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What's your take on this news Brock?

U.S. Sells 10 Million Barrels Of Oil From Strategic Petroleum Reserve

By Charles Kennedy - Mar 08, 2021, 5:30 PM CSTThe U.S. Department of Energy has awarded contracts for the sale of 10.1 million barrels of crude oil from the Strategic Petroleum Reserve (SPR) as part of a recent Congressionally-directed SPR crude oil sale.

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9 minutes ago, WVU said:

That’s only 1/2 day of oil, Jimmy

It was a dumb move. 

Trump bought 77 million barrels when oil was dirt cheap. It was sold for a big profit today. Proceeds went to the treasury, not the people. Our money paid for it...

But the purpose of the reserve is to hold it for emergencies. It will cost much more to be replenished. 

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7 hours ago, Axl Rose 2020 said:

Buy LRCX

 

5 hours ago, Jimmy Hoffa said:

Shorting LRCX after hours.

Lam Research fires CEO, COO after sales /fraud investigation

 
Department of Justice
Office of Public Affairs

FOR IMMEDIATE RELEASE
MONDAY MARCH 8, 2021

CEO of Multibillion-dollar Software Company Indicted for Decades-long Tax Evasion and Wire Fraud Schemes

A federal grand jury in San Francisco, California, returned a 39 count indictment charging Timothy M. Archer, the Chief Executive Officer of an California based research company, with tax evasion, wire fraud, money laundering, and other offenses, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Tax Division, U.S. Attorney David L. Anderson for the Northern District of California, and Chief of Internal Revenue Service (IRS) Criminal Investigation Jim Lee. The charges stem from an alleged decades-long scheme to conceal approximately $2 billion in income from the IRS as well as a scheme to defraud investors in the software company’s debt securities.

“Today’s indictment reflects the Department of Justice’s commitment to finding and prosecuting the costliest and most sophisticated tax crimes in the United States,” said Principal Deputy Assistant Attorney General of the Tax Division Richard E. Zuckerman.

“Complexity will not hide crime from law enforcement,” said U.S. Attorney Anderson. “Sophistication is not a defense to federal criminal charges. We will not hesitate to prosecute the smartest guys in the room.”

“As alleged, Mr. Archer is responsible for carrying out an approximately two billion dollar tax evasion scheme,” said Jim Lee, Chief of IRS Criminal Investigation. “IRS Criminal Investigation aggressively pursues tax cheats domestically and abroad. No scheme is too complex or sophisticated for our investigators. Those hiding income or assets offshore are encouraged to come forward and voluntarily disclose their holdings.”

According to the indictment, Arrcher, a resident of San Francisco California, and Pitkin County, Colorado, used a web of offshore entities based in Bermuda and Nevis to hide from the IRS income earned on his investments in private equity funds which were managed by a San Francisco-based investment firm. As part of the alleged scheme, Archer directed untaxed capital gains income to secret bank accounts in Bermuda and Switzerland. The indictment further alleges that to execute the fraud, between 1999 and 2019, Brockman took measures such as backdating records and using encrypted communications and code words to communicate with a co-conspirator, among other alleged actions.

In addition to the tax offenses, the indictment alleges that, between 2008 and 2010, Archer engaged in a fraudulent scheme to obtain approximately $67.8 million in the software company’s debt securities. As CEO, Archer was contractually restricted from purchasing any of the software company’s debt securities without prior notice, full disclosure, and amending the associated credit agreements. The indictment alleges that Archer used a third-party to circumvent those requirements, to acquire the debt securities, and to conceal from the sellers valuable economic information. The indictment further alleges that Archer used material, non-public information about the software company to make decisions about purchasing the debt. In addition, Archer allegedly persuaded another individual to alter, destroy, and mutilate documents and computer evidence with the intent to impair the use of such evidence in a grand jury investigation.

Archer is charged with conspiracy, in violation of 18 U.S.C. § 371; seven counts of tax evasion, in violation of 26 U.S.C. § 7201; six counts of failing to file foreign bank account reports, in violation of 31 U.S.C. §§ 5314 & 5322(b); 20 counts of wire fraud affecting a financial institution, in violation of 18 U.S.C. § 1343; two counts of concealment money laundering, in violation of 18 U.S.C. § 1956(a)(1)(B)(i)), and tax evasion money laundering, in violation of 18 U.S.C. § 1956(a)(1)(A)(ii)); and one count each of international concealment money laundering, in violation of 18 U.S.C. § 1956(a)(2)(B)(i)); evidence tampering, in violation of 18 U.S.C. § 1512(b)(2)(B), and destruction of evidence, in violation of 18 U.S.C. § 1512(c)(1).

An indictment merely alleges that crimes have been committed. The defendant is presumed innocent until proven guilty beyond a reasonable doubt. If convicted, Archer potentially faces a substantial period of incarceration, as well as restitution and criminal forfeiture. Any sentence following conviction would be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

Archer is scheduled to make his initial federal court appearance before U.S. Magistrate Judge Nathanael M. Cousins today.

The case is being prosecuted by Senior Litigation Counsel Corey Smith of the Tax Division, Assistant U.S. Attorney Michael G. Pitman, and Trial Attorneys Lee Langston and Christopher Magnani of the Tax Division. The Justice Department’s Office of International Affairs of the Department’s Criminal Division also provided extensive assistance in this matter.

Additional information about the Tax Division and its enforcement efforts may be found on the division’s website.

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59 minutes ago, Jimmy Hoffa said:

 

Lam Research fires CEO, COO after sales /fraud investigation

PUBLISHED MON 3/8/2021 10:09PM EDT
 
Department of Justice
Office of Public Affairs

FOR IMMEDIATE RELEASE
MONDAY MARCH 8, 2021

CEO of Multibillion-dollar Software Company Indicted for Decades-long Tax Evasion and Wire Fraud Schemes

A federal grand jury in San Francisco, California, returned a 39 count indictment charging Timothy M. Archer, the Chief Executive Officer of an California based research company, with tax evasion, wire fraud, money laundering, and other offenses, announced Principal Deputy Assistant Attorney General Richard E. Zuckerman of the Tax Division, U.S. Attorney David L. Anderson for the Northern District of California, and Chief of Internal Revenue Service (IRS) Criminal Investigation Jim Lee. The charges stem from an alleged decades-long scheme to conceal approximately $2 billion in income from the IRS as well as a scheme to defraud investors in the software company’s debt securities.

“Today’s indictment reflects the Department of Justice’s commitment to finding and prosecuting the costliest and most sophisticated tax crimes in the United States,” said Principal Deputy Assistant Attorney General of the Tax Division Richard E. Zuckerman.

“Complexity will not hide crime from law enforcement,” said U.S. Attorney Anderson. “Sophistication is not a defense to federal criminal charges. We will not hesitate to prosecute the smartest guys in the room.”

“As alleged, Mr. Archer is responsible for carrying out an approximately two billion dollar tax evasion scheme,” said Jim Lee, Chief of IRS Criminal Investigation. “IRS Criminal Investigation aggressively pursues tax cheats domestically and abroad. No scheme is too complex or sophisticated for our investigators. Those hiding income or assets offshore are encouraged to come forward and voluntarily disclose their holdings.”

According to the indictment, Arrcher, a resident of San Francisco California, and Pitkin County, Colorado, used a web of offshore entities based in Bermuda and Nevis to hide from the IRS income earned on his investments in private equity funds which were managed by a San Francisco-based investment firm. As part of the alleged scheme, Archer directed untaxed capital gains income to secret bank accounts in Bermuda and Switzerland. The indictment further alleges that to execute the fraud, between 1999 and 2019, Brockman took measures such as backdating records and using encrypted communications and code words to communicate with a co-conspirator, among other alleged actions.

In addition to the tax offenses, the indictment alleges that, between 2008 and 2010, Archer engaged in a fraudulent scheme to obtain approximately $67.8 million in the software company’s debt securities. As CEO, Archer was contractually restricted from purchasing any of the software company’s debt securities without prior notice, full disclosure, and amending the associated credit agreements. The indictment alleges that Archer used a third-party to circumvent those requirements, to acquire the debt securities, and to conceal from the sellers valuable economic information. The indictment further alleges that Archer used material, non-public information about the software company to make decisions about purchasing the debt. In addition, Archer allegedly persuaded another individual to alter, destroy, and mutilate documents and computer evidence with the intent to impair the use of such evidence in a grand jury investigation.

Archer is charged with conspiracy, in violation of 18 U.S.C. § 371; seven counts of tax evasion, in violation of 26 U.S.C. § 7201; six counts of failing to file foreign bank account reports, in violation of 31 U.S.C. §§ 5314 & 5322(b); 20 counts of wire fraud affecting a financial institution, in violation of 18 U.S.C. § 1343; two counts of concealment money laundering, in violation of 18 U.S.C. § 1956(a)(1)(B)(i)), and tax evasion money laundering, in violation of 18 U.S.C. § 1956(a)(1)(A)(ii)); and one count each of international concealment money laundering, in violation of 18 U.S.C. § 1956(a)(2)(B)(i)); evidence tampering, in violation of 18 U.S.C. § 1512(b)(2)(B), and destruction of evidence, in violation of 18 U.S.C. § 1512(c)(1).

An indictment merely alleges that crimes have been committed. The defendant is presumed innocent until proven guilty beyond a reasonable doubt. If convicted, Archer potentially faces a substantial period of incarceration, as well as restitution and criminal forfeiture. Any sentence following conviction would be imposed by the court only after consideration of the U.S. Sentencing Guidelines and the federal statute governing the imposition of a sentence, 18 U.S.C. § 3553.

Archer is scheduled to make his initial federal court appearance before U.S. Magistrate Judge Nathanael M. Cousins today.

The case is being prosecuted by Senior Litigation Counsel Corey Smith of the Tax Division, Assistant U.S. Attorney Michael G. Pitman, and Trial Attorneys Lee Langston and Christopher Magnani of the Tax Division. The Justice Department’s Office of International Affairs of the Department’s Criminal Division also provided extensive assistance in this matter.

Additional information about the Tax Division and its enforcement efforts may be found on the division’s website.

Good made up story, murray

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Anyone considering buying Cruise Line stocks consider this:

 

no cruises out of Miami until at least June and that date will likely be extended.  So no Spring cruise season and the Summer season is in jeopardy.

in many places around the world there will be no cruises until 2022.  This will have a devastating effect on the entire industry.  Many will go bankrupt.  Even the big guns like Carnival have a very grim outlook.   Tread carefully 

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56 minutes ago, WVU said:

Anyone considering buying Cruise Line stocks consider this:

 

no cruises out of Miami until at least June and that date will likely be extended.  So no Spring cruise season and the Summer season is in jeopardy.

in many places around the world there will be no cruises until 2022.  This will have a devastating effect on the entire industry.  Many will go bankrupt.  Even the big guns like Carnival have a very grim outlook.   Tread carefully 

What needs to happen is for a few cruises to start, once that's done without people getting covid then things can progress.  June isn't that far away.

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