The Wells Treatment

[The beef 675] [I'm an image] "Thomas Edison is rolling in his grave." - Jeff Hey there carnivores, Markets were down on Tuesday, as stimulus talks came to a standstill. Today we’re talking GE finding itself in hot water. Keep raging, Jeff & Jason [Image] [I'm an image] Put on notice GE is back in the news, and surprise, surprise, it’s not for a good reason. General Electric has been put on notice that it may face charges from the SEC for the way it accounted for its long-term care insurance costs. A “Wells notice” was sent to General Electric, [advising]( the company that in the very near future the Commission may make it wish it was never founded. GE has its North American Life & Health business to blame. The worst part? The division hasn’t underwritten any new insurance since 2006. Ok, maybe that's not the worst part... Turn back the clock In 2018, long before ‘rona, sports bubbles, and current CEO Larry Culp, GE’s insurance business [disclosed a $6.2B charge]( related to its long-term care policies, and stated it would increase its reserves by $15B over the next seven years. These reserves [would be utilized]( when there was an unexpected increase in claims costs, which just so happened to occur all the f*cking time since the company underestimated how long its policyholders would live. Don’t worry, the coronavirus will take care of that going forward. The announcement in 2018 caught investors, and apparently the SEC, off guard. And it got the Short seller Enrichment Commission thinking... "maybe GE has been hiding something all these years." So, now what? The Wells notice is just that, a notice. The SEC has not formally taken any action (yet). GE, disagrees with the potential accusations, and said it will provide a response through the Wells notice process (presumably a poorly designed online portal). It’s probably worth noting that a Wells Notice typically means charges are coming (unless the company makes a really, and I mean really, compelling case) and it definitely isn’t good for the company involved. Exhibit A: GE’s share price, which closed down 3.74% yesterday. The bottom line... Remember the time that guy who uncovered Bernie Madoff's fraud called bullsh*t on GE and indicated that the company needed to increase reserves by $18.5B? Us too. Well, it turns out that the SEC may have been listening to Harry Markopolos all along. Harry raised concerns about GE last year (on behalf of a short seller), hinting that the conglomerate would need to pony up massive reserves. GE stock got killed when the news broke but had since recovered. [I'm an image] [Alternate text]( [Alternate text]( Discover The Strategy Which Collects Gains As High As 60%, 274% And Even 500% — Trading Just Once A Day! Join Ben Sturgill On Oct 8th at 2 PM ET Live As He Reveals His Proven Strategy With A 90% Win-Rate. [Reserve Your Spot Here]( [Alternate text] ☑️What’s in those jeans? Levi Strauss, the iconic American denim maker announced its earnings on Tuesday, and despite the pandemic causing a 27% drop in total sales and a 78% stumble in net income, [shares rose 9%](. I believe it, I haven’t put on a pair of jeans since March. Despite the drop, those losses were both less than Levi’s had predicted, spurring the stock jump. Investor confidence largely rested on the promise of Levi’s online presence. Online sales grew 58% over Q3, and Levi's expects that trend to continue through the Holidays, barring a massive second wave of COVID. Levi’s does make sweatpants, investors, keep that in mind. ☑️Loading up. Greycroft is getting ready to seed some startups. The venture capital firm that invested in household names like Axios, Bumble, and Bird Scooters, just [raised another $680M](. Someone thinks COVID isn’t going to put everybody out of business. The firm plans to invest $310M of that money in early stage prospects, and the other $370M into growth stage startups. Of those startups, Greycroft says that it plans to keep leaning into retail-related businesses, while looking for talent in the health tech, fintech, and grocery industries. ☑️Halt and catch fire. Apple is pulling the rug out from competitors as [it stopped selling]( rival brand earphones and speakers before launching its own version of the products. Speakers and headphones from Bose, Sonos, and Logitech all were removed from Apple’s store at the end of the month. On the news, Sonos shares fell 7%. Hope they had a contingency plan. Apple’s reasoning? We don’t know yet, but many believe Apple could be announcing its own headphones as early as this year, maybe even at [next week’s]( 5G phone event. It’s also working on a smaller, less intrusive version of its HomePod smart speaker. Ah yes, now they can listen in on your conversations while your phone’s in the other room, while still fitting in with the decor. ☑️Renegade. John McAfee, yeah [THAT]( John McAfee, was [arrested in Barcelona]( last week on tax evasion charges, and faces extradition to the US. Honestly, of all the charges for that guy to get, tax evasion is probably the most tame. McAfee was most recently in the news for being a person of interest in a murder in Belize. Your move, Elon. The founder of McAfee anti-malware software, that pops up on your laptop every 15 minutes asking you to update, allegedly made over $23M in undisclosed compensation from misleading cryptocurrency recommendations. Oh, so he’s just like every other cypherpunk ever. That checks out. 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