4 ms·

Not a lot of frauds and charlatans got their repercussions in 2008-09. I, for one, would like to see all these “financial influencers” get heavily punished. Th

by spaceman_2020 4y ago

Not a lot of frauds and charlatans got their repercussions in 2008-09. I, for one, would like to see all these “financial influencers” get heavily punished. The amount of scams and rugs and market manipulation they all pulled off in 2020-21 was unreal.

ceejayoz 4y ago
They're working on it; some high-profile ones last month: https://www.npr.org/2023/03/22/1165477713/lindsay-lohan-jake-paul-sec-crypto https://www.npr.org/2023/03/22/1165477713/lindsay-lohan-jake...
- fghsqwads 4y ago
  D-list celebs who promote shit on Instagram without pointing out they're being paid. Somehow, I'm supposed to view this as markedly worse than Tom Brady, Larry David, etc. doing the same thing in a commercial.
  - ceejayoz 4y ago
    Why would you not see them as markedly different? Commercials don't require disclosure because everyone knows they're a commercial. The same is not true for influencers' Instagram posts. Sometimes the scripting is ham-handed enough to be obvious, but hardly always.
    - fghsqwads 4y ago
      The outcome is the same, people buying something they may not have otherwise. Also, the fact that viewers know something is an ad doesn't change the fact that they view it as a celebrity endorsement.
      - ceejayoz 4y ago
        > The outcome is the same, people buying something they may not have otherwise. The outcome is the same between murder and a self-defense homicide, too. > Also, the fact that viewers know something is an ad doesn't change the fact that they view it as a celebrity endorsement. That's on them, though. They have the information, it's up to them to act on it.
- spaceman_2020 4y ago
  > Six of the celebrities — excluding Soulja Boy (whose legal name is DeAndre Cortez Way) and Mahone — have agreed to pay a total of more than $400,000 to settle the charges without admitting or denying the SEC's findings $400k isn't nearly enough to deter anyone in the future. That's a month's income for some of them. If you could make $1M and pay just a month of your income if caught as fine, would you do it?
rsynnott 4y ago
It lead to the collapse of a _lot_ of fraudulent schemes, though most were fairly small in the scheme of things; Madoff was probably the most prominent big one.
steveBK123 4y ago
Depends on how broadly you define frauds/charlatans. Sure no one really went to jail for managing their banks risk poorly. But literal actual frauds - ponzis, etc.. some high profile cases you may have memory holed. Madoff, Allen Stanford, and dozens of smaller ones that popped up week to week as the market went down. Plus all the insider trading cases that shut down SAC for a while and put a bunch of PMs in jail or to negative net worth.
- steveBK123 4y ago
  You can also probably connect the dots to the LIBOR scandal breaking as well. That one of course I think the wrong people went to jail (the guys at the bottom dumb enough to put the deeds in writing vs the guys ordering it & supervising) & it was less criminal than unethical / immoral / etc.
- steveBK123 4y ago
  Quite a good number of 100Millions - Billion(s) scale ponzis taken out & put in jail during GFC. 15 years ago, that used to be a lot of money! https://en.m.wikipedia.org/wiki/Scott_W._Rothstein https://en.m.wikipedia.org/wiki/Scott_W._Rothstein https://en.m.wikipedia.org/wiki/Tom_Petters https://en.m.wikipedia.org/wiki/Tom_Petters https://en.m.wikipedia.org/wiki/Laura_Pendergest-Holt https://en.m.wikipedia.org/wiki/Laura_Pendergest-Holt https://en.m.wikipedia.org/wiki/Saradha_Group_financial_scandal https://en.m.wikipedia.org/wiki/Saradha_Group_financial_scan... https://en.m.wikipedia.org/wiki/Gary_Sorenson https://en.m.wikipedia.org/wiki/Gary_Sorenson

ceejayoz 4y ago

They're working on it; some high-profile ones last month: https://www.npr.org/2023/03/22/1165477713/lindsay-lohan-jake-paul-sec-crypto https://www.npr.org/2023/03/22/1165477713/lindsay-lohan-jake...

fghsqwads 4y ago
D-list celebs who promote shit on Instagram without pointing out they're being paid. Somehow, I'm supposed to view this as markedly worse than Tom Brady, Larry David, etc. doing the same thing in a commercial.
- ceejayoz 4y ago
  Why would you not see them as markedly different? Commercials don't require disclosure because everyone knows they're a commercial. The same is not true for influencers' Instagram posts. Sometimes the scripting is ham-handed enough to be obvious, but hardly always.
  - fghsqwads 4y ago
    The outcome is the same, people buying something they may not have otherwise. Also, the fact that viewers know something is an ad doesn't change the fact that they view it as a celebrity endorsement.
    - ceejayoz 4y ago
      > The outcome is the same, people buying something they may not have otherwise. The outcome is the same between murder and a self-defense homicide, too. > Also, the fact that viewers know something is an ad doesn't change the fact that they view it as a celebrity endorsement. That's on them, though. They have the information, it's up to them to act on it.
spaceman_2020 4y ago
> Six of the celebrities — excluding Soulja Boy (whose legal name is DeAndre Cortez Way) and Mahone — have agreed to pay a total of more than $400,000 to settle the charges without admitting or denying the SEC's findings $400k isn't nearly enough to deter anyone in the future. That's a month's income for some of them. If you could make $1M and pay just a month of your income if caught as fine, would you do it?

rsynnott 4y ago

It lead to the collapse of a _lot_ of fraudulent schemes, though most were fairly small in the scheme of things; Madoff was probably the most prominent big one.

steveBK123 4y ago

Depends on how broadly you define frauds/charlatans. Sure no one really went to jail for managing their banks risk poorly. But literal actual frauds - ponzis, etc.. some high profile cases you may have memory holed. Madoff, Allen Stanford, and dozens of smaller ones that popped up week to week as the market went down. Plus all the insider trading cases that shut down SAC for a while and put a bunch of PMs in jail or to negative net worth.

steveBK123 4y ago
You can also probably connect the dots to the LIBOR scandal breaking as well. That one of course I think the wrong people went to jail (the guys at the bottom dumb enough to put the deeds in writing vs the guys ordering it & supervising) & it was less criminal than unethical / immoral / etc.
steveBK123 4y ago
Quite a good number of 100Millions - Billion(s) scale ponzis taken out & put in jail during GFC. 15 years ago, that used to be a lot of money! https://en.m.wikipedia.org/wiki/Scott_W._Rothstein https://en.m.wikipedia.org/wiki/Scott_W._Rothstein https://en.m.wikipedia.org/wiki/Tom_Petters https://en.m.wikipedia.org/wiki/Tom_Petters https://en.m.wikipedia.org/wiki/Laura_Pendergest-Holt https://en.m.wikipedia.org/wiki/Laura_Pendergest-Holt https://en.m.wikipedia.org/wiki/Saradha_Group_financial_scandal https://en.m.wikipedia.org/wiki/Saradha_Group_financial_scan... https://en.m.wikipedia.org/wiki/Gary_Sorenson https://en.m.wikipedia.org/wiki/Gary_Sorenson