Apple will end up paying that $14B to the US treasury, and likely more, as part of a repatriation deal.
I saw a comment on an article about the cryptocurrencies collapsing quoting Warren Buffetts famous “when there’s blood on the streets it’s time to buy” mantra. The irony of quoting Warren Buffett on an article about something that is the complete antithesis of his investment philosophy was lost on everyone sadly. Warrens other famous mantra of “it’s only when the tide goes out that you see who’s been swimming naked” would have been much more apt
Equifax, one of the largest Credit Rating companies in the US , announced yesterday that they had the details of 143m people stolen in hack last month. The company discovered the hack on July 28th. On August 3rd 3 senior executives sold a large amount of their shares in the company.
Their response to the hack has been comically bad. They are probably finished as a company.
They’ll see jail for that the clowns. How’d they think they’d get away with it?
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Equifax said it had set up a website - www.equifaxsecurity2017.com - through which consumers can check if their data has been caught up in the breach. Many people trying to visit the site reported via social media that they had problems reaching it and that security software flagged it as potentially dangerous.
That’s class
They also ask you to give them your social security number so they can check if they lost your SSN in the breach 
S&P downgrades China’s credit rating.
Aaaaand?
Time will tell I suppose. Beijing says economic expansion is fine and no worries with debt, Moody’s and S&P say credit risk is rising. In fairness the rating agencies missed the last financial collapse so maybe they are being ultra cautious here, as in 2011 when they downgraded the US.
In terms of the external rating agencies I use my order of preference is:
- Moody’s;
- Fitch;
- S&P.
What’s yours?
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Depends what bond I’m trying to sell
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I get it.
#BusinessBantz
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Tesla Inc reeks.
Missed their target of producing 5,000 vehicles a week by December and have pushed it back to early next year instead.
By contrast a company like Ford would clear 5,000 cars in a day no problem and actually makes money on selling them. Whereas Tesla currently lose like $13,000 on every car sold.
Ford is currently valued @ $43.5bn with expected sales of $143bn and $7bn of earnings.
Tesla is valued @ $53.5bn, with expected sales of $11.87bn and expected losses of $1.8bn!!!
Now Ford sales have been declining. But the amount of cars Tesla need to make (and sell) to come anywhere close to their valuation is phenomenal, and considering they can’t get to 5,000 cars a week 
. They’ll be a long long time getting there, if they ever do.
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It’s been a good run, but the stock is fucked now for a while if not for good. Serious danger now of running out of cash as Musk has lost a lot of credibility. It’s a bad sign when the CEO is hanging out at the factory all day and night to “help” with production issues.
Kult of Musk
As opposed to getting lied to by middle management?
No longer a problem, he’s fired all of them. 700 fired at the Fremont factory this past few weeks for failing to execute his dreams.
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At least they’ll always be together in electric dreams
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Ah lovely
Tesla is the future. Ford is the past.
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