Mark Walter’s group insists there is no ‘fire sale’ and ‘no fraud’
so you’re saying there was fraud…
Yes, but it’s the same fraud every PE firm conducts and when the system collapses, the taxpayers will bail them out, so is it really fraud?
Nah, just the cost of doing business. /s
We should learn from the Chinese. Founder of Evergrande engaged in fraud, got sentenced to life in prison and all personal assets taken
https://www.bbc.com/news/articles/cd0x9mjjmgjo
Even if he managed to distribute his wealth and lives in a minimum security prison, that’s still better than what rich elites here got.
China engages in far more subsidizing and bailing out of failing and unprofitable companies, though. The government is far more intertwined with businesses. With businesses ranging from state majority owned, mixed-ownership enterprises (10 to 50% government owned), and even companies classified as private having up to 10% government ownership.
Corruption is, of course, also rife with this set-up as elites can easily use it to direct government funds to their own assets. On top of just the regular subsidies and bailouts.
Life in prison is a bit excessive, but I do think that if you get convicted of major fraud then they should take most of your assets and make you start over.
Yes, we should learn from the CCP which brutally silences dissent, and has been committing a genocide of the Uyghurs. \s
Fuck outta here.
Edit: Gotta love the downvotes. Redditors hate having their tyrannophilia called out.
it’s almost as if you can still use a good idea that comes from someone you don’t like without endorsing everything they do
There are better examples to choose from than the fucking CCP. Couldn’t find one example from Europe? Reddit is full of bots pushing pro-CCP talking points, and when those talking points are made they deserve to be called out.
i see 1000x more people like you who go insane at any mention of china that isn’t entirely negative than ones that are any more positive on them than ‘hey maybe they do do something we could learn from’
Billionaires have their wealth in China at the whim of the CCP though. It’s not even remotely close to being a recommendable example, Evergrande’s CEO was jailed to stop the bad press from spiraling out of control and implicating the Party by proxy first and foremost.
I’d also add that China is full of kangaroo courts. Not saying the Evergreen guy is innocent but I do not trust the Chinese judiciary to give anyone a fair trial.
Buddy take a look around you. You sure you didn’t make that comment while being mass surveyed under a flock camera while your government actively supports a genocide of Palestinians simply because we’re Israel’s bitch?
My “there is no fraud” T-shirt is prompting a lot of questions already answered by my T-shirt
He is going to wear orange
He’s buying the Giants?!?!
Light treason
fraud-ish?
fraud-adjacent
And probably a fire sale too
We asked them if they did it and they said no, what more do you want us to do??
100%. Won’t be found guilty of it because he gave up the lakers to someone connected to the admin though
Aw man we even chose the exact same version of this gif lmao
The suit and white hair, he even looks like Nielsen
You mean Enrico Pallazo
My “No Fraud” T-shirt etc
People keep having questions about my “I have never committed financial fraud” shirt that the shirt answers pretty clearly
Dodgers store will let me buy a jersey with ‘NoFraud’ as the name. It doesn’t look like it allows spaces, unfortunately.
LA sports and fraud. So hot right now.
“No collusion” is up next; just wait until he starts talking about the Giants’ emails.
Quick question, though. Am I panicked about the fire, or am I being brave for everyone else?
A-MAAAAAA-ZZIIIIIIINGG GRAAAACEEEEE…
https://preview.redd.it/qmztg9rndqlh1.jpeg?width=1206&format=pjpg&auto=webp&s=c0c73d69b75971a9fbe93729606aee66afe236f6
You monster.
This feels like stolen valor from us
I wouldn’t exactly call Enron “valor” for us…
Brilliant
Paul Rand smiling from beyond
Diabolical.
You, sir, have moxie!
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r/YourJokeButWorse
There is no fire sale and no fraud
- said by man selling off everything he can under investigation for fraud
Not quite yet.
Spire Motorsports, their NASCAR team, is worth approximately \(450M for the entire operation, with their Charters (think Franchises in other sports) easily being \)100M each. Other teams currently are trying desperately to acquire charters to expand, with Stellantis also looking to acquire Charters as they prepare to enter the NASCAR Cup Series.
It would sell very quickly if put on the market, but it seems all of the TWG Motorsports properties are staying in house for the time being. Including Cadillac F1 and Andretti Autosport.
There’s two problems with that though.
thats a drop in the bucket compared to the reported $20 billion he needs by the end of the year
NASCAR has charters on standby for new manufacturers that want to enter
To point 2, NASCAR isn’t going to use the expansion charters on Dodge, hence their association with Kaulig and my personal lord and savior AJ Allmendinger.
To point 1, while correct, they’ll also look to offload the easiest things to get rid of. TWG Motorsports is about a bit north of a billion dollars IF General Motors approved the stake in Cadillac F1 changing hands. Big if, but easy money.
Allmendinger is a great baseball name
Bud I was just making a joke
I DID NOT HAVE SEXUAL RELATIONS WITH THAT WOMAN! zones out thinking about having sexual relations with that bodacious woman
Gotta think the word « bodacious » in a Clinton accent for this to be perfect
Mark Walter’s holding company has insisted that it has not launched a ‘fire sale’ of its assets and said there had been ‘no fraud’ at its companies, as strains mount across the billionaire financier’s business empire.
TWG Global, which owns Walter’s insurance companies, lashed out at what it described as ‘multipronged attacks’, saying ‘despite what has been reported, there has been no fraud’.
Read more here.
Kendall - FT Social Team
Oh okay case closed. The guy who is accused of fraud said there’s no fraud surely he’s not biased
At the very least, you know he can be trusted.
and another thing: i didnt commit fraud. please dont put in the newspaper that i committed fraud.
Yeah sometimes I like to tell people that I’m not hiding anything just so they know.
There is definitely fraud.
Any time a billionaire executive goes out of his way to tell me there was no fraud, I KNOW there was no fraud. What are they gonna do, lie???
No ‘fire sale’ and ‘no fraud.’
Well, I’m convinced.
I have never been more convinced there is fraud.
The investigator who had to dedicate 5 months away from his family gathering textbooks full of evidence on this Walter buffoon, when he read this article
[deleted]
The same translator?
Just sold off the Lakers and exploring the sale of Chelsea for shits and giggles, then.
Ippei wasn’t wrong, just early.
Criminal asserts his innocence, more at 11.
I mean there is fraud… but I’ll believe the no fire sale at this point
I would guess there was at least one fraud
And another thing: I’m not mad. Please do not put in the newspaper that I got mad.
What else are they going to say? “We’re fucked”.
I just wanted car insurance and some guy bought two championships instead
there is no war in ba sing se
I don’t know how, but I have a gut feeling that says Ippei is about to get hit with a bunch of new charges
uhh, the “not a fire sale” part is a lie. selling a sports franchise after one year of ownership is not business as usual. granted, they did turn a nice profit on the Lakers, but pro sports teams aren’t like real estate property where you flip it in short order. normally a sale takes weeks or months as both sides negotiate the terms of the deal and the buyer does their due diligence on the team. plus, league commissioners don’t like negative press, so if it comes out that the feds have enough evidence to indict Walter and/or someone who works at his insurance companies, Manfred could force him to sell
TOTALLY EXONERATED NO WRONGDOING
Oh, before he clarified I was worried there might be fraud. Thanks for clearing that up, Mark
When you dont “Disclose” what your legallly bound to disclose, thats called Fraud or a reason.
Est Walters gave himself sweetheart loans, with insurance money.
We’ve investigated ourselves, and determined that we did nothing wrong
Usually, people who didn’t commit fraud stay quiet and let this all play out in the courts.
I hope this does not impact all of his annuity holders that purchase them from one of his insurance companies. Reading some of the stuff that it is more complex than Enron scandal.
it’s giving “an internal investigation found no wrongdoing”
So it’s both
Oh good, case closed then
This is exactly what someone with fraud would say.
Blow up the Dodgers
Im disgusted by his greed. How much is “enough” in life?
wait they actually said no fraud though
I wonder if Bernie Madoff said anything similar.
So, yes and yes.
Sure, and those pants are not in fire either.
So, don’t evacuate the school children?
Just this one time: Go, Jeannie Buss!
https://preview.redd.it/g2cr2ob0qqlh1.jpeg?width=772&format=pjpg&auto=webp&s=7a9931687019235b5d805fc7037c35105f4f6683
There is no fire sale but if you’d like to buy…
This feels like when police investigate themselves after a documented case of excessive force and conclude there was no wrongdoing
If you need to be holding $21 billion by the end of the year, you’re selling.
The irs would like a word…
As I am also not doing a fire sale and not being investigated for fraud this is something I say frequently.
Its always on my mind how much Im not fire selling, and not being investigated for fraud.
By the way, there’s no fire sale and no fraud. Just reminding you all.
Anyways…..
When there’s smoke
https://preview.redd.it/pdmkhxlalrlh1.jpeg?width=604&format=pjpg&auto=webp&s=808d4646dd8c5c875e9f1a17a46c9dc37e33f7aa
HOT TIP: Never believe a billionaire
I’m fucking tired of this guy. I just want to watch baseball and all I’m getting thrown at me now are stories about him, his ass being in trouble with the fed, and the money that he claims to have…that he might not have.
Lock him up. I’m over this shit.
Here’s the full statement if anyone is interested in reading it https://www.businesswire.com/news/home/20260825406550/en/TWG-Global-Comments-on-Recent-Corporate-Developments
Here’s a snippet of the statement the discusses the Dodgers and other sports under TWG
“TWG is not looking to sell its sports assets at “fire sale” prices to raise capital for its insurance operations.
TWG, Mr. Walter and his partners continuously get interest from prospective buyers and co-investors in their sports assets and, as responsible owners and investors, they consider all legitimate offers when they are received.
Regarding the proposed sale of the Los Angeles Lakers for \(12.5 billion, Mr. Walter was approached by Josh Kushner and his team about this transaction and the agreement represents a 25% premium to the price paid by Mr. Walter less than a year ago (and an even higher premium to the \)5.0 billion valuation Mr. Walter paid in 2021)—hardly a “fire sale.”
Regarding the Los Angeles Dodgers, to be clear, the team is not being sold and no sale process has been initiated. Dodgers’ president Stan Kasten, who is the public face of the franchise, has emphatically stated this position in on-the-record interviews in no uncertain terms.
Similarly, TWG is not considering exiting its stake in the Cadillac Formula 1 team or any other part of TWG Motorsports and has also stated this position on-the-record.
The allegation that the Los Angeles Dodgers were acquired or have been funded improperly is false and not supported by the facts.
The Dodgers transaction was subject to significant scrutiny and complied with all rules and regulations that govern the purchase of Major League Baseball teams.
The transaction was subject to a full investigation conducted by an outside law firm on behalf of insurance regulators from multiple states, which identified no irregularities and resulted in no further action, effectively resolving the matter.
The Dodgers have the highest revenue in baseball, and it significantly exceeds the team’s obligations to its players.”
Let me guess, they’ll find a way to blame this on the translator too?
Sure bud just like how my team aint making it into the postseason.
Please stop promoting your articles here without providing a gift link, nobody is going to get a FT subscription just to read this.
What the fuck are they supposed to say? If they announce a fire sale it will devalue their lower level assets and bring in smaller returns. If they admit there is fraud then the investigation is over and his assets won’t be his to recoup any money to pay off his debt. He is definitely fucked, but it’s going to be pretty long before that gets stamped with a certification and becomes official.
hear me out guys. what if the billionaire with everything to lose is telling the truth?
He just sold his stake in the Lakers after a year, probably for the quick return and liquidity, no other reason
we have no reason to believe otherwise
look, all I’m saying is that history tells us the world’s richest people are always to be trusted.