Originally published at: Can Anyone Explain This Transaction To Me? - TPM – Talking Points Memo
I got put on to this by an email from TPM Reader MS. It’s weird. The background here is that back at the beginning of the Biden administration Mike “MyPillowGuy” Lindell started something called FrankSpeech Inc., a would-be right wing news channel which mainly does streaming. A few days ago FrankSpeech announced what it called…
Not an OTC expert and can’t explain the mechanics but IMO this is not so much an inacurate characterization as missing contextual preamble which, sans financial gobbledegook, would likely translate roughly as, “our reputation for folly precedes us, we’re running out of cash, credit and suckers, so …” uplist blah blah.
Kinda Musky but smaller scale. FWIW
ETA: I should add that I am more familiar with the mutual fund market and absorbing a poor performing fund into a newer or better one had the benefit of losing the record of previous poor performance (you could find it but it required more knowledge and effort on average). Given the managerial bias of financial markets I have little doubt that similar memory-hole benefits accrue to name changes and similar stratagems in equities including OTC.
As Frédéric Bastiat was fond of pointing out, “When plunder becomes a way of life for a group of men in a society, over the course of time they create for themselves a legal system that authorizes it and a moral code that glorifies it.” Not that our captains of industry and finance, to say nothing of pillow pushers, could ever be accused of something so crass as plunder; perish the thought.