Scandal Sunday
Sit back, relax and maybe hold off on that crypto investment for now
Don’t we all love a good scandal? It seems like we’re been plagued by them in recent years — likely due to the continued use of the Internet (much easier to get conned in cyberspace) and the speed at which things can really take off (and, as a result, burn out).
Of course, scandals in many cases actually affect people. So while they’re thrilling to read about from afar, it’s also important to acknowledge the real-life fallout. For every Elizabeth Holmes-ian Theranos scheme, there are dozens who lost millions of dollars and many who received false cancer and HIV diagnoses as a result of the faulty technology.
There are real-world victims in this week’s competing set of scandals, too. First, there’s Twitter, which was recently acquired by Elon Musk—a man who, it seems, is trying to figure things out as he goes. One of those things is Twitter Blue, a process by which anyone with $8 can get verified and have a blue check mark by their name. But the new process didn’t differentiate between the legitimate companies, media outlets and journalists who had the blue check already and those who just bought it — so anyone with $8 could impersonate a legitimate company or media organization. Thousands did, and fake news quite literally flourished. Large pharmaceutical companies bore the brunt of the scandal when fake accounts impersonating them began tweeting about free insulin. On the one hand, the tweets drew attention to how ridiculous insulin prices are, but in the short-term, the tweets sent the stock of these companies plummeting (and, in effect, briefly hammered the retirement savings of many Americans who happen to have those stocks in their portfolio.)
On the opposite end of the spectrum is the crypto crash we are currently watching in real time. This one is much more difficult to understand but Vox did a good explainer. Essentially, one of the crypto companies that was known as the most legitimate/responsible ended up being…not that. It’s still unclear exactly what was going on at FTX, but it increasingly looks as if anyone who put their money in the company would have been just as safe lighting wads of cash on fire (because they will likely never get that money back). What’s more, the scandal illustrated just how risky investing in crypto is: it’s not like investing in the stock market, which is subject to regulations and oversight. Even if your stock suffered a bad day, it could bounce back. And if it doesn’t, the company will have to answer for what happened to the SEC, and to its stock-holders. They will face fines, hearings, jail time. If you invest in crypto, you are handing money to a company that has no obligation to tell you where those funds will actually go. And, in the case of FTX…it looks like the money went from Peter (the investors) to pay Paul (i.e. to keep one of their other companies afloat).
I’m sure there will be a movie or documentary about this one soon-ish but I think the big takeaway is: those who think they can do quite literally anything and get away with it will likely face a reckoning at some point. And most of us will be bringing the popcorn to watch the drama unfold.
Now on to brighter things: What I’m wearing/watching and eyeing this week.
This slouchy banana bag by The Row is ideal (minus the astronomical price, that is): When worn across the body, the shape molds to your body, so you can go hands-free. And it’s that perfectly supple leather that only gets better with age.
Another fave from The Row: the sneaks of my dreams. Minus, again, the price. Even at a high price, these puppies are so good they’ve been selling out like crazy. I think it’s because a shoes like this can get you very far. For the money, an expensive sneaker is a far better investment than an expensive heel. You’ll wear it so much more and a good, casual-but-sophisticated shoe is so hard to find.
And since the shoes are so simple, you’ll need a great (and fun!) sock.
I love a good cargo. These hit all the marks: high waist, wide leg, and just the right amount of pockets.
Fuzzy, perfect shade of brown, and a long sleeve—this Totéme sweater is ideal. I’ve had it on my wishlist for the better part of two years and that means it spans seasons and trends. I finally bit the bullet this week and purchased. It’s an instant classic.
I love the idea of wearing a basic outfit with a fresh accessory, like a single, perfect gold safety pin earring.
This is, simply, a really great mug that would make such a good holiday gift.
Recommended reading/listening:
Lindsay Lohan’s triumphant return is upon us with the release of Falling For Christmas. An award-show darling, this is not. But it’s silly, dumb and fun — kind of what a direct-to-streaming Christmas movie should be. And it seems to be Lohan’s foray back into entertainment (crossing my fingers she hosts SNL soon).
After watching all three seasons of Love Is Blind and thoroughly enjoying every second, I agree with Buzzfeed News’ assessment that the show has completely leaned into the mess in season three. I guess I’m a masochist.
In case you haven’t heard, the midterm elections were a doozy. Lots of states had put into place laws regarding when and how votes could be counted, so it took a long time in parts of the country — like Nevada and Arizona, where laws require that ballots can not even begin to be counted until Election Day — but we finally now know what the balance of power in the Senate will look like.
And I’ll leave you with this….