Stay updated with breaking news from Paper loss. Get real-time updates on events, politics, business, and more. Visit us for reliable news and exclusive interviews.
because he told the auditors right at the beginning they were going to be £10,000 out, and that is where that has come from. fin be £10,000 out, and that is where that has come from.— be £10,000 out, and that is where that has come from. on the basis of his lea, that has come from. on the basis of his plea. as — that has come from. on the basis of his plea. as we _ that has come from. on the basis of his plea, as we just _ that has come from. on the basis of his plea, as we just saw, _ that has come from. on the basis of his plea, as we just saw, is - that has come from. on the basis of his plea, as we just saw, is that - that has come from. on the basis of his plea, as we just saw, is that he l his plea, as we just saw, is that he could not account for the last but admits covering it up. so his admission was, "i covered it up, i don't know how it happened". how could you be satisfied that that money had in fact been lost and it wasn'tjust simply a money had in fact been lost and it wasn't just simply a paper loss? at the time, you were told, as you have said on numerous occasions, while he was... for the horizon, we are told, as mrjenkins said in his statement, you know, that the system is ok. 100%, you couldn't, based on certainly what is known now, and we see today it was a paper loss. but whatever cash was in the post office would still always be there. i will move onto the case of noel
by the end of the day yesterday, it sat at $580 billion. those numbers are from forbes and do the math that's more than a $600 billion decline. to put this loss in perspective. it's not a paper loss, the share price here. disney is worth about $180 billion, nike $167 billion, starbucks $114 billion. let's bring in peter shankman, a futurist at blue shark digital. good to have you here. i don't know how i got through the introwithout saying elon musk. >> shouldn't elon musk be paying attention to tesla. >> i'm trying to run one company on my own, he's running four. if you are spending your time creating memes and arguing with politicians publically you're not running your business.
doing. that's what teachers and firefighters are doing. that's what everyone else does. and elon musk rides on the back of that, and pays a much smaller share. that's not right. >> is it possible to tax the assets of the wealthiest among us? i mean, what are you doing with art? what are you doing with someone who owns a patent? what are you doing with someone who has to gain. by the way, senator, what about next year they lose their tail and now the government has to give money back for a paper loss? >> so, we have been -- let's start with the fact that 60% of the wealth of those at the top is tied up in marketable securities so, boy, that one is easy to value. just look at your stock market quotes, and we're done. for a big hunk of a rest of it, it's already valued every year. real estate, are you kidding me? we already do that. art, it's insured.
with or. all of the sectors of the community that we've been able to to speak to and to to have an even closer to the ground in order to make sure that our activities are able to continue right your organization has today called on the wall to rethink their response to able to what is meant by that. i think it means that it's time to look at how can we do what we're doing in a better way how can the motor response respond to not only different people up in this area but how can this become a mechanism by which the health system overall can perhaps be left stronger as opposed to weaker or when the epidemic does eventually end all right that's a paper loss the other the challenge we have been talking about you know attacks on treatment sanchez and the for suspension of some services on the ground and the
a negative tax. so let's set a rate. what we want to do here, erin, is set a rate of 20%, get rid of the loopholes, and make every company pay their fair share of 20%. and if you're right, you know, gene, that the effective rate is lower than that, then guess what. it would be a tax increase. >> i have to give you credit for picking wind and solar, but i could give you oil any year when they have a paper loss they want to write off. we can chuckle at that. here's the thing, gene. the president has made this argument, this incorrect argument that steve would put the word corporate in front of it, that's what we're debating, but we're the highest taxed nation in the world, which is false, and he said it again and again. here he is. >> remember this, we're the highest taxed nation in the world. >> the taxes are crazy. the highest taxed nation in the world. >> the people of this country want tax cuts. they want lower taxes. we're the highest taxed nation in the world. >> gene, is it possible that's
all investors in china's stock markets. but it could also be a little unreal buying stocks in china doesn't necessarily involve research understanding, your company. what it does is also a lot of rumor and speculation. plus there isn't much after choice for investors. property prices have been falling for some time and bank deposit rates are miniscule. so you put all this together and you end up with a monster rally. but it all ended on june 12th. things suddenly got ugly. for many done right scary. almost a house of horrors. three weeks of wild volatileity and growing fear slashed 30% of the value of stocks in china. that equales a paper loss of some $3 trillion.
now that really is scary. s a paper loss of some $3 trillion. now that really is scary.s a paper loss of some $3 trillion. now that really is scary. but to talk about china's stock markets, you have to talk about the elephant in the room and that is the chinese government. they actively encourage the bull run but they've been even more involved when the markets start td tank trying to staunch those losses. just in recent days they've cut interest rates. they've ordered the brokerage houses and the state-run pension funds to buy the market. they banned new ipos, and they've also eased restrictions on people who have borrowed to buy stocks. they don't yet know whether or not it is enough to draw a lin out of the stock market crash. but one thing is certain. in this environment, you pay your money, you take your chances, and expect a few bumps along wait. andrew stevens, cnn, hong kong.
falling for some time. and bank deposit rates are miniscule. so you put all that together and you end up with a monster rally. but it all ended on june 12th. things suddenly got ugly. for many, done right scary. almost a house of horrors. three weeks of wild volatility and growing fear slashed 30% of the value of stocks in china. that equals a paper loss of some $3 trillion. now that really is scary. but to talk about china's stock markets, you have to talk about the elephant in the room and that is the chinese government. they actively encourage the bull run, but they've been even more involved when the markets started to tank trying to staunch those losses.
stock compensation after its initial public offering. still, sherels of the company have plunged another 11% in after hours trading to an all-time low. if you invested $10,000 in the stock when it launched on that day at that price, you now have a paper loss of about 3700 bucks. the rest of the market faired much better today. the dow soared rises 200 points for the fifth time this year. the nasdaq up 40. the s&p 500 up 20. did the convicted penn state sex predator jerry sandusky really call one of his victims as the scandal unfolded? we'll play a newly released voice mail next. and new clues in the kidnapping of cal ripken's mother. coming up.
>> reporter: yeah, very good day to you. for a start, this guy is not just the london whale, he's also been called the caveman as well. so it gives you an idea of the kind of guy we're dealing with. now look, in terms of these losses, let's just tell viewers all about this. it's an open position. i.e., it's like having a horse in the kentucky derby. it's at the back of the pack, so it doesn't look like it's going to win, but it hasn't finished yet this race. this is a paper loss at the moment, so we don't know what the eventual loss is going to be. it could be $1 billion, $2 billion, it could be $3 billion. what we do know is the hedge funds are on the other side of this trade and they're extracting every single pound of flesh they can from jpmorgan before they let jpmorgan out of this position. we know the position is a bullish bet on the credit markets, and the credit markets, like all risk assets around the world, are coming up in value at the moment on concerns, of course, about the eurozone and other things as well. until we get a rally in the market, this position will continue to be severely under water and potentially getting worse, but we don't have a finite figure on the loss and