More Than 100 Million Americans Face Dangerous Heat Waveīy Richard Rubin at The Wall Street Journal Shareholders would riot about this at any other company. This should have been sitting in a money market fund. To have invested that cash into the most volitile possible asset class is unthinkable. It is absolute malpractice on the part of corp FP&A and Treasury to invest cash long-term and then need to pull it a year later due to highly-foreseeable liquidity issues. “It’s just that we were concerned about overall liquidity of the company given the Covid shutdowns in China.” “This should not be taken as some verdict on Bitcoin,” Musk told analysts on Wednesday. CEO Musk has touted the value of Bitcoin and cryptocurrency in general. Two months later, it sold 10% of its stake, generating $101 million from the sale. Tesla in February 2021 announced that it had bought $1.5 billion worth of crypto and that it would accept Bitcoin as payment for cars. These kinds of gaps in reporting standards seem like exceptionally ripe territory for earnings manipulation, which is generally aligned with lower long-term value. No part of US generally accepted accounting principles spells out how companies must account for cryptocurrency or other digital assets, nor do they mandate the type of information companies must reveal in their footnote disclosures.
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“I’m anxious to see the actual filings-to see if they disclose the date that they sold, the price that they sold at,” said Aaron Jacob, head of accounting solutions at TaxBit, a cryptocurrency software company. Current accounting rules-or lack thereof-play a big role. Selling 75% of its cryptocurrency gave the company a one-time cash infusion, Elon Musk’s electric car company said, but the battered value of its remaining Bitcoin also dinged profits.Įxactly how crypto helped and hurt Tesla’s bottom line is difficult to disentangle, however, based on what it told the public on earnings day. made waves this week when it announced that it had dumped the bulk of its Bitcoin stash. Wells Fargo, in particular, has proven time and again to be a leech on the American consumer. But if they can instead bleed people dry with fees, they will. It is trivially easy for a bank to just disallow NSF charges, and they routinly do it when it serves their interest. The fees, they argue, enable them to shoulder the costs and offer a lifeline to customers. Customers who pay overdraft fees again and again-who typically have no more than a few hundred dollars in the bank-are responsible for over half the profits from mass-market consumer checking accounts at the biggest US lenders.įor their part, bank executives see it differently, saying that customers who never make good on their overdrafts force them to write off millions of dollars.
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Many Americans enjoy free checking accounts on the backs of the fees paid by poor people. By Jennifer Surane, Max Abelson, Noah Buhayar, Cedric Sam, Mathieu Benhamou, Garrett Keyes at Bloomberg
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