As the investing public has continued to devour stocks, sending all three major indexes to record highs in the last few months, corporate insiders have been offloading shares to an extent not seen in seven years. Selling totaled $10 billion in March, according to data compiled by Trim Tabs.
“The company anticipates that further declines will occur, and that the credit line would also mitigate the impact of those,” Home Capital said.
“They did what appears to be to us a very expensive deal,” said David Baskin, president and founder of Baskin Wealth Management in Toronto, a former investor in Home Capital stock. “Basically they blew up the income statement in order to save the balance sheet, which I guess if you’re facing an existential crisis is what you have to do.”
Citgo was founded in 1910 by Oklahoma businessman Henry Latham Doherty but in 1990 it was sold to PDVSA, Venezuela’s state-owned oil firm.
PDVSA, which is struggling with low global oil prices, last year took out two loans totalling around $3billion from Russia’s state-owned oil firm, Rosneft, using Citgo as collateral.
Rosneft is also on a list of companies who are not permitted to trade with the US for ‘violating international law and fueling conflict in Ukraine.’
Ironically Rosneft signed a strategic partnership agreement in 2011 with Exxon-Mobil, whose then President Rex Tillerson is now US Secretary of State.
In the event that Rosneft were to acquire CITGO, we would expect a thorough, conflict-free, and expedient review.
In the event that the Venezuelan government defaults on its debts obligations to Rosneft, the Russian government could readily become the second-largest foreign owner of U.S. refinery capacity. Such a development would give the Russians more control over oil and gas prices world-wide, inhibit U.S. energy security, and undermine broader U.S. geopolitical efforts.
So Mr. Kalanick told his engineers to “geofence” Apple’s headquarters in Cupertino, Calif., a way to digitally identify people reviewing Uber’s software in a specific location. Uber would then obfuscate its code for people within that geofenced area, essentially drawing a digital lasso around those it wanted to keep in the dark. Apple employees at its headquarters were unable to see Uber’s fingerprinting.
The ruse did not last. Apple
Although the outages occurred around the same time, there is as of yet no evidence that they were connected by anything more than coincidence.
Power Outages Coincide in LA, New York, and San Francisco
Commuters’ trips to work got a lot longer.