Category: zerohedge

Tim Draper Loses It: Defends Indicted Theranos CEO As “Visionary… Innocent Til Proven Guilty”

Via Valuewalk.com,

This is a good lesson in cognitive dissonace in investing and what not to do…you must watch this.

Despite CEO Holmes admission that Theranos “tech” was a fraud  and restating years of earnings, and having now been indicted on nine counts of wire fraud and two counts of conspiracy to commit wire fraud; Venture Capital ‘guru’ Tim Draper stuck to his mantra of defending Theranos and accusing journalists of destroying the company.

Billionaire investor and early Theranos backer Tim Draper discusses supporting Elizabeth Holmes after her fraud charges, how more journalists will try to take down CEOs to get rich, and why he’s not soured on investing in young, visionary startup founders.

Tim Draper Defends Theranos Founder As ‘Innocent Until Proven Guilty’

Full Transcript

It’s really interesting. Every really great company does get a major challenge from its competitors or from legal system or from government or from press.

They get these challenges and some companies survive those challenges and become great companies in the future and some companies are are so burdened by those challenges that they they are forced to sort of fail.

And and I’ve seen it in any different industry. I mean from Napster being attacked by the music industry to Uber the CEO of Uber being attacked by the taxis too fast for being attacked by the car companies sky by the long distance carriers. We’ve had a lot of great successes a lot of great failures too.

Do you still stand by Elizabeth Holmes despite the indictment? …[cut off]

I’ve always believed innocent innocent until proven guilty. And and she has. She is an entrepreneur. She. Her mission was to change health care as we know it to make it easier system.

And she was doing really good work and then she got the attack and the attack came so soon that she wasn’t I believe she wasn’t prepared for it.

So you’ve said over the last couple of months rather consistently that she was the victim of a media instigated witch giant. You’ve been dismissive of the Wall Street Journal and John Kerryrou – the investigative reporter that delved into that story… [cut off]

Yeah, that guy made a lot of money off of this.

Well now we’ve got a government who said Friday that it wasn’t…  [cut off]

Now, journalists are looking at this and going “hey all I have to do is take down Zuckerberg and then I guess I got a movie deal and I did something or whatever.”

OK. So it’s one thing to put that on the media. But now we have the government saying that it’s not just Elizabeth Holmes that’s all of Theranos was effectively one big scam. So do you stand by what you’re saying. Do you believe that the government is wrong.

Well it’s ridiculous. And I don’t think the government saying anything the Government’s looking for the facts and they’re going to come up with a fact. And the reason they’re looking for the facts is the media created such a strong frenzy that they had to look at it. I mean if I’m the government and the media has created this frenzy I’m going to have to look into it. And so I think they’re going to.

You were an early investor and there now as you have been somewhat of a mentor to Elizabeth Holmes. She is reportedly raising money for a new start up. Would you would you back her next project?

I don’t know. I haven’t looked at it really. I mean I’m we’ve moved on. We’re looking for whatever the next great thing is and I haven’t seen that so ahh, don’t know.

Have you spoken with Holmes since the charges?

Oh yeah. Yeah. I mean I talk to her periodically. I think she’s I feel for her she’s really you know she came in you know Pollyannish going in there saying with great optimism how she was going to change healthcare as we know it. And I think she has… but maybe not with her company…

I know the company is going to be better this year and then we can rally all the time that’s our investments. So you know I’m just you know I talked with her just to be friendly.

We see that in Silicon Valley all the time having a visionary founder is not always on par with being a good leader and a good CEO. Does what happened with and has changed the way you do due diligence?

Oh I hope it doesn’t. I hope that I hope I continue to back really great entrepreneurs with really ambitious aspirational ideas and things where they’re really going to try to change things. I hope I’m not tarnished and I don’t think I am still am looking for those those changes that are that are going to cure cancer and help world hunger and get us off the planet and get us flying around without a lot of energy on the planet. I mean all those communicating around the planet I’m interested in all those things.

And and I will continue to back that or and hopefully I think health care is really in for a really interesting transformation… It may be blockchain-related, but yeah, I think I’ve still got it.

“Know when to fold ’em… and walk away” Tim…

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Someone Just Dumped A Record $320 Million Of Emerging Market Bond ETF

No matter where you look in Emerging Markets, there’s blood on the streets. And while the sell-side seems sure that this is the next dip to buy, or falling knife to catch, markets remain unimpressed and judging by the massive sale in EM Debt today… so is at least one other whale.

The VanEck Vectors J.P. Morgan EM Local Currency Bond ETF, or EMLC, absorbed a single, massive block sale of almost 19 million shares, worth $321 million, at 10:28 a.m. in New York Wednesday.

Was it a massive long cover from bets earlier in the month?

The trade helped push its daily volume to a record $399 million as of 12:21 p.m., about 13 times the average daily turnover during the past three years.

This follows 42 days straight of no inflows in EM equity ETF…

This is far from over – especially for EM stocks…

How many more funds are about to puke their ‘no brainer’ longs?

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Comey Hits Back At Hillary: “She Doesn’t Understand What Her Case Was About”

James Comey hit back at Hillary Clinton after the former secretary of state sniped at him over a Justice Department inspector general report which revealed that the former FBI director used a private email address to conduct official business – while his FBI was investigating Hillary for her own use of private systems. 

In an interview with the German newspaper Die Zeit, Comey refused to apologize to Clinton – stressing the difference between his personal use of email for unclassified information vs. her use, which involved classified information. 

“No. And here’s why,” Comey said when asked if he would apologize. “I don’t want to criticize her, but it shows me that even at this late date, she doesn’t understand what the investigation in her case was about.”

“It was not about her use of a personal email system, and she didn’t get that during the investigation, because she used to say ‘Colin Powell when he was secretary of state used AOL,’ that was not what it was about,” Comey explained. “It was about communicating about classified topics on that system when those topics have to be done on a classified system.”

Comey defended his use of personal email – saying he only used it for things like sending himself drafts of speeches.

“What I would do, is when I had to write speeches—I would write my own speeches—I would type them at home and then gmail them into my government account,” Comey said. “Or, if I still had to work on the draft, I would send it home so I could work on it on my laptop.”

“I was not talking about anything remotely classified and the inspector general didn’t say that as well,” Comey said. “But I get why the tweet, and I get why people are focused on it, but it’s a totally different thing.”

The former FBI Director also touched on the text messages uncovered between FBI Agent Peter Strzok and former FBI attorney Lisa Page, who were having an extramarital affair together and harbored extreme anti-Trump / pro-Clinton bias.

“We archive the texts, so maybe it’s a sign we don’t have the brightest people working at our organization,” joked Comey, adding “I never saw any indication of bias and Peter Strozk did the first draft of my letter to Congress on October 28th that Hillary Clinton blames for her losing the election, so how exactly is he trying to get Donald Trump?”

“I don’t see any evidence of a conspiracy, if the president and his allies want to claim a conspiracy they have to encompass all the data, I don’t see how you could approach this and conclude we were on Hillary Clinton’s side or on Donald Trump’s side and I never saw any indication from those two people,” he said.

Comey initially responded to the Inspector General’s report in a New York Times op-ed last week, the day the report came out. He was sure to point out that the IG report “found no evidence that bias or improper motivation affected the investigation,” and said that “in hindsight I think we chose the course most consistent with institutional values.”

Whatever those are…

 

 

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Army Discharges West Point Grad Who Promoted Communism

Authored by Commie Bishop via Campus Reform,

The West Point graduate who promoted communism in social media posts last year has officially been discharged from the U.S. Army.

According to Fox News, Spenser Rapone’s resignation was accepted Monday, and he will be leaving the military with an other-than-honorable discharge.

Rapone’s social media posts, including a picture of him wearing a Che Guevara shirt under his military attire, sparked outrage last year, with officials blasting the West Point graduate for his radical political activism.

“The U.S. Military Academy strives to develop leaders who internalize the academy’s motto of Duty, Honor, Country, and who live the Army values,” the military academy said in a statement at the time.

“Second Lieutenant Rapone’s actions in no way reflect the values of the U.S. Military Academy or the U.S. Army.

“As figures of public trust, members of the military must exhibit exemplary conduct, and are prohibited from engaging in certain expressions of political speech in uniform,” West Point continued.

“Second Lieutenant Rapone’s chain of command is aware of his actions and is looking into the matter. The academy is prepared to assist the officer’s chain of command as required.”

According to The Daily Caller, former Democratic congressman from Pennsylvania, Jason Altmire, who nominated Rapone for the elite military institution, also disavowed the former cadet’s actions, calling them “abhorrent.”

“While I strongly support the rights of American citizens to express their opinions, the actions of 2nd Lieutenant Rapone are abhorrent and appear to be in clear violation of the Uniform Code of Military Justice, in addition to being inconsistent with the values of the United States Military Academy,” the former lawmaker said last year.

“I have no doubt that the U.S. Army will take appropriate action.”

Sen. Marco Rubio (R-FL) welcomed the decision to discharge the West Point graduate, noting that Rapone’s pictures suggest that he supported U.S. enemies.

“While in uniform, Spenser Rapone advocated for communism and political violence, and expressed support and sympathy for enemies of the United States,” Rubio said, as reported by Fox News.

“I’m glad to see that they have given him an ‘other-than-honorable’ discharge.”

According to the news network, Rapone said that he “knew there could be repercussions,” to his actions and that his “military career is dead in the water.” 

“On the other hand, many people reached out and showed me support,” he said.

“There are a lot of veterans both active duty and not that feel like I do.”

“I would encourage all soldiers who have a conscience to lay down their arms and join me and so many others who are willing to stop serving the agents of imperialism and join us in a revolutionary movement,” Rapone added.

Rapone also posted a picture on Twitter Monday showing him giving the middle finger to the sign outside Fort Drum, along with the caption, “One final salute.”

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Tesla Sues Former Disgruntled Employee For Sabotage And Espionage

Two days after Elon Musk accused an unknown employee of “extensive and damaging” sabotage, on Wednesday morning the company filed a lawsuit in Nevada against a Martin Tripp, a Sparks, Nevada-based disgruntled former employee for allegedly exporting gigabytes of confidential data.

While the car maker said it is only beginning to understand all of former process technician Martin Tripp’s allegedly illegal activity, in the suit Tesla said that Tripp “has thus far admitted to writing software that hacked Tesla’s manufacturing operating system (“MOS”) and to transferring several gigabytes of Tesla data to outside entities.”

The data supposedly also includes “dozens of confidential photographs and a video of Tesla’s manufacturing systems.” In addition to that, CNBC notes that Tesla alleges Tripp wrote computer code to periodically export Tesla’s data to outside parties, who are so far “unknown.”

According to Tesla, shortly after Tripp joined Tesla, he was identified as having job performance problems, and as being disruptive and combative with his colleagues. Then, on or about May 17, 2018, Tripp was assigned to a new role. Tripp expressed anger that he was reassigned. Tripp then allegedly retaliated against Tesla by stealing confidential and trade secret information and disclosing it to third parties, “and by making false statements intended to harm the company.”

The situation came to a head on Thursday and Friday of last week, or June 14 and 15, 2018, when Tesla investigators interviewed Tripp regarding his misconduct. After Tripp initially stated that no misconduct had occurred, Tesla investigators confronted him with evidence to the contrary. At that point, Tripp admitted to writing software that hacked Tesla’s MOS and to transferring several gigabytes of confidential and proprietary Tesla data to entities outside the company. This included dozens of photographs and a video of Tesla’s manufacturing systems.

Here is the full background from the lawsuit:

Tripp joined Tesla in October 2017 at the Nevada Gigafactory as a process technician, a job which Tripp later complained was not a sufficiently senior role for him. As part of his job, Tripp had access to highly sensitive information relating to, among other things, certain facets of the manufacturing process for the company’s battery modules.

Before joining Tesla, and as a condition to his continuing employment, Tripp agreed not to use or disclose Tesla’s confidential and proprietary information except in connection with his work with Tesla. This obligation is memorialized in the Employee Proprietary Information and Inventions Agreement that Tripp signed electronically on October 6, 2017 (the “Proprietary Information Agreement”). In addition to his contractual obligations, Tripp owed a duty of undivided loyalty to Tesla under Nevada law and was legally required to act with good faith towards the company.

Within a few months of Tripp joining Tesla, his managers identified Tripp as having problems with job performance and at times being disruptive and combative with his colleagues. As a result of these and other issues, on or about May 17, 2018, Tripp was assigned to a new role. Tripp expressed anger that he was reassigned.

Thereafter, Tripp retaliated against Tesla by stealing confidential and trade secret information and disclosing it to third parties, and by making false statements intended to harm the company.

On June 14 and 15, 2018, Tesla investigators interviewed Tripp regarding his misconduct. After Tripp initially stated that no misconduct had occurred, Tesla investigators confronted him with evidence to the contrary. At that point, Tripp admitted to writing software that hacked Tesla’s MOS and to transferring several gigabytes of confidential and proprietary Tesla data to entities outside the company. This included dozens of photographs and a video of Tesla’s manufacturing systems.

During the interview, Tripp also admitted that he attempted to recruit additional sources inside the Gigafactory to share confidential Tesla data outside the company.

While its investigation is still in the early stages, Tesla has also discovered that Tripp authored hacking software and placed it onto the computer systems of three other individuals at the company so that confidential Tesla data could be persistently exported off its network from these other systems to unknown third parties.

Tripp also made false claims about the information he stole from Tesla. Tripp claimed that punctured battery cells had been used in some Model 3 customer vehicles even though the evidence clearly demonstrates that no punctured cells were ever used. Tripp also used the Tesla data that he exported to grossly overstate the true amount and value of “scrap” material that Tesla generated during the manufacturing process, and he falsely claimed that Tesla was delayed in bringing new manufacturing equipment online at the Gigafactory.

And the punchline:

Although Tesla’s investigation is ongoing, it has already suffered significant and continuing damages as a result of Tripp’s misconduct, which it seeks to recover through this action

In other words, Tesla now has a named and litigated scapegoat in case Q2 earnings happen to miss once again.

Full lawsuit below

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Dimon-Bezos-Buffett Name Harvard Surgeon To Head Their Health Venture

And we almost bet it all that they would pick Elizabeth Holmes.

The holy billionaire trinity – Warren Buffett, Jamie Dimon and Jeff Bezos – have finally selected the individual who is going to be in charge of setting up and running their new health-care venture, which is intended to provide health care to employees of Berkshire Hawthaway, Amazon and JP Morgan Chase.

Their pick is Atul Gawande, a surgeon and professor at Harvard’s TH Chan School of Public Health and Harvard Medical School who is also a popular contributor to the New Yorker, where he frequently writes about the rising cost of health care in the US. The company will be based in Boston, and Gawande will start on July 9. So far, all three of the companies teaming up to launch the venture – which will be focused on improving care for employees at a lower cost – have insisted it will be totally independent.

Rising health-care costs have been a hobbyhorse for Buffett, who famously compared them with a “tapeworm” afflicting the US economy. Buffett and Berkshire President Charlie Munger have been aware of Gawande since he published a popular 2009 article in the New Yorker about the factors driving uneven health-care costs across the US. Munger was reportedly so impressed with the article, he reportedly mailed Gawande a $20,000 check, which he donated to a nonprofit that provides surgical equipment to developing countries.

Gawande
Dr. Atul Gawande

In a statement, Gawande, 52, said he’s devoted his public health career to “building scalable solutions” to deliver “better health care.”

“I have devoted my public health career to building scalable solutions for better health-care delivery that are saving lives, reducing suffering, and eliminating wasteful spending both in the U.S. and across the world,” Gawande said in a statement.

As one analysts told Bloomberg, bringing in Gawande to run the company means the venture “will take a broad look at how to approach fixing health care.”

“The ABC coalition is looking not at the drug value chain in isolation, but more broadly at the overall health-care system across payors and providers of care delivery,” Gupte said.

All three companies funding the venture have said they hope to use technology to reduce health-care costs and improve care for their workers. Buffett has also said that his goal is to “at least” halt the growth of US health-care costs. He also hopes that “we could find a way where perhaps better care could be delivered even at somewhat lesser cost.” In JPM’s annual letter to shareholders, Dimon said the company will help align incentives between doctors, insurers and patients while reducing fraud and waste, and granting employees more access to tele-medicine and better wellness programs. He added that he hopes the company will help us figure out why so much money is spent on end-of-life care.

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This Is The Greatest Short-Squeeze In History

A quick glance at the stock market – particularly big-tech – and once can quickly discern that “something’s up.” Every dip is met by a wall of buying, ramping the market ever higher, and ever more ignorant of the increasingly uncertain world around it.

Why? Simple… it’s a massive, unprecedented short-squeeze…

The “most shorted” stocks in America are up 20% in the last two months, almost incessantly.

While the chart above is ridiculous enough, it turns out that this is actually accelerating and is now the great short-squeeze in the history of the data…

The ‘Relative Strength Index’ of the “most shorted” stocks has never been higher and each time it has reached this level, stocks have fallen hard.

But as a reminder – amid all of this – The Dow is down for the 7th day in a row, its longest losing streak in 18 months.

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“It’s A New Chapter For Europe”: Merkel, Macron Unveil Plan To Reform Europe

Lost among the other overnight news, was the launch of “a new chapter” for the EU as termed by Germany’s troubled chancellor Merkel. After her meeting with French President Macron on Tuesday, Merkel said Germany and France have agreed to cooperate to reform the EU’s asylum system as both “understand the topic of migration is a joint task” and “our goal remains a European answer to the challenge.” What she really meant is that if her government is toppled by the collapse of the CSU-CDU coalition – recall Merkel has a 2 week ultimatum to reach a solution on Germany’s treatment of refugees by July 1 – the rest of Europe gets it too, and the grand experiment is over.

Aside from immigration, the two leaders agreed to an in principle plan to strengthen the Euro area, including setting up a euro-area budget and a crisis backstop under the ESM (European stability mechanism), although they postponed decisions on some elements which could prove consequential. Chief among them: specifics on the size and conditions of the euro-area budget.

“There is a general feeling that there is some momentum, not towards a complete reform package but towards progress,” Nicolas Veron, a senior fellow at the Bruegel think tank told Bloomberg, who admitted that the European project is now hanging on by a thread: “It’s a political fact that what you have in the German Bundestag and in Italy has created a less favorable environment.”

So what is in this supposedly heavily diluted plan? Here are the key items courtesy of Bloomberg:

  • Euro-area budget

The agreement on a euro-area budget, starting in 2021, marks an important win for French president Emmanuel Macron, who has been advocating for such an instrument. According to a roadmap endorsed by Macron and German Chancellor Angela Merkel, the budget should promote competitiveness, convergence and stabilization in the euro area, with resources coming from national contributions, Europe and revenue from taxes including a financial transactions tax or a levy on digital companies. The budget aims to help investment in innovation and human capital while other options examined include allowing nations in trouble to suspend their contributions, or establishing a European unemployment stabilization fund.

There is just one problem: it’s nothing more than an abstraction at this moment – there are no details on the size of this budget and on whether countries need to adhere to strict conditions to be eligible for funds, two key elements that are likely to determine the impact of such an instrument.

“The budget is symbolic, but not substantial,” Veron said. “The French side wanted symbol, the German side didn’t want a lot of substance.” In short: another typical European compromise which is great for optics yet achieves nothing in practice.

  • The backstop

While euro-area countries agree the ESM should be the backstop for the EU fund for winding down failed banks, they have been split over who decides whether money can be made available for a bank resolution. Germany has insisted that national governments, and in some cases parliaments should get a say, a view others see as creating too many steps and potential delays in the resolution process. In the roadmap, France and Germany agree to maintain a decision-making process where national government have a say. This seems to be a win for Germany, even though it should happen “while ensuring an effective, credible and rapid decision-making of the ESM backstop to fit the timing of a resolution case.”

The rest of the elements of the backstop mark a compromise for both sides. While they agree it should come into force before 2024, a concession to Paris, its size was restricted to no more than the roughly 55 billion-euro ($64 billion) Single Resolution Fund, and that it will replace the direct recapitalization instrument – steps favored by Berlin.

Needless to say, the odds that the EU will be able to bail out, say, Deutsche Bank with its trillion in derivatives, are significantly higher than the EU still being around by the year 2024.

  • Deposit Insurance

On the issue of a common deposit insurance scheme – a step seen by many countries and the ECB as a key missing piece from the EU’s banking union – the two sides suggested political negotiations could start after next week’s EU leaders’ summit, a sign of persistent difficulties to find common ground. In other words, the can was kicked on what many see as the most important measure.

Countries have been split on whether so-called risk sharing via such an insurance scheme should come after banks further reduce risks in their balance sheets, with positions so entrenched that almost no progress has been made for months.

  • Debt restructuring

A key area of contention among euro-area nations has been whether to introduce an upfront debt-restructuring mechanism in cases where nations with unsustainable debt ask for a bailout. Such a mechanism is particularly important for countries such as Germany and the Netherlands, which want private investors to take writedowns before taxpayer money is tapped. But critics have voiced concerns that such such a set-up could fan market volatility.

In the compromise, the two sides seem to open the door to some upfront debt restructuring facilitated by the ESM, although the wording seems vague enough to leave room for handling on a case-by-case basis. Overall, the Franco-German announcement at Meseberg was “generally upper range of expectations with significant upside potential,” Jacob Kirkegaard, senior fellow at the Peterson Institute for International Economics, said in Twitter.

* * *

Overall, Merkel summed it up as “an important step for Europe….we can say we’ve taken a small step along the road”. Meanwhile Macron suggested the proposal will be presented to other countries, with specifics to be worked out later this year and the plans to take effect from 2021. It was unclear how he plans to get “other countries” to vote for a proposal which has already led to the alienation of Central and Eastern Europe, Brexit and an openly populist government in Italy.

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Goldman CEO: “Too Arrogant” To Think Crypto Won’t Work Out Because It’s “Unfamiliar”

While Jamie Dimon, Warren Buffett, Charlie Munger, and Bill Gates seem more than happy to denigrate cryptocurrencies in their most ignorantly comedic ways, Goldman CEO Blankfein is more pragmatic than to “arrogant” enough to argue cryptocurrencies cannot be adopted on a large scale only because they are “uncomfortable” or “unfamiliar.”

Authored by Helen Partz via CoinTelegraph.com,

Goldman Sachs CEO Lloyd Blankfein reiterated his positive stance on cryptocurrencies in an interview with Bloomberg at the Economic Club of New York, June 19.

image courtesy of CoinTelegraph

When asked about the chances of crypto to become a “real issue,” Blankfein said that the adoption of cryptocurrencies like Bitcoin (BTC) could happen similarly to how the adoption of paper money, which replaced gold and silver coins, has happened.

Addressing the evolution of money, Blankfein pointed out the common features between paper money and crypto, apparently implying that they both do not have intrinsic value. Noting that paper money has managed to become the main form of money regardless of that, he then rhetorically asked: “why couldn’t you have a consensus currency?”

According to Blankfein, it is “too arrogant” to argue that cryptocurrencies cannot be adopted on a large scale only because they are “uncomfortable” or “unfamiliar.”

In 2017, Blankfein made a similar statement, claiming that people first distrusted paper currency and later accepted it. He then implied that Bitcoin could be adopted as a means of exchanging value in the future, even if it is not widely accepted today.

“But there is a lot of things that there weren’t for me in the past that have worked out very well. If it was 20 years forward and it worked out, I could tell you why it worked out. But based on everything that I know, I am not guessing that it will work out.”

Goldman Sachs as a whole is known for its sceptical stance on cryptocurrencies. Back in 2014, the company argued that Bitcoin is not a currency. In 2017, it acknowledged that it has become more difficult for institutional investors to ignore Bitcoin and other cryptocurrencies. In late 2017, the company was even rumored to be opening its own crypto trading desk.

Despite refuting the reports in early 2018, Goldman Sachs eventually did turn to crypto, claimingthat Bitcoin “is not a fraud,” and revealing plans to buy and sell cryptocurrency. In May, Goldman Sachs-backed Circle app launched a new feature that makes it easier for “newbies” to enter the crypto market.

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Trump Preapring Executive Order Allowing Immigrant Children To Stay With Parents

Trump may be about to fold to the non-stop media barrage over the separation of immigrant parents and their children at the border, a process started by Trump’s predecessor.

According to a tweet by Fox News White House correspondent Kevin Corke, the Trump administration “is today looking at some sort of executive action” that will allow children of those who illegally came to the U.S. to stay with parents through the entire adjudication process.

A separate unconfirmed report claims that Rudy Giuliani is “set to appear on Fox News to announce some sort of ‘executive action’ to stop the family separations at the border.”

It is unclear if, once Trump folds on the immigrant fiasco, whether the media will redirect its attention to the OIG report which it has been desperately trying to avoid, even though Peter Strzok is doing everything in his power to keep that narrative on the front pages. 

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