Elizabeth Holmes, Sarbanes Oxley, Enron discussed on The Doug Collins Podcast


On a quick detour here because you brought this up and I was just reading this this morning. This environmental government issue that we're talking about ASC stuff is there's a lot of concern among Wall Street right now, especially going into directors meetings and elections or directors and some of the rulings that they can't block the groupings of here's the directors that the company is pushing here, the ones that the activist, if you would push, is this something that, again, any sort of branches all from what semi free was doing, is this a concern on or is it just mainly just fear of companies, but is there a real concern that activists and others who are pushing these agendas could get footholds on some of these large boards buying more than others? There is a real concern and it's going to be on top of sarbanes oxley and you know which the rush through after enron, which I've written about and affected earlier and died Frank, it's going to mean less companies go public in the first place or only go public when they're very big and who loses out from that. You know, mom and pop investor. And again, these agendas are going to be at the expense of the financial well-being of Joe and Jane for four-o-one-ks. It was kind of two sides at the same time. They allowed the SEC allowed fraud and an ESG firm to apparent fraud in ESG firm like FTX to faster and they're having their encouraging all these agendas that harm investor return. Well, you know, I think this brings a sort of to this concern. Let's just say before we get into where it's headed, what if you were using the FDX or you were invested in FDX or are there things? Basically, are you just out now? I mean, because this was, I mean, crypto is fairly new. Blockchain, all these others. They're good things about what's going on there. But then there's also the concern of what is backed by what it's not backed by. You know, where are you at if you were part of this? You just bought into the hype, so to speak. That's a very good point. And it's interesting. We talked about Elizabeth Holmes and theranos. Not every fraud causes contagion to the rest of the economy. I mean, Elizabeth Holmes, you know, her investors who were well to do anyway since it was a private, a private company, although there may have been some pensions invested in it, you know, lost, but it really didn't cause harm to the larger to the larger economy. What really tends to do that, ironically, is, you know, sort of the rush to either bail out or regulate when you have that in the financial crisis when bear Stearns got a bailout, everybody expected a bailout and then dad Frank with rushed roots or sarbanes actually after enron. So from what I've been told or what I've read FTX, there was a pause of withdraws, but now that is resumed even in even in bankruptcy, although there are different reports of that's what's going on, some other website with either with exposure because of panic have temporarily paused withdrawals, but generally the crypto market itself has stabilized, it fell about 20%. Bitcoin was creating a 20, went to 16,000. It seems to have stayed there. There have even been a couple of cryptocurrencies that have risen like the spin off of Bitcoin called Bitcoin cash. It's actually gone up slightly in price because of positive developments there since the FTX bankruptcy. So just like Madoff didn't mean, you should sell every stock because the stock market was narrowly corrupt. I think cryptocurrencies have been around for 15 years. And you know, you can't predict just like you couldn't predict with the Internet companies, which one would succeed, but they're going they're going to be around. Somewhat. So it hasn't, I don't think it's unless regulators make a misguided attempt and legislators make a misguided attempt to do something. I don't think it's going to really tank the whole crypto.

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