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Planet Ponzi

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Impressions mattered more than ever, because within months of the move, DC Solar had all but stopped manufacturing Solar Eclipses—even as it sold record numbers of the devices. If you could fool smart businesspeople with fake leases, how much harder could it be to sell them fake generators? The very thing that had wowed early investors—the generators’ portability—made their absence from any particular location easy to explain away. “Here one day, there the next” had basically been the sales pitch. Money didn’t so much change Jeff Carpoff as give him the means to more fully be himself. He credited the American dream. “We are the land of the free,” he told his employees. “We can do anything.” Enjoying a sense of what an associate called “respectability” for the first time in his life, Karmann obligingly produced fictitious reports of who was leasing the units and for how much. (“This guy gets his shit done” was how Carpoff toasted him at one holiday party.) Karmann’s newfound social status was “probably the biggest reason … I was so willing to go along with stuff I should have walked away from,” he told me this past September, by phone from federal prison.

Ponzi Scheme That Hooked Wall Street The Billion-Dollar Ponzi Scheme That Hooked Wall Street

After graduation, state officials rapped him for mishandling hazardous materials at a garage he’d opened, his father said. Jeff had a meth addiction, which made things worse, and soon he was selling the drug to pay debts to dealers, he told people. “I was getting phone calls threatening me because he owed money,” Rosalie said. Chancellor builds his policies on a Ponzi homes plan". Independent. 6 September 2013. Archived from the original on 2022-05-15 . Retrieved 24 November 2014. This blog is the same. I am, as it happens, a hedge fund manager who’s spent nearly forty years working in the financial markets. As a result, I know a lot about the world’s financial system and how it works. But you don’t have to be a technical wizard to understand these things. The government of the United States owes 115% of American GDP. That’s insane. Again, Carpoff tried selling drugs. He pitched his weed to a medical-marijuana dispensary in Santa Cruz, but was turned away after lab tests found his cannabis to be extremely low-grade—“full of chemicals and shit,” the dispensary’s founder told me. Jeff, you have rows and rows of unfinished generators you’re presenting as finished,” Caffrey recalled telling Carpoff.Caffrey angrily quit, but Carpoff had bigger problems: Almost no one, it turned out, had any real use for his generators. Things are exploding here at DC Solar,” Carpoff started to say at company-wide meetings. “We’re going through the stratosphere.” It was a damning allegation, but audit reports are confidential, leaving other investors in the dark. In many ways this is a pretty scary book. For those of us not involved in high finance, the combination of jargon and the size of the numbers involved is difficult to grasp. Fernstein tries to simplify things, but the size of the financial tsunami created is like trying to conceptualise the distance between the planets and stars. We know it’s big, but what does it really mean for us? Fernstein is relentless in his pessimism when he looks to the future (despite his continual protesting that he is actually an optimist). Think you’ve got a fairly safe private pension coming? Think again. Think your ISA’s, ETF’s, PEP’s and cash deposits are safe? Think again. But at least you’ve the equity in your home? Think again. Okay, but I’m welfare dependant and will be looked after by the State? In which case you need to really, really think again. Buy tins of catfood now while you can still afford to, because that’s what you’ll be eating on the State pension in the future. The plan had many of the hallmarks of a classic Ponzi scheme, but with a twist. DC Solar wouldn’t just defraud new buyers to pay earlier ones. By holding itself out as a legitimate solar company, it would give all of them—new and old—cover to drain millions of dollars of tax credits from the U.S. Treasury. The American taxpayer, that is, would subsidize the scam.

Planet Ponzi | Mitch Feierstein | Substack Planet Ponzi | Mitch Feierstein | Substack

Planet Ponzi believes in the power of the individual. We believe in change. Our mantra is Transparency, Oversight, Regulation and Accountability. TORA, TORA, TORA! We welcome you on board. We are now partners of the United States,” Dan Briggs, an executive with DC Solar’s charitable arm, who’d once run for a Nevada-state-assembly seat, boasted in an interview for a company holiday video. “We are recognized by the top people in government as being a go-to operator to help them get things done. In Italy, we saw how Silvio Berlusconi, one of the political world’s greatest idiots, presented an ‘austerity budget’ to Italy’s Parliament which made him personally €750 million richer. Then he told the judge that in 2018—the year of the FBI raid—he’d been on the cusp of finally setting things right. DC Solar had an offer for 30 leases from a sports-marketing company. It had a signed contract to provide 10,000 car chargers to the U.S. Department of Transportation for parking lots and schools across the country. (A DOT spokesperson told me there was never any such contract.)

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When Carpoff got to the lectern, he assessed himself differently. “I’m kind of entrepreneur,” he joked. “More manure than entre.” Berger, Hugo (16 March 2012). "Planet Ponzi: Gloomy economic predictions". The National . Retrieved 28 January 2014. Whether the Polish man was a true thug or a wannabe is unclear. But Carpoff was an illusionist: It mattered less whether people were in actual danger—or on the brink of great wealth—than that they believed themselves to be.

Ponzi, Debit crisis, ECB, FED, Greece, default - Planet Ponzi Ponzi, Debit crisis, ECB, FED, Greece, default - Planet Ponzi

NFTs are one of the signature fads of this deeply odd late-pandemic moment. At the centre of all the buzz surrounding them is something exceedingly curious: a digital token, generated using a cryptographic protocol of the same sort that underwrites currencies such as bitcoin, certifying the uniqueness of some image or other digital file. Again, what’s being bought and sold on the NFT market isn’t the artwork itself, just a kind of pointer to it, with the buyer’s name inscribed upon it. When Carpoff started talking about new marketing plans for solar generators with video screens and facial-recognition software, Judge Mendez cut him off. “You were selling air,” the judge said. He sentenced Carpoff to 30 years in prison. Seven months later, Paulette, deemed less culpable, would be sentenced to 11 years and three months. This statement is as relevant today as it was then, highlighting the absence of lessons learned from the crisis. However, the establishment dislikes, smears, and cancels anyone who refuses full compliance and obedience. Artists peddling their work as NFTs may or may not care about this brutal calculus. But it makes particular nonsense of art that claims to spur the viewer to some kind of ecological consciousness. Consider, for example, John Gerrard’s recent announcement of an NFT for his video piece Western Flag – according to Gerrard an artwork that, in “flying the flag of our own self-destruction”, asks us “to consider our role in the warming of the planet and simultaneous desertification of once fertile lands”. By choosing to release a Western Flag NFT, though, it’s as if Gerrard and his gallerists have scrawled this statement across the land in letters of crude oil a mile from tip to tip, and then set them on fire … a thousand times over. As workers prepared for the inspection, a DC Solar sales executive named Brian Caffrey noticed that only the first, most visible rows of generators were fully assembled. The generators in the rows behind—some two-thirds of the total—were in various states of incompletion, though you might not notice if you didn’t know what to look for.Anderson, Bruce (22 June 2013). "When an economist turns into a winemaker". The Spectator . Retrieved 28 January 2014. It’s all insane. And not just insane – it’s wrong. Ethically, financially, and socially wrong. Much of it is also, in my opinion, illegal and should be punished by long terms in jail. One of the professionals in the room, a financial modeler named Gary Knapp, helped introduce Carpoff to the law firm Nixon Peabody, which had a well-known tax-credits practice. It was an arcane legal specialty centered on the special tax perks for industries, such as renewable power, whose growth served broader national interests. Power would sometimes suddenly cut out—plunging makeup trailers for Disney’s Alexander and the Terrible, Horrible, No Good, Very Bad Day into darkness, and apparently leaving Pink’s trailer without air-conditioning at an MTV concert. A group of Northern California entrepreneurs who thought the early models might aid disaster relief thought again when plugging in a single hair dryer tripped the breaker.

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