Debullshitifying Uber's financial statement reveals a hemorrhaging fountain of red ink with no path to profitability

Uber trumpeted its Q4/2017 financial statements as evidence of the company's progress towards CEO Dara Khosrowshahi's goal of profitability and IPO by 2019; the company argued that despite losing $4.5 billion in 2017, its cust-cutting in the final quarter of the year was proof that they would eventually go from losing money on each ride to actually earning money. Read the rest

Wells Fargo admits it ripped off its customers, creates low-response-rate opt-in system for its victims to get paid back

Wells Fargo has admitted wrongdoing in defrauding 110,000 mortgage borrowers, and to make good on it, they're sending out letters that look like junk-mail, containing a form that customers have to fill in to confirm that they want their stolen money back; if Wells doesn't get a reply, it will assume that those customers are donating their settlements back to the bank's shareholders. Read the rest

Don't use Venmo for merchant transactions, example 1,001

If you have something to sell, and a buyer asks to pay using Venmo, you could lose both your money and your item. Jennifer Khordi is one of many who got scammed and wants to help others avoid her fate. Read the rest

Cryptocurrency-mining malware spotted on more than 4200 sites including UK, US, and Australian government sites

Security researcher Scott Helme has spotted a third-party exploit that injects a script that mines cryptocurrency on over 4,200 sites, from the UK NHS to the US Courts' official site to the sites of other esteemed security researchers. Read the rest

Wells Fargo's punishment for fake account scandal: no more growth until Fed is "satisfied"

The Federal Reserve has concluded its investigation into Wells Fargo's decades' long practice of pressuring employees to open fraudulent accounts in the names of its customers to inflate its quarterly figures and rack up service charges. Read the rest

Dow plunges 600 points, worst day for stocks in 2 years

Stock indexes plunged on Friday, with the Dow Jones industrial average falling by more than 600 points mid-day.

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The Financial Times's 404 page is an ingenious, hilarious introduction to major concepts in economic theory

If you hit a dead link on the Financial Times' website, you get a 404 page that offers a series of funny possible explanations for the page's nonexistence, each corresponding to a different economic theory (like "monetarism," the "efficient markets hypothesis" and "trickle-down"), and many are linked to articles from the FT's archives that delve into the concept. Read the rest

California's lax usury laws means out-of-state loan sharks are charging desperate Californians 183% APRs

California regulates payday loans (good thing, since Trump's about to kill the federal rules preventing payday loansharking), but not "installment loans" of $2,500 to $5,000 and that means that out-of-state lenders are able to target desperate Californians; they're getting seven-year loans of $5,000 that cost $42,000 to repay. Read the rest

To keep their bond-ratings, hedge-funds have to publicly demonstrate that they are the most ruthless of landlords

After the subprime crisis, vulture funds swept into the hardest-hit areas and bought thousands of foreclosed-upon homes at firesale prices and floated bonds based on the expected returns from the rents they'd be able to charge in an America with the lowest levels of home-ownership in modern history. Read the rest

Just look at this banana-futures-speculation cryptocurrency

Just look at it. Read the rest

Trump's "consumer protection bureau" will let the $50B payday lending industry gouge the poorest Americans with triple-digit interest rates

The Consumer Financial Protection Bureau, founded by Elizabeth Warren prior to her career as a senator, was once the gem of the US political system, a consistently effective force for punishing finance industry wrongdoing, until Trump let Wall Street robber barons loose on it, under the direction of a lawyer who represented loan sharks before going to work for the Trump administration. Read the rest

Trump waives criminal punishments for convicted banks, including Deutsche Bank, to whom he owes $130,000,000-$300,000,000

The Trump Administration just published a small notice in the Federal Register announcing that it would waive the outstanding criminal sanctions against some of the world's largest banks, Citigroup, JPMorgan, Barclays, UBS and Deutsche Bank. Read the rest

All that stuff that was "killed by the net"? The real culprit was hedge funds

The web blew up at the same time as the Reagan/Clinton/Bush financial bombs were detonating, leading to a huge private equity bubble in which super-wealthy Americans used debt financing and other forms of financial engineering to buy out successful companies, then hollowed them out, selling off their real-estate and plant, loading them up with debt, and raiding their reserve funds. Read the rest

Wells Fargo CEO promises to spend not one cent of the GOP tax gift on investment or wages

Wells Fargo CEO Tim Sloan -- who inherited the most scandal-haunted bank of them all this year -- reassured his investors in a CNN Money interview that not one dime of the tax savings the GOP will deliver to his company will be reinvested or used to increase wages: instead, it will all go to buy-backs and dividends. Read the rest

Americans have no savings, with good reason: housing, education and health care costs are out of control, wages are stagnant, and the Fed has suppressed interest rates

The American savings crisis is a time-bomb, as multiple generations hurtle toward retirement with effectively no savings, and experts are now saying that having $1 million in the bank on retirement day isn't enough. Future generations will either have to let their parents starve or compromise their own ability to produce the next generation while caring for the previous one (this is the crisis underway in China and Japan right now). Read the rest

How much energy does Bitcoin consume, and can it improve?

After Digiconomist's analysis of the total energy consumption of the Bitcoin transactions on the blockchain went viral, Timothy Lee at Ars Technica provides a much-needed reality check in the form of some technical detail and nuance about what that energy consumption means, and where it might go. Read the rest

Jeremy Corbyn to Morgan Stanley: you're goddamned right we're a threat to you

This week, global finance criminals Morgan Stanley published a report warning investors that a victory for Jeremy Corbyn and the Labour Party would be worse for its fortunes than even the most shambolic, bungled Brexit (which the Tories are on track to deliver). Read the rest

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