As it goes through bankruptcy proceedings, crypto brokerage FTX founder Sam Bankman-Fried has suggested that the loss of $8 billion on the books was due to an accounting error. Coinbase Global (COIN) CEO Brian Armstrong called out the claim, noting, “I don’t care how messy your accounting is… you’re definitely going to notice if you find an extra $8B to spend.”
The lax accounting raises questions of criminal activity at FTX, as it seems similar to the accounting problems that have plagued other criminal frauds like Enron or Bernie Madoff’s Ponzi scheme. And while accountants sometimes make bad decisions in order to get paid, they’re not the originator of the problem that causes frauds to be exposed in time.
Investors looking to avoid being the victim of frauds should look at a company’s accounting statements for unusual changes and moves. And they should be on the lookout for companies that use “one-time” adjustments seemingly every quarter.
Now here’s the rest of the news:
Are These 5 Assets Right for Your Retirement Savings?
Once in a great while, everyday American families are fortunate enough to receive a windfall – an unexpected infusion of cash. Maybe an inheritance?… [Read Here]
Why the Media Is Desperately Hiding the Truth About the Economy
The problem is, the current sentiment portrayed by the mainstream media isn’t supported by technical fundamentals at all. Instead, media talking heads… [Read Here]
December 06, 2021
Friday’s jobs report was pretty unusual. With 210,000 jobs reported created against expectations of 530,000, it was one of the biggest misses in history. Danny Dayan, CIO of Dwd Partners went so far as to say it was one of the “weirdest reports” ever seen.
Digging into the numbers, it’s easy to see why. Overall unemployment dropped 0.1 percent, and total household employment jumped 1.1 million. However, retail jobs, typically strong during the holiday season, were suspiciously low. One possibility lies in how the jobs report is seasonally adjusted. Taking that into account, it’s possible that next month will revise the November numbers higher.
That could lead to a market rally later, especially if Omicron variant and Fed taper tantrum fears are played out by then. For now, however, the weirdness of the report combined with everything else right now suggests a bit more caution in the next few weeks than is usually the case this time of year.
Precious Metals Prices
Price at week’s end (change over last week)
Gold … $1,785.03 (-0.5%)
Silver … $22.62 (-4.8%)
Platinum … $942.04 (-5.5%)
Palladium … $1,846.76 (-3.1%)
Now here’s the rest of the news:
American Financial Markets Experience the Calm Before the Storm
Investors and normal Americans weather through terrible financial waters, and the worst could still be to come. [Read Here]
December 06, 2020
Here’s to a better YOU … and now … Today’s DarrenDaily Recap Sunday. A collection of the weeks videos from Darren Hardy. Enjoy!
Naturally beautiful: A group of hikers explore the rugged coasts of Newfoundland outside of St. John’s…
…along the east coast trail on a nice sunny day.
December 06, 2019
Thanks to declining international trade, the U.S. trade deficit continues to shrink. October saw a drop to $47.2 billion, below expectations of $48.5 billion. The drop comes largely as imports from China continue to decline, as that trade fell another 4.8% in the last month.
However, the U.S. also continues to export, and this year has seen the country become a net exporter of oil for the first time since the 1970’s. With many moving parts, the trade deficit isn’t a huge deal – we trade paper dollars for physical goods when we run a deficit, after all – but it is one showing the changes in the global economy amidst surging U.S. energy production and slowing economies around the world.
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DarrenDaily today is very special…
“How to Achieve Your Max Potential”
Exercise is the third, and a great choice for combating the kind of bursitis that develops with advanced age. As the body ages, the risk of muscular weakness and developing arthritis through degeneration increase.
Adding muscle mass around a joint provides a wealth of benefits by stabilizing the joint, acting as a shock absorber against impact, increasing bone density, adjusting joint balance, and improving nutrient delivery. Check with your doctor first before beginning any new exercise routine.
I’m sure Pinterest has some great ‘easy’ workplace exercises. 😉