Speaker 1: Hello, and welcome back to another episode of the Mark
Speaker 1: Moa Show, where we talk about the decentralized revolution, the
Speaker 1: way the world is changing through the lens of politics, finance,
Speaker 1: and technology, and of course I try to always bring
Speaker 1: to you some education that helps you see the world
Speaker 1: a little bit differently, understand these deep complex issues a
Speaker 1: little bit more simple so you can understand them. Some
Speaker 1: of the latest breaking news so you know what's going on,
Speaker 1: and of course some interesting guests, and I want to
Speaker 1: talk about some of the big news headlines that have
Speaker 1: been going over this week, because oh boy, if you're
Speaker 1: not paying attention like I am every day, you are
Speaker 1: not able to keep up because the world is changing really, really,
Speaker 1: really fast. Now. Something I've been talking about at length
Speaker 1: is this FTX situation blowing up, which of course is
Speaker 1: important because it's literally changing the face of cryptocurrency as
Speaker 1: we know it, not just cryptocurrency. I think it's going
Speaker 1: to change the face of UH investing, it's going to
Speaker 1: change the face of regulations in a big way. But
Speaker 1: I also know that UM tens of billions of dollars,
Speaker 1: potentially hundreds of thousands of Americans were really impacted by this.
Speaker 1: Maybe millions of Americans. I don't know the exact number
Speaker 1: of customers they have that will all come out through
Speaker 1: the bankruptcy court. But ft X, the firm went down,
Speaker 1: Uh I want to say taking customers funds with them,
Speaker 1: which it was, but I'd even say stealing customers funds.
Speaker 1: And unfortunately a lot of people lost a lot of
Speaker 1: money and some people lost everything and it's unfortunate. Um,
Speaker 1: and not just people but businesses and corporations and investment funds.
Speaker 1: I mean, it took down everybody. And so they filed
Speaker 1: for for chapter eleven through for bankruptcy. And so there's
Speaker 1: some things going on that that I want to talk
Speaker 1: about this week that you need to be aware of,
Speaker 1: especially uh, well, if you're in the cryptocurrency space at all,
Speaker 1: you need to be aware of these. If you had
Speaker 1: money there, then you need to be aware of these
Speaker 1: as well. So if you're anywhere in the cryptocurrency space
Speaker 1: or were, and this probably applies to you. But we
Speaker 1: we know that the like I said, they went chapter eleven.
Speaker 1: They've got an attorney now that's kind of running them
Speaker 1: through the bankruptcy court. And man, it is shocking what
Speaker 1: is coming out we see here says that f t
Speaker 1: X lawyer says that substantial amount of crypto of the
Speaker 1: crypto firms assets are stolen or missing and so um.
Speaker 1: You know, in bankruptcy they kind of change out the management.
Speaker 1: They bring in a different team, a steering team to
Speaker 1: kind of to kind of run them through this. And
Speaker 1: we see here says that that quote f t X
Speaker 1: was in the control of inexperienced and unsophisticated individuals and
Speaker 1: some or all of them were compromised individuals. End quote
Speaker 1: says James Brawley, Bromley counsel to f t XS new
Speaker 1: management boy, talk about throwing them under the bus. It
Speaker 1: was in the control of inexperienced and unsophisticated individuals and
Speaker 1: they were compromised. What does that mean? Well, Sam Bankman Freed,
Speaker 1: the founder, was supposedly the wonder kid. He was supposedly
Speaker 1: the smartest guy in the world. He was the one
Speaker 1: on stage with Bill Clinton. He was on the stage
Speaker 1: with a rubbing shoulders with the most advanced regulators from
Speaker 1: the SEC, from the cftc UH, from the Financial Services Committee,
Speaker 1: like Maxine Waters taking pictures Buddy, Buddy. He was being
Speaker 1: going into Washington, d C. On a very regular basis
Speaker 1: to set all new regulations and set all new policies
Speaker 1: on the entire industry. He was the guy. But it
Speaker 1: says right here it was in the control, in control
Speaker 1: of inexperienced and unsophisticated individuals that were compromised. So how
Speaker 1: is it that the that the guy Sam Bankman freed SPF,
Speaker 1: the guy who the regulators were bringing up the Biden
Speaker 1: administration was listening to, that was responsible to put policies
Speaker 1: in place, was actually unsophisticated and he was compromised. How
Speaker 1: was he compromised? Well, we do know that supposedly his
Speaker 1: entire goal, which everything was alive, So we don't really
Speaker 1: know what to believe. But supposedly he said he didn't
Speaker 1: care about money. Supposedly he just wanted to give all
Speaker 1: his money away to good and he did. He gave
Speaker 1: a lot of away. Um. He gave forty million, about
Speaker 1: thirty eight million dollars to the Democratic Party for the
Speaker 1: mid terms, and not just the Democratic Party but too
Speaker 1: heavy progressives in the Democratic Party. He was Biden's second
Speaker 1: largest donor and last presidential election. Um he wanted to
Speaker 1: give a billion dollars to the Democrats for the next
Speaker 1: presidential election eighteen million for COVID pandemic um planning, and
Speaker 1: so it wasn't just a little bit of money, it
Speaker 1: was a lot of money. He was in bed with
Speaker 1: the world that comic Forum um and so maybe that's
Speaker 1: what they're talking about as comprised individuals, is what they say.
Speaker 1: But it says here quote what we have here is
Speaker 1: a worldwide international organization, but which was run as a
Speaker 1: personal fiefdom of Sam Bankman Freed. Mr Bromley said, so,
Speaker 1: if you know anything about businesses like corporations, you know
Speaker 1: that once you start getting into corporations, you have things
Speaker 1: like corporate law, and then you have certain things that
Speaker 1: have to be done and you can't run them like
Speaker 1: a personal fifdom. They have something called com mingling of funds,
Speaker 1: and that means that your businesses are supposed to be
Speaker 1: separate from your personal and your businesses are supposed to
Speaker 1: be separate from each other as well. We know that
Speaker 1: when the bankruptcy, when the when the bankrupty attorney went
Speaker 1: in there to kind of figure this out, which, by
Speaker 1: the way, he was in charge of the largest kind
Speaker 1: of scandal bankruptcy and history, the Enron scandal. And he's
Speaker 1: now working on this one. He said, this is the
Speaker 1: worst one he's ever seen in his career. And they
Speaker 1: you know, there are thirty thirty two billion dollar company,
Speaker 1: two different companies, Alameda and f t X, and they
Speaker 1: ran them like all out of one account. Customer funds
Speaker 1: and deposits and investor funds and proceeds all just run
Speaker 1: out of one account, with no ledger to even break
Speaker 1: down who this belonged to, which is why it says
Speaker 1: here a worldwide international organization, but which was run as
Speaker 1: a personal fiefdom of Sam Bankman freed. That's illegal. It's
Speaker 1: highly illegal. The Washington Journal has reported that f t
Speaker 1: X was a chaotic mess of corporate entities, customer assets,
Speaker 1: and Mr Bankman freed himself almost from the firm's inception,
Speaker 1: so he ran this just as his personal slush fund,
Speaker 1: including all his political donations. That's all illegal. F t
Speaker 1: X as quote one of the most abrupt and difficult
Speaker 1: collapses in the history of corporate America and the history
Speaker 1: of corporate entities around the world. End quote. This is
Speaker 1: a big deal. But what's going to happen out of
Speaker 1: it is it's a big deal. These customers, they lost
Speaker 1: their money. Now it's in bankruptcy court? Will the Democratic
Speaker 1: Party give any of that money back? When you are
Speaker 1: a politician running and you're soliciting campaign contributions, you have
Speaker 1: a very very very high bar that those contributions are
Speaker 1: supposed to match. As a matter of fact, we know
Speaker 1: that Denis to Susa, who's a conservative filmmaker. Um, he
Speaker 1: he got in trouble for taking a small amount Susan,
Speaker 1: Let's see how much did he see? I would here
Speaker 1: sentenced Manhatto Court to five I should have looked this
Speaker 1: up ahead of time, um. Denis to Susan sentence in
Speaker 1: Manhattan Federal Court to five years of probation for campaign
Speaker 1: finance fraud. Denista sus attempted to illegally contribute over ten
Speaker 1: thousand dollars to a Senate campaign, willfully undermining the integrity
Speaker 1: of the campaign finance process. Like many others before him,
Speaker 1: all political stripes. He has to answer for his crime
Speaker 1: here with a felony conviction. So how dare he? In
Speaker 1: the two thousand twelve election, um it limited campaign contributions
Speaker 1: to five thousand dollars from any individual to one candidate,
Speaker 1: But in March of two thousand twelve, just Susan contributed
Speaker 1: ten thousand dollars to the Senate campaign of winning Wendy
Speaker 1: long On behalf of himself and his wife, agreeing in
Speaker 1: writing to attribute the contribution as five thousand from his
Speaker 1: wife and five thousand from him. Um, so you can
Speaker 1: only contribute five thousand, but he gave ten five thousand
Speaker 1: from him five thousand his wife, which they thought would pass,
Speaker 1: but nope, they did and he got five years of
Speaker 1: campaign fraud. Now, what about the thirty eight million that
Speaker 1: was just given to Democrats? Where did that money come from?
Speaker 1: Is there going to be any scrutiny to that? I'd
Speaker 1: sure like to know. I want to talk now about
Speaker 1: what's going to happen with customer funds. Will customers get
Speaker 1: any of their money back? And more important, they also
Speaker 1: we're talking about what did they actually do with that
Speaker 1: money To'll be back with all that and more in
Speaker 1: a minute. If you're just tuning in, you're listening to
Speaker 1: the Mark Moss Show breaking down the latest breaking news
Speaker 1: in the cryptocurrency space this week. I'll be back with
Speaker 1: all that and more in a minute, So don't go away.
Speaker 1: I'll be right back all right. If you're just tuning in,
Speaker 1: you're listening to the Mark Moa show. We're talking about
Speaker 1: the latest breaking news around the Sam Bankman freed f
Speaker 1: t X debacle. We'll just call it that, and it's
Speaker 1: it's it's tragic. Uh, it's horrible, and I feel bad
Speaker 1: for anybody caught up in this mess. And if you're
Speaker 1: anywhere in the cryptocurrency space, you're probably caught up because
Speaker 1: there's contagiou and going all over. I want to talk
Speaker 1: about that other potential risks that there may be coming
Speaker 1: down the pipe that you need to be aware of.
Speaker 1: Like I said, if you're anywhere in the cryptocurrency space,
Speaker 1: you don't know about this because it's set off just
Speaker 1: a series of dominoes. The first thing I'd say is
Speaker 1: that you know there's a headline from Walster Journal saying,
Speaker 1: well the FTX crypto customers ever see their money again?
Speaker 1: And unfortunately I hate to be the bearer of bad news,
Speaker 1: but I think the answer is probably no. Fd X
Speaker 1: file for bankruptcy on November eleven, um the the attorney
Speaker 1: for the bankruptcy says, quote, only a fraction of FTX
Speaker 1: digital assets have been located and secured, but we know
Speaker 1: that they have managed to find somewhere about a billion
Speaker 1: dollars of assets. The problem with that is that the
Speaker 1: creditors are owed over three billion, so there's not even
Speaker 1: a third of the money the creditors need, and so
Speaker 1: the creditors are going to be first in seniority to
Speaker 1: get their money back. You, as a depositor, have have
Speaker 1: no recourse. You're at the end of the line. And
Speaker 1: so what we know is that they've only been able
Speaker 1: to find about a third of what the creditors are owed.
Speaker 1: My guess is actually probably even way less than that.
Speaker 1: Um A lot of the asset they have right now
Speaker 1: are cryptocurrency assets, which are just losing value, and my
Speaker 1: guess is the money they're able to find is going
Speaker 1: to be only a fraction of what's going to be
Speaker 1: owed to the debtors, to the creditors, and you, as
Speaker 1: a depositor, will most likely not get anything. Now, I
Speaker 1: don't want to crush your dreams and your hopes, but
Speaker 1: I think that's going to be the case. And what
Speaker 1: we can really hope is that there's going to be
Speaker 1: some justice here, that Sam Bankmin Freed and his cohorts
Speaker 1: will be held up for justice of stealing these people's money.
Speaker 1: I am appalled why he's not already in handcuffs right now.
Speaker 1: When burn he made off was finally found out that
Speaker 1: he was running one of the biggest ponzis that we've
Speaker 1: seen in US history, he was handcuffed immediately. We just
Speaker 1: saw Elizabeth Holmes from Thorano's. She just got sentenced to
Speaker 1: eleven point to five years in prison for defrauding sophisticated investors.
Speaker 1: Here's Sam Bankman Freed SPF stole from you, from retail,
Speaker 1: not from sophisticated to credit investors, from retail people. And
Speaker 1: what did he do with it? It says right here
Speaker 1: Bankman Freed's f TX senior staff and parents bought Bahamas
Speaker 1: property is worth three hundred million dollars. Now, Sam Bankman
Speaker 1: Freed supposedly, I don't need any money, I don't want
Speaker 1: to be rich. I just drive it toward a Corolla.
Speaker 1: I'm giving all my money to charity. Meanwhile, he was
Speaker 1: living a lie. He was living in a I think
Speaker 1: a thirty million dollar mansion, and he gave his parents
Speaker 1: and three hundred million worth of property. Now his parents,
Speaker 1: so Sam Bankman Freed, it's a hyphen aid last name.
Speaker 1: One of his parents' is bankman, and one of his
Speaker 1: parents is freed. I think I believe it's the father's
Speaker 1: bank when his mother's freed. They're both attorneys, they're both
Speaker 1: tax attorneys, and they're both heavily and they're both professors,
Speaker 1: and they're both heavily involved into the Democratic Party. They're bundlers,
Speaker 1: so they raise money for the Democratic Party. And his
Speaker 1: father writes policy for Elizabeth Warren. So when you're a
Speaker 1: tax law professor teaching and writing writing regulations for Elizabeth Warren,
Speaker 1: you know better, all right, you know better. You're not
Speaker 1: just some unsophisticated person. You don't just take three hundred
Speaker 1: million dollars worth of property out of this, out of this.
Speaker 1: I'll call it what it is a conspiracy. It says
Speaker 1: here attorneys for ft exit on Tuesday that one of
Speaker 1: the company's units spent three hundred million in the Bahamas
Speaker 1: buying homes and vacation properties for its senior staff, and
Speaker 1: the FTX was run as a personal fifetom. We already
Speaker 1: talked about that. So uh, luxury beach front homes including
Speaker 1: seven condom miniums and an expensive resort called Albany, costing
Speaker 1: almost seventy two million for that one million, so you know,
Speaker 1: Sam Bankman for you. Oh, I just want to get
Speaker 1: rich so I can save the world. And I just
Speaker 1: drive a Corolla and I don't care about money. Meanwhile,
Speaker 1: living in a seventy two million dollar resort called Albany.
Speaker 1: Mm hmm. So um. Not only is he a a liar,
Speaker 1: he's a scammer, he's a fraud ster. And yet he's
Speaker 1: still not in handcuffs, still not in handcuffs. As a
Speaker 1: matter of fact, it's not that he's just not even
Speaker 1: still not in handcuffs, which is incredible on its own.
Speaker 1: On top of that, the New York Times still has
Speaker 1: him scheduled to speak and of commuting on November. Um,
Speaker 1: he's booked to speak with the same stage and meeting
Speaker 1: as Janet Yelling, the Treasury Secretary and President Zelinsky from Ukraine.
Speaker 1: And and this isn't just like they haven't got around
Speaker 1: to update in the website. I've been following this and
Speaker 1: they just updated the website and they took down one
Speaker 1: somebody and they put up Ben Affleck, the actor. So
Speaker 1: they just updated to put him on there. They couldn't
Speaker 1: have updated to take Sam Bankman freedoff. He's still scheduled
Speaker 1: to speak. He's not in handcuffs. I mean, this is
Speaker 1: just insanity. This is just insanity. On the flip side,
Speaker 1: we have I've talked about this before. There's a developer
Speaker 1: that wrote a piece of software for like a cryptocurrency project.
Speaker 1: He wrote a piece of software. He didn't use it.
Speaker 1: He created it that other people could use. Is called
Speaker 1: Tornado Cash. Alex per Per TASIV is to remain in
Speaker 1: jail until at least late February. So this guy, a
Speaker 1: Russian national living in the Netherlands, was accused of facilitating
Speaker 1: money laundering by developing an app. So he created an
Speaker 1: app that other people used. Supposedly they use this um illegally. Allegedly,
Speaker 1: he didn't. He just created a piece of software that
Speaker 1: people used potentially illegally, we don't know. He was arrested immediately.
Speaker 1: He's being held indefinitely and he's not even scheduled to
Speaker 1: have even a hearing until February for creating a piece
Speaker 1: of software that potentially, allegedly people might use for things
Speaker 1: that might be potentially illegal. Maybe if they find out,
Speaker 1: it doesn't matter. He got picked up, he's whole. He's
Speaker 1: being held indefinitely and maybe he'll get his hearing in
Speaker 1: UM in February and maybe they'll find something. Think about
Speaker 1: that for a minute, But SBF is prayed in around
Speaker 1: town and still said to go whole talks and appearances.
Speaker 1: The one thing that you can tell about the position
Speaker 1: of the state where your government is how they prosecute crimes.
Speaker 1: How do they prosecute crimes against their own citizens? So
Speaker 1: how are they prosecuting crimes that SPF has committed against
Speaker 1: the citizens of the United States versus how do they
Speaker 1: prosecute crimes against their own power. So here's the Netherlands
Speaker 1: resident from Russia that create a piece of software, And
Speaker 1: look what the U S is doing, And look what
Speaker 1: they're doing to somebody like Sam BigMan Freed, who literally
Speaker 1: defrauded billions of dollars from U S. Citizens. And they're
Speaker 1: doing nothing. They're still propping them up, They're still allowing
Speaker 1: to speak on the same stage with the US Treasury
Speaker 1: Secretary of Treasury Jenny Ellen. It's a sad day. It's
Speaker 1: a sad day when you can see the position of
Speaker 1: the state by how they prosecute crimes against their citizens
Speaker 1: versus crimes against themselves. Tax evasion, that's fifteen years, oh,
Speaker 1: ten billion dollars from citizens. No worries. We'll still invite
Speaker 1: you to speak at the White House. Anyway. If you're
Speaker 1: just tuning in, you're listening to the Markma Show, we're
Speaker 1: talking about some of the latest breaking news that's going
Speaker 1: on in the cryptocurrency space this week. I got more
Speaker 1: to cover when I come back. Don't go away, I'll
Speaker 1: be right back, all right, Welcome back. If you're just
Speaker 1: tuning in, you're listening to the Mark Mos Show. We're
Speaker 1: running through the biggest headlines happening in the cryptocurrency space.
Speaker 1: In the we look at the world through the lens
Speaker 1: of politics, finance, and technology as we're witnessing the technological
Speaker 1: revolution happening, the decentralized revolution happening. We're talking about f
Speaker 1: t X is blowing up, and then we're talking about
Speaker 1: how the regulations against f t X versus like someone
Speaker 1: who created a piece of software like Tornado Cash, are
Speaker 1: so glaringly different. Another one that I want to talk
Speaker 1: about is I've been talking about a while, which one
Speaker 1: of the big pieces that really led to this whole
Speaker 1: domino effect, this cascade and effect in the cryptocurrency space
Speaker 1: with Celsius. Celsius was what's called a c FI. It's
Speaker 1: centralized finance. So there's DeFi, which is supposed to stand
Speaker 1: for decentralized finance, and then there's c FI, which is
Speaker 1: more like centralized finance, so supposedly defied decentralized finances like
Speaker 1: an open source software protocol where you could stake your
Speaker 1: tokens and you could earn rewards back. Where a c
Speaker 1: FI is like a as a company, a centralized company
Speaker 1: that's supposed to do that for you. And so I
Speaker 1: give my tokens to this company, they invest them on
Speaker 1: my behalf, and they give me a return back. Celsius
Speaker 1: was a big one. Of course, Block five is a
Speaker 1: big one. And I've you know, I've been outspoken against
Speaker 1: these these uh for quite a while. UM I did
Speaker 1: do some UH some ads for Block five back in
Speaker 1: the day. It's been over two years since I decided
Speaker 1: to walk away from all of that. I'm just not
Speaker 1: a fan of it. I'm not a fan of the
Speaker 1: risk and reward ratios of that, and so as an investor,
Speaker 1: I'm always looking for what I call asymmetric returns. I
Speaker 1: want something that gives me more upside than downside, right,
Speaker 1: and so um, I think right now bitcoin is probably
Speaker 1: still one of the best asymmetric opportunities that we have
Speaker 1: in the world today. UM, I think there's an easy
Speaker 1: hundred x upside in front of us, or it could
Speaker 1: go to zero. I could lose it all, so that
Speaker 1: would be a one x downside. I could lose everything,
Speaker 1: or I have a one hundred x upside. I like
Speaker 1: those odds. But when I'm giving my cryptocurrency or my
Speaker 1: bitcoin to a platform like block fire Celsius, I'm potentially
Speaker 1: risking it all. So I have a hundred percent risk
Speaker 1: of loss with only a four or six percent upside return.
Speaker 1: So a hundred percent on the downside with a six
Speaker 1: percent on the upside, that doesn't sound good to me.
Speaker 1: That's not the type of returns I'm looking for. I
Speaker 1: want to risk six percent and have a hundred percent upside.
Speaker 1: But they do it the other way. So I'm not
Speaker 1: a fan of that. And unfortunately for people who use
Speaker 1: selsie us and who use Block five, they had to
Speaker 1: find that out the hard way. They did lose. I mean,
Speaker 1: if you had funds on that, it's gone at this
Speaker 1: point now. Uh, for Block five, it's not looking good
Speaker 1: because Block five had all their money on on ft X,
Speaker 1: And as I talked about before the commercial break, if
Speaker 1: you had money on the f t X, it's not
Speaker 1: looking good for you there. And so what happened with
Speaker 1: Block five, and this is even a bigger scam. Block
Speaker 1: five might have been okay on their own. Potentially they
Speaker 1: had other offers to help build them out, which would
Speaker 1: have helped save customer deposits. But when f t X,
Speaker 1: when Sam Bankman Freed came in like the savior to
Speaker 1: save the whole industry. He said, hey, block Fire, don't worry,
Speaker 1: I got your back. I'll help you out. Here's what
Speaker 1: we're gonna do, though, here's gonna do. What we're gonna
Speaker 1: do is uh we f t X, me, Sam Bankman
Speaker 1: Freed and ft X. We will guarantee your customer deposits.
Speaker 1: We're not gonna give you any money for the equity.
Speaker 1: For all the people that invested money in the company,
Speaker 1: they're all screwed. But we're gonna take care of your customers.
Speaker 1: Don't worry. But what we have to do in exchange
Speaker 1: in order for us to to guarantee all that is
Speaker 1: you need to now give us all your deposits. So
Speaker 1: all those customer funds that that that block Fire was holding,
Speaker 1: now you gotta give it to us. We'll hold it
Speaker 1: for you though, and we're going to guarantee all those deposits. Now.
Speaker 1: The shady shady shadiness of this is that SpFN alameter
Speaker 1: already bankrupt at this point. They already knew this. You
Speaker 1: didn't know this, but they already knew this. So they
Speaker 1: fraudulently went out and pretended to be something that they weren't.
Speaker 1: They made promises and guarantees that they couldn't live up to,
Speaker 1: and they promised to take care of these uh customer
Speaker 1: deposits in exchange for giving him to us unless holding him,
Speaker 1: and they just stole those two. So those are gone.
Speaker 1: And so unfortunately, if you had money on Block five,
Speaker 1: then it was auction on FTXC, and unfortunately it's probably gone.
Speaker 1: If you were with Celsius, there might still be a
Speaker 1: ray of hope, a little sliver of hope. And I
Speaker 1: don't want to give you false hope, but I've been
Speaker 1: documented this. I'm covering it because if you have money there,
Speaker 1: you have exposure there. I want you to know. But
Speaker 1: there was a couple of different ways people had money
Speaker 1: on Celsius. So one people had it just as storage,
Speaker 1: so they're just holding my keys for me. Those people
Speaker 1: have a decent chance of getting a good majority of
Speaker 1: their money back. Then there was loan products, so I
Speaker 1: was getting a loan from Celsius and they held a
Speaker 1: bit of my cryptocurrency as collateral. And then there was
Speaker 1: yield where I gave you my cryptocurrency and you gave
Speaker 1: me a percentage back on that um. And so there's
Speaker 1: differences there. I think the yield and the loan customers
Speaker 1: might have a tough time, but there might still some
Speaker 1: be some money there. Um. The big news this week
Speaker 1: is that the U s courts approved a deadline for
Speaker 1: Celsius customers to file proofs of claim. So, if you
Speaker 1: had money on Celsius, they've given you a debt, They've
Speaker 1: they've approved a a new deadline for you you to
Speaker 1: file a proof of claim. So customers of the bankrupt
Speaker 1: crypto lender have until January three to proofs of claim um.
Speaker 1: And so if you had any money there, you need
Speaker 1: to go check this out, all right, Just go onto
Speaker 1: your favorite search engine and just google that US court
Speaker 1: approves deadline for Celsius customers to file proof of claims,
Speaker 1: but you have until January and so if you have
Speaker 1: money there you can file it and hopefully you can
Speaker 1: do it for free. You can claim by mail, by hand,
Speaker 1: you can do it through their website. You can go
Speaker 1: to Stratt oh S t R E T t O
Speaker 1: Stretto's website and you can do it there. And you
Speaker 1: need to get that claim in there. Now they might
Speaker 1: already have your claim, but you need to make sure
Speaker 1: because you want to get inline for some money back.
Speaker 1: I'm not saying you're gonna get money back, but at
Speaker 1: least there might be a chance. Now this is continuing
Speaker 1: to get worse. So now ft X goes down, they
Speaker 1: take block fives customers funds with them. They've also taken
Speaker 1: a big chunk of money from Genesis. Now Genesis is
Speaker 1: probably the biggest company you might never heard of. Genesis
Speaker 1: provides these yield products for a lot of these front
Speaker 1: and customers. So Gemini, which is another big cryptocurrency exchange
Speaker 1: run by the Winkelvoss twins from Facebook fame, they have
Speaker 1: an earned products. So you could park money with Gemini
Speaker 1: and they would pay you a yield on that. I
Speaker 1: believe they're paying eight percent on their earned product, but
Speaker 1: it was actually Genesis that was doing that. And now
Speaker 1: Genesis is having trouble because they had a bunch of
Speaker 1: money parked on ft X that's now gone, and because
Speaker 1: of that, they're not able to pay back the earned
Speaker 1: products or the yield products. We can see that Genesis
Speaker 1: halted a redemption shortly after revealing on November ten that
Speaker 1: had a hundred and seventy five million dollars locked in
Speaker 1: an f t X trading account, and now Genesis is scrambling.
Speaker 1: They've spent the last several days seeking at least a
Speaker 1: one billion dollar injection of fresh capital, but it doesn't
Speaker 1: look like that's going super good. Doesn't look like it's
Speaker 1: going super good at all. It says that they have
Speaker 1: no plans to file bankruptcy yet. Our goal is to
Speaker 1: resolve the current situation consentually without the need for any
Speaker 1: bankruptcy filings. But the bigger problem is that Genesis is
Speaker 1: a counterparty to many other players in the digital assets space,
Speaker 1: so that's the problem. It's also gauged as as a
Speaker 1: kind of a sign of the overall industries um strength.
Speaker 1: If you had money on Gemini in that UM, you're
Speaker 1: in limbo. The seven hundred million dollars of customers money
Speaker 1: tied up in this, and there could be even more
Speaker 1: contagion coming from this. I want to talk about that
Speaker 1: more in a minute. The bigger risk and contagion we're
Speaker 1: gonna talk about the Gray Scale Bitcoin Trust. I do
Speaker 1: want to say a real quick before I take a
Speaker 1: break that if you have money earning yield anywhere, I
Speaker 1: would take it out. If you haven't lost it yet
Speaker 1: by now, consider yourself lucky and get it out. It's
Speaker 1: not worth the risk, and most likely this contagion is
Speaker 1: going to take every urn yield type of product down,
Speaker 1: and so pull your money out of that UM because
Speaker 1: it's not looking good. But what does this mean for
Speaker 1: Genesis and their partner companies Specifically, I'm talking about DCG
Speaker 1: Digital Currency Group and the Gray Scale Bitcoin Trust, which
Speaker 1: holds over six hundred and fifty thousands sift bitcoin, and
Speaker 1: if that goes down, that could shake the entire industry.
Speaker 1: So I want to talk about that, the potential, what
Speaker 1: that means, why there's such a discount um, the potential risks,
Speaker 1: who's betting on that um? And more. When I come
Speaker 1: back in a minute. You're just tuning in. You're listening
Speaker 1: to the Mark Mo Show talking about the Decentralized Revolution,
Speaker 1: talking about some of the latest breaking news of the week.
Speaker 1: I got a lot more to cover when I come back.
Speaker 1: You don't want to miss it. We're back. Don't go away,
Speaker 1: all right, welcome back. If you're just tuning in, you're
Speaker 1: listening to the Mark Mo Show, we're talking about the
Speaker 1: decent relized Revolution, and we're running through some of the
Speaker 1: latest breaking, biggest news headlines of the week. And we're
Speaker 1: talking about this crypto contagion that's going on and started
Speaker 1: back in May, and it's just gotten bigger, bigger, bigger, bigger, bigger.
Speaker 1: Took f t X down and now it's taking down
Speaker 1: even some of the bigger players. And so we talked
Speaker 1: about Genesis. Genesis had at least close to two hundred
Speaker 1: million dollars of exposure to f t X that's now
Speaker 1: thrown their whole plan into a tel spin and a
Speaker 1: lot of people are fearing what comes next because Genesis
Speaker 1: is a sister company to UH founding company DCG, Digital
Speaker 1: Currency Group, and Digital Currency Group is also um responsible
Speaker 1: for the Gray Scale Bitcoin trust. Now the Gray Scale
Speaker 1: Bitcoin Trust has been away um I believe since twenty
Speaker 1: fifteen to buy bitcoin through like a four oh one
Speaker 1: K or mutual fund or like a regular stock account.
Speaker 1: So if you have this one of these types of
Speaker 1: retirement vehicles, you're not able to buy bitcoin directly, or
Speaker 1: you weren't at least at that time. And so UM
Speaker 1: this was formed as a trust and it was a
Speaker 1: way that you could buy bitcoin or get access to
Speaker 1: bitcoin's price exposure through that. When you buy into the
Speaker 1: Gray Scale Bitcoin Trust or as it's called g BTC,
Speaker 1: you don't actually own the bitcoin. The trust owns the bitcoin.
Speaker 1: You have exposure to the price of bitcoin, sort of
Speaker 1: like um, when you buy a gold ETF, you buy
Speaker 1: the gold ETF, you don't actually own the gold. You
Speaker 1: just own the e t F which supposedly owns gold,
Speaker 1: and then you have exposure to the price of gold.
Speaker 1: But the problem is that people are saying, well, shoot,
Speaker 1: if if Genesis goes down, it could take out Gray
Speaker 1: Scale Bitcoin Trust. And if it takes out Bitcoin Trust
Speaker 1: and they're one, if they're forced to liquidate, what does
Speaker 1: that do to the overall bitcoin and cryptocurrency market if
Speaker 1: they have to sell six hif bitcoin and to what
Speaker 1: happens to all the creditors, what happens to their creditors,
Speaker 1: And so I want to talk about that briefly. Um
Speaker 1: it said that, so Genesis already had to halt customer
Speaker 1: with draws. Where did where talked about that? However, Genesis
Speaker 1: does not directly affect g b TC all right, they
Speaker 1: are separate. Even if Genesis is unable to raise liquidity
Speaker 1: for its lending book, even if it files for bankruptcy,
Speaker 1: the creditors that would go after the assets of Genesis
Speaker 1: would have zero claim, no attachment to the g b
Speaker 1: TC assets at all. Now, Gray Scale Investments, which manages
Speaker 1: the g b TC Trust, and Genesis, they're both owned
Speaker 1: by the same company d CG. But just because they're
Speaker 1: owned by the same company doesn't mean they have cross
Speaker 1: liability to each other. Now, if you have assets like
Speaker 1: a business, like a car, like a house, like a
Speaker 1: rental property, you should also have a structure like this
Speaker 1: as well. So you're supposed to have these assets into
Speaker 1: different structures, different entities, so there's no cross collaterization. So,
Speaker 1: for example, I have like rental properties and they're in
Speaker 1: separate entities. So if somebody works lip and fall and
Speaker 1: get hurt there, they don't sue me and take everything
Speaker 1: I own. My business is an entity over here, my
Speaker 1: rental properties, and another entity over here, and so you
Speaker 1: want to compartmentalize them. And that's exactly what they've done here.
Speaker 1: And it says that the g btcs trust structure protects
Speaker 1: its holders and remains ring fenced from failures within d
Speaker 1: c G or the DCG group entities ring fence. That's
Speaker 1: exactly what it's supposed to be, exactly what I've explained.
Speaker 1: It sits over here and its own entity, and even
Speaker 1: if DCG goes down, even if Genesis goes down, it
Speaker 1: shouldn't have any effect on the trust. Okay, then what
Speaker 1: about the trust specifically, why is it having so much trouble? Well, Currently,
Speaker 1: GBTC trades at a massive about somewhere somewhere in the
Speaker 1: range of forty five to fifty discount to the price
Speaker 1: of the underlying bitcoin, which is pretty interesting. It's traded
Speaker 1: out a premium before, meaning you would actually a more
Speaker 1: to own bitcoin in the trust than you would own
Speaker 1: it directly. Now it trades at a discount, and the
Speaker 1: premium or the discount that we have now is because
Speaker 1: of the market sentiment if people want to hold this
Speaker 1: or not. Now, a couple of things have happened. One
Speaker 1: I said earlier that when it first started, when the
Speaker 1: when the bitcoin trust first started, you couldn't really own
Speaker 1: bitcoin through a lot of these types of retirement accounts
Speaker 1: for oh one case iras, etcetera. But now you can.
Speaker 1: So now there's a lot of other companies that have
Speaker 1: come up since that allow you to own it. So
Speaker 1: for example, Unchanged Capital as a company that I work with,
Speaker 1: and you can own bitcoin through an IRA or a
Speaker 1: Wrath IRA through them, you don't need to buy the trust.
Speaker 1: So the demand for this this type of a product
Speaker 1: has come way down. The other thing is that you
Speaker 1: don't actually own bitcoin, right, you just have exposure to
Speaker 1: the price. Now the discount is for the risk that
Speaker 1: you have for doing this. Of the risks, well, some
Speaker 1: of the risks are that the Gray Scale Bitcoin Trust
Speaker 1: charges you a fee to manage it. As a matter
Speaker 1: of fact, they say that Grace the Gray Scale Trust
Speaker 1: generates about three hundred million a year just in fees,
Speaker 1: and so a lot of people are saying, well, you know,
Speaker 1: if DCG goes down, or if Genesis goes down, they're
Speaker 1: gonna shut down Gray Scale. Why would they shut that
Speaker 1: business down? It's making three hundred million dollars a year.
Speaker 1: If I had a business making three in a million year,
Speaker 1: I wouldn't be wanting to shut that down, as I'm
Speaker 1: sure they won't either. And so they generate that through fees.
Speaker 1: And so if you own bitcoin through there, they take
Speaker 1: about two percent of your money per year in fees,
Speaker 1: which is expensive. Why would I want to pay that um?
Speaker 1: And so if I own that share, I don't actually
Speaker 1: own bitcoin. If I own bitcoin, I can go sell
Speaker 1: it on the market at the market price, which at
Speaker 1: the time of this recording is a sixteen thousand, one
Speaker 1: thirty dollars. But if I own the trust, I can't.
Speaker 1: I don't have hands out for the bitcom price. I
Speaker 1: have to find someone to buy the share of my trust.
Speaker 1: There's not a lot of people that want to buy
Speaker 1: that right now. So someone's like, well, I ain't gonna
Speaker 1: buy it for sixteen thousand, but I'll give you eight
Speaker 1: grand for it. How about eight? Will you take eight?
Speaker 1: And someone's like, well, shoot, I need my money, so
Speaker 1: I guess I'll just take the eight. And that's what
Speaker 1: provides the discount, and you get the discount for the
Speaker 1: risk that's involved. So what are the risks? One? Like
Speaker 1: I said, if they shut it down, I think that's
Speaker 1: overblown because they're making three in a million a year.
Speaker 1: Why would the want to shut it down. I think
Speaker 1: what a lot of people may want to buy this
Speaker 1: and hope for is that it gets back up or
Speaker 1: closer to par, or back to even to what bitcoin is.
Speaker 1: And so maybe you have like a big sovereign wealth fund,
Speaker 1: you know, like a Saudi Arabia or some some big
Speaker 1: fund that wants to just come in and buy the
Speaker 1: whole thing out. That could be possible. If you're a big,
Speaker 1: a big sovereign wealth fund. You can't just go buy
Speaker 1: six hundred thousand bitcoin like they're just not available. You
Speaker 1: just can't buy that many. So does this be a
Speaker 1: way for some a big player like that to come
Speaker 1: in and buy all this at one at once? And
Speaker 1: if they did that, it could push it all the
Speaker 1: back up to par. And so if I was holding
Speaker 1: shares of this trust, not only would I get the
Speaker 1: appreciation in whatever bitcoin did, but I would also get
Speaker 1: the reverse back to what we call nav or net
Speaker 1: asset valuation. And we see people are doing this, I
Speaker 1: know people doing this. We see Cathy Wood's arc uh
Speaker 1: invest buys one point five million in Gray Scale Bitcoin
Speaker 1: Trust this week. The firm purchase the shares at a
Speaker 1: record discount to their net asset value. Like I said,
Speaker 1: it's about a fifty discount. Cathy Woods Arc Investment Management
Speaker 1: bought a hundred and seventy six thousand shares or one
Speaker 1: point five million, in Gray Scales Bitcoin Trust on Monday,
Speaker 1: as the crypto markets slumped to a two year low um,
Speaker 1: trading at discount to their nav net asset value. So,
Speaker 1: you know, Cathy Wood is a very polarizing figure in
Speaker 1: Wall Street. She did really really really good with her
Speaker 1: fund when the markets did really really good. Since the
Speaker 1: markets have sold off, her funds have done absolutely horrible. Now,
Speaker 1: how if you're playing the long game, she could turn
Speaker 1: out to be a genius. Right now, it hasn't done
Speaker 1: too well. And what will happen with this trade? You
Speaker 1: know time will tell, but it says has purchased Art
Speaker 1: purchased three hundred thousand shares, where two point eight million
Speaker 1: last week. So it purchased two point eight million last week,
Speaker 1: another one point five million this week. The investment firm
Speaker 1: now holds six point four million g BT shares worth
Speaker 1: fifty three million, So she's not just buying a little bit.
Speaker 1: She continues to add and add and add and add
Speaker 1: fifty three million. So I would say that that probably
Speaker 1: helps out a lot, because, let's say, if this continues
Speaker 1: to go down, down, down, ARC potentially has the ability
Speaker 1: to raise the money to buy this whole thing out.
Speaker 1: They just go buy all the bitcoin and there had
Speaker 1: a discount. If you had the money to buy it
Speaker 1: would probably be a pretty good option. And that's what
Speaker 1: a lot of the holders are betting for. That. I'm
Speaker 1: sure that's what she's betting for. And if anybody wanted
Speaker 1: to buy the bits woin bitcoin a gray scale trust,
Speaker 1: they may be betting on the same thing. If you're
Speaker 1: just tune in, you're listening to the Mark Moas Show,
Speaker 1: we're talking about the latest breaking news in the finance
Speaker 1: and the cryptocurrency space, talking about FTX and the fallout. Uh,
Speaker 1: there's so much to cover. I got a whole lot,
Speaker 1: a whole lot more to cover. When I come back,
Speaker 1: I gotta take a short break. Um, don't go away,
Speaker 1: I'll be right back with more, all right, welcome back.
Speaker 1: If you're just tune in, you're listening to the Mark
Speaker 1: Moa show. We're talking about the decentralized Revolution every week,
Speaker 1: and we're talking about the latest breaking news in the space.
Speaker 1: Uh it is. It is big. It's reaching every corner,
Speaker 1: it's reaching millions of people, it's reaching all the big companies. Um.
Speaker 1: You know, when things go good, you don't really think
Speaker 1: about all the downsides, all the risk. It's only when
Speaker 1: things go bad. As Warren Buffett would say, a rising
Speaker 1: tide rises all boats. But it's only when the tide
Speaker 1: goes out do you see who's swimming naked. And so
Speaker 1: that's exactly where we're at here. You know, when things
Speaker 1: are going good, everybody's friendly, everyone's having fun, everyone's laughing,
Speaker 1: everyone feels rich. The wealth effect is in effect. But
Speaker 1: when everyone starts losing money, than people are mad, people
Speaker 1: are fighting, and more importantly, people want to point blame. Now.
Speaker 1: I did a whole part talking about regulations that I
Speaker 1: think could come and what that means. I am not
Speaker 1: pro regulation. I think that we should be able to
Speaker 1: put our money into whatever we want, and we should
Speaker 1: take responsibility for ourselves. I've been saying a lot really
Speaker 1: through UM both really what came through the pandemic UM
Speaker 1: people being forced into taking vaccines UM also now through
Speaker 1: the financial markets, the cryptocurrency markets. I've been saying that
Speaker 1: I believe the age of personal responsibility is coming back now.
Speaker 1: Mainstream media wants to tell you just listen to the experts.
Speaker 1: During the pandemic, major news outlets even ran headlines to say,
Speaker 1: don't do your own research. Don't And I think that
Speaker 1: is the most idiotic thing that anybody could ever say.
Speaker 1: It's up to you, period, It's up to you. Now
Speaker 1: you don't. That doesn't mean you have to be This
Speaker 1: doesn't mean you have to be the expert on everything,
Speaker 1: but you need to know enough at least to go
Speaker 1: find the right experts to listen to. Because at the
Speaker 1: end of the day, it's your responsibility. If you're forced
Speaker 1: to take a medication that gives you an adverse reaction,
Speaker 1: that's your fault. You got to figure out who you
Speaker 1: gotta trust. If you lose money by putting money into
Speaker 1: some poor investment, that's on you. Now I get it,
Speaker 1: like sometimes you relied to sometimes you were scammed, and
Speaker 1: that's illegal and those people should pay UM. And we
Speaker 1: have laws against that kind of stuff. But ultimately I
Speaker 1: believe the age of personal responsibilities coming back. It should
Speaker 1: come back. We all need to be responsible. Unfortunately we're
Speaker 1: not quite there yet. And so some of the big
Speaker 1: news headlines this week on top of this push for regulations.
Speaker 1: Please government, any state, we need you to save us. Right.
Speaker 1: I don't know what I'm doing. You needed to me
Speaker 1: what I can do with my money, so you protect me.
Speaker 1: On top of that, we see here headline Tom Brady,
Speaker 1: Poor Tom Brady can't catch a break. His football team
Speaker 1: is not doing any good, he's getting divorced, and he
Speaker 1: just lost a ton of money in ft X. We
Speaker 1: don't know how much, but estimates are somewhere well in
Speaker 1: the eight figure numbers. So horrible football season, divorce um
Speaker 1: and losing a ton of money in ft X. And
Speaker 1: if that's not bad enough, now he's getting sued Tom
Speaker 1: Brady and Steph Curry uh and ft X endorsements are
Speaker 1: probed by Texas regulators, so not just sued by people,
Speaker 1: but now Texas investigation investigators are trying to dig into
Speaker 1: this as well for what's for looking at whether endorsements
Speaker 1: violated security laws. So it says here Tom Brady, the
Speaker 1: Golden State Warriors Steph Curry are among the celebrities that
Speaker 1: a Texas regulators investigating for potential securities law violation tied
Speaker 1: to the promotions of crypto exchange f t X. Mm hmmm,
Speaker 1: that's not good. We're taking a close look at them,
Speaker 1: Rotunda said Texas State Securities Board. It says, though the
Speaker 1: stars endorsements aren't the most immediate priority, there's still a
Speaker 1: focus in the regulators larger probe into the ft X collapse,
Speaker 1: he said. Um It says that even before the collapse
Speaker 1: of the us UM Securities and Exchange Commission was cracking
Speaker 1: down on plugs without proper disclosures, so they have to
Speaker 1: have proper disclosures. But the problem is is like are
Speaker 1: they have they done the proper disclosures and also are
Speaker 1: they saying the right things so we can see here
Speaker 1: for example, UM, if a celebrity says like something like
Speaker 1: in the endorsement, I've looked into this investment and it's
Speaker 1: terrific and you ought to put your money into it,
Speaker 1: but they haven't really looked into it, then that would
Speaker 1: be a misrepresentation. So even there, they're getting paid to
Speaker 1: say something and most likely they're probably given the script
Speaker 1: to say, UM, and they were probably giving the script
Speaker 1: to say and they probably believe the company's legal team
Speaker 1: look through it. They still have to be responsible for
Speaker 1: what they're saying. They should probably have their own attorney
Speaker 1: or lawyer look at that. So if they say I've
Speaker 1: looked into it, it's great, it's terrific. You should put
Speaker 1: your money to it, but they didn't, then that would
Speaker 1: be a misrepresentation. That's a problem. UM. It says here
Speaker 1: that they also, on top of, like I said, the regulators,
Speaker 1: they also are now defendants in a class action lawsuit.
Speaker 1: So now the regulators look into it, but we also
Speaker 1: have this class action lawsuit UM basically going after Tom
Speaker 1: Brady and Steph Curry as well. There's thousands, if not
Speaker 1: millions of consumers nationwide that believed they were defrauded and
Speaker 1: pulled into this investment because of these UM stars Brady Curry,
Speaker 1: Gizl Buncheon and Shaquille o'nee ill two. I think this
Speaker 1: is ridiculous. I think if you put your money into
Speaker 1: something because somebody on TV said, like a star like
Speaker 1: a Tom Brady or Shaquille O'Neil said that they're in it,
Speaker 1: and you put your money into it, that's on you.
Speaker 1: That's on you. But I've also had to learn that,
Speaker 1: you know, I have to live in the world that
Speaker 1: we're in, not as I think it should be, not
Speaker 1: as I wanted to be, but as it is, and
Speaker 1: as it is. This is, this is what's going on now.
Speaker 1: We can see here. If what's being market is deemed
Speaker 1: to be a security they're basically doing something that may
Speaker 1: very well violate state security laws. The attorney said, we
Speaker 1: can see here. Um, poor Kim Kardashian. Kim Kardashian had
Speaker 1: to pay a big fine. The sec UM enforced actions
Speaker 1: against against Kim Kardashian. Um they made. They ruled that
Speaker 1: she had to pay one point to six million one
Speaker 1: point six million to settle allegations that she broke securities
Speaker 1: rule is by promoting a crypto token on her Instagram
Speaker 1: without disclosing to her followers that she was paid to
Speaker 1: pitch it. I mean, this is just it's completely ridiculous.
Speaker 1: In my opinion, it's a complete waste of time by
Speaker 1: taxpayers money in the sec If you don't know by
Speaker 1: now that influencers on Instagram are promoting products they're paid
Speaker 1: to promote. Then I don't know what to say about you,
Speaker 1: like really, like that's the whole model. You build up
Speaker 1: a big following on social media and then you're an
Speaker 1: quote unquote influencer. Everybody knows that Kim Kardashian is like
Speaker 1: the biggest influencer on Instagram. Everybody knows that they've known
Speaker 1: that for like whatever, I don't know, five or six years.
Speaker 1: At least, that's the model. The fact that she didn't
Speaker 1: tell someone how much she was paid, it is ridiculous.
Speaker 1: But she she had. She had to pay up one
Speaker 1: point two six millions. She had to pay to the
Speaker 1: SEC to set all that. Now, Sam Bankman freed, who
Speaker 1: just told ten billion dollars you know, never mind that
Speaker 1: he's still walking around free. But oh, that Kim Kardashian,
Speaker 1: we better take her money because she didn't tell people
Speaker 1: on Instagram that she was paid to promote something, I mean,
Speaker 1: assist in sanity. I don't know. I don't know if
Speaker 1: they're going to use the same thing with Tom Brady
Speaker 1: and Steph Curry. I mean, did they not disclose how
Speaker 1: much they were paid? I mean, obviously they're in a commercial.
Speaker 1: Do you think people are doing these commercials on TV
Speaker 1: without getting paid. Do we really need the FDC. I'm
Speaker 1: sorry the SEC to go after these people because they
Speaker 1: didn't tell us they were getting paid as a spokesperson.
Speaker 1: We know that they're on a commercial. That's what they do,
Speaker 1: that's how this works. And furthermore, am I supposed to
Speaker 1: defer my responsibility to them? Well? Tom Brady told me
Speaker 1: to put my money into this thing because he's some
Speaker 1: big investment grew. I mean, come on, this insanity needs
Speaker 1: to stop. And meanwhile, like I said, you have a
Speaker 1: real criminal, Sam Bankmin Freed who literally posted on Twitter
Speaker 1: days before he froze. I'm not gonna say Frozen stole
Speaker 1: all your money. Posted on Twitter days before all the
Speaker 1: money is there. We have all the money for the customers.
Speaker 1: Will return every customer's money. He said that, the head
Speaker 1: of that company said that before he stole it all,
Speaker 1: and he's still walking around a freeman. But oh, Kim Kardashian,
Speaker 1: she promoted something on on on Instagram and didn't tell
Speaker 1: us that she got paid for it, so we're gonna
Speaker 1: go after her. It's insanity. Like I said, you can
Speaker 1: tell the state of the government by how they prosecute crimes.
Speaker 1: They don't care if you steal from each other, just
Speaker 1: don't steal from them. You're listening to The Markma Show
Speaker 1: breaking down the latest news, and that's what I got
Speaker 1: for you today. Thanks for listening.