Crime

Climate DataGate – Audit reveals the shoddy data we allocate billions off

06503F53-DA2A-4426-8ECD-7F7794A84E6B

What a joke. Jo Nova unpacks the first proper audit of the dataset our governments put faith in to fork out billions into mad green schemes. She writes,

There are cases of tropical islands recording a monthly average of zero degrees — this is the mean of the daily highs and lows for the month. A spot in Romania spent one whole month averaging minus 45 degrees. One site in Colombia recorded three months of over 80 degrees C. That is so incredibly hot that even the minimums there were probably hotter than the hottest day on Earth. In some cases boats on dry land seemingly recorded ocean temperatures from as far as 100km inland The only explanation that could make sense is that Fahrenheit temperatures were mistaken for Celsius, and for the next seventy years at the CRU no one noticed.”

 

Musk flips the ‘bird’ at the SEC

E1CA948E-BE24-4AD1-8F39-139CB3CD4BBB.jpeg

Tesla shareholders must wish Elon Musk would be as silent as his products. It seems the Tesla CEO has learnt nothing from his $20mn fine. Given that Tesla is still under investigation for other reporting  matters, it seems unprofessional to bait the SEC when shareholders want to see stability at the helm. Musk tweeted,

Just want to that the Shortseller Enrichment Commission is doing incredible work. And the name change is so on point!,”

Just further evidence this CEO has no wish to listen to his board or interact with them in a way that promotes best practice corporate governance. It’s still a one man band. The irony of the tweet is that the SEC’s leniency allowed him to stay at the top causing a 17% jump on the settlement.

Even worse Paragraph 13 of his settlement with the SEC requires him to seek board oversight of any public communications although has yet to be officially signed off by a judge.

In a twist or irony one shareholder tweeted back that he wasn’t just attacking the stock shorters  but the long only owners as well.

Tesla shares closed down 4.4% and indicated at $273 in the after market, a fitter 3% fall. At the start of the SEC decision last week the shares had traded as low as $267. In a sense Musk has been the Shortsellers Enrichment CEO not the SEC.

Musk’s $20mn fine covered if Tesla shares jump 59 cents

912E7DD7-5679-47F8-875A-EB491C99A93D.jpeg

$20mn sounds like a lot. It is a lot. The SEC has struck a deal with Tesla’s Elon Musk which demands he steps down as chairman and hires two independent directors. Musk owns 33.7mn shares. Technically he would only require a 59c share price rise to cover his fine. Make it a dollar to cover taxes and transaction costs plus legal fees. In any event the fine is peanuts in the grand scheme of things.

To be honest, Tesla disciples will breathe a sigh of relief that their king still remains in the company and more importantly as the figure head. The question remains is whether a new chairman (from outside?) will see to it that the company is not just a one man band which has been painfully obvious with so many senior level defections. Too often the board has seemed to be an onerous burden for Musk in that his intergalactic brilliance shouldn’t require checks and balances.

Will a new chairman demand a thorough audit into business practices to date? It is likely that the SEC will expect a new chairman to lift the standards of the board to make sure that shareholders interests are properly decided with all directors heard. An independent audit should be viewed as the bare minimum. What would that unearth?

Tesla shares should bounce on this news and in aftermarket trading it is up. The question is how a new structure changes dynamics which reveal the short cuts and internal processes which have created so many reporting inconsistencies.

A new low

823FD4F7-3CEE-4824-BC1B-2FCD6CA6E400.jpeg

Today was a dark day for America. Despite both Ford & Kavanaugh putting forward seemingly credible cases, they were washed aside for the most sickening display of partisan politics. One could almost picture fiendish crowds awaiting the direction of the Roman Emperor’s thumb. How sad that the two people with the most to lose were treated as punching bags by despicable senators. Social media forums were nothing more than ferals chanting obscenities in a colosseum. Sick, sick, sick! No dignity on display.

The questions lobbed by both Democrats & Republicans for the main part were a clear display of making one’s mind up beforehand. What a farce. It was blood sport. It had little to do with seeking the “truth” rather trying to use reprehensible tactics to confirm or deny Kavanaugh. Ford & Kavanaugh may as well have been road kill. Neither side cared for the testimony of those that opposed their preformed views.

Sexual assault is a heinous crime. Period. True victims of it can suppress traumatic memories for decades. The statute of limitations may well be a convenient out clause for perpetrators in law, but sufferers shouldn’t need a deadline to reveal those inner demons. How many people have chosen to take their own life because they can’t deal with the shame?

Some basic questions.

Why would anyone be in the least bit surprised for Kavanaugh to fight his corner after being smeared with such serious defamatory accusations? Even if he is proven not guilty of those crimes his reputation has taken untold hits. If he is found to be guilty then he ought to be punished to the full extent of the law. However was his testimony any less believable? He asked for an investigation immediately after the news broke on Ford’s claim. Yet here were senators grilling him to demand one. Do they listen?

Ford too. She would be risking a great amount to go in front of a Senate Committee and lie. It is a punishable offence. Would she really seek to go into a viper pit and take the trouble to invite unsolicited attacks on her? Yet why is no one prepared to corroborate her evidence? Afraid of the repercussions?

However it struck me, as a victim of sexual assault myself at age 13, as to why Ford needed to read her story from a scripted page. I can unequivocally state every detail of what happened to me without notes. I could explain it repeatedly over and over again. Even years or decades apart, nothing would change. The face of the man that did it almost 35 years ago. Where. What time. What happened. The lot. I only came out with it several years ago but such would be the emotional pain that she shouldn’t have needed notes. Not accusing Ford of lying, just something that appeared strange to me. Real victims require no preparation. It’s burned in the memory. Was alcohol a factor? People may deal with trauma in different ways. That was the only thing that put a question mark against authenticity.

Why did Democrats not raise the other allegations against Kavanaugh with respect to indecent exposure and rape gangs until it was raised by their opposite numbers? Why did they drag Renate’s name through this hearing? A person not even party to the whole sordid affair gets her name blasted in front of millions. And discussing flatulence – could the question be so irrelevant?

The stink (no pun intended) of all of this is the timing of many allegations. As CM had written earlier, Feinstein seemed to pull this joker out of the pack to cause maximum damage to Kavanaugh’s confirmation. Had she been a true fighter for the rights of supposed rape victims, why wouldn’t she seek to immediately take it in closed session to protect confidentiality of Ford and do the right thing. No, the letter was leaked to the press and all of a sudden Ford was thrust into the boiling cauldron. There was plenty of time to act.

Yet Grassley and other senators rattling off the words of former Senator Joe Biden and his claim of the irrelevance of FBI investigations was a futile attempt to confirm their man. Once again, it had nothing to do with Kavanaugh or Ford. To be honest one had to feel for Kavanaugh at times in that he was not after platitudes from Republicans. He wants his name cleared and undoubtedly wants his reputation restored. I defy anyone accused of such horrible things not to feel upset.

CM, like most are none the wiser on guilt. So many had made up their minds well beforehand. The only thing absolutely for certain was the unbecoming behaviour of that rabble. It was utterly disgusting. Neither side could claim any victory, let alone Phyrric.

The only thing anyone should be praying for is to never witness something so appalling again. Justice should be served through the correct procedures. Yet politicians only proved today that they are utterly self serving and more evident was the wake up call for all Americans about those who supposedly represent them.

Musk channels the Black Knight?

It has become apparent that the SEC & Musk had a deal which would see him removed from Tesla yet his lawyers have rejected it at the last minute because he’d rather fight the charges. One could argue in favour of his bravery to appeal against what looks to be a very open and shut case about breaching probably the most basic of errors in standard reporting to the exchange to ensure fairness.

Maybe he feels that he is only going to get a slap on the wrist? In the 63 odd charges laid out against individuals by the SEC for reporting violations in 2018, the average fine has been $75,000. Hardly a ripple to Musk’s net worth.

The bigger risk for Tesla shareholders if Musk loses in court against the SEC and is forced out (to be honest his board should demand it) will be losing a figurehead who at the very least has managed to make a company with no profits, monster debts and questionable actions worth more than Ford, FCA & GM combined. Betting against Musk has been a dangerous game. He may well be teflon coated but it remains questionable whether he can strap himself to his reusable rockets and escape the fraud charges.

Musk charged with securities violations

F52C5B1C-71A6-4BC6-9339-4CDDC6AD7F10

Tesla CEO Elon Musk has been accused by the SEC of violating Section 10(b) of the Securities Exchange Act of 1934 (“Exchange Act”) [15 U.S.C. § 78j(b)] and Rule 10b-5 [17 C.F.R. § 240.10b-5]. The SEC claimed,

“Musk’s false and misleading public statements and omissions caused significant confusion and disruption in the market for Tesla’s stock and resulting harm to investors…Musk knew or was reckless in not knowing that each of these statements was false and/or misleading because he did not have an adequate basis in fact for his assertions. When he made these statements, Musk knew that he had never discussed a going-private transaction at $420 per share with any potential funding source, had done nothing to investigate whether it would be possible for all current investors to remain with Tesla as a private company via a “special purpose fund,” and had not confirmed support of Tesla’s investors for a potential going private transaction. He also knew that he had not satisfied numerous additional contingencies, the resolution of which was highly uncertain, when he unequivocally declared, ‘Only reason why this is not certain is that it’s contingent on a shareholder vote.’ Musk’s public statements and omissions created the misleading impression that taking Tesla private was subject only to Musk choosing to do so and a shareholder vote.”

The eccentric and maverick CEO responded,

This unjustified action by the SEC leaves me deeply saddened and disappointed. I have always taken action in the best interests of truth, transparency and investors. Integrity is the most important value in my life and the facts will show I never compromised this in any way.”

It is common knowledge to corporates that the exchange is the first port of call for all public releases to be openly documented for consistency and equal access. It is irrelevant whether a social media feed might be deemed as “in the spirit” of open disclosure to Musk’s personal opinions. The SEC rules are the rules. There aren’t soft interpretations. A listing requirement is to follow the rules of fair disclosure. Whether Musk was or wasn’t aware is irrelevant – as the CEO of a $50bn company he should know better or at least sought the advice from those that do.

In any event if he was true to the spirit of good corporate governance he would have the good sense to realise his position as CEO has become untenable. How the board can have confidence in him is beyond CM? The multiple senior resignations give an insight but for all of Musk’s instellar cosmic brilliance as a salesman, unfortunately laws are there to provide safety for investors. The shares are offered 13% lower in the aftermarket.

A court will ultimately decide his fate but the $420 a share with secured funding unraveled so quickly as to question his judgement.

Investors, even the die hard believers, don’t need a CEO already under the pump to be distracted anymore than he already is. It is a shame because he is undoubtedly a brilliant mind. Unfortunately that would seemingly make him feel he’s somewhat untouchable leading him to make knee jerk decisions such is what he’s been charged over.

Yale Law School students fail their most important test

A3ACD964-7108-4787-8473-5EC3B95F9D72.jpeg

Yale Law School is supposed to be one of the most prestigious places one can graduate. However the multitude of students who staged a sit down protest over Supreme Court Justice nominee Brett Kavanaugh’s alleged sexual misconduct just failed one of the most important tests in the very subject they wish to practice – the presumption of innocence.

Despite holding next to no credible evidence to base their judgement at this stage nor have any witnesses come forward, these students have shown blind prejudice. It may well turn out that Kavanaugh is found guilty of the allegations. However he like they are equal under the law until proven guilty.

Nonetheless it seems these students have no compunction. They are clearly so poisoned with partisan politics that they are willing to convict a potentially innocent man of a crime he may not have committed. These students are the very same future justices they vehemently protest in the man they attack.

Or could it be they are guilty of being irrational teenagers/millennials at university who think social justice allows for a kangaroo court? So devoid of understanding how the real world works. Either way, their protest shows how brainwashed and lacking in the ability to think for themselves to stage a protest based on such flimsy evidence which has conveniently rolled out to stall his confirmation hearing.

Maybe they’d dazzle their professors by stating their concerns in “law” in what they’d be looking for to ensure “both” sides of the story we’re heard? Or at the very least how they’d represent either side based on the evidence to date? Alas, no. Best just jump on the despicable Democrats band wagon and wish Kavanaugh gets smeared so he isn’t confirmed as a SCJ (the real aim).

While in no way justifying sexual harassment/assault on any level, looking back over CM’s university days three decades ago should witnessing the Forestry students conduct drinking games while sitting stark naked in the refectory and drinking their own vomit from an old Adidas Rome sneaker or even worse “animal acts”  to get back in the game worthy of a full police investigation? Or do we put it down to kids being stupid as many get their first grips with alcohol? No one in CM’s year of students (male or female) who saw it ever made a big deal of it then or now. We most likely laughed at the cringeworthy nature of it all.

Yet this is the future. Shame on the Yale Law Faculty for not teaching these kids the most important values of fair trials. Perhaps evidence of how the professors could be more radical than the students. True colours?

Kavanaugh may yet be found guilty but at the very least let him and Christine Blasey Ford set out their evidence.

Finally, will  these same students protest if Ford is outed as lying? Of course not!