What could possibly go wrong?
You know what would have made the financial crisis even more exciting? A proliferation of smaller British banks begging for a little help or full-on nationalization. In any event, the FSA is apparently going to keep busy right up until the moment that George Osborne shuts the lights. Read more »
True or false: the one thing the financial services industry could really use right now is a good buzz? True. And while happy hours and the boozy lunch are always a good idea, you know what would be even better? For you to get hammered at the start of the day, after putting in like 30-60 minutes of work or maybe even on the way to the office. Would add a new and exciting twist to things, amiright? You know I am. To assist you in this pursuit, one NYDrinker has compiled a list of drinking establishments downtown that open at 8AM, though you probably know them all already, Lloyd.
Southern Products CEO (CFO, Principal Accounting Officer, and sole director) Tyler Richard, 19, has a dream. A dream to sell custom-made beer pong tables that retail for (starting at) $300 a pop, with “more customized tables” going for $400-$600. Mr. Richard truly believes that no one wants to play this game on some POS ping pong table or any old hard surface they can get their hands on. The demand for an Official Beer Pong table made out of foam and stucco is there. But, there is a bit of a problem.
As of February 28, 2010, we had $9,500 in current assets and current liabilities in the amount of $3,500. Accordingly, we had working capital of $6,000 as of February 28, 2010. Our current working capital is not sufficient to enable us to implement our business plan as set forth in this prospectus. Our management estimates that, until such time that we are able to generate sales revenue sufficient to pay our ongoing and planned expenditures, we will experience negative cash flow in the approximate amount of $2,500 to $3,500 per month. For these and other reasons, our independent auditors have raised substantial doubt about our ability to continue as a going concern. Accordingly, we will require additional financing, including the equity funding sought in this prospectus.
It seems we will have Ralph Cioffi and Matthew Tannin to kick around for a while longer. The two men may have escaped the long arm of the law, winning an acquittal on fraud and insider-trading charges earlier this week, but the SEC isn’t discouraged.
The regulator will proceed with its own case against the two former Bear Stearns hedge fund managers, SEC Enforcement Chief Robert Khuzami said. And why not? “We filed a case based on the evidence from our own investigation,” Khuzami noted, politely failing to mention the cock-up of an investigation run by the U.S. Attorney’s office. There’s also the “different standard of proof” for a civil trial, under which even the incompetent prosecutors could probably win a conviction. And finally, there are those incompetent prosecutors, lighting the way to failure.
“We will study the transcript and events at trial,” Khuzami said, then mumbling, “and do the exact opposite.”
US SEC expects to proceed with Bear Stearns case [Reuters]