISYZPKVR9FRHBOZtjX-rOAB94k-NMPqYJvwJiHIpsHM= h9ZS3PXBdnSSD1m-fH0kdHXtsArTIAhu5-sJehAflMssc6ZTg/bZ_IPQUrEWa0mdUEz-PB7y713= rA2Jj5z/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">Bloomberg News reports</a>:</p> <blockquote> <p style= =3D"margin: 16px 0;">A company that snatched up distressed brick-and-mortar= brands including RadioShack and Pier 1 Imports and promised investors big = returns in a pivot to e-commerce operated as a Ponzi-like scheme, the US Se= curities and Exchange Commission alleged.</p> <p style=3D"margin: 16px 0;">= When the pandemic sparked a wave of retail bankruptcies, Retail Ecommerce V= entures picked up a slew of iconic brands on the cheap, with the aim to rev= ive them as online-first businesses. Its portfolio also includes Dress Barn= , Modell=E2=80=99s Sporting Goods and Stein Mart.</p> <p style=3D"margin: 1= 6px 0;">To attract investors, REV bragged in promotional videos that its po= rtfolio companies were =E2=80=9Con fire,=E2=80=9D the regulator alleged in = a lawsuit filed Monday in federal court in the Southern District of Florida= .</p> </blockquote> <p style=3D"margin: 16px 0;">But, says the complaint, = =E2=80=9Cwhile=C2=A0some of the REV Retailer Brands generated revenue, none= generated any profits,=E2=80=9D =E2=80=9Cat least $5.9 million of the retu= rns distributed to investors were, in reality, Ponzi-like payments funded b= y other investors,=E2=80=9D and also the defendants =E2=80=9Cmisappropriate= d approximately $16.1 million in investor funds, which was diverted for Def= endants Lopez=E2=80=99s and Mehr=E2=80=99s personal use.=E2=80=9D</p> <p st= yle=3D"margin: 16px 0;">The complaint also explains the business strategy, = or at least the fundraising strategy:</p> <blockquote><p style=3D"margin: 1= 6px 0;">REV=E2=80=99s primary business was identifying distressed companies= with name brand recognition, raising funds from investors in order to purc= hase the brand=E2=80=99s assets, and converting them into successful e-comm= erce-only businesses. In one promotional video publicly available on the in= ternet, Defendant Lopez touted REV=E2=80=99s business approach as =E2=80=9C= one of the best strategies you can invest in.=E2=80=9D</p></blockquote> <p = style=3D"margin: 16px 0;">=E2=80=9CA=C2=A0troubled financial situation and = nostalgia value,=E2=80=9D the two best things you can have to raise money f= rom individual investors in the 2020s.=C2=A0</p> <table width=3D"auto" cell= padding=3D"0" cellspacing=3D"0" align=3D"center"> <tr> <td colspan=3D"2" al= ign=3D"center" valign=3D"top" style=3D"padding:0 0px"> <a href=3D"https://l= inks.message.bloomberg.com/s/c/um4qU-Gr8jslERwSGD_1DUvGzYmH3Up3td54CrcOUbAn= wzONozpDQTtcJr6pI2wQMcjVlb_sTvWKzYeoBZi3fEJ8ARGr6zUonmd_FcODTSuwD-4rOZCnhtE= qAVE1IF35L3A_7IZuatLSz1OLGXLfwsaals8N2ORBsF4t_kFk2UMWBoa-yK-tygdlUMolsJF5UD= vBTQLFrtKoGbW7ChAb9l_yGBIZJzp_vD7IYfWDQ9e4deZ8rhoEWgFeOzDUwBo9CZ1Q4GpOQhrou= rv9XDAayrrBspWfUeh0lGKuexd2riFkpvpWwDCIEWuTBZhocpCKBayD3MAzXDJFeFF6hTTQX3Q3= Nl6YLpREfHM9kz4PpifSDBHh-NKmNeEMLSFcZYFtgMOK3wEWyQkaANi7lyoVSP-dED08LrOJ-SY= DPmRctnk28m7nWXBRDD1lEfhSQTwngeNwJMHyTzQTdhwqmlmz5v0YfcerfxwEXlr88se66TCiY7= 8xG5gb793dWHij6yzADhHusOeSdUC-Isrjy6NBUYFO-bDe6HmHvsF2QkouvHTbetC8MLj5d3IVm= qLyzt7YbQtKRmq5gE3HgqzW1cypkMtVWzuCw1faazcg-ycfy6iGYv98e4TPKt5MlfH08GRfjJCs= YDayI_B1bOUua4Or_xDEJjy3T8tY6Mh5wlCCJEnPiETDlO8-kCZfEEbe_A/fPjBZLjHBQzHYH6p= DvV1Tav35kyi1PsQ/13" target=3D"_blank"> <img src=3D"https://sli.bloomberg.c= om/imp=3Fs=3D868432&stpe=3Ddefault&li_coord=3Ddesktop&collapse_width=3D550&= li=3D15064703&m=3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09242025&lctg=3D6ab2= b7de-2e48-4d78-b91a-0ecf23e38de5" width=3D"550" border=3D"0" style=3D"displ= ay:block;height:auto;width:100%;max-width:550px;" alt=3D"" class=3D"lihide"= /> </a> </td> </tr> <tr> <td colspan=3D"2" align=3D"center" valign=3D"top">= <!--[if !mso]><!--> <div style=3D"display:none; overflow:hidden; width:0; = max-height:0; line-height:0;" class=3D"lishow"> <table width=3D"auto" cellp= adding=3D"0" cellspacing=3D"0" align=3D"center"> <tr> <td align=3D"center" = valign=3D"top" style=3D"padding:0 0px"> <a href=3D"https://links.message.bl= oomberg.com/s/c/gCQLbrcdtIYeTu1FcngbEWsECUz_I2gVkWJwbR8VWNfO1qhCtq2rd6Tp9Mq= 0CGpn2ONIBjESsh3wToqyUlZs1Hj4M-MoswPNl06-IPX6z7MQ12PN7sBbWGwxrs1bXAFTwuO50l= iFHUf5zib2VwTO_snX3GZ35mx-aOmPEkSDvurL9qZsrW6IgWKIK8R_UU_6pX26MxuDB1TpjE5T-= HP-2ZCH0y5_otcaMgNGo5ntjqEKyUB94HKA-8zOF1p6IRp9fdwFyQL63TW8U4OY-UwnZ3QrEjml= XYx7-E2nihr2JpH6HhTHTTu3RwGKjs_LCChEAdck6js-rcux1fP02EDjf8Xffn353Ma4xwJ9baj= 8xiKxhRXHkKiNCzyBVksxBe5E6RHTHXb711OqKZhRFVvVTilL0wE73KBgClVvOu90Sd8UlKzVpl= TvRaZm-2IcyQ-t1Sv3oZlcA6J1bJV-iJOCI07ZJm8AmMNT7DFcnQ1EAN2HeCNux9YxhTx-ZTezk= ltyRru6lGIRkeR-3fGDUp212n0FNDunxEn2Fu334awcMr4vxyhuOyN8pqK2xC_rzbbddgrObxr_= ud5_XVukW5H3LG4RREBjR3CC-6N-RL5-c1MQ8oD7PRIU7DAS-1hT9zfAO3cfchKs6MJbbXXsuIo= -PJMGsImsG7C3ijPeUOH6iB5trdIIs8TpvBynnT1WKA/5whT5w1JR0U_Qgv6Hoibjww8XMnQyFa= v/13" target=3D"_blank"> <img src=3D"https://sli.bloomberg.com/imp=3Fs=3D86= 8432&stpe=3Ddefault&li_coord=3Dmobile&collapse_width=3D550&li=3D15064703&m= =3D1e618ca1ed3ef770bf0b25ef3db247f4&p=3D09242025&lctg=3D6ab2b7de-2e48-4d78-= b91a-0ecf23e38de5" width=3D"100%" border=3D"0" style=3D"display:block;heigh= t:auto;" alt=3D""/> </a> </td> </tr> </table> </div> <!--<![endif]--> </td>= </tr> </table> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpa= dding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace:= 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family:= "Arial Black", Arial, Helvetica, sans-serif; letter-spacing: -1p= x; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; = margin: 0px; padding: 16px 0px 5px;">Tether</h2> </td> </tr> </table> <p st= yle=3D"margin: 16px 0;">Man alive <a href=3D"https://links.message.bloomber= g.com/s/c/UQacK9QXxyY4cYUdLicjvy6JZpVSdpcJXEzR0WARuN4hgtLkx1TI2ZY1ukadf-0pZ= FisUyYQcPY2F8fhZpvvs-mv-qQgyQiuPQq7dWtNJJ1bb6KXmlU5kCNnFIIecxSL6EGRtv6NctpV= rPetdIQGBEv3c48jzD6wQII1yBXXVmGk4HzSJ9kP7_qIex2n7Gf7wFYoHKR3t5mV9fTfDBxKveD= n648GBtaL0IktiKTBlTaZVxzosqyOlHfQRn_xUsBVAjcUHIlBNSyEWqLqLsbGRV5lUFDQpVYibU= a6aPFbGodiwx-mANKuGMsQF6Ck7U6Hfo2bTVbH-3lAEoaQoqip9IetyDgKSSvafabRawtOdcoo2= a1Bmyr93ob8LNE/J2NiOjosQZCbjGGZoMXDa6vBfLHvLtGN/13" itemprop=3D"StoryLink" = itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-dec= oration: none !important; border-bottom-width: 1px; border-bottom-color: #0= 00000; border-bottom-style: solid; background-color: #ccc;"> this is the be= st business in the world</a>:</p> <blockquote> <p style=3D"margin: 16px 0;"= >Tether Holdings SA, issuer of the world=E2=80=99s largest stablecoin, is i= n talks with investors to raise as much as $20 billion, a deal that could p= ropel the crypto firm into the highest ranks of the world=E2=80=99s most va= luable private companies.=C2=A0...</p> <p style=3D"margin: 16px 0;">Dependi= ng on the stake offered, the deal could value the company at around $500 bi= llion, putting it into the same league as OpenAI and Elon Musk=E2=80=99s Sp= aceX, an extraordinary achievement for the lightly regulated crypto busines= s even as rivals multiply and falling US interest rates threaten its windfa= ll earnings.=C2=A0=E2=80=A6</p> <p style=3D"margin: 16px 0;">Tether is at t= he forefront of stablecoins, a type of digital asset that pegs its value to= fiat currencies. Its USDT token is tied to the US dollar with a market val= ue of $172 billion. It is by far the largest, with Circle=E2=80=99s No. 2-r= anked USDC stablecoin worth about $74 billion.</p> <p style=3D"margin: 16px= 0;">Tether has made a fortune by parking the reserves that back its token = in cash-like assets including US Treasuries, and earning interest. It booke= d $4.9 billion in profit during the second quarter, according to a company = blog post in July. Ardoino recently claimed Tether has a 99% profit margin.= The figures Tether cites are not subject to the same reporting standards a= s those disclosed by publicly traded companies.</p> </blockquote> <p style= =3D"margin: 16px 0;">OpenAI is trying to build artificial superintelligence= . SpaceX is trying to go to Mars. What is Tether=3F One simple model is th= at Tether is an asset management firm with unusual economics. The economics= are:</p> <ol style=3D"list-style-type: decimal; padding-left: 40px; margin= : 16px 0;"> <li style=3D"margin-bottom: 5px;">People give Tether money =E2= =80=94 currently $172 billion =E2=80=94 to invest.</li> <li style=3D"margin= -bottom: 5px;">Tether invests that money with <a href=3D"https://links.mess= age.bloomberg.com/s/c/RPghoCdPrdhos5T-TdyNodWoWD11ibj0q0u351kkS8SoEROtqr-I1= FOraKVYXk0td0hk3CMw7LB8JjyR-FEZjjpmoXq-UTAIpZX1NdXJUQOP5mBKEv2qrs4Q9_tVZS61= fiu2y3mwSpJWCuUANk3_lfzWLELcQ2cv0qcZafbaWYQSNbcPXO-zhAFpAfi_FIh-fCYoXQe_UJB= oshHsyWOPdVqU-Fge7oyPOktj3MaSHtdgWdam3tkSP_wmTE18cgDnfmF-UA-8y8DAe5tNVbX1hq= gGdY507G6Hoii_LNbQWKZ1VWbG0ZFDA24DEreJvAxqVISEr9qLu449zJSM2yEs8EHYdOFt1MRlA= acXaAQCQTOqnSmwD0Yvq5plc2Y/JxhVmbgACUGUasrdEuqPeHNflhjs32tp/13" itemprop=3D= "StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0000= 00; text-decoration: none !important; border-bottom-width: 1px; border-bott= om-color: #000000; border-bottom-style: solid; background-color: #ccc;"> ab= solute discretion</a>, though for various reasons it invests mostly (<a hre= f=3D"https://links.message.bloomberg.com/s/c/lY0iDcE7ShWDvCBK50GAty8kOd3KdQ= IfQoffshN9bwpIIcIQLOgfA0QFue-tBEH_Ist9m6GuP6y4LajkPPPlNW4G0uaW7cQb4y65L54n5= kFtgAzRoFNe2Zf_Hm4SH7fh5aDIV1K9tTPcaPGBlNj61DrbhPdPHVZ3Y0k8fVdJZDMuUwq-dv3c= vYknrhjeD0Oa6DW_b3_KpNrb4qyH3UNrWdei5RPHzNLqc9nVpw1wJtuKxVD251FKRMZR02epa7s= SejXUWwEzHY57nBcb5_sDnRn1ZS4lvpKm_fv6h9YVvkdhkxKE48RjTP4WnWkrpJcUtp9jyvwYAT= ywI9JOPjOJTNMjOK0q9JWmgddOmNAn70UDrbhu1P5qtX39QVI/Ji31yRiB9lNAzgugHD456yKTQ= Ydbhc2C/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">not entirely</a>) in US Treasury bills and other safe s= hort-term assets.</li> <li style=3D"margin-bottom: 5px;">Tether keeps 100% = of the investment returns for itself as a management fee.</li> </ol> <p sty= le=3D"margin: 16px 0;">The first two features are not that unusual. The thi= rd is wild! The <a href=3D"https://links.message.bloomberg.com/s/c/aGYiKv3j= cXIinh1V2-FuXNH7wtEYB0wXD-F7lPmG6de_HrePz132SfEgR75tderVKEdt37q2WTCiGOrde8d= 9hbrenr02tMTVOwBK0GHsvd5Gx5Nz75I1FOPWh5nXqUQ_siwfI8QRYhbahvJfhZ2-d1yZBvpKe8= cEmEBcBYYRkC8hbiIPG2FnqSnhwyWlr8c2MFSJ7HCkvdk0pu3QW4nNm9u9pd6bwfWj6cOAzgNRd= 8IC160KXlde8mqbR20YMF-Shhw6vhb4_NP19xZZUa6Dfu4j7hSdRonytU5xB39C0mzXwndyaITC= JOFJYJb7kzxYgEjBtda3r__PiAQ9eW52EwYawpVh_xJMMaGxNKFOzMfTNj5M1-fTQmL4cjg/OeQ= fLBGkRf6FQ3HTf791TVM-TqDvRKeZ/13" itemprop=3D"StoryLink" itemscope=3D"items= cope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !imp= ortant; border-bottom-width: 1px; border-bottom-color: #000000; border-bott= om-style: solid; background-color: #ccc;">Vanguard Federal Money Market Fun= d</a> has about $362 billion of assets =E2=80=94=C2=A0roughly twice Tether= =E2=80=99s assets =E2=80=94=C2=A0and invests in US Treasury bills; it charg= es an 0.11% annual=C2=A0fee. Tether charges, in round numbers, 40 times as = much.<a href=3D"#footnote-2" style=3D"color: #000000; text-decoration: none= !important; border-bottom-width: 1px; border-bottom-color: #000000; border= -bottom-style: none !important; background-color: transparent !important; d= isplay: inline-block;"> <span>[2]</span> </a></p> <p style=3D"margin: 16px = 0;">I <a href=3D"https://links.message.bloomberg.com/s/c/NJHzV230-4MG4PdoxM= AN4FB1i9M3an-p_7ZvoWikjRYFqC-9T4E1eYxq1Vki6OrRBGONb3upEMG-gy_XHURIQOlTntugy= Eb2Tr9TJyVAZ8Yl007UqoNeKHPJexBxU9_A71FxV1XW-M3w-gRPKLy3sdiYhzC4lEa8Yg9ZyOk9= Nx8bmZBQvPtssdizKV20o9dupsEOY2iIuZVYooTiLdn-t1t7iqFpfdF1uJn2CoL13UoeRPVy6VK= Y5PXMbKIGNppLKbkdGBWY8YRvwYK1RjEaqAPRgoAGdI0TifVs2Ig9JOXmuEKv_qFnavWvFrSaxA= fB44oh2AzGYeHdSFYmGMyqo3my2AWcVZJjV1vt4C_jH1N7JBy6dX18ulcPU5I/llkxZ445zHdVV= ozuIi9ui2aAat6uQosZ/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" targ= et=3D"_blank" style=3D"color: #000000; text-decoration: none !important; bo= rder-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: = solid; background-color: #ccc;"> write sometimes</a> about a crude valuatio= n model for asset management firms. Basically a low-fee index-y asset manag= er charges fees on the order of basis points of assets under management, an= d the management company =E2=80=94=C2=A0the stream of fee earnings for mana= ging those assets =E2=80=94=C2=A0should be worth on the order of 1% of asse= ts. A high-fee alternatives-type asset manager charges fees on the order of= percentage points of assets, and the management company should be worth on= the order of 10% of assets.<a href=3D"#footnote-3" style=3D"color: #000000= ; text-decoration: none !important; border-bottom-width: 1px; border-bottom= -color: #000000; border-bottom-style: none !important; background-color: tr= ansparent !important; display: inline-block;"> <span>[3]</span> </a></p> <p= style=3D"margin: 16px 0;">Tether is trying to raise money at=C2=A0<em>300%= of assets under management</em>. Which: sure! If you pay that valuation, i= t is a bet that:</p> <ol style=3D"list-style-type: decimal; padding-left: 4= 0px; margin: 16px 0;"> <li style=3D"margin-bottom: 5px;">Tether=E2=80=99s a= ssets are poised to grow enormously=C2=A0(because it is coming back into re= gulatory favor in the US, because stablecoins are the future of money and b= ecause Tether will continue to dominate the stablecoin business); and=C2=A0= </li> <li style=3D"margin-bottom: 5px;">It will continue to be able to keep= 100% of its returns for itself.</li> </ol> <p style=3D"margin: 16px 0;">As= for the <a href=3D"https://links.message.bloomberg.com/s/c/xggZafBeKaXIWhX= Ldbs1PnO0fvc6er9aLHN9AD9GN4KtyY1fXpWHEH6C-lDzTkz4GI6OFAEZgT48KC6zixLudY2bna= 1MOtDGbmespXnQxCAn9e5RperTK19l17fWwIbhlHjzqD_689gL0YCCqxWKHICkGSIXC_tI7s7ZK= aqkjpNtDSl1O5gNL0ky1qcP-nBFylI_f7XECsElsj1IXu0M4aIc-Onjj6FbdppR4zSx0rpWCSJe= 70zFlgia3namQJXYs24Eunh9dedCfMWXPX9idBbfVAJ3E0EetAk90LcuaGO4ZkBChcLhNUXjdwR= -60EkSJIQkvXrJ-6ZBQxO1nCKE6cFhluQ8Tnq3ooU70VRja6bOoP1BVQcS3aFogo/5uZfapvjld= 81_77TjkKwOFtXb73iwJXa/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" t= arget=3D"_blank" style=3D"color: #000000; text-decoration: none !important;= border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-styl= e: solid; background-color: #ccc;"> first bet</a>:</p> <blockquote><p style= =3D"margin: 16px 0;">Tether has spent the last few months laying the ground= work to return to the US, in a bid to capitalize on President Donald Trump= =E2=80=99s pro-crypto policies. It recently unveiled a plan for a US-regula= ted stablecoin and appointed Bo Hines, a former White House crypto official= , to lead it.</p></blockquote> <p style=3D"margin: 16px 0;"><a href=3D"http= s://links.message.bloomberg.com/s/c/7aeyTq4Xep1dE1DKTEFDvV0s-H7oU3GW6_VzfPX= wdlH3K0-lRZ6UB_NjKYqsgKHM-pACE80HCDh1O1sm-eeKm35UpLFtFfgGbZ9goMDgsZKYjYzGUv= IxNsALbxIKY11ZAVvBl5g2-Pln_LZc8mFwBnUEP-iw9V3ZJpGCGIByofV83Mq3Z63wY5LwCg1GZ= mCMcU285xUrqR8U5FVKicTSAcCpwCGAET3RqCqMzwlKNRmNhQr_0GmKEx-5uGvRlJZf0Y3Uaxdd= RUuJ_gjsTS2fM_5NO34FcKoWt7uQSLN_VrxYgXJ25DvvcrE-bE1M4c5mt-otyGOSQ-aToWtoQvz= LLD-oLucTpM4WLj_lDkpUYEDXhJitvhh9iOj8dy4/-mPD2aIfeLTuGMqgrsouh1AAeX8Qa0td/1= 3" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">And</a>:</p> <blockquote><p style=3D"margin: 16px 0;">The El S= alvador-based group is expected to hoover up even more Treasuries in the ne= ar future. Treasury secretary Scott Bessent has signalled that large stable= coin operators will become a key source of demand for the deluge of US gove= rnment debt required to fund the administration=E2=80=99s spending plans.</= p></blockquote> <p style=3D"margin: 16px 0;">As for the second bet =E2=80= =A6=C2=A0look, what do I know, nothing here is ever investment advice, and = there is reason to doubt it. We <a href=3D"https://links.message.bloomberg.= com/s/c/2U3u0uWMgUMnJTu-0UCweK2GB_mBzxSIh30lRt1oB1SplefcQa4ASxQSWHrYV5gvl8F= Nebi3vdH_EpmzIV08nGGAYYKmA3yKAmydfQACM2v3MwHb5WSNSMqMMJiZM3q06jc_5bSEoOc91B= zVpW5oRFA3zcWehFs4TmegUFa3c1kdJyUDyjIEgj-rpgKd-1szv8Fmsa_IFwo1nyUKJlvFhGurC= GntApL63ozpXrtFqNBOo5gb0U7vw83AWskt8ykFHE1KYVJjz3fAGHQdv3UB8nvqkeB6oeJWfhA-= xPQbORTasbjgKQhQbW3efNmNh1vdiEjYwnCdGCtpronak9h7-97si-E0EYVTinwuncrZRmvxSaU= jrH_TaGEiOHQ/wDv-Ir4LCKMhHYm53YOzTbsuaqYrtlrW/13" itemprop=3D"StoryLink" it= emscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decor= ation: none !important; border-bottom-width: 1px; border-bottom-color: #000= 000; border-bottom-style: solid; background-color: #ccc;"> talked just yest= erday</a> about the <a href=3D"https://links.message.bloomberg.com/s/c/oryM= n0cEnrJZAK2n4ABdFdQO4-OtZbsp_aVdfbxYS2Z-mL2Iy9Bp73ettPqzVgxMFyNQmvSwpPlxSxX= LiUqNryMGlLKblD31H7442Fa8rucIf-ll3fgfjY8YxLRxoOtwCvB2r6JQ2OAMipY-XWUG6HHDA6= iO-6_qHH1mbTXJ_wNz_SkGTa6LSjZh9THoHb9IQiOjAc1DnD1YmIxrraykmLHQ6aP5dWbn3Y169= 49WntnEqqK8Qc-7NAimmFA6F0oDvSwaFQ6GIEJFV7bjCaV1BS_53KyBvha9473-BfDqE6DHFJVx= 6D72XHX6Gb9rd4U_Ta5WldaPqMT33rFYSD5Hwhl21Xn7QtiI7saxVQx9e6qHJ2E35RLLEi5kGUY= /ch7SG-y0ypRTluCKMljOhc7urMORB5Y7/13" itemprop=3D"StoryLink" itemscope=3D"i= temscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none = !important; border-bottom-width: 1px; border-bottom-color: #000000; border-= bottom-style: solid; background-color: #ccc;"> growing norm</a> of stableco= in issuers passing along most of their interest income,=C2=A0indirectly, to= depositors, which makes this a much less lucrative business than if the is= suers keep 100% of the income themselves.=C2=A0But Tether, as the biggest a= nd most =E2=80=A6=C2=A0<a href=3D"https://links.message.bloomberg.com/s/c/S= 5jtZKRJYJfWFy0W4n4y96sGvzNY1IGGATwcsb9A4WMEiT0FIaOxhyytqt_gOunBV7tdBDphtxhc= lkjnJmiNkAethuP9fC-zvbDqmV69mld0otSx7xs1QdwChrvD3mu3Sd5kTjDViz9itIM9hXG_JDW= cHJ8EpBWbkTfUVeYzZrbfMJdExANyr-lTS3y1b-9Xf5pmedc9biCTiYMN-m3gIaF8oeumL3yP_I= fc9Q_pmMcWSLjRF9EGEup_SVnj49T9LyoMPt8uim04Hsnc7o5EKW1iHy7dT9LWV0WYwVjRhUEEb= FPYnoZdh1TMUtiixp_WQkATp_VhjcX3wfpo1JpK7TEhiJWWkw-neWcRYOEWpeKyMwcjSQA61-Or= BXw/b5eeCJCdAih2a1QlaJ9zRmRPkbbjEnZI/13" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">Tether-y</a> =E2=80=A6= =C2=A0stablecoin issuer, might be able to resist that trend.=C2=A0If Tether= ends up owning a trillion dollars of Treasury bills, collecting 5% per yea= r,<a href=3D"#footnote-4" style=3D"color: #000000; text-decoration: none !i= mportant; border-bottom-width: 1px; border-bottom-color: #000000; border-bo= ttom-style: none !important; background-color: transparent !important; disp= lay: inline-block;"> <span>[4]</span> </a>=C2=A0paying 0% to the people who= deposited the trillion dollars and having a 99% profit margin, then =E2=80= =A6=C2=A0I don=E2=80=99t know how to end that sentence=3F That will justify= a $500 billion valuation, sure. (That=E2=80=99s like a 10x P/E ratio.) But= also =E2=80=A6=C2=A0what=3F I feel like I write a lot about all the comple= x and sophisticated ways people have found to make money with other people= =E2=80=99s money, and Tether is just like =E2=80=9Cwhy don=E2=80=99t you gi= ve us all the money and we=E2=80=99ll collect all the interest=E2=80=9D and= it works.</p> <table width=3D"100%" border=3D"0" cellspacing=3D"0" cellpad= ding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-table-lspace: = 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold; font-family: = "Arial Black", Arial, Helvetica, sans-serif; letter-spacing: -1px= ; font-size: 20px; border-bottom-width: 1px; border-bottom-style: dotted; m= argin: 0px; padding: 16px 0px 5px;">Crypto treasury buyback</h2> </td> </tr= > </table> <p style=3D"margin: 16px 0;">One trade is: You buy $100 worth of= Bitcoin, you put it in a pot, you sell shares in the pot for $200, you use= the extra $100 to buy more Bitcoin, now you have $200 worth of Bitcoin, th= e shares are worth $400, you sell more shares, etc. This is the =E2=80=9Ccr= ypto treasury trade=E2=80=9D that we <a href=3D"https://links.message.bloom= berg.com/s/c/FeoC521TD28XhRNnu3AFDr-dv3qDklqUqa7EuG0SWfo4AMvOYwdqBgn0rc2eia= d-m-AXmjeNEM0_UsSLCuuj3rUTUlTXzpCufQbkSoHksRp_tPLE_Wxg-3NZZurYBhSDQzrWDpa2X= rNyqmPrGn9S2zWChVnYY1dMZ-hQf2azzpIC4KjdQTJ43EDvEuXM_KdNRx4MR4xM3_Gf4wJUJhLJ= Epa8RzOMNYknqxkWqpIWgI6bypNSebb6lq20o87OwNcL1AcAgClSECnOZM52IOg4blSi7KTnSEV= VMf_VaDMXjG02UEItGZ1mWOzjETIgEOeFDOQP2so9z-jgDqupzlCnjoF1-HAv2d3Xu3iHZvycGY= 0rkl2eUK8-e77X9AQ/1aXTRTN3n1B9KyG5u8--O-d5i87SPFbS/13" itemprop=3D"StoryLin= k" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-= decoration: none !important; border-bottom-width: 1px; border-bottom-color:= #000000; border-bottom-style: solid; background-color: #ccc;">talk</a> <a = href=3D"https://links.message.bloomberg.com/s/c/-K3A8RnMvSAOPpn9ov_8HgZVYru= RPS4D0YUoK_Fk1j5Ahxxz7iTSpqrS9EFf0FjvRjiIZ96SFgb58IMEU2y5jhUgep_8TUOHx4uuwA= lxmaC_2bS8xzFBi7Z41jY5taFFUQ0mEV_0HCXDGGZ5iR8SbVqyacIADzmksUGNz5l65jVehCXhP= uH3KeLkTYezOAr2nZTlJsUwzHyz9i8Lqrbv2tfAxxGSzV_X52ifspCqdcVksGR68rfg1NB7fveg= zDs6It7uGsKJoNS8TN-508T6mKxuhq8M3e1pP6eDrgIciGPZ0SjmcRBYmeugv-6UtBgBVMVEe9X= _KKuYOfYYSiveaQfEDgQjSzFEBreYJ5MhH5BEYicUewJ6qTxMJyA/XJ-mNFzzYeVMfo51JhITld= Je7D4cCZ25/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bl= ank" style=3D"color: #000000; text-decoration: none !important; border-bott= om-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; ba= ckground-color: #ccc;">about</a> a <a href=3D"https://links.message.bloombe= rg.com/s/c/C7z-B7B9Wz-bXncGaV132Z9F5XlC4aEsZax8KpvNDyPnqnIE5-DzlVVwsdMttcwC= fUcANJyu6rMrjgeViQYLKwB0vcUTfEcYl_gUmdT-08qYyi5-sFVzeGZra8r4jI14gGuPBJAf_jy= WL6lzJGWgpgc2G4Y54uJrXW_fcYop-_oQMG9uVQwaa7gJq8V2C6pG3V1kD3NYVl-ZCRaxss2rJ6= fq2T1GQ5mUGFppl-YaZ5qofF55zu1aAen7gO3-hZRuZ2f9rlHfYI0HKWZKWOVceFrMmb8y0LFWs= t0VCgkltRyp7nIX64cM_qTfRdExNsC4aVdv4U6hpn5jeJQpwqQ7S9X9qS37_ihMKDyBTheDxJaQ= 2EazF-CXvgtY-DU/EKCjhIrBmhqbZD3gTs-y6npVCEngRsxN/13" itemprop=3D"StoryLink"= itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-de= coration: none !important; border-bottom-width: 1px; border-bottom-color: #= 000000; border-bottom-style: solid; background-color: #ccc;">lot</a> <a hre= f=3D"https://links.message.bloomberg.com/s/c/Rvd1_XCS7venBH36VIR8NdVaELUV8Y= oXk4I9NiDv1BwXLD-WxsH4OA4-eiALx6SvkyoQmTeUp-qpFpZQlN-rzWzZLcYaUW1bkdskVwXGj= eh5mHvViPHu_aBQnw9VnDoP09TrRfosSWkhXRi7FXpK9eG7TeK4kIQz1wF2yp-0Qsdj4zcQyFxx= slCDP0IDEFCOIvZMcV9pOV1kV_6YrucyRtURZrr8A8HZ6wOjPI_cV5LCQNlOkaf-ohbOi1VHU0Z= LDlQ9gI-uCzm7wpDIcIb4O9Q2ilJCrtGbFtzTA9erHzUpDlnE_CNAUGQ2jRcs0lPcLPtAiXSbS8= fbO8KcbinlRlCgcC_fKCVVf9QhzlIun33QsNOCCpg9h2uXcmI/AaVSqad0NW3iXlyrxTmx6Es5A= s1tKC59/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">around</a> <a href=3D"https://links.message.bloomberg.c= om/s/c/LdYRDCjYEOL9LKa9UKaTjDEN-ZoIXBYlWvseh3EKUgKpJo2LQT7Eif-NQGsnz0QWfo6Z= ndEaGoxdMK2vhA62ooM_R9DiJuCsUiiheYieZR8WlPLI2M5pxiul3qUIkFqynriAl5YcpetxJRo= 0fKnvS6L_I7Cmz6VB5zAItgkFw3WqP81q2SxZt-6WsUEqJpxeociIBwHJUUjjGn6U2uY2ZK82DS= XZNIaiRUWqmWQrQph0J5strD3Yaa6iZ6ia6wozt-cb4j3RZsB0HJzAYaPlJTWPHmcwCSQc-l1em= QaYQr7h9Vxp_S220Bg660q0PrH3mVv4rqSE3ag0aBb0JJIwcoJkK-XQtKcWkHaY18aQz1KF3A4y= YFy93088Dok/fxaeO54K_t0EX04WokkHuCNjV7IymXX2/13" itemprop=3D"StoryLink" ite= mscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decora= tion: none !important; border-bottom-width: 1px; border-bottom-color: #0000= 00; border-bottom-style: solid; background-color: #ccc;">here</a>. I <a hre= f=3D"https://links.message.bloomberg.com/s/c/fQ8UHMadRwuFlefe1tjD3mvd4p0BLp= o03w9qEbgcT1Bpn0mfh2KA-s27adInF2raARpxHJq5uUmbnp9fi4-z1OmZC6k9MzvT4fhCQoQwx= fjPKtwAonJ4DeTBCMHIdWCTiSXMpEhpAnU9h-vw_fbM24XLCma4t6KUJceq6Wg9KId-fCwGm7AM= Y-Gm5COT5JbETipAaQ_-yBPabsvS_JaIQK_oFgnuA_PXiMX5K0TBnmXDU2ko4JO6BleBhTixPlX= hGsznJKM6m32_NHzqnJa--41AjMrJQuqy2HN3oaEVQH4mBKOKnsFeM0sK7UMV4Jrf_3713nqyW4= 8ar4MBVlCq0FZ8eQNBMy0HgJeia-I9UfSMNit4HmzK24HdPkc/s3cBtFo_eXbK3vqxJAxW0DOuS= 1lKy6iP/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank= " style=3D"color: #000000; text-decoration: none !important; border-bottom-= width: 1px; border-bottom-color: #000000; border-bottom-style: solid; backg= round-color: #ccc;">have</a> <a href=3D"https://links.message.bloomberg.com= /s/c/Z7usa8KdMz5QV7tbZFJ_OVAtly5QwHUMxd7ZUvgBwBtjSMVru3hx0zxzc5le1RUg0N6YTS= fy19tj-0QKum50EVQ0Wj9k09Q72k5uj3_SXUlwSWgHqO1puBjKlkMQWkzEXxIzgBcuSc6J6qwZb= WoBmYazw3n8hjRDYBInrhf-nomS6DM6nXJJsgeRcfbLdReakuqv0DB5ZunJbPQfsWidsHn8GDUq= AzUuPegCvkS12iDG7qHH1TI_3qql3RHmCzL6uHLhZ0IUGhTs2wLqcqFb43u4sMU_c_Vlb3wueZJ= 4sH02HTtEi-5EcdBCzMz2E8y7L1uFqKHPz5z2Wewuv_SZcpvpB4jhrFEk8GSGbykbSMYbqhe0XP= 93ucukpa4/0bEtQt7uHUUVHKsnSbZ6-1z5QkhOPZFN/13" itemprop=3D"StoryLink" items= cope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decorati= on: none !important; border-bottom-width: 1px; border-bottom-color: #000000= ; border-bottom-style: solid; background-color: #ccc;">called</a> <a href= =3D"https://links.message.bloomberg.com/s/c/FfpPajs6tnj6EjcIRhWcDSg8mykZwLg= e6utDUEBwLWPwCafXLe4H1m3tELONO6S_1pH05TxnuJcUfP8bkfyiCec69h6KqVDN71JzBQaX8u= 9dOyEV4V7SjHfVIhKgTw7_7qkKwXEe-WxFLO1rUSeKWP3ajM742GYkZxpWJtEyuzcsg2jM7xngP= Keuv7N49o9wfV9pYj7uLWjDpTHVi_sd5evSobPJxilg3YpJ0E8wgAlP1SsZ2T8nLgYfHt5ThmMN= fRMGJbQX6J6zJr4t19oOkMNlVzT8Vk0Wr3dp6oXiQY7HguW_rIgTVzPJWGt-J-hQNEK5ZVmuAA5= YyRDFOx5oN09wHBfQwsDSz7xY9jlDP4VCmRy54Mc0ajGtfrQ/637rh1Uqo3CgBtWZ8nSreF8bJe= xTmrqm/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank"= style=3D"color: #000000; text-decoration: none !important; border-bottom-w= idth: 1px; border-bottom-color: #000000; border-bottom-style: solid; backgr= ound-color: #ccc;">it</a> a =E2=80=9Cperpetual motion machine,=E2=80=9D but= it isn=E2=80=99t, and now crypto treasury companies are having a harder ti= me keeping their premiums to net asset value.</p> <p style=3D"margin: 16px = 0;">Another trade is: If you have $200 worth of Bitcoin in your pot, but th= is trade has become oversaturated and now shares of the pot trade for just = $100, you sell $100 of your Bitcoin, you use the $100 to buy back all the s= tock, and now you have $100 worth of Bitcoin that you own=C2=A0free and cle= ar without any shareholders. It=E2=80=99s possible that, with the right min= dset, a <em>volatile </em>crypto treasury company premium is even better th= an a=C2=A0<em>consistently high=C2=A0</em>one. Probably not. This reverse c= rypto treasury trade seems if anything=C2=A0<em>harder=C2=A0</em>than the r= egular one, but in small size it=E2=80=99s fine. <a href=3D"https://links.m= essage.bloomberg.com/s/c/iVzSu8sg5GPeVFt7C2_elyQFiDhSQDACBWfXnsvAYoy8vu5rRx= iIsR57vcN4cmiR2Brm-JWMvcniDUbQl5pW8JWxPbsZFplzbC4L6M_0juJK3NcHJY6ACOeN3v1l3= iLBlJ20OPoDsxd5RKPRNKEohZT7fZ6XrvXlVe_dezAzZaXsgNMdHnNwbkz8rypjogWeuieMcQQK= w1f8v7nA3RRs_NeRrY5PLBDhCvVMqnHEx6RTTvbwY9wXnt_meRgQ07UKir9AzFkJ6cPJxyE1zKk= wefm_3DfavUyhkRYBZmwsu8sg_YOtO7qgMLzA9ArRcS2SdktFNBWN5badCzuXWVCwcso6LxvlL-= Z_oAGNJBhFfOLToLxJPmG2cZ87gwE/pDGYYfOefcMGzmTcSbE_PLd3nEmdfHWW/13" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= The Financial Times reports</a>:</p> <blockquote> <p style=3D"margin: 16px = 0;">Struggling crypto-hoarding companies are launching share buybacks in an= attempt to boost their stock prices, in the latest sign that this year=E2= =80=99s =E2=80=9Ccrypto treasury=E2=80=9D craze is unravelling.</p> <p styl= e=3D"margin: 16px 0;">An online gaming company and a maker of golf carts ar= e among lightly traded companies that pivoted to buying cryptocurrencies as= little as two months ago, yet are now embarking on share buybacks in an ef= fort to lift their falling stock prices. Some are taking on debt to fund th= e purchases.</p> <p style=3D"margin: 16px 0;">At least seven companies have= taken such steps in recent weeks =E2=80=94 five of which have a market val= ue that has sunk below the value of their crypto holdings, as investors wor= ry about a saturated market and raise questions about the crypto treasury b= usiness model.</p> <p style=3D"margin: 16px 0;">=E2=80=9CIt=E2=80=99s proba= bly the death rattle for a few [of these companies],=E2=80=9D said Adam Mor= gan McCarthy, senior research analyst at crypto analytics company Kaiko. = =E2=80=A6</p> <p style=3D"margin: 16px 0;">=E2=80=9CIt=E2=80=99s only been = six months and we=E2=80=99re already talking about their demise,=E2=80=9D s= aid Elliot Chun, partner at crypto advisory firm Architect Partners. =E2=80= =9CA very small percentage are going to succeed.=E2=80=9D</p> <p style=3D"m= argin: 16px 0;">Raising money to buy back shares instead of spending it on = tokens was =E2=80=9Cantithetical=E2=80=9D to the crypto treasury concept, h= e said.</p> </blockquote> <p style=3D"margin: 16px 0;">No, right, yes, the = concept was =E2=80=9Cwe can sell shares at a premium to net asset value and= get rich,=E2=80=9D and if your shares trade at a discount to net asset val= ue the thing doesn=E2=80=99t work as well.</p> <p style=3D"margin: 16px 0;"= ><a href=3D"https://links.message.bloomberg.com/s/c/8t8FUd99w0xMa7xVbgniyA0= cEVm_MlGyOlqNC6m2OWM_-9PBEimqDiwNvEgjR8IlFnu5YbI5Fhuyl1YtYtyGeKwD4BxJg42C2s= 94_94dRSeKKh20y09QyCu9oscgVdP3HHIBmeMLSQS4B3TfygFMhpI7ZP3CRn13EFVN8f-IKJtHC= ya4VXE2Plx9NIUkLvhghStOGZAOPRdJuXldhgYqp4infOPwOcIIxFCNeqEZgYOmGbTCDywq10Ib= khKWwrGmHTZpLfhc8uF4je1OgT7E2jgzQvsjA7Gnll16SFASWPlcDq-NV6lJpeKWUB8_0fkZPbz= RFV871c2xu06sk0ARpMov9GJN6h7-ZghVgSJGotRQKwGC2esTtCilsJ4/54FFE4UyvGmCXTHPI0= ozvsERGA4upGxY/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D= "_blank" style=3D"color: #000000; text-decoration: none !important; border-= bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid= ; background-color: #ccc;">Elsewhere</a>: =E2=80=9CScaramucci-Backed Crypto= Treasury Company Launches With $550 Million Fundraising Plan.=E2=80=9D <a = href=3D"https://links.message.bloomberg.com/s/c/cKy8qh-frPMDM5nW9C45Hgek1o4= aOB_rhlDQVhfWSW-9X1Sf1NJvKhgSjaN3jYXflQUAJdbjYgYXzPh4bRZ_ELGYQrngdcbfKTaIs4= -0YprilAd_OBdr_c3RG31mDHxjZd_wcov4kQRusJS35j4XuOMbvIX-FMjS5HGA8Rj7eIvH2nngd= bELZ5lK2oIHd9q-M8wM8JXXniRkRryLdzvJvb8PnYdD3Eg9WoEHIy0KsJZnmirkmgxF8ku0vLeC= BXLYxNaePcmRGoB3yz24RWneqVoytWTEPHkWcoOb3aSsITy1qu0LavRgJ7fCtUBZ_VZ3AQao8N5= YWXRydq3SFtpDk9KljSI57uXqJAEzzEnUtuTK8bNBEKt_6KU02xA/boxN2pwiGnbBJKBQHlu9JH= TolQGfiU6R/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_bl= ank" style=3D"color: #000000; text-decoration: none !important; border-bott= om-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; ba= ckground-color: #ccc;">And</a>: =E2=80=9CInside the Princeton Network Fueli= ng a Crypto Treasury Boom.=E2=80=9D</p> <table width=3D"100%" border=3D"0" = cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: col= lapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-we= ight: bold; font-family: "Arial Black", Arial, Helvetica, sans-se= rif; letter-spacing: -1px; font-size: 20px; border-bottom-width: 1px; borde= r-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">Is bribing you= r tax auditor with trips to the strip club securities fraud=3F</h2> </td> <= /tr> </table> <p style=3D"margin: 16px 0;">I mean:</p> <ol style=3D"list-st= yle-type: decimal; padding-left: 40px; margin: 16px 0;"> <li style=3D"margi= n-bottom: 5px;">Every bad thing that a public company does is <a href=3D"ht= tps://links.message.bloomberg.com/s/c/VRBUYR6fMes3-rit-TPEvLLmWzxj-rIbw3Tco= yvPoygnVgcYAtNouzzcy34fOMKAFAtvznXTgVK1QAIpPJS-tJrAfMl8xwFZKMMpH9MNJoKvxeYr= AX4izKUdRlcO0IOmA2gxgmLGiFWJ3GlocIPhc2eGTZx79CRDX8xb4LAPxH4MpNkfR1wAsXwRWQ3= KtDp5iw_i8jJlEveNHfswKMFiT05NNz_OConyHleOX6Z_lIm4VbSEvGZJaIw6WJhgBB8jRv_zaj= TZcIrp6tBk2Ry-ak-PTJQcyijMhNJmpLGMfMCWmyms3QLawzgsrUazdhBLoh04jAiSgofJXPwVB= 6_3Yvb3oelBtOEhRYmqZbJy9EyyxyInRty0uT2SmUQ/ylzRn261nMwGM9gePyZ1VTQWVjWASDXn= /13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">also securities fraud</a>.</li> <li style=3D"margin-bottom: 5p= x;">We <a href=3D"https://links.message.bloomberg.com/s/c/6-kmbTJEfiLbVtCQ5= iDOuJ9438S4GOuzqMHjNcE0R5fHaBehtLz0H7DEpwUrTUpHyA8lSD5i3NCkUPXrO9-dgM35c0R5= 6JbLoDplckXk7Cqgprz84ItkWYnuSB-0o7r95k_O9CMXcViC6U5prP4zR3-0xe8fMzTuoxzhShk= 4GYEmGE1Eq_f_AtB3N7inG4bA80YVm1pN9uusawvFp771LJcXJtYwfdjejAb6R1xdpg_R0cL580= SnKgBbUuOo-zjNYa_xgHH5pTGDjuyExTkA4mKVJfQx0JuRLmRTLKg6RaWUX5UF4tcuOh0YuNv_s= fLpcDV1gU7-xESVhf1qvOU0yBBDSOpaMA7fDAmh5SoQQ4hR9V64YYJLVL1K65o/XO9wMz8W5VUq= XyzOvoCvKZTrMsex5OHD/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" tar= get=3D"_blank" style=3D"color: #000000; text-decoration: none !important; b= order-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style:= solid; background-color: #ccc;">talked last week</a> about New York crimin= al charges against=C2=A0RCI Hospitality Holdings Inc., a company that owns = and operates strip clubs and that allegedly lowered its sales tax bill by b= ribing a state tax auditor with lap dances. Bad if true!</li> <li style=3D"= margin-bottom: 5px;">RCI is a publicly traded company.</li> </ol> <p style= =3D"margin: 16px 0;">So <a href=3D"https://links.message.bloomberg.com/s/c/= uFiJh90_vxfMSjN30eZDH6HWvvNkZ2V1shuqfVqecWwyM1x-hWK9M8wR8x3MhJKEDXYOJCYinv2= 3iI2i_ucgXY9haaHJucOHfzlJKsfSrhdRxU0PlZ3s1vgQ4f1mCfmlnAAnIdcGiZ4VkStU12H0Li= 82QOlpnfB09C7Jov24_SgYvgZ6diX9zDtizBXDDHJ-3Y-TqZcxVIwSx1QQKqL5Rg86DGkB2LtRK= sSitQivczU2XRauBEgbJmgRsWZIvsOxIO6_C5yKimAE_vS9J0k7I6NYTlmWv0RBrLuoNxHnMXpw= YNql11JqM-bmNYczkJQo8g1_PURXd91Rl0nkp5LNE3qxF1wdGfBlOKjDYgxs6bPZ08tCmD7EDpo= 2O84/JlP20i8su-S6oRdxbcUszI9n9HLFUR7f/13" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;">the syllogism requires</= a>:</p> <blockquote> <p style=3D"margin: 16px 0;">A securities fraud class = action was filed in federal court against RCI Hospitality Holdings Inc., wh= ich operates a chain of strip clubs throughout the US.</p> <p style=3D"marg= in: 16px 0;">The claims stem from the tax fraud and bribery charges=C2=A0fi= led=C2=A0last week against the company and several officers by New York Att= orney General Letitia James (D). The company allegedly provided a New York = Department of Taxation and Finance auditor with trips to clubs in Florida i= n exchange for favorable audits. RCI allegedly didn=E2=80=99t pay $8 millio= n in sales taxes to New York City.</p> <p style=3D"margin: 16px 0;">Between= Dec. 15, 2021, and Sept. 16, 2025, the company=E2=80=99s chief executive o= fficer Eric Langan and chief financial officer Bradley Chhay filed statemen= ts with Securities and Exchange Commission that failed to disclose the sche= mes, understated the company=E2=80=99s lack of proper design and implementa= tion controls, or downplayed the James investigation, the complaint filed S= unday by Alex Hernandez in the US District Court for the Southern District = of Texas says.</p> <p style=3D"margin: 16px 0;">The value of RCI stock drop= ped from $34.32 to $25.80 by Sept. 17 due to the charges, the complaint say= s.</p> </blockquote> <p style=3D"margin: 16px 0;">Yep: Bad stuff, stock wen= t down, securities fraud lawsuit.</p> <p style=3D"margin: 16px 0;">Incident= ally RCI is about a $260 million company, and that $8.52 stock-price drop r= epresents about $74 million of lost market value. RCI allegedly saved $8 mi= llion in sales tax with the bribes. Arguably the shareholders=E2=80=99 secu= rities lawsuit (for $74 million in damages) is worth more than New York=E2= =80=99s bribery case (over $8 million in taxes). =E2=80=9CEverything is sec= urities fraud=E2=80=9D because securities fraud is the most <em>valuable=C2= =A0</em>sort of lawsuit.</p> <table width=3D"100%" border=3D"0" cellspacing= =3D"0" cellpadding=3D"0"> <tr> <td style=3D"border-collapse: collapse; mso-= table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 style=3D"font-weight: bold;= font-family: "Arial Black", Arial, Helvetica, sans-serif; letter= -spacing: -1px; font-size: 20px; border-bottom-width: 1px; border-bottom-st= yle: dotted; margin: 0px; padding: 16px 0px 5px;">Corporate rap parody</h2>= </td> </tr> </table> <p style=3D"margin: 16px 0;">Nothing in this column i= s ever investing, legal, tax, accounting, etc., advice, but I do have one l= ong-running, sincerely held, urgent=C2=A0<a href=3D"https://links.message.b= loomberg.com/s/c/zCa_L0vzbC8d83XLg2YENS3V-nzYUfssxJoEpzh5rJboM0em2rvwoY5W2e= dy-4jGJktrTIMrUkWTMb-zu4Cs00tF67tn-dW1iXwbhp3abMOm3JaKPEZ6-axWN8CzB1ouic8fx= bk9zZUuHZmMOYur3vsnWFT8MX6pEY1UtFybxjbSpHtZLA3P8goy_Pu5hRuZlTiZVhNDbNoXo9so= Eed9X9YNA2WkSeOx68eZAzXkgBPaODGMzTBFPbDWP64d2di_PdPuTLwlXLeDL_M-eJ4gsZWHoPA= Xt3PFAnKznZxMAIlec5IrazjArLfptJE-lX4e-kqCj5QRcoMnU3R-Nc-peksIOKxp5rkTKaWjUq= a_FXf-SEJv_XcEbUeCS8A/ExfmeZN3Tn6189zR8A4SOOJu3-6sulPW/13" itemprop=3D"Stor= yLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; t= ext-decoration: none !important; border-bottom-width: 1px; border-bottom-co= lor: #000000; border-bottom-style: solid; background-color: #ccc;">piece</a= > of <a href=3D"https://links.message.bloomberg.com/s/c/HmicDVj4R1QYPaccByB= hJ_35OnA5AA5a6X82d4abUuS6hEFeykLFWnw8q5Ds4VHKI9e06BBK8Ig4qNDvrGQj7KL1Kuyb5p= TaiagCBEMokrJT5bPpwHceRcfV67dRT8szyc3yVamIkwT4QiHQeH3ZqbbULCTRAt18q-g5EASPo= nnsvI2rg7iaOksMcW3dnNATogVhKEtYhZRceoQrHDjgUdIzUoGNRhtROFu06KAJNNtSCGR13B8M= i1qNPOz2TafmSMYMbupRJfQGAK6fixsjU9wUMV_0uKBuuOIGkmJr-7ST0QHWbuKfwonWjYt41gP= XR77uEoAlSJAy5b4EowgyUgIT70597Q9b38X1BuFJuzdkXaQorNGl98tTbMQ/t4yf2nffz_Z519= YWLGKkhqY5N140wFls/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" targe= t=3D"_blank" style=3D"color: #000000; text-decoration: none !important; bor= der-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: s= olid; background-color: #ccc;">aesthetic advice</a>, which is: Do not under= any circumstances participate in your company=E2=80=99s corporate rap paro= dy video. Anyway <a href=3D"https://links.message.bloomberg.com/s/c/fK_GIfx= NwFWnMrvvaLyIMLLFQb5p7c61XR-_K2-Hc-bzSgdzWhMlHrngyi4J85JeF_Cfa6WEyawukH_XZx= NvGzTc6zhVg7vT4QRkH5ch35MyUcD6WuUD2K0sxeG0qZW9zlcJSPng6OcNtfbTcX-rTfJyvWcZE= 8kZD710pgRuGhih2rY1wFkTarYHhdVmB5PcubDNKpRYsXfdkVCulzajajBAvRdV6xl5QyIlb_fl= nH-A54jvUOIs5lLNkoD41YFZ6WxX23JvRlvhMcs5rhRabd8kOraAtj0MY3OCSQfBrmpzOIfVVVo= WLJ2Tmnv0-2vaw4GdQYRp9S2RHxAobWVTIhEgSwC_VsIcfylqg3TM2WMx-GJm-a9y0JhZBTU/up= 649nrt6m_4OYJUNoK0UPX4kq4HguiQ/13" itemprop=3D"StoryLink" itemscope=3D"item= scope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;">here=E2=80=99s Klarna=E2=80=99s = version of =E2=80=9CNot Like Us.=E2=80=9D</a> (=E2=80=9CFinna max out this = quarter, we in Stockholm, shop shop shop shop shop in your own way, pay pay= pay pay pay in a smart way,=E2=80=9D etc.) Nope!</p> <table width=3D"100%"= border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td style=3D"border= -collapse: collapse; mso-table-lspace: 0pt; mso-table-rspace: 0pt;"> <h2 st= yle=3D"font-weight: bold; font-family: "Arial Black", Arial, Helv= etica, sans-serif; letter-spacing: -1px; font-size: 20px; border-bottom-wid= th: 1px; border-bottom-style: dotted; margin: 0px; padding: 16px 0px 5px;">= Things happen</h2> </td> </tr> </table> <p style=3D"margin: 16px 0;">The Tr= illion-Dollar Race for <a href=3D"https://links.message.bloomberg.com/s/c/A= 7l3YKVgjIIX3dStaugNQ1Ar9H1CWYg_Jwk00Ywshh1xxrL0f7UHlWUJd0ZoHdqlRZBNa8qAYEmS= CV9BOBMY50VziRJAG7saA0ghnINTzFlIho_IKqrokiH-o5Z4wZlNMWl06l8V4KRYrE9xfHK2IBW= nww3mn7WMDbBoMLCnhqPc4CgsBzOl7JhE-yqBR05RYswNdsRFo6mZwnjI0FnLs13My1QqLBnNUf= M3iVaGrzAB-HkL7JxqIGHFRM3TfnqV1YJAj-wnJH6Z6vNKCPfW3CJLuBnmr6yruGFYy4hjIiU28= Q6nqo-Tr2ffvXPMj3a2OSs0Pg8vkvetpTqaTNH84P9MxPmaBf-zSECODnfmYz7fXoviQ0-Gr_uL= POg/6SUHkpOFjjnJbw5_ijLPaUtANK3KOMgq/13" itemprop=3D"StoryLink" itemscope= =3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: = none !important; border-bottom-width: 1px; border-bottom-color: #000000; bo= rder-bottom-style: solid; background-color: #ccc;"> European Money Manageme= nt=E2=80=99s</a> Future. Wall Street Is Poaching Bankers in a <a href=3D"ht= tps://links.message.bloomberg.com/s/c/L6qLZiQiO1HgPY6-f31vn4Mh7qq0kx9esjcsn= qem4CcQZaJwh_-vxPe-CXKanZKZZFHevsjbTidEgFU2wHR_wurPIpE0Ck06-DpWkCiRrIUirtQY= 7F0jOacnH0Q84DDNo_Q1uGnIIynzBEtzGzfguMC0-8xWQ6F19gJLeHPDbLnEoEGRkQ8_S5D3zoM= cW6fB5LkWG9RD55e5zxf-Bmnxo4c70DaTV5YypqKc2KweRQMT8pbWrIZFk5PNWqeqFkH12BZ-hk= zs_2v80eDGM-NpaRxm8CjRaatY-6XF3Ci2QXclTF9Q2t3W4NzkWyIkQExXzltwh--G4Mwg9I_do= kFFuJfuUg5nSHVm78Fm5gEbUiU4GgC8s5WT5KQRqxM/3tvk68i9vYOBdPfr-fk1siyjCNxEfdwb= /13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style= =3D"color: #000000; text-decoration: none !important; border-bottom-width: = 1px; border-bottom-color: #000000; border-bottom-style: solid; background-c= olor: #ccc;">Red-Hot Job Market</a>. Bessent Says US Negotiating $20 Billio= n <a href=3D"https://links.message.bloomberg.com/s/c/mjIYobAFHh7DZS1a7Qp-zW= mComW0RpuSC3UffrkBfQC3CScIrozOiZTlo-jh_boQ-shOWqCFiszVcLPfpLmzuUjNUM69GoSp_= 2MykF4Iyc2Iu1fIMGQ1xxsI8fRcC1mnC8pAdJFuwiVZtVbNBTjpvj-L9_NSo7Su_2Bplp6R0tJT= 8HzaDbJ9611fq4Za-IbvFy406N-CLeheKBDBI_sqiAwjB-mFznSxddql7Ker5Ci5KXX3OKLQdFb= Gp_Z0k3JjpJynGJ2Ut1qwCpxGB7A0WZh5Ul0eWUbCEs6F_HO7GGBL122bpQuiF_R-J-vxWiaIUT= sQOdank0cVj9Dr3iBfrQnQh2cMISnRKIWYid4BMKJlG6xgUF-IRXuRD4U/m5hxndoi0WZalh73w= _IE5lRinaPIaRmo/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target= =3D"_blank" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: so= lid; background-color: #ccc;"> Swap Line With Argentina</a>. Milei Is <a hr= ef=3D"https://links.message.bloomberg.com/s/c/cEx0nn5qQtX1hLLkHV2paBVTsdY9L= jC6HHYfRfm8qDO2G4U_oa1sovNOHqmISB-9zanGozJY9Z43LJlSrgpSsaTS0-v-_fZEyle3uzV4= KU_RcHd7DyBZ_IuI7d5oyHhg2RIWg3qh2p9Wv1IOLBVfL6983uc2ZAUy5DSMrM1Owghx7XBFkJx= 9dWn0420NdefTibtojjiHUDVxLDF51S_Ffn7jcS37afUfgNRBqUEbAuAWCuSDiL33GSfh2XCyka= WL22CKrKpwOExHBN4tt-dPvMnlZnosN2s9bSSruA2dusaW5c2tPr_T9V2-rSqmEqqH_cZE9aTY2= SjE5RHyiPp9Cl2zan0Oj3HYxFLBRClonNsPjtP6BQ_P851bAOI/DlY8ajyiVeZfHPJVayZYoNLG= Dr6js3-6/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blan= k" style=3D"color: #000000; text-decoration: none !important; border-bottom= -width: 1px; border-bottom-color: #000000; border-bottom-style: solid; back= ground-color: #ccc;">Counting on Trump</a> to Bail Argentina Out of an Econ= omic Mess. Big banks <a href=3D"https://links.message.bloomberg.com/s/c/UZ5= Vq4GFbeTLHmz7LkCmMO4saHX_CEUcDLgumTkqzUyMD7G2smIXQLshb3MYoFqyRmlbWbmdxzNyHu= RByjeR5oPi8Tzs1ApH_qs-q5XR0WTYzWYx69RCawiZa9CPx43FhfpZDDksjMWabIrfbFzVZvTBi= kg4JLam95c9IKNG2fQzhMEqKQ7Ys2U8CWMb147XfQXmcD7krbqFuvBNG-VPNqfmrTKvTyMXUYDp= jjW9kzvWn3bw-NNdsFn8K5fbbr6Rtuv0QF-HQkh1kofT8DpLxqkfId5W-r13OaLaEU7Kokr7i2D= vKLmSjbUigYhNONSyQ3cOSshl5XJC1RLPX1n27vOWRyC74pGhLCuIMIyS_xdvIeNRUuGhlZlBW6= c/ZpzvzmTwRoTfXeh5-f33KdX8x7w1dGNX/13" itemprop=3D"StoryLink" itemscope=3D"= itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration: none= !important; border-bottom-width: 1px; border-bottom-color: #000000; border= -bottom-style: solid; background-color: #ccc;">unwind Hong Kong retreat</a>= as dealmaking booms. Tricolor Interest Payouts <a href=3D"https://links.me= ssage.bloomberg.com/s/c/_jB9LWAIKJxJrDCiggDBdgGKF9eK_V-Ag76Kka4AzODnCG4h4pU= HG28Kux7J7bOOiwVVbKI337s1uXdoB6BrkM7hOFRfIhjwB24IF7i_XAas3k14tslUn1JJ2bZBF7= uAjX4Yjy4Hp578-GAuA69uJSLjfFRemyyvoq6HA8U66WSimDqKygaibIV_hRzWM-dgHKLCAAZNh= DkfylKAFCQhwz7GQetwbApYQFd_sar87AGMssg2bNHdwzJ676W7O38BOT2xF8DU0DLXmCslxX2l= GyKjWIuoHbGMZ1jBu5DmeKXMm2QdRhsFMs1J8fKuSph--anIIVBCCBh4LOxiDo5rCD5cQLtuEao= N4u5s8qQ5kj9p0mPZBmLGV0--w_Q/Gl3qWQIzDkcuJgpIMQ2tBuHuQ8CYaVsB/13" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= Clawed Back</a> From Bondholder Accounts. US debt investors raise alarm ov= er <a href=3D"https://links.message.bloomberg.com/s/c/TaCkMt0LeQAWweLgmhJta= SbBaM43CZ0ojmk0TxNSpE40KPLJxjnvgfWGova4wOibwgDWj2XL5Yele3owc2O_0t7md3PH9mpj= UvKuCu-jJInZJ5MuhIbpKFeIIty7V_eDTwDR3yGzYgUUZWVuUKm0bKb3-gBsJdGoWXmGgRySGhJ= kun9Qv-sJ47cMDqCV87pdbl9Lu8yZ-Tj2ISpAOyBi3rtfeZ5G-ZrIdz5XtW21e7qeZnrb66WKBu= usDJD6wGdMOrb8FbdvXEB9JV0pfmU0q4wz3gVCIuNrP-Yt51TwKWvaBMacCCbA788oQROvHxFa9= MjMOzwBD0wPTNl1iou86yrTLbCOm2uclT5a8-23BhNY0oWD-vX1dOGnNWw/ZW8cLBUSN8svTTWi= qJ_sya1kLNVDa0wy/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target= =3D"_blank" style=3D"color: #000000; text-decoration: none !important; bord= er-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: so= lid; background-color: #ccc;">lending standards</a>. Wall Street Hedges Bac= kfire as <a href=3D"https://links.message.bloomberg.com/s/c/wKv_TfX3sYz0EH5= 5jkZRHwm3pFt2o_lo-hWclTzwciFhH0rCstns-6kDW_T9efrkrXonO4kPf1bfoT4vtrdr5bUtFw= LfHX4tC1ykt-n56vNzZd1m0XLu-fXjmyUfDerYEPr8XDI07dXWgrzDzKSOEgGac08lc3DQeP_JO= bGmMKy8yyAv91GSXdNla5FDrtLMeN-BpCYkdfShKUUZ40T4IyMrgOB0utveAg-bl7pfkIdEmmMr= u_OMRvFU68k9weD18zqK-qNCI8gSvD1TkVE83XBnNFxidZAnSfitY29h6HlRxSfZQymF1IR91qH= VMzw-aHGol8VeAge-aJ8XB19t3xHtV3wuMrQvy2U5UQkpIMGe0LfhcbbjyCpoUt0/h94xxydFJq= 7gZMbfbvraikE6sZ_4damK/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" t= arget=3D"_blank" style=3D"color: #000000; text-decoration: none !important;= border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-styl= e: solid; background-color: #ccc;"> Volatility in Rates Market</a> Sinks. M= arshall Wace <a href=3D"https://links.message.bloomberg.com/s/c/qpxX_tsZRRM= t30B4x9L6kMd9wH9mCJjrkiRBDV6sDCWKn58jrqTnFpJQJuqFGec5PM9IDYNGNAr6FdQ4tYbkNq= KSasqJeztvs7szkM0b1-YWGsn1TR25k0IRs4x7EciWYF1C8HDeFBP38JpBhgeKXmjPXvq6wtK79= 5GSponcfrUuY40Lfzw19ZeO-rI-RaN-T4G0ehZVRiuv6Mm9i69oKBkicarkyb9rZLQdlkHBzY2i= FQQggo6Fw7RnnaJI3__3yE59UEMXGa5m2p-wUX4VHW8HDVShvSN5V7sw8KDm7dZ9cxZzJFWpWb1= GkTyYqhSybLpcHe6BypLZjLjFp2XvvIgN5Vl7e7IqW4UiLPEDhiFJq5onZEZ3bbFlav8/XFpxaU= LTl7Zax8lC3T-UH1dGQ_qqsdyo/13" itemprop=3D"StoryLink" itemscope=3D"itemscop= e" target=3D"_blank" style=3D"color: #000000; text-decoration: none !import= ant; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-= style: solid; background-color: #ccc;"> Sues to Block</a> Crypto Data Firm= =E2=80=99s New Financing. <a href=3D"https://links.message.bloomberg.com/s/= c/05lrh__CzmPdQPZh8oXl6lcnNsDG-K725gvux0P0B5HpViIQsSCzTMuv2t3Y9Msld9RJY8xLH= KtcWQEm3OhJXr0q2Gk83BvuBjhD7QX9lxW8W5LxUAfj6AwU7PAzT09_AdTwv6s8SGykmrnVsnaj= E90UokGrTXX9hL6ZAhhtVS92RyH6LRNnjLLKrFNxqK0aCue6Vq6KMpI8-UuHUqu4D2jVUsff-lU= Oq4_NfMu61hzzDzMaKO1-3rjj6W1U89XX1bMuuKAWbWT47eG3pLuGJivKssCbDBft0S0EqHjwAS= oEQ0LBHmOODBiasDlawSfiCTdjSXvquBMWV5JIp_E-KCOXh3zzov3KS4YLqkT8KzIfBYNWcgIBa= Oiaipk/HtedDc-EE9FfnHwunMNPa4CFuZkA7u-k/13" itemprop=3D"StoryLink" itemscop= e=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decoration:= none !important; border-bottom-width: 1px; border-bottom-color: #000000; b= order-bottom-style: solid; background-color: #ccc;"> Oracle</a> Looks to Ra= ise $15 Billion From Corporate Bond Sale.=C2=A0<a href=3D"https://links.mes= sage.bloomberg.com/s/c/_SpR5ptp6VZt14FHbK3i5290IJKSp5Ld0ybEhrGbKGftJImweV-4= A0A_y3o-rZyTYMOaGRUa3wO35lEWVuXItwGBf9vaZjk8XceDDr8dVYVqoqowgXaP5xU_AYxcTox= VaKD0iEm9GXEl48jaRHFWZMNR64PBzdcLHBQaApvCxk4QJtLfBZ3Zn1aJDljw5MxpmOYJa660SH= 5O8myS9vXS6P1NKghThFmITDSY47Fa2jMJOhRWw5K4ittotZstoIIN2FSaFpEJ3yEslmPG3II7H= K6Hnx1FkwHvRqNARXqFeVqv8drYTqTux2Xh4INm8NrdzDsTu_HgDeLKAM64sHjtKiSz0ZQsE1Ik= Ud3c5jZUkk-zOYWw1Q_KWGDGNQY/q0sMrcDJDAHi2VfKOKioT3S7FFQK_6Fm/13" itemprop= =3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #0= 00000; text-decoration: none !important; border-bottom-width: 1px; border-b= ottom-color: #000000; border-bottom-style: solid; background-color: #ccc;">= Stripe=E2=80=99s</a> Valuation Rises Above Its 2021 Peak to $106.7 Billion.= <a href=3D"https://links.message.bloomberg.com/s/c/3b7ps9eK4eigEujWfbt2HaU= klfVVNKxiDt7lmooxthMGyTPPdZ6-JdJ9B2Zm9bTlPWzAU_0gAM_mpxf9ugx6lR8532jdI9peqb= Qcld_rv5VcmMKjOVn629Za81yRhjRgHAAoJuYmzjW78paLYcVGVhRcsCDUoXDZTI44v_iR5M7V9= SmTxFdrzcpxfLzS_dvrz86vbmEkRP5AgFLP63XSLNhe7zlMnFKmjmoMWKcTkApeNV9u2xSrUfNr= UqKirVDS8RKhlA3lzuhlzObG8VrAksSX0wk5Q8JrlsUcKgb8h1ebJXrOe9BDiBk1064wxRTIb4n= IBL2_4WAEKfQsTKkwRs5sDfM_jRzoUpMi7co3Nw0delxwz8HfUfOe2_Y/fvmkPq-PU3nM00MkOn= m6lEOquIU8fYuD/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D= "_blank" style=3D"color: #000000; text-decoration: none !important; border-= bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid= ; background-color: #ccc;"> Alibaba</a> Shares Soar After Hiking AI Budget = Past $50 Billion.=C2=A0Nvidia=E2=80=99s OpenAI Deal Fuels <a href=3D"https:= //links.message.bloomberg.com/s/c/QRIbR9abrP65fxg0ENjkzBdKUfSszxhy8uHbB-wja= PVAoB2OwpBBDHUBUlPUjEl1TU-AewOk97Lu6EVvzH0DqmiyQHz9QUdnVD7llTBbPagEki8nqq60= KDQMmqHi5eKYlyA7QBD4R0du7_BjM9d1mHXTo27vrmaLAE7M_dktzMSsx6-juytduKlPz2UxUpa= YPVdBzKkS1hbp7OVsD6inzbb-vqpPmgoK16pf2oM4XcanWk02DepxlZ8Rcaifihu9kMQXU6TcVq= ZTmNgeLw_4FVcm4Y_ZvAtsps62kbhKITJNCEH_dDf9Tgq4smGwIV8XLhPlEwHPwujcpgaMQpEKR= -5LEPTD1tMWI03FL6zg9eBgh2d9AF7cr8WjYK4/wLu0qpAvyePWuiKQomC-Gnju3dKnjRAg/13"= itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"= color: #000000; text-decoration: none !important; border-bottom-width: 1px;= border-bottom-color: #000000; border-bottom-style: solid; background-color= : #ccc;"> =E2=80=98Circular=E2=80=99 Financing</a> Concerns. Cocoa Rebounds= as Attractive Prices Lure in <a href=3D"https://links.message.bloomberg.co= m/s/c/3X-Hh-fFJFgeVVnSfG2yGpjBjuz3ndW5NfJQJJS1C7pEB8auRPpkWL7NZkLjHZ7xxRv3X= KnlHgyE3upv97XomrqXV1OJwJjxgTr_U8HJofTtOzNGaLMl5A-A4eOZyEs5nSTQh4tDq-B7YlB3= tr3kJRxcNYD11Su1IflQAa-1ILsqnvey-f8ZAotCsFfwqXiRb6Zv92gedJJlJTDR0aZm5bD5nM-= Q6jFLoNF9TFL_Pvja2CYwMGDSj50ZGhGhnEWnBSJo8JF3X7kLJ_cpUPCdj1tFep6ND9gOwuXiYY= D8d6Db4hTT5NVt3JLtJdurbvqovdHHsmFRcwV4N7ekuaHCK6XOmPOlOHA2v6I0gFrXLdNGEL8y3= Iyku_7ot-Y/Uik1RQtBk5guVtUar8hlmDg35P4bfpDM/13" itemprop=3D"StoryLink" item= scope=3D"itemscope" target=3D"_blank" style=3D"color: #000000; text-decorat= ion: none !important; border-bottom-width: 1px; border-bottom-color: #00000= 0; border-bottom-style: solid; background-color: #ccc;"> Bean Buyers</a>. H= ouseholds should <a href=3D"https://links.message.bloomberg.com/s/c/z1uJgiJ= S96Q9ZH3JxccrI26-zN4p6hg8ykwqsYHJdAG7gpUAHdCxMbxIZoFGTTxfvrkJHB1w0uFdHL1mEh= Acj541BSNLSCXNvyqoMyr30tyt9w04XYVEj7d33zIbdNi8P6_-sj-M-J6D_z1-wIGVt3j8J3rQy= OFPY4Eqiv2LH_-aLaoZ3l2oQ6IH6-7cH-Qgd81-yPAclecYBBl2eDdwqWZd5i6CffczZIubqD36= 5nZwNk5zDHM4M1bXJPC6MGT-jUoOKTXui_DOfgGap5CK-HyhF2viwfXJb6o4pW4Xif9ss34tibt= Vng5FFMPFZbJq0ewvaVqnXAxnsDLv-R21-ckh4lS1tjwbqH2satGTQ3wBv_S2_H0Y-Xbx0zw/F1= McWoRYBLeC3-4z4OSB83-SYDHYH6IQ/13" itemprop=3D"StoryLink" itemscope=3D"item= scope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !im= portant; border-bottom-width: 1px; border-bottom-color: #000000; border-bot= tom-style: solid; background-color: #ccc;">keep emergency cash</a>, ECB stu= dy suggests. <a href=3D"https://links.message.bloomberg.com/s/c/RtBCN9LhqhE= pWsBUiBGbG2AztXeRH_0evxn54ajP9r9q4hNpcuoE6NkSTJ0xkmRyo60QyLfx_WD8nKSIOwJV1g= saHMWahIl8rXV7Co6qu2ZwZuQJMhEsgZr-MB2hb0WLXnt-CAtVrK56uSmZWRPzac6ba7VJprVTv= utBV3P4zeFvb0kMhM92PyDkvOE86h2glznnwwDQsWBo5p6Rqh0mf6oTALnzQC4Dc9xJ6WPSVzWV= 2_nXTPuuW1ujPrCzXXdHhzeVmNFfVGm937_GlylygbWWXFuEvjY4fhTiAEmJOoklEFQrGsYEDkl= 0G9PSberthFOmw-FVuDqvdFFcFuTUX7i-ntEs8P9pRta0-wV-TLVs6CsVD14UlXQa2tE/w7Zc19= -QC9CpDxiOwMZeyAcRpHH3PQyE/13" itemprop=3D"StoryLink" itemscope=3D"itemscop= e" target=3D"_blank" style=3D"color: #000000; text-decoration: none !import= ant; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom-= style: solid; background-color: #ccc;"> Diddy, SBF and Bill Hwang</a> Are R= elying on Wall Street=E2=80=99s Last-Chance Lawyer. Peter Thiel Wants Every= one to <a href=3D"https://links.message.bloomberg.com/s/c/OJ2uUhBzjFsCePo8Z= SxzoDo1hz52DlUTRf1RXHqDWpi32JW39jDlc-QEpwK0yfwHmPaPi2BI4AFnYqfOvy82ONTblfhp= 04PHBa5CzPCRDuQswNjG3s6B6mNfzNfsouS5BEGNsnZT5jbpd7IE_olhyievuscN4td-Vu1sFWv= G9b5njfRUNfXa6p6rS4qne3EncqDLeOhccHA5U7KOH0jHRg3Z3DsJs8dKxPax4tcnjeOoGHrMfr= g6B0jp5tLjVLI9dtaBewPfP5QTanBTGaV3y0TbP3SOfQ_H5lVwHK7m5JHKoIcb116CkJf9PcGTS= NdRSGNeBlwCcCKUH0c2X1mCZhvfa7XZE9p6sUJIo-DbJ3jyYGrPyu4Q0KMnXNg/atEpAtvASpN2= EcXemGApFZLndt-S3h8t/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" tar= get=3D"_blank" style=3D"color: #000000; text-decoration: none !important; b= order-bottom-width: 1px; border-bottom-color: #000000; border-bottom-style:= solid; background-color: #ccc;">Think More About the Antichrist</a>. Trump= =E2=80=99s UN <a href=3D"https://links.message.bloomberg.com/s/c/474JcRv0Kj= mVgJbKyy_u3H6_p3Pzu6IOaSyTK3EnsKs-33Fzdqc07dodT8HJj4CFYPKRZk9B0GCFs9OQdR_HT= 5A-JRJHvl8qeC-Nd7WjkKEowmxc8IBB_lfxAZiPhv-x-p5kYdyqgCEWmAeBoseB_D3Om8G5WeKY= yiL-MYeT4bqVyaVIRXFE5HfoFdL1N2N1kyOO7AQbekk6ZYAguOC78PwIdwF_Gn2Eu9-ylWXrXz4= 24nfeUIqJ7evD63vHK6LdNEkyeqmcgQBUq6jgg79V-MNusZFr0SD636c2pEREqJuscP2DFKU4W5= HWR_NHKBTpILZWk5B10WOtfum8G1K00doFSS8HGbch0fz5RiAYMcbG7cbffwkBrlr_iBw/Q8hWL= ZmtHYyeC1mdYP7y7UuRBnWMb4TH/13" itemprop=3D"StoryLink" itemscope=3D"itemsco= pe" target=3D"_blank" style=3D"color: #000000; text-decoration: none !impor= tant; border-bottom-width: 1px; border-bottom-color: #000000; border-bottom= -style: solid; background-color: #ccc;"> Escalator Mishap</a> Prompts Secre= t Service Investigation. CNBC=E2=80=99s Jim Cramer pulled out his catheter = in shock after <a href=3D"https://links.message.bloomberg.com/s/c/Smz9eSEFP= 8zCpWdPowx_SciVxWglbdi_MLFFm-O400vEqnVHHBMBeohrDQJ-6QaMCRCKSgkc6vMqr8mAQxo_= ANEmzyD6ttmBGStWudtycOJTF1gTN7ZQ_XALC4jCEj6ilAuqFUBu5lcL7cSwoSwTqGKCH8B89Hz= sOTKSJ9s4R415POfKKmexL2yunuRx4yHpCtSRyxbBv4SqYpNXJZiiF1_7cxYHfqTKO7wvmvX418= UmHJ1MQeAvXGKq-7hcCf8ZkArF5-khXTLojWngCzAtqAipaLiMEI1iqwrk12iwNy1PI_fOSHA8q= TQJRtpCzxFcVig_54lOj1gHSfy8O5W5vSJM4De3Khcm-ITt4CzCOO_zUhjSAAgQyq4XGYM/Jq2r= Bln-sJL_TWEwZqArP_mesx4Hx2PZ/13" itemprop=3D"StoryLink" itemscope=3D"itemsc= ope" target=3D"_blank" style=3D"color: #000000; text-decoration: none !impo= rtant; border-bottom-width: 1px; border-bottom-color: #000000; border-botto= m-style: solid; background-color: #ccc;">GameStop rally</a>, needed 24/7 se= curity.=C2=A0</p> <p style=3D"margin: 16px 0;"><span><em>If you'd like to g= et=C2=A0Money=C2=A0Stuff=C2=A0in handy email form, right in your inbox, ple= ase=C2=A0<a href=3D"https://links.message.bloomberg.com/s/c/ais8rde1taH_9ou= kUMiek8XuDUeIsZ79RFKAh_AXY6skbXlSRxF8wmFIOPKB0W95zOpCpfpPz65z731kzrQ5da5DGb= qj0SyyuBxkQVIynRSjDtpFXWRwImA-clYeXoADL2DiJ2xTAiPivTpuOVU6YlICZk_tAPMCkjwqL= WUB1aA921nwnt0vH4uih8cH0AwqygFmNJAOfs7q5Y0t5AArucz8cQzDEpt_bFe1rajGQ-c3eulE= cJRrN0-8XEHq2OIybiG8nJBwfvBBiSxEiA-O4SALCz0lAB92FsolWRMG9XhDTfo05wyHB5Pg2ce= Duz8XZSZtg9E7qdbcmITDfUmsSVwbsAFwkhEyGhFN1faeJGnkZWoywCw6HFkzHF4/QTpBHn0XBY= lIKvbKXqMEnyIgtLJ4s0fu/13" target=3D"_blank" style=3D"color: #000000; text-= decoration: none !important; border-bottom-width: 1px; border-bottom-color:= #000000; border-bottom-style: solid; background-color: #ccc;">subscribe at= this link</a>. Or you can subscribe to Money Stuff and other great Bloombe= rg newsletters <a href=3D"https://links.message.bloomberg.com/s/c/dW9sp3ejE= 82AtwjYn2GSiXArFAJEad1hlntFvAssxg9sax8cNdxOk9YQ0dx8g488sGGnhH3dyQ54IKBzjW9s= SHWXrP7uXgyQJxEppThi1pC4YhPPUQLACamgGiZdjPAkKtcmHGfttNE3AVjB4jp8bxnQ-aGmq9F= zofc3LC2dnN6gV6AM39BxchncH6uY2gkHRvgyksY6t3VccuaoKPEmdooniMehf7DAGS4fHOL9aX= -i4eyiCoJsTHOpG4zl3eS0Ypgdpz_BZ6H0X2E7FbcxxRAqVrY6wQLYIedRXD-xbCZSiJu6pQkXy= fAU7Nd7Dv7DlkV6ySDwp3P9Xf2LRCp48NWke6rcX8LE-nqHAM95Ng8aBYdEnoq2jbIKV50/jncw= uz0NcLadL_Lt07QCq5Q4A6KLX8c8/13" itemprop=3D"StoryLink" itemscope=3D"itemsc= ope" style=3D"color: #000000; text-decoration: none !important; border-bott= om-width: 1px; border-bottom-color: #000000; border-bottom-style: solid; ba= ckground-color: #ccc;">here</a>. Thanks!</em></span></p> <div id=3D"footnot= e-1" style=3D"font-style: italic;"> <p style=3D"margin: 16px 0;">[1] Do I h= ave to add =E2=80=9Cnot legal advice=E2=80=9D=3F Not legal advice.</p> </di= v> <div id=3D"footnote-2" style=3D"font-style: italic;"> <p style=3D"margin= : 16px 0;">[2] That is: The Vanguard fund=E2=80=99s yield is about 4.1%; if= you figure Tether achieves roughly the same yield but keeps all of it as a= fee, then it collects about 4.2% of assets annually for itself. On the oth= er hand, Tether made $4.9 billion of profit in the second quarter, on about= <a href=3D"https://links.message.bloomberg.com/s/c/FHNwH2Ox8B7tp5KAOiDpLKJ= nyhMMb421HFGKsD0gwVfnZM3YeYPVQy7jmsMwukxB0e_bNN4uqBR3efRjkE_VwZDNVhmOd1A3S_= hBGb_cW6K9LKCqsBzXdJUcy3O0hLASQAYHqDBMn5hmE1LnPR0iwWUYTkarRaWrO1HbOvNn2VyTe= tfQ1GXRhfympmA0KIQ0StaHAMrUNlud10am2H-2Vo4cAQsWH1qboDI_VnNX1J8nXEGjnbjiJPgH= d3nVQEUs_XuabEHEkbyfgpFszudsgxzL07cXR3v1FQ2rqg1Yw1FYdYs5vIPSOMiDWMZbg4Mq8OD= jXQEczrcV15-pe4wahkVE0IuuFwni0qnt5Kwlq7GZ5OeA1PWZIBMOdiw/4FGoZdwJ1xeVVOgBJY= G3gIZ-3Kkj4VeV/13" itemprop=3D"StoryLink" itemscope=3D"itemscope" target=3D= "_blank" style=3D"color: #000000; text-decoration: none !important; border-= bottom-width: 1px; border-bottom-color: #000000; border-bottom-style: solid= ; background-color: #ccc;">$162 billion</a> of (end-of-period) assets, or a= bout 3% of assets *that quarter*. (In the first half it =E2=80=9Cgenerated = $3.1 billion in recurrent profits, excluding mark-to-market contributions f= rom gold and bitcoin,=E2=80=9D which works out to a more sensible 1.9% of a= ssets, or 3.8% annualized, in line with collecting 100ish percent of money-= market returns.)</p> </div> <div id=3D"footnote-3" style=3D"font-style: ita= lic;"> <p style=3D"margin: 16px 0;">[3] We <a href=3D"https://links.message= .bloomberg.com/s/c/Qw5nu3sK56d0oKzzdozyY5UAAn11Mqddybj4L1YPd9KsAEruzQcJREr= dDjz5_b3hEiXtLucuEichKpHiVs8apAf62dTOpV94UknR1_RPTGNnvgAjqsDJ8VVekjolCi1zax= M3bbkac-zJVqxly-K8kwm5cOAqlhRZFSy7Nu8HUD8btdvCn09-q6vKcy984GECbz6SeIy8Morql= f7DmGMqO9_EUElbUliTBvKFIjpNBxKnXTceZmREbNBw0GZd58HhwSMjOl65WF6zhLmJ8G-t5dIs= yVZfo9_DqIrlzSxQxB819X65dILAlDSyva1hKFpP3AHiZoOo1T-8qfSaBdGZG0rIhUlxlO8rZrs= UypwIeEw3eXUFitcJ2cn7ea4/TMAHc7uGszkd4axf05lR7g_NI4SsGKaJ/13" itemprop=3D"S= toryLink" itemscope=3D"itemscope" target=3D"_blank" style=3D"color: #000000= ; text-decoration: none !important; border-bottom-width: 1px; border-bottom= -color: #000000; border-bottom-style: solid; background-color: #ccc;"> talk= ed last year</a> about Pershing Square selling a stake in its management co= mpany for more than 50% of assets under management, and I said: =E2=80=9CTh= at=E2=80=99s =E2=80=A6 impressive=3F A crude way to think about it is that = the market thinks that, in the long run, Pershing Square will be able to ex= tract about half the value of its clients=E2=80=99 portfolios for itself. S= eems high! But that=E2=80=99s probably not really the right way to think ab= out it. Instead, this is probably more of a bet that, in the future, Pershi= ng Square=E2=80=99s clients=E2=80=99 portfolios will be much bigger.=E2=80= =9D</p> </div> <div id=3D"footnote-4" style=3D"font-style: italic;"> <p sty= le=3D"margin: 16px 0;">[4] Current bill rates are more like 4% or lower, bu= t I write =E2=80=9C5%=E2=80=9D in reaction to the word =E2=80=9Cdeluge.=E2= =80=9D In a world in which =E2=80=A6 US fiscal profligacy is funded by Teth= er=3F=3F=3F=3F =E2=80=A6 rates would be higher=3F I guess=3F</p> </div> </t= d> </tr> </table> </td> </tr> <tr> <td style=3D"border-collapse: collapse; = mso-table-lspace: 0pt; mso-table-rspace: 0pt; padding: 0px 10px;"> <table w= idth=3D"100%" border=3D"0" cellspacing=3D"0" cellpadding=3D"0"> <tr> <td st= yle=3D"width: 100%; border-collapse: collapse; mso-table-lspace: 0pt; mso-t= able-rspace: 0pt;" width=3D"100%"> <center> <a href=3D"https://links.messag= e.bloomberg.com/s/c/rKcQmDtsTBxNa-HkPyYCWroAJcygTkJ80hiJCH8PPgVdKqHrEZx3YsE= UOI9ohBEcpTci5wkuxOb4W3o4ES7ukVw9NagKF7vMHLVgL0pBjpFUY8DVjKnajdZQoTb-mAU7Rz= SeBEsr2SnsniVcqRN6PKFMLLVQCrgqGUzbitk6_pxi8Q-4jQpV5OlaItNLsKdG4w5XdOYenniA1= Vo-eCT4OAEgDYj3Oywjj0tq2dLJljg1ptLVVCsZ5l7Vy-ytN7bjj4jynT2_L3q72tNtAPlbq6lO= VlY7SnUgU2gWwBLBomxLKvy355tJd0nszHff3UW42DshUcJ9-SH9wkqY48vHCI2Ywp3Hj7hBk9G= 0GbUfdJ1elBgH5mOS4XTuzMg/d_akrIIxQaGOxWItVqShPxgnJXMUkfKT/13" target=3D"_bl= ank"> <!--[if mso]><table width=3D"550"><tr><td><img alt=3D"Listen to the M= oney Stuff Podcast" src=3D"https://assets.bwbx.io/images/users/iqjWHBFdfxIU= /i6H.ue2bNPOA/v0/-1x-1.png" width=3D"550"/></td></tr></table> <div style=3D= "display:none"><![endif]--><img src=3D"https://assets.bwbx.io/images/users/= iqjWHBFdfxIU/i6H.ue2bNPOA/v0/-1x-1.png" alt=3D"Listen to the Money Stuff Po= dcast" style=3D"max-width: 550px; display: block; width: 100%;"/><!--[if ms= o]></div><![endif]--> </a> </center> </td> </tr> </table> </td> </tr> <tr> = <td style=3D"border-collapse: collapse; mso-table-lspace: 0pt; mso-table-rs= pace: 0pt; padding: 20px 10px;"> <table width=3D"100%" style=3D"width: 100%= ;"> <tr> <td style=3D"border-top-width: 1px; border-top-style: dotted; bord= er-bottom-width: 1px; border-bottom-style: dotted; border-collapse: collaps= e; mso-table-lspace: 0pt; mso-table-rspace: 0pt; text-transform: uppercase;= font-family: Arial; font-size: 12px; font-weight: normal; font-style: norm= al; font-stretch: normal; line-height: 1.17; letter-spacing: normal; paddin= g: 9px 0;"> <span style=3D"margin-right: 4px; vertical-align: middle;">Foll= ow Us</span> <a href=3D"https://links.message.bloomberg.com/s/c/R6vGeOAVEw8= 0TFL-YfZFi_E5JyCQWWLylrSk-zupYe5ioC5wO0nRN0y5eKART07b8UVq0-onM20KKWxs7qUVqJ= Srnci636NLxEiMJmg9m7J-2xr24eHBUnSx_7bRVp417cNgd62mDtwyrRSVHHUyQ8t68dQXjgpyi= yqSz_gSk_ixAhk1P4KrIPokARIL9GbS0HNX1IGSQDirYwLMkZLH--Av-ZVFiejF85t_lrtad7VT= aak6ZuPpj4CJXQlHLPUkrHXjazNWVV1oh1zmb3YWpwP17IIikbe_9LZqXo6yv8Oq8H7G8PP1ZkS= NqXkk3N2hvDrfdLNJE8s0gVF8mjMh0OlqRzjJcTw5Bwbyd1xc1_c-HX0q1g1tdg9DXag/hMeu-z= bjAAzLbswf7qnm87gx_0ljUjer/13" style=3D"text-decoration: none; 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