Podcast appearances and mentions of Washington Mutual

In this episode of Talking Real Money, Don and Tom take aim at one of the most persistent investing mistakes: owning individual stocks. With humor and sharp skepticism, they explore why investors—even those who say they follow the show's advice—still concentrate wealth in a few companies like Apple, NVIDIA, or their employer's stock. Referencing Jason Zweig's Wall Street Journal column and legendary research from Bessembinder, they show how dangerous, emotional, and often delusional this strategy really is. From Washington Mutual to VF Corp, the history of single-stock implosions is long and painful. Plus, they field smart listener questions on business loans, Roth conversions, and hummingbird beak evolution. Yes, really. 0:04 Why owning individual stocks is more like gambling than investing 0:58 Zweig's column and stories of extreme stock concentration 1:42 Real investors with 30%+ in just a few stocks 3:00 “I only own Apple”—the emotional traps of stock picking 5:02 Washington Mutual: faith in the familiar turns to loss 6:44 The VF Corp disaster and foundations behaving badly 8:43 No one rings a bell before your stock collapses 9:49 Stock picking risks: underperformance and default 10:22 Don's infamous four-stock “diversified” portfolio (spoiler: zeroed out) 11:48 Emotional attachment to companies vs. logic 12:27 Top justifications for owning individual stocks—and why they're bogus 13:40 “It's money I can afford to lose” (No, it's not.) 14:51 Owning your own business ≠ owning a stock 15:20 Risk in entrepreneurship is different—but still real 16:18 Listener question: Pay cash or borrow to buy a high-return business asset? 18:02 Don and Tom strongly favor using business cash over loans 19:11 Why even 40% returns are no guarantee 20:39 Hummingbirds evolve to match human feeders (seriously!) 21:34 Listener Q: Convert old 401(k) from Mutual of America to Roth IRA? 23:20 Why you should probably roll that 401(k) out—fast 23:33 Joke time: The silent P in pterodactyl 24:32 Don's mental age… remains in the single digits Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Mark Ledlow, as the guest, sits down with Ben Hosking from Panoptic Solutions at the IPSB Close Protection Conference in Nashville. They share their backgrounds, explore career transitions, and discuss the value of industry events in the executive protection field. The conversation touches on the challenges of maintaining a fearless mindset, the critical role of trust in client relationships, and the evolving demands of the security industry. Personal anecdotes bring to life their journeys from military and firefighting roles to leadership positions in corporate and high-profile security sectors.Learn about all this and more in this episode of The Fearless Mindset Podcast.KEY TAKEAWAYSHandling Adversity: The podcast emphasizes adapting and persevering through challenges, pointing out that career paths often evolve through unexpected events. Networking and Building Trust: Success in executive protection often hinges on trust and established relationships. Attending conferences and creating long-term partnerships are vital. Executive Protection Landscape: The industry has shifted significantly over the years due to technology and geopolitical changes, increasing the importance of protective intelligence and comprehensive security solutions. Service and Purpose: Many professionals in the industry are driven by a sense of purpose and service, often stemming from military or law enforcement backgrounds. Overcoming Fear: Emphasizes the importance of a fearless mindset, both personally and professionally, to achieve significant growth and success.QUOTES"We're selling trust, not executive protection." "Every overnight success takes about 10 years." "Fear is the mind killer and it stops more dreams than it does physical objections." "Service is absolutely everything; purpose comes through service." "You don't know what your calling is until your thirties or forties."Get to know more about Ben Hosking through the link below.https://www.linkedin.com/in/ben-hosking/To hear more episodes of The Fearless Mindset podcast, you can go to  https://the-fearless-mindset.simplecast.com/ or listen to major podcasting platforms such as Apple, Google Podcasts, Spotify, etc. You can also subscribe to the Fearless Mindset YouTube Channel to watch episodes on video.

In this episode, Brian Kleven, Nevada Market Chief Financial Officer for Dignity Health St. Rose Dominican Hospitals and a board member of the Las Vegas Global Economic Alliance (LVGEA), joins the show. Brian shares his journey from growing up in Van Nuys, California, to becoming a financial leader in Southern Nevada's healthcare sector. Raised in the Northridge area, he earned his degree in Business Administration with an emphasis in Finance from California State University, Northridge. His career began in banking at Washington Mutual before transitioning into healthcare, where he held leadership roles at hospitals across California before being recruited to Nevada.As CFO at Dignity Health, Brian oversees financial operations across three hospitals and several joint ventures in Southern Nevada. He discusses the challenges of managing rising expenses in healthcare, especially post-pandemic, and highlights efforts to expand access to care in underserved areas of the region. Brian emphasizes the importance of partnerships with local institutions like UNLV, Roseman University, and CSN to address workforce shortages in healthcare, ensuring a pipeline of skilled professionals, including physicians, nurses, and lab technicians. He also sheds light on the impact of technology, such as AI and robotic-assisted surgeries, in advancing patient care and improving outcomes.Outside of work, Brian is a devoted family man who enjoys spending time with his wife and three children. He loves sports—both watching and playing—and is an avid supporter of the Las Vegas Raiders, Golden Knights, and UNLV Athletics. His family often travels within the U.S., visiting loved ones and exploring new destinations. Reflecting on his journey, Brian encourages young professionals to take risks, embrace failure as a learning experience, and focus on building strong community connections. He believes success stems from hard work, helping others, and staying true to your values.Dignity Health:Health Care in AZ, CA and NV | Hello Humankindness | Dignity HealthLas Vegas Global Economic Alliance:LVGEA | Las Vegas Global Economic Alliance

James Reed, COO, Kodiak Robotics joined Grayson Brulte on The Road to Autonomy podcast to discuss how Kodiak is scaling the business with financial discipline, economic scenario planning and operational readiness as the company ramps up commercial operations heading into 2024. The conversation begins with James sharing his thoughts on the current state of the autonomous trucking industry.Next year DARPA will have been 20 years ago, finally all of us that our on this path are at the point were autonomous vehicles are real and driver-out autonomy in the trucking business is going to happen in the very near future. – James ReedOver the next decade the autonomous trucking industry is going to enter the commercialization phase with a strong focus on financial discipline. Financial discipline is one of James' strong suits as he was previously CEO of USA Truck that was successfully sold to DB Schenker in September 2022 for $31.72 per share in cash. It's not just success that James brings to Kodiak, it's a deep understanding of economic cycles and how those impact operations and cash-flow. In the depths of 2008 financial crisis, James served as Division CFO at Washington Mutual. The bank was ultimately acquired by J.P. Morgan Chase because of their sub-prime mortgage portfolio. During the banking crisis James saw first hand how one division that takes on too much risk can sink an entire corporation. I learned about this dichotomy of you can be widely successful and still fail as a team. – James ReedBeing in banking is about risk management and this is a skill that influences how James runs operations at Kodiak. To manage risk, the team matters. You have to hire the best to mitigate the risk and limit your potential downside exposure. Including planning and forecasting as the economic environments can change suddenly. As we prepare to enter 2024, we could be entering a potential recessionary environment depending on the actions of the Federal Reserve and how the economy reacts to those actions. Well run companies plan for upsides, downsides including recessions as part of their on-going operations. – James ReedKodiak is planning for this potential economic environment as was an economic growth environment. Planning for all economic environments and what the potential impact will be on the Kodiak business is one of the core strengths that James brings to the team from his years of financial experience. The Kodiak business is not a pure-play autonomous trucking business, it's a diversified business with a defense division because of the ability of their autonomy stack to work in unstructured environments. On December 5th, it was announced that Kodiak has been awarded a $49.9 million, 24-month United States Department of Defense agreement to help automate future U.S. Army ground vehicles. Moving forward, defense will be a key pillar of the Kodiak business. We plan to become a defacto prime in the autonomous software space. – James ReedIn 2024, Kodiak will continue focus on commercialization, industry partnerships and driver-out operations on public roads. Wrapping up the conversation, James shares his vision for the future of Kodiak which includes a potential IPO.Recorded on Tuesday, December 12, 2023--------About The Road to AutonomyThe Road to Autonomy® is a leading source of data, insight and commentary on autonomous vehicles/trucks and the emerging autonomy economy™. The company has two businesses: The Road to Autonomy Indices, with Standard and Poor's Dow Jones Indices as the custom calculation agent; Media, which includes The Road to Autonomy podcast and This Week in The Autonomy Economy newsletter.See Privacy Policy at https://art19.com/privacy and California Privacy Notice at https://art19.com/privacy#do-not-sell-my-info.

Allen T Bond, CFA, Managing Director, Head of Research & Portfolio Manager at Jensen Investment with $13B AUM Website https://www.jenseninvestment.com/ Quality Growth $JENIX Value $JNVIX Global $JGQIX About Allen: Joined Jensen Investment Management in 2007. Allen is responsible for coordinating fundamental research conducted across the investment teams. Additionally, he maintains his portfolio management and analyst responsibilities. Allen joined Jensen from Washington Mutual where he held the position of credit analyst. In that role, Allen performed fundamental analysis on investment grade corporate bond issuers. Prior to Washington Mutual, he was a high-yield credit analyst and trader for Columbia Management Group. Allen began his career as a trader at Ferguson Wellman Capital Management. He earned a BS in business and an MBA from the University of Oregon. Allen is a CFA® charterholder and a past president of CFA Society Portland. --- Support this podcast: https://podcasters.spotify.com/pod/show/smartmoneycircle/support

Successful leaders find themselves creating alignment during change. Michael Judd shares one of his initial turnaround gigs where he learned this skill directly and then took it with him for the rest of his career. Learn from his experience and self awareness: Do you know your business' safety net and risk tolerance? Do you know how to create clarity when there's confusion? Do you know how to align the expectations of your manager with your peers and your teams? Do you know if you're an innovator, builder, or maintainer? Listen in to this wisdom-packed episode on logical steps to take for any hot mess. Find the full blog post at https://stefaniekrievins.com/the-secret-to-creating-alignment-during-change-with-michael-judd/ About Michael Judd Michael Judd is a technology and strategy expert that has over 20 years of experience working with Fortune 500 executives from a variety of industries. His past clients include American Express, Aon, HCSC, Providian, Raytheon, Washington Mutual, and Zurich Insurance. He is known for bringing strong strategic, financial, and operational skills to develop disruptive technology strategies that make sense for his clients. He is a CPA with a strong reputation for collaboration and global experience, he tackles the largest challenges, transforming how people and their processes engage with technology to drive business value.

Scott Groves is one of the busiest people we know and he was kind enough to make the time to spend with us. Born and raised in Glendale California, Scott was “recruited” into the mortgage business by Washington Mutual. He has become a top producer in the mortgage business and one of the major contributors […]

In this episode of "The Business of Doing Business," host Dwayne Kerrigan interviews Jason Sisneros, a successful entrepreneur who has overcome a challenging past. Growing up in a world of drugs, violence, and abuse, Jason shares his journey from homelessness to building a life of personal, business, and financial success. He discusses the importance of finding freedom on your own terms and mastering your psychology. Join Dwayne and Jason as they delve into the challenges and successes of entrepreneurship and uncover valuable insights for listeners.Jason Sisneros is a hard-nosed, battle-tested CEO who has taken the science of performance and the art of leadership to the next level through his company, Anton Jae Global, Inc. He is widely regarded as one of the brightest minds in business and innovation. Among his past and current clients are Fortune 500 companies such as Nike, Comcast, Microsoft, and he has turned around more than 100 small to mid-cap companies, earning him the moniker, “The Architect”.From his best-selling book, and his more than 3,000 presentations on leadership and business, to his career as the top speaker in the Tony Robbins organization and his dozens of corporate turnarounds, Jason has always looked to identify needs, to find solutions, and to create competitive businesses for entrepreneurs who really want to change. As a result of his ability to engage an audience to elicit radical change, Jason speaks on stages to some of the highest-performing business leaders in the world.Jason has had an intriguing rise to the top of his profession. He did so, not through a traditional education, but through what he calls a PhD in street smarts (poor, hungry and determined). Raised in an environment of drugs, abuse, and a lack mentality, Jason traveled a road most of us only read about. From several broken noses, being kidnapped, witnessing family members held at gunpoint to ultimately watching the person responsible for all of this, his adoptive father, go to prison for the attempted murder of his mother and himself; he developed a unique view of the world.After living a life that included dealing drugs, being stabbed, spending time in jail, being homeless, and ultimately contemplating suicide, he reached a crossroads. By having to overcome 30 years of negative programming in his life, he became his own first client. In less than four years, Jason held over 1500 workshops on the Psychology of Success in front of distinguished audiences. As a result of the massive success of his program, he has reached over 500,000 people worldwide and represented companies such as Toyota, Remax, American Express, Quixtar, Washington Mutual, Visa, United Airlines, and multiple Chambers of Commerce. Many nonprofits have invited him to be the keynote speaker for their annual fundraising events. His unique brand of leadership and life coaching is a blend of Brain Mechanics, Quantum Theory, Neuro Linguistic Programming, and cutting edge information on influence.When he is not transforming companies and speaking on stages around the world, he spends his time as a philanthropist. He currently serves as CEO of Feed-a-Billion, a non-profit organization funding one billion nutritious meals to the underserved around the world and supports organizations dedicated to protecting women from domestic violence.Most frequently, Jason works as an operator on the SERT Ministries human trafficking rescue group (operating under The Slave Free Project), where he participates in highly sensitive covert missions to deliver trafficked children to...

On September 15, 2008, Lehman Brothers, a giant investment bank with a storied history, filed for bankruptcy. The shock was profound; world markets melted down.   Over the next few days, one financial behemoth after another, including American International Group (AIG), Washington Mutual, and Wachovia collapsed. The crown jewels of Wall Street – Morgan Stanley and Goldman Sachs – slid toward the abyss. The Federal Reserve, the Treasury, and other regulators were forced to step in, sometimes in conjunction with famous private investors, to rescue the system. The government in effect nationalized AIG and, after two cliffhanging votes in Congress, it directly injected capital into leading private banks.  Ever since then, debates have raged about why the authorities – the Fed and the Treasury -- allowed Lehman to go broke, after earlier helping to salvage a series of other institutions.  In this Podcast, INET President Robert Johnson and INET Research Director Thomas Ferguson review those dramatic events. They also draw disquieting parallels between the Lehman debacle and more recent episodes of financial deregulation, including recent controversies over crypto and private equity.  

Today Jack interviews William “Bill” Isaac, who served as Chair of the Federal Deposit Insurance Corporation (FDIC) from 1981 to 1985. Isaac recounts his handling of large bank failures in the 1970s and 1980s, including the collapse of Continental Illinois, which was the largest FDIC takeover until Washington Mutual in 2008. Isaac argues that at the core of banking issues is fiscal imprudence by the U.S. Congress which has caused inflation and rate volatility. Filmed on August 16, 2023. Today's interview is sponsored by Blockfills, a crypto trading solutions and financial technology firm. Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ William "Bill" Isaac is Chairman of Secura/Isaac Group, a global advisory firm serving the financial services industry. Bill has an unparalleled career in the financial industry and public service, spanning over 50 years. He served as Chairman of the Federal Deposit Insurance Corporation (FDIC) from 1978 through 1985, working to maintain stability during the banking and thrift crises of the 1980s, when over 3,000 banks and thrifts failed. He also served as Chairman of Fifth Third Bancorp. For more information on Bill's past and current work, visit securaisaac.com ____ Timecodes: (00:00) Introduction (00:31) Bill's Early Journey To The FDIC (03:23) Anatomy Of A Bank Failure (12:40) Does Technology Hasten Bank Runs? (21:30) Impact of High Interest Rates On Banking System (31:01) Fiscal Policy Is Out Of Control (40:48) Federal Reserve Should Play A Role In Fiscal Matters, Says Former FDIC Chair (49:07) Is Inflation Itself, And Not Debt, The True Problem? (Modern Monetary Theory) (56:10) Two Reasons Why Banks Fall (On Asset Side): Credit & Duration (01:08:28) Are Banking Issues In The U.S. Systemic? (01:16:42) Debating The Need For Zero Interest Rates After the 2008 Great Financial Crisis (GFC) ____ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.Timecodes:

Hour 1 * Guest: Chris Carlson – Without God, we can never win, With God, we can never lose, The Battle for Freedom is the Lord's, but we need to be engaged in the fight! * Katy Perry, Lionel Richie Sing at King Charles' Coronation. * Debt Ceiling Farce and Why the US Should Declare Bankruptcy – Doug Casey, LewRockwell.com * The US federal government has raised the so-called debt ceiling 104 times since 1944. * Can they reduce the debt ceiling or the amount of debt? Or even slow down its growth at this point? No. The situation is beyond redemption because most US government expenditures go to pay entitlements—Social Security, Medicare, Medicaid, food stamps, and numerous other types of welfare. * Doug Casey: I know it sounds outrageous to propose the US government default on its national debt. Of course, they don't think it will ever be necessary because, as several high-level government officials have pointed out, they can just print money to pay off the debt. However, I disagree. Hour 2 * Those in the know, the watchmen on the tower, need to continue warning their fellow man and woman, otherwise, their blood will be upon their heads. Those who have been warned are morally obligated to warn their neighbor of a sore judgement that is about to descend upon this wicked generation. * The Scourge of the Middle Class – How inflation is hollowing out the central pillar of America's economy – Bill Bonner. * Inflation is the scourge of the middle class. Real wages go down.  Prices go up. And housing – the emblem of the middle class – becomes a debt trap. Families borrow to buy houses. Then, they refinance. And then they must have low rates, or they will lose their homes. The Fed ‘prints' to keep rates low…drawing them further and further into debt. * Ultimately, the Fed only has two choices: ‘Inflate or Die.' Either the authorities print more money to keep the jig up…or they let the beer go flat, the lights go off, musicians pack up…and the party's over. * The Cost of an Empire! – When the Empire Dies! * New Bank Failures – Joel Skousen, WorldAffairsBrief.com * First Republic's failure is the second largest in US banking history, beaten only by the 2008 demise of Washington Mutual – which was also seized by the FDIC and sold (also) to JP Morgan. * It's A Mad, Mad World! --- Support this podcast: https://podcasters.spotify.com/pod/show/loving-liberty/support

During her tenure as Chair of the Federal Deposit Insurance Corporation (FDIC) from 2006 to 2011, Sheila Bair managed over 300 bank failures, including the collapse of Washington Mutual in September 2008, the largest bank failure in American history. Bair joins Forward Guidance to apply her vast experience to share insight on recent failures of Silicon Valley Bank, Signature Bank, and First Republic. Filmed the afternoon of May 18, 2023. ____ Today's show is brought to you by VanEck. Go to https://vaneck.com/ForwardGuidance to access VanEck's Income Investing Yield Monitor. ____ Follow @vaneck_us on Twitter, this episode's sponsor https://twitter.com/vaneck_us Follow Sheila Bair on Twitter https://twitter.com/SheilaBair2013 Follow Jack Farley on Twitter https://twitter.com/JackFarley96 Follow Forward Guidance on Twitter https://twitter.com/ForwardGuidance Follow Blockworks on Twitter https://twitter.com/Blockworks_ ____ Timestamps: (00:00) Introduction (06:37) Right Now, The Main Issue Is Interest Rate Risk (12:56) What Causes A Bank Run? (17:55) Are Bank Runs Faster In An Age of Mobile Banking? (21:55) Van Eck Ad (22:45) Money Market Funds and The Fed's Reverse Repo Facility Is Where A Lot Of Bank Money Is Going (25:33) Risk Of Further Big Bank Consolidation (29:51) Best Time To Shut Down A Bank Is Friday Night (31:10) Federal Reserve Lending To Insolvent Institutions Increases The FDIC's Cost To Resolve Failed Banks (32:53) How To Know When To Shut Down A Failing Bank (34:51) "I Was Surprised At The Biden Administration's Level Of Involvement" (37:12) The Systemic Risk Determination, Explained (42:56) 2018 Loosening Of Regulation of Regional Banks (47:35) Forcing Banks To Raise More Equity (i.e. sell stock) (49:31) The Federal Reserve's Role As Bank Regulator ____ Disclaimer: Nothing discussed on Forward Guidance should be considered as investment advice. Please always do your own research & speak to a financial advisor before thinking about, thinking about putting your money into these crazy markets.

* Those in the know, the watchmen on the tower, need to continue warning their fellow man and woman, otherwise, their blood will be upon their heads. Those who have been warned are morally obligated to warn their neighbor of a sore judgement that is about to descend upon this wicked generation. * The Scourge of the Middle Class - How inflation is hollowing out the central pillar of America's economy - Bill Bonner. * Inflation is the scourge of the middle class. Real wages go down.  Prices go up. And housing – the emblem of the middle class – becomes a debt trap. Families borrow to buy houses. Then, they refinance. And then they must have low rates, or they will lose their homes. The Fed ‘prints' to keep rates low…drawing them further and further into debt. * Ultimately, the Fed only has two choices: ‘Inflate or Die.' Either the authorities print more money to keep the jig up…or they let the beer go flat, the lights go off, musicians pack up…and the party's over. * The Cost of an Empire! - When the Empire Dies! * New Bank Failures - Joel Skousen, WorldAffairsBrief.com * First Republic's failure is the second largest in US banking history, beaten only by the 2008 demise of Washington Mutual – which was also seized by the FDIC and sold (also) to JP Morgan. * It's A Mad, Mad World!

Este lunes fue intervenido el banco californiano First Republic Bank, acto seguido sus activos fueron adquiridos a JPMorgan Chase para evitar un colapso desordenado de la entidad que agrave la crisis bancaria que atraviesa el país tras la quiebra en marzo del Silicon Valley Bank y del Signature Bank. Según ha reconocido la Corporación Federal de Seguros de Depósitos, la venta de los activos al JPMorgan Chase se ha realizado en tiempo récord para proteger a los depositantes. La operación ha costado al comprador 10.600 millones de dólares mientras que al Estado le costará otros 13.000 millones de dólares. Por volumen de activos, unos 230.000 millones de dólares a mediados del mes pasado, la del First Republic es la segunda mayor quiebra de un banco en toda la historia de Estados Unidos, sólo superada por la suspensión de pagos del Washington Mutual a finales de 2008. Fundado a mediados de la década de los ochenta y con sede en San Francisco, el First Republic Bank se dedicaba a la banca privada y poseía una clientela muy selecta. El Gobierno ha querido que la liquidación de la entidad se hiciese rápidamente para que el contagio no se extendiese por el sector, también han querido que supusiese el menor coste posible para las arcas públicas. El First Republic Bank había empezado a tener problemas serios tras la quiebra del Sillicon Valley Bank. Las agencias Fitch y S&P rebajaron la calificación crediticia del banco ya que una alta proporción de sus depósitos no asegurados de clientes de alto poder adquisitivo se estaban marchando en busca de seguridad y mayores rentabilidades por sus ahorros. La dirección del banco comenzó entonces a aplicar un parche tras otro en forma de inyecciones externas de capital para paliar la fuga de depósitos, pero no sirvió de nada. A lo largo del mes de abril salieron del banco depósitos por valor de 100.000 millones de dólares. En Bolsa, entretanto, los títulos de la entidad se derrumbaron casi un 100%. La acción pasó de pagarse a más de 120 dólares a principios de marzo a los 3,5 dólares que cotizaba este lunes. Así las cosas, las autoridades financieras californianas vieron que no les quedaba otra que intervenir. La Corporación Federal de Seguros de Depósitos intervino de urgencia el banco y convocó una subasta exprés a la que concurrieron entidades como PNC Financial Services, Citizen Financial y JPMorgan Chase. Fue este último el que presentó la mejor oferta, es decir, la menos costosa para el fondo de garantía de depósitos. JPMorgan es el banco más grande de Estados Unidos y, por capitalización de mercado, el mayor del mundo. Este rescate no le supone, por lo tanto, un gran esfuerzo, pero tendrá que asumir un coste. A cambio se queda con la mayor parte de los activos del First Republic y con todos los depósitos. De este modo el First Republic desaparece del mapa y sus 84 oficinas repartidas por todo el país pasarán a integrarse en la red comercial del comprador. Las causas de una quiebra y liquidación tan fulminante son parecidas a las del Silicon Valley Bank. Los directivos del banco no tuvieron en cuenta el impacto que iba a tener sobre las cuentas de la entidad la subida repentina de los tipos de interés. Muchos de depositantes no dudaron en marcharse con su dinero a otra parte buscando más rentabilidad. Todo sucedió muy rápido y apenas hubo tiempo de reaccionar. La crisis bancaria del mes de marzo hizo el resto. En La ContraRéplica: - Impuestos finalistas - Yolanda Díaz a Galicia · Canal de Telegram: https://t.me/lacontracronica · “Hispanos. Breve historia de los pueblos de habla hispana”… https://amzn.to/428js1G · “La ContraHistoria de España. Auge, caída y vuelta a empezar de un país en 28 episodios”… https://amzn.to/3kXcZ6i · “Lutero, Calvino y Trento, la Reforma que no fue”… https://amzn.to/3shKOlK · “La ContraHistoria del comunismo”… https://amzn.to/39QP2KE Apoya La Contra en: · Patreon... https://www.patreon.com/diazvillanueva · iVoox... https://www.ivoox.com/podcast-contracronica_sq_f1267769_1.html · Paypal... https://www.paypal.me/diazvillanueva Sígueme en: · Web... https://diazvillanueva.com · Twitter... https://twitter.com/diazvillanueva · Facebook... https://www.facebook.com/fernandodiazvillanueva1/ · Instagram... https://www.instagram.com/diazvillanueva · Linkedin… https://www.linkedin.com/in/fernando-d%C3%ADaz-villanueva-7303865/ · Flickr... https://www.flickr.com/photos/147276463@N05/?/ · Pinterest... https://www.pinterest.com/fernandodiazvillanueva Encuentra mis libros en: · Amazon... https://www.amazon.es/Fernando-Diaz-Villanueva/e/B00J2ASBXM #FernandoDiazVillanueva #firstrepublicbank #jpmorganchase Escucha el episodio completo en la app de iVoox, o descubre todo el catálogo de iVoox Originals

Three of the four largest bank failures in American history have now taken place in the last 60 days, dating back to the March 10th federal seizure of Silicon Valley Bank in California. KVI's John Carlson explains the latest federal seizure of First Republic Bank and how this collapse connects with the 2008 sub-prime mortgage collapse of Washington Mutual which was based in Seattle.

In part 1 of this episode I interview Dividend John, the author of the book Too Rich to Be Stressed. We talk about how he went from $0 annual dividend income to now making over $68,000 a year in dividends. Also covered in this episode:- how John saved $30,000 at such a young age- how John lost $25,000 investing with an advisor- how investing in a pork farm didn't turn out so well for John- how not to get caught up in the "next big thing"- how John got started with dividend investing- John's story of meeting his investing mentor- how John went from $0 annual dividend income to $68,000 annually- the 3 telecom "virtual monopolies" in Canada- what the largest Canadian banks did to their dividends in 2008-2009- what happened to Kanwal's investment in Washington Mutual- staying away from high yielding dividend stocks- what happens to your dividend yield when the company increases it's dividend- Canadian dividends are taxed extremely low even outside your RRSP and TFSADividend John on Twitter: @johnyboy1853Dividend John's Book: https://www.amazon.com/dp/B0BMZF17NKLearn more at: https://www.simplyinvesting.com/Disclaimer: The views and opinions shared on this channel are for informational and educational purposes only. Simply Investing Incorporated nor the author and guests shall be liable for any loss of profit or any commercial damages, including but not limited to incidental, special, consequential, or other damages. Investors should confirm any data before making stock buy/sell decisions. Our staff and editor may hold at any given time securities mentioned in this video/course/report/presentation/platform. The final decision to buy or sell any stock is yours; please do your own due diligence. Stock buy or sell decisions are based on many factors including your own risk tolerance. When in doubt please consult a professional advisor. No advice on the buying and selling of specific securities is provided. For our full legal disclaimer, please visit our website.

Steven Paige is back this week to share how health challenges, as hard as they are, can also bring about some beautiful transformations. He shares details from  his own recent experience while offering encouragement to all of us too. If you or someone you love is amidst a health challenge right now, we are sending our well wishes and warm blessings. Steven B. Paige, MBA, the founder of Delta Hollywood Productions (DHP) LLC is an Analyst Manager Consultant who specializes in project management, business consulting, and event planning and management.  He has experience enhancing his client's operations, data management, and productivity to increase profitability.  Steven is also fluent in the languages of accounting, audiovisual planning, business, and information technology, offering his clients a full range of options for their business needs.Steven has had career in a variety of companies including four Fortune 500 companies (The Walt Disney Company, Washington Mutual now Chase, Toyota, and United Health Group).  From the different industries and various positions, Steven brings those experiences to DHP to help clients improve their enterprises.  Steven has a Bachelor of Arts in Economics from California State University Long Beach and an MBA from the Kogod School of Business at The American University in Washington, D.C.  Steven enjoys alpine skiing, yoga, swimming, sailing, golf, and crossfit.  Steven relaxes with jazz and reading.Ways to Connect with Steven B. Paige (he/him): Instagram: @deltahollywood - This is a private account, so please send a message with your request to Steven using the reference "SASPOD"Ways to connect with Sas (she/her):Instagram: @lori_saseSign up for her newsletter or find out about coaching: https://www.lorisase.com

An award-winning reporter chronicles the calamitous story of Washington Mutual, the single-largest bank failure in American history, in a fast-paced, compelling, and gripping saga of greed and excess. During the most dizzying days of the financial crisis, Washington Mutual, a bank with hundreds of billions of dollars in its coffers, suffered a crip­pling bank run. The story of its final, brutal collapse in the autumn of 2008, and its controversial sale to JPMorgan Chase, is an astonishing account of how one bank lost itself to greed and mismanagement, and how the entire financial industry-even the entire country-lost its way as well. Written as compellingly as the finest fiction, The Lost Bank introduces readers to the regulators and the bankers, the home buyers and the lenders who together created the largest bank failure in American history. The result is a magisterial and gripping account of the incredible rise and the precipitous collapse of not only an institution but of trust, fortunes, and the marketplaces for risk across the world.

Today we are honoring the health challenges that seem to cross all of our paths at various times.The journey to health can be tricky to navigate especially if you're not feeling well, but it's so important to have agency and advocacy.Today Steven Paige is back to share some important insights from both his personal experiences and his professional vantage points. Sending you blessings and healing wishes for health. Steven B. Paige, MBA, the founder of Delta Hollywood Productions (DHP) LLC is an Analyst Manager Consultant who specializes in project management, business consulting, and event planning and management.  He has experience enhancing his client's operations, data management, and productivity to increase profitability.  Steven is also fluent in the languages of accounting, audiovisual planning, business, and information technology, offering his clients a full range of options for their business needs.Steven has had career in a variety of companies including four Fortune 500 companies (The Walt Disney Company, Washington Mutual now Chase, Toyota, and United Health Group).  From the different industries and various positions, Steven brings those experiences to DHP to help clients improve their enterprises.  Steven has a Bachelor of Arts in Economics from California State University Long Beach and an MBA from the Kogod School of Business at The American University in Washington, D.C.  Steven enjoys alpine skiing, yoga, swimming, sailing, golf, and crossfit.  Steven relaxes with jazz and reading.Ways to Connect with Steven B. Paige (he/him): Instagram: @deltahollywood - This is a private account, so please send a message with your request to Steven using the reference "SASPOD"Ways to connect with Sas (she/her):Instagram: @lori_saseSign up for her newsletter or find out about coaching: https://www.lorisase.com

The recent collapse of Silicon Valley Bank (SVB) and Signature Bank (SB) in March 2023 has sent shockwaves through the financial industry, leading many to speculate on the potential consequences for the deal market. Some experts predict a significant slowdown in deal flow as a direct result of these banking failures, due to increased caution from both investors and startups. It is important to have an understanding of how these failures impact deals, and recognize how deals can both cause and solve problems during times of crisis. THE TWO SIDES OF WHEN A BANK FAILS When a bank fails, it can be a bad deal for investors, but it is the nature of risk capital. Many opportunities, however, can be found during times of crisis, as demonstrated by JP Morgan Chase's acquisition of Washington Mutual during the 2008 financial crisis. With these well-established banks no longer serving as reliable partners for financing and facilitating transactions, there may be a hesitation among other banks and financial institutions to fill the void, further contributing to the anticipated slowdown. On the other hand, there are those who view these bank failures as an opportunity to seize lucrative deals in a challenging market environment. For financial institutions and investors with a higher risk tolerance, the absence of SVB and SB could provide a chance to step in and capitalize on the uncertainty. Moreover, this may lead to an increase in M&A activity, as distressed companies seek financial stability through partnerships or acquisitions. THE IMPACT OF BANK FAILURE CRISES As with any crisis, it's important for a dealmaker to approach the recent bank failures with a sense of reserved optimism. Because of the dependency on banks, many sectors in business can be – and are – impacted by bank failures. One area that may be affected is bank deals, which have already slowed down due to various economic concerns. The impact, however, may not be limited to the banking sector alone, as uncertainty and risk may cause deals to slow down across various industries. The most significant impact may be on mindset and how dealmakers approach this situation. While some may react with fear and negativity, others may seek opportunities and take calculated risks. Regardless of where one falls on the spectrum, it is important to keep one's eyes open for deal opportunities and avoid burying one's head in the sand. • • Corey Kupfer is an expert strategist, negotiator, and dealmaker. He has more than 35 years of professional deal-making and negotiating experience. Corey is a successful entrepreneur, attorney, consultant, author, and professional speaker. He is deeply passionate about deal-driven growth. He is also the creator and host of the DealQuest Podcast. If you want to find out how deal-ready you are, take the Deal-Ready Assessment today!

Each week BusinessDesk and the NZ Herald's Cooking the Books podcast tackles a different money problem. Today, it's a banking expert on how safe savings are in New Zealand and Australia. Hosted by Frances Cook. A bank collapse is the stuff of nightmares, with the potential to wipe out hard-earned savings, or a business's ability to pay staff.This nightmare has become reality in the US, with a run on Silicon Valley Bank, or SVB, that led to the bank collapsing. It's a big deal because SVB is, or was, the 16th largest bank in the USA. It's the second biggest to fail since Washington Mutual's collapse during the 2008 Global Financial Crisis.For context, it's a bigger bank than ANZ here in New Zealand, which is our biggest bank. SVB had assets of US$209b, while ANZ NZ has assets of US$120b (NZ$195.6b).It's been followed by a couple of other worrying developments. Credit Suisse was Switzerland's second largest bank – but it's being bought out in an emergency rescue deal by the country's first biggest bank, UBS. UBS is snapping up their rival for a bargain 3 billion Swiss francs, which is about 60% less than Credit Suisse was supposedly worth before it hit panic buttons. Meanwhile, back to the US, and Signature Bank has been shut down and is likely to have its deposits and loans bought out by Flagstar Bank. Not great.So could it happen here, and should we all New Zealanders be worried? If you have a question about this podcast, or a question you'd like answered in the next one, come and talk to me about it. I'm on Facebook here, Instagram here, and Twitter here.See omnystudio.com/listener for privacy information.

The recent failure of three regional banks has been front and center on our news screens. It has caused some substantial volatility in the financial markets, though not as much as you expected, given the circumstances. After all, it's pretty rare for FDIC-backed banks to fail, but here we are. And when three banks collapsed rapidly, it acted as a force multiplier in the public consciousness. Especially when one of those banks is as big as Silicon Valley Bank (SVB) — with $212 billion in assets as recently as the fourth quarter of 2022. SVB represents the second-largest bank breakdown in our Country's history, behind only Washington Mutual's 2008 collapse, so it's hard not to harbor concerns that we may be on the cusp of another 2008-style financial meltdown. But are those concerns justified? Is this saga we're currently experiencing really a case of financial “déjà vu”? To find out what distinguishes the recent decline of these three regional banks — Silicon Valley Bank, Signature Bank, and Silver Gate Bank — from the financial chaos that erupted some 15 years ago, and why their deterioration doesn't signify the onset of a financial Armageddon, be sure and tune in to the newest episode of A Place of Possibility™. Richard Del Monte and Angela Wright will provide a clear-eyed overview of the factors that caused these three banks to fall. We'll be talking about: The business model that all banks use to generate profits. Contrary to what some believe, banks are “for profit” ventures and do   need to turn a profit to stay afloat. We'll explain how they do this. Why the three banks that recently fell were particularly vulnerable to interest rate increases because of their primary clientele. The relationship between interest rates and bond prices, and why longer-term bond prices are so sensitive to interest rate hikes. Dramatic financial events ultimately led to Silicon Valley Bank's insolvency. The substantial differences between the circumstances surrounding the 2007-09 recession and our current situation. Some safe alternatives to brick-and-mortar banks that you should consider. And more! Most of us remember how the meltdown of 15 years ago seemed to start with just a few small missteps and then spiraled from there. But safeguards are in place now to prevent a repeat of that crisis and help keep the contagion of these most recent financial events to a minimum. So we're confident that you'll find this episode informative and reassuring and hope you'll pass it along to your family, friends, and anyone else you think might benefit from it.

As we have reported the last two weeks, the failure of Silicon Valley Bank and concerns about the banking industry remain front and center in the news. On March 10th, the Federal Deposit Insurance Corporation (the FDIC) took control of Silicon Valley Bank's operations after The institution's cash shortfall triggered the largest bank failure since Washington Mutual – during the height of the 2008 financial crisis. Later the federal government moved to guarantee that bank depositors' money would be there - including those with deposits that exceeded the $250,000 standard insurance level, the first time that FDIC has done this for large depositors. As a result, there appears to be much angst among voters, depositors, and customers, as well as with politicians about both reassuring the public about the banking industry and at the same time visiting the conditions and regulations that led to the collapse of SVB. For more, KCBS Radio news anchors Patti Reising and Bret Burkhart are joined by Political Scientist from Sonoma State University Dr. David McCuan to speak with Representative Katie Porter. She is a Democrat who represents California's 47th Congressional District, and is also a candidate to replace Senator Dianne Feinstein.

Wonder how to build positive relationships at work at home? Dr. Sohee Jun discusses tips to encourage you. As a top leadership coach, keynote speaker, leadership development expert and Amazon best-selling author, Dr.Jun works with emerging leaders and executives to unleash their untapped power for themselves and their teams. During her 20+ years in the corporate world, she has helped leaders transform themselves from frustrated executives to insightful, impactful, and inspired leaders who are engaging employees in exciting new ways and driving their organizations to great success.Sohee works with world-renowned Fortune 500 companies in entertainment, production & media, start-ups, gaming, financial services, and engineering -- helping high performing leaders, emerging leaders and executive teams identify and strategically capitalize upon moments of shift and challenge as opportunities for powerful growth and change.Most recently, Sohee served as Executive Director of Organization and development and Change Management at Warner Bros. Entertainment. She previously held internal leadership positions at Countrywide Financial Corporation and Jacobs Engineering Group as well as various HR consulting positions at Jet Propulsion Laboratory and Washington Mutual.MAIN TAKEAWAYS:* There's more success when you have fun with your work.* All healthy relationships are transactional. Dr. Jun asks about the definition of transactional and if it is just a 1:1 interaction. Alex said it should not ever be one-sided. Transactional means being willing to give of yourself in a healthy way and there's a value in the exchange.* There's more room for giving when building relationships, but if it's not reciprocated for too long in the workplace, the value shifts and the employee can feel like it's not worth it.* In the workplace, employees are the givers in the relationship but leaders must ask, do their employees get value from them in the transactional relationship? It may not always be monetary, but can be kudos and appreciation. * Time and value are the best things to give in a relationship and it applies to the leader/employee relationship. Leaders must ask how they can provide support and help employees grow in their career. This is valuable to workers.* Alex really likes Goku and would love a Goku t-shirt! However, if he gave Dr. Jun a Goku t-shirt she'd be unimpressed. Of value to her would be a mani-pedi :) The example demonstrates that everyone doesn't value the same things and leaders have to do the work to learn what their employees value. * There are layoffs but it's talent that companies want to keep due to their assets and they want to ask those players what they value in an intentional and purposeful way.* How do you decide how to give someone what they need vs what they want when it comes to value? Dr. Jun comes upon this often in coaching and handles it by saying “yes” to what they want but “and” to what they need to support them better. “Yes, … and…” statements give them both. * Mindset is everything in how you define success. Success takes steps and time.* Listening creates a level of validation. Feeling heard and understood can help shift mindset. Introducing other options and solutions may be easier to absorb.* The thought of ”not negotiating with terrorists,” leads to no one talking and no one learning. It leaves leaders in conflict. Being willing to listen to ideas, not in line with ours, even if we don't agree, can lead to more conversation and more value as we learn from one another.* In the office, how hard do you push to get your point across? Dr. Jun said you have to look at how triggered you are and know how to handle the trigger. Take a step back and even ask to come back to it later. * The hardest thing is to look inward and see how you are centered...

Leading the news currently is the collapse of Silicon Valley Bank (SVB), the second-largest bank failure in American history, and what the implications may be for the greater financial system. Ten years ago, Wall Street Journal reporter Kirsten Grind wrote the book about the largest U.S. bank failure, THE LOST BANK: The Story of Washington Mutual-The Biggest Bank Failure in American History. Comparisons are already being made between SVB and Washington Mutual. Kirsten can provide insight into whether these comparisons are warranted, what the current threat to the financial system is, and what we might expect going forward as the SVB situation continues to unfold.

Darrell Castle talks about the collapse of the Silicon Valley Bank (SVB) and the Signature Bank that was shut down as well due to systemic risks. Is it 2008 all over again — another systemic collapse of the banking system unless there is a federal bailout? Transcription / Notes IS IT 2008 ALL OVER AGAIN? Hello, this is Darrell Castle with today's Castle Report. This is Friday the 17th day of March in the year of our Lord 2023. I will be talking about the collapse of the Silicon Valley Bank (SVB) which was taken over by federal regulators on Friday March 10th. Signature Bank was shut down as well on Sunday, March 12th because of “similar systemic risk” to SVB. Is it 2008 all over again, and are we looking at another systemic collapse of the banking system unless there is a federal bailout? SVB was the 16th largest bank in the country and its collapse was the 2nd largest after Washington Mutual in 2008. Does that mean that we are in 2008 all over again? The short answer is no, I don't believe it does according to everything I have been able to learn from my research into both 2008 and now. However, Swissbanc is in trouble and would reportedly have failed without assistance from other Swiss banks, and Goldman Sachs this morning reported what the bank called “cracks in the system.” So, what happened to SVB which was known to be the go-to bank for tech start ups especially in the green energy segment. Forbes Magazine had just praised the bank and named it a member of the top 100. SVB grew very quickly from a deposit base of $55 billion in 2020 to $220 billion at the time of its collapse. Its base of borrowers was small and didn't need to borrow that much money, so the bank started investing the money from depositors and with rates low they had to take risks to get a return. Its investments were long term, about 10 years, its deposits were subject to instantaneous withdrawal. The value of its investments fell dramatically with the FED's rapidly increasing interest rates until SVB could not cover its $162 billion in losses. SVB held $27.7 billion in derivatives which is not a small sum, but JP Morgan, by comparison, holds $55.387 trillion in derivatives making it the largest derivatives bank in the entire casino. SVB's fall is not, then, a threat to the entire banking system as happened in 2008, or at least that is what I have determined from my research. The federal government will simply rob the rest of us to make good the losses. Oh they will say the charges go to other banks, but eventually it makes its way to the bottom of the pyramid. The people on the point of the pyramid are covered for their excesses by the mass at the bottom. How is SVB different from 2008 which was a systemic threat to the entire system. In 2008 the entire banking system had spent about 3 years investing in what came to be called mortgage-backed securities. Just mortgages bundled together and sold as security. Rates were low and credit fueled the economy, especially mortgages, but when the economy started a downturn and people lost their jobs they just walked away from all those mortgages.  The FED  was engaged in lowering interest rates to very low numbers which caused massive inflation in the housing and derivatives bubbles. The FED then attempted to let a little air out of the bubble which caused cracks in the entire system. The entire credit system of the country, especially the one based on mortgage financing, began to collapse. Banks from the smallest to the largest had at least some part in the scheme because there was just too much money to be made for any banker to resist. Mortgages were sold to subprime borrowers by the millions which means people borrowed the money to buy houses they had no ability to pay for. Many of those deals were on an adjustable-rate basis meaning that at some point there was a large bubble payment due or else the mortgage had to be refinanced at a much higher interest rate.

The second and third largest bank collapses in America happened in the last seven days. We go inside the first domino to fall, Silicon Valley Bank, with the help of VC and tech reporter Molly Wood. Then we look to history for answers with Kirsten Grind (Wall Street Journal) who wrote the book The Lost Bank about the 2008 Washington Mutual collapse, to this day the largest in American history. And then we examine the reasoning for Joe Biden to bail out the failed institutions and examine the repercussions for 2024. Hosted on Acast. See acast.com/privacy for more information.

SVB goes into receivership... So does Signature Bank... Are others next to follow? It was a crazy weekend with the 2nd largest bank failure, after Washington Mutual. Investors and depositors were skittish today. I can't blame them. We talk about what you can do to protect yourself and where the opportunities are in this mini (at the moment) crisis. Also why I'm mad at what is going on in the banks and more people don't even know it is happening. Join us this week on a Banktacular special. For more information, visit the show notes at https://moneytreepodcast.com/is-your-cash-safe-beware-of-deflation-485  Today's Panelists: Kirk Chisholm | Innovative Wealth Douglas Heagren | ProCollege Planners Kelly Coughlin  |  Everyday CPA Follow on Facebook: https://www.facebook.com/moneytreepodcast Follow LinkedIn: https://www.linkedin.com/showcase/money-tree-investing-podcast Follow on Twitter: https://twitter.com/MTIPodcast    

In this Real Estate News Brief for the week ending March 11th, 2023 and beyond… the collapse of three banks in one week, how this might change the Fed's decision on a rate hike, and a new attempt to kill the 1031 exchange.   Hi, I'm Kathy Fettke and this is Real Estate News for Investors. If you like our podcast, please subscribe and leave us a review.   Economic News   We begin the latest economic reports and the failure of a huge bank in Silicon Valley. The collapse of Silicon Valley Bank happened in just 48 hours, after a $42 billion bank run. It's now the second biggest bank collapse in U.S. history after the collapse of Washington Mutual in 2008.    The crisis began when the bank said it needed to raise $2.25 billion to shore up its balance sheet, but that spooked investors which include some of the biggest tech companies and venture capitalists in Silicon Valley. Withdrawals happened so rapidly that the company was forced to sell all of its available-for-sale bonds at a $1.8 billion loss. At the end of the two-day run, the bank had a negative cash balance of $958 million. (1)   Fintech investor Ryan Falvey of Restive Ventures told CNBC: “This was a hysteria-induced bank run caused by venture capitalists. This is going to go down as one of the ultimate cases of an industry cutting its nose off to spite its face.”   The root cause of the collapse goes deeper however, into the lap of the Federal Reserve and its fight against inflation. As the Fed hiked rates, many of the startups withdrew funds to keep their businesses afloat. That led to a funding shortfall at the bank, and the need to sell those bonds at a loss.    The government is trying to prevent further damage to the economy by taking control of SVB and promising to make good on all deposits including deposits worth more than the FDIC-insured $250,000 maximum. The Treasury Department, Federal Reserve, and FDIC said in a joint statement: “This step will ensure that the U.S. banking system continues to perform its vital roles of protecting deposits and providing access to credit to households and businesses in a manner that promotes strong and sustainable economic growth.” (2)   Regulators are also dealing with two other bank failures. They have taken control of crypto-friendly Signature, which has a sizable commercial real estate loan portfolio. They are also promising that customers will have full access to their deposits, beyond the $250,000 FDIC insured amount. (3) It's a different story for crypto-friendly Silvergate which has also failed. That bank started to go downhill after the collapse of crypto exchange FTX last year. At this point, the bank has now announced that is will shut down and liquidate assets to meet its obligations with depositors. (4)   Economists say the banking failures point to what some now expect to be a “hard landing” for the economy, or at least harder than the wished-for “soft landing.” While they were recently forecasting as much as a half point rate hike at the Fed's next meeting, there's now talk that the Fed will have to back off. CNBC reports that the probability of a quarter point rate hike rose above 70% at one point last Friday. But the Fed will also be considering new economic data including a report on February's Consumer Price Index. (5)   Moving on to the job market. Initial claims for unemployment jumped to 211,000 last week. That's the highest since Christmas, but most of those lay-offs were in New York, so they may not indicate a national increase. Meanwhile, continuing claims were up 69,000 to a total of 1.72 million. (6)   As for job growth, the government says that companies created a robust 311,000 new jobs in February. That's less than the 500,000 jobs created in January, but more than Wall Street analysts had forecasted. The unemployment rate did rise slightly to 3.6% and job openings have come down somewhat, to 10.8 million. In December, there were 11.2 million open positions and a record 12 million earlier in 2022. (7) (8)   Mortgage Rates   Checking in on mortgage rates… Freddie Mac says the average 30-year fixed-rate mortgage was up 8 basis points this last week, to 6.73%. The 15-year was up 6 points to 5.95%. (9)   In other news making headlines…   Another Whack at the 1031 Exchange   President Biden is taking another whack at the 1031 exchange. His budget proposal suggests that by eliminating 1031s, the government would collect an additional $19 billion. The 1031 gives real estate investors a way to transfer equity from one investment property to another similar property without triggering a taxable event. But it would only defer the tax obligation, not eliminate it. (10)   The White House is calling it a “sweetheart deal” for real estate investors, but it's also a shot in the arm for the economy, when investors can reinvest without taking an immediate tax hit. Let's say you own a property that has increased in value, and you'd like to sell that property so you can buy a similar property elsewhere. If you have a huge tax bill, you wouldn't have enough money to do that, which might discourage you from selling in the first place. The 1031 allows for movement within the real estate industry, and a tax bill that comes due when the investor eventually sells without reinvesting.    Biden's budget proposal also seeks to eliminate the carried-interest tax break. It says the loophole allows “wealthy investment managers to pay a 20% rate on the pay they receive for managing fund assets, instead of the 37% rate that comparable wage earners pay.” And that by closing this loophole, the government would save $6 billion dollars.    That's it for today. Check the show notes for links. And please remember to hit the subscribe button, and leave a review!   If you'd like to learn more about how to invest in real estate and the benefits of a 1031 exchange, go to newsforinvestors.com. You can join RealWealth for free and have access to our Learning Center and our Investor Portal. That's at newsforinvestors.com.   Thanks for listening. I'm Kathy Fettke.   Links:   1 - https://www.cnbc.com/2023/03/10/silicon-valley-bank-collapse-how-it-happened.html   2 - https://www.federalreserve.gov/newsevents/pressreleases/monetary20230312b.htm   3 - https://www.cnbc.com/2023/03/12/regulators-close-new-yorks-signature-bank-citing-systemic-risk.html   4 - https://www.coindesk.com/tech/2023/03/10/how-silvergates-crypto-collapse-differed-from-silicon-valley-banks-no-us-government-bailout/   5 - https://www.cnbc.com/2023/03/10/just-like-that-market-pricing-swings-back-to-quarter-point-fed-rate-hike.html   6 - https://www.marketwatch.com/story/jobless-claims-jump-to-211-000-and-hit-highest-level-since-christmas-6911db39?mod=home-page   7 - https://www.marketwatch.com/story/jobs-report-shows-strong-311-000-gain-in-february-puts-pressure-on-fed-for-bigger-rate-hike-1e45fe1e?mod=home-page   8 - https://www.marketwatch.com/story/u-s-job-openings-drop-to-10-8-million-but-they-are-still-too-high-for-the-fed-1111e9ea?mod=economic-report   9 - https://www.freddiemac.com/pmms   10 - https://www.bisnow.com/national/news/capital-markets/biden-budget-proposes-end-to-1031-exchanges-118036

It's Tuesday, March 14th, A.D. 2023 which marks the 8th year anniversary of the airing of The Worldview in 5 Minutes heard at www.TheWorldview.com.  This is Adam McManus.  (Adam@TheWorldview.com) By Kevin Swanson The menacing Muslims in Mozambique The African nation of Mozambique has turned into another hotbed for Christian persecution, reports International Christian Concern.  A violent, ISIS-affiliated Islamic group, known as the al-Sunnah wa Jama'ah, is raping, murdering, and pillaging villages in the area of Cabo Delgado.   At least 1,000,000 people have been displaced. According to a United Nations report, “There are hundreds of thousands of internally displaced people living in camps. Churches and schools have been burned as villages are attacked. And drug cartels continue to add violence to the ongoing extremism.” According to Open Doors, Mozambique is the 32nd most dangerous country in the world for Christians. American bank failures Two major banks failed over the weekend. Signature Bank and Silicon Valley Bank controlled deposits of about $280 billion. That compares to the largest bank failure in American history. Washington Mutual held $188 billion in deposits when it failed back in 2008. The U.S. federal government has assured depositors at the two failed banks that any deposits exceeding the $250,000 insurance limit will be covered by government funding. The Treasury Department set aside $25 billion to cover these losses. The Federal Reserve is also issuing more money, out of thin air, to reimburse depositors who lost savings in the bank closures. These are ostensibly loans for other banks short on funds to “meet the needs of all their depositors.”  We're not out of the woods yet on this. Bank stock prices tumbled yesterday. The shares of the San Francisco-based First Republic lost 64% of value yesterday, after a 33% decline last week. This major bank has in the neighborhood of $156 billion in deposits.  Gold up and silver down In the wake of the bank failures, gold spiked up about $100 to $1,912 per ounce, and silver scraped $22 per ounce. Remember Proverbs 23:4-5. It says, "Do not overwork to be rich; because of your own understanding, cease! Will you set your eyes on that which is not? For riches certainly make themselves wings; They fly away like an eagle toward Heaven.” Death toll from earthquake soars to 48,448 The major earthquake that hit Turkey in February has now claimed 48,448 lives, according to Turkey's interior minister.  Another 6,000 perished in Syria. This has been the worst natural disaster worldwide in 13 years, since the Haitian earthquake of 2010.  Samaritan's Purse cared for 3,600 injured, provided shelter for 600 families Samaritan's Purse, the Christian relief group run by Evangelist Franklin Graham, announced they have cared for 3,600 patients injured in the earthquake over the last month. Plus, they have provided 600 shelter tents for families without homes.   Paul Carr from Samaritan's Purse gives us an update from the ground in Turkey. CARR: “Just four weeks ago, a 7.8 and a 7.5-earthquake hit this area and left three million people displaced. Through our partnership with First Hope Association, and with support of the Turkish government, today we're currently offloading the 100 tents which will be used as shelters for 100 families who are currently without shelter. “The people of Turkey are really hurting since this disaster. So, we just ask you to continue to keep them in your prayers.” You can make a donation to help fund the Christ-based efforts of Samaritan's Purse in Turkey and Syria through a special link in our transcript today at www.TheWorldview.com. Jesus Revolution movie made $40 million so far The film Jesus Revolution retained fourth place in the US Box Office over the last week, grossing $12,400,000 in receipts, for a total of $40,000,000 thus far. The film is a dramatic retelling of the Jesus Movement experienced at Chuck Smith's Calvary Chapel in Costa Mesa, California in the early 1970s.  Watch the trailer and get tickets through special links in our transcript today at www.TheWorldview.com. Secular film, which celebrated perversion, won 6 Academy Awards By contrast, the film Everything, Everywhere at Once received the most accolades and awards at the dead and dying Academy Awards event over the weekend. A celebration of nihilism, meaninglessness, and sexual perversion, the film won six major awards including Best Picture. A small proportion of the nation is tuned into the Academy Awards show now -- only 18.7 million viewers, down from 55 million back in the early 2000s. Missouri pastor ran 153 consecutive marathons And finally, a Christian pastor from Missouri has broken the record for running consecutive marathons.   Malachi O'Brien, pastor of the Church at Pleasant Ridge, broke the Guinness World Record back on December 8th, after he ran 62 marathons on 62 consecutive days.  Well, last Wednesday, he rounded that out to 153 completed, consecutive marathons on March 8th. O'Brien told ChurchLeaders.com that his goal for running was to bring awareness to youth mental health, as well as adoption and foster care. So, “Let us lay aside every weight, and the sin which doth so easily beset us, and let us run with patience the race that is set before us, looking unto Jesus, the Author and Finisher of our faith.” (Hebrews 12:1-2) Close And that's The Worldview on this Tuesday, March 14th in the year of our Lord 2023. Subscribe by iTunes or email to our unique Christian newscast at www.TheWorldview.com. Or get the Generations app through Google Play or The App Store. I'm Adam McManus (Adam@TheWorldview.com). Seize the day for Jesus Christ.

On Sunday, a group of U.S. government agencies made the extraordinary decision to ensure that everyone who had money in Silicon Valley Bank would be able to access that cash. The move comes on the heels of Friday's collapse of the California-based bank following a bank run. Silicon Valley Bank is the second largest bank to fail in the U.S. – the first was Washington Mutual during the 2008 financial crisis. Felix Salmon is a Chief Financial Correspondent at Axios and the host of Slate Money. Today on Front Burner he joins us to explain why Silicon Valley Bank went under and what might happen next.

Anuncio: Agradecimiento por el libro: “Fiesta en la colonia: Puerto Rico: enclave y capitalismo 1508-2018” de Luis Rey Quiñones Soto "El texto expone fundamentos de la crisis alojada en una estructura económica desarticulada por la rémora del enclave y por el peso fiscal del coloniaje: el colonizador hace pagar al colonizado el coloniaje porque su inversión externa directa, exenta y subsidiada (IED), repatria ganancia sin reinvertir." Ponce reconstruye su Teatro La Perla. La inversión sobrepasa los 3.2 millones de dólares, creando hasta 100 empleos El Teatro La Perla es el primero de la triada de proyectos prioritarios del Municipio Autónomo de Ponce que entra a la fase de reconstrucción, así lo informó el alcalde de Ponce, Luis M. Irizarry Pabón. Las obras que tardarán al menos 12 meses, están pautadas para comenzar en tres semanas, luego de que el primer ejecutivo municipal estampara su firma en el contrato el pasado 6 de marzo de 2023, dando luz verde para la obra a la compañía JM Caribbean Builders Corp., quienes estarán realizando los trabajos de reconstrucción y mejoras en el legendario recinto. Inauguración de la Casa de arte y cultura en la Playa de Ponce, proyecto de arteología Ricardo Mariani instructor de capoeira del proyecto Nangobá esta dando clases de capoeira, zamba. Gratis. Todos los martes en el Centro Cultural Carmen Solá de Pereira a las 6:00 Puerto Rico; Radican resolución para detener recorte en programas Advantage https://esnoticiapr.com/radican-resolucion-para-detener-recorte-en-programas-advantage/ EE. UU. Registran 102 tiroteos masivos en EE.UU. en lo que va de 2023 https://www.telesurtv.net/amp/news/registran-tiroteos-masivos-eeuu-20230306-0029.html Gun Violence Archive https://www.gunviolencearchive.org/ https://twitter.com/GunDeaths Desde el 2020, EE.UU. registra más de 600 tiroteos masivos anualmente, lo que representa un aumento del 75 por ciento, si se toma en cuenta respecto a los contabilizados entre 2016 y 2022. Hacia una nueva crisis financiera global? https://jacobinlat.com/2023/03/13/el-colapso-del-silicon-valley-bank-demuestra-que-poco-ha-cambiado-para-los-grandes-bancos-desde-2008/ El espectacular colapso del Silicon Valley Bank se debió a la corrupción, la imprudencia financiera y la mala toma de decisiones. Con su rescate haciéndose eco de los rescates masivos de 2008. ¿Hasta dónde llegará, en esta ocasión, la crisis bancaria? Todo esto fue posible gracias a la combinación habitual de poder corporativo y corrupción en Washington, DC. Fue Donald Trump y el retroceso de la ley de reforma financiera Dodd-Frank en 2018 por parte del Congreso republicano lo que, a petición personal del presidente del SVB tres años antes, abrió la puerta a este tipo de colapso, al eximir a los bancos del tamaño del SVB de los mandatos de liquidez y de las pruebas de estrés más frecuentes de los reguladores. No es que el SVB se limitara a pedirlo amablemente: el banco también gastó más de medio millón de dólares en grupos de presión en esos tres años, empleando como lobistas a antiguos empleados del entonces líder de la mayoría en la Cámara de Representantes (y ahora presidente) Kevin McCarthy, que apoyó con entusiasmo el retroceso. Algunos hacen aquí una distinción con los infames y odiados rescates de 2008, porque esta vez no se rescata a los bancos y los contribuyentes no pagan la factura (los fondos que se utilizan para cubrir a los depositantes proceden de las comisiones que se cobraron a los bancos). Pero, al fin y al cabo, el Gobierno está interviniendo para garantizar que los inversores y ejecutivos ricos no pierdan ni un céntimo de esta debacle, a pesar de que sabían perfectamente que sus depósitos no estaban asegurados. Incluso el Wall Street Journal llama a esto un «rescate de facto». Está la obvia injusticia influida por la riqueza inherente a todo esto. Una vez más, los grandes son rápidamente rociados con una manguera de dinero cuando se meten en problemas después de no llevar a cabo la debida diligencia básica. Mientras tanto, a los trabajadores se les da lecciones de responsabilidad personal y se les obliga a rascar y arañar para librarse de una deuda aplastante, para obtener protecciones económicas básicas en medio de una catástrofe económica y para conseguir cheques de estímulo únicos que apenas cubren un mes de alquiler en muchas ciudades. PREGUNTA: ¿Esa lección no es análoga con el "trago amargo" que nos impone la Junta? Detrás de todo esto, hay una pregunta: ¿Cuánto tiempo más tolerará la gente un sistema como éste? Un sistema en el que grandes cantidades de riqueza se desvían hacia fines improductivos en medio de crisis históricas mundiales, y luego se derrochan en imprudencias especulativas que casi derrumban toda la estructura, sólo para que los que tienen el dinero salten en paracaídas mientras todos los demás siguen condenados a la austeridad. Los rescates bancarios originales desencadenaron una cascada de ira popular que ha moldeado irrevocablemente el paisaje de la política del siglo XXI, desde Occupy Wall Street y las campañas de Bernie Sanders hasta el movimiento del Tea Party y la presidencia de Trump. ¿Qué pasará si siguen sucediendo? Colapso de SVB - últimas noticias: ventas de acciones de Silicon Valley Bank bajo escrutinio. El colapso de Silicon Valley Bank (SVB) marca el mayor fracaso bancario de EE. UU. desde Washington Mutual durante la crisis financiera de 2008 https://www.independentespanol.com/noticias/svb-ultimas-noticias-silicon-valley-colapso-bancos-b2300762.html?amp Caen las acciones de Puerto Rico en Wall Street. El colapso de Silicon Valley Bank y Signature Bank empuja a la baja las acciones de bancos y entidades financieras. https://www.elnuevodia.com/negocios/banca-finanzas/notas/caen-las-acciones-de-puerto-rico-en-wall-street/amp/

El Silicon Valley Bank quebró el viernes tras una rápida corrida bancaria. Acto seguido la Corporación Federal de Seguro de Depósitos (FDIC) intervino el banco a través de una nueva entidad llamada Bank of Santa Clara a la que se transfirieron todos los depósitos. El Silicon Valley era el decimosexto banco más grande de Estados Unidos. A 31 de diciembre del año pasado contaba con 209.000 millones de dólares en depósitos lo que convierte su bancarrota en la mayor desde que quebró el Washington Mutual en septiembre de 2008. Como suele suceder cada vez que un banco se va por el desagüe todo sucedió muy rápido. La empresa matriz del Silicon Valley, el SVB Financial Group, buscaba compradores poco antes de su quiebra ya que no habían tenido suerte tratando de colocar bonos y acciones en el mercado. Los reguladores no estaban dispuestos a esperar e intervinieron en el acto. El Departamento de Protección e Innovación Financiera de California cerró el banco y lo puso bajo el control de la FDIC. El jueves los clientes habían intentado retirar 42.000 millones, aproximadamente una cuarta parte de los depósitos totales del banco. Esa avalancha destruyó el balance del Silicon Valley que, el jueves por la noche, tenía un saldo de caja negativo de casi 1.000 millones de dólares y ya no podía efectuar pagos. La cuestión es que, según los propios reguladores, el banco se encontraba sólo un día antes, en buenas condiciones financieras. Unas horas después era insolvente El Silicon Valley Bank fue fundado en 1983, pero no fue hasta finales de los 90 cuando empezó a expandirse en serio. No era un banco al uso, sino uno de nicho muy especializado en atender al ecosistema de emprendimiento de la bahía de San Francisco. Se le conocía como el banco de las start-up, pequeñas empresas emergentes, a menudo recién nacidas que se valían del SVB para sus operaciones bancarias. La bonanza de la industria tecnológica benefició mucho a la entidad, que creció junto a sus clientes. Las empresas depositaban en él el dinero obtenido tras las rondas de financiación, lo que le permitió disfrutar de unas cuentas muy saneadas. Ese dinero lo invertían por lo general en títulos del Estado. La clásica estrategia de tomar depósitos a corto plazo y prestar a largo plazo. Aunque sus pasivos estaban respaldados por activos presuntamente seguros como los bonos del Tesoro, cuando los tipos de interés suben, los bonos pierden valor. Deben mantenerse hasta su vencimiento o incurrir en pérdidas cuando se venden. El año pasado la Reserva Federal empezó a subir los tipos para frenar la inflación. Las empresas recurrieron entonces a sus fondos depositados en el banco que contemplaba impotente cómo le salía dinero, pero no entraban nuevos clientes. Los tipos de interés, entretanto, hicieron mella en el valor de la cartera de bonos adquiridos por el banco obligándole a captar capital fresco. En ese punto contrató a Goldman Sachs para colocar acciones en el mercado, pero sin anunciarlo públicamente para no asustar a los inversores. A partir de ahí todo se precipitó. Moody's informó a SVB que planeaba rebajar su calificación crediticia, algo que perjudicaría mucho al banco. Al día siguiente las acciones de SVB cayeron en picado alarmando a sus clientes, que corrieron a retirar sus fondos por miedo a una quiebra. En cuestión de horas todo había terminado. Queda por saber por qué los reguladores fueron incapaces de ver lo que estaba sucediendo con más anticipación. También es una incógnita hasta qué punto esto se transmitirá por el sistema financiero. Pero lo que ya parece fuera de toda duda es que nos encontramos en pleno invierno del capital riesgo. En La ContraRéplica: - Fractura en la coalición de Gobierno - Lenguas cooficiales - Meloni contra Schlein · Canal de Telegram: https://t.me/lacontracronica · “Hispanos. Breve historia de los pueblos de habla hispana”… https://amzn.to/428js1G · “La ContraHistoria de España. 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In this episode of THE FINANCIAL COMMUTE, host Chris invited Meghan Pinchuk, Morton Wealth's Chief Investment Officer, to discuss the potential ramifications of the recent collapse of Silicon Valley Bank and Signature Bank. They cover:• How these bank closures are different and likely not as problematic as the collapse of Washington Mutual and other banking issues the country faced in 2008.• Details on how the Federal Reserve is protecting depositors at these two banks and other banks that may face similar challenges.• FDIC insurance limits and recommend clients take action if they exceed these dollar limits at their bank.• The contrast of Charles Schwab's and Fidelity's business models to traditional banks, highlighting that these institutions are designed to be more resilient.At Morton, we are continuing to monitor this closely and will update you as the story develops. Disclosure: Information presented herein is for discussion and illustrative purposes only. The views and opinions expressed by the speakers are as of the date of the recording and are subject to change. These views are not intended as a recommendation to buy or sell any securities, and should not be relied on as financial, tax or legal advice. You should consult with your financial, legal, and tax professionals before implementing any transactions and/or strategies concerning your finances.

Hour 1 * Guest: Chris Carlson – Without God, we can never win, With God, we can never lose, The Battle for Freedom is the Lord's, but we need to be engaged in the fight! * Revealed: Video Evidence Hidden By The Jan 6 Committee – WorldAffairsBrief.com * Tucker Carlson…reveals that the majority of the video coverage at the capitol showed Trump supporters peacefully protesting, and mostly peacefully wandering through the building. But the Jan 6 Committee only released to the public edited portions showing only the most violent actions. [Perpetrated by agents provocateur.] There is also significant footage that shows that it was federal agent provocateurs embedded in the Trump crowds that kept egging protestors to break down police barriers and go into the Capitol by force if necessary. * The videos…reveal that some of that violence was provoked by police use of tear gas, tasers, flash bang grenades and other excessive use of force that provoked a violent reaction. * This clearly indicates that there was a conspiracy by the Democrat control House leadership or the Deep State to provoke some of the more aggressive Trump supporters into a violent confrontation so that Donald Trump could be vilified and blamed for the false insurrection. * Police Actions Raise Questions – Carlson aired Capitol security video showing Capitol Police leading the QAnon Shaman around the building and letting him into the US Senate, where he posed on the rostrum and made a speech. * “There was no response from anybody at the Command Center,” Johnson told The Epoch Times. “I say even before I initiated evacuation, I say specifically, ‘We've got to start thinking about getting the people out before we don't have a chance to…I heard no response. Then I asked for permission to evacuate. I heard no response.” * Johnson forged ahead with the evacuation and went on to direct the evacuation of the House. He said on the radio that he would take any discipline for acting on his own. * Metropolitan Police Department Officer Daniel Thau, who was like a one-man Army on the west front of the Capitol during the mid-afternoon of Jan. 6. * Bodycam footage from several Metropolitan Police Department (MPD) officers shows Thau dropped at least four protesters with a taser, tossed uncounted explosive munitions into the tightly packed crowd, directed high-velocity pepper spray into a stiff headwind, and fired a 40mm shell from a munition launcher into the crowd. * His own bodycam shows him rushing up to another officer under the inauguration scaffolding and shouting, “We need more [expletive] munitions!” * Withholding of Exculpatory Evidence – Numerous defense attorneys have complained that the DOJ has not provided all exculpatory evidence as required by law. Hour 2 * More Juicy Facts about Ron DeSantis – Joel Skousen, WorldAffairsBrief.com * The only bad compromise DeSantis made was agreeing to allow all Disney's properties to remain “exempt from property taxes,” which has for years added to the property tax burden of Florida homeowners. There's no reason why Disney should be property tax exempt. * US government takes control of Silicon Valley Bank! * Silicon Valley Bank (SVB) has been shut down by regulators after its stock plunged by 60% on Thursday and 62% in premarket trading Friday due to mass customer withdrawals. * The bank was one of the largest financial institutions in the US – And the biggest bank in Silicon Valley. The collapse of SVB is the largest bank meltdown since Washington Mutual in 2008. --- Support this podcast: https://anchor.fm/loving-liberty/support

Support Us Here! --> https://anchor.fm/politicana/support Hello and welcome to the Politicana Podcast, where Tyler, Prateek, and Nick keep you up-to-date on all things Politics. New episodes will be uploaded at the beginning of every week, so stay tuned and follow us on your favorite podcasting platform to be notified when new episodes are available. Please email Backofthemob@gmail.com with any comments, questions, or inquiries. -- Topics And Timestamps -- 00:45 - Silicon Valley Bank Collapses and Will Not Be Bailed Out The go-to bank for US tech startups— Silicon Valley Bank or SVB collapsed Friday and was taken over by federal regulators. This was the largest failure of a US bank since Washington Mutual in 2008. The bank came tumbling down because of a few factors. 42:35 - Time to Address China's Inner Sherlock Once and for All Representative Lance Gooden is introducing the Protect America's Innovation and Economic Security from the CCP Act" in the House The program was aimed at "identifying and prosecuting those engaged in trade secret theft, hacking, and economic espionage," as well as "protecting our critical infrastructure against external threats through foreign direct investment and supply chain compromises." Xi Jinping has nominated Li Qiang, 63, to become the next premier during the annual meeting of China's rubber-stamp parliament. 51:00 - The Made in China Friendship: Forever Bloodthirsty Foes Develop A Bond of Friendship Why Can't We Be Friends, a question that every Saudi and Iranian probably thought at some point throughout their tumultuous history, gets answered with China's help. 56:00 - The Hawkeye State Not in Trump's Favor as the Trump and DeSantis are at each others throat 80% of Republicans questioned in a Des Moines Register/Mediacom Iowa Poll released early Friday said they have a very or mostly favorable view of Trump, with 75% saying the same thing about DeSantis, who has seen his standing with conservatives nationwide soar the past three years. Iowa poll say they had a very or mostly favorable view of the former vice president. 59:00 - Reserved Mike Pence Becomes A Firecracker Signaling His Eye on the Prize Former Vice President Mike Pence on Saturday harshly criticized former President Donald Trump for his role in the Jan. 6 riot at the U.S. Capitol, widening the rift between the two men as they prepare to battle over the Republican nomination in next year's election. 1:09:30 - Leader McConnell is Safe and Sound! The Senate Republican leader Mitch McConnell was treated for a concussion after falling on Wednesday and is expected to be in the hospital for "a few days," his office said earlier this week. 1:16:45 - Biden selects new Air Force One design after discarding Trump's President Biden has selected a new design for Air Force One after discarding the one former President Trump chose during his administration. --- Support this podcast: https://podcasters.spotify.com/pod/show/politicana/support

Jobs Report The headline jobs number of 311,000 easily topped the estimate of 225,000 but marks a slowdown from January's level of 504,000. Leisure and hospitality remained strong with an addition of 105,000 jobs. With this solid number, the sector is now just 2.4% or 410,000 jobs below the February 2020 level. Other areas of strength included health care and social assistance (+62,800), retail trade (+50,100), government (+46,000), professional and business services (+45,000), and construction (+24,000). Information was the weakest group as payrolls declined by 25,000 and transportation and warehousing also had a decline of 21,500. The unemployment rate came in at 3.6%, which was above the expectation of 3.4%, but the participation rate increased to 62.5%. This was the highest level since March 2020, but still remains below the pre-pandemic level of 63.3%. On the inflation front, I was happy to see the increase in average hourly earnings of 4.6% missed the estimate of 4.8%. While this is higher than last month's 4.4% gain, most of 2022 saw gains of over 5%. Overall, the report may have been too optimistic for the market and could fuel further fears of more rate increases. I do continue to believe the labor market will continue to see gains, but at a much softer rate than the last couple of years. There's nothing that really concerns me in this report.    Big Banks   Today SVB bank also known as Silicon Valley bank was closed by regulators. At first thought this sounds scary since this is the first bank closure since Washington Mutual back during the Great Recession. But when one digs under what assets this bank held, it is no surprise as they were very speculative. The assets of $212 billion pale in comparison to JP Morgan Chase with $4 trillion in assets but also the quality of assets or the lack thereof is what caused the bank's failure. Many of the assets were for either venture capitalists, or startup companies in the risky tech and life science world. The bank was also very loose with its valuations, where they would loan on the equity value before the stock would even go public. They also went as far as to loan against wineries wine inventories, which accounted for 2% of the asset value of the bank. It is important to note that when the economy slows down that is when all the speculative businesses come to light. It is important to understand that the big banks will not follow this road, because they base loans on true assets and income.   Stock Buybacks  The 1% excise tax that the government imposed this year on companies for doing stock buybacks has not seemed to change the course of companies buying back their stock. Through February 17th, $220 billion of stock buybacks were authorized by companies which was an all-time record. We continue to support stock buybacks by companies as long as they are buying their stock back at a good price and not borrowing money to implement the buyback.    Oil Companies Oil companies have made a lot of changes over the last couple of years and are being run more as a business looking at profits and cash flow rather than just production. It was estimated in 2019 that 15% of executive bonus compensation was based on production goals. By 2022 that was just 6%. The companies are now looking more at free cash flow which 18% of the incentive will come from hitting those goals, up dramatically from 7% back in 2019. There are also more incentives now for hitting environmental, health and safety goals. This will probably hurt production going forward with estimated growth of only 3% this year. Looking at it from a business perspective, it makes more sense to run your business based on cash flow and profits, rather than just production.    Harrison: "Big tax bill? Here's some causes and solutions.”

 Campa Cola — the homegrown fizzy drink of India is making a timely comeback with cola, lemon and orange flavours! But can it beat Pepsi and Coke which together command 80% of India's market share? Listen in to know more! In other news, we are talking about Silicon Valley Bank's abrupt collapse last week, leaving its high-profile customers and investors in a state of flux. It is the second-largest bank failure in the US since Washington Mutual fell in 2008. But what went wrong? Tune in to The Signal Daily to learn more!  You can listen to this show and other awesome shows on the IVM Podcasts app on Android, iOS or any other podcast app. You can check out our website at https://ivmpodcasts.com/. Do follow IVM Podcasts on social media. We are @IVMPodcasts on Facebook, Twitter, & Instagram. Follow the show across platforms: Spotify, Google Podcasts, Apple Podcasts,  Amazon Prime Music. See omnystudio.com/listener for privacy information.

* More Juicy Facts about Ron DeSantis - Joel Skousen, WorldAffairsBrief.com * The only bad compromise DeSantis made was agreeing to allow all Disney's properties to remain “exempt from property taxes,” which has for years added to the property tax burden of Florida homeowners. There's no reason why Disney should be property tax exempt. * US government takes control of Silicon Valley Bank! * Silicon Valley Bank (SVB) has been shut down by regulators after its stock plunged by 60% on Thursday and 62% in premarket trading Friday due to mass customer withdrawals. * The bank was one of the largest financial institutions in the US - And the biggest bank in Silicon Valley. The collapse of SVB is the largest bank meltdown since Washington Mutual in 2008. * Roku Says $487 Million of Its Cash, or 26%, Was Held in Failed Silicon Valley Bank. * Perth Mint Sold Billions In Diluted Gold To China, Tried To Cover It Up - zerohedge.com * Check Fraud Is on the Rise - If you use paper checks and send them through the mail, it may be time to stop. Check fraud linked to mail theft has surged across the country, according to a recent alert to banks from the Financial Crimes Enforcement Network, part of the Treasury Department. * The use of paper checks has been declining for decades, yet criminals have been increasingly targeting mailboxes to commit check fraud, the financial crimes network, known as FinCEN, said. Last year, reports of check fraud filed by banks nearly doubled to 680,000, from 350,000 in 2021, according to FinCEN. The network said it issued the alert last month in collaboration with the US Postal Inspection Service, the law enforcement arm of the post office. * Rush Limbaugh's wife sells his longtime Palm Beach home for record $155M - NYPost.com * Actress Jane Fonda suggested on "The View" Friday that people "murder" pro-lifers. * What is a sovereign citizen? - Kyle Dunphey, Deseret News. * The FBI lists the group as a domestic terrorist movement, and describes them as "a loose network of individuals."

US equities were lower this week, with the S&P posting its worst weekly performance since September and Nasdaq since November. The biggest story of the week was the volatility around Fed rate path expectations, with market pricing for peak fed funds rate hitting nearly 5.80% after Fed Chair Powell's appearance in front of the Senate Banking Committee on Tuesday, before falling to around 5.25% by Friday afternoon thanks to labor market data and recession and financial system concerns. SVB Financial (SIVB) was taken over by US regulators on Friday, the second-largest bank failure since the 2008 collapse of Washington Mutual.

Listen in as we wrap up an important talk track with Microsoft Teams and more. Today you'll hear from our veteran partner in the space, Andrew Bond of Trinity Networks, as he talks Teams, UC & how he's helped customers in distinguishing what they need in the changing tech landscape. He might even talk about a job offer he once got on a fax machine! https://youtu.be/9INTmVVWJiI Transcript of episode can be found below. Josh Lupresto (00:01): Welcome to the podcast that is designed to fuel your success in selling technology solutions. I'm your host, Josh Lupresto, SVP of Sales Engineering at Telarus. And this is Next level BizTech. All right, everybody, welcome back. We are wrapping up the Microsoft Teams track. So, so this track is titled, is Microsoft Teams Always the Right Fit. So a as we get through this, we're gonna answer that. And you know, who we're gonna hear from today is we've got on one of our longtime fantastic partners, good old Mr. Andrew Bond from Trinity Network. Andrew, how you doing, man? Andrew Bond (00:38): Good, man. Thanks for having me on. Josh Lupresto (00:41): Appreciate you coming on. I know you got a lot of expertise. You've been doing this, so you've seen a lot of cool evolutions. And so before we get into the weeds and teams and all that good stuff, I want to hear about your background. You know, where, how did this space suck you in? Did you always know you wanted to do this? How did you get here? Andrew Bond (00:59): I had no idea I wanted to be here. I went to a college in Ellensburg, Washington called Central Washington University. Thought I wanted to be in banking and finance. And that just happened to be around the time that banks were starting to go out of business. One of them in particular are Washington Mutual, three rescinded offers later because the departments were being literally shut down before they announced the the mortgage crisis. I went to a fundraiser with a friend of mine and she sat me down on the table with a gentleman named Rick, and he said, man, you're pretty cool. You should be in, you should be in the telecommunication space. And I was like, what is that? He goes, I was like, he's like cell phones or something. He's like, oh, no, that's, that's, don't do that. That's terrible. He's like, no, you still like pots lines and t1 s I was like, I have no idea what that is, but tell you what, I'm working at a restaurant and a bank as a teller and another restaurant, and I'm lost. Andrew Bond (02:01): I was like, but I got a degree, and well, I'll take a, you know, I'll take an interview with somebody. So I went down to this office that he told me to go cold call, which was Integra Telecom sales office in Bellevue, before they had all these fancy towers in restaurants, in bars, and knocked on the door and asked for this guy named Michael Alexander. And he walked me into his sales manager's office, which was Craig Hawley, and I asked him to interview me for a job, and the next week he brought me in, and then I moved to Florida. And then that guy, that same gentleman, Craig, tracked me down and gave me an offer over a fax machine, which was kind of funny. Yes, I had to go to a Tom phone to get the interview or to get the, the offer letter. Andrew Bond (02:50): My dad called me. He's like, there's this guy named Craig called the house like five times. He's looking for you. He said, he wants to hire you. I was like, Hmm, all right. So I gave him this phone number. He is like, that's in Destin, Florida. What are you, what are you down there for? So anyways, got my offer letter, got in my car a couple weeks later, drove from Destin, Florida back to Seattle, started training, see that was in like November. Started training in December and had a quota in January, and God, the rest was history. And then, and then I got a wild hair started here in the,

I first met Jason Sisneros through the Embrace Your Ambition Conference (go check it out!). His speaking was so dynamic and relatable, which drew me to him for my community to hear from. In this episode, we talk about so many different things, including:   - How God can take trauma and make beauty from ashes - How changing the trajectory can impact you in big ways - How his life experiences catapults him as an entrepreneur   Sign up for my next Masterclass, How to Expand Your Multi-Channel Influence and Master Your Marketing, So You Can Hit Your First $30K-$50K-$100K Months" here: https://tamra.live/   About Jason: What do Nike, Comcast, and Microsoft, all have in common? Jason Sisneros. Jason Sisneros is a hard-nosed, battle-tested CEO who has taken the science of performance and the art of leadership to the next level through his company, Anton Jae Global, Inc. He is widely regarded as one of the brightest minds in business and innovation. Among his past and current clients are Fortune 500 companies such as Nike, Comcast, Microsoft, and he has turned around more than 100 small to mid-cap companies, earning him the moniker, “The Architect”.   From his best-selling book, and his more than 3,000 presentations on leadership and business, to his career as the top speaker in the Tony Robbins organization and his dozens of corporate turnarounds, Jason has always looked to identify needs, to find solutions, and to create competitive businesses for entrepreneurs who really want to change. As a result of his ability to engage an audience to elicit radical change, Jason speaks on stages to some of the highest-performing business leaders in the world.   Jason has had an intriguing rise to the top of his profession. He did so, not through a traditional education, but through what he calls a PhD in street smarts (poor, hungry and determined). Raised in an environment of drugs, abuse, and a lack mentality, Jason traveled a road most of us only read about. From several broken noses, being kidnapped, witnessing family members held at gunpoint to ultimately watching the person responsible for all of this, his adoptive father, go to prison for the attempted murder of his mother and himself; he developed a unique view of the world. After living a life that included dealing drugs, being stabbed, spending time in jail, being homeless, and ultimately contemplating suicide, he reached a crossroads.   By having to overcome 30 years of negative programming in his life, he became his own first client. In less than four years, Jason held over 1500 workshops on the Psychology of Success in front of distinguished audiences. As a result of the massive success of his program, he has reached over 500,000 people worldwide and represented companies such as Toyota, Remax, American Express, Quixtar, Washington Mutual, Visa, United Airlines, and multiple Chambers of Commerce. Many nonprofits have invited him to be the keynote speaker for their annual fundraising events. His unique brand of leadership and life coaching is a blend of Brain Mechanics, Quantum Theory, Neuro Linguistic Programming, and cutting edge information on influence. When he is not transforming companies and speaking on stages around the world, he spends his time as a philanthropist. He currently serves as CEO of Feed-a-Billion, a non-profit organization funding one billion nutritious meals to the underserved around the world and supports organizations dedicated to protecting women from domestic violence.   Most frequently, Jason works as an operator on the SERT Ministries human trafficking rescue group (operating under The Slave Free Project), where he participates in highly sensitive covert missions to deliver trafficked children to safety. The vision of SERT is to rescue persons who are missing and/or held against their will or who think that it's impossible to get out of trapped situations they have found themselves in. Jesus has a plan for their lives and His plan certainly isn't one of bondage. The SERT team performs domestic and international rescues of trafficking victims.   Where to Find Jason: www.jasonsisneros.com   Where to Find Tamra: Let's Connect! Book a Call today to see how I can help you share your message! https://calendly.com/sharon-tamraandress/45min Want to write a book, start a podcast, or create an ecourse? Visit us at https://www.fitinfaithmedia.com/ TEXT Me (yes, it's really me!) at

This was one of my favorite episodes ever.Bethany McLean was the first reporter to question Enron's earnings, and she has written some of the best finance books out there. We discuss:* The astounding similarities between Enron & FTX,* How visionaries are just frauds who succeed (and which category describes Elon Musk),* What caused 2008, and whether we are headed for a new crisis,* Why there's too many venture capitalists and not enough short sellers,* And why history keeps repeating itself.McLean is a contributing editor at Vanity Fair (see her articles here) and the author of The Smartest Guys in the Room, All the Devils Are Here, Saudi America, and Shaky Ground.Watch on YouTube. Listen on Spotify, Apple Podcasts, or your favorite podcast platform.Follow McLean on Twitter. Follow me on Twitter for updates on future episodes. If you enjoyed this episode, please share. Helps out a ton.Timestamps(0:04:37) - Is Fraud Over? (0:11:22) - Shortage of Shortsellers(0:19:03) - Elon Musk - Fraud or Visionary?(0:23:00) - Intelligence, Fake Deals, & Culture(0:33:40) - Rewarding Leaders for Long Term Thinking(0:37:00) - FTX Mafia?(0:40:17) - Is Finance Too Big?(0:44:09) - 2008 Collapse, Fannie & Freddie(0:49:25) - The Big Picture(1:00:12) - Frackers Vindicated?(1:03:40) - Rating Agencies(1:07:05) - Lawyers Getting Rich Off Fraud(1:15:09) - Are Some People Fundamentally Deceptive?(1:19:25) - Advice for Big Picture ThinkersTranscriptThis transcript was autogenerated and thus may contain errors.Dwarkesh Patel: the rapid implosion of a company worth tens of billions of dollars. Insider dealing and romantic entanglements between sister companies, a politically generous c e o, who is well connected in Washington, the use of a company's own stock as its collateral, the attempt, the short-lived attempt to get bought out by a previous competitor, and the fraudulent abuse of mark to market account.[00:01:00] We are not talking about ftx, we are talking about Enron, which my guest today, Bethany McClean, uh, first broke the story of and has written an amazing and detailed book about, uh, called The Smartest Guys in the Room. And she has also written, uh, a book about the housing crisis. All the devils are here, a book about Fannie and Freddy Shaky Ground, and a book about fracking Saudi America, all of which we'll get into.She's, in my opinion, the best finance nonfiction writer out there, and I'm really, really excited to have this conversation now. So, Bethany, thank you so much for coming on the podcast. Bethany McLean: Thank you so much for the, for the probably Undeserved Conference, for having me on the show. Dwarkesh Patel: My first question, what are the odds that Sbf read the smartest guys in the room and just followed it as a playbook, given the similarities there?Bethany McLean: You, you know, I, I love that idea. I have to, I have to admit, I guess I love that idea. I don't know. That would make me responsible for what, for what happened, . So maybe I don't love that idea. L let me take that back . [00:02:00] Anyway, but I, I, I actually think that, that, that even if he had read the book, it would never have occurred to him that, that there was a similarity because self-delusion is such a, Strong component of all of these stories of business gone wrong.It's very rare that you have one of the characters at the heart of this who actually understands what they're doing and understands that they're moving over into the dark side and thinks about the potential repercussions of this and chooses this path. Anyway, that's usually not the way these stories go.So it's entirely possible that Sbf studied Enron, knew all about it, and never envisioned that there were any similarities between that and what he was doing. Dwarkesh Patel: Oh, that's a fascinating, um, which I guess raises the question of what are we doing when we're documenting and trying to learn from books like yours?If somebody who is a, about to commit the same exact kind of thing can read that book and not realize that he's doing the same exact thing, is there something that just [00:03:00] prevents us from learning the lessons of history that we, we can never just, uh, get the analogy right, and we're just guided by our own delusions.Bethany McLean: Wasn't there a great quote that history rhymes, but it doesn't repeat. I'm Yeah. Relying on who it is who said that, but I think that's, that's absolutely true. Oh, I think it's important for all of us, those of us who are not gonna find ourselves at the center of, uh, giant fraud or, so, I hope, I think my time for that has passed.Maybe not you, but, um, I think it's important for all of us to understand what went wrong. And I, I do think these, I do think just there, there's a great value and greater understanding of the world without necessarily a practical payoff for it. So I think when something goes wrong on a massive societal level, it's really important to try to, to try to explain it.Human beings have needed narrative since the dawn of time, and we need narrative all, all, all the more now we need, we need to make sense of the world. So I like to believe. Process of making, trying to make sense of the world. , um, [00:04:00] has a value in, in and of itself. Maybe there is small, some small deterrence aspect to it in that I often think that if people understand more the process by which things go go wrong, that it isn't deliberate, that it's not bad people setting out to do bad things.It's human beings, um, at first convincing themselves even that they're doing the right thing and then ending up in a situation that they, they never meant to be in. And maybe on the margin that does, maybe on the margin that does, that does help because maybe it has deterred some people who, who would've started down that path, but for the fact that they now see that that's the, that's the usual path.Dwarkesh Patel: Yeah. Yeah. That actually raises the next question I wanted to ask you. Bern Hobart, uh, he's a finance writer as well. He wrote a blog post, um, about, uh, I mean this was before FTX obviously, and he was talking about Enron and he said in the end, it actually looks like we fixed the precise problem. Enron represented.Nobody I know solely looks at gap [00:05:00] financials. Everybody ultimately models based on free cash flow, we're much more averse to companies that set up a deliberate conflict of interest between management and shareholders. And I guess there's a way in which you can read that and say, oh, it doesn't FTX prove I'm wrong.But, you know, there's another way you can look at it is that FTX deliberately set up outside the us. So there's a story to be told that actually we learned the lessons of Enron and, you know, uh, so remains obviously worked. Uh, that's why, you know, they were in The Bahamas and we haven't seen the scale fraud of that scale in, you know, the continental United States.Um, do, do you think that the FTX saga and I guess the absence of other frauds of that scale in America shows that. The regulations and this changed business and investment practices in the aftermath of Enron have actually. Bethany McLean: Well, I think they've probably worked in narrowly, written in, in the way in which the writer you quoted articulated, I think it would be very hard for the cfo, F O of a publicly traded company to set up other private [00:06:00] equity firms that he ran, that did all their business with his company.Because everybody would say That's Enron and it would be completely. On the nose. And so, and Sarbanes Oxley in the sense of, in the sense of helping to reign in corporate fraud of the sort that was practiced by Enron, which was this abuse of very specific accounting rules. Um, I think I, I, I think that worked.But you know, you say there hasn't been fraud on a scale like Enron up until perhaps f ftx, but you're forgetting the global financial crisis. Yeah. And then the end, the line between what happened at Enron. and, and what happened in the global financial crisis. It's not a matter of black and white. It's not a matter of, one thing was clear cut fraud and one thing great.We love these practices. Isn't this fantastic? This is the way we want business to operate. They're both somewhere in the murky middle. You know, a lot of what happened at Enron wasn't actually outright fraud. I've coined this phrase, legal fraud to describe, um, to describe what it is that, that, that, that happened at Enron.And a lot of what [00:07:00] happened in the global financial crisis was legal, hence the lack of prosecutions. But it's also not behavior that that leads to a healthy market or mm-hmm. , for that matter, a a a a healthy society. And so there's a reason that you had Sarbanes Oxley and what was it, eight short, short years later you had Dodd-Frank and so Riri broadly.I'm not sure Sarbanes actually did that much good. And what I mean by that is when President George Bush signed it into law in the Rose Garden, he gave this speech about how investors were now protected and everything was great and your, your ordinary investors could take comfort that the laws were meant to protect them from wrongdoing.And you compare that to the speech that President Barack Obama gave eight years later when he signed Don Frank into law in the Rose Garden. And it's remarkably similar that now ordinary investors can count on the rules and regulations keeping themself from people who are prey on their financial wellbeing.[00:08:00] And I don't think it was, it's, it's true in either case because our markets, particularly modern markets move and evolve so quickly that the thing that's coming out of left field to get you is never gonna be the thing you are protecting against. Mm. . Dwarkesh Patel: , but given the fact that Enron, as you say, was committing legal fraud, is it possible that the government, um, when they prosecuted skilling and Fastow and lay, they in fact, We're not, uh, they, they prosecuted them to a greater extent than the law as written at the time would have warranted.In other words, were, uh, was there something legally invalid in the, in this, in the quantity of sentence that they got? Is it possible? Bethany McLean: So that's a really, it, it's, it's a, I I get what you're asking. I think it's a really tricky question because I think in absolute terms, um, Enron needed to be prosecuted and needed to be prosecuted aggressively.And while I say it was legal fraud, that is for the most part, there was actually real fraud around, around, uh, but it's on the margin. It doesn't [00:09:00] entire, it doesn't explain the entirety of Enron's collapse. Much of what they did was using and abusing the accounting rules in order to create an appearance of economic reality.Nothing to do with actual, with actual reality. But then there was actual fraud in the sense that Andy Fasta was stealing money from these partnerships to benefit himself. And they were, if you believe, the core tenant of the prosecution, which was their, this agreement called Global Galactic that was signed by, that was between Andy fau and Jeff Skilling, where Jeff agreed that Andy's partnerships would never lose money.Then that invalidated all of the, all of the accounting, and that's the chief reason that that. That skilling was, was, was convicted, um, was that the jury believed the existence of this, of this, of this agreement that in, um, one set of insider stock sales, which, which we can talk about, which was also a really key moment relative to the, so in absolute terms, I don't know, it's, it's hard for me to, to say there was [00:10:00] such, Enron was such a, to a degree that is still surprising to me, such a, a watershed moment in our, in our country, far beyond business itself.it, it, it caused so much insecurity that about our retirements, our retirement assets safe. Can you trust the company where you work? That I think the government did, did have to prosecute aggressively, but relative to the financial crisis where a lot of people made off with a lot of money and never had to give any of it back, does it seem fair that, that, that Jeff Skilling went to jail for over a decade and no one involved in a major way in the financial crisis paid any price whatsoever?People didn't even really have to give up that much of the money they made then. Then it seems a little bit unfair. Yes, so I think it's, it's an absolute versus a relative Dwarkesh Patel: question. Yeah. Yeah. By the way, who do you think made more money? Um, the investment banks, uh, like, uh, Goldman Sachs and Morgan Stanley, um, from doing, [00:11:00] providing their services to Enron as the stock was going up, or Jim Chanos from shorting the stock?In absolute terms, who made more money? Bethany McLean: Oh, I think the investment banks for sure. I mean, they made, they made so much money in investment banking fees from, from, from Enron. But, you know, it's a good question. . , it's a good question actually, because I think Jim made a lot of money too, so, Dwarkesh Patel: Yeah. Yeah. I mean, I, I, you've spoken about, I guess the usefulness and the shortage of short sellers des a sort of, uh, corrective on irrational exuberance.And I'm curious why you think that shortage exists in the first place. Like, if you believe in the efficient market hypothesis, you should think that, you know, if some company has terrible financials and implausible numbers, then people would be lining up to short it. And then you would never have a phenomenon like Enron.And so it's, it's, you know, it's so odd that you can. , you know, reporters who are basically ahead of the market in terms of predicting what's gonna happen. Uh, well, uh, how do you square that with like the efficient [00:12:00] market hypothesis? Well, do you Bethany McLean: believe in the efficient market hypothesis, ? Dwarkesh Patel: I, I, I'd like to, but I'm like trying to , trying to wrap my head around Enron.Bethany McLean: I, I'm, I'm, I'm, I'm not sure how you. Can, unless you, unless you adopt Warren Buffett's point of view, and I'm gonna mangle the quote because, uh, but, but it's that the market in the short term is a voting machine in the long term. It's a weighing machine, right? Mm-hmm. , or is it the other way around? . Anyway, but the idea is that the market may be very efficient for a long, very inefficient, for a long period of time.But, but it does actually, rationality does actually work in, in, in the end. And I think I might believe that, but isn't it John Maynard Cas who said the market can remain irrational for a lot longer than you can remain solvent. And so I think that's true too. I think believing that the market is efficient and rational in the short term is just obviously wrongUm, but back to your question about short sellers, which is, which is interesting, you know, I think part of it is that there is still this, um, there certainly was a couple of [00:13:00] decades ago, and I think it still exists, this idea that. Owning stocks is Mom, American, and apple pie in shorting stocks somehow is bad and evil and rooting, rooting against America.And I remember going back to the Enron days, someone, people criticizing me, even other people in the press saying, but you took a tip from a short seller. They're biased. And I. , I would say. But, but, but wait, the analysts who have buy ratings on stocks and the portfolio managers who own those stocks, they're biased too.They want the stocks to go up. Everybody's biased. So the trick as a journalist is getting information from all sides and figuring out who you think is right and what makes sense. But it's not avoiding anybody with any bias. But it was really interesting that people saw the bias on the part of short sellers and did not see it on the part of, of, of Longs.And I think there is that preconception that exists broadly, that somehow you are doing something wrong and you're somehow rooting for a company's failure. And that this is, I don't know, anti-American if you, if, if you [00:14:00] short a stock. And so I think that's part of why there's, there's, there's a shortage of shortage of, of, of short sellers.Um, I think also, I mean, we've had. Incredible, unprecedented bull market for the last four decades as a result of falling interest rates, and especially in the decade before the pandemic hit, it was very, very difficult to make money shorting anything because everything went to the moon. Didn't matter if its numbers were good, if it was eventually unmasked to be somewhat fraudulent, , it stocks just went to the moon anyway.The riskier the better. And so it is only diehard short sellers that have managed to stick it out . Yeah, and I think, I think lastly, Jim Chano said this to me once, and I, I think it's true that he could find, dozens of people who were skilled enough to come, smart enough to come work for him.There's no shortage of that. People who are technically skilled and really smart, but being able to be contrarian for a long period of time, especially when the market is going against you, is a different sort [00:15:00] of person. It that it requires a completely different mindset to have everybody in the world saying, you're wrong to be losing money because the stock is continuing to go up and to be able to hold fast to your conviction.And I think that's another, uh, part of the explanation for why there are fewer short sellers. Dwarkesh Patel: Yeah, and that raised an interesting question about. Uh, venture capital, for example, where, or private markets in general? Um, at least in the public markets, there's shorting maybe in shortage, but it, it is a possible mechanism, whereas, uh, I'm a programmer.So, you know, if, if like a one guy thinks the company's worth a hundred million dollars and everybody else thinks it's not, you know, the company will still be, uh, the price will still be said by the, you know, the person who's a believer. Um, does that increase the risk of some sort of bubble in venture capital and in technology?Um, and I guess in private markets generally, if they're, they're not public, is that something you worry about that they're, they will be incredible bubbles built up if there's a lot of money that's floating around in these Bethany McLean: circles. . Well, I think we're seeing that now, [00:16:00] right? And I don't think it's a coincidence that FTX and Theranos were not publicly traded companies, right?Mm-hmm. . Um, there's a certain sort of, uh, black box quality to these companies because people aren't charting them and aren't, aren't, and aren't, you know, whispering to journalists about that. That there's something wrong here and there aren't publicly available financials for people to dig through and look, look, and look at the numbers.So now I don't think that's a coincidence. And I do think this gigantic move into private assets has been, um, probably not great for the, for the, for the, for the. for the, for the safety of the system. And you'd say, well, it's just institutional investors who can afford to lose money who are losing money.But it's really not because institutional investors are just pension fund money. Mm-hmm. and in some cases now mutual fund money. So that distinction that the people who are investing in this stuff can afford to lose it is not really true. Um, so I don't, I don't like that rationalization. I think we're gonna see how that plays out.There was [00:17:00] just a really good piece in the Economist about private equity marks on their portfolio companies and how they are still looked to be much higher than what you would think they should be given the carnage in the market. And so all of what, what actually things are really worth in private markets, both for venture capital firms and for private equity firms, Is absent another, another bubble starting, starting in the markets.I think we're gonna see how that plays out over, over the next year. And it might be a wake up call for, for a lot of people. Um, you know, all that, all that said, it's an interesting thing because investors have been very complicit in this, right? In the sense that a lot of investors are absolutely delighted to have prep, to have their, their private, um, their private investments marked at a high level.They don't have to go to the committee overseeing the investments and say, look, I lost 20% of your money the way they might, um, if, if the numbers were public. And so that the ability of these of private investors to smooth as they call it, the, the, the returns is, is it's [00:18:00] been, it's been part of the appeal.It hasn't been a negative, it's been a positive. And so I would say that investors who wanted this moving are. Art might be getting what they deserve except for the pointing made earlier that it isn't, it isn't their money. It's, it's the money of, of teachers and firefighters and individual investors a around the country, and that's, that's problematic.Dwarkesh Patel: Yeah. Yeah. Being in the world of technology and being around people in it has. made me, somewhat shocked when I read about these numbers from the past. For example, when I'm reading your books and they're detailing things that happened in the nineties or the two thousands, and then you realize that the salary that Hank Paulson made a c e o of Goldman, or that skilling made as, you know, um, c e o of Enron, you know, I, it's like I have friends who are my age, like 22 year olds who are raising seed rounds, , that are as big as like these people's salaries.And so it just feels like the, these books were, you have $50 billion frauds or, you know, hundreds of billions of dollars of collapse and the individuals there, um, it just feels like they, it's missing a few zeros, uh, [00:19:00] because of the delusion of the private markets. But, um, but speaking of short sellers and speaking of private equity, um, I think it'd be interesting to talk about sbf.So, you know, your 2018 Vanity Fair article I thought was really interesting about, you know, sbf factory in Buffalo H How, how do you think back on Tesla and sbf now, given the fact that. The stock did continue to rise afterwards, and the factory, I believe, was completed and it's, I hired the 1500 or so people that had promised New York State, uh, is sbf just a fraud?Who can pull it off? And so he's a visionary. How, how do you think about sbf in the aftermath? Bethany McLean: So I don't think that's right about Buffalo and I have to look, but I don't think they ended up, I mean, the Solar City business that Tesla has pretty much collapsed. I don't think people haven't gotten their roofs.There was just a piece about how they're canceling some of their roof installations. So sbf has repeatedly made grand visions about that business that haven't played out. And I will check this for you post the podcast, but I don't think [00:20:00] if there is employment at that factory in, in Buffalo, it's not because they're churn out solar, solar, solar products that are, that are, that are doing.What was originally promised. So I guess I, I think about that story in a, in a couple of ways. It definitely, um, it was not meant to be a piece about Tesla. It was meant to be a piece that shown a little bit of light on how sbf operates and his willingness to flout the rules and his reliance on government subsidies, despite the fact that he, um, presents himself as this libertarian free, free, free market free marketeer, and his willingness to lie to, to, to, on some level enrich himself, which also runs counter to the Elon sbf narrative that he doesn't care about making money for, for himself.Because the main reason for Teslas to by Solar City was that Solar City had the main reason, was it Tes, that was, that Solar City had, that, that sbf and his, and his and his relatives had extended the these loans to Solar City that were gonna go. [00:21:00] There were gonna be lo all the money was gonna be lost at Solar City when bankrupt.And by having Tesla buy it, sbf was able to bail himself out, um, as, as as well. And I also think a good reason for the, for the, for, and it brings us to the present time, but a reason for the acquisition was that sbf knows that this image of himself as the invincible and vulnerable who can always raise money and whose companies always work out in the end, was really important.And if Solar City had gone bankrupt, it would've cast a big question mark over over sbf, over over the sbf narrative. And so I think he literally couldn't afford to let Solar City go bankrupt. Um, all of that said, I have, I have been, and was I, I was quite skeptical of Tesla and I thought about it in, in, in, in.And I always believed that the product was great. I just, mm-hmm. wasn't sure about the company's money making potential. And I think that, that, it's something I started thinking about, um, background, the Solar City time, maybe earlier, but this line, something I've talked about [00:22:00] before. But this line between a visionary and a fraudster.You know, you think that they're on two opposite ends of the spectrum, but in reality they're where the ends of the circle meet. Characteristics of one. One has that many of the characteristics of the other. And sometimes I think the only thing that really separates the two is that the fraudster is able to keep getting mo raising money in order to get through the really difficult time where he or she isn't telling the truth.And then they, that person goes down in history as a visionary. Um, but because no one ever looks back to the moment in time when they were lying, the fraudster gets caught in the middle. Um, so Enron's Lo lost access to to the capital markets lost AC access to funding as the market collapsed after the.com boom.And people began to wonder whether skilling was telling the truth about Enron's broadband business. And then there were all the disclosures about Andy fasa partnerships if Enron had been able to continue raising money, Business of Enron's called Enron Broadband might well have been Netflix. It was Netflix ahead of its time.So Enron just got caught in the middle and all [00:23:00] the fraud, all the fraud got exposed . Um, but that's not because Jeff Skilling wasn't a visionary who had really grand plans for, for, for, for the future. So I think sbf falls somewhere in that spectrum of, of, of fraudster and visionary. And what's gonna be really interesting why I said that this, we bring it to the present time about what happens to the mu narrative.If something fails is what happens. Yeah. Is as the world watch watches Twitter implode, um, what does that mean then for the Elon sbf narrative overall? Dwarkesh Patel: Yeah. Yeah. Um, going back to the Smartest Guys is the Room, the title obviously suggests something about. The, I guess in general, the ability and the likelihood of very smart people committing fraud or things of that sort.Um, but you know, Begar Jones has this book called Hi Mind, where he talks about how the smarter people are more likely to cooperate in prisoners dilemma type situations. They have longer time preference. And one of the things you've written about is the problem in corporate America is people having shorter, [00:24:00] um, uh, you know, doing two too big time discounting.So, uh, given that trend we see in general of greater Cooperativeness, um, and other kinds of traits of more intelligent people, do you think the reason we often find people like S B F and skilling running big frauds just by being very intelligent, is it just that on, on average smarter people, maybe less likely to commit fraud, but when they do commit fraud, they do it at such garat scales and they're able to do it at such gar scales that it just brings down entire empires?How, how, how do you think about the relationship between intelligence and fraud? . Bethany McLean: That's interesting. Um, I'm not sure I know a coherent answer to that. Um, smartest guys in the room as a title was a little bit tongue in cheek. It wasn't meant to say, these guys actually are the smartest guys in the room. It was, it, it was a little bit, it was a little bit ironic, but that doesn't take away from the really good question that you asked, which is what, what, what is that relationship?I, I mean, I think if you look at the history of corporate fraud, you are not going to find unintelligent people having [00:25:00] been the masterminds behind this. You're gonna find really, really, really smart, even brilliant people having, having, having been, been behind it, maybe some at part of that is this linkage between the visionary and the fraud star that so many of these, of these corporate frauds are people who have qualities of the visionary and to.The qualities of, of a visionary, you have to have a pretty, pretty, pretty, pretty high intelligence. Um, and I do think so many of these stories are, are about then self delusion. So I don't think smart people are any less likely to suffer from self delusion than dumb people. And they're probably more likely to, because you can rationalize, you know, the smart person's ability to rationalize just about anything they wanna rational rationalize is pretty profound.Whereas perhaps someone who doesn't have quite the same, the same brain power isn't gonna be able to create a narrative under which their actions are blameless and they're doing the right thing. So I think sometimes, so maybe there is some sort of relationship [00:26:00] there that somebody more qualified than I am would have to study between smart people's ability to, to, to rationalize just about anything as a way of, as part of the path to self delusion and part of the path by which these things happen.Yeah, that's completely, that's completely , that's Bethany theory. There's absolutely nothing to back that . I'm just Dwarkesh Patel: well clear. Let's do some more speculation. So, um, one of the things, uh, John Ray talked about in his testimony, um, was it two days ago where he said that, you know, FTX had done $5 billion of investments and deals in the last year, and most of those investments were worth a fraction of the value that FTX paid for them.And we see this also in, obviously in Enron, right? With, uh, broadband and with, um, ul, or is that how pronounce it, but basically their international department. Yeah. Um, what is this, uh, this obsession with deal making for its own sake? Is that to appease investors and make them think a lot's going on, is that because of [00:27:00] the hubris of the founder, of just wanting to set up a big empire as fast as possible, even if you're getting a bad sticker price?What, why do we see this pattern of just, you know, excessive deal making for its own sake? Bethany McLean: That's an interesting question too. I'm not sure that that's, um, limited to companies that go splat dramatically. There's a lot of, a lot of deal making in, in corporate America has that same frenzied quality. Um, I haven't seen an updated study on, on this in a, in a long time, but, you know, I began my career working as an analyst in an m and a department at at at Goldman Sachs.And. Definitely deals are done for the sake of doing deals. And I once joked that synergies are kind of like UFOs. A lot of people claim to have seen them, but there's no proof that they actually exist. , and again, I haven't seen an updated study on, on, on this, but there was one years back that showed that most m and a transactions don't result in increased value for shareholders.And most synergies, most promised synergies never materialize. [00:28:00] Just getting bigger for the sake of getting bigger and doing deals for the short term value of showing Wall Street a projection. That earnings are gonna be so much higher even after the cost of the debt that you've taken on. And that they're these great synergies that are gonna come about from, from combining businesses.So I don't know that either the frenzy deal doing or deal doing deals gone wrong is, um, solely limited to people who are committing fraud. , I think it's kinda across the spectrum. , . Dwarkesh Patel: Um, um, well one, one thing I find interesting about your books is how you detail that. And correct me if this is the wrong way to read them, but that, uh, incentives are not the only thing that matter.You know, there there's this perception that, you know, we've set up bad incentives for these actors and that's why they did bad things. But also, um, the power of one individual to shape a co co company's culture and the power of that culture to enable bad behavior, whether scaling at Enron or with Clarkson Right at Moody's.Yeah. Um, is that a good, good way of reading your books or how, how do you think [00:29:00] about the relative importance of culture and incentive? Bethany McLean: I think that's really fair. But incentives are part of culture, right? If, if you've set up a culture where, where how you're valued is what you get paid, I think it's a little, it's a little difficult to separate those two things out because, because the, the incentives do help make the culture, but for sure culture is incredibly, um, incredibly compelling.I've often thought and said that if I had, when I was leaving my short lived career in investment banking, if I had, if I had gotten in some of the head hunters I was talking to, if one of them had said, there's this great, really energetic, interesting energy company down in Houston, , why don't interview there?If I had gone there, would I have been a whistleblower or would I have been a believer? And I'd like to believe I would've been a whistleblower, but I think it's equally likely that I would've been a believer. Culture is so strong. It creates this. What's maybe a miasma that you can't see outside?I remember a guy I talked to who's a trader at Enron, really smart guy, and he [00:30:00] was like, after the, after the bankruptcy, he said, of course, if we're all getting paid based on creating reported earnings and there's all this cash going out the door in order to do these deals that are creating reported earnings, and that's the culture of the entire firm, of course it's not gonna work economically.He said, I never thought about it. . It just didn't, it didn't, it didn't occur to me. And I think the more compelling the CEO o the more likely you are to have that kind of mass delusion. I mean, there's a reason cult exist, right? . We, we are as human beings, remarkably susceptible to.Visionary leaders. It's just, it's the way the human brain is wired. We, we wanna believe, and especially if somebody has the ability to put a vision forward, like Jeff Gilling did at Enron, like Elizabeth Holmes did it Theranos like SPF F did, where you feel like you are in the service of something greater by helping this, vision, , actualize then, then you're, particularly susceptible.And I think that is the place where [00:31:00] incentives don't quite explain things. That is, there is this very human desire to matter, to do something important. Mm-hmm to be doing something that's gonna change the world. And when somebody can tap into that desire in people that feeling that what you're doing isn't just work in a paycheck and the incentives you have, but I mean, I guess it is part of the incentive, but that you're part of some greater good.That's incredibly powerful. Yeah. Dwarkesh Patel: It's what we all speaking of. We all wanna matter. . Yeah. Speaking of peoples psychology, uh, crime and punishment, underrated or overrated as a way to analyze the psychology of people like scaling and S B F or maybe SBF specifically because of the utilitarian nature of SB F'S crime?Um, Bethany McLean: I think it's, I think it's underrated, overrated. I'm not sure anybody. , I'm not sure anybody has ever proven that jail sentences for white collar criminals do anything to deter subsequent white collar crime. Mm-hmm. , and I think one part of this is the self delusion that I've, that I talked about. Nobody thinks, [00:32:00] oh, I'm doing the same thing as Jeff Skilling did at Enron, and if I, and if I do this, then I too might end up in jail.Therefore, I don't wanna do this. I just don't think that's the way the, the, the, the, the thought process works. I think Elizabeth Holmes at Theranos, probably for the most part, convinced herself that this was going to work, and that if you just push forward and push hard enough and keep telling people what they wanna hear and keep being able to raise money, it's gonna work.You know, if. . If, if you pause to think, well, what if it doesn't work and I've lied and I go to jail, then, then you'd stop right, right then and there. So I think that, I think that, that I'm, I'm not, I'm not sure it's much of a deterrent. I remember, and partly I'm, I'm biased because I remember a piece, my co-author Peter Alkin, and I wrote out right after Jess Gilling and Kenley were, were convicted and can lay, we're we're convicted.And we wrote a piece for Fortune in which we said that the entire world has changed. Now that corporate executives are, um, are, are put on high alert that behavior in the gray area will no longer be tolerated and that it will be aggressively prosecuted. And this was spring of [00:33:00] 2006 and the events that caused the global financial crisis were pretty well underway.It didn't. Do much to prevent the global financial crisis. Mm-hmm. , Enron's, Enron's jail time, didn't do anything to present, prevent, Elizabeth Holmes doesn't seem to have done anything to change what Sbf was doing. So I just, I, I just, I'm, I'm, I'm not sure, I'm sure a psychologist or somebody who specializes in studying white color crime could probably make a argument that refutes everything I said and that shows that has had a deterring effect.But I just, I just don't think that people who get themselves into this situation, con, con, consciously think, this is what I'm doing. Dwarkesh Patel: Yeah. Yeah. Um, speaking of other incentives, stock options, uh, you've spoken about how that creates short-term incentives for the executives who are making decisions. If you wanted to set up an instrument that aligned an executive or a leader's compensation with the long-term performance of a company, what would that look like?W would you have the options of less than 10 years instead of a [00:34:00] year? H how would you design it? How do you usually design a compensation scheme to award long-term thinking? Bethany McLean: If I could do that, I should ru rule the world . I think that very sweet. I think that is one of the really tough, um, problems confronting boards or anybody who is determining anybody who's determining stock options and that almost anybody who's determining compensation and that most compensation schemes seem to have really terrible unintended consequences.They look really good on paper. And then as they're implemented, it turns out that there was a way in which they accomplished exactly the opposite of, uh, thing the people who designing them wanted, wanted them to accomplish. I mean, if you think back to the advent of stock options, what could sound better?Right. Giving management a share of the company such that if, if, if shareholders did well, that they'd do well, nobody envisioned the ways in which stock options could be repriced. The ways in which meeting earnings targets could lead to gaming the ways in which the incentive of stock-based [00:35:00] compensation could lead to people trying to get anything they could in order to get the stock price higher and cash out when they're, as soon as their stock options vested.So, and even there was, there was, the whole valiant saga was fascinating on this front because the people who designed Mike Pearson's compensation package as ceo e o Valiant, they were convinced that this was absolutely the way to do it. And he got bigger and bigger, um, stock option incentives for hitting certain, for having the stock achieve certain levels.But of course, that creates this incredible bias to just get the stock to go up no matter, no matter what else you do. Um, it does seem to me that vesting over the long term is. is, is a much better way to go about things. But then do you create incentives for people to play games in order to get the stock lower at, at various points where there's about to be a stock optional board so they have a better chance of having directions be, be worth, be worth something over the long term.And do you, particularly on Wall Street there is this, or in firms where this sort of stuff matters the most? There [00:36:00] is this, there was this clearing out of dead wood that happened where people got paid and they got outta the way and made way for younger people. And I don't know, it was a harsh culture, but maybe it made sense on some level.And now at least I've been told with much longer vesting periods, you have people who don't wanna let go. And so you have more of a problem with people who should have retired, stick sticking around instead of in, in, instead of clearing out. And then it also becomes a question, How much money is, is enough.So if somebody is getting millions of dollars in short-term compensation and then they have a whole bunch more money tied up in long-term compensation, do the long-term numbers matter? At what point do they, do they, do they really matter? I mean, if you gave me $5 million today, I'm not so sure I'd really care if I were getting another $5 million in 10 years.Right. ? Yeah. So, so I think all of that is, is it, it's, I'm not, I'm not sure there's a perfect compensation system. All things considered though, I think longer term is, is probably better, [00:37:00] but. Dwarkesh Patel: Yeah, I didn't think about that downside of the long investing period. That's so interesting there. I guess there is no free lunch.Uh, so with Enron, um, it, it was clear that there was a lot of talent at the firm and that you had these companies and these trading firms launch at the aftermath by people who left Enron, kinder Morgan and John Arnold's, um, uh, Sintas, uh, that were wildly profitable and did well. Do you think we'll see the same thing with FTX, that while Sbf himself and maybe the, his close cadre were frauds, there actually was a lot of great trading and engineering talent there that are gonna start these very successful firms in the aftermath.Bethany McLean: That's, that's interesting. And just, just for the sake of clarification, kinder Morgan was actually started years before Enron's collapsed, when Rich Kinder, who was vying with Jeffs skilling in a sense, to become Chief Operating Officer. Um, Ken Lay, picked Jeffs skilling and Kinder left. Mm-hmm. and took a few assets and went to create Kinder, kinder Morgan.But your overall point, I'm just clarifying your overall point holds, there were a lot of people who [00:38:00] left Enron and went on to do, to have pretty, pretty remarkable careers. I think the answer with ftx, I bet there will be some for sure. But whether they will be in the crypto space, I guess depends on your views on the long-term viability of, of, of the crypto space.And I have never , it's funny is crypto exploded over the last couple of years. I was, I've been working on this book about the pandemic and it's been busy and difficult enough that I have not lifted my head to, to think about much else. And I always thought, I don't get it. I don't understand , I mean, I understand the whole argument about the blockchain being valuable for lots of transactions and I, I get that, but I never understood crypto itself and I thought, well, I just need to, as soon as this book is done, I just need to put a month into understanding this because it's obviously an important, important enough part of our world that I need to figure it out.So now I think, oh, Okay, maybe I didn't understand it for a reason and maybe, um, maybe there isn't anything to understand and I've just saved myself a whole life of crime because it's all gone. And you have [00:39:00] people like Larry Fink at BlackRock saying, whole industry is gonna implode. It's done. And certainly with the news today, this morning of finances auditor basically saying We're out.Um, I, I don't, I don't know how much of it was, how much of it was, is, was a Ponzi scheme. You might know better than I do. And so I don't know what's left after this whole thing implodes. It's a little bit like, there is an analogy here that when Enron imploded, yes, a lot of people went on to start other successful businesses, but the whole energy trading business is practiced by kind of under capitalized, um, um, energy firms went away and that never came back.Yeah. And so I, I, I don't, I don't know, I'm, it'll be, I, I don't know. What do you. The Dwarkesh Patel: time to be worried will be when Bethany McLean writes an article titled Is Bitcoin Overvalued for the Audience. My Moments on That ? Yeah, for the audience that, that was, I believe the first skeptical article about Enron's, um, stock price.Yeah. Uh, and it was titled [00:40:00] Is Enron Overvalued. In aftermath understated, , title. But , Bethany McLean: , I joked that that story should have won, won, won awards for the NICU title and business journalism history. , given that the company was bankrupt six months later was overpricedDwarkesh Patel: Um, uh, well, let me ask a bigger question about finance in general. So finance is 9% of gdp, I believe. How much of that is the productive use and thinking and allocation of the, uh, the capital towards their most productive ends? And how much of that is just zero sum or negative sum games? Um, if, if you had to break that down, like, is 9% too high, do you think, or is it just.I think it's Bethany McLean: too high. I have no idea how to think about breaking it down to what the proper level should be. But I think there are other ways to think about how you can see that in past decades it hasn't been at the right level when you've had all sorts of smart kids. Um, Leaving, leaving business school and leaving college and heading into [00:41:00] finance and hedge funds and private equity is their career of choice.I think that's a sign that that finance is too big when it's sucking up too much of, of, of the talent of the country. Um, and when the rewards for doing it are so disproportionate relative to the rewards of of, of doing other things. Um, the counter to that is that there've also been a lot of rewards for starting businesses.And that's probably, I think, how you want it to be in a, in a product. In a productive economy. So I think the number is, is too high. I don't know how to think about what it should be other than what a, actually, a former Goldman Sachs partner said this to me when I was working on all the devils are here, and she said that finance is supposed to be like the, the substrata of our world.It's supposed to be the thing that enables other things to happen. It's not supposed to be the world itself. So the, the role of a financial system is to enable businesses to get started, to provide capital. That's what it's supposed to be. It's the lubricant that enables business, but it's not supposed to be the thing itself.Right. And it's become the thing itself. [00:42:00] You've, you've, you've, you've, you've got a problem. Um, um, and I think the other, Dwarkesh Patel: there's your article about crypto , that paragraph right there. . Bethany McLean: There you go. That's, that's a good, um, and I think, I think the other way, you, you, you can see, and perhaps this is way too simplistic, but the other way I've thought about it is that how can it be if you can run a hedge fund and make billions of dollars from, and have five people, 10 people, whatever it is, versus starting a company that employs people mm-hmm.and changes a neighborhood and provides jobs and, you know, provides a product that, that, that, that, that improves people's lives. It, it is a shame that too much of the talent and such a huge share of the financial rewards are going to the former rather than the latter. And that just can't mean good things for the future.Dwarkesh Patel: Yeah. Yeah. And I, you know, when people criticize technology, for example, for the idea that, you know, these people who would've been, I don't know, otherwise teachers or something, they're, you know, making half a million dollars at Google. [00:43:00] Um, and I think like when I was in India, people were using Google Maps to get through the streets in Mumbai, which is, which is unimaginable to me before going there that, you know, you would be able to do that with, um, a service built out of Silicon Valley.And so, Yeah, I think that actually is a good allocation of capital and talent. I, I'm not, I'm not sure about finance. Um, yeah, Bethany McLean: I think I, I, I agree with you. I think there are other problems with Google and with the, the social media giants, but, but they are real businesses that employ people, that make products that have had, uh, huge.Um, impact on on, on people's, on people's lives. So in, in that sense, it's very different than a private equity firm, for instance, and especially private equity, even more so than hedge funds draws my ire. Mm-hmm. , because I think one of the reasons they, that it, they've been able to make part of the financialization of our economy has been due to super, super low interest rates and low interest rates that have enabled so many people to make so much money in finance are not, they're just a gift.It wasn't because these people were uniquely smart, they just [00:44:00] found themselves in a great moment in time. And the fact that they now think they're really smart because money makes me crazy. Dwarkesh Patel: Um, are Fanny and Freddy America special purpose entities? Are they our Alameda? It's just the way we hide our debt and uh, that's interesting.Yeah. Bethany McLean: Well, I guess we, you know what? I don't know anymore because, so I last wrote about them when was it in 2016 and I don't know now. No, you're right. Their, their debt is still off, off, off balance sheet. So Yeah, in a lot of ways they, they were. . I would argue though that the old Fanny and Freddy were structured more honestly than, than the new Fanny and Freddy, that it really is conservatorship that have made them, um, that have made them America's off balance sheet entities, because at least when they were their own independent entities.Yes, there was this odd thing known as the implicit guarantee, which is when you think about, back to your point about efficient markets, how can you possibly believe there's an as such a thing as an efficient market when their [00:45:00] Fanny and Freddy had an implicit guarantee, meaning it wasn't real. There was no place where it was written down that the US government would bail Fanny and Freddie out in a crisis, and everybody denied that it existed and yet it did exist.Yeah. Dwarkesh Patel: No, but we, I feel like that confirms the official market hypothesis, right? The, the market correctly, they thought that mortgages backed by Fannie and Freddy would have governments. Uh, okay, okay. You might be father Bethany McLean: and they did . You might be right. I, I, I think what I was getting at you, you might be right.I think what I was getting at is that it is such a screwed up concept. I mean, how can you possibly, when I first, when people were first explaining this to me, when I first read about Fanny and Freddie, I was like, no, no, wait. This is American capitalism . This is, no, wait. What? I don't, I don't understand . Um, um, so yeah, but I, I, I, I think that Fanny and Freddie, at least with shareholders that were forced to bear some level of, of the risks were actually a more honest way of going about this whole screwed up American way of financing mortgages than, than the current setup is.Dwarkesh Patel: What [00:46:00] is the future of these firms? Or are they just gonna say in conservatorship forever? Or is there any developments there? Well, what's gonna happen to them? Bethany McLean: The lawsuit, the latest lawsuit that could have answered that in some ways ended in a mistrial. Um, I don't think, I don't, I don't think unfortunately anybody in government sees any currency in, and I mean, currency in the broad sense, not in the literal sense of money in, in taking this on.And unfortunately, what someone once said to me about it, I think remains true and it's really depressing, but is that various lawmakers get interested in Fannie and Freddy. They engage with it only to figure out it's really, really goddamn complicated. Mm-hmm. and that, and that any kind of solution is gonna involve angering people on one side of the aisle or another and potentially angering their constituent constituents.And they slowly back away, um, from doing anything that could, that, that could affect change. So I think we have a really unhealthy situation. I don't think it's great for these two [00:47:00] entities to be in conservatorship, but at this point, I'm not sure it's gonna change. Dwarkesh Patel: Yep. Speaking of debt and mortgages, um, so total household debt in the United States has been, uh, climbing recently after it's, it's like slightly d decline after 2008, but I think in quarter three alone it increased 350 billion and now it's at 16.5 trillion.Uh, the total US household debt, should we worried about this? Are, are, are we gonna see another sort of collapse because of this? Or what, what should we think about this? Bethany McLean: I don't know. I don't know how to think about that because it's too tied up in other things that no one knows. Are we going to have a recession?How severe is the recession going to be? What is the max unemployment rate that we're gonna hit if we do, if we do have a recession? And all of those things dictate how to, how to think about that number. I. Think consumer debt is embedded in the bowels of the financial system in the same way mortgages were.And in the end, the, the, the [00:48:00] problem with the financial crisis of 2008, it wasn't the losses on the mortgages themselves. It was the way in which they were embedded in the plumbing of the financial system. Mm-hmm. and ways that nobody understood. And then the resulting loss of confidence from the fact that nobody had understood that slash lies had been told about, about that.And that's what caused, that's what caused everything to, to collapse. Consumer debt is a little more visible and seeable and I, I don't think that it has that same, um, that same opaque quality to it that, that mortgage backed securities did. I could be, I could be wrong. I haven't, I haven't, I haven't dug into it enough, enough to understand enough to understand that.But you can see the delinquencies starting to climb. Um, I mean, I guess you could on, on, on mortgages as well, but there was this, there was this profound belief with mortgages that since home prices would never decline, there would never be losses on these instruments because you could always sell the underlying property for more than you had [00:49:00] paid for it, and therefore everything would be fine.And that's what led to a lot of the bad practices in the industry is that lenders didn't think they had to care if they were screwing the home buyer because they always thought they could take the home back and, and, and, and, and make more money on it. And consumer debt is, is unsecured. And so it's, it's, it's different.I think people think about it differently, but I'd have. I'd have to, I'd have to do some more homework to understand where consumer debt sits in the overall architecture of the financial industry. Dwarkesh Patel: I, I, I'm really glad you brought up this theme about what does the overall big picture look like? I feel like this is the theme of all your books that people will be, So obsessed with their subsection of their job or, or that ar area that they won't notice that, um, broader trends like the ones you're talking about.And in Enron it's like, why, why, why do we have all these special purpose entities? What is the total debt load of Enron? Um, or with the, you know, mortgage back securities a similar kind of thing, right? What, what, uh, maybe they weren't correlated in the past, [00:50:00] but what's that? Do we really think that there's really no correlation, um, uh, between, uh, delinquencies across the country?Um, so that, that kind of big picture, think. Whose job is that today? Is it journalists? Is it short sellers? Is it people writing on ck? Who's doing that? Is it anybody's job? Is, is it just like, uh, an important role with nobody assigned to it? Bethany McLean: I think it's the latter. I think it's an important role with nobody, with nobody assigned to it, and there there is a limit.I mean, , I hate to say this, it is not, uh, um, it is not an accident that many of my books have been written. That's probably not fair. It's not true of my book un fracking, but that some of my books have been written after the calamity happened. So they weren't so much foretelling the calamity as they were unpacking the calamity after it happened, which is a different role.And as I said at the start of our conversation, I think an important one to explain to people why this big, bad thing took, took place. But it's not prediction, I don't know, as people that were very good at, at prediction, um, they tried [00:51:00] to set up, what was it called? In the wake of the global financial crisis, they established this thing called fsoc, and now I'm forgetting what the acronym stands for.Financial Security Oversight Committee. And it's supposed to be this, this body that does think about these big picture. That thinks about the ways, the ways an exam, for example, in which mortgage backed securities were, um, were, were, were, were, were, were, were repopulating through the entire financial system and ways that would be cause a loss to be much more than a loss.That it wouldn't just be the loss of money and that security, it would echo and magnify. And so that there are people who are supposed to be thinking about it. But I think, I think it's, it's, it's really hard to see that and. In increasingly complex world, it's even, it's even harder than it was before, because the reverberations from things are really hard to map out in, in, in advance, and especially when some part of those reverberations are a loss of confidence, then all bets [00:52:00] are off because when confidence cracks, lots of things fall apart.But how do you possibly analyze in any quantitative way the the risk that that confidence will collapse? Mm-hmm. . So I think it's, I think, I think, I think it's difficult. That said, and of course I am talking my own book here, I don't think that the lack of the, the increased financial problems of journalism really help matters in that respect, because in an ideal world, you want a lot of people out there writing and thinking about various pieces of this, and then maybe somebody can come along and see the.Pieces and say, oh my God, there's this big picture thing here that we all need to be thinking about. But there's, there's a kind of serendipity in the ability to do that one, that one that the chances, I guess the best way to say that is the chances of that serendipity are dramatically increased by having a lot of people out there doing homework, um, on the various pieces of the puzzle.And so I think in a world, particularly where local news has been decimated mm-hmm. , um, the [00:53:00] chances of that sort of serendipity are, are definitely lower. And people may think, oh, it doesn't matter. We still got national news. We've got the Washington Post, we've got the Wall Street Journal, we've got the New York Times.Um, I would love to have somebody do a piece of analysis and go back through the New York Times stories and see how many were sparked by lp, a piece in the local paper that maybe you wouldn't even notice from reading the New York Times piece, because it'd be in like the sixth paragraph that, oh yeah, credit should go to this person at this local paper who started writing about this.But if you no longer have the person at the local paper who started writing about this, You know, it's, it's, it's, it's less likely that the big national piece gets written. And I think that's a part of the implosion of local news, that people, a part of the cost of the implosion of local news that people don't really understand the idea that the national press functions at, at the same level, um, without local news is just not true.Dwarkesh Patel: Yeah. And, but even if you have the local news, and I, that's a really important point, but even if you have that local news, there still has to be somebody whose job it is to synthesize it all together. And [00:54:00] I'm curious, what is the training that requires? So you, I mean, your training is, you know, math and English major and then working at working in investment banking.Um, is that the, uh, I mean, obviously the anecdotal experience then equals one, seems that that's great training for synthesizing all these pieces together. But what is the right sort of education for somebody who is thinking about the big picture? Bethany McLean: I, I don't, I don't know.And there may be, there may be, there are probably multiple answers to that question, right? There's probably no one, one right answer for me. In, in the end. My, my math major has proven to be pivotal. Even though , my mother dug up these, um, my, my parents were moving and so my mother was going through all her stuff and she dug up these, some my math work from, from college.Literally, if it weren't for the fact that I recognized my own handwriting, I would not recognize these pages on pages of math formula and proofs. And they're like, get gibberish to me now. So , but I, but I still think that math has, so I do not wanna exaggerate my mathematical ability at this stage of [00:55:00] the game.It's basically no. But I do think that doing math proofs any kind of formal, any kind of training and logic is really, really important because the more you've been formally trained in logic, the more you realize when there are piece is missing and when something isn't quite, isn't quite adding on, it just forces you to think in, in a way that is, that in a way that connects the dots.Um, because you know, if you're moving from A to B and B doesn't follow a, you, you understand that B doesn't follow a And I think that that, that, that kind of training is, is really, really important. It's what's given. , whatever kind of backbone I have as a journalist is not because I like to create controversy and like to make people mad.I actually don't. It's just because something doesn't make sense to me. And so maybe it doesn't make sense to me because I'm not getting it, or it doesn't make sense to me because B doesn't actually follow, follow away, and you're just being told that it does. And so I think that, I think that training is, is really, really important.Um, I also have, have often thought [00:56:00] that another part of training is realizing that basic rule that you learned in kindergarten, which is, um, you know, believe your imagination or you know, your imagine follow your imagination. Because the truth is anything can happen. And I think if you look at business history over the last couple of decades, it will be the improbable becoming probable.Truth over and over and over again. I mean, the idea that Enron could implode one of the biggest, supposedly most successful companies in corporate America could be bankrupt within six months. The, from its year, from its stock price high. The idea that the biggest, most successful, um, financial institutions on wall, on Wall Street could all be crumbling into bankruptcy without the aid of the US government.The idea that a young woman with no college degree and no real experience in engineering could create, uh, uh, um, could create a machine that was going to revolutionize blood testing and land on the cover of every business magazine, and that this [00:57:00] whole thing could turn out to be pretty much a fraud. The entire idea of ftx, I mean, over and over again, these things have happened.Forget Bernie Madoff if you had told people a year ago that FTX was gonna implode six months ago, three months ago, people would've been like, no, no, no, no, no, no, no. And so I think just that, that, that, that knowledge that the improbable happens over and over again is also a really fundamental, fundamentally important.Dwarkesh Patel: If we're con continuing on the theme of ftx, I, I interviewed him about four or five months ago.Wow. And this is one of these interviews that I'm really, I'm, I don't know if embarrass is the right word, but I knew things then that I could have like asked, poked harder about. But it's also the kind of thing where you look back in retrospect and you're. If it had turned out well, it's, it's not obvious what the red flags are.Um, while you're in the moment, there's things you can look back at the story of Facebook and how, you know, Marcus Zuckerberg acted in the early days of Facebook and you could say, if the thing fell apart, that this is why, or, you know, this is a red flag. So [00:58:00] I have a hard time thinking about how I should have done that interview.B

BIO: Conor Riley is a global executive who has worked in investment banking, private equity, and consumer products. STORY: Conor heard about the Washington Mutual stock from his workout buddy. He invested without doing any research. The stock price dropped significantly when the global financial crisis hit in 2008. Conor thought it was best to buy more. The price never went up. The company finally went under. Conor lost 70% of his net worth. LEARNING: Don't have more than 8% of your portfolio in a single thing. Do your own research. If an investment is going wrong, get out as quickly as you can.   “My rule of thumb right now is don't have more than 8% of your portfolio in any one thing.”Conor Riley  Guest profilehttps://www.linkedin.com/in/conor-riley-ceo/ (Conor Riley) is a global executive who has worked in investment banking, private equity, and consumer products. He served as CEO, Principal, and other key roles while leading https://www.globalcapitalmarkets.com/ (Global Capital Markets) and https://www.luxiebeauty.com/ (Luxie, Inc), and funds over a 20-year career. Worst investment everConor would spend a lot of time at the gym working out. One of his gym buddies started talking about some good stocks paying good dividends and how one could maximize their income risk-aversely. Conor was listening to this talk between reps thinking this was great. He did zero research beyond what the gym guy told him. He'd never invested in the stock market, so he didn't know anything. Conor went ahead and invested in the Washington Mutual stock in 2007. This was the only stock he wanted in his portfolio, so he bought many stocks. The stock earned him good dividends. In 2008, the global financial crisis hit, and now the markets were buckling. During this time, all the financial institutions were under the gun, and no government was looking at them. The big institutions were waiting in line to get bailed out. The stock for Washington Mutual started going down. Conor thought this was an excellent opportunity to buy more shares now that it was half what he'd bought it for. He believed that the government would bail out the company just like they did some of the other institutions. The stock continued to drop, and Conor continued buying it. Finally, he got word that Washington Mutual was shutting down. Everything awful that Conor thought could never happen was now happening. His entire investment was now worth nothing. The stocks were 70% of his net worth, and now they were worth nothing. Lessons learnedDon't characterize a plan by the character of the person that's sharing it. You have to look deep at what is going on. Do your research and be honest with yourself and with your reliability. Don't have more than 8% of your portfolio in a single thing. When things start moving in the wrong direction, get out as quickly as possible. There's no benefit in holding on. Talk to people that have benefited from liquidity events, and ask them how they manage their money. Andrew's takeawaysNever buy something that someone recommended. Do your own research. If you're a new investor, put a stop loss on your stocks when you buy them until you become a more educated or experienced investor. Diversify your portfolio. If you've had a recent liquidity event, go slow when getting into an investment. Actionable adviceIf the investment is not going well, immediately leave that position and stop. Conor's recommended resourcesRead https://amzn.to/3Tyxrta (Running Money: Hedge Fund Honchos, Monster Markets, and My Hunt for the Big Score) to learn about managing money. No.1 goal for the next 12 monthsConor's number one goal for the next 12 months is to complete aggregating four different companies in the beauty space. Parting words  “Thank you so much. This was so much fun.”Conor Riley  [spp-transcript]   Connect with Dave Clarehttps://www.linkedin.com/in/conor-riley-ceo/ (LinkedIn)...

PBD Podcast Episode 185. In this episode, Patrick Bet-David is joined by Former Washington Mutual CEO Kerry Killinger and Adam Sosnick. Today's sponsor is the DNA company. Check out our exclusive discount by following the link: https://thednacompany.com/VT50 which will be applied at checkout. Text: PODCAST to 310.340.1132 to get added to the distribution list Patrick Bet-David is the founder and CEO of Valuetainment Media. He is the author of the #1 Wall Street Journal bestseller Your Next Five Moves (Simon & Schuster) and a father of 2 boys and 2 girls. He currently resides in Ft. Lauderdale, Florida. --- Support this podcast: https://anchor.fm/pbdpodcast/support

Omnidian co-founders https://www.linkedin.com/in/markliffmann/ (Mark Liffmann) and https://www.linkedin.com/in/braddavismarketing/ (Brad Davis) share the stage in this final episode of our six-part https://mysuncast.com/futureofsolar (Beyond O&M: The Future of Solar) series.  Mark and Brad, CEO and CMO, respectively, define how solar businesses can maximize growth by delivering custom-centric experiences that align with their company cultures even as they scale.  A 15-year solar industry veteran, Mark co-founded SunPower's residential and light commercial business and developed a $500 million global enterprise. He previously held executive leadership positions at Clean Power Research, enerG2 and Solar Depot (Soligent).  Brad held executive leadership positions for national brands in retail, financial services, and renewable energy, successfully launching new markets worldwide. In addition to a long tenure at retail giant Target, he was CMO at JP Morgan Chase, SunPower, Washington Mutual and Opus Bank. They believe the most successful solar businesses of the future will share one thing in common: a commitment to exceptional customer experiences (CX). CX spans the lifetime of customers' relationships with a brand from pre-purchase through use, service, and potential repeat sales. "Ultimately," Brad said, "no matter what business we're in, the only thing we sell is trust." You can check out the series and the experts who comprise it at https://www.mysuncast.com/futureofsolar (www.mysuncast.com/futureofsolar).  Seattle-based Omnidian is partnering with SunCast to bring you this educational series. The company monitors and remotely diagnoses commercial, industrial and residential solar asset performance problems. You can learn more about them on the series page listed above. You'll find more resources and learn about SunCast's guests, recommendations, book links, and more than 512 other founder stories and startup advice athttps://www.mysuncast.com/ ( )https://www.mysuncast.com (www.mysuncast.com). You can learn more about https://www.mysuncast.com/sponsors (partnering with SunCast here).  Connect with me, Nico Johnson, on https://www.twitter.com/nicomeo (Twitter), https://www.linkedin.com/in/nickalus/ (LinkedIn) or by email.

Once you start down the path of pursuing a goal, you never know what obstacles or choices may come your way. Today we discuss the complexities of finding enjoyment, maintaining balance, and understanding your purpose - even amidst what may look like obstacles. Steven B. Paige is back as a guest co-host! He continues his story from last week about his pursuit of a Masters in Business Administration.  Using this landscape, he drops so many wonderful gems. As you ponder your choices and your paths, you have are true support and companionship. Steven B. Paige, MBA, the founder of Delta Hollywood Productions (DHP) LLC is an Analyst Manager Consultant who specializes in project management, business consulting, and event planning and management.  He has experience enhancing his client's operations, data management, and productivity to increase profitability.  Steven is also fluent in the languages of accounting, audiovisual planning, business, and information technology, offering his clients a full range of options for their business needs.Steven has had career in a variety of companies including four Fortune 500 companies (The Walt Disney Company, Washington Mutual now Chase, Toyota, and United Health Group).  From the different industries and various positions, Steven brings those experiences to DHP to help clients improve their enterprises.  Steven has a Bachelor of Arts in Economics from California State University Long Beach and an MBA from the Kogod School of Business at The American University in Washington, D.C.  Steven enjoys alpine skiing, yoga, swimming, sailing, golf, and crossfit.  Steven relaxes with jazz and reading.Ways to Connect with Steven B. Paige (he/him): Email: sbpaige007@hotmail.comWebsite: https://sbpaige007.wordpress.com/Ways to connect with Sas (she/her):Instagram: @lori_saseSign up for her newsletter or find out about coaching: https://www.lorisase.comLinks mentioned in this episode: Trading Places (the movie)

Tony Hsieh was a legendary entrepreneur who built Zappos and sold the online shoe retailer to Amazon for $1.2 billion in 2009. He was known for unusual experiments in management and business structure, and for pursuing long-term passions over short-term profits, as described in his 2010 book, Delivering Happiness. A new book, Happy at Any Cost: The Revolutionary Vision and Fatal Quest of Zappos CEO Tony Hsieh, tells the rest of the story of Hsieh's life, leading up to his tragic death from injuries sustained in a fire in New London, Conn., in November 2020. The book also goes behind-the-scenes of the company's relationship with Amazon. Wall Street Journal reporter Kirsten Grind, who wrote the book with her colleague Katherine Sayre, joins me on the GeekWire Podcast to talk about what they discovered in writing the book, and what we can learn from Hsieh's life. Kirsten Grind was previously based in the Seattle area as a reporter for the Puget Sound Business Journal. Her reporting on the collapse of Washington Mutual formed the basis for her first book, The Lost Bank. Resources: National Suicide Prevention Lifeline: 1-800-273-8255; Crisis Text Line: 741741 Happy at Any Cost: The Revolutionary Vision and Fatal Quest of Zappos CEO Tony Hsieh, by Kirsten Grind and Katherine Sayre, is published by Simon and Schuster, and available wherever books are sold. Podcast edited by Curt Milton; Theme music by Daniel L.K. Caldwell. See omnystudio.com/listener for privacy information.

On today's episode of https://therealdarius.com/the-greatness-machine-series/ (The Greatness Machine,) Darius chats with Scott Groves, a loan officer, coach, author, public speaker, and Brazilian Jiu-jitsu practitioner and boxer.   With almost 20 years of experience, Scott has received multiple awards for his exceptional service, particularly on loan production, customer service satisfaction, and leadership. His long list of experience as a top producing sales professional and leader includes Washington Mutual, New American Funding, and Movement Mortgage.   You'll discover the importance of hobbies and trying new things throughout one's life.   You'll learn some of Scott's insights into loans and mortgages.   You'll also discover The origins of his podcast, On the Edge.   Tune in to today's episode to hear great insights from Darius and Scott.   Enjoy! What You'll Learn in this Show: The importance of hobbies and trying new things throughout one's life. Scott's insights into loans and mortgages. The origins of his podcast, On The Edge. And so much more...   Resources: https://www.amazon.com/Lead-Generate-Days-Double-Your/dp/1732591202/ref=sr_1_1?crid=1SFLLFZ7V6OZU&keywords=Lead+Generate&qid=1644183497&sprefix=lead+gener%2Caps%2C734&sr=8-1 (Lead Generate book) https://www.scottgrovesmortgage.com/scott-groves-mortgage (Scott's website) https://podcasts.apple.com/us/podcast/on-the-edge-podcast-with-scott-groves/id1550340000 (On The Edge podcast) https://therealdarius.com (The Real Darius) https://www.facebook.com/therealdariusm/ (Facebook) https://www.instagram.com/whoompdarius/ (Instagram) https://therealdarius.com/YT (YouTube ) https://twitter.com/kingdarius (Twitter) https://www.linkedin.com/in/dariusmirshahzadeh/ (LinkedIn) This podcast uses the following third-party services for analysis: Chartable - https://chartable.com/privacy Learn more about your ad choices. Visit megaphone.fm/adchoices

In this episode, Jim Garrity does a deep dive into Fed. R. Civ. P. 27 (and its state equivalents, because virtually all U.S. states and territories have a similar rule). Rule 27 allows you to take depositions before a lawsuit has been filed - and also when a judgment has been entered and the case is on appeal - in order to perpetuate/preserve testimony. But the rule actually allows so much more. In fact, Garrity says its name, "Depositions To Perpetuate Testimony," would be more accurate if it were renamed "Discovery to Perpetuate Evidence." Listen in for a great explanation how the rule works, and some fantastic practice tips. As always, the cases upon which this episode is based are listed in the show notes, with full case names, citations, and parentheticals. There are 17 cases in the show notes today. If you don't see them all, the site where you get your podcasts may not allow extended notes. Click through to our podcast homepage if that happens, or email us at DepositionPodcast@JimGarrityLaw.com. And if you have a minute, would you please leave us a five-star rating wherever you get your podcast? Our production staff would so deeply appreciate it. Thanks!SHOW NOTESIn Re Carl David Jones, 2022 WL 102962, Case No. 7:21-mc-00001-BP (N. D. Texas January 11, 2022) (Role 27 petition rejected where sole purpose was to determine whether a claim existed)Qin v. Deslongchamps, 539 F. Supp. 3d 943, Case No. 21-MC-16 (E.D. Wis. 2021) (petition denied where sole evident purpose was to determine whether diversity jurisdiction existed that would allow federal court to hear case; “[t]he federal courts have held that Rule 27 can only be used to prevent known testimony from being lost, not as a discovery tool to assist in preparing a complaint”)Freeman v. Equifax, Inc., No. 221-CV-01137-APG-NJK, 2022 WL 195006 (D. Nev. Jan. 20, 2022) (offering examples that might justify perpetuation of testimony, saying “Such circumstances might derive in a particular case where a witness is gravely ill, elderly, or likely to leave the country for a prolonged period.”)Naswood v. Banks, No. ED-CV-091675-SVW-DTB, 2013 WL 12470383, at *6 (C.D. Cal. Mar. 19, 2013), report and recommendation adopted, No. ED-CV-091675-SVW-DTB, 2014 WL 12962026 (C.D. Cal. July 2, 2014) (inmate filed petition to preserve camera and/or videotaped evidence while exhausting his administrative remedies under the Prison Litigation Reform Act; further, “[a]lthough Fed. R. Civ. P. 27 is entitled, “Depositions to Perpetuate Testimony,” Rule 27 permits a moving party to seek “orders like those authorized by Rules 34 and 35.” See Fed. R. Civ. P. 27(a)(3); see also Martin v. Reynolds Metals Corp., 297 F.2d 49, 56 (9th Cir. 1961) (“[A] party may, in a proper case, proceed under Rule 27 for an order under Rule 34 without taking a deposition at all ....”)In re Highland Cap. Mgmt., L.P., No. 19-34054-SGJ11, 2022 WL 38310 (Bankr. N.D. Tex. Jan. 4, 2022) (FRCP applies to bankruptcy cases, pursuant to Fed. R. Bankr. Pro. 7027”)Willis v. PCN Fin. Servs. Grp., Inc., No. 220-CV-01833-DSC-LPL, 2021 WL 6054563 (W.D. Pa. Oct. 27, 2021), report and recommendation adopted sub nom. In re Willis, No. 2:20-CV-1833, 2021 WL 6051558 (W.D. Pa. Dec. 21, 2021) (“Authorizing Petitioner's discovery of the financial information may permit Petitioner to manufacture a cause of action. “[I]t is well settled that Rule 27(a) is not a method of discovery to determine whether a cause of action exists, and if so, against whom action should be instituted.” Id. “Courts generally agree that to allow Rule 27 to be used for the purpose of discovery before an action is commenced to enable a person to fish for some ground for bringing suit would be an abuse of the rule”)Petition of Ingersoll-Rand Co., 30 5F. R. D. 122 (S. D. New York April 20, 1964) (court denied petition where expectation that action will be filed is hypothetical)In Re Matzinger Exploration Co., 1995 WL 258279, Case No. 95-525 (E. D. Louisiana April 28, 1995) (court allows limited written discovery prior to perpetuation deposition, finding that because requires “… The District Court to address the interests of justice, [the rule] clearly authorizes the court to issue orders incidental to the perpetuation deposition that are necessary to ensure that the goal of presenting a failure or delay of justice is achieved”)In re Agent Orange Product Liability Litigation, 96 F. R. D. 587, 588 (E. D. N. Y. 1983) (allowing party adverse to petition to conduct written discovery prior to perpetuation deposition)In the Matter of Isaac Sims, 389 F. 2d 148 (5th Cir. 1967) (Rule 27 petition justified in part because of key witness' imminent departure to Peru)Hawthorn v. Selke, et al., 2016 WL 6462110, Case No. 3:16-cv-246 (S. D. Ohio October 31, 2016 (Rule 27 petition dismissed pursuant to FRCP 12(b)(6) where petitioner merely appeared to seek general discovery, and where there was no extraordinary risk of the loss or spoilation of evidence)In Matter of Petition of Legg Mason Investment Counsel & Trust Company, N.A., 2011 WL 1533165 (S. D. New York April 19, 2011) (court granted petition where action could be filed by date certain and key witness was 87 years old)United Heritage Property & Casualty Company, 2018 WL 2437538 ( D. Oregon May 30, 2018) (where insurance carrier sought cell phone records, but counsel conceded he did not know when or how such records would be destroyed, Rule 27 petition would be denied and dismissed)Martin v. Reynolds Metals Corp. 297 F 2d 49 (9th 1961) (possible loss of proof by company that expected to be accused of causing harm to cattle ranching operations justified Rule 27 petition, where deceased cattle possibly affected by contamination were being discarded, and where contamination in the soil and water might degrade prior to the filing of a lawsuit)In Re Petition of Elaine Chao, Secretary of Labor, United States Department of Labor, 2008 WL 4471802, No. 08-mc-56-JSS (N. D. Iowa October 2, 2008) (Rule 27 Petition granted where key witnesses were undocumented immigrants who were about to be deported)Melohn v. Stern, 2021 WL 1178132 No. 20-cv-05536 (PMH) (S. D. New York March 29, 2021) (Rule 27 petition denied where, among other things, petitioner acknowledged wanting to conduct discovery in order to gather information to meet heightened pleading standard for RICO claims)Washington Mutual, Inc. v. United States of America, 2008 WL 11506727, No. Co6-1550-JCC (W. E. Washington October 10, 2008) (Rule 27 petition granted where testimony of 74-year-old witness may be lost “in the three years that are likely to pass before the appeal is finally resolved”)