Larry David, the creative genius behind hit shows like "Seinfeld" and "Curb Your Enthusiasm," recently expressed regret over his involvement in a Super Bowl ad for the now-bankrupt cryptocurrency exchange FTX. At the premiere of the final season of "Curb Your Enthusiasm," David openly admitted that his decision to endorse FTX was misguided.
A Misguided Decision
David shared that he sought the advice of friends who were knowledgeable about cryptocurrency before agreeing to do the ad. He asked them if there was anything wrong with endorsing FTX, to which they assured him it was a legitimate opportunity. Unfortunately, he now realizes that he made a mistake by trusting their advice and going ahead with the commercial.
The Controversial Super Bowl Commercial
The Super Bowl commercial in question featured David humorously rejecting significant inventions throughout history, including the wheel and the lightbulb, ultimately expressing skepticism towards FTX. This ironic approach drew attention and controversy, especially after FTX filed for bankruptcy in November 2022 due to accounting discrepancies.
Legal Troubles and Class Action Lawsuit
Like other celebrity endorsers such as Tom Brady and Shaquille O’Neal, David found himself entangled in a class action lawsuit. The lawsuit alleges that they were complicit in a "fraudulent scheme" with FTX founder Sam Bankman-Fried, aimed at deceiving inexperienced investors. David expressed his willingness to be a part of the lawsuit, as he suffered significant financial losses due to his payment being in cryptocurrency.
FTX's Ongoing Legal Proceedings
The legal proceedings against FTX are still ongoing. Recently, the Third Circuit Court of Appeals in Philadelphia overturned a previous decision, ordering an independent examination of FTX. This investigation aims to shed light on the company's activities and potential wrongdoing. Meanwhile, Bankman-Fried, FTX's founder and former CEO, has been convicted of multiple federal fraud and conspiracy charges, with his sentencing scheduled for March.
It remains a topic of debate whether Larry David is culpable for his involvement in the FTX Super Bowl ad. While he regrets his decision and acknowledges his financial loss, the legal proceedings will determine the extent of any wrongdoing. Do you believe David should be held accountable? Share your thoughts and opinions in the comments section below.
Frequently Asked Questions
What are the pros and cons of a gold IRA?
An Individual Retirement Account is a more beneficial option than regular savings accounts. You don't pay taxes on any interest earned. An IRA is a great option for those who want to save money, but don't want tax on any interest earned. There are some disadvantages to this investment.
You could lose all of your accumulated money if you take out too much from your IRA. You might also not be able to withdraw from your IRA until the IRS deems you to be 59 1/2. A penalty fee will be charged if you decide to withdraw funds.
You will also need to pay fees for managing your IRA. Many banks charge between 0.5%-2.0% per year. Other providers may charge monthly management fees, ranging between $10 and $50.
If you prefer your money to be kept out of a bank, then you will need insurance. Insurance companies will usually require that you have at least $500,000. You might be required to buy insurance that covers losses up to $500,000.
If you are considering a Gold IRA, you need to first decide how much of it you would like to use. Some providers limit the amount of gold that you are allowed to own. Others let you choose your weight.
Also, you will need to decide if you want to buy physical gold futures contracts or physical gold. The price of physical gold is higher than that of gold futures. Futures contracts allow you to buy gold with more flexibility. They allow you to set up a contract with a specific expiration date.
You'll also need to decide what kind of insurance coverage you want. The standard policy does NOT include theft protection and loss due to fire or flood. However, it does cover damage caused by natural disasters. Additional coverage may be necessary if you reside in high-risk areas.
Insurance is not enough. You also need to think about the cost of gold storage. Insurance doesn't cover storage costs. In addition, most banks charge around $25-$40 per month for safekeeping.
If you decide to open a gold IRA, you must first contact a qualified custodian. A custodian maintains track of all your investments and ensures you are in compliance with federal regulations. Custodians are not allowed to sell your assets. They must instead keep them for as long as you ask.
Once you've chosen the best type of IRA for you, you need to fill in paperwork describing your goals. You must include information about what investments you would like to make (e.g. stocks, bonds and mutual funds). The plan should also include information about how much you are willing to invest each month.
Once you have completed the forms, you will need to mail them to your provider with a check and a small deposit. Once the company has received your application, they will review it and send you a confirmation email.
Consider consulting a financial advisor when opening a golden IRA. A financial planner is an expert in investing and can help you choose the right type of IRA for you. You can also reduce your insurance costs by working with them to find lower-cost alternatives.
What is the best precious metal to invest in?
Answering this question will depend on your willingness to take some risk and the return you seek. While gold is considered a safe investment option, it can also be a risky choice. For example, if you need a quick profit, gold may not be for you. If patience and time are your priorities, silver is the best investment.
If you don't care about getting rich quickly, gold is probably the way to go. However, silver might be a better option if you're looking for an investment that provides steady returns over long periods.
Is gold a good investment IRA?
Anyone who is looking to save money can make gold an excellent investment. It is also an excellent way to diversify you portfolio. There's more to gold that meets the eye.
It has been used throughout the history of currency and remains a popular payment method. It's sometimes called “the world's oldest money”.
But gold, unlike paper currency, which is created by governments, is mined out from the ground. Because it is rare and difficult to make, it is extremely valuable.
The supply and demand for gold determine the price of gold. When the economy is strong, people tend to spend more money, which means fewer people mine gold. This results in gold prices rising.
On the flip side, people save cash for emergencies and don't spend it. This results in more gold being produced, which drives down its value.
This is why it makes sense to invest in gold for individuals and companies. You will benefit from economic growth if you invest in gold.
Additionally, you'll earn interest on your investments which will help you grow your wealth. In addition, you won’t lose any money if gold falls in value.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts where you deposit your own money tax-free. These accounts cannot be withdrawn until you turn 59 1/2. There are some rules that you need to keep in mind if you want to withdraw funds from these accounts before you reach 59 1/2. First, you can't touch your principal (the initial amount that was deposited). No matter how much money you contribute, you cannot take out more than was originally deposited to the account. If you take out more than the initial contribution, you must pay tax.
You cannot withhold your earnings from income taxes. You will pay income taxes when you withdraw your earnings. Consider, for instance, that you contribute $5,000 per year to your Roth IRA. In addition, let's assume you earn $10,000 per year after contributing. The federal income tax on your earnings would amount to $3,500. The remaining $6,500 is yours. The amount you can withdraw is limited to the original contribution.
You would still owe tax on $1,500 if you took out $4,000 of your earnings. Additionally, half of your earnings would be lost because they will be taxed at 50% (half the 40%). Even though you had $7,000 in your Roth IRA account, you only received $4,000.
There are two types if Roth IRAs: Roth and Traditional. Traditional IRAs allow pre-tax contributions to be deducted from your taxable tax income. You can withdraw your contributions plus interest from your traditional IRA when you retire. There is no limit on how much you can withdraw from a traditional IRA.
Roth IRAs are not allowed to allow you deductions for contributions. After you have retired, the full amount of your contributions and accrued interest can be withdrawn. There is no minimum withdrawal limit, unlike traditional IRAs. Your contribution can be withdrawn at any age, not just when you reach 70 1/2.
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- (Basically, if your GDP grows by 2%, you need miners to dig 2% more gold out of the ground every year to keep prices steady.) (smartasset.com)
- Indeed, several financial advisers interviewed for this article suggest you invest 5 to 15 percent of your portfolio in gold, just in case. (aarp.org)
- Instead, the economy improved, stocks rebounded, and gold plunged, losing 28 percent of its value in 2013. (aarp.org)
- If you accidentally make an improper transaction, the IRS will disallow it and count it as a withdrawal, so you would owe income tax on the item's value and, if you are younger than 59 ½, an additional 10% early withdrawal penalty. (forbes.com)
- 7 U.S. Code SS7 – Designation boards of trade as contract market authorities
- 26 U.S. Code SS 408 – Individual retirement plans
- Saddam Hussein's Invasion Helped Uncage a Bear In 1990 – WSJ
- Want to Keep Gold in Your IRA at Home? It's Not Exactly Legal – WSJ
3 Ways To Invest in Gold For Retirement
It's essential to understand how gold fits into your retirement plan. There are many ways to invest in gold if you have a 401k account at work. You may also be interested in investing in gold beyond your workplace. A custodial account can be opened by a brokerage firm like Fidelity Investments if you already have an IRA. If precious metals aren't your thing, you may be interested in buying them from a dealer.
These are three easy rules to remember if you invest in gold.
- Buy Gold With Your Cash – Do not use credit cards to purchase gold. Instead, deposit cash into your accounts. This will protect your against inflation and increase your purchasing power.
- Physical Gold Coins: You should own physical gold coins, not just a certificate. The reason for this is that physical gold coins are much more easily sold than certificates. You don't have to store physical gold coins.
- Diversify your Portfolio. This is how you spread your wealth. You can invest in different assets. This reduces risk and allows you to be more flexible during market volatility.
By: David Sencil
Title: Larry David Regrets Super Bowl Ad for Bankrupt Cryptocurrency Exchange FTX
Sourced From: news.bitcoin.com/larry-david-reflects-on-super-bowl-ftx-ad-like-an-idiot-i-did-it/
Published Date: Sat, 03 Feb 2024 09:30:12 +0000