tyb and gud morning
let's hope so for our sake
chek't
and the stock is up 3% in pre-market.
'Flash Crash' Scapegoat Nat Sarao Sentenced To 1 Year House Arrest
Last week, we reported that US prosecutors had recommended to a judge presiding over the sentencing of 2010 'flash crash' scapegoat Nat Sarao that the former day trader be sentenced to time served.
Though that's not exactly how things went during his Tuesday sentencing, at least Sarao - nicknamed the 'Hound of Hounslow, the London neighborhood where his parents own a home - won't see the inside of another jail cell. According to the Guardian, "the story of the British day trader charged with triggering a trillion-dollar "flash crash" that caused havoc on Wall Street in 2010 ended where it began on Tuesday with a judge sentencing him to one year of home incarceration at his parent’s house."
Sarao's parents leave in West London, and after five years of legal struggles that included being extradited from the UK to the US, the former day trader, who has been diagnosed as being on the autism spectrum, and who was reportedly scammed out of nearly all of the $35 million-plus he earned trading. Sarao used a custom-designed algorithm that cancelled his orders before execution to manipulate markets, prosecutors said.
Spoofing, or placing orders and then cancelling them before execution to create the appearance of more - or less - demand, is illegal in the US. However, there's one important caveat: Prosecutors, who had asked the judge to deliver a sentence of time served, pointed out that a sentence of home confinement in the UK would be impossible to enforce. Though the judge and Sarao's lawyers reportedly came to an agreement that would only allow him to leave the house under special circumstances.
The sentence means Sarao, who earned roughly $1 million on the day of the flash crash, will have only spent four months in a UK prison. Prosecutors praised Sarao for his cooperation in other cases, and for expanding prosecutors' understanding of how criminal traders game the system. Initially, Sarao was charged with 22 counts of fraud related to his 'spoofing' trades over five years. During the May 6 2010 flash crash, the Dow Jones Industrial Average plunged 600 points in five minutes, then regained most of that amount over the following 20 minutes.
The sentence marks the end of a nearly five year ordeal: Sarao was arrested by British authorities in 2015 and spent four months in Wandsworth prison before being extradited to the US.
https://www.zerohedge.com/markets/flash-crash-scapegoat-nat-sarao-sentenced-1-year-house-arrest
if anyone believes this guy caused it then I have sum things I'd like to sell you
Buffett's Berkshire sells newspaper business, including hometown paper, to Lee Enterprises
Warren Buffett’s Berkshire Hathaway Inc said on Wednesday it is selling its newspaper operations to Lee Enterprises Inc., abandoning an industry the billionaire investor had long supported and defended even as its financial prospects deteriorated.
Lee, whose papers include the St. Louis Post-Dispatch, said it will pay $140 million in cash for the 30 daily newspapers and several dozen weekly and other products owned by BH Media Group. The newspapers being sold include the Omaha World-Herald in Berkshire’s hometown in Nebraska, as well as the Buffalo News in western New York state, a newspaper that Berkshire bought in 1977.
Berkshire will also refinance Lee’s existing debt, providing $576 million in long-term financing at a 9% interest rate, and become the company’s sole lender. While newspapers represented only a small part of Berkshire, which bought most of its holdings in the last decade, it is very unusual for Buffett to sell an entire business.
Buffett, who delivered newspapers as a teenager, has long lamented the decline of the industry, telling Berkshire shareholders in May 2018 that only the Wall Street Journal, the New York Times and perhaps the Washington Post had found digital models strong enough to offset declining print ad revenue.
https://www.reuters.com/article/us-lee-enterprises-m-a-berkshire/buffetts-berkshire-sells-newspaper-business-including-hometown-paper-to-lee-enterprises-idUSKBN1ZS1YB
actually not very far from march and not worried one bit.
if you gotta bail I can take it to d if needed
if you gud then I'm gud. get the meetings stuff. hopefully you don't have many people, if any, reporting to you. that was a major turn off in previous life.
you will most likely pay a high premium to acquire shares for shorting and it's a "darling" so no.