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I dunno who gets a loan for $2.55 billion without showing sizable assets... somewhere, but the fact that the money is in separate accounts reminds me of a story
by bmelton 8y ago
I dunno who gets a loan for $2.55 billion without showing sizable assets... somewhere, but the fact that the money is in separate accounts reminds me of a story.
There was a car-maker (I wish I could remember who -- I want to say Audi, but that feels wrong) who was trying to get their car entered into a race. The requirements for the race was that the car had to be a production car, and of course there's wasn't, so they made just enough (I think it was 50) to get classified as production.
Well, they didn't meet the production quota, and when the inspectors came by to check, they showed them the 30 or so cars they had made, but told them the other cars were at a different lot. "Let's go there now, only maybe we'll stop off for lunch on the way," while every employee they had was tasked with moving one of the 30 cars to the second lot so that when the inspectors arrivd, the first 30 + the second 30 was definitely greater than 60.
Edit: If anyone remembers the story better, I'd love a refresher on it. I can't remember where I heard it from, but it was probably either a Netflix documentary or The Grand Tour on Amazon.
- akcreek 8y agoI don't know that story, but it reminds me of one I heard about Theranos where they would demo their technology for investors, partners, etc. Supposedly they would take the blood sample then say let's tour the facility, meet Elizabeth, etc. while the machine does it's work... the rest of the story is the same as yours.
- thereisnospork 8y agoIts Lancia you are thinking of: https://www.facebook.com/thegrandtour/videos/732926230239254/ https://www.facebook.com/thegrandtour/videos/732926230239254...
- bmelton 8y agoIndeed it is. I can't thank you enough!
- Theodores 8y agohttps://historicdb.fia.com/sites/default/files/car_attachment/1486729201/homologation_form_number_276_group_b.pdf https://historicdb.fia.com/sites/default/files/car_attachmen... There is the paperwork for you from the FIA database. If you like your cars then you could be there for a while. https://historicdb.fia.com/ https://historicdb.fia.com/
- JumpCrisscross 8y ago> I dunno who gets a loan for $2.55 billion without showing sizable assets Exchanges repurposing customer deposits.
- sanxiyn 8y agoI do think customer deposits is the most likely explanation, but it does not necessarily mean Tether is insolvent. My leading hypothesis is that all Bitfinex deposits are on Tether's accounts and Bitfinex holds Tethers for those deposits. If my hypothesis is true, Tether wouldn't be a fraud, although its legality is in question.
- londons_explore 8y agoThis was their way around US banking regulations right? Rather than holding dollars for you, they instead sell you tethers. Now they aren't holding client money's, but instead valueless tokens with a 'promise' to maybe redeem them for dollars later.