I started watching Survivor again during the pandemic to see how this war horse would handle a pandemic and the demand for more diversity on the cast. They made many changes to the time frame played, shortening it, to the way the game was played with varying immunity challenges and the ideas to form bonds across tribal lines while maintaining the original core of the game, the million dollar winner. It is always almost always White Men. And this season despite being the most interesting of diverse casts and the ability to literally cast away most of the White Men and the two Black Men whose alliance was the target versus them (which frankly is a departure) ultimately the sole Survivor was who? The sole White Man who did nothing to add to the tribe but be a manipulator who claimed he was hiding in plain sight. What a tool and it was that ability to be such a fucking white man that a Jury of largely who? White folks rewarded him with the million. And with that denied the most interesting of players who are of color and one a woman nothing. Typical so for the future I am out. I cannot think of another reason to watch white men win shit for largely just being white.
And with that it brings me to another White Man, the Crypto King, Sam Bankman-Fried. The moppy hair flop top of cargo shorts, dirty tee shirts and sneakers that looked like he just rolled out of bed from a hard night of frat boy partying is now in the slammer. He is the token of late but he will be joining the sole Female of that, the Theranos Queen and her former boyfriend, Sunni. Well that is some survivor diversity right there! Naturally they are missing a wider cast, the Uber asshole, the We Work Shyster and some others who have committed equal levels of duplicity if not fraud in building the bullshit that defines the Silicon Valley hubris. There are other players in the game, equally diverse but now crime free. The Robinhood Partners, who are first generation Americans, so they did not get the memo about how Meritocracy was a myth. Then we have the SPAC founder who flew off on his private plane and left investors on the runway.
In profiles of both SBF and Chamath Palihapitiya, there is a consistent narrative – fake it, make it and cash out. SBF had not been smart enough and instead went Madoff. As the Times points out:
Michael Klausner, a professor at Stanford Law School, has written about the difference between those who back SPACs, like Mr. Palihapitiya, and investors who buy their shares after the listing. A backer can put in a small amount of money but still gets 20 percent of the shares, essentially for free. Ordinary investors don’t get the same terms.
“Sponsors make a killing, and public shareholders take a bath,” Mr. Klausner said.
These people are no different than the Gold Rush speculators of a 100 years ago, the Railroad or Steel Magnates of their day. Some make it big, a killing perhaps is the expression and with that some are left dead in the wake. 1929 brought a lot of suicides to the windows and not much has changed as the recent suicide of Bed Bath and Beyond CEO is one not lost. The push to satisfy the insatiable greed of Wall Street, of Venture Capitalists and of course the rank and file investors who believe the hype can take a toll on anyone. I always look at Jack Welch the true benchmark of what the modern day CEO has become, the slash and burn type who has little to worry about as their golden parachute can land them safely in their Bahamian mansion. They may wear a different uniform, aka, costumes to plead their case or manipulate the media, but they have a similar mein – win and win big fuck everyone else.
Think about your 401K or even a pension fund, they are run by these same type whose primary concern is their fees and there push to make more for you is in reality a way to make more for them. They make money regardless of if you win or more importantly lose, and the recent hits on the market have dramatically affected many a net worth when it comes to retirement savings. I recall an exchange where a moron informed me that my investments, largely outside the provenance of 401K (although I have one for tax purposes) was a waste and rip off. Yeah okay so tell me now what?
I meet many people who are looking for that ground up, the early Apple investor, the Amazon shareholder and I laugh. Really the only way is to possibly fuck them or a family member to get that foot in the door. Look at the walking idiot Elon Musk, I am sure that his largest contribution to his initial holdings in PayPal was holding the actual creators dicks while they were coding the platform. They fired him. Hey his check cleared so what more do you need? Do people still use PayPal? I sure as fuck don’t unless forced to. And I don’t keep my credit or banking info on the site once done. Same with Venmo (who owns it? PayPal) and the rest, as they are ripe for fraud and are often used for criminal activities, like Crypto only more legitimate but not bound to banking laws. But all of them are largely children of privilege and with that access and availability to con, scam and manipulate people out of money. Just like Survivor.
SBF family are very much a part of the Cypto King’s persona and rise into the social conscience, whoops I mean media, of our lives. They are prominent well established Professors at where? Stanford. That has to be the place where all good people go to become criminals, right Elizabeth Holmes. The earlier prototypes were Harvard but now West Coast baby! After “dropping out” they in turn talk a game and with that find again those rich white men who can write a check without blinking an eye, but that is not the real mark. The real marks are real people who want to be the first, on the ground floor and say “I was there from day one” And then promptly if wise cash out and head to a legitimate financial industry to handle the cash. Well on paper right? But the Crypto King was a family affair, aside from his Parents, his Brother was employed and of course the cult of followers was a Girlfriend who ran the other business that he used to double dip. Ick that vision takes on a nasty turn but given the speed and manner of how quickly the FBI and SEC are charging this doofus means someone on the inside is spilling. Remember that it was George Schultz’s own Grandson who tattled on Theranos. I suspect no fury hath a woman scorned. But his parents for now are not being charged but given what I have read they are either Erika Jayne who never knew of husband Tom Gerardi’s dealings or did sorta kinda know but hey those diamond earrings are super nice, thanks honey! Yeah a mansion is a great place to hide those tears.
And that brings me to the next layer – celebrity and politics. Now CBF was openly buying Democratic support but he was using Dark Money to fund Republicans for equity and parity I am sure! He used Celebrity endorsements, large Philanthropic efforts (another who did this – Jeffrey Epstein) and of course the media both mainstream and social in which to draw the masses. And yet for all its modernity it was just old school embezzlement. It is all a reality program just without the dirt and lack of sleep and food and whoever wins the payoff is the ultimate Survivor.
But we are not even players in the game and if we are we are the early ones booted off for varying reasons, none of which make sense as no one knows each other so whichever white man can convince, con or lie his way into the graces of his tribe mates, aka strangers on a plane, they kick to the curb the one the perceive as a threat. In the case of many these high flying fuckwits are Libertarians and they are against Government regulation like Republicans but they think of themselves as less Conservative and Political. For the record Rand Paul and his father Ron who served in the House are “Libertarian” and Paul Ryan considered himself a devotee of the movement after reading the Queen of the concept, Ayn Rand. Yes, folks policy and economics all delved from a poorly written book of fiction.
To the costumes akin to attending a sporting event to know which team you are for, they play the same with the buff on Survivor. In white collar world it is a suit and tie and in Silicon Valley it was the Black Turtleneck replaced by a hoodie. We all wear some type of body armor in which to identify and belong. We are conformists and followers which means we are sheep and easily lead. For those who don’t walk that path they are ostracized, demonized and vilified. They are the true renegades and often better leaders, creators and yes folks better citizens, but they pay it at a price. They are often invisible and in turn not ones whom others seek and that may be a benefit. But the world is full of outliers and with that they don’t win the spoils. The recent fraud of FTX follows a long line of Ponzi schemers, Bernie Madoff who died in Prison was one. Enron sent at least one to prison, Jeffrey Skilling and he was released in 2019. The Enron Scandal was described as The Smartest Guys in the Room. No wonder my new Manta is: I don’t know, I’m not very bright.
This is just one of many both past and present and there will be more in this world of winner takes all Capitalism. We love money just slightly more than we love guns. But mostly we love rich white guys as we are sure they earned it the hard way, by their bootstraps. Yes made by poor children in Asia. They fall apart easily both the bootstraps and the children so they are quickly and easily replaced. Fast food, fast fashion, fast money.
**ETA: The Stock Market is bullish on the Bulls and with that this announcement may change how many access and understand the market:
FROM CNN:
Wall Street’s top cop has voted in favor of major changes to the way millions of everyday investors buy and sell stocks.
The Securities and Exchange Commission Wednesday proposed a rule that it says would add competition to an unseen — but potentially costly — part of the stock trading system for retail investors. The changes won’t be implemented just yet — a vote in the spring could finalize the rules. But the agency is majority controlled by Democrats and the proposal is expected to be adopted next year.
Today, when you buy or sell a stock on an app, the trade appears to be instantaneous. But beneath that simple buy/sell action is a complex web of Wall Street players exploiting tiny differences in price to rake in huge amounts of cash.
When you tap buy or sell, the broker, such as Robinhood or E*Trade, takes your order to a firm known as a wholesaler or market maker — middlemen firms that are supposed to get you the best price. Wholesalers pay the brokers for the privilege of executing the trades.
That process is known as “payment for order flow.” To support free trading, brokers typically make pennies from wholesalers off each transaction — but those pennies add up, accounting for the bulk of brokerages’ revenues. The SEC said the six largest wholesalers collectively paid retail brokers $235 million in payment for order flow for stock orders in the first quarter of 2022.
Payment for order flow has come under intense scrutiny by regulators following the fallout from the January 2021 run-up in meme stocks like GameStop. The SEC notes that wholesalers typically execute trades “without providing any opportunity for other market participants to compete to provide a better price.”
The SEC’s proposed changes would add more competition at the middleman level to ensure retail investors are actually getting the best prices. Orders would be routed into auctions where trading firms would have to compete to execute them.
SEC Chair Gary Gensler has been a longtime critic of the way the current payment for order flow market operates, arguing that it lacks transparency and competition to the detriment of investors.
Gensler and other critics of the process say the brokers and market makers have conflicts of interest, and that payment for order flow hurts everyday investors while amassing huge wealth for Wall Street firms.
“Today’s markets are not as fair and competitive as possible for individual investors — everyday retail investors,” Gensler said. “This is in part because there isn’t a level playing field among different parts of the market: wholesalers, dark pools, and lit exchanges.”
Gensler noted that everyday folks don’t have the same benefits as larger, deeper-pocketed investors who are often able to execute orders at the best price possible.
“The markets have become increasingly hidden from view, especially for individual investors,” Gensler said. “Thus, today’s proposal is designed to bring greater competition in the marketplace for retail market orders.”