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Floyd Mayweather is now facing financial issues after his insane spending habits: Over 100 luxury cars, 40+ diamond watches (including an $18M Jacob & Co.), multiple mansions, private jets, super yachts & more. His daily life was full of gambling, wild spending sprees, women, and lavish living — now...

1,928,249 просмотров • 1 месяц назад •via X (Twitter)

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Police called when man claims that a 250k watch they are selling was his and it was stolen from him. He has receipt along with paperwork showing matching serial number. ​ Anthony Farrer luxury watch dealer known as "The Timepiece Gentleman"—is inside a Scottsdale, Arizona jewelry store. Farrer marched into the shop and demanded they hand over a luxury Richard Mille RM 11-03 watch valued at a staggering quarter-of-a-million dollars. ​Claiming the watch had been stolen from him months prior during a night out in Los Angeles, Farrer produced an invoice and claimed he had already flagged the serial numbers across global dealer networks. However, the store owners stood their ground. They proved they had purchased the watch legitimately from another dealer and cleared it through law enforcement databases, where it showed no record of being stolen. The high-stakes standoff became so volatile that store employees locked the front doors to trap Farrer inside while they called the police to intervene. ​But investigators later revealed that this entire confrontation was nothing more than a desperate, calculated smokescreen. ​Farrer wasn't the victim of a theft; he was trying to hide a massive, collapsing Ponzi scheme. Operating a luxury watch consignment business in Beverly Hills, Farrer was pocketing millions of dollars from 97 clients' watch sales to fund a lavish lifestyle of high-end rentals, luxury cars, and a severe gambling addiction. When angry clients demanded their money or their watches back, Farrer would frantically juggle inventory, shipping other clients' watches to buy time. This public stunt in Arizona was a classic deflection tactic to blame "stolen merchandise" for his missing funds before the house of cards fell. ​The law caught up with him shortly after. Following a federal investigation by the FBI and IRS, Farrer was arrested. Investigators ultimately proved he had defrauded more than 40 victims out of a staggering $5.6 million. Farrer pleaded guilty to federal counts of wire fraud and mail fraud. He was sentenced to 70 months—nearly six years—in federal prison and ordered to pay millions in restitution. ​An incredible look at how far a fraudster will go when the walls finally start closing in.

Giggling Ganon

1,719,395 просмотров • 2 месяцев назад

Barry Sternlicht recently went on an EPIC rant about the Fed, predicting when they'll lower rates and the challenges the US is facing "Inflation will fall below 2% as soon as the rent component catches up to the data. The question is, when will the Fed lower rates? But here's where it gets really tricky... The economy is too strong. It's too strong because of public spending. It's not too strong because of private spending. Private spending is rolling over.... Everyone's laying workers off. But the federal government's hiring them.... They're spending enough money to keep these guys employed. So the Fed keeps using this really blunt, horrible instrument 5.5% interest rates with two huge victims, because we have a $34 trillion deficit, and the debt is going to roll over. A third of our debt rolls over this year. He can pay 5.3% on it, or he can pay 3% if he lowers rates. That's $200 billion. That's a quarter of the defense budget, which is the largest component of our budget. So he has a choice. Pay $300 billion on $13 trillion, or pay $500 billion on $13 trillion. It's up to you, right? So it's 3% or 5%. So that's one problem. Second problem is the regional banks. He's blown a hole through their balance sheets. There's $1.9 trillion of real estate loans in the regional banks... there's only $800 billion in the money center banks, and he blew their banks to garbage. These banks are out of business. They can't make money offering us 5.5% CD rates. So he's gonna have the next crisis if he doesn't lower rates. It's a serious mess in the capital markets and real estate and fixed income... anything that was yield related. Will he keep rates here? Yes, unfortunately. Why? He's up for, he's leaving in January. Powell's out. He's not going to be the guy who let inflation come back... I don't think we'll get the March cut. I think the data, as soon as inflation falls below 2%, there'll be a lot of pressure on him. That might be May. So I think June, you'll see cuts. It'll become very obvious that the private sector is struggling as the consumer runs out of money... And why has this economy kept going? Not only his spending, people have jobs. And b/c they have jobs and employment rates are good, so they're spending. But they're spending money they don't have. It's not in their savings account. It's all gone. And now they're on the credit cards. [And now] Americans are willing to live on Affirm. Now we have new ways to spend money we don't have."

Triple Net Investor

334,267 просмотров • 2 лет назад

Jack Zhang on why he said no to Stripe’s $1.2 billion offer to buy Airwallex “In October 2018, Stripe reached out to buy us,” Airwallex co-founder Jack Zhang (Jack Zhang) begins. Patrick Collison flew out to Shanghai to meet Jack and his co-founder, and they spent the day together. After the meeting, Patrick sent over a Google Doc that was 10-20 pages long and asked Jack to make comments. “I was like, ‘Wow, the vision of the companies over the next decade is very much the same.’ We both wanted to build the AWS of financial services, and obviously Stripe was much further ahead of us. But this was before COVID. Stripe was like a $9 billion company — very similar to the scale of Airwallex today. I also really liked Patrick. It was like this guy is so smart.” Asked what makes Patrick Collison so smart, Jack replies: “He’s intellectually honest about everything, and he’s able to go deep in multiple dimensions.” Eventually Stripe offered $1.2 billion for Airwallex, and according to Jack, he and his co-founders would’ve walked away with $350 million. “I met with the whole team, and I was really impressed,” Jack recalls. “I basically said I think we’re going to do it.” But when he flew back to Melbourne, Jack decided against it. And it was actually Patrick Collison who inspired him to reject the offer. Jack explains: “So one of the things that really inspired me from talking and spending time with Patrick was I asked, ‘What’s the long-term thing for Stripe and yourself? Are you going to be here forever?’ And Patrick said to me that he’s going to build Stripe for the next 20-40 years. And I just never heard a founder tell me they will dedicate their entire life to building a business. And so that was inspiring to me, and I’m like that’s what I want to do.” Today, Airwallex (Airwallex) is an $8B company, with more than $1B in ARR. Video source: The Twenty Minute VC Harry Stebbings (2025)

Startup Archive

696,891 просмотров • 6 месяцев назад

In the 1990s, President Bill Clinton and Vice President Al Gore took on a challenge that few politicians dared to confront: cutting the size of the federal government. Facing a ballooning deficit and mounting inefficiencies, Clinton announced an ambitious plan to slash wasteful spending, shrink bureaucracy, and rein in government overreach. He signed an executive order eliminating 100,000 federal jobs, a 12% cut in administrative costs, and the consolidation or termination of hundreds of outdated programs. One of his biggest warnings? If wasteful spending wasn’t controlled, the federal deficit would soar to $650 billion per year by the early 2000s, with a growing share of tax dollars going toward interest payments on debt instead of public investment. Fast forward to today. In 2024, the federal deficit stands at $1.83 trillion—nearly triple Clinton’s worst-case scenario. Interest on the debt alone has reached $880 billion, consuming an ever-larger portion of the national budget. Clinton’s reforms worked during his presidency. The federal workforce shrank by 380,000 federal jobs—a 16% decrease. Programs were streamlined, waste was reduced, and deficits were brought under control. Yet, decades later—after the War on Terror, the 2008 financial crisis, and COVID-19—government spending has soared once again, bureaucracy has expanded, and the national debt has reached historic highs. Now, history is repeating itself. President Trump has appointed Elon Musk, widely regarded as the world's most successful CEO and technologist, to lead efforts to streamline the government and restore fiscal responsibility. For the sake of America, I hope the Democratic Party and the corporate media can set aside their irrational opposition and support DOGE, just as they once backed Bill Clinton and Al Gore.

KanekoaTheGreat

9,260,344 просмотров • 1 год назад