#CEO died we better dump the stock

[rainbow-femme]

Hey guys did something happen

[preciousmetals0]

Senate Knows Best?; Sucker Bets on Jumbo Jets

Senate Knows Best?; Sucker Bets on Jumbo Jets:

Mo’ Money, Fewer Problems?

They did it. They finally did it.

By “they,” I mean Congress … and by “it,” I mean a stimulus package deal to combat the coronavirus.

The Senate and the White House announced late last night that they reached an agreement on a historic $2 trillion spending bill. (That’s trillion with a T.)

That’s wonderful news, Mr. Great Stuff! Now, what’s in this spending bill? Where’s my stimulus money?!

Well, reportedly, every American who makes less than $75,000 will receive a cash payment of $1,200 — $2,400 for married couples making less than $150,000 — plus $500 per child. If you make more than the specified amounts, your payout will be reduced.

And the rest?

There’s a $350 billion fund for small businesses to help with payroll and stem layoffs.

There’s $58 billion for airlines. I know from your emails that airline bailouts are very … um … “popular” with Great Stuff readers — especially since the bill won’t require airlines to pay back that money. However, the Senate says that airlines that take bailout cash will be prohibited from stock buybacks and CEO bonuses … so that’s something.

And there’s also the infamous $500 billion fund to help businesses hit by the coronavirus.

This one was a particular sticking point. In the original bill, there was no oversight on how this money was doled out. U.S. Treasury Secretary Steven Mnuchin was originally the sole proprietor of this cash fund, and companies that took money were allowed to remain anonymous for six months.

However, there will now be an oversight panel headed by independent counsel to help adjudicate (in other words, “make it rain”) that half a trillion dollars.

To paraphrase Chandler Bing from Friends: “Could we be any more stimulated?”

The Takeaway:

It’s important to remember that the Senate hasn’t actually passed this $2 trillion monstrosity yet. And, while the Senate is expected to vote to pass it today, the House is still in recess and probably won’t vote until Friday.

Until it’s actually passed, we won’t know exactly what’s in the bill. That means some of these figures and details are subject to change.

Now, I know what you’re thinking. Well … at least I hope I know what you’re thinking. It’s what I’m thinking…

Where’s the money to actually fight COVID-19?

It’s there, just in much smaller figures than the actual stimulus.

There’s reportedly $150 billion to aid states and local municipalities to fight the pandemic.

There’s also $55 billion for hospitals and the general health care system.

That seems like a relatively small portion of the $2 trillion. It has me worried that legislators were more interested in dumping cash into the economy than addressing the central issue.

And if you think I’m overreacting, just wait…

Tomorrow’s weekly jobless claims report will be an eye-opener. Next week’s report will be even worse.

Oh, geez … here he goes again. Mr. Negative Nancy…

I could be wrong — and Great Stuff readers are quick to point out when I am — but I don’t think Wall Street realizes the situation’s severity.

COVID-19 cases will soar. The number of U.S. infections will surpass Italy. It may even surpass China. (It definitely will if shelter-in-place rules are lifted too early.)

That means more jobless claims and economic woes. But for our portfolios, that means more market selling.

Sure, we have more than $2 trillion in stimulus sloshing around in the economy. But I don’t believe we’re out of the woods yet. The stark reality of COVID-19 is about to yank that nice, warm $2 trillion blanket right off of Wall Street, leaving many rushing to “buy the bottom” out in the cold.

Get ready for another dip.

I have just the solution for your COVID-19 fears. His name is Ted Bauman.

Ted knows the market will stay irrational as long as it dang well pleases … and you should prepare for any scenario. That’s why Ted’s readers in The Bauman Letter have diversification and disaster prep right at their fingertips.

If this ends up getting worse before it gets better, I want you to be ready…

Click here to get ready now!

Good: Take These Broken Wings…

Airline stocks soared today, and the stimulus eagle hasn’t even landed yet. (I’m a little creeped out by “stimulus eagle,” but whatever…)

American Airlines Group Inc. (Nasdaq: AAL), Delta Air Lines Inc. (NYSE: DAL) and others went vertical to the tune of 10% or more on the bailout news. The original offer for $50 billion in loans was tempting … but the new promise of grants that airlines might not have to repay? That has everyone in the sector just giddy.

Now, you may ask yourself: “Why are airlines ‘good,’ Mr. Great Stuff?”

And you may tell yourself: “Well, it’s good because airlines are less likely to go bankrupt now.”

But, if you invest in the airline sector right now, a few months down the road, you may ask yourself: “My God, what have I done?”

This bailout is good for the sector over the long term. But right now, my opinion is to let the days go by. (Let the water hold me up…) They most likely won’t go bankrupt now, but they are far from safe investments.

There will be a time to buy stocks like AAL and DAL, but now isn’t that time.

Better: Just Flu It

If you’re looking for a company that isn’t rallying because of $2 trillion in stimulus today, Nike Inc. (NYSE: NKE) has you covered.

Sure, Nike could benefit from the added cash in consumers’ pockets, but earnings and projections are the real reason why NKE is up more than 10% today.

Nike’s third-quarter earnings topped the consensus estimate by $0.24 per share, with revenue beating expectations by $230 million. The coronavirus hurt profits, Nike said, but a resurgence of consumers in Asia appears very promising.

“Now all three markets are through what we’re calling recovery — that is, retail is opening back up — consumers are back on the street. And as we move into normalization, retail traffic is coming back,” CEO John Donahoe said in Nike’s conference call.

Nike reports that 80% of its stores in greater China are now reopened.

The company is sure to see some disruptions in U.S. sales as COVID-19 cases surge stateside, but Nike is looking a lot more stable now that Asian consumers are returning to stores.

Best: The Child Has Spoken

There’s been a lot of hype surrounding shelter-in-place companies like Zoom Video Communications Inc. (Nasdaq: ZM) and Slack Technologies Inc. (NYSE: WORK), but I’ve seen little hard data to back up the euphoria.

But there are some data emerging this week for Disney+ operator The Walt Disney Co. (NYSE: DIS) that you definitely need to see. According to a Forbes report, Disney+ saw sign-ups more than triple between March 14 and March 16 compared to the week prior — making it the most popular streaming coronavirus distraction by far.

Disney reported in February that it already had more than 28 million Disney+ subscribers, so we can probably expect major additions to this figure when the company releases official figures again.

Additionally, Hasbro Inc. (Nasdaq: HAS) — aka Disney’s toy division — is reporting strong demand for Baby Yoda merchandise and toys. Items like the animatronic Baby Yoda aren’t even available in stores yet, but preorders have already sold out.

Right now, many investors are shying away from DIS due to park closures and motion picture revenue concerns. However, if you already hold DIS or want a bargain in the COVID-19 sell-off, snapping up the stock for anything under $100 would be a steal.

It figures: Within minutes of seeing the “DEAL REACHED” headlines, posts started to crop up across my social media feeds, all mentioning what so-and-so plans to do with their stimulus check. (Hint: It probably shouldn’t be used to further expand your toilet paper empire. Probably.)

Unless the feds are leading up to one big “check’s in the mail” punchline … hold your horses, buckaroo!

Seriously, we haven’t seen the deal’s terms … we haven’t even seen the Senate’s vote on it, for Pete’s sake. Let’s not cash our stimulus eggs before they hatch. (Do hatched stimulus eggs turn into stimulus eagles? Perish the thought…)

By now, you know my side: I still see economic storm clouds fast approaching, and Wall Street just left its umbrella at home following a $2 trillion stimulus forecast.

With that in mind — it’s time to talk market timing in today’s Poll of the Week!

They say only fools try to time the market … so let’s all be fools today! I want to hear your perspective on these unprecedented trading days. I mean, what else are we going to do? We’re all stuck inside!

Have we seen the corona-crash’s worst? Or has it only just begun? Vote below and let us know!

Great Stuff: $&*% Adds up at the Bottom

I’m investin’ … lookin’ up to see the indices. And I have swallowed the stimulus check you feed me…

Whether or not the stimulus bill will scratch every economic itch that this virus is kicking up … it’s a start, at least. Frankly, I’ll take any legwork we can get before the virus ramps up stateside. (Progress from Congress? I digress…)

Regardless of what happens with the stimulus bill, I eagerly hope that it helps you. Yes, you! Dear reader, no matter the pessimism you may see in the coming weeks, just know that it’s you and the average Joe next to you who keep the U.S. economy a-turning.

I hope you’re hanging in there. Sincerely.

Until next time, good trading!

Regards,

Joseph Hargett

Editor, Great Stuff

[goldira01]

Mo’ Money, Fewer Problems?

They did it. They finally did it.

By “they,” I mean Congress … and by “it,” I mean a stimulus package deal to combat the coronavirus.

The Senate and the White House announced late last night that they reached an agreement on a historic $2 trillion spending bill. (That’s trillion with a T.)

That’s wonderful news, Mr. Great Stuff! Now, what’s in this spending bill? Where’s my stimulus money?!

Well, reportedly, every American who makes less than $75,000 will receive a cash payment of $1,200 — $2,400 for married couples making less than $150,000 — plus $500 per child. If you make more than the specified amounts, your payout will be reduced.

And the rest?

There’s a $350 billion fund for small businesses to help with payroll and stem layoffs.

There’s $58 billion for airlines. I know from your emails that airline bailouts are very … um … “popular” with Great Stuff readers — especially since the bill won’t require airlines to pay back that money. However, the Senate says that airlines that take bailout cash will be prohibited from stock buybacks and CEO bonuses … so that’s something.

And there’s also the infamous $500 billion fund to help businesses hit by the coronavirus.

This one was a particular sticking point. In the original bill, there was no oversight on how this money was doled out. U.S. Treasury Secretary Steven Mnuchin was originally the sole proprietor of this cash fund, and companies that took money were allowed to remain anonymous for six months.

However, there will now be an oversight panel headed by independent counsel to help adjudicate (in other words, “make it rain”) that half a trillion dollars.

To paraphrase Chandler Bing from Friends: “Could we be any more stimulated?”

The Takeaway:

It’s important to remember that the Senate hasn’t actually passed this $2 trillion monstrosity yet. And, while the Senate is expected to vote to pass it today, the House is still in recess and probably won’t vote until Friday.

Until it’s actually passed, we won’t know exactly what’s in the bill. That means some of these figures and details are subject to change.

Now, I know what you’re thinking. Well … at least I hope I know what you’re thinking. It’s what I’m thinking…

Where’s the money to actually fight COVID-19?

It’s there, just in much smaller figures than the actual stimulus.

There’s reportedly $150 billion to aid states and local municipalities to fight the pandemic.

There’s also $55 billion for hospitals and the general health care system.

That seems like a relatively small portion of the $2 trillion. It has me worried that legislators were more interested in dumping cash into the economy than addressing the central issue.

And if you think I’m overreacting, just wait…

Tomorrow’s weekly jobless claims report will be an eye-opener. Next week’s report will be even worse.

Oh, geez … here he goes again. Mr. Negative Nancy…

I could be wrong — and Great Stuff readers are quick to point out when I am — but I don’t think Wall Street realizes the situation’s severity.

COVID-19 cases will soar. The number of U.S. infections will surpass Italy. It may even surpass China. (It definitely will if shelter-in-place rules are lifted too early.)

That means more jobless claims and economic woes. But for our portfolios, that means more market selling.

Sure, we have more than $2 trillion in stimulus sloshing around in the economy. But I don’t believe we’re out of the woods yet. The stark reality of COVID-19 is about to yank that nice, warm $2 trillion blanket right off of Wall Street, leaving many rushing to “buy the bottom” out in the cold.

Get ready for another dip.

I have just the solution for your COVID-19 fears. His name is Ted Bauman.

Ted knows the market will stay irrational as long as it dang well pleases … and you should prepare for any scenario. That’s why Ted’s readers in The Bauman Letter have diversification and disaster prep right at their fingertips.

If this ends up getting worse before it gets better, I want you to be ready…

Click here to get ready now!

Good: Take These Broken Wings…

Airline stocks soared today, and the stimulus eagle hasn’t even landed yet. (I’m a little creeped out by “stimulus eagle,” but whatever…)

American Airlines Group Inc. (Nasdaq: AAL), Delta Air Lines Inc. (NYSE: DAL) and others went vertical to the tune of 10% or more on the bailout news. The original offer for $50 billion in loans was tempting … but the new promise of grants that airlines might not have to repay? That has everyone in the sector just giddy.

Now, you may ask yourself: “Why are airlines ‘good,’ Mr. Great Stuff?”

And you may tell yourself: “Well, it’s good because airlines are less likely to go bankrupt now.”

But, if you invest in the airline sector right now, a few months down the road, you may ask yourself: “My God, what have I done?”

This bailout is good for the sector over the long term. But right now, my opinion is to let the days go by. (Let the water hold me up…) They most likely won’t go bankrupt now, but they are far from safe investments.

There will be a time to buy stocks like AAL and DAL, but now isn’t that time.

Better: Just Flu It

If you’re looking for a company that isn’t rallying because of $2 trillion in stimulus today, Nike Inc. (NYSE: NKE) has you covered.

Sure, Nike could benefit from the added cash in consumers’ pockets, but earnings and projections are the real reason why NKE is up more than 10% today.

Nike’s third-quarter earnings topped the consensus estimate by $0.24 per share, with revenue beating expectations by $230 million. The coronavirus hurt profits, Nike said, but a resurgence of consumers in Asia appears very promising.

“Now all three markets are through what we’re calling recovery — that is, retail is opening back up — consumers are back on the street. And as we move into normalization, retail traffic is coming back,” CEO John Donahoe said in Nike’s conference call.

Nike reports that 80% of its stores in greater China are now reopened.

The company is sure to see some disruptions in U.S. sales as COVID-19 cases surge stateside, but Nike is looking a lot more stable now that Asian consumers are returning to stores.

Best: The Child Has Spoken

There’s been a lot of hype surrounding shelter-in-place companies like Zoom Video Communications Inc. (Nasdaq: ZM) and Slack Technologies Inc. (NYSE: WORK), but I’ve seen little hard data to back up the euphoria.

But there are some data emerging this week for Disney+ operator The Walt Disney Co. (NYSE: DIS) that you definitely need to see. According to a Forbes report, Disney+ saw sign-ups more than triple between March 14 and March 16 compared to the week prior — making it the most popular streaming coronavirus distraction by far.

Disney reported in February that it already had more than 28 million Disney+ subscribers, so we can probably expect major additions to this figure when the company releases official figures again.

Additionally, Hasbro Inc. (Nasdaq: HAS) — aka Disney’s toy division — is reporting strong demand for Baby Yoda merchandise and toys. Items like the animatronic Baby Yoda aren’t even available in stores yet, but preorders have already sold out.

Right now, many investors are shying away from DIS due to park closures and motion picture revenue concerns. However, if you already hold DIS or want a bargain in the COVID-19 sell-off, snapping up the stock for anything under $100 would be a steal.

It figures: Within minutes of seeing the “DEAL REACHED” headlines, posts started to crop up across my social media feeds, all mentioning what so-and-so plans to do with their stimulus check. (Hint: It probably shouldn’t be used to further expand your toilet paper empire. Probably.)

Unless the feds are leading up to one big “check’s in the mail” punchline … hold your horses, buckaroo!

Seriously, we haven’t seen the deal’s terms … we haven’t even seen the Senate’s vote on it, for Pete’s sake. Let’s not cash our stimulus eggs before they hatch. (Do hatched stimulus eggs turn into stimulus eagles? Perish the thought…)

By now, you know my side: I still see economic storm clouds fast approaching, and Wall Street just left its umbrella at home following a $2 trillion stimulus forecast.

With that in mind — it’s time to talk market timing in today’s Poll of the Week!

They say only fools try to time the market … so let’s all be fools today! I want to hear your perspective on these unprecedented trading days. I mean, what else are we going to do? We’re all stuck inside!

Have we seen the corona-crash’s worst? Or has it only just begun? Vote below and let us know!

Great Stuff: $&*% Adds up at the Bottom

I’m investin’ … lookin’ up to see the indices. And I have swallowed the stimulus check you feed me…

Whether or not the stimulus bill will scratch every economic itch that this virus is kicking up … it’s a start, at least. Frankly, I’ll take any legwork we can get before the virus ramps up stateside. (Progress from Congress? I digress…)

Regardless of what happens with the stimulus bill, I eagerly hope that it helps you. Yes, you! Dear reader, no matter the pessimism you may see in the coming weeks, just know that it’s you and the average Joe next to you who keep the U.S. economy a-turning.

I hope you’re hanging in there. Sincerely.

Until next time, good trading!

Regards,

Joseph Hargett

Editor, Great Stuff

[jamieclawhorn]

Is this the end of Bitcoin as we know it?

One of the primary reasons why investors and speculators have piled into Bitcoin over the past 24 months is the fact that it’s a decentralised asset. It cannot be manipulated or controlled by central banking systems, or other investors.

The decentralised control of Bitcoin and all other cryptocurrencies works through a distributed ledger technology — typically blockchain — which serves as a transaction database that’s openly available for public scrutiny.

A benefit of using this system is the fact that Bitcoin becomes immune to seizure. Nobody can confiscate your cryptocurrency and you also don’t have to rely on any one single trusted third-party (like a bank), because the network is distributed globally across many thousands of computers around the world.

That is the theory anyway. In practice, as it turns out, Bitcoin isn’t immune to seizure, and you do have to rely on trusted third parties.

Sudden death 

At the beginning of February, cryptocurrency executive Gerald Cotten died in hospital from complications related to Crohn’s disease. When he died, he took with him the codes for vaults at QuadrigaCX, Canada’s biggest cryptocurrency exchange, effectively confiscating more than $100m worth of Bitcoins from their rightful owners. 

Cotten’s death is just the latest in a series of events where Bitcoin owners, who think no one can touch their assets, have found themselves bitterly disappointed. 

For example in 2013, the FBI seized 144,336 Bitcoins after they shut down Silk Road, the online marketplace for illegal drugs. Investors and speculators have also lost hundreds of millions of dollars to theft over the past few years. In the first half of 2018 alone, more than $1bn worth of cryptocurrency was stolen. 

Undermining credibility 

These events have all weakened the credibility of Bitcoin, and it seems to me as if the cryptocurrency’s reputation has been damaged beyond repair as a result. 

The problem is, for it to become widely accepted as a global method of monetary exchange, investors have to trust Bitcoin and blockchain. Otherwise they won’t be transferring their pounds and dollars for the cryptocurrency. 

Thefts, asset seizures and even the death of the exchange CEO have done little to reassure users that when they buy Bitcoin, it will remain theirs. 

Granted, traditional money does have the same problems. Scammers stole more than £500m from UK bank customers in the first half of 2018, and authorities around the world are more than capable of freezing your assets if they think you have committed an illegal act. But when you deposit money in a bank, you can be sure that when you go back to get it, it’ll still be there.

In the UK, up to £85,000 per bank account is insured by the Financial Services Compensation Scheme if a financial institution fails. Meanwhile, if a bank is responsible for fraud as a result of a flaw in its IT systems, it usually re-compensates customers — as TSB did last year. 

The cryptocurrency doesn’t have the same safeguards. Until it does, people will never be able to trust the cryptocurrency fully. The growing number of scams and frauds could mark the end of Bitcoin as we know it.

Want To Boost Your Savings?

Do you want to retire early and give up the rat race to enjoy the rest of your life? Of course you do, and to help you accomplish this goal, the Motley Fool has put together this free report titled "The Foolish Guide To Financial Independence", which is packed full of wealth-creating tips as well as ideas for your money.

The report is entirely free and available for download today, so if you're interested in exiting the rat race and achieving financial independence, click here to download the report. What have you got to lose?

More reading

Forget buy-to-let. Here’s why I’d rather invest in FTSE 100-member ITV’s share price

Here’s why I’d dump dividend stock SSE and buy the FTSE 100 instead

Why I’d dump buy-to-let and invest in this FTSE 100 dividend stock instead

I think these 2 FTSE 100 stocks look set to smash the index again this year

Could FTSE 100 housebuilder Barratt make or break your wealth in 2019?

Rupert Hargreaves owns no share mentioned. The Motley Fool UK has no position in any of the shares mentioned. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.

[luxus4me]

Bitcoinist.com http://j.mp/2JAwkco

A Wall Street Journal analysis of 1,450 cryptocurrency offerings has unveiled unchecked plagiarism, rampant identity theft, and false promises of impossible financial gains. 

‘Lies, Damn Lies, and Statistics’

Though it might not come as much of a surprise to those more intimately familiar with the cryptocurrency space, a Wall Street Journal review of 1,450 documents for digital coin offerings as unveiled 271 indicators of fraudulent tactics — including “plagiarized investor documents, promises of guaranteed returns and missing or fake executive teams.”

Investors have reportedly dumped more than $1 billion into the flagged projects, with $273 million already claimed as losses.

Red Flags

Plagiarism is one of the most rampant signs of fraudulent activity in the cryptocurrency space. The Wall Street Journal explains:

Of the 1,450 white papers downloaded from three popular websites that track coin offerings, the Journal found 111 that repeated entire sections word-for-word from other white papers. The copied language included descriptions of marketing plans, security issues and even distinct technical features such as how other programmers can interact with their database.

Swiss-based UTrust has had its whitepaper plagiarized numerous times –  something CEO Nuno Correia already knows. “We get a lot copies of our white paper,” Mr. Correia told The Wall Street Journal, “My picture, my description, my team, even our website was copied.”

Even high-profile projects like TRON (TRX), the 10th most valuable cryptocurrency by market capitalization, has been accused of plagiarism by many in the blockchain space, including Ethereum founder Vitalik Buterin.

8. Better white paper writing capability (Ctrl+C + Ctrl+V much higher efficiency than keyboard typing new content)

— Vitalik "Not giving away ETH" Buterin (@VitalikButerin) April 6, 2018

The Wall Street Journal also found that “at least 121 of the projects didn’t disclose the name of a single employee and several of them listed team members who either didn’t appear to exist […] or were real people who said their identities were being used without their knowledge.”

Companies promising unrealistic returns – such as weekly payouts or doubled returns – without any risk are also running rampant in the cryptocurrency space, despite such practices being prohibited by the US Securities and Exchange Commission.

All of these red flags should be serious “warning signs for investors,” Bradley Bennett, a former enforcement chief at the Financial Industry Regulatory Authority, told The Wall Street Journal. Bennett explained:

There are going to be some legitimate players that emerge from this but it’s going to be a handful – a lot of it looks like penny-stock fraud with lower barriers to entry.

What do you think about the rampant fraud currently present in the cryptocurrency marketplace? Do you think this trend will continue, or die out as the cream rises to the top? Be sure to let us know in the comments below!

Images courtesy of Shutterstock, Bitcoinist archives

The post Plagiarism, Identity Theft, and False Promises All Too Common in Cryptocurrency Market appeared first on Bitcoinist.com.

http://j.mp/2LMPet4 via Bitcoinist.com URL : http://j.mp/2FxkU2R

[omcik-blog]

New Post has been published on OmCik

New Post has been published on http://omcik.com/quest-are-americas-ceos-the-new-moral-compass/

Quest: Are America's CEOs the new moral compass?

Welcome to Quest’s Profitable Moment.

What’s going on in the world of business — and what does it mean? CNNMoney Editor at Large Richard Quest explains it all with his distinct voice and global perspective in an exclusive video each week. You’ll also get a round-up of the stories everybody’s talking about in the U.S., Asia and Europe.

Sign up here for the newsletter version, which will arrive in your inbox every Thursday afternoon. Or read it online every Friday morning.

Quest’s Profitable Moment

As you read our first weekly edition, once again we are living in a moment of uncertainty, awaiting further details on the deadly attack in Barcelona, which has been confirmed as a terror attack. If so, it adds to a week where events in the U.S. have left us all reeling and wondering what on earth is going on in the White House. It seems there is a dearth of leadership wherever we look — except perhaps with America’s CEOs.

Corporate America, it seems, has a new role: Be the alarm siren when it sees unacceptable behavior and injustice. The CEOs on President Trump’s advisory panels drove the criticism of his reaction to Charlottesville (both the initial Saturday statement and “that” press conference on Tuesday).

There is some precedent to this. For instance, the North Carolina state legislature passed a bill requiring people to use the bathroom of their birth gender, not how they identified themselves. Companies like IBM and Salesforce complained the law would make the state less attractive for employees, while PayPal put an investment on hold.

In Texas, 50 companies, including the nation’s top oil firms, made exactly the same argument against a similar bathroom bill that died in special session this week.

CEOs are a reticent lot when it comes to controversy. But they are also finding their companies on the wrong side as shareholders and employees want their company to take a stand on injustice. When activists start demanding boycotts of your goods, then companies start to listen — just as when Fox News saw sponsors flee Bill O’Reilly after allegations of sexually improper behavior were made. O’Reilly was gone within weeks. 

Jamie Dimon, the CEO of JP Morgan Chase, said over Charlottsville: “It is a leader’s role, in business or government, to bring people together.” Because Dimon has over 240,000 employees and tens of millions of customers, he has a duty and responsibility to speak out.

Sign up for the Quest’s Profitable Moment newsletter

At the moment, Corporate America is threading its way through this minefield with relatively mild criticism of the president himself, but strong denunciation of right wing neo-Nazis.  

While the issue of racism is a no-brainer for CEOs to speak out against, the chief executive as a moral compass is a tricky path to follow. When do you speak out? When do you not? The corporate bully pulpit needs to be used sparingly otherwise you risk devaluing your moral currency and people stop listening.

What’s new

Many dead in Barcelona attack

A van plowed into a crowd of pedestrians in Las Ramblas, one of Barcelona’s most iconic areas. Spanish officials called it a terror attack. As of 4 p.m. ET Thursday, at least 12 people were killed and more than 50 are wounded. Local officials say the death count is “bound to rise.”

Two suspects have been arrested, though another driver later on Thursday evening ran over two Spanish police officers at a security checkpoint. Please follow CNN for more coverage. — By Patrick Gillespie

CEOs always had uneasy alliance with Trump

Blackstone’s Stephen Schwarzman compared Trump to circus showman P.T. Barnum in 2015. Elon Musk said last year he didn’t back Trump. But both joined business advisory groups set up by Trump.

The councils were dissolved after Corporate America showed its disapproval of Trump’s response to violence at a white supremacy rally in Charlottesville. More business titans are voicing their opposition, including Apple’s Tim Cook and Howard Schultz of Starbucks.

— By Paul R. La Monica

Key tech firm cuts ties with Neo-Nazi website

Another internet firm has dumped The Daily Stormer. A growing number of companies are refusing to provide the online infrastructure to support the neo-Nazi wesite after it published an inflammatory story about Heather Heyer, who was killed last weekend in Virginia at a violent rally of white supremacists.

Internet firm Cloudflare said Wednesday that it had shut down The Daily Stormer’s account and won’t protect it from cyberattacks that could bring it down. Earlier this week, web-hosting services GoDaddy and Google gave The Daily Stormer the boot. Still, it’s a matter of major debate.

— By Julia Horowitz

Alibaba catching up to Amazon in market cap

Jeff Bezos may have more to worry about than criticism from Trump. Amazon’s Chinese rival Alibaba reported earnings and sales that were much better than forecasts. Alibaba’s stock surged to a record high as a result.

Jack Ma’s e-commerce and cloud computing giant is now within distance of passing Amazon’s market value for the first time since 2015. But both Amazon and Alibaba can’t ignore Walmart and Target. They posted strong digital sales, too.

— By Paul R. La Monica

Quick takes

Spotify is deleting white supremacist songs from its streaming service

A new online retailers wants to offer savings by ditching brands

This anti-human trafficking group uses data to track criminals

President Trump’s war on regulation comes with big tradeoffs

Facebook and hate groups: Here’s why some get to stay

What’s next

Round 1 of NAFTA: Renegotiation started Wednesday and will conclude Sunday. The next round will be in Mexico, and more rounds are expected after that. Talks began after U.S. officials expressed deep disappointment in NAFTA while Canadian and Mexican officials touted the agreement’s successes. 

Quest’s Profitable Moment: Sign up to receive the newsletter in your inbox every Thursday

Janet Yellen’s fate: With six months left in her term, it’s still unclear if President Trump will reappoint Yellen to another term as Chair of the Federal Reserve. It’s also unknown whether Yellen even wants another term. She heads to the famous Jackson Hole Symposium next week, where she’ll likely speak about the U.S. economy and monetary policy. 

CNNMoney (New York) First published August 18, 2017: 2:48 AM ET

[jamieclawhorn]

Here’s how to lose £100 million on Bitcoin

One of the big attractions of Bitcoin, at least according to those trying to ramp up its price, is that it’s unregulated. There’s no banking Big Brother keeping a track of your cash, and legal authorities can’t really touch it.

Who needs that? 

Maybe the people of Venezuela need it, as even cryptocurrencies are considerably more stable than their own Bolívar, while inflation is causing prices of basic goods to double every few weeks. In fact, the Venezuelan government has even tried to launch its own cryptocurrency, but I think that’s rather missing the point.

And then there are drug barons and money launderers, but I’m sure you’re not one of those.

Security

When it comes to money, I see regulation as an undoubtedly good thing, as it provides security.

What would happen, for example, if the CEO of Lloyds Banking Group got hit by the proverbial bus on the way to work? Or the entire Barclays board of directors perished in a bizarre currency-hedging accident?

A bank could be pretty badly disturbed by such a tragedy. But all its money wouldn’t suddenly disappear and its customers wouldn’t become penniless overnight.

It can happen

It appears that’s exactly what can happen with cryptocurrencies. Would you believe that Canada’s biggest cryptocurrency exchange, Quadriga, had its funds under the sole control of one person, founder Gerald Cotten? And, yep, he just died. And nobody knows his passwords.

You serious?

After Cotten’s sudden death in India in December, nobody has been able to get their hands on the estimated C$180m (approx £105m) that’s under Quadriga’s control.

According to his widow, he carried out the company’s business on an encrypted laptop, and “despite repeated and diligent searches, I have not been able to find [his passwords] written down anywhere.”

Would you trust your money to an outfit that was managing more than £100m in such a comically incompetent way?

Is the money gone?

Well, it seems around 115,000 people are holding cryptocurrency balances in their accounts at Quadriga. Or rather, they were.

What seems especially inept is that the crypto-cash is apparently being held in what is known as a cold wallet. That’s a cryptocurrency store which is not connected online and provides a level of security from hacking attempts.

But they overlooked the massively bigger risk caused by only one person knowing that all-important password.

The biggest risk

Despite the risks of fraud, basic security incompetence, personal mistakes (like that guy who lost his Bitcoin stash when the old computer he stored it on was accidentally thrown out), the biggest risk with Bitcoin is… Bitcoin itself.

Though it has pretty much maintained its value so far in 2019, it still looks to me to be on a relentless slide. At $3,400 today, that’s a 70% loss since last March’s peak, and I just don’t see any comeback.

The real thing

No, if you want reliability, security and low cost in currency transactions, use a real currency backed by a trustworthy central bank. And if you want an investment, go for something that generates genuine new wealth. For me that’s shares, and I think we’re looking at the best stock market investment conditions for years.

You Really Could Make A Million

Of course, picking the right shares and the strategy to be successful in the stock market isn't easy. But you can get ahead of the herd by reading the Motley Fool's FREE guide, "10 Steps To Making A Million In The Market".

The Motley Fool's experts show how a seven-figure-sum stock portfolio is within the reach of many ordinary investors in this straightforward step-by-step guide. Simply click here for your free copy.

More reading

Forget the Bitcoin price. I’d buy these investments instead

Forget buy-to-let! I’d pick up the Barclays share price’s 5% yield

Here’s why the BP share price is flying today

I’d dump the Ocado share price and buy this fast-growing FTSE 100 dividend stock

3 reasons why I’d invest in a Chinese recovery in the year of the pig

Alan Oscroft owns shares of Lloyds Banking Group. The Motley Fool UK has recommended Barclays and Lloyds Banking Group. Views expressed on the companies mentioned in this article are those of the writer and therefore may differ from the official recommendations we make in our subscription services such as Share Advisor, Hidden Winners and Pro. Here at The Motley Fool we believe that considering a diverse range of insights makes us better investors.