Charted: The Rise and Fall of WeWork
Despite its recommitment to core business fundamentals in the last few years, WeWork’s management—which saw a shakeup in May 2023 when CEO Sandeep Mathrani departed—is setting off a signal flare about the company’s future.
“Our losses and negative cash flows from operating activities raise substantial doubt about our ability to continue as a going concern.” — WeWork, SEC filing, August 8th, 2023.
Following last night's chaotic appearance of LongFin CEO on CNBC's FastMoney, it appears The SEC has finally had enough of the unusually explosive price gains of previously tranquil publicly-traded companies adding the word 'blockchain' to their names (or mission statements). In what we suspect will be the first of many, The SEC has suspended trading of shares in "The Crypto Company" - a name we're familiar with - due to "potentially manipulative transactions in the company’s stock."
It’s often said in financial markets that correlation does not mean causation. On some occasions, however, denying the causation seems so outlandish to be, frankly, preposterous. As a case in point, Institutional Investor (II) discovered a newly published academic work investigating the investment returns of SEC employees. It turns out those guys are surprisingly good.
According to II, employees at the Securities and Exchange Commission may benefit from divesting companies ahead of investigations, research shows.
The SEC’s crackdown on ICOs has finally brought it to Hollywood.
The agency - which in a ruling issued over the summer legally qualified ICOs as securities - said today that celebrities who endorse token sales might be violating so-called “anti-touting” laws if they don’t state what compensation they received, if any.
As we’ve pointed out numerous times, celebrity endorsements of ICOs have become something of a punchline in recent months as Floyd Mayweather, Paris Hilton, Jamie Foxx, Dennis Rodman and many, many others have embraced the trend.
Yes, it's another glaring case of "revolving door" cronyism between Wall Street and the SEC: on Wednesday, the Securities and Exchange Commission announced it had hired Brett Redfearn, a JPMorgan banker, to head the agency's Division of Trading and Markets, arguably the most important group within the SEC, one which oversees U.S. stock markets and brokerages. Redfearn, who is currently head of market structure at JPM, would fill a slot that has been vacant since January when the previous head of Trading & Markets, Stephen Luparello left the SEC...