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(Gizmodo)   Kodak is a picture of securities fraud   (gizmodo.com) divider line
    More: Obvious, Eastman Kodak, Eastman Kodak Company, stock options, George Eastman, Rochester, New York, Trump administration, Stock market, Kodak's shares  
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4723 clicks; posted to Business » and Politics » on 01 Aug 2020 at 1:55 PM (2 days ago)   |   Favorite    |   share:  Share on Twitter share via Email Share on Facebook



71 Comments     (+0 »)
 
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2 days ago  
The WH has made it clear that white color crime will not be prosecuted. The word is out.
 
2 days ago  
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2 days ago  

edmo: The WH has made it clear that white color crime will not be prosecuted. The word is out.


Fark user imageView Full Size
 
2 days ago  
everyone's doing it. anarchy is upon us. i need some more bondage gear. brb
 
2 days ago  
stock options are not stock
If he exercised them after he knew about the bailout and before the news became public, that's a big farking problem.
Anyone who buys Kodak stock is dumb, even now.
 
2 days ago  
Oh wait, they issued the options the day before the news broke...and yeah I'm sure he exercised them.
 
2 days ago  

PainInTheASP: edmo: The WH has made it clear that white color crime will not be prosecuted. The word is out.

[Fark user image 348x260]


Hmmm. Even my typos are smarter than me.
 
2 days ago  
So C-level folks don't have the same 3 year vesting schedule for stock grants that everyone else has deal with? That hardly seems fair.
 
2 days ago  
Anyone in congress/white house who knew about the deal and bought kodak shares/option made tens of millions if not hundreds of millions of $ in 2 days if they arent idiots.

Hell they could set up a shell corporation, take a bunch of loans, put millions in the shell company, buy kodak shares, make millions in profit, sell back the shares... TADAAAAAAAA multi millionaire overnight... and you just KNOW they wont prosecute/investigate you.
 
2 days ago  
And as usual, it's only apparent because of the unfathomable incompetence of the bad actors.  And as usual it's only receiving a fracture of the media coverage it would be of the criminals had a "D" next to their names.
 
2 days ago  
it's a good deal now all the precursor chemicals for ghb / meth / etc etc are going to be coming back to the u.s :)
 
2 days ago  
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2 days ago  
So the $600 is still a "no," right?
 
2 days ago  
Let's see what develops.
 
2 days ago  
Laws haven't mattered in nearly 4 years.
 
2 days ago  

edmo: The WH has made it clear that white color crime will not be prosecuted. The word is out.


I was going to highlight a typo, but I reconsidered.  Well played.
 
2 days ago  

lolmao500: Anyone in congress/white house who knew about the deal and bought kodak shares/option made tens of millions if not hundreds of millions of $ in 2 days if they arent idiots.

Hell they could set up a shell corporation, take a bunch of loans, put millions in the shell company, buy kodak shares, make millions in profit, sell back the shares... TADAAAAAAAA multi millionaire overnight... and you just KNOW they wont prosecute/investigate you.


*busily scribbles notes*
 
2 days ago  

some_beer_drinker: everyone's doing it. anarchy is upon us. i need some more bondage gear. brb



Make sure you include hair dye, feathers, and shoulder pads

Fark user imageView Full Size

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2 days ago  

cretinbob: stock options are not stock
If he exercised them after he knew about the bailout and before the news became public, that's a big farking problem.
Anyone who buys Kodak stock is dumb, even now.


This,
I got employee stock options after we started a clinical trial for a drug I was working on, so didn't the C suite.  They had a 5 year maturation period where I had to wait 2 years to sell the first share.
In this case it is likely the CEO also has to wait plus needs BOD permission to sell.
From a share holder perspective it's giving the CEO a delayed bonus for performance and keeps them motivated to follow through on the business plan.
Would another company have been a better choice?  Yes.  Will it take Kodak longer to deliver because they don't manufacture pharmaceuticals?  Yes.
Now, did any members of the government who knew about this deal personally benefit?  If that is true then that's a crime.
 
2 days ago  

LarryDan43: Laws haven't mattered in nearly 4 years.


We've had a two-tiered justice system for a lot longer than a measly 4 years.
 
2 days ago  
Crimes this egregious should be punished.

Conservatives like to get tough on crime. So I offer the modest suggestions of either drawing and quartering all involved;

or a controlled disembowelment where the convicted is then hanged to death by their own entrails.


Now, you may consider that over the top, extreme, barbaric.
But I ask you; what punishment effectively serves as a deterrent to the theft of billions of taxpayer dollars?

Because if we want to get tough on this crime, we should make the punishment fitting. A murder destroys one life. These people destroy thousands, and millions.
 
2 days ago  

cretinbob: stock options are not stock
If he exercised them after he knew about the bailout and before the news became public, that's a big farking problem.
Anyone who buys Kodak stock is dumb, even now.


In some ways, options are better than stock. In terms of profiting from stock gains after options are granted vs shares purchased, they're pretty close to the same.

That these were "only" options in no way makes the transaction more legit. It may have been legit, but the timing is what an illegal trade looks like. If Kodak can document that the option grant was in motion well before discussions about this new federal deal began, it should be easy to clear up.
 
2 days ago  
Northern:
Would another company have been a better choice?  Yes.  Will it take Kodak longer to deliver because they don't manufacture pharmaceuticals?  Yes.
Now, did any members of the government who knew about this deal personally benefit?  If that is true then that's a crime.


Eastman Kodak May not have pharmaceuticals, but they've been a fine chemical manufacturer for a long time.  Maybe they haven't had any experience in running clinical trials, but as far as manufacturing goes, molecules is molecules.
 
2 days ago  

OccamsWhiskers: cretinbob: stock options are not stock
If he exercised them after he knew about the bailout and before the news became public, that's a big farking problem.
Anyone who buys Kodak stock is dumb, even now.

In some ways, options are better than stock. In terms of profiting from stock gains after options are granted vs shares purchased, they're pretty close to the same.

That these were "only" options in no way makes the transaction more legit. It may have been legit, but the timing is what an illegal trade looks like. If Kodak can document that the option grant was in motion well before discussions about this new federal deal began, it should be easy to clear up.


The options were in the CEO's contract from when he signed on with Kodak.  IIRC, he gets options quarterly and has never failed to exercise them.
 
2 days ago  

cretinbob: Oh wait, they issued the options the day before the news broke...and yeah I'm sure he exercised them.


I don't think options work that way.  Typically options vest over the course of several years, in installments.
 
2 days ago  

bizzwire: Northern:
Would another company have been a better choice?  Yes.  Will it take Kodak longer to deliver because they don't manufacture pharmaceuticals?  Yes.
Now, did any members of the government who knew about this deal personally benefit?  If that is true then that's a crime.

Eastman Kodak May not have pharmaceuticals, but they've been a fine chemical manufacturer for a long time.  Maybe they haven't had any experience in running clinical trials, but as far as manufacturing goes, molecules is molecules.


21 CFR Part 11
 
2 days ago  

HighlanderRPI: [Fark user image 600x337] [View Full Size image _x_]
[Fark user image 500x323]


Pee Wee Herman @ The 1991 MTV VMA's
Youtube loarYLrv6ls


Leading to one of the ballsiest moments of any public figure ever.
 
2 days ago  

kpaxoid: bizzwire: Northern:
Would another company have been a better choice?  Yes.  Will it take Kodak longer to deliver because they don't manufacture pharmaceuticals?  Yes.
Now, did any members of the government who knew about this deal personally benefit?  If that is true then that's a crime.

Eastman Kodak May not have pharmaceuticals, but they've been a fine chemical manufacturer for a long time.  Maybe they haven't had any experience in running clinical trials, but as far as manufacturing goes, molecules is molecules.

21 CFR Part 11


I worked for many years in a CRO, developing, validating, and performing quantitative analyses in support of clinical trials.  I know about GLP and GMP anI am quite familiar with CFR 21, having been trained in what to do/not do if the FDA drops in for an audit.  I don't see how this has anything to do with my previous comment. Please elaborate.
 
2 days ago  
Do you ever get the impression we're just pawns in a game of the nobility?

I mean, no matter how hard we work and how smart we invest  we only have slightly better odds of becoming rich than if we played the lottery (not that I'm recommending that either).

And meanwhile Trump and Epstein and people like them are going around committing unspeakable crimes and the masses just believe that someone that rich would never do anything so bad.
 
2 days ago  
I doubt it. Kodak is a publicly traded company, and any company stock activity by the CEO and Board of Directors is heavily regulated by the SEC. If this was not a coincidence, then it was idiotic because they'll surely lose the contract if they are charged with a crime.
 
2 days ago  

cretinbob: stock options are not stock
If he exercised them after he knew about the bailout and before the news became public, that's a big farking problem.
Anyone who buys Kodak stock is dumb, even now.


29% of his new options vest immediately, so they were given to him and exercised  after he knew about the government money and prior to the news becoming public.
 
2 days ago  

bizzwire: Northern:
Would another company have been a better choice?  Yes.  Will it take Kodak longer to deliver because they don't manufacture pharmaceuticals?  Yes.
Now, did any members of the government who knew about this deal personally benefit?  If that is true then that's a crime.

Eastman Kodak May not have pharmaceuticals, but they've been a fine chemical manufacturer for a long time.  Maybe they haven't had any experience in running clinical trials, but as far as manufacturing goes, molecules is molecules.


This is what Kodak's pivot from camera film exactly is. Manufacturing chemicals for pharmaceutical companies.
 
2 days ago  

lolmao500: Anyone in congress/white house who knew about the deal and bought kodak shares/option made tens of millions if not hundreds of millions of $ in 2 days if they arent idiots.

Hell they could set up a shell corporation, take a bunch of loans, put millions in the shell company, buy kodak shares, make millions in profit, sell back the shares... TADAAAAAAAA multi millionaire overnight... and you just KNOW they wont prosecute/investigate you.


There was a massive buy of call options on Monday. Total option volume was 20 times normal and call option volume was 3 times put option volume. Somebody in the government told somebody(s) about the loan. And those people made a bloody fortune. The CEO and BoD thing might be shady, might not. But the Monday option trading was definitely shady.
 
2 days ago  
You could explain this to the majority of people who vote republican...

And they wouldn't care.
Mainly because they will never own stock, have a pension, retire, or have their own teeth after the age of 35.

The people who REALLY need to hear this need to hear it in a crowded court room just as Your Honor is sentencing them to 3-5 years fed time for fraud and insider trading.

Now, the quiz:
1) of the two groups mentioned above, which is most likely to give a fuhque?
A. Poor, gun totin, prolife, insurance salesmen.
B. Wealthy, dishonest, womanizing shills for criminal corporations
C. None of the above

Hint: It Is Always C
 
2 days ago  
Trading volume went up by millions before the announcement.  Would've been nice to get the stock tip:  "Daddy's gonna make a big announcement on Kodak tomorrow" & buy at $2, sell at $60.

Drain the swamp, eh?
 
2 days ago  
When our president and Congress participate openly in the same fraud. Why not go for it?
 
1 day ago  

1funguy: You could explain this to the majority of people who vote republican...

And they wouldn't care.
Mainly because they will never own stock, have a pension, retire, or have their own teeth after the age of 35.

The people who REALLY need to hear this need to hear it in a crowded court room just as Your Honor is sentencing them to 3-5 years fed time for fraud and insider trading.

Now, the quiz:
1) of the two groups mentioned above, which is most likely to give a fuhque?
A. Poor, gun totin, prolife, insurance salesmen.
B. Wealthy, dishonest, womanizing shills for criminal corporations
C. None of the above

Hint: It Is Always C


They can understand it.  They won't believe it.

The average no-money Republican is 100% behind taking a criminal CEO and hanging him up by his entrails...as long as they believe he is guilty of a crime.

But, and this is the most important part: they will never believe he's guilty unless there's a "D" next to his name.
 
1 day ago  
There should be an anti-profiteering law that states, in your typical legislative way, when the nation (or state or region) is in a state of emergency, all business profits will be taxed at 100%, and any losses cannot be deducted. And all stock transactions by anyone director-level and above will be taxed at 100%.

Forest fire in CA? No profits for Apple, no profits for Google, no profits for JP Morgan. Hurricane in FL? No profits for Apple, Google, Amazon, BofA... CEOs and director of marketing want to transact some options? Bam! 100% tax on that sale or purchase.

Any business with market value < $10M can be excused, so long as the revenue made at the time is < 10% of business's market value.
 
1 day ago  
I took a picture of the brain of someone who bought Kodak stocks...

...it's not developed yet.
 
1 day ago  
If the head of or some prominent person at a company wangles their company becoming worth ten time as much, is it wrong to reward them with stock options?  Is it fraudulent or something to award the options before the stock goes up? Is it okay to give a CEO 75,000 stock options as a  sort of commission?

If I had had any Kodak stock I would not be mad at this as part of my stock going up 1000%
 
1 day ago  
Everything Trump touches dies is corrupted unto Death, the second death, the Death of the Soul, from which there is no return or remission.
 
1 day ago  

MurphyMurphy: Crimes this egregious should be punished.

Conservatives like to get tough on crime. So I offer the modest suggestions of either drawing and quartering all involved;

or a controlled disembowelment where the convicted is then hanged to death by their own entrails.


Now, you may consider that over the top, extreme, barbaric.
But I ask you; what punishment effectively serves as a deterrent to the theft of billions of taxpayer dollars?

Because if we want to get tough on this crime, we should make the punishment fitting. A murder destroys one life. These people destroy thousands, and millions.


We need to bring back medieval style stuff but with technology added to it. Like they use modern medicine to enlarge your asshole so that you dont immediately die when a horse farks you to death.
 
1 day ago  

bizzwire: kpax


My point is that the regulations concerning the production of pharmaceuticals are far more rigorous than those concerning the production of photo-processing fluids.  Experience in the latter does not directly translate to capability in the former.
 
1 day ago  

TheBigJerk: 1funguy: You could explain this to the majority of people who vote republican...

And they wouldn't care.
Mainly because they will never own stock, have a pension, retire, or have their own teeth after the age of 35.

The people who REALLY need to hear this need to hear it in a crowded court room just as Your Honor is sentencing them to 3-5 years fed time for fraud and insider trading.

Now, the quiz:
1) of the two groups mentioned above, which is most likely to give a fuhque?
A. Poor, gun totin, prolife, insurance salesmen.
B. Wealthy, dishonest, womanizing shills for criminal corporations
C. None of the above

Hint: It Is Always C

They can understand it.  They won't believe it.

The average no-money Republican is 100% behind taking a criminal CEO and hanging him up by his entrails...as long as they believe he is guilty of a crime.

But, and this is the most important part: they will never believe he's guilty unless there's a "D" next to his name.


That is true. We need a stupidity test pre high school graduation. Something involving a hammer strike to the head (self imposed) for a wrong answer.

Just to make sure they are incapable of bad decision making later in life.
Or at least a clear warning to the rest of us who we are arguing with.
 
1 day ago  
Kodak got a $765,000,000 loan. Anybody know if there are any specific goals that they are committed to make? Do they pay us back in hydroxychloroquine tablets?
And why not give money to an established pharma maker if money can expedite some specific molecular goals?
 
1 day ago  

cretinbob: Oh wait, they issued the options the day before the news broke...and yeah I'm sure he exercised them.


He'll probable wait got a couple of days for when trump orders A-10s to open fire on various peaceful protest.
 
1 day ago  
Eastman's company?

Fark user imageView Full Size
 
1 day ago  
person woman man camera fraud
 
1 day ago  

lolmao500: Anyone in congress/white house who knew about the deal and bought kodak shares/option made tens of millions if not hundreds of millions of $ in 2 days if they arent idiots.

Hell they could set up a shell corporation, take a bunch of loans, put millions in the shell company, buy kodak shares, make millions in profit, sell back the shares... TADAAAAAAAA multi millionaire overnight... and you just KNOW they wont prosecute/investigate you.


Oh, you can bet Dems and Reps both benefited bigly from this. These are sorts of things that get you a worth of 10's of millions on a 20 year salary of $175,000 ( more or less, don't know the actual salary these days)
 
1 day ago  

LarryDan43: Laws haven't mattered in nearly 4 years.


So, sleepy business deals really started in 2016?

Sure, Jan.
 
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