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𝙄𝙉𝙏𝙍𝙊𝘿𝙐𝘾𝙄𝙉𝙂 𝙏𝙀𝘼𝙈 𝙏𝙃𝙐𝙉𝘿𝙀𝙍 𝘼𝙉𝘿 𝙏𝙀𝘼𝙈 𝙇𝙄𝙂𝙃𝙏𝙉𝙄𝙉𝙂 No order. Just Dawgs. #HailState | MS Farm Bureau Casualty Insurance Company

Mississippi State Baseball

210,103 subscribers

88,870 просмотров • 10 месяцев назад •via X (Twitter)

Игры #HailState

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A test for Iglesia ni Cristo’s Call for Transparency: Dante Marcoleta’s SOCE Reports today say that the COMELEC will issue a show cause order for Senator Dante Marcoleta for misdeclaring his Statement of Contributions and Expenditures in the last 2025 elections. How did we find out? His own doing, check out the video attached below. Social media pointed out how Dante Marcoleta spent 112 million+ last elections if his assets were just roughly around 52 million. Whichever one he misdeclared is totally and clearly against the law. But at least according to him — it was his SOCE. Apparently, he received campaign donations from “friends” but failed to declare it. It was super clear and there’s no way he can bullshit his way out of this one. Just a few days ago, Iglesia ni Cristo conducted a two-day rally for their so-called transparency — SOCE requirement promotes the very same thing. Will they call out their very own for this electoral violation? I just want to note that, speaking of “friends” — Dante Marcoleta’s wife is an “independent director of Stronghold Insurance Company which provides bond coverage for the Discaya couple. What assurance do we have that their friends did not contribute to his campaign? MAKE SURE TO WATCH THE VIDEO.

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WOAH 🚨 The Idaho Farmland Water Shutoff “Coincidences” Keep Coming ‌ Ive posted showing evidence the real reason may be a land grab for cobalt mining ‌ LOOK AT THIS Heres Idahos Governor at a ribbon cutting ceremony for Jervois, the SAME Cobalt Mining Company on October 7, 2022 What an amazing coincidence!!!!! “Here's a picture of Idaho's governor, Brad Little, at a ribbon cutting ceremony for Jervis, the Cobalt Mining Company, um, on October 7, 2022. This is just days before it speculated that China flooded the market with cobalt in order to drive the prices down, causing Jervis to be unoperational. Here is a document on Jervis's website stating that they will be fully operational or they will resume testing and mining just days before the order came down for our farmers to quit using their water because there was a water shortage. There is no water shortage. There is a water reallocation. They are taking the water from the farmers, and they are allowing Jervis to use it. Matthew Weaver is in charge of the water for the entire state. They are telling our farmers that they cannot use water to farm, but they are allowing Jervis, a DOD backed company that got an insertion of $15,000,000 from our tax money and is set to get $1,000,000 more that they can use all the water they want to mine for cobalt. Here is the information for Jervis. (See video) This is their corporate information, and this is also the information for their public relations. I suggest we blow up Brad Little's phone. We blow up Matthew Weaver's phone, and we invite Jervis to the party. If the people who run our government and our states want to invite cobalt mining, that's fine. But it will not be at the sacrifice of our farmers, our farmland, or our food sources. Either do it the right way or don't do it. Those are 3 really simple action items that you can do today to help your fellow Americans and to resist the tyranny that has become our government.”

WOAH 🚨 The Idaho Farmland Water Shutoff “Coincidences” Keep Coming ‌ Ive posted showing evidence the real reason may be a land grab for cobalt mining ‌ LOOK AT THIS Heres Idahos Governor at a ribbon cutting ceremony for Jervois, the SAME Cobalt Mining Company on October 7, 2022 What an amazing coincidence!!!!! “Here's a picture of Idaho's governor, Brad Little, at a ribbon cutting ceremony for Jervis, the Cobalt Mining Company, um, on October 7, 2022. This is just days before it speculated that China flooded the market with cobalt in order to drive the prices down, causing Jervis to be unoperational. Here is a document on Jervis's website stating that they will be fully operational or they will resume testing and mining just days before the order came down for our farmers to quit using their water because there was a water shortage. There is no water shortage. There is a water reallocation. They are taking the water from the farmers, and they are allowing Jervis to use it. Matthew Weaver is in charge of the water for the entire state. They are telling our farmers that they cannot use water to farm, but they are allowing Jervis, a DOD backed company that got an insertion of $15,000,000 from our tax money and is set to get $1,000,000 more that they can use all the water they want to mine for cobalt. Here is the information for Jervis. (See video) This is their corporate information, and this is also the information for their public relations. I suggest we blow up Brad Little's phone. We blow up Matthew Weaver's phone, and we invite Jervis to the party. If the people who run our government and our states want to invite cobalt mining, that's fine. But it will not be at the sacrifice of our farmers, our farmland, or our food sources. Either do it the right way or don't do it. Those are 3 really simple action items that you can do today to help your fellow Americans and to resist the tyranny that has become our government.”

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Nessel’s Pal Drained a Dying Woman’s Bank Account, and the AG Did Nothing to Stop It An Allegan County judge doesn’t think Kornak charging $100,000 a year to be a conservator is very reasonable By Charlie LeDuff Charlie LeDuff Dana Nessel. I phoned her many times over these past three years. There was a vulnerable old woman who needed help. Instead of helping, Nessel killed the investigation that would have protected her. Now, the old woman is dead. And Nessel’s reckoning is near. A probate judge in Allegan County wondered aloud two weeks ago if the old woman’s bank account had been plundered by her court-appointed conservator, Traci Kornak. Kornak is a friend of Nessel. Kornak is a friend of Whitmer. Until recently, Kornak was one of the most powerful Democrats in Michigan. According to the probate court transcripts, Kornak made large withdrawals from the estate of Rose Burd, an elderly—and legally incapacitated—woman. Kornak offered no receipts to the court. It should be noted that the elderly woman lived in an assisted living facility. Her food, lodging, and care needs were paid directly to the facility by an insurance company. Those costs were significantly less than $100,000 a year. So what did Kornak actually do over the years for the kind of money she was paying herself from Burd’s savings? We may never know. There was a $10,000 transfer from the Burd’s account to Kornak’s personal account. Kornak also billed the 87-year-old woman $1,500 for sitting in a hospital waiting room. Then there were copious charges to Burd’s bank account for things like pizza, Comcast, and unspecified merchandise from a home-repair superstore. Incredibly, the day after the old woman’s death, there were several more transactions. According to the probate judge, Kornak redacted the nature of those transactions, thus preventing the judge from seeing what exactly those posthumous expenses were. “Essentially Ms. Kornak, you were making a significant living off Ms. Burd,” said Judge Jolene Clearwater, chief of the Allegan County Probate Court. “You charged this woman nearly $100,000 over the course of one year. I’m not certain that’s reasonable.” The judge may even schedule an evidentiary hearing into the matter of Kornack’s handling of the old woman’s money. “I am going to direct that you submit receipts for these expenses,” said Judge Clearwater. “The court is concerned that it does have your name on (her) account.” “That’s totally different than how it’s been done,” Kornak complained at one point as the judge explained what the court was after. “Just because your previous accounts were allowed by the court, I can’t go back and change those,” said Judge Clearwater. “But I am going to review more carefully this last final account.” It should never have gotten to this. Kornak is a slip-and-fall lawyer and former treasurer of the Michigan Democratic Party. She was accused in July 2022 by the director of a West Michigan nursing home of using the account of her elderly client to fraudulently bill an insurance company for nearly $50,000. Nessel promised not to intervene in that investigation of Kornak, but documents obtained under a freedom of information request show Nessel not only breached an ethical firewall created to prevent conflicts, but Nessel’s staff in December 2022 handed the active criminal file over to Kornak herself. What’s more, those documents also reveal that Kornak admitted to Nessel’s investigator that she had indeed removed the money from the old woman’s account in order to pay her daughter for extra care provided to Ms. Burd. Kornak told the investigator that she expected to reimburse the old woman once Kornak received the insurance settlement. But there is no documentation that Kornak’s daughter ever provided care. And Kornak never received a check from the insurance company. Then there is the Attorney Grievance Commission, which concluded earlier this year (three years after an initial complaint was filed) that there was no good evidence to initiate an investigation into Kornak. Neither the commission nor Nessel’s investigators ever contacted Joe LeBlanc, the director of the nursing home who blew the whistle and provided the documents. “It’s disappointing but it was expected,” said LeBlanc. “I thought it would be covered up. Sometimes you can’t tell people the truth you have to show them. And now people are seeing it. To the judge, I say thank you. Thank you.” Nessel’s makes a grand show about protecting our elderly. You can look it up on her social media accounts. But that’s just a cynical play. Nessel did less to protect a brain-damaged elderly woman than most anyone would do for a wet stray dog. She covered for a politically connected pal. If I were Nessel, and I’m glad I’m not, I’d lawyer up. “The evidence speaks for itself,” said LeBlanc. “Nessel reached out to everybody in her book but me. I’d be happy to testify. I hope to. I want to. I’m just waiting for the call.”

Nessel’s Pal Drained a Dying Woman’s Bank Account, and the AG Did Nothing to Stop It An Allegan County judge doesn’t think Kornak charging $100,000 a year to be a conservator is very reasonable By Charlie LeDuff Charlie LeDuff Dana Nessel. I phoned her many times over these past three years. There was a vulnerable old woman who needed help. Instead of helping, Nessel killed the investigation that would have protected her. Now, the old woman is dead. And Nessel’s reckoning is near. A probate judge in Allegan County wondered aloud two weeks ago if the old woman’s bank account had been plundered by her court-appointed conservator, Traci Kornak. Kornak is a friend of Nessel. Kornak is a friend of Whitmer. Until recently, Kornak was one of the most powerful Democrats in Michigan. According to the probate court transcripts, Kornak made large withdrawals from the estate of Rose Burd, an elderly—and legally incapacitated—woman. Kornak offered no receipts to the court. It should be noted that the elderly woman lived in an assisted living facility. Her food, lodging, and care needs were paid directly to the facility by an insurance company. Those costs were significantly less than $100,000 a year. So what did Kornak actually do over the years for the kind of money she was paying herself from Burd’s savings? We may never know. There was a $10,000 transfer from the Burd’s account to Kornak’s personal account. Kornak also billed the 87-year-old woman $1,500 for sitting in a hospital waiting room. Then there were copious charges to Burd’s bank account for things like pizza, Comcast, and unspecified merchandise from a home-repair superstore. Incredibly, the day after the old woman’s death, there were several more transactions. According to the probate judge, Kornak redacted the nature of those transactions, thus preventing the judge from seeing what exactly those posthumous expenses were. “Essentially Ms. Kornak, you were making a significant living off Ms. Burd,” said Judge Jolene Clearwater, chief of the Allegan County Probate Court. “You charged this woman nearly $100,000 over the course of one year. I’m not certain that’s reasonable.” The judge may even schedule an evidentiary hearing into the matter of Kornack’s handling of the old woman’s money. “I am going to direct that you submit receipts for these expenses,” said Judge Clearwater. “The court is concerned that it does have your name on (her) account.” “That’s totally different than how it’s been done,” Kornak complained at one point as the judge explained what the court was after. “Just because your previous accounts were allowed by the court, I can’t go back and change those,” said Judge Clearwater. “But I am going to review more carefully this last final account.” It should never have gotten to this. Kornak is a slip-and-fall lawyer and former treasurer of the Michigan Democratic Party. She was accused in July 2022 by the director of a West Michigan nursing home of using the account of her elderly client to fraudulently bill an insurance company for nearly $50,000. Nessel promised not to intervene in that investigation of Kornak, but documents obtained under a freedom of information request show Nessel not only breached an ethical firewall created to prevent conflicts, but Nessel’s staff in December 2022 handed the active criminal file over to Kornak herself. What’s more, those documents also reveal that Kornak admitted to Nessel’s investigator that she had indeed removed the money from the old woman’s account in order to pay her daughter for extra care provided to Ms. Burd. Kornak told the investigator that she expected to reimburse the old woman once Kornak received the insurance settlement. But there is no documentation that Kornak’s daughter ever provided care. And Kornak never received a check from the insurance company. Then there is the Attorney Grievance Commission, which concluded earlier this year (three years after an initial complaint was filed) that there was no good evidence to initiate an investigation into Kornak. Neither the commission nor Nessel’s investigators ever contacted Joe LeBlanc, the director of the nursing home who blew the whistle and provided the documents. “It’s disappointing but it was expected,” said LeBlanc. “I thought it would be covered up. Sometimes you can’t tell people the truth you have to show them. And now people are seeing it. To the judge, I say thank you. Thank you.” Nessel’s makes a grand show about protecting our elderly. You can look it up on her social media accounts. But that’s just a cynical play. Nessel did less to protect a brain-damaged elderly woman than most anyone would do for a wet stray dog. She covered for a politically connected pal. If I were Nessel, and I’m glad I’m not, I’d lawyer up. “The evidence speaks for itself,” said LeBlanc. “Nessel reached out to everybody in her book but me. I’d be happy to testify. I hope to. I want to. I’m just waiting for the call.”

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47,782 просмотров • 10 месяцев назад

This GitHub script makes $500K a week. Someone found a legal API loophole worth $3.7M. According to his profile: I studied legendary swisstony wallet and I was blown away. The bot really started with some measly $5 and now his profit has hit the $3.7 million mark in just six months. Just picture him making $90K pure cash and everyone getting into a debate about the next prediction on the chat. There is no trading in the normal sense. This is systematic clearing with code. I went back into his working head and heres what the bot does with liquidity: First it works like a vacuum cleaner for'free'money. The bot searches for outcomes with a 99% improbability of occurrence and allocates significant sums to the 'NO' category at 99 cents. For him this is a guaranteed 1 and he does it hundreds of times. This isn't a casino this is an insurance company that takes your premiums but never pays claims. 2nd the bot catches misstake in the system itself. If A must cause B and the quotes did differ the script is immediately in the trade. And while you are still reading the headline on Sports the bot has already identified the mismatch in the order book and secured its gain. No way a human can keep up with it. However, the true excitement exists within the domains of sports and politics. The bot intentionally enters these markets. Why? Since that is where the biggest crowd of hamsters place bets for fun and the info about the matches always gets to the masses with the delay The script just sits in the middle and takes one cent of spread from each trade. Monthly, this equates to 22,000 such micro-bites, which accumulate into millions. Here's the bottom line. Right now there is the real bot war at Polymarket. The platform has already commenced applying charges on crypto markets as a measure to decelerate their pace. But in sports is still chaos and easy money.

Blaze

217,714 просмотров • 7 месяцев назад

"If you have the facts and the law on your side, you don't need to pound the table, Mr. Bederow!" Here's my overview as to why Robert Cosgrove stalling for months to get a protective order for Lindsey Gaetani's phone extraction (that Brian Tully leaked, unredacted, after only removing messages from Tully to Lindsey and from PI Kate Peter to Lindsey) is Aidan Kearney's strongest argument for Cosgrove's recusal. I am not a lawyer. This is not legal advice. I am a towel. TRANSCRIPT: Before Ms. Gaetani accused him of intentional misconduct, Mr. Cosgrove successfully fought to prevent the public release of embarrassing and private details from her personal life by seeking broad impoundment and protective orders. No, no, no, no, no, no, no. I don't care if you weren't on the case at that point - you don't get that wrong. I'm sorry, I have to object on fact. Olivia, that is not what happened. Olivia prides herself on a knowledge of the factual record. Olivia, that is not what happened. You wanna know what happened? You want me to lay it out for you? I'll do it. April 2024. Brian Tully, personally --well, Ken Mello is in the hospital-- takes a 15-year unredacted extraction of Lindsey Gaetani's cell phone, compared to Natalie, who was allowed to submit her cell phone to a private company and remove things before Tully got the extraction of Natalie's phone. Ms. Hoity-Toity over there. Fuck your aristocracy, fuck your Hollywood, fuck yourself. Anyway, so Tully, in all his infinite fucking wisdom, removes messages from Kate Peter to Lindsey and from Tully to Lindsey before leaking this extraction while Ken Mello's in the fucking hospital. Then Ken Mello invokes the clawback provision of the discovery rules in Bradl's—like, I'm Tim Bradl. He was being Tim Bradl. As much as I blame Aidan and Tim Bradl for being Aidan and Tim Bradl, they were just proxies here. Folks, Tully was the mastermind and Jason Broyles was the intended recipient so that Broyles could attack Lindsey and myself to get credibility with Turtle Riders, to get close to Aidan so he could feed intel back to Kate and Tully, in my opinion. Anyway, the point is, that's in April. Tully doesn't even return Lindsey's call for like six days and then he's like, eh, meh. Of course he was like, meh, because he's a motherfucker, in my opinion. I mean, not lovingly. So anyway, this motherfucker goes about his business, doesn't give a fuck. Cosgrove doesn't do fucking shit until September of 2024. And he knows it. And everybody knows it. That motherfucker goes into court - oh, I get in a mood about this. That motherfucker goes into court in September of 2024 and fucking writes a handwritten fucking protective order, being like, oh, it's okay if Aiden keeps a copy of the phone and et cetera, et cetera, et cetera. That was in front of Judge Squires Lee. That was the same day that Lindsey got sabotaged at the courthouse by a court clerk...no comment. I love most of those clerks. They're wonderful. I love the court officers. I don't like what happened that day. I don't like it at all. Anyway, so I go in there -- wait a minute, what were we talking about? Oh, right. I think I was watching court that day. I was either watching or there, and Lindsey is there and Tully's -- Cosgrove's there and Bradl's there. And Judge Squires Lee is like, ah, you know, go write the agreement. So Cosgrove and Bradl write it by hand and file it. Fucking bullshit. You know how I -- now I'm not saying Judge Squires Lee did anything wrong. I think the clerk kind of misled her because she was in the bag for Jen McCabe, which is a whole different story. But the point is, so the one thing that Judge Squires Lee did that made me realize that I think she caught on to the fact that the clerks fucked around was that Judge Squires Lee entered an order on the docket permanently allowing Lindsey to file pleadings. So anytime Lindsey could just go in and they'd be like, no - -Lindsey could be like, I have an order from Judge Squires Lee. It was the strangest thing. Anyway, so that kind of-- but I don't really know what to make of all that. Anyway, so it's bullshit though. That is wrong from Bederow. And I'll tell you why: because it wasn't until Lindsey made a motion, okay, about this protective order that Judge Krupp on December 27th, 2024, spanked Brian Tully and Robert Cosgrove and Aiden a little bit. And it was --I'm paraphrasing here, Judge did not say the word motherfucker-- and it was like you motherfuckers. You got to read that three-page order from Judge Krupp from December 27th. You want to say Robert Cosgrove --no, Mr. Bederow-- no. And what's weird is there's no reason to present it this way, okay? Because presenting it the way that is true to the factual record and in the way I just described buttresses your argument that Cosgrove was conflicted because he tried to let the phone extraction go unprotected for months. Hello? Feel like I'm fucking banging my head against the wall sometimes with these fucking lawyers. Sorry, I shouldn't add this coffee, I'm in a mood. The point is, no. That's wrong, factually. And the factual record makes your argument stronger. Oh my god. Oh my god. How can - how can you get it so wrong and hurt your own argument at the same time? If you're gonna get it fucking wrong, get it wrong because the truth hurts your argument. If you have the truth and if you have the facts on your side and the law on your side, you don't have to pound the table. Just state it correctly. Cosgrove sabotaged the attempts to get a protective order on the phone, and five months after the phone was released by Tully --mind you-- Cosgrove is delaying to protect Tully, because Tully edited the extraction because he wanted it to be released right when the first Karen Read trial started, so that all the Turtle Riders would focus on Lindsey. And I'll tell you, there's something to be said here. There's something to be said about how even Bederow doesn't get it. Because Cosgrove doing that—waiting months to do the first bullshit protective order, and then not doing anything to get Judge Krupp to issue a protective order—it was Lindsey who got Judge Krupp to do that. Well, it was Judge Krupp realizing, I think, what had happened. Judge Krupp, when he retires, I want to talk to him about that day. I want to be like, did you—how pissed were you when you realized that Tully did this on purpose? I'm dropping like, oh that went fine. Judge Krupp is a stern judge too. You know what, I'm gonna get on his bad side. If you're on his good side, you might get a smile and a little chuckle. And then he's right into it. If you're on his bad side, he will not let you talk. I love judges like that. All right, let's continue. So it's like, my God, go to federal court. If you get a smile from Judge Talwani, that is like a core memory. I got a smile from Judge Talwani. I just beamed. Now, she did put a court sign on her courtroom being like no loud typing before I got there. So I knew she knew I was coming. It was for the Leslie hearing. But she still smiled at me. But anyway, this is wrong. I just want to tell you that on page 10 of 22, paragraph --second full paragraph, lines one through four-- it's just wrong. And Bederow should make the argument stronger by pointing out that Cosgrove was hostile to Lindsey and therefore had a bias against her long before any of this went down. Cosgrove was protecting Tully and Kate Peter from the beginning. There's a pattern. Cosgrove also hid that email from Kate Peter to Ken Mello. We're going to read it at the end of this. Come on, breathe. Bederow. Is this what all New York Jets fans are like? Aren't you a Patriots fan, motherfucker? I was going to say his life would really suck if he's a Jets fan. But if he's a Pats fan - now I remember he wears Pats sweatshirts. Come on, Mr. Bederow. Think like Tom Brady. His view apparently changed. No, it did not. No, it did not, Mr. Bederow.

"If you have the facts and the law on your side, you don't need to pound the table, Mr. Bederow!" Here's my overview as to why Robert Cosgrove stalling for months to get a protective order for Lindsey Gaetani's phone extraction (that Brian Tully leaked, unredacted, after only removing messages from Tully to Lindsey and from PI Kate Peter to Lindsey) is Aidan Kearney's strongest argument for Cosgrove's recusal. I am not a lawyer. This is not legal advice. I am a towel. TRANSCRIPT: Before Ms. Gaetani accused him of intentional misconduct, Mr. Cosgrove successfully fought to prevent the public release of embarrassing and private details from her personal life by seeking broad impoundment and protective orders. No, no, no, no, no, no, no. I don't care if you weren't on the case at that point - you don't get that wrong. I'm sorry, I have to object on fact. Olivia, that is not what happened. Olivia prides herself on a knowledge of the factual record. Olivia, that is not what happened. You wanna know what happened? You want me to lay it out for you? I'll do it. April 2024. Brian Tully, personally --well, Ken Mello is in the hospital-- takes a 15-year unredacted extraction of Lindsey Gaetani's cell phone, compared to Natalie, who was allowed to submit her cell phone to a private company and remove things before Tully got the extraction of Natalie's phone. Ms. Hoity-Toity over there. Fuck your aristocracy, fuck your Hollywood, fuck yourself. Anyway, so Tully, in all his infinite fucking wisdom, removes messages from Kate Peter to Lindsey and from Tully to Lindsey before leaking this extraction while Ken Mello's in the fucking hospital. Then Ken Mello invokes the clawback provision of the discovery rules in Bradl's—like, I'm Tim Bradl. He was being Tim Bradl. As much as I blame Aidan and Tim Bradl for being Aidan and Tim Bradl, they were just proxies here. Folks, Tully was the mastermind and Jason Broyles was the intended recipient so that Broyles could attack Lindsey and myself to get credibility with Turtle Riders, to get close to Aidan so he could feed intel back to Kate and Tully, in my opinion. Anyway, the point is, that's in April. Tully doesn't even return Lindsey's call for like six days and then he's like, eh, meh. Of course he was like, meh, because he's a motherfucker, in my opinion. I mean, not lovingly. So anyway, this motherfucker goes about his business, doesn't give a fuck. Cosgrove doesn't do fucking shit until September of 2024. And he knows it. And everybody knows it. That motherfucker goes into court - oh, I get in a mood about this. That motherfucker goes into court in September of 2024 and fucking writes a handwritten fucking protective order, being like, oh, it's okay if Aiden keeps a copy of the phone and et cetera, et cetera, et cetera. That was in front of Judge Squires Lee. That was the same day that Lindsey got sabotaged at the courthouse by a court clerk...no comment. I love most of those clerks. They're wonderful. I love the court officers. I don't like what happened that day. I don't like it at all. Anyway, so I go in there -- wait a minute, what were we talking about? Oh, right. I think I was watching court that day. I was either watching or there, and Lindsey is there and Tully's -- Cosgrove's there and Bradl's there. And Judge Squires Lee is like, ah, you know, go write the agreement. So Cosgrove and Bradl write it by hand and file it. Fucking bullshit. You know how I -- now I'm not saying Judge Squires Lee did anything wrong. I think the clerk kind of misled her because she was in the bag for Jen McCabe, which is a whole different story. But the point is, so the one thing that Judge Squires Lee did that made me realize that I think she caught on to the fact that the clerks fucked around was that Judge Squires Lee entered an order on the docket permanently allowing Lindsey to file pleadings. So anytime Lindsey could just go in and they'd be like, no - -Lindsey could be like, I have an order from Judge Squires Lee. It was the strangest thing. Anyway, so that kind of-- but I don't really know what to make of all that. Anyway, so it's bullshit though. That is wrong from Bederow. And I'll tell you why: because it wasn't until Lindsey made a motion, okay, about this protective order that Judge Krupp on December 27th, 2024, spanked Brian Tully and Robert Cosgrove and Aiden a little bit. And it was --I'm paraphrasing here, Judge did not say the word motherfucker-- and it was like you motherfuckers. You got to read that three-page order from Judge Krupp from December 27th. You want to say Robert Cosgrove --no, Mr. Bederow-- no. And what's weird is there's no reason to present it this way, okay? Because presenting it the way that is true to the factual record and in the way I just described buttresses your argument that Cosgrove was conflicted because he tried to let the phone extraction go unprotected for months. Hello? Feel like I'm fucking banging my head against the wall sometimes with these fucking lawyers. Sorry, I shouldn't add this coffee, I'm in a mood. The point is, no. That's wrong, factually. And the factual record makes your argument stronger. Oh my god. Oh my god. How can - how can you get it so wrong and hurt your own argument at the same time? If you're gonna get it fucking wrong, get it wrong because the truth hurts your argument. If you have the truth and if you have the facts on your side and the law on your side, you don't have to pound the table. Just state it correctly. Cosgrove sabotaged the attempts to get a protective order on the phone, and five months after the phone was released by Tully --mind you-- Cosgrove is delaying to protect Tully, because Tully edited the extraction because he wanted it to be released right when the first Karen Read trial started, so that all the Turtle Riders would focus on Lindsey. And I'll tell you, there's something to be said here. There's something to be said about how even Bederow doesn't get it. Because Cosgrove doing that—waiting months to do the first bullshit protective order, and then not doing anything to get Judge Krupp to issue a protective order—it was Lindsey who got Judge Krupp to do that. Well, it was Judge Krupp realizing, I think, what had happened. Judge Krupp, when he retires, I want to talk to him about that day. I want to be like, did you—how pissed were you when you realized that Tully did this on purpose? I'm dropping like, oh that went fine. Judge Krupp is a stern judge too. You know what, I'm gonna get on his bad side. If you're on his good side, you might get a smile and a little chuckle. And then he's right into it. If you're on his bad side, he will not let you talk. I love judges like that. All right, let's continue. So it's like, my God, go to federal court. If you get a smile from Judge Talwani, that is like a core memory. I got a smile from Judge Talwani. I just beamed. Now, she did put a court sign on her courtroom being like no loud typing before I got there. So I knew she knew I was coming. It was for the Leslie hearing. But she still smiled at me. But anyway, this is wrong. I just want to tell you that on page 10 of 22, paragraph --second full paragraph, lines one through four-- it's just wrong. And Bederow should make the argument stronger by pointing out that Cosgrove was hostile to Lindsey and therefore had a bias against her long before any of this went down. Cosgrove was protecting Tully and Kate Peter from the beginning. There's a pattern. Cosgrove also hid that email from Kate Peter to Ken Mello. We're going to read it at the end of this. Come on, breathe. Bederow. Is this what all New York Jets fans are like? Aren't you a Patriots fan, motherfucker? I was going to say his life would really suck if he's a Jets fan. But if he's a Pats fan - now I remember he wears Pats sweatshirts. Come on, Mr. Bederow. Think like Tom Brady. His view apparently changed. No, it did not. No, it did not, Mr. Bederow.

Grant Smith Ellis

13,885 просмотров • 7 месяцев назад

This Detroit Mother Lives Among Duggan's Poisoned Dirt Holes The former mayor claimed he cleaned everything up, but she calls it a "lie" as gaping holes collect rainwater and trash on both sides of her house By Charlie LeDuff Charlie LeDuff There is a working mother on Detroit’s east side with four young babies. Andrea Smith should be worried about the price of gas and formula and diapers. But that’s the least of it. She’s more concerned about the gaping demolition holes on each side of her house, filled with muck and rainwater and debris. “Mayor, clean this up,” she fumed. “I got four kids, what if my kids fall in here?” As far as Ms. Smith is concerned, Mike Duggan belongs nowhere near the governor’s mansion. He belongs in a defendant’s chair. The city of Detroit, under his 12-year stewardship, finds itself the victim of a mass poisoning of unknown proportions. Toxic dirt was used to fill the city’s demolition holes. And Duggan, by all accounts, pushed his demolition executives to the breaking point so he might have something good to campaign on as he makes a run to become Michigan’s next governor. But the mud pie has exploded in his face. With no real plan to fix things, Duggan and the new administration of Mayor Mary Sheffield engage in stupidity and budgetary sleight-of-hand to keep a lid on an environmental scandal that could rival Flint. Some quick but necessary background here. The U.S. Treasury Department in 2014 sent $260 million to the city of Detroit to help eradicate its enormous blight. Demolition contractors were allowed by Duggan to charge whatever they wanted for “clean” soil to fill the holes. Incredulously, no receipts or proof of purchase were required. That is until federal agents caught the contractors and fined the city $5 million. The city agreed, going forward, to require invoice receipts for the dirt. But the city never did collect those receipts. Once again, in 2021, the Treasury Department spanked the city over $13 million in bogus dirt. Duggan, who’s dodged more grand juries in his career than John Gotti, settled with the U.S. government for $1.5 million. Duggan then pushed for another $250 million from Detroit taxpayers to continue his blight crusade. And again, neither he nor his minions required proof that the dirt was clean. More than 27,000 houses were demolished under the stewardship of the Teflon Leprechaun, and people like Ms. Smith have no idea just how bad things are in their neighborhoods. So far, the city has admitted to 600 suspect holes and is now in the process of testing them. But how do we know that’s the extent of it? Remember, Duggan never required the demolition contractors to provide proof of the origin of the dirt going back a dozen years. Is it hundreds of lots? Thousands? Tens of thousands? We could be talking about hundreds of millions of dollars in clean-up costs. And now we come to find out that Duggan’s hand-picked minority contractor, Brian McKinney of the Gayanga Company, was allowed to illegally work without construction insurance. Current Mayor Mary Sheffield certainly knew of this. She was dating the guy, after all, while simultaneously voting to award millions in contracts. So now, the taxpayer is on the hook, having to pay twice for the same dirty jobs. Just a few weeks ago, Duggan was cornered by the press, who are suddenly interested in dirt. “As of December 31st when I left office, every single site that had been tested at elevated contaminants had been removed and clean dirt replaced,” said an exasperated Duggan, who looked like he’d been beaten with a feather pillow. Naturally, this was a lie. Just take a trip to Tacoma Street and ask Andrea Smith who is living with her four children in a hellscape of incompetence and danger. No less than eight gaping holes blight her street. The toxic dirt was removed last November as Duggan claimed. But no clean dirt has been poured to fill them. Instead, there are craters the size of municipal swimming pools. With the spring ground thawing, the holes have transmogrified into a quagmire of clay and rock. If a dog fell in, it wouldn’t be able to crawl out, much less a toddler. “It’s been like this for a minute,” said Smith. “How long?” I asked. “Since before Christmas.” “What?” “Before Christmas,” she emphasized. “Well, the mayor said he cleaned it all up.” “No.” “It’s a lie?” I asked. “Yes, it’s a lie,” she answered. “You gonna vote for him for governor?” “No.” With the dirt scandal spreading across the region, Ms. Smith’s solitary vote is the least of Duggan’s worries.

This Detroit Mother Lives Among Duggan's Poisoned Dirt Holes The former mayor claimed he cleaned everything up, but she calls it a "lie" as gaping holes collect rainwater and trash on both sides of her house By Charlie LeDuff Charlie LeDuff There is a working mother on Detroit’s east side with four young babies. Andrea Smith should be worried about the price of gas and formula and diapers. But that’s the least of it. She’s more concerned about the gaping demolition holes on each side of her house, filled with muck and rainwater and debris. “Mayor, clean this up,” she fumed. “I got four kids, what if my kids fall in here?” As far as Ms. Smith is concerned, Mike Duggan belongs nowhere near the governor’s mansion. He belongs in a defendant’s chair. The city of Detroit, under his 12-year stewardship, finds itself the victim of a mass poisoning of unknown proportions. Toxic dirt was used to fill the city’s demolition holes. And Duggan, by all accounts, pushed his demolition executives to the breaking point so he might have something good to campaign on as he makes a run to become Michigan’s next governor. But the mud pie has exploded in his face. With no real plan to fix things, Duggan and the new administration of Mayor Mary Sheffield engage in stupidity and budgetary sleight-of-hand to keep a lid on an environmental scandal that could rival Flint. Some quick but necessary background here. The U.S. Treasury Department in 2014 sent $260 million to the city of Detroit to help eradicate its enormous blight. Demolition contractors were allowed by Duggan to charge whatever they wanted for “clean” soil to fill the holes. Incredulously, no receipts or proof of purchase were required. That is until federal agents caught the contractors and fined the city $5 million. The city agreed, going forward, to require invoice receipts for the dirt. But the city never did collect those receipts. Once again, in 2021, the Treasury Department spanked the city over $13 million in bogus dirt. Duggan, who’s dodged more grand juries in his career than John Gotti, settled with the U.S. government for $1.5 million. Duggan then pushed for another $250 million from Detroit taxpayers to continue his blight crusade. And again, neither he nor his minions required proof that the dirt was clean. More than 27,000 houses were demolished under the stewardship of the Teflon Leprechaun, and people like Ms. Smith have no idea just how bad things are in their neighborhoods. So far, the city has admitted to 600 suspect holes and is now in the process of testing them. But how do we know that’s the extent of it? Remember, Duggan never required the demolition contractors to provide proof of the origin of the dirt going back a dozen years. Is it hundreds of lots? Thousands? Tens of thousands? We could be talking about hundreds of millions of dollars in clean-up costs. And now we come to find out that Duggan’s hand-picked minority contractor, Brian McKinney of the Gayanga Company, was allowed to illegally work without construction insurance. Current Mayor Mary Sheffield certainly knew of this. She was dating the guy, after all, while simultaneously voting to award millions in contracts. So now, the taxpayer is on the hook, having to pay twice for the same dirty jobs. Just a few weeks ago, Duggan was cornered by the press, who are suddenly interested in dirt. “As of December 31st when I left office, every single site that had been tested at elevated contaminants had been removed and clean dirt replaced,” said an exasperated Duggan, who looked like he’d been beaten with a feather pillow. Naturally, this was a lie. Just take a trip to Tacoma Street and ask Andrea Smith who is living with her four children in a hellscape of incompetence and danger. No less than eight gaping holes blight her street. The toxic dirt was removed last November as Duggan claimed. But no clean dirt has been poured to fill them. Instead, there are craters the size of municipal swimming pools. With the spring ground thawing, the holes have transmogrified into a quagmire of clay and rock. If a dog fell in, it wouldn’t be able to crawl out, much less a toddler. “It’s been like this for a minute,” said Smith. “How long?” I asked. “Since before Christmas.” “What?” “Before Christmas,” she emphasized. “Well, the mayor said he cleaned it all up.” “No.” “It’s a lie?” I asked. “Yes, it’s a lie,” she answered. “You gonna vote for him for governor?” “No.” With the dirt scandal spreading across the region, Ms. Smith’s solitary vote is the least of Duggan’s worries.

Michigan Enjoyer

26,501 просмотров • 5 месяцев назад

In 2002, Elon Musk flew to Moscow three times to buy a refurbished missile. He couldn't close the deal. On the flight home, he asked himself: "When's the last time you bought something Russian that wasn't vodka?" He started SpaceX instead. 1 year later, he stood in front of Stanford students and spent 45 minutes explaining everything he'd learned about building companies: On starting Zip2: This was 1995. Most VCs on Sand Hill Road hadn't even heard of the internet. "I thought it would be a pretty huge thing. It was one of those things that only came along once in a very long while." He got a deferment from Stanford to start the company. "When I talked to my professor and told him this, he said, 'Well, I don't think you'll be coming back.' That was the last conversation I had with him." The problem: he had no money. "I couldn't afford a place to stay and an office. So I rented an office instead, because I got a cheaper office than I could get a place to stay." "I slept on the futon and showered at the YMCA on Page Mill and El Camino." "I was in the best shape I've ever been. Go to shower, work out, and you're good to go." There was an ISP on the floor below them. "We drilled a hole through the floor and connected a null modem cable. That gave us our internet connectivity for like 100 bucks a month." "We had an absurdly tiny burn rate. And we also had a really tiny revenue stream. But we actually had more revenue than we had expenses." They sold Zip2 to Compaq in early 1999 for over $300 million. "In cash. That's a currency I highly recommend." On starting PayPal: "I didn't really take any time off." He was looking for what remained in the internet. Financial services hadn't seen much innovation. "When you think about it, money is low bandwidth. You don't need some big infrastructure improvement. It's really just an entry in a database." They built a platform that combined banking, brokerage, and insurance in one place. That took enormous effort. Then they added a little feature that took one day: the ability to email money from one customer to another. "Whenever we demonstrated these two sets of features, we'd say, 'Look how you can see your bank statement and your mutual funds and insurance, all on one page. Look how convenient that is.'" "And people would go, 'Ho hum.'" "Then we'd say, 'And by the way, we have this feature where you can enter somebody's email address and transfer funds.'" "And they'd go, 'Wow.'" "So we focused the company's business on email payments." On viral growth: "PayPal is really a perfect case example of viral marketing." "One customer would essentially act as a salesperson for you. They would send money to a friend and essentially recruit that friend into the network." "So you had this exponential growth. The more customers you had, the faster it grew." "It was like bacteria in a Petri dish. It just goes like this S-curve." The results: "I ran PayPal for about the first two years of its existence. We launched after year one. By the end of year two, we had a million customers." "We didn't have a sales force. We didn't have a VP of sales. We didn't have a VP of marketing. And we didn't spend any money on advertising." On why product matters: "The essence of viral marketing is: do you have something where one customer is going to sell another customer without you having to do anything?" "Product matters incredibly. Because if you're going to recommend something to somebody, you've got to really love the product experience. Otherwise you're not going to recommend it." "You don't want to burn your friend." On company culture: "We had a pretty flat hierarchy. Everybody had a roughly similar cube. Anyone could talk to anyone." "We had a philosophy of best idea wins. As opposed to the person proposing the idea winning because they are who they are." "Even though there were times when I thought that should have been the way to go." On decision-making: "If there were two paths and one wasn't obviously better than the other, rather than spend a lot of time trying to figure out which one was slightly better, we would just pick one and do it." "Sometimes we'd be wrong and pick the suboptimal path. But often it's better to pick a path and do it than to just vacillate endlessly on a choice." On focus: "We didn't worry too much about intellectual property, paperwork, legal stuff." "We were very focused on building the best product we possibly could." "We were incredibly obsessive about how to build something that is really going to be the best possible customer experience." "That was a far more effective selling tool than having a giant sales force or thinking of marketing gimmicks or 12-step processes." On why he started SpaceX: "I was trying to figure out why we had not made more progress since Apollo." "In the 60s, we went from basically nothing to putting people on the moon. Yet in the 70s, 80s, and 90s, we've kind of gone sideways." "The computer you could have bought in the early 70s would have filled this room and had less computing power than your cell phone. Just about every sector of technology has improved. Why has this not improved?" He thought maybe public support was the problem. So he planned a privately funded Mars mission: put plants growing on Mars for $15-20 million. But the cheapest US rocket was $50 million. So he flew to Moscow. Three trips. Couldn't close the deal. "When I got back from the third trip, I thought: why is it the Russians can build these low-cost launch vehicles? It's not like we drive Russian cars, fly Russian planes, or have Russian kitchen appliances." "When's the last time you bought something Russian that wasn't vodka?" "I think the US is a pretty competitive place. We should be able to build a cost-efficient launch vehicle." On why rockets are expensive: "The energy and velocity required to get into orbit is so substantial that you have almost no margin to play with." "A launch vehicle will get about 2% of its liftoff mass to orbit." "If you're wrong by 2%, you're not going to get anything to orbit. It'll come crashing down in the Pacific somewhere." "That means all of your calculations have to be right. If you miscalculate something, it blows up." On how SpaceX got costs down: Their rocket: $6 million. Nearest competitor: $25 million for less capability. "There's no silver bullet. It's been really hundreds of small innovations and improvements." "We've done improvements in the propulsion system, the structure, the avionics, and the launch operations." "Our overhead in a 30-person company is an order of magnitude less than Lockheed or Boeing. Just for starters." "Every decision we've made has been with consideration to simplicity. Because simplicity both improves reliability and reduces cost." "If you've got fewer components, that's fewer components to go wrong and fewer components to buy." On being an entrepreneur: "I think really an obsessive nature with respect to the quality of the product is very important." "Being obsessive-compulsive is a good thing in this context." "Really liking what you do is important. If you don't like it, life is too short." "If you like what you're doing, you think about it even when you're not working. Your mind is drawn to it." "If you don't like it, you just really can't make it work." On parallelization: "Try not to serialize dependencies. Put as many elements in parallel as possible." "A lot of things have a gestation period. There's really nothing you can do to accelerate that gestation period." "If you can have all those things gestating in parallel, that is one way to substantially accelerate your timeline." "People tend to serialize things too much." On space as a business: Someone asked if SpaceX was a good first company to start. "No. I would not recommend it." "This is advanced entrepreneuring." "You know how many people have said: the fastest way to make a small fortune in the aerospace industry is to start with a large one." This 45 minute Stanford lecture will teach you more about building companies than every startup book combined. Bookmark & give it 45 minutes today, no matter what.

In 2002, Elon Musk flew to Moscow three times to buy a refurbished missile. He couldn't close the deal. On the flight home, he asked himself: "When's the last time you bought something Russian that wasn't vodka?" He started SpaceX instead. 1 year later, he stood in front of Stanford students and spent 45 minutes explaining everything he'd learned about building companies: On starting Zip2: This was 1995. Most VCs on Sand Hill Road hadn't even heard of the internet. "I thought it would be a pretty huge thing. It was one of those things that only came along once in a very long while." He got a deferment from Stanford to start the company. "When I talked to my professor and told him this, he said, 'Well, I don't think you'll be coming back.' That was the last conversation I had with him." The problem: he had no money. "I couldn't afford a place to stay and an office. So I rented an office instead, because I got a cheaper office than I could get a place to stay." "I slept on the futon and showered at the YMCA on Page Mill and El Camino." "I was in the best shape I've ever been. Go to shower, work out, and you're good to go." There was an ISP on the floor below them. "We drilled a hole through the floor and connected a null modem cable. That gave us our internet connectivity for like 100 bucks a month." "We had an absurdly tiny burn rate. And we also had a really tiny revenue stream. But we actually had more revenue than we had expenses." They sold Zip2 to Compaq in early 1999 for over $300 million. "In cash. That's a currency I highly recommend." On starting PayPal: "I didn't really take any time off." He was looking for what remained in the internet. Financial services hadn't seen much innovation. "When you think about it, money is low bandwidth. You don't need some big infrastructure improvement. It's really just an entry in a database." They built a platform that combined banking, brokerage, and insurance in one place. That took enormous effort. Then they added a little feature that took one day: the ability to email money from one customer to another. "Whenever we demonstrated these two sets of features, we'd say, 'Look how you can see your bank statement and your mutual funds and insurance, all on one page. Look how convenient that is.'" "And people would go, 'Ho hum.'" "Then we'd say, 'And by the way, we have this feature where you can enter somebody's email address and transfer funds.'" "And they'd go, 'Wow.'" "So we focused the company's business on email payments." On viral growth: "PayPal is really a perfect case example of viral marketing." "One customer would essentially act as a salesperson for you. They would send money to a friend and essentially recruit that friend into the network." "So you had this exponential growth. The more customers you had, the faster it grew." "It was like bacteria in a Petri dish. It just goes like this S-curve." The results: "I ran PayPal for about the first two years of its existence. We launched after year one. By the end of year two, we had a million customers." "We didn't have a sales force. We didn't have a VP of sales. We didn't have a VP of marketing. And we didn't spend any money on advertising." On why product matters: "The essence of viral marketing is: do you have something where one customer is going to sell another customer without you having to do anything?" "Product matters incredibly. Because if you're going to recommend something to somebody, you've got to really love the product experience. Otherwise you're not going to recommend it." "You don't want to burn your friend." On company culture: "We had a pretty flat hierarchy. Everybody had a roughly similar cube. Anyone could talk to anyone." "We had a philosophy of best idea wins. As opposed to the person proposing the idea winning because they are who they are." "Even though there were times when I thought that should have been the way to go." On decision-making: "If there were two paths and one wasn't obviously better than the other, rather than spend a lot of time trying to figure out which one was slightly better, we would just pick one and do it." "Sometimes we'd be wrong and pick the suboptimal path. But often it's better to pick a path and do it than to just vacillate endlessly on a choice." On focus: "We didn't worry too much about intellectual property, paperwork, legal stuff." "We were very focused on building the best product we possibly could." "We were incredibly obsessive about how to build something that is really going to be the best possible customer experience." "That was a far more effective selling tool than having a giant sales force or thinking of marketing gimmicks or 12-step processes." On why he started SpaceX: "I was trying to figure out why we had not made more progress since Apollo." "In the 60s, we went from basically nothing to putting people on the moon. Yet in the 70s, 80s, and 90s, we've kind of gone sideways." "The computer you could have bought in the early 70s would have filled this room and had less computing power than your cell phone. Just about every sector of technology has improved. Why has this not improved?" He thought maybe public support was the problem. So he planned a privately funded Mars mission: put plants growing on Mars for $15-20 million. But the cheapest US rocket was $50 million. So he flew to Moscow. Three trips. Couldn't close the deal. "When I got back from the third trip, I thought: why is it the Russians can build these low-cost launch vehicles? It's not like we drive Russian cars, fly Russian planes, or have Russian kitchen appliances." "When's the last time you bought something Russian that wasn't vodka?" "I think the US is a pretty competitive place. We should be able to build a cost-efficient launch vehicle." On why rockets are expensive: "The energy and velocity required to get into orbit is so substantial that you have almost no margin to play with." "A launch vehicle will get about 2% of its liftoff mass to orbit." "If you're wrong by 2%, you're not going to get anything to orbit. It'll come crashing down in the Pacific somewhere." "That means all of your calculations have to be right. If you miscalculate something, it blows up." On how SpaceX got costs down: Their rocket: $6 million. Nearest competitor: $25 million for less capability. "There's no silver bullet. It's been really hundreds of small innovations and improvements." "We've done improvements in the propulsion system, the structure, the avionics, and the launch operations." "Our overhead in a 30-person company is an order of magnitude less than Lockheed or Boeing. Just for starters." "Every decision we've made has been with consideration to simplicity. Because simplicity both improves reliability and reduces cost." "If you've got fewer components, that's fewer components to go wrong and fewer components to buy." On being an entrepreneur: "I think really an obsessive nature with respect to the quality of the product is very important." "Being obsessive-compulsive is a good thing in this context." "Really liking what you do is important. If you don't like it, life is too short." "If you like what you're doing, you think about it even when you're not working. Your mind is drawn to it." "If you don't like it, you just really can't make it work." On parallelization: "Try not to serialize dependencies. Put as many elements in parallel as possible." "A lot of things have a gestation period. There's really nothing you can do to accelerate that gestation period." "If you can have all those things gestating in parallel, that is one way to substantially accelerate your timeline." "People tend to serialize things too much." On space as a business: Someone asked if SpaceX was a good first company to start. "No. I would not recommend it." "This is advanced entrepreneuring." "You know how many people have said: the fastest way to make a small fortune in the aerospace industry is to start with a large one." This 45 minute Stanford lecture will teach you more about building companies than every startup book combined. Bookmark & give it 45 minutes today, no matter what.

Jaynit

531,332 просмотров • 4 месяцев назад

In August, President Trump signed an executive order titled "Democratizing Access to Alternative Assets for 401(k) Investors." The order directs regulators to make it easier for your retirement savings to flow into private credit, private equity, and other "alternative" assets. The Department of Labor quickly rescinded Biden-era guidance that had discouraged these investments in retirement plans. Apollo. Blackstone. Goldman Sachs. State Street. They're all racing to launch private credit products for your 401(k). But here's the problem: Private credit is showing cracks at the exact moment they want to open it up to retail investors. Just this week, BlackRock TCP Capital - one of the largest publicly traded private credit funds - plunged 17% after disclosing a 19% writedown on its net asset value. The biggest drop in almost six years. This is BlackRock. The world's largest asset manager. $14T in assets. If they're taking hits like this, what chance does your 401k have? Let me walk you through what's actually happening in this market... Private credit has ballooned to over $2T in assets. For years, it was the domain of sophisticated institutional investors - pension funds, endowments, insurance companies. These investors have teams of analysts, lawyers, and risk managers to evaluate complex deals. Your average 401k participant doesn't have any of that. And the timing couldn't be worse. The IMF's 2025 Financial Stability Report found that 40% of private credit borrowers now have NEGATIVE free cash flow. That's up from 25% in 2021. Goldman Sachs data shows 15% of borrowers can no longer generate enough cash to fully cover their interest payments. UBS forecasts that private credit defaults could climb by 3 percentage points in 2026 - outpacing leveraged loans and high-yield bonds. Meanwhile, payment-in-kind loans - where struggling borrowers defer interest by adding it to their debt balance - have surged from 7.4% in 2021 to over 11% today. When a company can't pay interest in cash, that's not a sign of health. It's a sign of stress being disguised. Then came September's wake-up call: Auto parts maker First Brands collapsed with $8B in off-balance-sheet financing that wasn't properly disclosed to lenders. Subprime auto lender Tricolor imploded amid allegations it pledged the same loans as collateral to multiple creditors. Both received clean audits shortly before they cratered. First Brands' term loans went from 90 cents on the dollar to under 15 cents in weeks. JPMorgan's Jamie Dimon put it bluntly: "When you see one cockroach, there are probably more." Here's what makes this dangerous: Private credit is lightly regulated, less transparent, and difficult to value accurately. The managers making the loans are often the same ones valuing them. They have every incentive to delay recognizing problems. The DOJ has already issued warnings about "creative" marks and questionable valuation practices. Banks aren't insulated either. They've lent over $2.2T to non-bank financial institutions. When problems surface in private credit, banks feel it too. And now they want to put this in YOUR retirement account. The pitch is that private credit offers "higher returns" and "diversification." But the data doesn't support the sales pitch: Recent research shows pension funds increasing exposure to private markets have actually seen depressed returns compared to simple stock and bond portfolios. The 50 largest US pension funds averaged just 7.4% returns over the past decade. A basic 60/40 portfolio beat many of them. The real beneficiaries are fund managers charging 2% fees on assets that can't be easily valued or sold. My view really hasn't changed: AVOID PRIVATE CREDIT When sophisticated institutional investors start pulling back - and they are - the last thing you want to do is rush in. Stay in liquid, transparent, low-cost investments for your retirement. Don't be the exit liquidity.

In August, President Trump signed an executive order titled "Democratizing Access to Alternative Assets for 401(k) Investors." The order directs regulators to make it easier for your retirement savings to flow into private credit, private equity, and other "alternative" assets. The Department of Labor quickly rescinded Biden-era guidance that had discouraged these investments in retirement plans. Apollo. Blackstone. Goldman Sachs. State Street. They're all racing to launch private credit products for your 401(k). But here's the problem: Private credit is showing cracks at the exact moment they want to open it up to retail investors. Just this week, BlackRock TCP Capital - one of the largest publicly traded private credit funds - plunged 17% after disclosing a 19% writedown on its net asset value. The biggest drop in almost six years. This is BlackRock. The world's largest asset manager. $14T in assets. If they're taking hits like this, what chance does your 401k have? Let me walk you through what's actually happening in this market... Private credit has ballooned to over $2T in assets. For years, it was the domain of sophisticated institutional investors - pension funds, endowments, insurance companies. These investors have teams of analysts, lawyers, and risk managers to evaluate complex deals. Your average 401k participant doesn't have any of that. And the timing couldn't be worse. The IMF's 2025 Financial Stability Report found that 40% of private credit borrowers now have NEGATIVE free cash flow. That's up from 25% in 2021. Goldman Sachs data shows 15% of borrowers can no longer generate enough cash to fully cover their interest payments. UBS forecasts that private credit defaults could climb by 3 percentage points in 2026 - outpacing leveraged loans and high-yield bonds. Meanwhile, payment-in-kind loans - where struggling borrowers defer interest by adding it to their debt balance - have surged from 7.4% in 2021 to over 11% today. When a company can't pay interest in cash, that's not a sign of health. It's a sign of stress being disguised. Then came September's wake-up call: Auto parts maker First Brands collapsed with $8B in off-balance-sheet financing that wasn't properly disclosed to lenders. Subprime auto lender Tricolor imploded amid allegations it pledged the same loans as collateral to multiple creditors. Both received clean audits shortly before they cratered. First Brands' term loans went from 90 cents on the dollar to under 15 cents in weeks. JPMorgan's Jamie Dimon put it bluntly: "When you see one cockroach, there are probably more." Here's what makes this dangerous: Private credit is lightly regulated, less transparent, and difficult to value accurately. The managers making the loans are often the same ones valuing them. They have every incentive to delay recognizing problems. The DOJ has already issued warnings about "creative" marks and questionable valuation practices. Banks aren't insulated either. They've lent over $2.2T to non-bank financial institutions. When problems surface in private credit, banks feel it too. And now they want to put this in YOUR retirement account. The pitch is that private credit offers "higher returns" and "diversification." But the data doesn't support the sales pitch: Recent research shows pension funds increasing exposure to private markets have actually seen depressed returns compared to simple stock and bond portfolios. The 50 largest US pension funds averaged just 7.4% returns over the past decade. A basic 60/40 portfolio beat many of them. The real beneficiaries are fund managers charging 2% fees on assets that can't be easily valued or sold. My view really hasn't changed: AVOID PRIVATE CREDIT When sophisticated institutional investors start pulling back - and they are - the last thing you want to do is rush in. Stay in liquid, transparent, low-cost investments for your retirement. Don't be the exit liquidity.

George Noble

932,848 просмотров • 7 месяцев назад