Zeke Faux
@ZekeFaux
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author of NUMBER GO UP. reporter for @Business and @bw magazine. It's "FOX"
New York
Joined April 2011
"i feel as if i could sit here and make millions trading shitcoins. do you go to jail for this?" Dave portnoy after discovering he can move meme coin markets
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The DOJ is closing its anti-kleptocracy unit, @bradleyhope reports will seized funds be redirected to Guantanamo detention
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How did a delivery worker with a middle-school education and scant business experience build one of the largest micromobility companies in New York City? been waiting for this @StreetsblogNYC investigation!
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John Arnold weighs in on the bizarre taxi insurance situation, which Bloomberg has been covering
This NYC taxi insurance story is bizarre. A boutique insurer captured 64% of market for livery/taxi drivers by offering rates below acturial cost. That couldn't last and the scheme fell apart last year. Unable to pay claims, it was declared insolvent. The state proposed a rule that drivers needed insurance from a solvent company, one that could actually pay claims. Drivers panicked as sustainable premiums are much higher than they were paying. Caving to ratepayers, the state withdrew the proposed rule and now says that the insurer just has to be licensed in the state, which the insolvent company still is. So rather than require drivers to pay market rates from a solvent company, drivers will pay less to the insolvent company that can't pay claims. Premiums must reflect actuarial costs or the market will eventually fail. But regulators are so sensitive to raising rates that they repeatedly violate this rule.
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RT @molly0xFFF: Crypto executive order establishes a digital assets working group to recommend regulatory changes and advise on a digital a…
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RT @zachmider: IMPACT: The New York attorney general opened an inquiry into Yellowstone Capital after our 2018 series about predatory lendi…
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