BC BUSINESS
Saved by @Mollyycolllinss

1. If you turn on CNBC, you'll hear a narrative that reckless retail investors from Reddit are destabilizing the stock market by driving up prices for GameStop and other stocks.

This is BS.

Follow along if interested.

 2. Market instability was created by hedge funds and other "sophisticated" investors that SHORTED MORE GAMESTOP STOCK THAN WAS EVEN AVAILABLE FOR SALE

Retail investors are exploiting instability created by the hedge funds

They didn't start the fire

https://t.co/26pyBtj4ec
3. The primary "victim" of the retail investors, hedge fund mogul Gabe Plotkin, worked SAC until 2013.

What happened in 2013? SAC pleaded guilty to insider trading and paid a $1.3 billion fine.

Plotkin then left to start his own firm.

https://t.co/26pyBtj4ec
4. Plotkin made massive returns by doing a lot more shorting than most hedge funds & no one complained

But this week he was bailed out by his old boss, SAC founder Steve Cohen, and another hedge fund mogul, Citadel's Ken Griffin to the tune of $2.75B

https://t.co/26pyBtj4ec
5. Cohen & Griffin now own a significant piece of Plotkin's firm. So they have an interest in Plotkin navigating out of his current predicament. They also may have exposure themselves.

This is where things get interesting.

https://t.co/26pyBtj4ec
6. We now see retail trading platforms -- including TD Ameritrade, Schwab, and Robinhood -- RESTRICTING TRADES OF GAMESTOP AND OTHER STOCK.

Why are they doing this?

They say its to protect their customers.

But is that really what's going on?

https://t.co/26pyBtj4ec
7. Restricting trading on these stocks will make it easier for Plotkin (and his new investor Griffin) and others to get out of this jam

Griffin is pays these platforms tens of millions of dollars for the right to handle their "order flow"

Let me explain

https://t.co/26pyBtj4ec
8. When retail investors want to make a trade, these platforms let Griffin fulfill it.

"Citadel Securities accounts for 40 of every 100 shares traded by individual investors in the US, making it the number one retail market maker"

https://t.co/26pyBtj4ec
9. So Griffin is both a major business partner with these platforms AND potentially will benefit from their current actions restricting the trading of this stock.

This warrants further investigation.

https://t.co/26pyBtj4ec
10. Griffin, who recently purchased the most expensive home in America, is only in business because of government bailouts.

In 2008 he had massive exposure to AIG and relied on Morgan Stanley for lending. He survived only because they got bailouts

https://t.co/26pyBtj4ec
11. It's a free market until the hedge fund moguls start losing money. Then SOMEONE NEEDS TO DO SOMETHING.

For updates on this story and more accountability journalism, sign up for the newsletter.

https://t.co/TfpCItdVSo
12. Here is Robinhood acting in a way that benefits Griffin its other business partners.

We need to explore why they are doing this.

https://t.co/26pyBtj4ec

https://t.co/ISlZfsXKQ8
13. I'm just a journalist so don't take it from me. Here is a financial expert making the same point.

https://t.co/26pyBtj4ec

https://t.co/LQhcsM8yxS

More from Judd Legum

Judd Legum
Judd Legum
@JuddLegum
1. BREAKING

3 major corporations say they'll stop donating to members of Congress who tried to overturn the election

BlueCross BlueShield (@BCBSAssociation)

Marriott (@MarriottIntl)

@CommerceBank

Follow along for more on these 3 plus 141 other

@MarriottIntl @CommerceBank 2. In the last 3 cycles, the BlueCross BlueShield PAC has donated 959K to GOP candidates and 359K to Dem candidates.

Now, BCBS's CEO says it will "suspend contributions to those lawmakers who voted to undermine our democracy"

https://t.co/r4Z4TjJUCe


@MarriottIntl @CommerceBank 3. @CommerceBank's PAC favors Republicans over Democrats by a 6 to 1 margin. The bank now says it has "suspended all support for officials who have impeded the peaceful transfer of power"

@MarriottIntl released a similar statement to Popular Information.

https://t.co/r4Z4TjJUCe


4. @tesszeeks and I contacted 144 corporations that donated this cycle to Senators who objected to the Electoral College vote

We asked if their support would continue

We got a lot of other responses + a lot of corporations who, so far, are ignoring

5. More details coming in this thread. But if you value this kind of work, please subscribe to our newsletter, Popular Information.

It's free to sign up.

The newsletter, not this Twitter account, is what makes this work possible.
GOVERNMENT
Judd Legum
Judd Legum
@JuddLegum
1. Florida teachers are being told to remove all books from their classroom libraries OR FACE FELONY PROSECUTION

The new policy is based on the premise that teachers are using books to "groom" students or indoctrinate them with leftist ideologies.

2. Officials from the Manatee County School District confirmed the new policy to https://t.co/Gl6evXRDcZ.

The policy was communicated to principals in a meeting last Wednesday.

Teachers are in the process of being informed now.


3. Teachers in Manatee County lamented the news on social media. "My heart is broken for Florida students today as I am forced to pack up my classroom library," one Manatee teacher wrote on Facebook.


4. Another Manatee teacher called the directive "a travesty to education" that interfered with efforts to "connect with books and develop [a] love of lifelong learning."


5. The new policy in Manatee, which is likely to be duplicated across Florida, was issued in response to HB 1467, which was signed into law by DeSantis last March.

That law established that teachers could not be trusted to select books appropriate for their students.
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Judd Legum
Judd Legum
@JuddLegum
1. BREAKING

3 major corporations say they'll suspend donations to the Republican Attorneys General Association, which helped drive participation in last Wed's events

@Facebook

@Lyft

@DoorDash

Follow along for more on these 3 plus 60 other

@lyft @DoorDash 2. University of Phoenix (@UOPX) is taking things a step further.

The for-profit university, which donated $50,400 to RAGA last year, is demanding its money back

"We have asked RAGA to return our contribution to us as soon as

3. @Lyft tells https://t.co/Gl6evXRDcZ that it "not be renewing our membership in RAGA for 2021"

@Facebook says it was "surprised and appalled" by the RAGA's conduct

4. @DoorDash says that "Any individual or organization that encouraged or facilitated this horrific behavior must be held accountable."

All this is a wakeup call for the Republican Attorneys General Association, which has accepted NO RESPONSIBILITY FOR ITS INVOLVEMENT

5. More details coming in this thread. But if you value this kind of work, please subscribe to our newsletter, Popular Information.

It's free to sign up.

The newsletter, not this Twitter account, is what makes this work
GOVERNMENT
Judd Legum
Judd Legum
@JuddLegum
1. Today, 130+ GOP members of Congress will vote to ignore millions of voters and try to install Trump for a second term.

We reviewed thousands of FEC records to find the top corporate donors to this group.

Follow along if interested.

2. Top corporate donors to 138 Republican members of Congress voting to subvert democracy:

@ATT ($2M, 130 members)
@Comcast ($1.7M, 126 members)
@UPS ($1.5M, 121 members)
@Deloitte ($1.3M, 90 members)
@EY_US ($1.2M, 79 members)
@PwC (890K, 71

3. Top corporate donors to 138 Republican members of Congress voting to subvert democracy (con't):

@UnitedHealthGrp (749K, 73 members)
@Delta (710K, 86 members)
@KPMG (693K, 67 members)
@Walmart (679K, 111 members)
@Pfizer (610K, 74

4. Top corporate donors to 138 Republican members of Congress voting to subvert democracy (con't):

@Google (610K, 75 members)
@Amazon (598K, 104 members)
@Microsoft (505K, 83 members)
@Lowes (498K, 69 members)
@BankofAmerica (448K, 51

5. Top corporate donors to 138 Republican members of Congress voting to subvert democracy (con't):

@CapitalOne (375K, 50 members)
@WellsFargo (322K, 55 members)
@AnheuserBusch (302K, 38 members)
@bostonsci (274K, 54
POLITICS
Judd Legum
Judd Legum
@JuddLegum
1. While @RonDeSantisFL was fighting the culture wars, banning CRT and shipping migrants to Martha's Vineyard, he failed to meaningfully address Florida's dysfunctional and collapsing property insurance market

And now things are going to get much

2. Florida's property insurance system was in crisis even though the state had not been struck by a major hurricane since 2018.

Then Hurricane Ian slammed into Florida's west coast, killing at least 74 people and inflicting tens of billions of dollars in property damage.

3. Florida property faces catastrophic risks from weather events that worsen each year due to climate change.

Floridians pay an average of "$4,231 a year per [property insurance] policy, compared to a US average of $1,544."

4. In the last five years, six Florida insurance companies have gone out of business "without responding to a hurricane, and four more are in the process of liquidation."

5. The collapsing market has left many Floridians reliant on the Citizens Property Insurance Corp., a state-run agency that is supposed to be the "insurer of last resort." It now provides property insurance for more than 1 million
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More from Business

a h
a h
@alexharfouche1
#irrationalebullience If you want to understand the nature of this asset bubble and the epic capital mis-allocation at it’s heart, look no further than rates. CB’s only tool to push an uber-levered financial system that is highly interconnected through derivatives
(1/N)

away from it’s natural convergence path towards collapse is to create opposing forces to push it towards divergence. Meaning: force, through financial repression, market participants to rely on price continuation, in a way that makes it self-fulfilling.
(2/N)

The tool used is rates as it is the basis off of which all other financial assets are priced. Today any buyer of $UST across the curve up to 30Y is guaranteed a loss given reals are negative throughout. So the only hope of escaping this GUARANTEED loss
(3/N)

is to angle for capital gains, i.e a continuous move downwards in real rates to push for some capital gains in real terms. The longer the financial repression lasts, the further investors are pushed out the maturity and credit risk curves.
(4/N)

Here are examples to understand what exactly is happening. If an investors buys a 5 Y UST he is guaranteed to lose almost 2% in real terms, so making that up in capital gains is much harder given the v short duration.
(5/N)
BUSINESS
We The Inevitable
We The Inevitable
@WeTheInevitable
Former CEO and future former Chairman of ATT RandaII Stephenson fun facts:
>>was chairman of Boy Scouts of America
>>was mentored by CarIos SIim
>>subsequently promoted to CFO of “southwestern bell company” (former name of ATT)
>>quickly resolved $30B in debt
>>is on CFR
😲


https://t.co/wWjV2t3bVB

And he worked for Bush telecoms ? Damn. This is a jackpot

I’m guessing This expIosion wasn’t just some expIosion

https://t.co/s0i05aaWXt

Silver lake


Silver Lake Senior Leadership

https://t.co/YLaUtP8lQa
BUSINESS
Advertisement
Nick Huber
Nick Huber
@sweatystartup
A THREAD on how most real estate folks structure deals with outside investors.

Most people utilize the "preferred equity" structure when they raise money from outside investors. They "syndicate" deals.

Here's the basics:

The person (or team of people) putting the deal together is the "sponsor". Also called general parter. Referred to on twitter as the GP.

They find the property, do all the work, hire the management company and take fees. They often co-sign debt and always secure the financing.

The investor is generally passive, doing no work and putting in cash. This is the "limited partner". Referred to on twitter as the LP.

They don't co-sign debt. They simply read reports and ask the sponsors questions and cash checks every month (if the deal is going well).

There are two equity classes.

"Preferred equity" belongs to the LPs. Cash talks, so this is a higher class of shares. They are first in the "capital stack" behind the debt (bank loan).

"Common equity" belongs to the sponsor. They are generally last in the capital stack.

Sponsors generally co-invest. That means they hold both equity classes. A 10% co-invest is standard.

That means the GP has skin in the game. His 10% co-invest makes him both an LP and a GP.
BUSINESS , REAL ESTATE
SeekMastery
SeekMastery
@SeekMastery
11 controversial lessons I learned from my father on running a small business.

While these lessons are not the gold standard.
At times I've seen these to be true.

A Thread.⤵️


1. If you're going to run a business start from the bottom and work your way up.

Knowing how everything works from the bottom up is key to managing properly.

Or in his words, no one can bullshit you when you know what it takes..

2. If you want something done right you have to do it yourself.

Obviously you can't do everything yourself. You have to be in charge of following up constantly to make sure it gets done, and done right.

3. Don't buy anything you can't pay for.

Taking out loans is okay if the work is there to pay it back. The last thing you want is for work to slow down and you'll be stuck with a lease bill.

4. There are three stories. Your story, their story, and the truth somewhere in the middle.

When disputes and rumors start going around. Get all parties involved together to narrow down the truth.
BUSINESS
Travis
Travis
@coloradotravis
It's endlessly fascinating how economic datapoints get interpreted.

When I was in charge of a P&L, the guy who ran Finance for us and I had what we called the 'shelf plan.'

There were maybe 3-4 of us who knew it existed.

What's a shelf plan?
1/

Well it's a plan you keep on the shelf (full FP&A model), that you hope you never have to use.

It reduces forward hires, cuts back various line items (typically ad spend, travel, that sort of thing).

Oh, it also has a big fat RIF in there.

That's why we don't talk about it.
2/

Why have a plan instead of winging it?

Because this is where companies (particularly young companies) sometimes err. They do little cuts - 2-3% here and there, preserving as much headcount as they can, that sort of thing.

This is incorrect.
3/

If you're at the point where you need to make material changes to your forward P&L, at 2-3% RIF will be followed by another.

And another.

And this series of progressive cuts will cripple morale, incrementally reducing the productivity of the staff you retain to survive.
4/

And so the shelf plan cuts deep.

Your goal is to go from being a peacetime machine to a wartime machine, so you gotta lean out quick. Can't do that without a plan, hence the need to have one.

~30% cut is what you need.

And then you need to tell everyone left they're safe.
5/
BUSINESS

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THE LAST STAND OF PAVAN KHIND - THE 300 BATTLE OF INDIA

A long🧵that u must read

In desperate times, great men come forth. Those men who are ready to sacrifice all of their lives work for a single cause.

Baji Prabhu Deshpande is one such man.

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Battle was between the Maratha Warrior Baji Prabhu Deshpande and Sidi Masoud of Adil Shahi Sultanate.

In 1660, the Maratha King Shri Chhatrapati Shivaji was trapped in the fort of Panhala, under siege and vastly outnumbered by an Adilshahis army led by Sidi Masoud.

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And while everyone is thinking that finally the Maratha king will be subdued, Shivaji planned to escape to the fort of Vishalgadh. It was administered by a Maratha chieftain named Range Narayan Orpe under Shivaji.

3/25

For months the siege warfare continued as Shivaji made sure that the food source of the Besieging army drops down, due to which they will initiate a general assault on the castle.

4/25

Shivaji, Baji Prabhu, and around 600 of their best troops, hardened mountaineers of the Maval region, would dash through the Adilshahis force at night.

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Patrick Byrne
Patrick Byrne
@PatrickByrne
READ AND RETWEET AS THOUGH THE LIFE OF YOUR NATION DEPENDS ON IT. WHICH IT DOES. Citizens, I am going to add to the picture with more information. I am not going to let this pass while keeping information to myself. I am going to walk you through 2 narratives.

A printing shop in Michigan prints ballots for Delaware County, Pennsylvania and as Lancashire County, Pennsylvania (this is normal). But along with the ballots it prints on contract and delivers to those counties, it prints some ballots that get diverted to Bethpage, New York.

There, a boiler room of folks fill in "Biden" (often without even voting downballot). The ballots (which are forensically legitimate, given that they come from the same print shop as the good ballots, ) then get trucked into Pennsylvania and mailed. Hundreds of thousands.

We have all of that documented. Texts, statements, affidavits, everything.

We also know that this same ballot printing company (and other firms in the same family) also print for Michigan, Wisconsin, Arizona, and Georgia.
POLITICS , LEGAL
Anu Satheesh \U0001f1ee\U0001f1f3
Anu Satheesh 🇮🇳...
@AnuSatheesh5
Chennimalai Murugan Kovil
#Erode
#TamilNaduTemples 🚩

Chennimalai Murugan Temple is located  near Perunthurai in Erode District. Murugan is worshipped here as Dandayudapani. Temple is situated on the banks of Noyyal river also called Kanchima Nadhi. Temple is situated in a hill


Sthala Puranam says that, there lived a Landlord who had many cows in his farm. One among them was a Black Cow, which didn't give milk. Land lord observed that evening time, when all the cows came back after grazing, this cow used to go to a particular spot and gave all  the milk


by itself. He decided to dig the spot where the cow gave its milk

On digging a beautiful Vigraham of Murugan was found, but lower portion was very rough. So he called a great sculptor to soften it. Everyone was shocked to see that on the first chisel the vigraham bleeded.


Land lord realized that Murugan wanted the Vigraham the way it was.

Thus Prathishta was done on Chennimalai hill. It is believed that Sivalaya Chola got relieved from his Brahmahatti Dosha here. Kanda Shasti Kavacham was first offered here.

Muruganukku Haro Hara
🙏🕉🙏
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Anshul Pandey
Anshul Pandey
@Anshulspiritual
IMPORTANCE AND CHARACTERISTICS OF GARUDA PURAN.

On the request of Garud, Bhagwan Vishnu, the rider of Garud, described this Puran based in Taksharya Kalp. It has ninteen thousand shlokas.
This book begins with a question and goes on to describe the Shrishti.


Then it describes the Surya puja vidhi, Diksha, Shradha, Nav vyuh puja, Vishnu sahastra naam kirtan and dhyan, Yog, Mrityunjay puja,Mala mantra, Shivarcha, Gopal puja, Trailikya mohan Shridhar puja, Vishnuarcha, Devpuja, Sandhya, Pancham tattva, Durga and Chakra Archana,

Maheshwar puja, Pavitra ropan puja, Murti dhyan, Vaastu maan, Prasaad, Sarvdev pratishtha, Ashtaang Yog, Daan dharm, Prayaschit, Narak description, Chakravyuh, Jyotish, Samudra shastra, Swar gyan, Tirth, Importance of Gaya, Different Manvantars, Pittra's, Varna dharma,

Dravya shudhhi, Samarpan, Vinayak puja, Grah yagya, Ashram, Shouch, Pret shudhi, Niti Shashtra, Vrat katha, Som and Surya vansh, Hari vansh, Bharat akhyan, Ayurveda, Medicine in Ayurveda, Rog nashak kavach, Garud Kavach, Traipur mantra, Prashna, difficulties in vyakaran,

Chhand shastra, Discipline, Snan Vidhi Tarpan, Bali Vaishvadev, Pavarna Karma, Sapindan, Dharmasar, Repentence of sins, Prati sankraman, Karmafal, Yug dharm, Vishnu bhakti, Method of Namaskaar to Hari, Narsingh strotras, Gyanamrit, Vishnuarchan strotras, Principles of Sankhya,
RELIGION