Accounting & Investing Info for San Antonio A & M
Monday Sept 12 2022
A letter in today's WSJ reveals how Mitch Daniels was able to avoid raising tuition form 2012 – 2021. He imported 9,000+ students from out of state. They paid 288% more than in state students. No wonder tuition for in state stayed the same. I remember now that Mitch got his start as a politician, they do pick and choose what they tell you.
Monday Sept 12, 2022
Back in the day, before everyone worked for someone else, we were quite a bit more independent, One had to know how to do things. In the day of horse and wagon or sailing ship this included knowing how to tie a variety of knots. In sailing knowing how to tie a bow line is essential. Today this is pretty much a lost art.
So read up o Essential Knots
Oh you will need at least two pieces of rope to do this, head to the hardware store for that.
Weekend Sept 10, 2022
I wanted to drop you a note because I did a quick check on trial versions of Connect.
You may want to reach out to your students now to remind them to upgrade to a full subscription to ensure they get the full benefit of Connect without any interruption to their progress in your courses.
Here’s how to check your roster to see who is still on trial:
https://mhedu.force.com/CXG/s/article/ka11A0000008jW8QAI/Connect-Managing-your-Roster
Here are some videos showing how students can upgrade their access:
Upgrading from Courtesy Access – Connect Not Expired:
https://www.youtube.com/watch?v=4nQJWvrhGnE&feature=youtu.be
Upgrading from Courtesy Access – Connect Expired:
https://www.youtube.com/watch?v=xKslFl-vv2U&feature=youtu.be
Thank you for your continued partnership!
Kathleen
|
|
Kathleen Lopez, M. Ed Learning Technology Representative Higher Education| San Antonio, TX C: 210-612-1322 kathleen.lopez@mheducation.com Tech Support www.mhhe.com/support |
Friday Sept 10 2022
The judge also heard a phone conversation Pettit had with the nanny’s daughter, who recorded it. The call took place after questions arose about property missing from the Champions Run home.
“Everything boils down to, if I ordered your mom and dad to sell things, then they will throw me in jail,” Pettit was heard saying. “If your mom, your dad, your brother, were just trying to help me in packing things up and decided to contact this auctioneer to help, then it’s perfectly fine because I didn’t order them to sell things. But they are going to try to manipulate the language.”
In that recording, Pettit also said the judge was “corrupt” and had been in a drug rehabilitation center, and that lawyers for the Chapter 11 trustee were “evil” and angling for any way to send him to jail.
Also Thursday, Sophia Gonzales, a former secretary at Pettit’s law firm, testified that days before he and his firm filed for bankruptcy, Pettit instructed her to retrieve a laptop and flash drives he’d used at his San Antonio office. At his direction, she said, she shipped the items to him at a home where he’s been living in Florida.
Lawyers for the trustee introduced a receipt for the shipment and texts from Pettit thanking Gonzales for sending the items he requested.
Last week, Pettit had testified that he didn’t know what happened to his business laptop, which the trustee’s lawyers want to examine. Again on Thursday, he said he didn’t know where the computer was and denied having anyone ship it to him.
Gargotta said there was no question Pettit was in contempt of court.
“Most troubling to the court is the issue of the business laptop being secreted away prior to the bankruptcy being filed,” the judge said, adding that he believed Pettit might have committed “bankruptcy crimes.” He said was referring that matter to the FBI as well.
“I’m only making determination that it’s appropriate to refer to the FBI, not that a crime has been committed,” Gargotta said, leaving it to the FBI and U.S. Attorney’s Office to decide whether to prosecute.
About 15 people, most of them former clients, filled half the courtroom for the hearing. Some appeared to chuckle or express satisfaction when the judge ordered Pettit jailed. Most declined comment afterward.
“He stole our trust along with our money,” said a 77-year-old former client who said she’s out almost a half million dollars. She’d hired Pettit for a real estate transaction. “Who can you trust now?”
The judge left up to Pettit how long he stays in jail. Gargotta ordered he comply with a list of requests by lawyers for the Chapter 11 trustee, including that Pettit produce the laptop, flash drives and passwords for getting into them so they can be forensically examined. Once that is done, the judge said, Pettit would be freed.
To attend Thursday’s hearing in person as Gargotta ordered last week, Pettit said he drove his Porsche Macan from Florida and turned over the vehicle to one of the trustee’s lawyers. He made the trip with $300 on a pay card from his current job, he said.
Before issuing his order, the judge tore into Pettit for trying to “stain” Gargotta’s record by falsely claiming the judge had been in drug rehab.
Pettit said one of his former lawyers told him that.
“Well, that’s a load of crap,” Gargotta replied.
The exchange continued:
Pettit: “I respect that, your honor.”
Gargotta: “Let me be clear, this is not going to be determinative of anything. But I’m not going to sit in my courtroom, having an exemplary record for 30-plus years as a lawyer and judge, and have you stain it. Do you understand that?”
Pettit: “That was not my intention, your honor. I was repeating what (the former attorney) had told me.”
Gargotta: “Nice try. Don’t insult my intelligence. You can go sit back down.”
In her testimony, Gonzales also had harsh words for her former boss.
As receptionist, she said she was the first person clients saw.
“Some of the clients, I became friends with,” she said, sobbing. “I couldn’t sleep or eat because I couldn’t believe Mr. Pettit would do something like this. Clients kept coming up to the office and I didn’t know what was going on. He was never there for us.”
Gonzales said she and other former employees were also misled by Pettit.
“Shame on you, Chris,” she said. “You lied to me and everyone else, especially your clients.”
More than a dozen lawsuits were filed against Pettit and his law firm, Chris Pettit & Associates, before both filed for Chapter 11 bankruptcy June 1. Pettit listed $27.8 million in assets and $115.2 million in debts in his personal bankruptcy, making it among the largest ever in San Antonio. The bankruptcies put a hold on the litigation.
The FBI also has been investigating.
guillermo.contreras@express-news.net | Twitter: @gmaninfedland
Friday Sept 9 2022
Predictions Coming True
We have made several predictions about the markets performance this fall, let’s see how those are working out.
Stocks Would Rally into Mid-September
The Dow 30 rallied right to its 200 day moving average in mid-August. It pulled back into the Labor Day Weekend and now is rallying for a final move up. Expect this move to exceed the 34,000 prior high which will give the bulls confidence. That confidence will be misplaced. The larger picture is that the first wave of the bear market lasted from January to June. Wave Two to the upside is now underway. It will likely conclude by the end of September. Then a far stronger wave to the downside will begin. The economic slowdown is lagging the 50% drop in Facebook/Meta. Soaring electric bills call for energy caps in Great Britain. The German economy reels from Putin’s energy threats. Real estate failures and defaults continue in China. South America continues to fall into collectivist economic failure.
Oil Prices would Pull Back to the low 80s
Though none of his efforts contributed to the fall, Biden will enjoy lower gasoline prices, while attempting to avoiding blame for the increase. Crude prices have fallen from $125 to just over $80. It appears a low is forming. Expect a rally back to the last high in the mid 90s. Then a fall is likely to resume. This will reflect a slowing of the world economy.
Silver and Gold Bottom and Rally
Gold has fallen from $1,900 to the $1,700 area. The fall has been steeper than expected. The resulting rally is weak. December silver is trading at $18.56 this morning. A weekly close over $18.50 suggests a rally into mid-month.
A report paid for by the Permian Strategic Partnership of some 17 companies operating here delivers some good news. The Permian Basin produces half of all the oil in the United States. It accounts for 72% of total Texas production. The State of Texas received some $118 billion from the Basin Area.
The report suggests Basin activity supports some 500,000 jobs in Texas. This includes productions, stimulation, transportation, and refining.
The Bottom Line
Stock prices are performing much the same as in 1973-74.. A low in the summer a bounce and then a lower low. I expect that next low to be severe. By that I mean an eventual (2023-24) move to the 200 month moving average now at 18,000 DJIA. This of course is totally unexpected in the mainstream media not to mention the White House. Mortgage rates are already over 5%. Home sales have fallen dramatically in areas that were white hot just months ago. Prepare now for this very real potential.
Thursday Sept 7 2022
Javi Valdes
Membership/Marketing & Programs Manager
TXCPA San Antonio
Direct: 210-828-2722
Toll Free: 888-828-8680
Tuesday Sept 6, 2022
Interesting observations and a link to the lawsuiit against the CFO.
Now connect the assignments I have had you read.
First Self Reliance, to this point, Gustavo Arnal had a great career. And reading the linked story, was linked and trusted. Now think about Jackie's description of how things go awry in Shadow Account. Urged on by one shareholder, Arnal went where he should never have gone, a pump and dump scheme. That is my assumtion, why else did he jump? We find what people are made of when things are at their worst, it's easy to look good in good times.
Here is evidence of stock manipulation, wow what a jump
The fortunes of BBB have been falling for some time, here is a multi year weekly graph.
Weekend Sept 4 2022
IN the aftermath of the 19+29 crash, it was reported some individuals took their own lives by jumping off tall buildings.
Froday afternoon apparently the BBB CFO jumped from the 18th Floor. He had previously worked for Proctor and Gamble and Avon.
I am guessing he had made some fictional entries and could not stand the stress of it but that is just speculation on my part.
Later this weekend Sunday, Matt Lampert at Socio Institute sent me this update on the CFO
CFO subject of insider tradingand fraud lawsuit
The suit, filed in United States District Court for the District of Columbia on August 23, claims that Cohen and Arnal provided "materially false statements regarding the financial condition and holding situation" of Bed Bath & Beyond for their financial benefit. The lead plaintiff is investor Pengcheng Si.
"The defendants, knowing that the information they disclosed was false, took advantage of the inflated stock price and used fraudulent and misleading SEC filings to sell all their [Bed Bath & Beyond] shares and options at artificially inflated prices to unsuspecting and innocent public investors and then retained control of the profits," the suit states.
On August 18, both Arnal and Cohen sold shares of the company, with Arnal selling more than 42,000 shares for an estimated $1 million, and Cohen selling the entirety of his 9.8% stake through his firm, RC Ventures, causing shares to plummet.
The lawsuit claims Cohen — who is also the co-founder of Chewy and chairman of GameStop — approached the CFO about his "pump and dump" scheme in March 2022, and "convinced Gustavo that their plan would be a mutually beneficial one.""Under this arrangement, defendants would profit handsomely from the rise in price and could coordinate their selling of shares to optimize their returns," the lawsuit states.
Arnal allegedly worked with JPMorgan, which is listed as a defendant in the suit on claims the bank "aided and abetted" the plan by "enabling Cohen to use JPM's accounts to effectuate such transactions and otherwise launder the proceeds of their criminal conduct."
The lawsuit further notes Cohen's involvement in similar plans, such as elevating GameStop to "meme stock" status.
"Cohen has historically employed pump and dump schemes to raise much needed capital and has ignited several meme stocks to jaw-dropping heights," the lawsuit states.
_____________________
this is why we have a course in ethics. And his salary was about $750,000, was another million really worth the risk, hardly.
A tragic end to another foolish fraud scheme.
Professor Elam 