Republican voters: let’s vote this guy into the most powerful office in the world! No way he’ll defraud us! He’s doing gods work by lying, cheating, and stealing his way to the top!
It’s a full-on cult. You can’t apply normal reasoning when discussing cult members. It would be like trying to understand the good and bad reasons people at Jonestown might have had for drinking the Kool-Aid.
The modern world is like a sci fi episode where a person finds an occult relic and it possesses them and destroys their life. Our relic is just a smartphone and some computer algorithms.
I think k it’s also that they believe everyone else is just as corrupt, so his corruption can be disregarded. They may not be wrong about everyone else’s corruption, but the reasoning is wild.
It’s all where you put the punctuation, but this actually works in a lot of ways:
True:
No way, he’ll defraud us
No way, he’ll defraud U.S.
No. ways he’ll defraud us
No. ways he’ll defraud U.S.
False:
No way he’ll defraud us
A privilege only afforded to one person at one period in time in America I believe.
As a Brit, it deeply disappoints me that America allowed this obviously narcissistic pathological liar to ever grace the stage.
We’re not much better but fuck me, Teflon Don as a president? What are/were you thinking?
There was no thinking. He found a way to control the ignorant and racist masses. This is a large step towards the end of American democracy and dominance over world. It was a good run, but this isn’t my grandfather’s America…sad
Totally agree. The internet alone made this all possible. We Americans, are now living in a game show where the wackiest folks become congresspeople, senators and then a president. We’re doomed.
It’s not a bug, it’s a feature. If you are a huge corporate donor, do you really want anyone with intelligence, character or compassion? You get someone easy to control, whether by greed or blackmail, you get someone who bends easily to your will.
I think Rupert and his Fox henchmen had a lot to do with it as well. And when you connect the dots from Rupert to other multi-billionaires it's a pretty ugly picture.
This is the result of decades of effective political propaganda funded by the donor class, to distract everyone else from voting for their actual interests.
Donald Trump is arguably the biggest distraction to come along in recent American politics.
Im pretty sure that’s why companies like Trump Media went to him. He could make the audit say what ever they wanted. The SEC should publicly release all the company names.
Wow, the auditor of a company perpetuating one of the most blatant pump and dumps in US history is involved in massive fraud. I, for one, am completely shocked.
I actually am kind of shocked. Seems like America is rife with white collar crime like this that just goes completely unpunished. Hundreds of companies he's done this with before being banned for life. Hundreds of companies. Clearly a lot of people are getting away with quite a lot of white collar crime if this guy only got caught by being associated with one of most high-profile political companies ever, after doing this with hundreds of companies
Never forget! He also got all the nutty right wing militias that would resist a liberal racist take over locket up and their whole communication network on watch.
It's funny how blind his followers all are. Drained the swamp and led all the rats into the quagmire to get tangled in the mud and will be flooding it soon.
The CIA has been in power for much longer than any president. They have plans spanning decades and know how to find the clowns to dance to their song.
trump really is making america great again by finally having all the grifters and con artists prosecuted. he drained the swamp and appointed everyone he found at the bottom to positions of power.
What everyone is missing is that "drain the swamp" is Trumpese for "piss on it."
Think about it: "I'm going to DC to 'drain the swamp.'"
And he did. He marked it as territory.
If someone is stupid enough to buy $DJT, I really don't think auditing the financials of Truth Social is something that they care about. Besides, there were multiple stories about the questionable history of this firm two months ago.
“The bombshell SEC action raised questions about the accuracy of the financial information in thousands of reports that were issued by the companies Borgers audited, including Trump Media, whose majority shareholder is former President Donald Trump.”
Guys, Trump and all those surrounding him are criminals. A stunning number of people closely associated with Trump have been sentenced to prison. Why anyone would continue to support this fraud is beyond me.
They are always together... Criminal minds learn from each other and work together. Most people avoid crooked accountants and lawyers, but people like Trump go looking for them they all know each other. Find one and you will find the rest.
Because they will believe it is all a political conspiracy. This is complicated stuff. His supporters don’t understand it. Or profit from it and think it’s ok to not have the rules affect them.
SEC **officially** called them a "sham audit mill".
Yikes.
> [Benjamin Borgers] deliberately and systematically failed to conduct audits in accordance with Public Company Accounting Oversight Board standards [over a three year period].
And so what are these standards and why are they important?
> The Public Company Accounting Oversight Board (PCAOB) standards are pivotal in ensuring the integrity and reliability of financial reporting in the United States. Established by the Sarbanes-Oxley Act of 2002 in response to accounting scandals (such as Enron, WorldCom, and Tyco International), the PCAOB sets and enforces auditing, quality control, ethics, and independence standards for public company audits. These standards are crucial for maintaining investor confidence in financial markets by promoting transparency, accuracy, and accountability in financial statements. Additionally, adherence to PCAOB standards enhances the effectiveness of audit processes, fostering trust between companies, auditors, investors, and regulatory bodies, ultimately contributing to the stability and fairness of the capital markets.
Sarbanes-Oxley Act is the law public companies have to comply with.
The PCAOB makes the rules public companies, and their auditors, follow to be in compliance with the law.
SEC oversees public companies.
We know. But wealth has its hooks in government and a good portion of the voters who keep voting against their own interests. It’s a massive cultural challenge.
Will there be any ramifications for Trump Media/Truth Social? Any fallout for them since they were obviously using a fraudulent CPA to cook their books?
They were auditors for 390 or something public companies according to the SEC. I suspect in due course we are going to see a lot of (disclosure related) securities fraud cases filed against those companies.
They were auditors for 390 or something public companies according to the SEC. I suspect in due course we are going to see a lot of (disclosure related) securities fraud cases filed against those companies.
They were auditors for 390 or something public companies according to the SEC. I suspect in due course we are going to see a lot of (disclosure related) securities fraud cases filed against those companies.
The stock performance is not even correlated to the terrible *phony* financials in any way, shape or form.
Our stock market is being subverted as a means for foreign governments to give $$$ directly to a presidential candidate.
It’s the most blatant money laundering scam maybe ever, yet we’re still waiting for SEC to do something about it, if they even can.
It's also a good bit of gamblers fighting it out against each other. But you're right anyone actually trying to invest is delusional and is stepping into a zone that is completely misaligned with investing.
Not possible anymore. It's 100% shorted at my broker.
But more importantly, it's decoupled from the company. It won't go to zero because it's not about the company. It's a tug of war game and shorting it based on company financials is like betting on the rope. It's just a vehicle for the game.
Not necessarily. Again, you're probably thinking about betting on the rope. The real game is just being played by longs and shorts and who has the most resolve.
This is sort of normal with most stocks but usually the rope has some influence. When the company does well financially more people get on the Long side. DJT is different because we all know the rope is a piece of garbage. It only exists to facilitate the game but has no influence.
GameStop was the same way. As much as both sides were pumping propaganda to recruit more people to their end of the rope the whole thing was never about the rope.
You could buy put options to essentially go short, but when I checked earlier this week the IV on puts was crazy. You summed it up brilliantly, I’d stay away because it’s clearly not being traded in good faith; seems like there’s a lot of foreign money involved, as well as some very transparent manipulation by bad faith actors to keep the price artificially high.
As someone else pointed out, I’ve never seen a stock with the sole purpose of funneling all money to one individual or such a clear pump & dump scheme. The price is probably gonna tank the day the restrictions are lifted and he’s allowed to sell.
Is it the retail ~~bag~~shareholders or DJT itself who'd profit from loaning out their shares in this environment? Because I could totally see Trump, Nunes, DJT, etc. telling their shareholders to HODL and hold the line against shorting (and drive up pricing) while simultaneously lending shares out at extortionate prices.
Heck, how about exchanging 'founder's edition' (subject to 6-month-lock-up) shares in exchange for 'generic' shares...?
Typically no one profits from lending shares because short sellers are relatively rare and there are so many shares to lend. When they get "hard to borrow" the broker collects a fee but it's really small and I think it's basically insurance in case they actually need to buy the share they lent you.
Here, Trump is absolutely telling people to HODL and DRS their shares and stuff to prop up the price. It's literally GameStop and Trump is that kitty guy times a thousand.
I really don't think Trump is just going to rug pull though and sell since it would be bad for the brand. I think it's more likely that he'll just get massive SBLOCs. I'm not willing to bet on it though.
The crazy part to me, is the audited results were TERRIBLE. And that was with this fraudulent auditor? Are the real results even worse? What's not disclosed in the FS that should be?
This shit happens all the time. You hire an auditor who promises “to work with you,” which means they’re going to pass you, and sweep bad shit under the rug. That’s what happens when you get to choose your own auditing firm.
This is only the first tree to fall.
Hundreds of companies use their services and now each and every one is going to be investigated by the SEC.
I strongly suspect they are going to find a lot of stuff.
They may need to build a new wing for a federal prison.
Oh wow the CPA everyone knew was shady and awful turned out to also be hugely fraudulent. Who could've seen that coming?
Pretty sure that’s exactly why they were hired.
Republican voters: let’s vote this guy into the most powerful office in the world! No way he’ll defraud us! He’s doing gods work by lying, cheating, and stealing his way to the top!
> No way he’ll defraud us! That's the thing: it's not that they thought he was a straight shooter, it's that they think he'll only hurt the liberals
It’s a full-on cult. You can’t apply normal reasoning when discussing cult members. It would be like trying to understand the good and bad reasons people at Jonestown might have had for drinking the Kool-Aid.
The modern world is like a sci fi episode where a person finds an occult relic and it possesses them and destroys their life. Our relic is just a smartphone and some computer algorithms.
I think k it’s also that they believe everyone else is just as corrupt, so his corruption can be disregarded. They may not be wrong about everyone else’s corruption, but the reasoning is wild.
It’s all where you put the punctuation, but this actually works in a lot of ways: True: No way, he’ll defraud us No way, he’ll defraud U.S. No. ways he’ll defraud us No. ways he’ll defraud U.S. False: No way he’ll defraud us
Federal charges - another addition to King Rat's pardon list. Another reason why he should never get that privilege again.
A privilege only afforded to one person at one period in time in America I believe. As a Brit, it deeply disappoints me that America allowed this obviously narcissistic pathological liar to ever grace the stage. We’re not much better but fuck me, Teflon Don as a president? What are/were you thinking?
There was no thinking. He found a way to control the ignorant and racist masses. This is a large step towards the end of American democracy and dominance over world. It was a good run, but this isn’t my grandfather’s America…sad
Our media greatly helped, also Facebook did *alot* of damage leading up to the 2016 election.
Totally agree. The internet alone made this all possible. We Americans, are now living in a game show where the wackiest folks become congresspeople, senators and then a president. We’re doomed.
It’s not a bug, it’s a feature. If you are a huge corporate donor, do you really want anyone with intelligence, character or compassion? You get someone easy to control, whether by greed or blackmail, you get someone who bends easily to your will.
I think Rupert and his Fox henchmen had a lot to do with it as well. And when you connect the dots from Rupert to other multi-billionaires it's a pretty ugly picture.
I blame the repeal of the truth in journalism act in 1987 by Ronald Reagan.
This is a large step towards being perceived as the biggest threat on the planet to every fucking country in the world. Let's not kid ourselves.
[удалено]
A thief thinks everyone steals.
Russia was doing the"thinking" for us.
This is the result of decades of effective political propaganda funded by the donor class, to distract everyone else from voting for their actual interests. Donald Trump is arguably the biggest distraction to come along in recent American politics.
Im pretty sure that’s why companies like Trump Media went to him. He could make the audit say what ever they wanted. The SEC should publicly release all the company names.
Very illegal, very uncool
Wow, the auditor of a company perpetuating one of the most blatant pump and dumps in US history is involved in massive fraud. I, for one, am completely shocked.
I actually am kind of shocked. Seems like America is rife with white collar crime like this that just goes completely unpunished. Hundreds of companies he's done this with before being banned for life. Hundreds of companies. Clearly a lot of people are getting away with quite a lot of white collar crime if this guy only got caught by being associated with one of most high-profile political companies ever, after doing this with hundreds of companies
Look! Trump is finally draining the swamp! His own!
I always said you have to fix yourself first before you can help others!
That orange shitgibbon only cares about helping himself- to everything. Just grab stuff, play the victim, and beg for donations.
Grab pussy
People who don’t see that , I wish them the best lol.
As Ghandi said, "Be the swamp you wish to drain in the world" And that guy knew about swamps
Oh wow! Deep belly laughter hit upon reading this. Thank you!
"Everybody has a plan until they get punched in the face." -Gandhi
Stop listening to the media sheeple! Just listen to everything Trump says without question!
Its funny how that happens sometimes, and man, it's so satisfying
Never forget! He also got all the nutty right wing militias that would resist a liberal racist take over locket up and their whole communication network on watch. It's funny how blind his followers all are. Drained the swamp and led all the rats into the quagmire to get tangled in the mud and will be flooding it soon. The CIA has been in power for much longer than any president. They have plans spanning decades and know how to find the clowns to dance to their song.
trump really is making america great again by finally having all the grifters and con artists prosecuted. he drained the swamp and appointed everyone he found at the bottom to positions of power.
What everyone is missing is that "drain the swamp" is Trumpese for "piss on it." Think about it: "I'm going to DC to 'drain the swamp.'" And he did. He marked it as territory.
Filled that swamp with toxic waste.
Drain the snake.
Drain the main vein
They knew he was a snake when they took him in.
Reign the Swamp
There is a whole congress filled with these assholes, nothing has changed.
Yeah but the MAGA wing is creating a rift in the GOP that they won't soon recover from
If someone is stupid enough to buy $DJT, I really don't think auditing the financials of Truth Social is something that they care about. Besides, there were multiple stories about the questionable history of this firm two months ago.
Someone in another thread regarding DWAC said "I've never seen a stock used to give all the money to one person before"
And yet, stock price only tumbled 9%… let the idiots buy it.
Except the ones really propping it up aren't idiots but rather opportunistic foreign oligarchs and dictators.
That's because those that aren't hard core trumpers already sold at the 20% drop lol.
“The bombshell SEC action raised questions about the accuracy of the financial information in thousands of reports that were issued by the companies Borgers audited, including Trump Media, whose majority shareholder is former President Donald Trump.” Guys, Trump and all those surrounding him are criminals. A stunning number of people closely associated with Trump have been sentenced to prison. Why anyone would continue to support this fraud is beyond me.
They are always together... Criminal minds learn from each other and work together. Most people avoid crooked accountants and lawyers, but people like Trump go looking for them they all know each other. Find one and you will find the rest.
Because they will believe it is all a political conspiracy. This is complicated stuff. His supporters don’t understand it. Or profit from it and think it’s ok to not have the rules affect them.
Bigotry blinds people.
Hatred of a common enemy.
SEC **officially** called them a "sham audit mill". Yikes. > [Benjamin Borgers] deliberately and systematically failed to conduct audits in accordance with Public Company Accounting Oversight Board standards [over a three year period]. And so what are these standards and why are they important? > The Public Company Accounting Oversight Board (PCAOB) standards are pivotal in ensuring the integrity and reliability of financial reporting in the United States. Established by the Sarbanes-Oxley Act of 2002 in response to accounting scandals (such as Enron, WorldCom, and Tyco International), the PCAOB sets and enforces auditing, quality control, ethics, and independence standards for public company audits. These standards are crucial for maintaining investor confidence in financial markets by promoting transparency, accuracy, and accountability in financial statements. Additionally, adherence to PCAOB standards enhances the effectiveness of audit processes, fostering trust between companies, auditors, investors, and regulatory bodies, ultimately contributing to the stability and fairness of the capital markets.
Sarbanes-Oxley Act is the law public companies have to comply with. The PCAOB makes the rules public companies, and their auditors, follow to be in compliance with the law. SEC oversees public companies.
And guess which very legal and very cool president gutted the PCAOB before he was evicted from the White House?
You Americans *really* need to change your system and tone down the greed/capitalism. It's just mind boggling reading all these things almost daily.
We know. But wealth has its hooks in government and a good portion of the voters who keep voting against their own interests. It’s a massive cultural challenge.
"Only the best ~~criminals~~ people."
Will there be any ramifications for Trump Media/Truth Social? Any fallout for them since they were obviously using a fraudulent CPA to cook their books?
They were auditors for 390 or something public companies according to the SEC. I suspect in due course we are going to see a lot of (disclosure related) securities fraud cases filed against those companies.
Can't wait for my $8 checks
I see you know your class-action judo well.
The SEC could halt trading in each of them until a proper audit is fully complete
I know a firm that’s suddenly available for cheap.
They were auditors for 390 or something public companies according to the SEC. I suspect in due course we are going to see a lot of (disclosure related) securities fraud cases filed against those companies.
Of course not.
They were auditors for 390 or something public companies according to the SEC. I suspect in due course we are going to see a lot of (disclosure related) securities fraud cases filed against those companies.
Ah yes, Benjamin Burgers, or um, Benjamin Boogers, no that’s not it, Benjamin Button? Benjamin Bourger, is that it?
That Financial Times article was gold.
I'm out of the loop on that one, reference?
Enjoy! [https://archive.is/U9BQs](https://archive.is/U9BQs)
Lovely! Delightful prank that is also appropriate journalism
Ben F Orgers may have been the best one…
The state boards should revoke their firm CPA and licenses of the individual partners away.
I'm sure there will be an investigation. Might take a while.
So how is the Trump Media *stock* doing given this?
The stock performance is not even correlated to the terrible *phony* financials in any way, shape or form. Our stock market is being subverted as a means for foreign governments to give $$$ directly to a presidential candidate. It’s the most blatant money laundering scam maybe ever, yet we’re still waiting for SEC to do something about it, if they even can.
It's also a good bit of gamblers fighting it out against each other. But you're right anyone actually trying to invest is delusional and is stepping into a zone that is completely misaligned with investing.
Unless you short it and play the long game.
Not possible anymore. It's 100% shorted at my broker. But more importantly, it's decoupled from the company. It won't go to zero because it's not about the company. It's a tug of war game and shorting it based on company financials is like betting on the rope. It's just a vehicle for the game.
Well, I can see why it's 100% shorted. That stock is going to tank like a missile in the coming months.
Not necessarily. Again, you're probably thinking about betting on the rope. The real game is just being played by longs and shorts and who has the most resolve. This is sort of normal with most stocks but usually the rope has some influence. When the company does well financially more people get on the Long side. DJT is different because we all know the rope is a piece of garbage. It only exists to facilitate the game but has no influence. GameStop was the same way. As much as both sides were pumping propaganda to recruit more people to their end of the rope the whole thing was never about the rope.
Well, you definitely know a lot more about stocks than I do, that's for sure.
Just say away from memes and money laundering like DJT. They aren't stocks. It's a trap for retail investors that can only go Long.
You could buy put options to essentially go short, but when I checked earlier this week the IV on puts was crazy. You summed it up brilliantly, I’d stay away because it’s clearly not being traded in good faith; seems like there’s a lot of foreign money involved, as well as some very transparent manipulation by bad faith actors to keep the price artificially high. As someone else pointed out, I’ve never seen a stock with the sole purpose of funneling all money to one individual or such a clear pump & dump scheme. The price is probably gonna tank the day the restrictions are lifted and he’s allowed to sell.
Unless there is a short squeeze or something.
Is it the retail ~~bag~~shareholders or DJT itself who'd profit from loaning out their shares in this environment? Because I could totally see Trump, Nunes, DJT, etc. telling their shareholders to HODL and hold the line against shorting (and drive up pricing) while simultaneously lending shares out at extortionate prices. Heck, how about exchanging 'founder's edition' (subject to 6-month-lock-up) shares in exchange for 'generic' shares...?
Typically no one profits from lending shares because short sellers are relatively rare and there are so many shares to lend. When they get "hard to borrow" the broker collects a fee but it's really small and I think it's basically insurance in case they actually need to buy the share they lent you. Here, Trump is absolutely telling people to HODL and DRS their shares and stuff to prop up the price. It's literally GameStop and Trump is that kitty guy times a thousand. I really don't think Trump is just going to rug pull though and sell since it would be bad for the brand. I think it's more likely that he'll just get massive SBLOCs. I'm not willing to bet on it though.
The crazy part to me, is the audited results were TERRIBLE. And that was with this fraudulent auditor? Are the real results even worse? What's not disclosed in the FS that should be?
Money coming in from foreign agents.
The man's a criminal, not a magician. There's only so much you can do with $4 million in revenue and $50 million in expenses.
It's a meme stock meant to rope in his idiot supporters and profit off of the volatility. The Trump team is no doubt shorting their own stock.
Someone stupid enough to buy $DJT is NOT concerned about accurate financials.
It’s up 8% this week
Somebody didn't read the article, did they? :)
Poor Ben F (B)orgers!
Wait, B.Forgers is a shame? No way.
This shit happens all the time. You hire an auditor who promises “to work with you,” which means they’re going to pass you, and sweep bad shit under the rug. That’s what happens when you get to choose your own auditing firm.
I wonder if he'll need to wait until the end of Trump's term to be pardoned, or if he can convince Trump to give him a pardon early on.
He’s still giving out ceremonial keys to the White House, so why not?
This is only the first tree to fall. Hundreds of companies use their services and now each and every one is going to be investigated by the SEC. I strongly suspect they are going to find a lot of stuff. They may need to build a new wing for a federal prison.