Ray Wellington retweeted
Dear Secretary Bessent @SecScottBessent,
My name is Everett Stern. In 2010 I was a compliance officer at @HSBC. From a back office in New Castle, Delaware, I watched billions of dollars move to drug cartels, sanctioned regimes, and terrorist organizations. The enemies of the United States. I documented it, I escalated it, and when the bank would not act, I took it to the @FBI, the @CIA, and eventually the @SECGov.
The result was a $1.92 billion settlement. At the time, it was one of the largest in American history. It was also about five weeks of the bank’s profit. Not one banker was charged. Not one went to prison.
I paid a different price. I lost my career, my savings, and my place in the industry I had trained for. I was blacklisted. Every door in American finance closed at once. I slept on a camping cot in a 300 square foot apartment because I could not afford a bed, and I waited tables at @PFChangs to eat. I tell you this not for sympathy, but so you understand that I know exactly what it costs to do the right thing in American finance, and exactly how little the system does in return.
I made that sacrifice because I believed it would change something.
Yesterday, your department fined @BankofAmerica $1.2 billion for failing to report more than $5 billion in suspicious transactions, some of it tied by your own findings to Chinese laundering networks, narcotics, and the southwest border, alongside 475 apparent sanctions violations touching Russia, Iran, and global terrorism. The bank admitted it willfully violated the Bank Secrecy Act.
Fourteen years after HSBC. A bank with “America” in its name. And once again, not one individual charged.
Secretary Bessent, I want to say plainly what I believe you already know. The fines are not working.
A fine is paid by shareholders, absorbed by the balance sheet, and forgotten by the next earnings call. Bank of America reported earnings this morning. Nobody who set the alert thresholds, nobody who decided the 2024 cease and desist could wait, nobody who chose the backlog over the law will lose a single thing they value. Their lives are untouched. That is the entire reason the behavior repeats.
This is money laundering. This is blood money. Money that reaches a cartel buys fentanyl that kills Americans. Money that reaches a terrorist organization buys the next attack. This country has fought a war on drugs and a war on terror for decades, at enormous cost in lives and treasure, and all the while we have allowed the financing to flow through institutions we charter and regulate. Cut off the money and we win. We have never seriously tried.
There is also a question of equal justice that I cannot let go.
Before I walked into the FBI building to report HSBC, I stopped in front of the Great Seal on the wall and read the words engraved beneath it: “Justice is the defense of our liberty.” I believed that. I still want to. But every day in this country, people go to prison for crimes that are nothing next to moving money for the people who want Americans dead. A suit, a title, and a corporate badge should not be a shield from the consequences that apply to everyone else. If a street dealer goes to prison for what he sells, the banker who moved the cartel’s money should be standing next to him.
I also want to raise something that is rarely said in these conversations. Why has no one inside Bank of America come forward the way I did? The answer is that everyone in American banking knows what happened to me, and to the whistleblowers who came after. The last person who spoke up is the only policy anyone believes. That is a culture problem, and it starts with leadership, in the banks and in the agencies that regulate them.
This is not a political issue. It has spanned administrations of both parties. It is a national security issue, and I am asking you to treat it as one.
Three things would change the math overnight.
Refer individuals for criminal prosecution. Not the analyst in the queue. The executives who set the thresholds and chose the risk. One banker in handcuffs would do more than every fine in Treasury’s history combined.
End “too big to jail.” An institution cannot be too big to fail and too big to jail at the same time. If it is the first, it must be held to a higher standard, not a lower one.
And if Bank of America will not act as America’s bank, review its charter. A national charter is a privilege granted on behalf of the American people. It should be conditioned on not moving money for the people trying to kill them.
Secretary Bessent, you said yesterday that these actions send a clear message that even the biggest institutions are not above the law. With respect, the institution was never the problem. The people inside it are above the law, and they know it. Until that changes, I will keep writing letters like this one, and the next bank will keep paying the next fine.
I gave up everything I had to stop this. I am asking you to use the power you have to finish it.
Respectfully,
Everett A. Stern
HSBC Whistleblower
Founder and Intelligence Director, Tactical Rabbit
Ray Wellington retweeted
Replying to @dotkrueger
Imagine if Bitcoin adopted BIP-110 like you pushed. This scenario might have played out.
Thankfully you were ignored then, and will be ignored now.
Ray Wellington retweeted
Cavemen Issues Dire Warning That The Wheel Is Going To Eliminate Countless Jobs
Ray Wellington retweeted
A perfect depiction of the decay that comes with a high velocity trash economy enabled by fiat money.
This quoted post is unavailable.
Ray Wellington retweeted
BREAKING: Strive just announced $SATS, a new perpetual pref with a 15% fixed dividend:
- 5M shares proposed at $100/share (~$500M)
- 15% cumulative annual div ($15/share)
- Divs paid daily on business days, subject to declaration
- 18 months of divs ($22.50/share) reserved at closing
- Proceeds can be used to buy bitcoin, acquire income producing assets, or repurchase shares
How it differs from $SATA:
SATA has a variable div rate that Strive can reset monthly. SATS fixes the rate at 15%, regardless of where interest rates go!
And unlike traditional prefs paying quarterly (antiquated), SATS is designed to distribute dividends every business day.
This is insane. I’m incredibly bullish on this company. Wow.
Congrats @Strive.
Ray Wellington retweeted
God gave you the ability to dream
to let words and ideas spill out of you
like fireflies in the dark
pieces of your soul
alive with your own light
but you’d rather let a machine do it for you
🤦♂️
Ray Wellington retweeted
Private equity is creating a price umbrella for new small business entrepreneurs
Already seeing this w/my sons & their friends in skilled trades & skilled service biz's
Start biz's that pvt equity has hiked prices on, make bank.
"Your margin is my opportunity" - Jeff Bezos
@soclose2me
My sister's longtime dentist practice got bought out by a private equity-backed dental group four months ago.
Same office. Same hygienists. Same chairs. Zero new equipment.
Last week they sent the new fee schedule for anyone with insurance.
A routine cleaning that used to run $120 is now billed at $310, with the group quietly dropping several insurance plans they used to accept.
When patients asked why, the new regional manager gave a scripted line about "aligning with market standards."
Private equity figured out the same trick everywhere.
They're buying up the things you can't opt out of: dental, veterinary care, urgent care, hospice, because they know you can't just skip your kid's cavity or your dog's surgery.
This isn't inflation. It's leveraged debt getting loaded onto places you have no choice but to keep paying.
Ray Wellington retweeted
Metaplanet should do a huge stock buyback
Sell 23k BTC @ $83k for $1.9B
$1.9B / $1.65 = 1.15B shares bought back.
1.15B / 1.5B fully diluted shares = 76% of all outstanding shares eliminated.
Sats per share goes from 2,933 to 6,122 = 109% increase in BPS.
It would also increase their amplification to ~50% since their senior claims would remain over a smaller stack.
Since they don’t have the means to amplify right now through prefs, this would be a way of doing it, and would also be a huge win for common shareholders.
Starting from a smaller base at 21k would also create greater yield potential for all future Bitcoin purchases.
If it takes time to scale the prefs in Japan, having a 21k stack vs a 44k stack might not make a huge difference.
So while the market presents this opportunity at 0.78x CEBE mNAV, why not score what could potentially be a huge one-time win?
$MPJPY $MTPLF 3350.T
@gerovich @DylanLeClair
Ray Wellington retweeted
Seven years later and I'm still waiting
Ray Wellington retweeted
Roman concrete could repair its own cracks.
Some Roman buildings have stood for 2,000 years, while modern concrete can start to crumble within decades. For a long time, scientists did not fully understand why.
The Romans made their concrete from lime, water and volcanic ash from the area around Pozzuoli, near Naples. The ash reacted with the lime and created a material that grew stronger over time instead of weaker.
In 2023, a team from MIT led by Admir Masic found another piece of the puzzle, small white lumps of lime scattered through the concrete.
Scientists had always thought these lumps were a sign of careless mixing. In fact, they were the repair kit. When a crack forms and rainwater gets in, the lime dissolves and refills the crack with new mineral, sealing it from the inside.
The secret was “hot mixing.” Instead of using slaked lime, the Romans added quicklime directly to the mix. It heated up as it reacted with water and left these lumps behind on purpose.
To test the idea, the team cracked samples of concrete made with the Roman method and let water run through them. Within two weeks, the cracks had sealed completely. In concrete made without the lime lumps, the water kept flowing.
Roman harbour concrete went even further. Pliny the Elder wrote that once it touched the waves, it became a single block of stone that grew stronger every day. In 2017, geologist Marie Jackson showed he was right, seawater slowly grows rare crystals inside the concrete that hold it together.
Ray Wellington retweeted
We should never lose our sense of wonder.
Readers added context they thought people might want to know
The video is AI-generated, showing common artifacts like the statue's solid gold eyes without pupils, floaty/unatural toddler movements and physics, and anomalous background elements.
x.com/Samanth6062532…
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