Insider trading:

http://www2.philly.com/philly/news/pennsylvania/philadelphia/mychal-kendirks-charged-eagles-damilare-sonoiki-insider-trading-20180829.html

Like a good Bear, he isn't trying to lie his way out of it, he has accepted full responsibility.

I read this article on last night's Hard Knocks.
https://profootballtalk.nbcsports.com/2018/08/29/mychal-kendricks-gives-browns-and-everyone-else-a-scouting-report-on-eagles-offense/

Then I looked at Twitter, and saw his name trending worldwide.

A reminder Kendricks returned to Cal https://www.californiagoldenblogs.com/2016/1/17/10782124/mychal-kendricks-back-at-cal-to-continue-his-uc-berkeley-education

Damilare Sonoiki has (had?) a great story: Nigerian immigrant to Harvard student to Harvard Lampoon writer to investment banker to Hollywood writer on a hit TV show. My guess is, if he spends some time in prison he'll be able to use that experience to further his writing/producing career.

https://medium.com/black-media-minute/inside-the-black-ish-writers-room-with-damilare-sonoiki-transcript-3c80c0e59a

calbear80 said:

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He is acknowleding his error, taking FULL responsibility and offering to make it right. He is a far superior man than so many of our politicians and Wall Street folks. He should be given every leninancy possible.

Go Bears!

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Yep. Sets him apart from the Martha Stewart types who deny and try to cover up. Martha leaned the Dick Nixon lesson--the cover up is worse than the crime.

If he went to an SEC school, the crime probably would have been getting into a fight at a nightclub or some sort of weapons charge instead of a white-collar crime.

The past 24 hours have seen the release of Urban Meyers' text transcripts and Kendricks' text transcripts.

So my stupid question: Why don't these guys use burner phones or burner email accounts to address sensitive topics.

Yes, I know that burner phones can be discovered. What I'm asking why isn't there any attempt to be discreet.

It has made it's way to ESPN
http://www.espn.com/video/clip?id=24513772
[url=<iframe][/url]

okaydo said:

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The past 24 hours have seen the release of Urban Meyers' text transcripts and Kendricks' text transcripts.

So my stupid question: Why don't these guys use burner phones or burner email accounts to address sensitive topics.

Yes, I know that burner phones can be discovered. What I'm asking why isn't there any attempt to be discreet.

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Snapchat?

Yikes, Kendricks sure is in deep trouble: He signed with the Browns.

Oh, I guess the insider trading might be bad for him too.

Wonder what he did, and if it's any worse than what Phil Mickelson or Martha Stewart did. (Remember, Martha was jailed for the cover-up not the deed).

okaydo said:

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"I don't have enough money to buy a business and get the tax breaks I need" Mychal Kendricks

Kendricks is inadvertently revealing the big secret of how taxes work in America. Most people think it's all about the personal income tax rate. I'm sure Kendricks is getting hammered in this regard. What he's saying is that, people more wealthy than him (think Mitt Romney and Donald Trump) don't pay nearly as much in taxes as a percent of their income as he does. Kendricks needs to get richer so he can own more capital so he can pay less taxes.

The system is rigged for the ultra wealthy and it's all done way below the average person's radar.

I am sure he will get off relatively easily as he apparently assisted in the investigation. I believe the other guy who was his buddy from HBS was the real target - the question is, will he be a Bear as well....

In any event, sad to see. Insider trading is almost always caught if you are not a real insider....simple use of trading algorithms check all of that and get you flagged.

ColoradoBear said:

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Yikes, Kendricks sure is in deep trouble: He signed with the Browns.

Oh, I guess the insider trading might be bad for him too.

Wonder what he did, and if it's any worse than what Phil Mickelson or Martha Stewart did. (Remember, Martha was jailed for the cover-up not the deed).

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One of the most liked tweets was something like "I hope he doesn't get sentenced to a lifetime contract with the Browns."

I think that the vast majority of those that trade on inside information are not caught.
All the complements about Mychal's good character because he copped a guilty plea and staes contrition show that some of you are very gullible. Kendrick's and his attorney obviosly thought that contrition and cooperating with the investigation would reduce his punishment. His apologies and moralization seem rather hollow given the fact that his moral awakening occurred only after he was caught "red" handed.

Cover ups and denials are what get you in jail or fired, or in Urban's case, a 3 game suspension.

I must say, a 10k commission on a gain of 1.2M is very low. This Sonoiki guy really sold himself short for the services he provided, unless there was other cheddar transferred that no one discovered!

okaydo said:

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Well that isn't much different that what Phil did... About 1 million profit on insider trading. The amount in the brokerage account to start with is mostly irrelavent because they were likely buying on margin, then quickly selling after some event.

I think Phil got a $100k fine on top of paying restitutuon and stayed out of jail. But he also makes $50 million a year. There was also some gambling debt potentially involved with it that was somewhat unclear to me.

Kendricks clearly wasn't the mastermind of the scheme, so could it be fair to compare to Phil's situation. I don't know how many times he traded on inside info or what he has admitted though.

okaydo said:

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Way to use unnecessary verbiage in a tweet:

To "turn $80,000 in a brokerage account into $1.2 million", is that literally, or figuratively? My first thought was it COULDN'T be figuratively, so why bring it up? But then, the verb "turn into"... like magic? Abra-cadabra? Maybe it was figuratively. This becomes a question for the ages...

In any event, the decline and fall of civilization began when they increased the character count on Twitter past 140.
Discuss. (Actually, don't.)

CaliforniaEternal said:

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I must say, a 10k commission on a gain of 1.2M is very low. This Sonoiki guy really sold himself short for the services he provided, unless there was other cheddar transferred that no one discovered!

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He wanted to access to a star football player.

This is so much better than the typical SEC football player crime (beating up your girlfriend), B1G football player crime (selling memorabilia) or ACC football player crime (stealing crab legs). Way to go Kendricks!

I am only half jesting....

dajo9 said:

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okaydo said:

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"I don't have enough money to buy a business and get the tax breaks I need" Mychal Kendricks

Kendricks is inadvertently revealing the big secret of how taxes work in America. Most people think it's all about the personal income tax rate. I'm sure Kendricks is getting hammered in this regard. What he's saying is that, people more wealthy than him (think Mitt Romney and Donald Trump) don't pay nearly as much in taxes as a percent of their income as he does. Kendricks needs to get richer so he can own more capital so he can pay less taxes.

The system is rigged for the ultra wealthy and it's all done way below the average person's radar.

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I'm glad someone gets the difference between income inequality and wealth inequality. We tax income, not wealth (or at least not very much). The top 5% of income earners starts around $350K (Kendiricks probably is higher). But does some professional (engineer, accountant, lawyer doctor) making around $350 K in a high cost state like California or New York (like a lot of Cal grads) deserve to get creamed on his income taxes, while the wealthy pay more limited income on passive investments such as capital gains, and no tax on assets other than maybe property tax. There are certain European countries that do tax wealth, and as a result have relatively less income tax. Just something to think about.

wifeisafurd said:

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I'm glad someone gets the difference between income inequality and wealth inequality. We tax income, not wealth (or at least not very much). The top 5% of income earners starts around $350K (Kendiricks probably is higher). But does some professional (engineer, accountant, lawyer doctor) making around $350 K in a high cost state like California or New York (like a lot of Cal grads) deserve to get creamed on his income taxes, while the wealthy pay more limited income on passive investments such as capital gains, and no tax on assets other than maybe property tax. There are certain European countries that do tax wealth, and as a result have relatively less income tax. Just something to think about.

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I think people get it - especially Republicans and their wealthy donors. That's why the estate tax limit was doubled this year to make sure it didn't actually catch couples with less than $22M. Now it only applies to people with more than that but not enough estate planning.


For people less familiar, here's a nice article.

Quote:

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The letter of the law allows slightly more than $11 million per person to be passed to kids or other noncharitable heirs free of federal gift or estate tax. But by employing aggressive techniques, New Jersey estate lawyer Martin Shenkman figures, a couple could use their combined $22 million tax exemption to transfer more than a quarter-billion of assets into an irrevocable dynasty trust, where that wealth can continue to grow and pass, estate-tax-free, to an unlimited number of future generations. "This is phenomenal. The numbers are beyond comprehension," says Shenkman. Is this legally risky? Less so than it used to be. In October, Trump's Treasury withdrew proposed Obama-era regulations cracking down on certain of these aggressive techniques, which, when done right, have been upheld by the courts.

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I wonder what he means by "I didn't take any of the profits"? Does he just mean it's unrealized gains? Did he place the trades on behalf of someone else?

Damn.

dajo9 said:

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okaydo said:

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"I don't have enough money to buy a business and get the tax breaks I need" Mychal Kendricks

Kendricks is inadvertently revealing the big secret of how taxes work in America. Most people think it's all about the personal income tax rate. I'm sure Kendricks is getting hammered in this regard. What he's saying is that, people more wealthy than him (think Mitt Romney and Donald Trump) don't pay nearly as much in taxes as a percent of their income as he does. Kendricks needs to get richer so he can own more capital so he can pay less taxes.

The system is rigged for the ultra wealthy and it's all done way below the average person's radar.

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Hardly- actually it was Kendrick's who tried to rig the system.

I do admire that he took full responsibility. That may cut his prison time.

P.S. the Martha Stewart imprisonment was a true embarrassment to the Justice Department.

Unit2Sucks said:

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wifeisafurd said:

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I'm glad someone gets the difference between income inequality and wealth inequality. We tax income, not wealth (or at least not very much). The top 5% of income earners starts around $350K (Kendiricks probably is higher). But does some professional (engineer, accountant, lawyer doctor) making around $350 K in a high cost state like California or New York (like a lot of Cal grads) deserve to get creamed on his income taxes, while the wealthy pay more limited income on passive investments such as capital gains, and no tax on assets other than maybe property tax. There are certain European countries that do tax wealth, and as a result have relatively less income tax. Just something to think about.

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I think people get it - especially Republicans and their wealthy donors. That's why the estate tax limit was doubled this year to make sure it didn't actually catch couples with less than $22M. Now it only applies to people with more than that but not enough estate planning.


For people less familiar, here's a nice article.

Quote:

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The letter of the law allows slightly more than $11 million per person to be passed to kids or other noncharitable heirs free of federal gift or estate tax. But by employing aggressive techniques, New Jersey estate lawyer Martin Shenkman figures, a couple could use their combined $22 million tax exemption to transfer more than a quarter-billion of assets into an irrevocable dynasty trust, where that wealth can continue to grow and pass, estate-tax-free, to an unlimited number of future generations. "This is phenomenal. The numbers are beyond comprehension," says Shenkman. Is this legally risky? Less so than it used to be. In October, Trump's Treasury withdrew proposed Obama-era regulations cracking down on certain of these aggressive techniques, which, when done right, have been upheld by the courts.

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The joke in our law office by tax heads was that anyone with estate tax was as dumb as a rock or hated their kids (tax heads are not exactly ready for SNL). In any event, i better go do some estate tax planning.

dajo9 said:

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NVBear78 said:

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dajo9 said:

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okaydo said:

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"I don't have enough money to buy a business and get the tax breaks I need" Mychal Kendricks

Kendricks is inadvertently revealing the big secret of how taxes work in America. Most people think it's all about the personal income tax rate. I'm sure Kendricks is getting hammered in this regard. What he's saying is that, people more wealthy than him (think Mitt Romney and Donald Trump) don't pay nearly as much in taxes as a percent of their income as he does. Kendricks needs to get richer so he can own more capital so he can pay less taxes.

The system is rigged for the ultra wealthy and it's all done way below the average person's radar.

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And it sounds like he had investment results similar to Hillary when she traded them commodities!

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Clinton released her financial records. Trump has hidden his. He is the actual President. What do you think we'd find in his records?

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"Legal fees" deductions.

If this were an SEC player or a Furd or SC player, this board would want prison time. Mickelson wouldn't be mentioned.

XXXBEAR said:

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dajo9 said:

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okaydo said:

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"I don't have enough money to buy a business and get the tax breaks I need" Mychal Kendricks

Kendricks is inadvertently revealing the big secret of how taxes work in America. Most people think it's all about the personal income tax rate. I'm sure Kendricks is getting hammered in this regard. What he's saying is that, people more wealthy than him (think Mitt Romney and Donald Trump) don't pay nearly as much in taxes as a percent of their income as he does. Kendricks needs to get richer so he can own more capital so he can pay less taxes.

The system is rigged for the ultra wealthy and it's all done way below the average person's radar.

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Hardly- actually it was Kendrick's who tried to rig the system.

I do admire that he took full responsibility. That may cut his prison time.

P.S. the Martha Stewart imprisonment was a true embarrassment to the Justice Department.

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Chapman said "we all get it" so you have to remove your comment unless you want to embarrass Chapman.