Opinions expressed by Entrepreneur contributors are their own.
As inflation rises, financial confidence declines. According to a recent New York Life survey, 62% of Americans are financially confident, down from 69% in January. Given the current period of high inflation, Americans are faced with more financial uncertainty than ever before. But how can we combat this?
“Instead of worrying about what you cannot control, shift your energy to what you can create.” – Roy T Bennett.
This quote is easier to read than follow! However, in the spirit of regaining power in an economic market that can leave us feeling powerless, here are three great steps that can orient us toward a greater sense of personal and financial confidence:
Make efficient decisions
Follow through with a realistic plan
Have the willpower to take control
As an investor, you cannot control the stock market or the rising gas prices. But you are in the driver’s seat with your self-awareness, self-assurance and self-determination. Confidence is about acceptance and belief in your strengths, skills and abilities. It is not innate; it can be grown and refined over time.
Here are three guiding attributes that are foundational to confidence. Building insight into these concepts can empower you to strive for financial freedom and help you thrive in all aspects of your life.
1. Self-awareness
Personal
Setbacks and obstacles are why we stop in our tracks, as we often focus on the negative outcomes which stunt us. To feel growth, we need to see and believe in our abilities to succeed and progress.
One technique to help attain self-awareness is journaling. I know journaling feels like such an unrealistic task, but it doesn’t have to be an elaborate process if you don’t want it to be. It can be as simple as reaching for your phone to take notes when you see, hear or think about something that moves and inspires you. It really can be as easy as taking a screenshot of something that elicits deep emotion for you or jotting down a memory or reflection. The goal is to connect with thoughts and emotions within us that we would typically move on from. When we journal, we give them space to develop. I keep a notes tab on my phone, a physical journal on my nightstand and a photo folder on my phone that has stored quotes, photos or videos that inspire confidence and motivation in me.
Another technique can be as simple as setting a time every morning, even just one minute, to be reflective and set an intention for yourself for the day. There is no wrong way to start. You have to give yourself the chance to create this growth by taking proactive steps toward building your self-awareness.
As you gather more information on a topic, you acquire more knowledge. Still, when it comes to Financial Self-Awareness (FSA), it is a little less about financial literacy in general and more about your financial situation. Many people can recite personal finance books or the ratios and formulas for excellent investment advice, but if you don’t know what your net worth is today, how can you make decisions about your future?
Take some time to jot down your past successes and failures with money; this will give you clarity on your “why.” Once you have reviewed and developed a deeper understanding of your financial history, you can move forward with making the necessary decisions to reach your present and future goals. This clarity and intentionality will assist you in building more confidence.
2. Self-assurance
Personal
This level of self-esteem is not built around knowing you are always right; it’s about being able to get up after you fall and still move forward. We all have strengths, so leverage them and ensure you are implementing them daily. We also all have moments of doubt, and we can move forward by harnessing the moments of assurance from revisiting our accomplishments. When was your last moment of success? Think of anything from gathering the courage to have a difficult conversation with someone in your life to finishing a painting, a book or a degree. Accomplishments come in all sizes, so celebrate them and often remind yourself of your successes.
Financial
Historically, money has been a taboo subject, especially for women. I grew up thinking it was rude or inappropriate to talk about money. As I got older, I (thankfully) stopped following that rule, which made me look for more information and continue to learn and understand it. Most people don’t talk about it enough, which is one of the reasons why most people have poor money management skills. This then turns into shame and embarrassment, which can keep us from being honest about money and seeking the right help. The more you talk about money, the more comfortable you’ll feel; consistency is essential. Having a financial plan might sound like a hassle at first, but it will save you from multiple headaches in the future. A financial plan gives you a goal that you can track and ultimately increase your economic confidence.
Determination is usually tied to actions like “I am determined to learn another language, ” which requires steps to accomplish. This is precisely what self-determination is: building a set of skills to reach those goals.
What skills do you need to build on most? Here are a few to think about: Decision-making, problem-solving, goal-setting and self-advocacy. Psychologists Edward Deci and Richard Ryan developed a theory of motivation that suggested that people tend to be driven by a need to grow and gain fulfillment. Building life skills that escalate your knowledge allows for the independence you seek, and also increased relationships and interactions with others will lead to high self-determination.
Take control of your financial journey by allowing yourself flexibility. Confidence is about understanding your strengths and weaknesses, which change over time. It is okay not to be an expert in all things finance; there are experts in the field who outsource help from others.Stay on top of your finances using financial tools like apps and calendar reminders.
Looking to save more money? Use a budgeting app like Mint and schedule a time to revisit your budget regularly. A visual representation of your goals and progress will help you stay on track and motivated.
According to a National Bureau of Economic Research study, nearly 80% of women struggle with low self-esteem and shy away from self-advocacy at work. This means four in five women may be held back in their career advancement by a lack of confidence and visibility. Let’s change these statistics and help each other increase our confidence. Remember that applying these steps takes practice. Start with what feels most comfortable and move on to the next. Becoming financially and personally confident will enable you to trust your abilities to manage your wealth and life fruitfully. Once you deepen your self-awareness, self-assurance and self-determination, it will become phenomenally easier to make efficient decisions, follow them with a plan of action and move with conviction. While inflation creates uncertainty for many, your financial confidence need not be wavered by outside factors.
Binance, which describes itself as the largest crypto exchange by trading volume, is the latest company to be impacted by a major theft this year.
A Binance-linked blockchain was involved in a $570 million hack late Thursday, a company spokesperson confirmed to CNN Business on Friday.
Binance temporarily suspended its blockchain network, BNB Smart Chain, “due to irregular activity,” the company tweeted Thursday.The company said Friday that hackers had stolen two million BNB cryptocurrency tokens – which are issued by Binance – worth about $570 million at the time.
Binance CEO Changpeng Zhao initially tweeted that an estimated $100 million worth of crypto had been stolen.
“Your funds are safe,” Zhao tweeted on Thursday night. “We apologize for the inconvenience.”
The company said $100 million worth of tokens remain “unrecovered” and moved off chain by the hacker. The remaining funds have been frozen on the BNB Chain.
In order to carry out the theft, the hackers targeted what’s called a cross-chain bridge. Bridges, increasingly the targets of hackers in recent months, are the infrastructure that allow users to exchange crypto assets between different blockchains.
Bridge services typically hold large reserves of various coins. These coin reserves are attracting the attention of hackers and turning blockchain bridges into prime targets for heists, according to blockchain analysis firm Elliptic.
Some $1.83 billion has been stolen from bridges as of August, with the majority of that ($1.21 billion) taking place just this year, according to Elliptic. Some of the largest thefts this year include $190 million stolen from cryptocurrency bridge provider Nomad in August, California-based firm Harmony’s $100 million loss in late June, and Axie Infinity’s Ronin bridge $625 million hack in March.
This latest attack put the BNB blockchain offline for about nine hours. In order “to stop the incident from spreading,” the chain ecosystem contacted each of the chain’s validators, who verify transactions on the blockchain as legitimate, BNB wrote in a company post.
The chain was back up and running around 2:30 a.m. ET. according to a company tweet.
TOKYO (AP) — Asian shares were mostly lower on Wednesday following another volatile day on Wall Street, as traders braced for updates on inflation and corporate earnings.
South Korea’s Kospi 180721, +0.34%
lost 0.1% to 2,189.86 after the Bank of Korea raised its key rate by 0.5 percentage point, amid the backdrop of Fed rate hikes in the U.S. and growing inflation risks from the weak won and rebounding global oil prices.
In currency trading the Japanese yen declined to a 24-year low against the U.S. dollar JPYUSD, -0.24
at 146 yen-levels, raising expectations of another intervention by Tokyo to prop up the yen. By midday the dollar USDJPY, +0.24%
was at 146.17 yen, up from 145.80 late Tuesday. The euro EURUSD, +0.12%
cost 96.96 cents, inching down from 97.07 yen.
The weaker yen raises costs for both consumers and businesses who rely on imports of food, fuel and other needs, but the bigger purchasing power for foreign currencies is expected to boost tourism. Japan reopened fully to individual tourist travel this week after being closed for more than two years because of the pandemic.
Japan’s benchmark Nikkei 225 lost 0.2% to 26,348.73 in morning trading. Australia’s S&P/ASX 200 ASX10000, -1.54%
gained nearly 0.2% to 6,656.00. Hong Kong’s Hang Seng slipped 2% to 16,491.39, while the Shanghai Composite shed 1.2% to 2,943.24.
On Tuesday, the S&P 500 SPX, -0.65%
fell 0.7%, marking its fifth straight loss, closing at 3,588.84. The Nasdaq COMP, -1.10%
dropped 1.1% to 10,426.19. The Dow Jones Industrial Average DJIA, +0.12%
added 0.1% to 29,239.19, while the Russell 2000 index RUT, +0.06%
rose 1 point, or about 0.1%, to 1,692.92.
Recession fears have been weighing heavily on markets as stubbornly hot inflation burns businesses and consumers. Economic growth has been slowing as consumers temper spending and the Federal Reserve and other central banks raise interest rates.
The International Monetary Fund on Tuesday cut its forecast for global economic growth in 2023 to 2.7%, down from the 2.9% it had estimated in July. The cut comes as Europe faces a particularly high risk of a recession with energy costs soaring amid Russia’s invasion of Ukraine.
Wall Street is closely watching the Federal Reserve as it continues to aggressively raise its benchmark interest rate to make borrowing more expensive and slow economic growth. The goal is to cool inflation, but the strategy carries the risk of slowing the economy too much and pushing it into a recession.
“The market desperately wants a reason for the Fed to be able to stop tightening and the data recently hasn’t given them that opening with respect to inflation,” said Willie Delwiche, investment strategist at All Star Charts.
Computer-chip manufacturers continued slipping in the wake of the U.S. government’s decision to tighten export controls on semiconductors and chip manufacturing equipment to China. Qualcomm QCOM, -3.99%
fell 4%.
Investors still expect the Fed to raise its overnight rate by three-quarters of a percentage point next month, the fourth such increase. That’s triple the usual amount, and would bring the rate up to a range of 3.75% to 4%. It started the year at virtually zero.
The government will also release its report on wholesale prices Wednesday, providing an update on how inflation is hitting businesses. The closely watched report on consumer prices will be released on Thursday, and a report on retail sales is due Friday.
“Everyone is still hoping that every inflation report will be the one that shows that pressure is alleviating,” Delwiche said.
Wall Street is also gearing up for the start of the latest corporate earnings reporting season, which could provide a clearer picture of inflation’s impact.
Among the companies reporting quarterly results this week: PepsiCo PEP, +0.48%,
Delta Air Lines DAL, -1.97%
and Domino’s Pizza DPZ, -1.99%.
Banks including Citigroup C, -2.76%
and JPMorgan Chase JPM, -2.89%
will also report results.
In energy trading, benchmark U.S. crude CL00, -0.75%
lost 82 cents to $88.53 a barrel in electronic trading on the New York Mercantile Exchange. U.S. crude-oil prices fell 2% Tuesday. Brent crude BRN00, -0.56%,
the international pricing standard, fell 62 cents to $93.67 a barrel.
Opinions expressed by Entrepreneur contributors are their own.
Until your startup is profitable and generating positive cash flow, there is one fundamental question you should be able to answer at any time: How much runway do you have left? Many founders think this question refers to when their cash balance hits zero. Unfortunately, you’ll be in trouble well before then.
As your cash balance approaches the danger zone, your auditors may issue a “going concern” memo. Your bank might get nervous, restricting access to critical debt facilities. Key vendors will become worried when you start stretching out payments, tightening credit terms or even requiring cash up front before they ship that next order.
You need to know the point at which your cash balance gets so low that you risk losing control of your company. Here are three essential steps to ensure you always have enough cash in the bank:
From the early days of Microsoft, Bill Gates insisted on having at least enough cash in the bank to keep the company alive for 12 months if revenue dropped to zero. Gates understood that cash equals control, and he never wanted to find himself in a position where he NEEDED money from someone else to ensure the company’s survival.
When considering how much of a cash balance you need to maintain, use your forward-looking monthly forecast for operating expenses, inventory purchases and capital expenditures. Don’t rely on historical spending patterns. Most startups are on a growth trajectory that regularly ramps costs and investments, which means your forward-looking targets will be higher.
2. Review these two simple ratios each month
Just looking at your cash balance as an indication of financial health ignores the state of the rest of your balance sheet. Most importantly, how do your current assets compare to your current liabilities, defined as liabilities that must be settled in the next 12 months? Two simple ratios should be a consistent part of your monthly reporting: the quick and current ratios.
The quick ratio measures your company’s ability to cover current liabilities with your most liquid assets, such as cash, marketable securities and net accounts receivable (“quick assets”). The formula for the quick ratio is: Quick Assets / Current Liabilities.
The current ratio, a less conservative measure, compares all of your current assets, including inventory and prepaid expenses, to your current liabilities. The formula for the current ratio is: Current Assets / Current Liabilities.
These ratios help uncover hidden problems that a seemingly healthy cash balance might mask. For example, when your business starts to miss sales targets, you will likely begin to stretch out payments to vendors to maintain your target cash balance. The current and quick ratios can let you know when those deferred payments are creating a risk level in current liabilities that could soon get out of hand.
The target for these ratios will vary from company to company. Big red warning lights should flash if you have a ratio under 1.0. Your Board of Directors might want you to maintain a certain ratio to avoid triggering a fundraise or sale process. There might be industry averages that you can use to benchmark your company against peers.
Assuming you have debt facilities in place, your bank might also have a point of view — which leads us to the third step.
3. Keep an eye on your bank covenants and “Events of Default”
Another reason that simply relying on your monthly cash balance is a mistake is that you likely have debt facilities that you’ve used to strengthen your cash position. Triggering a default with your lenders can leave your company in a precarious position.
First, be aware of your financial bank covenants. Often these covenants include a quick or current ratio target that you must maintain throughout the term of the loan. This is the bank’s way of ensuring you have enough liquidity to stay current on payments and eventually pay off your debt.
Also, be aware that insolvency can trigger a default condition, which allows your bank to call your debt and demand full repayment. This provision is usually tucked away deep in your loan agreement, under the section called “Events of Default.” Insolvency is a technical term meaning that your total liabilities exceed your total assets. You can have cash in the bank, make your debt payments on time and still be technically insolvent.
Maintaining adequate cash and liquidity levels is the key to always staying in control of your company’s prospects. With so much to think about as a founder, it’s easy to get lost in the weeds of weekly reporting and performance metrics. When all is said and done, spend a little extra time each month taking these steps to reassess your company’s financial health, and you’ll avoid nasty surprises that suddenly narrow your future options.
Nearly three months after Elon Musk told Twitter he wanted out of his $44 billion agreement to buy the social media company, the Tesla CEO now once again wants to move forward with the deal.
The reversal, if finalized, not only has the potential to create upheaval for Twitter employees but also for the hundreds of millions of people around the world who use the platform daily.
In the first weeks after agreeing to buy the company in April, and before his move to bail on the deal, Muskrepeatedly stressed that his goal was to bolster “free speech” on the platform and work to “unlock” Twitter’s “extraordinary potential.” He suggested he would rethink Twitter’s approach to content moderation and permanent bans on the platform, with potential impacts on civil discourse and the political landscape. He also talked about his desire to rid the platform of bots, even as he later made the number of bots central to his argument to abandon the deal.
In private and public statements over the past six months, Musk has tossed out a wide range of other possible changes for the platform, from enabling end-to-end encryption for Twitter’s direct messaging feature to suggesting this week that Twitter become part of an “everything” app called x, possibly in the style of popular Chinese app WeChat.
There have been more far-fetched suggestions, too. In one text exchange with his brother Kimbal Musk, revealed last week in court documents, the two appeared to discuss the possibility of asking users to pay for each tweet they post with small amounts of the cryptocurrency DogeCoin.
Perhaps the biggest immediate impact if the deal goes through: Musk has indicated that he would restore former President Donald Trump’s account on the platform, which could be a huge advantage if Trump decides to make another bid for the White House in 2024.
Now, with a deal that has long been in doubt appearing to be closer than ever to completion, some of those theoretical changes could soon become reality.
Here’s what users should know:
For years under former CEO and co-founder Jack Dorsey, Twitter emphasized its work to bolster “healthy conversations.” The company banned many accounts promoting abuse and spam, added labels for false or misleading information and banned the misgendering of transgender people.
Under Musk’s ownership, Twitter could unwind steps taken to make the platform more palatable for its most vulnerable users, typically women, members ofthe LGBTQ community and people of color, according to safety experts.
Musk has said Twitter, under his leadership, would have more lenient content moderation policies.“If in doubt, let the speech exist,” Musk said in one on-stage interview in April. “If it’s a gray area, I would say, let the tweet exist. But obviously in the case where there’s perhaps a lot of controversy, you would not necessarily want to promote that tweet.”
Musk has also said he wants to make Twitter’salgorithm open source and make it more transparent to users when, for example, a tweet has been emphasized or demoted in their feed. (Leaders at Twitter have previously expressed support for moving in that direction, and the company often makes clear when it is demoting certain tweets or types of content.)
But the most striking early change could come from who is and is not allowed on a Musk-owned Twitter.
Musk has said he thinks Twitter should be more “reluctant to delete things” and “very cautious with permanent bans.” That could mean a long list of controversial far right figures and conspiracy theorists, among others, soon find their way back on the platform.
Musk, for his part, has focused on bringing backone of Twitter’s most prominent former users: Trump.
“I do think it was not correct to ban Donald Trump, I think that was a mistake,” Musk said in May. “I would reverse the perma-ban. … But my opinion, and Jack Dorsey, I want to be clear, shares this opinion, is that we should not have perma-bans.”
Dorsey tweeted following Musk’s May remarks that he does “agree” there shouldn’t be permanent bans on Twitter users. “There are exceptions … but generally permanent bans are a failure of ours and don’t work,” he said.
Trump has said he does not want to rejoin Twitter and will instead remain on his own social media platform, Truth Social.
But if Trump were to accept a Musk offer to return to Twitter, it could restore a significant following he hasn’t had since being banned from the platform in January 2021, just as the 2024 US Presidential race ramps up. On Truth Social, Trump has only 4 million followers; on Twitter, he reached an audience of more than 88 million followers.
Another notable change is simply who may be making these sensitive decisions.
Musk has a mixed reputation in the tech industry. He is undoubtedly one of the most ambitious and successful innovators and entrepreneurs of this era, but he is also someone who has courted controversy, often from his own Twitter profile, where he has more than 100 million followers.
Over the years, Musk has used Twitter to make misleading claims about the Covid-19 pandemic, to make a baseless accusation that a man who helped rescue children from a cave in Thailand is a sexual predator, to mock people who display their gender pronouns on the platform and to make countless jokes involving the numbers 420 and 69. He has also tweeted a (since deleted) photo comparing Canadian Prime Minister Justin Trudeau to Adolf Hitler and has compared Twitter’s new CEO Parag Agrawal to Joseph Stalin.
Musk also previously sought to remove a Twitter account dedicated to tracking the movements of his private jet by offering to pay off the college freshman running the account (the account owner declined).
The same day he sent his letter to Twitter attempting to revive the deal, Musk was widely panned for comments he made on the platform about Russia’s invasion of Ukraine. He suggested making Crimea, a region Russia invaded and annexed from Ukraine in 2014, “formally part of Russia.” Most followers responded “no” to his poll and Ukraine’s Ambassador to Germany Andrij Melnyk replied in a tweet: “F— off is my very diplomatic reply to you.” In a follow-up tweet, an apparently frustrated Musk seemed to blame the results of his poll on a “bot attack.”
Until now, Twitter has, at least to some extent, been accountable for its policy decisions to advertisers, shareholders and its board. But those guardrails won’t necessarily exist under Musk’s leadership.
The U.S. stock market is heading higher again Tuesday, with the S&P 500 index continuing to climb above its 2022 low, but Bespoke Investment Group cautions that history shows its recent bounce may not signal the bear market’s end.
Bespoke’s research on first-day gains from bear-market lows found that bear markets typically end with even bigger moves than the one seen Monday, when the S&P 500 jumped 2.6%. The average move higher is “actually above 4%!” the firm wrote in an Oct. 3 note.
BESPOKE INVESTMENT GROUP NOTE DATED OCT. 3, 2022
U.S. stocks are trading up this week as Treasury yields fall and the soaring U.S. dollar loses some of its strength. The market moves come as investors look for any hints that the Federal Reserve might back off from its aggressive tightening of monetary policy.
On Monday, “markets clearly benefitted from huge declines in yields, which benefitted from Richmond Fed President Barkin echoing Governor Brainard’s speech Friday with concerns about the impact of dollar strength,” Bespoke said in its note. The reversal of the U.S. dollar, along with lower yields and higher stocks, showed investors “clearly bought that concern as the latest source of potential Fed dovishness.”
Bespoke was referring to comments by Fed Vice Chair Lael Brainard and Thomas Barkin, president of the Federal Reserve Bank of Richmond.
While the U.S. dollar’s strength has eased this week, the ICE US Dollar index DXY, -1.20%
is still up around 15% so far this year, according to FactSet data, at last check. The dollar has climbed as the Fed tightens monetary policy to combat high inflation.
“On balance, dollar appreciation tends to reduce import prices in the United States,” Brainard said in her speech Friday addressing global financial stability considerations. “But in some other jurisdictions, the corresponding currency depreciation may contribute to inflationary pressures and require additional tightening to offset.”
The Fed is “attentive to financial vulnerabilities that could be exacerbated by the advent of additional adverse shocks,” Brainard said in her speech. “For instance, in countries where sovereign or corporate debt levels are high, higher interest rates could increase debt-servicing burdens and concerns about debt sustainability, which could be exacerbated by currency depreciation.”
As for the decline in Treasury yields, the 10-year Treasury note dropped 15.2 basis points Monday to 3.650%, while two-year Treasury yield fell 10.3 basis points to 4.103%, according to Dow Jones Market Data. Treasury yields continued to dip on Tuesday, with the two-year TMUBMUSD02Y, 4.104%
at 4.08% and the 10-year TMUBMUSD10Y, 3.621%
falling to 3.60%, FactSet data show, at last check.
Meanwhile, the ICE US Dollar index, a measure of the dollar’s strength against a basket of rival currencies, was down more than 1% around midday Tuesday.
The U.S. stock market was moving sharply higher again on Tuesday, with the Dow Jones Industrial Average DJIA, +2.17%
jumping 2.6%, the S&P 500 SPX, +2.40%
climbing 2.9% and the Nasdaq Composite COMP, +2.66%
surging 3.3%, FactSet data show, at last check.
But after this week’s bounce, the S&P 500 remains down more than 20% this year, based on trading around midday Tuesday.
“It’s easy to read-in to very high two-way volatility across assets as signaling a Fed pivot is finally here, but we just haven’t seen any reason for that,” Bespoke said. “Until the Fed durably shifts away from their concern over inflation, headwinds for stocks and bonds alongside tailwinds for the dollar will continue.”
A psychology study of more than 4,000 millionaires found that people with more wealth are indeed happier in life. They also found that people who earned their wealth were happier than those who inherited it.
HelloPrenup has been featured as the prenuptial agreement (prenup) thought leader on The Knot’s blog for ‘What Is a Prenup? Here’s How to Get One’
Press Release –
May 26, 2022
BOSTON, May 26, 2022 (Newswire.com)
– HelloPrenup has been featured as the prenuptial agreement (prenup) thought leader on The Knot’s blog for “What Is a Prenup? Here’s How to Get One.” The article reviews what a prenup is, why couples should invest in one, and how to actually get one (without ever leaving their couch).
In addition to covering the tremendous benefits of prenups for separating premarital assets, debt, property, inheritance, gifts, etc, the featured article reveals the power a prenup has to “correct unequal power dynamics” that can occur in a marriage. In particular, the overwhelming statistics that show women as the most likely spouse to risk their peak career years for childbearing, rearing, and household management.
“The loss of financial opportunity for [women] and the widening wealth gap over time create an unbalanced power dynamic in a marriage that is almost impossible to recover from in the event of a divorce without a prenuptial agreement. A prenup can correct the course of the wealth gap by allowing parties to contract to financial obligations that help even the financial playing field in a marriage,” said HelloPrenup’s CEO and family law attorney, Julia Rodgers.
HelloPrenup is the first online platform to offer prenuptial agreements at a fraction of the traditional cost, access within hours instead of months, and promotes a collaborative process that greatly improves a couple’s prenup experience.
Prenuptial agreements provide overwhelming benefits for couples no matter how big or small their assets and debts are. By getting on the same page prior to marriage (literally), couples propose opportunities to mitigate some of the leading causes of divorce (like money and kids) and obligations during the marriage (like financial responsibilities, property division, etc). Visit HelloPrenup.com to learn more. Use code “TheKnot” at checkout for a limited time offer of $50 off your prenup.
HelloPrenup has been featured on Shark Tank, in CNN Business, Forbes, The Boston Globe, GeekWire, among others.
Lawyers for FTX founder Sam Bankman-Fried on Monday filed motions to dismiss the US government’s fraud charges against him.
Bankman-Fried’s attorneys said the government failed to properly explain what offenses the former CEO of the bankrupt crypto exchange committed. They urged the judge to toss most of the charges against him, which include fraud and bribery.
Bankman-Fried has pleaded not guilty to the 13 charges.
Prosecutors allege that Bankman-Fried stole FTX customer deposits to finance risky bets at his hedge fund, Alameda Research, and to funnel contributions to American politicians.
FTX had been one of the most respected and recognized crypto platforms before it collapsed into bankruptcy in November.
The government has two weeks o respond to the motions from Bankman-Fried’s lawyers, and the judge has called the next hearing for June 15, where Bankman-Fried is expected back in court.
The 31-year-old Bankman-Fried is under house arrest on a $250 million bond. He awaits trial at his parents’ home in Palo Alto, California. Bankman-Fried has acknowledged mishandling his business but has denied engaging in fraud.
Three of Bankman-Fried’s former business partners — Gary Wang, Caroline Ellison and Nishad Singh — have pleaded guilty to numerous charges and are cooperating with investigators.
If convicted on all counts, he could face more than 155 years in prison. A trial has been scheduled for October.
HOLLYWOOD, Calif., June 4, 2019 (Newswire.com)
– A new Bitcoin documentary, “Bit x Bit: In Bitcoin We Trust,” takes an in-depth look at the beginnings and development of what has become a widespread global advance in digital commerce. The third film from director David Foox, which is currently available on iTunes and a list of other platforms (see www.bitxbitmovie.com for more listings), aims to educate everyone about a new value transfer system based on blockchain technology, an innovative technology revolutionizing the world.
“The journey led me and my filmmaking team to travel to 18 cities interviewing the futurists making Bitcoin a reality. What I discovered filled me with hope that our world will change, and I wanted to contribute to this epic transformation,” said David Foox.
This film tells the story of the emerging technology from its conception in the 2008 Satoshi Nakamoto whitepaper, “Bitcoin: A Peer-to-Peer Electronic Cash System,” through Bitcoin’s successes and setbacks defined by the explorers who blazed the trail from early 2014 to the beginning of its integration in 2018. With so many willing participants looking to utilize and build related value around this technology, it has touched everything from startups to some of the largest financial institutions in the world and shows no signs of slowing down the possibilities for its adoption.
With predictions from the Winklevoss twins, the infamous “Bitcoin Billionaires” who reportedly held talks with Mark Zuckerberg about Facebook’s newly announced “GLOBALCOIN” cryptocurrency slated for 2020 — and through interviews highlighting the passion and intrigue expressed by the futurists and pioneers building these new systems, such as Andreas Antonopolous, Nolan Bushnell, Marshall Long, Pamela Morgan, Peter Todd, and many others — Bit x Bit: In Bitcoin We Trust stays true to its vision: “Futurists enlightening the minds of the many for the acceptance of a digital value exchange system focused on prosperity and transforming our world.”
These predictions and already some companies have already started to see the substantial value and increased investment paying off. A recent Bloomberg article showcased the historic investments and returns coming from Block.one, a cryptocurrency startup led by billionaire Peter Thiel. With these kinds of potential returns and a number of creative minds driving potential future investment in the space, the future is looking bright.
Media Contact:
David Foox, Independent Filmmaker bitxbitmovie@gmail.com
ABOUT THE DIRECTOR:
David Foox began his journey into the making of “Bit x Bit: In Bitcoin We Trust” in January 2014 at the Sundance Film Festival, where he was celebrating an earlier successful film project – “Love Child.” In the production of “Love Child,” his eyes were opened to the effects of technology on the collective consciousness in ways that defied humanity. Therefore, when introduced to Bitcoin by friends who used the new digital technology to arrange airfare and hotel accommodations to attend the festival – David was fascinated. This simple encounter became the driving force behind David’s desire to create a film that brings the topic to a broad audience and perhaps even to those that will play a part in its future.
About Gravitas Ventures
Gravitas Ventures, a Red Arrow Studios company, is a leading all rights distributor of independent feature films and documentaries. Founded in 2006, Gravitas connects independent filmmakers and producers with distribution opportunities across the globe. Working with talented directors and producers, Gravitas Ventures has distributed thousands of films into over a hundred million homes in North America or over one billion homes worldwide.
About Red Arrow Studios
Red Arrow Studios is one of the world’s leading creators and distributors of entertainment content. Red Arrow Studios is comprised of 20 production companies in seven territories, including 10 companies based in the United States; world-leading multi-platform digital network Studio71, based in six countries; and global film and TV distributors Red Arrow Studios International and Gravitas Ventures. The group’s significant output includes scripted, non-scripted and formatted content and IP, from TV and film to short-form and branded content, made for an array of global networks and platforms. Red Arrow Studios is part of ProSiebenSat.1 Media SE, one of Europe’s leading media groups.
HOUSTON, October 18, 2017 (Newswire.com)
– Get the tools you need for a life full of financial success. Paul Alleyne, an entrepreneur and financial mentor, has officially released his first book, How To Become A Millionaire: If A Black Guy Can Do It, So Can You!, available for purchase online at Amazon, Barnes and Noble, and iTunes.
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Paul Alleyne, Author
For years, Paul has fueled his passion into this project and looks forward to helping other motivated individuals prosper with his unique money making methods. The author details his journey toward completing this groundbreaking book:
“Today, I challenge you to do something that will draw you one step closer to your dreams. It took me two years and four months for me get my book out to the public. That may seem like a long time for some people, but I have learned that success doesn’t come overnight. It comes from making small sacrifices every day.”
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About the author:
Born and raised in Queens, New York, Paul Alleyne earned a BS from Duke University and an MD from Stony Brook University. After a successful career in medicine, he now dedicates his time to helping others reach their ultimate potential and sharing his inspirational financial methods with people all over the country. His book, How To Become A Millionaire: If A Black Guy Can Do It, So Can You!, is his debut as an author.
ARIEL, Wash. — Music thumps. Boots stomp. Smoke swirls.
It rises like a dry mist from red-glowing cigarettes. It ebbs around an elk’s skull, five-point antlers still attached, and a muzzle loader hanging on the wall.
A potbellied stove washes its warmth over strutting men, women and children. A skinned-out bobcat dangles from the ceiling. A two-man chain saw with a 12-horsepower engine roosts on a canopy over the bar. A sign says: “This Business is Supported by Timber Dollars.”
Tab tops pop. Bartenders slide Budweiser and Rainier and Miller and Coors across the varnished bar top, 3,120 cans and bottles in all. On a wall nearby, these people have tacked up $40. The money is waiting for D.B. Cooper. If he ever shows up, they would like to buy him a drink.
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All of this is in his honor. For 11 hours, a guitar and a bass and a mandolin and a sax and a dobro and an accordion and some drums do not stop, and neither does the dancing nor the singing nor the drinking nor the joking. One husky man lifts his redheaded lady high in the air, puts her feet gently back on the floor and gives her a big kiss.
Maybe that is him. Or maybe that is her. The thought stops conversation cold. If D.B. Cooper were a woman, would she be a redhead? “Nah,” shouts Bill Partee, over the pounding of the band. He is 64 and has lived here a dozen years. He has a full, white Old Testament beard, and he wears a cap that says: Ariel Store, Home of D.B. Cooper Days. “She had dark hair when she did this thing, but by now she’s a blond.”
What D.B. Cooper did was hijack a plane. It had just taken off from Portland, Ore. At Seattle, he forced airline officials to bring him four parachutes and $200,000 in $20 bills. In the air again, somewhere around here, high over the cedars and the firs and the hemlocks that cover the Cascade Mountains, he strapped on two of the parachutes, and he jumped out. He disappeared. Vanished. No ripped rigging. No bones. Nothing.
In this undated file photo, a helicopter takes off from search headquarters to scour the area where hijacker Dan Cooper might have parachuted into in Woodland, Wash.
(Associated Press)
That was 25 years ago on Thanksgiving eve. People have found only two things in the wilderness to show that this hijacking ever happened: a placard that blew off the back door of the plane when he opened it, and money–a few bundles of $20 bills with serial numbers that match the loot. These prove that he died, some say. Others say no, he simply dropped some of the dough. Too bad, they add, not unkindly.
To many, D.B. Cooper is a folk hero. Nobody else in America has ever hijacked a commercial airliner for money and never been caught. He has become a legend, a new Jesse James, Butch Cassidy, Billy the Kid. Books have been written about him, a play staged, a movie filmed. He is the inspiration for ballads and bumper stickers and T-shirts and coffee mugs. Saloons across the country adopt his name and invite people to “drop in on us sometime.”
Every year, on the weekend after Thanksgiving, his fans gather here at the Ariel Store and Tavern, in this mountain town of 50 people, 35 miles north of the Oregon state line. This year they are 500 strong, and they come from as far away as Brooklyn, N.Y., and Birmingham, Ala., and even Seward, Alaska. Their appraisals of D.B. Cooper and what he did offer a case study in how Americans create mythic figures and the ways in which they worship them.
Some stand and read the walls in the southeast corner of the bar, which are covered with newspaper accounts of D.B. Cooper’s exploit. They scrawl their names on a white parachute canopy spread across the front porch. They eat D.B. Cooper stew and D.B. Cooper sausages. They shake their heads at a photograph of a headstone someone put up in a front yard across the Lewis River. “Here Lies D.B. Cooper,” it says. “We spent your money wisely.”
The headstone, regardless of its attempt at humor, runs contrary to an article of faith: that D.B. Cooper is very much alive and enjoying a modest and well-deserved decadence. To his fans, the headstone shows an impertinence that borders on the unseemly. They are relieved to learn that the stone and an oval of smaller rocks outlining a faux grave were judged in bad taste and that the attempted humorist finally removed them.
Mostly, though, they party. For much of Saturday and often into Sunday they holler and dance and set off roaring fireworks. Each explosion sends clouds of white smoke billowing into a light rain and then up through the trees. They draw for prizes, mainly D.B. Cooper T-shirts, and they stage a D.B. Cooper look-alike contest. One year the winner was a basset hound in D.B. Cooper’s trademark disguise: sunglasses.
This year the contest is hard-fought. Dona Elliott, 59, owns this combination country store and saloon, built in 1929 of clapboard and shingles, uphill from the river and hard by a narrow woodland road. She holds one hand over a young man, then an older man, both in sunglasses; then a man with a $20 bill pasted on his forehead; then a couple wearing torn clothes and parachute rigging with fir twigs snagged in the straps.
By hooting and yelling and applauding, the crowd decides. Jim Rainbow, 48, a Susanville, Calif., mortician, tangled in the rigging and the twigs, is here with his wife for their 10th anniversary. He runs second. The older man in sunglasses, Eldon Heller, 70, a retired contractor from Washougal, Wash., wins by a hair. He thinks for a minute about D.B. Cooper’s current age and then smiles. “I’m just about right, huh?”
The crowd cheers again, and the band, called the Enlightened Rogues, swings through another verse about “good women who drink with the boys.” Dona Elliott is short, soft-spoken and has wavy brown hair, but she has been known to throw unruly drunks out the front door bodily and by herself. She pronounces the event a good one.
She knows that celebrating D.B. Cooper angers pilots, the airlines and especially Ralph Himmelsbach, 71, a retired FBI agent who spent the last eight years of his career trying to find him. He has written the most authoritative book about the hijacking, called “NORJAK: the Investigation of D.B. Cooper.”
Himmelsbach, who code-named the case NORJAK when he was still with the agency, spends D.B. Cooper Day at his home in Redmond, Ore. To him, Cooper is “a bastard,” nothing more than a “sleazy, rotten criminal who jeopardized the lives of more than 40 people for money.”
“That’s not heroic,” he declares, and he means it. “It’s selfish, dangerous and antisocial. I have no admiration for him at all. He’s not at all admirable. He’s just stupid and greedy.”
Elliott understands. She knows why people on the hijacked plane, for instance, might not appreciate what goes on here. But she wishes that Himmelsbach would come up anyway.
Himmelsbach, for his part, says: “I know I wouldn’t be welcome there.”
“Oh, sure he would!” Elliott responds. She chuckles. “He’s chicken.”
Thanksgiving Eve 1971
As people here tell and retell the tale of D.B. Cooper and his feat, they praise Himmelsbach’s book as the most thorough.
Folklore has entwined itself around the story like heavy brush. But from Himmelsbach’s account and news reports at the time, this much can be said:
Shortly before 2 p.m. on Nov. 24, 1971, a man stepped out of a blowing rain at the airport in Portland, Ore., and walked to the Northwest Orient Airlines ticket counter. He asked for a seat on the next flight to Seattle.
The man was middle-aged, pleasant. He stood nearly 6 feet tall. He had olive skin, dark brown eyes and dark hair. It was cut short, neatly trimmed. He wore a lightweight black raincoat and loafers, a dark business suit, a crisp white shirt, a narrow black tie and a pearl stick-pin.
He had no luggage to check. In his left hand, he carried an attache case.
Returning?
“No,” the man replied.
His name?
“Dan Cooper.”
The fare was $20. He placed a $20 bill on the counter.
Ticket in hand, he walked to Gate 52, unhindered at the time by X-ray machines or metal detectors. As he walked, he slipped on a pair of dark glasses.
Departure was scheduled for 2:50 p.m. He waited and smoked a cigarette, a filter-tip Raleigh. Finally a gate agent called Flight 305 for Seattle. Dan Cooper shuffled into line. He handed his ticket envelope to the agent, who took it and checked off his name on a boarding list, then handed back the envelope and his boarding pass.
Cooper stepped onto the plane. It was a jet, a Boeing 727. It had a pilot, a co-pilot and a flight engineer. It had three flight attendants, and it offered nearly 100 seats. But it was less than half full. Besides himself, there were only 36 passengers. He walked to an empty row in back and sat in seat 18C. But he did not take off his sunglasses or his raincoat.
The plane began to taxi. A flight attendant, Florence Schaffner, took a seat nearby. She asked him to put his attache case beneath the seat in front of him.
She settled in for the roll-out and climb.
He handed her a note.
It was Thanksgiving, and he was away from home, and she was attractive. She thought that he was proposing something indiscreet. So she paid no attention and put the note aside.
“Miss,” he said, “you’d better look at that note.”
He paused. “I have a bomb.”
To Jim Lissick, 69, of South St. Paul, Minn., who is here at the Ariel Store and Tavern to celebrate with a son and a daughter, such good manners are a sign that Cooper is a gentleman. “He was a caring person,” Lissick says, then catches himself. “Still is.”
Certainly, Lissick says, people such as D.B. Cooper can be tough and extremely demanding. But history, he says, is full of hard cases who were unfailingly polite to women and always kind to children. All of this, he adds, simply becomes part of the mythology that grows up around them.
Mike Holliday, 40, agrees. He has lived in this area since the days when loggers came to the Ariel Store and Tavern after work, hung up their wet clothes to dry and sat around the potbellied stove in their long johns drinking beer and telling stories.
To him, D.B. Cooper shows the unflappable cool of a modern Robin Hood. “But I doubt like hell that he is the kind of guy who gives money away.”
3 p.m.
Florence Schaffner glanced at the man’s note. It was neat, clear. She looked at the man’s face. He was not joking.
The note specified his demands. Take it up to the captain, he ordered, and then bring it back with his response. The man repeated: Return the note.
She hurried to the cockpit and gave the note to Captain William Scott and First Officer Bill Rataczak. They radioed that Flight 305 was being hijacked: A man with a bomb wants $200,000 in negotiable bills, a money sack and a pair of back-pack parachutes.
Part of the money that was paid to legendary hijacker D.B. Cooper in 1971 is shown during an F.B.I. news conference, Feb. 12, 1980, where it was announced that several thousand dollars was found 5 miles northwest of Vancouver, Wash., by Howard and Patricia Ingram and their 8-year-old son Brian on Feb. 10.
(Eric Risberg / Associated Press)
Schaffner returned to Dan Cooper with his note. He opened his attache case. She saw red cylinders, a battery and wires. She hurried back to the cockpit and described the contents to Scott and Rataczak. They radioed authorities on the ground: It looks like dynamite.
Cooperate, responded Northwest Airlines headquarters in Minneapolis, and try not to alarm the passengers. By now Flight 305 was over Seattle, but Cooper refused to let it land until the money and the parachutes were ready. Scott told the passengers that the plane had a mechanical problem requiring it to circle and burn off fuel. The flight attendants served drinks. Cooper had a bourbon and water. He paid with a $20 bill.
Tina Mucklow, another of the flight attendants, sat down next to him. She was easygoing, pretty and wore her hair long and flowing. They developed a rapport. He smoked another Raleigh. She lit it for him so he could keep both hands on his briefcase. “He wasn’t nervous,” she recalled later. “He seemed rather nice. He was never cruel or nasty. He was thoughtful and calm.”
Now Cooper wanted two more parachutes, for a total of four–two front packs and two backpacks. Four meant that he might jump with a hostage, and this signaled: Do not tamper with the gear. The Air Force offered two. But Cooper demanded civilian models. Civilian parachutes meant that he might free-fall away from the flight path before pulling the rip cord, and this signaled: A tail plane will be useless.
As Flight 305 circled over Seattle, airline officials, FBI agents and Seattle police scrambled to get the money that Dan Cooper was demanding. They rounded up $20 bills from several banks. Twenties would be easy to pass and would signal cooperation. It took time, but they found enough–10,000 of them. The bills weighed 21 pounds and filled a white cotton sack. The FBI microfilmed every one.
Cooper grew impatient. He ordered another bourbon and water. Then he demanded that a truck meet the plane and refill it with fuel when it landed in Seattle. He said he would release all passengers, but he wanted meals brought on board for the crew.
A skydiving school finally came up with four civilian parachutes. In a mistake that the rigger would not discover until later, they included a dummy chute that would not open.
At 5:39 p.m., a message went by radio up to Flight 305. “Everything is ready for your arrival.”
Captain Scott eased the jet onto runway 16R. He taxied to a corner of the airfield. “He says to get that stuff out here right now.”
A fuel truck drove over.
Dan Cooper sent Tina Mucklow out to get the money and the parachutes.
Then he let the passengers go.
It is commonly held in Ariel that all of this demonstrates beyond the silly doubt of any pinch-nosed naysayer exactly how brilliant D.B. Cooper really is.
“He pulls it all off pretty good,” says Steve Forney, 40, of Kelso, Wash., a biker who parks his 1979 Harley shovelhead in a special spot at the door that Dona Elliott reserves for motorcycles.
A friend, Jim Smith, 49, of Castle Rock, Wash., who pulls up on a 1987 Harley blockhead, wipes the rain off his leather jacket. He declares with approval:
“D.B. Cooper is one smart outlaw.”
6 p.m.
Arguably, ground crews were less smart. The first fuel truck they sent out to the plane had a vapor lock. The second ran dry. Finally a third topped off the tanks.
Inside the plane, Cooper announced that he wanted to go to Mexico City, and he wanted to fly in a certain way: with the landing gear down, the wing flaps down and the aft air-stairs down.
Flaps?
“Fifteen degrees,” Cooper said, with precision.
This meant that he knew the rear stairway on a 727 could be lowered in flight. It also meant that he knew flying with the gear and the flaps down would slow the plane, and he knew how far the flaps could be lowered to do it safely.
He gave another order: Stay below 10,000 feet.
This meant that he knew flying any higher with the aft door open would be risky. At 10,000 feet, the outside air had enough oxygen in it to make it safe to breathe. But any higher it did not.
First Officer Bill Rataczak figured that flying this way would burn a lot of fuel. By his calculation the plane would have a range of only 1,000 miles. Mexico City was 2,200 miles away.
This called for refueling stops on the way. Cooper agreed that one would be Reno, Nev.
A hijacked Northwest Airlines jetliner is seen in this Nov. 25, 1971 file photo as it sits on a runway for refueling at Seattle-Tacoma International Airport, Nov. 25, 1971, Seattle.
(Associated Press)
He freed attendants Alice Hancock and Florence Schaffner but kept Tina Mucklow seated next to him. At 7:37 p.m., Flight 305 was back in the air.
Cooper told Mucklow to go up to the cockpit and pull the first-class curtain closed behind her. She glanced back once. He was cutting cord from one of the parachutes and tying the money bag to his waist.
At 7:42 p.m. Captain Scott saw a cockpit light indicating that the aft stairs were down.
The plane leveled off at 10,000 feet and cruised at 196 mph. Outside it was dark, stormy and 7 degrees below zero. Now First Officer Rataczak’s watch showed almost 8 p.m.
“Everything OK back there?” he asked on the intercom. “Anything we can do for you?”
Finally a light showed that the stairs were fully extended.
“No!” Cooper replied.
At 8:12 p.m., the nose of the plane curtsied, and its instruments showed a small bump in cabin pressure. This meant that the tail had suddenly gotten lighter and that the stairs had bounced up and into the plane and then dropped down again.
Dan Cooper had jumped.
Around the potbellied stove in Ariel, two airline employees marvel at D.B. Cooper’s knowledge.
Phil Brooks, 34, of Speedway, Ind., an aircraft dispatcher, thinks that Cooper either was involved with an airline or did his homework very well.
“He was intelligent and gutsy,” Brooks says. “That tells me he had a good background, maybe Special Forces or intelligence. He didn’t work down at the carwash. And he was a major stud; he had the guts to jump out of an airplane at night in the winter.”
Brooks proudly shows off a Cooper Vane, a device named after D.B. Cooper, which locks aft air-stairs from the outside during flight. It was installed on all 727s after the hijacking to prevent further Cooper capers. Years later, Brooks found the hijacked jet in a Mississippi scrap yard. He recovered the Cooper Vane from the Cooper plane.
With Brooks is Dan Gradwohl, 30, a first officer on 727s for Ryan International Airlines, a charter service. “Cooper knew something about the 727,” Gradwohl says, “or he had to have talked to somebody and learned about it.
“He beat the system,” Gradwohl points out, and spectacularly so. “If D.B. Cooper would have simply robbed a bank, he wouldn’t be a legend.
“But he robbed several banks, and then he parachuted out of a plane.”
When Flight 305 landed in Reno, the FBI found two parachutes, the butts of eight filter-tip Raleighs and 66 fingerprints. None matched prints in the FBI files.
The next day in Seattle, the parachute rigger realized his mistake. Cooper had jumped with a good parachute and a backup that would not open.
At one point, a reporter for United Press International spotted FBI agents at the Portland police station and asked a clerk what they were doing.
“They’re looking for a guy named Cooper,” the clerk replied. “D.B. Cooper.”
The reporter phoned in his information. While it was a fact that agents were checking out a man named D.B. Cooper, they cleared him almost immediately.
But the initials stuck.
Dan Cooper entered history–and folklore–with the wrong name.
The only significant evidence that Ralph Himmelsbach ever processed was the $5,800, found on a Columbia River sandbar by Brian Ingram, 8, of Vancouver, Wash., while he was picnicking with his family. Himmelsbach matched the $20 bills to Cooper’s loot.
Will D.B. Cooper ever be located?
“I doubt it,” Himmelsbach says.
Officially, though, the FBI case against Dan Cooper is not closed. Ray Lauer, an agency spokesman in Seattle, says:
“We’re still trying to find the guy.”
Researchers Paul Singleton, Julia Franco and Steve Tice contributed to this story.