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21 Oct, 4 tweets, 1 min read
Trying to work out what this could be. “A successful enforcement action, as well as two related actions, by a U.S. federal regulator and a foreign regulator.” In the amount of about $1b-$2b. cftc.gov/PressRoom/Pres…
I mean, if the CFTC is going to put out blind-item press releases, of course we’re all going to start guessing
But I’m having difficulty thinking of anything recent and CFTC-adjacent that reached $1 billion or more
maybe the reason the settlement wasn’t identified is that it hasn’t been announced yet?

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More from @felixsalmon

Felix Salmon Profile picture
10 Jun
I have a story out this morning about the staggering amount of unemployment fraud that has happened over the past year — as much as $400b. A quick 🧵:
axios.com/pandemic-unemp…
First, yes, this data comes from security companies with skin in the game — ID.me and LexisNexis. Also, crime statistics are always fuzzy. There's nothing here that's precise. On the other hand, government sources aren't disputing these numbers.
The big picture is that unemployment fraud has become systematized. It's sold on a SAAS basis on the dark web, and it's operated by very sophisticated international syndicates in Russia, China, Nigeria, and increasingly Romania.
Read 8 tweets
Felix Salmon Profile picture
1 May
I’m genuinely interested: Who is the man on the left, and what does the $2.1m number refer to?

Ed Ruscha’s “Hurting the Word Radio #2” was bought directly from the artist in the early 70s by Joan & Jack Quinn, for much less than $2.1m; they sold it for $52m. Image
cc @MasterworksIO who might be able to shed some light on this
Ok so mystery solved on who the man is, he’s a stock-photo model istockphoto.com/photo/ambition…
Read 6 tweets
Felix Salmon Profile picture
28 Apr
My free idea for Substack: Allow people to pay for emails they’ve read and enjoyed, rather than forcing them to only pay for emails that haven’t even been written yet.
A subscription is a big commitment. But when I read a great email like @CaseyNewton’s yesterday, I would love to pay him a buck or two to say “thank you for doing that reporting, this was great.”
An ex-post payment system has other advantages. For one thing, it encourages broader distribution, rather than paywalls. For another, it’s a great real-time indicator of what your audience loves and values and wants to read more of.
Read 8 tweets
Felix Salmon Profile picture
12 Mar
Where can I find the download link if I want to download the 21,069 x 21,069 Beeple that just sold for $69 million? Is that possible?
Found it! Here it is: ipfsgateway.makersplace.com/ipfs/QmXkxpwAH…

It really is an interesting artwork. For one thing, at least one of the Everydays is duplicated: Image
Also even at 21,069 x 21,069 resolution, some of the Everydays are so small that they get very pixelated if you try to zoom in on them. Image
Read 5 tweets
Felix Salmon Profile picture
13 Sep 20
Here’s @andrewrsorkin on Friedman and stakeholder capitalism. His choice of words here — “making” stedda “growing” — is an important sleight of hand that often undergirds my debates with @Three_Guineas on this subject. nytimes.com/2020/09/11/bus…
Hotels are some of the longest-running businesses in the world. So let’s consider a hotel that has been run by the same family for 250 years. Its owners need to *make* money, sure. They’re rich capitalists. But they don’t need to *increase* their profits every year.
Since 1972, the idea of “shareholder capitalism” has morphed from “companies need to make enough money to be able to pay their dividend every quarter” into “companies need profit *growth* that will cause their share price to rise indefinitely.”
Read 5 tweets
Felix Salmon Profile picture
8 Jul 20
These are two wildly different things, @nathanielpopper. How can you conflate them? nytimes.com/2020/07/08/tec…
@nathanielpopper If you’re dividing revenue by average account size, then obviously mostly what you’re measuring is the number of accounts, not revenue per account or per dollar.
This doesn’t make sense either. What is it supposed to mean that Robinhood trades 25,840 options contracts “for every dollar in the average customer’s account”? It’s a nonsensical metric.
Read 4 tweets

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