Planet Ponzi

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Get elected to something. Nancy Pelosi got elected to Speaker of the House of Representatives. Nice move.

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Carpoff, Miranda learned, was in fact a collector of vintage gas-guzzlers. His showpieces included a Dodge Charger painted like The Dukes of Hazzard ’s General Lee and a 1978 Trans Am once owned by Burt Reynolds, a replica of the one the actor had driven in Smokey and the Bandit. Mitch Feierstein 1977 reaches out across the pond!". Hamden Hall Country Day School. 21 September 2011 . Retrieved 24 November 2014. Artists peddling their work as NFTs may or may not care about this brutal calculus. But it makes particular nonsense of art that claims to spur the viewer to some kind of ecological consciousness. Consider, for example, John Gerrard’s recent announcement of an NFT for his video piece Western Flag – according to Gerrard an artwork that, in “flying the flag of our own self-destruction”, asks us “to consider our role in the warming of the planet and simultaneous desertification of once fertile lands”. By choosing to release a Western Flag NFT, though, it’s as if Gerrard and his gallerists have scrawled this statement across the land in letters of crude oil a mile from tip to tip, and then set them on fire … a thousand times over. We are now partners of the United States,” Dan Briggs, an executive with DC Solar’s charitable arm, who’d once run for a Nevada-state-assembly seat, boasted in an interview for a company holiday video. “We are recognized by the top people in government as being a go-to operator to help them get things done.Mitchell B. Feierstein is a British-American investor, banker and writer. He has worked as a columnist for the Daily Mail and works as a columnist for The Independent and the Huffington Post. Feierstein appears regularly as a financial commentator on SKY, BBC and RT’s Keiser Report. In 2012 he published his first book, Planet Ponzi, which gives his perspective of the global credit crisis. The financial system will never be trustworthy as long as any institution is 'Too Big To Fail” Heads I win, tails you bail me out: that's not capitalism, it's extortion. ”

Ponzi Scheme That Hooked Wall Street The Billion-Dollar Ponzi Scheme That Hooked Wall Street

Most people in Silicon Valley have likely never heard of Martinez, even those who speed past it on I-680 en route to Lake Tahoe. But the world’s tech capital is just an hour’s drive to the south, and the myth of it, even closer: In every Bay Area garage is a tinkerer, and behind every tinkerer’s billion-dollar idea are the discerning investors who get in first, for pennies. On Tuesday, December 18, 2018 , some 175 federal agents, supervised by the FBI’s Sacramento office, began streaming in unmarked cars toward Benicia and Martinez. Joining the bureau were agents with IRS Criminal Investigation and the U.S. Marshals Service. Carpoff’s machine—a solar generator on wheels—was a sun-fueled alternative. He called it the Solar Eclipse. The design was so simple that it was a wonder no one seemed to have thought of it before. Caffrey angrily quit, but Carpoff had bigger problems: Almost no one, it turned out, had any real use for his generators.

Anderson, Bruce (22 June 2013). "When an economist turns into a winemaker". The Spectator . Retrieved 28 January 2014. When … the bankers come in,” Carpoff explained to a visitor, in a conversation captured by Steve Beal, DC Solar’s videographer, “they see this, and it’s automatically a great first impression.” It was a damning allegation, but audit reports are confidential, leaving other investors in the dark. From the November 2015 issue: James Fallows on Al Gore’s green-technology investment strategy and the fight against climate change The title of his first patent application just about summed it up: “Trailer With Solar Panels.” Not even Carpoff was sure it made any sense.

Planet Ponzi by Mitch Feierstein | Goodreads

It’s all insane. And not just insane – it’s wrong. Ethically, financially, and socially wrong. Much of it is also, in my opinion, illegal and should be punished by long terms in jail. Valley National Bank and Progressive Insurance did not respond to requests for comment. A U.S. Bank spokesperson told me, “While we conduct due diligence and review the business plans of companies we invest in, it’s not possible to know how individuals operating these companies will act in future periods.” Messages left for Gary Knapp, the financial modeler—and his son Nicholas Knapp, who would become one of DC Solar’s most prolific outside brokers—were not returned.)

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When Carpoff got to the lectern, he assessed himself differently. “I’m kind of entrepreneur,” he joked. “More manure than entre.” Feierstein stood as a Brexit Party candidate in the 2019 UK General Election for the Reading East constituency. They came 5th with 1.5% of the vote. [ citation needed] Early life and education [ edit ] At DC Solar’s 2017 holiday party, an executive named Mark Hughes lionized Carpoff as an epoch-making inventor. “The Thomas Edison of the West Coast,” Hughes said from the ballroom stage.

Mitch Feierstein | Substack

Carpoff’s invention could help the entertainment industry “lead the world in making ‘sustainable’ the standard,” declared the actor Hart Bochner, who promoted the devices. (Bochner is best known for playing a coked-up businessman in Die Hard. ) They were the perfect replacement for the diesel generators that powered on-location trailers for actors and makeup artists. The base camps of a few major movies— Inception (starring Leonardo DiCaprio), Valentine’s Day (Julia Roberts), Bad Words (Jason Bateman)—were willing to give them a shot. DiCaprio, an environmentalist, posted photos on Facebook. The Carpoffs were cornered. Stripped of wealth—and of their lieutenants’ loyalty— they pleaded guilty on January 24, 2020: Carpoff to money laundering and conspiracy to commit wire fraud, Paulette to money laundering and conspiracy to commit an offense against the United States. (The Carpoffs declined multiple interview requests for this story.) The plan had many of the hallmarks of a classic Ponzi scheme, but with a twist. DC Solar wouldn’t just defraud new buyers to pay earlier ones. By holding itself out as a legitimate solar company, it would give all of them—new and old—cover to drain millions of dollars of tax credits from the U.S. Treasury. The American taxpayer, that is, would subsidize the scam.

In many ways this is a pretty scary book. For those of us not involved in high finance, the combination of jargon and the size of the numbers involved is difficult to grasp. Fernstein tries to simplify things, but the size of the financial tsunami created is like trying to conceptualise the distance between the planets and stars. We know it’s big, but what does it really mean for us? Fernstein is relentless in his pessimism when he looks to the future (despite his continual protesting that he is actually an optimist). Think you’ve got a fairly safe private pension coming? Think again. Think your ISA’s, ETF’s, PEP’s and cash deposits are safe? Think again. But at least you’ve the equity in your home? Think again. Okay, but I’m welfare dependant and will be looked after by the State? In which case you need to really, really think again. Buy tins of catfood now while you can still afford to, because that’s what you’ll be eating on the State pension in the future.