They “may” have by mistake, mentioned in the email that you just lost a large sports bet and your bank account is at an all time low. There may be some “flex” in your valuation.
Very weird to see such a poor response from the CEO. Emojis, "fuck" word being used so freely and all that to clap back at the client in passive-aggressive tone? How is this company alive?
The "break the glass" system refers to the system governments, companies and the military had, to store things like credentials, that could not be lost in any circumstance and also needed to be available to anyone, in the case of an extreme emergency. For example, you may put keys or the combination to a safe, that in the case of a fire, sinking of the ship, enemy over running the position, everyone has been informed that they can break the glass, get the combination or keys, and get to the information, to destroy it before landing in enemies hands or get it to safety. It means that the specific, trusted, individuals do not have to be there, to safe guard the information, money, equipment, etc. Anyone is able to step up and fulfill the task. Also, the idea of the glass is that, in the case of not having an emergency and the glass is broken on the case that is mounted on the wall where everyone can see it, a bad actor would first have to break the glass in front of everyone and if they pulled that off, undetected, it is very obvious that security has been breached, based on the glass being broken.
Things everyone should learn before working in finance sector: 1st it's full of shady stuff. 2nd always have your as* covered 3rd some people are well paid to ask the right questions. Some people are well paid to not ask questions. 4th be sure to know how much you "can know" and how much someone can prove you know (that means, ensure your playable denial) And for all sectors: enforced happy hours, and year-end parties only exist because your employer can't legally drug you too make you spill the beans. It's not a party of goodwill or celebration, it's a investment in a intelligence operation
I don't buy it. In telco space, every SQL query is logged - who ran it, when, what data was accessed and why it was accessed. Even when you check who called who or how much mobile data your users used during the billing period. And they don't have it for the break-the-glass system? Give me a break - of course they're double-dealing, not only it's shady as fk, but Carta's CEO sounds like a self-entitled prick.
So going back to your real estate example. Up in Washington state where we just bought a house a few months ago real estate agents are required by law to handle things in a specific way if they are representing both the seller and the buyer. It wasn't relevant to us as ours wasn't so I don't remember the specifics just that the legal paperwork they were required to hand out laid it all out for us.
3:35 I still don't get it. Maybe because I'm not from US and English is my not first language and on top of that I have zero knowledge about investing. Or I'm just stupid.
From what I understand it seems like they were giving out private information to influence sales of private shares. Information that could alter negotiations. They did this by creating a separate company (for legal protection purposes), then accessed data from the original company, which in the financial industry is probably illegal in the States. (Similar to me assuming that banks can’t just go around and give out info on my bank account balance to companies when I’m negotiating a rate for a new job)….. I think😅
My vague understanding is this: Some companies instead of paying employees in only cash will pay them in both cash and stocks of the company. Managing the distribution of stocks is complicated so companies like Carta are used to handle this. As such people have their stocks and information held on Carta's systems. To make more money, it seems Carta will handle the buying and selling of the shares for the employees. The email appears to show Carta telling one client interested in buying a certain stock that another client of theirs has the stock and is forced by a contract to sell their stock and as such can be pushed into a better deal for the buyer. Carta should not be doing this (at least ethically) as they have a responsibility to each client (including the seller) to act in their interests and not try to using personal information to force them into taking a worse deal.
The whole "self approval" thing is one reason I never push to main/merge pr just because the strict systematic checks that block it are passed. The process it that things should be QA'd. but QA is not part of the actual PR checks. If I don't have a QA or the QA saying it's fine to go, I don't merge it, even if I "know" it is safe. I always want to be able to drag someone else down with me :) I don't often have override rights, but I still don't exercise them when I do, unless it's to put out an active critical fire.
things like this are the reason why corps want to go back to office, in a fully remote environment, all those communications and events would leave breadcrumbs behind. In-loco, the big guy just calls you to a coffee and give vague instructions and convince you that there's nothing nothing shady about it Or just comes in, sit by your side and give instructions about what to write on the email
We do not have less and less banks in the US because of regulations. Banks have had regulations reduced like a MOTHER FUKKER in the last several decades. It is demonstrable that when you reduce banking regulations, banks immediately move to screw their customers and eventually themselves, due to the institutional greed and short sighted thinking. When Glass-Steagall Act was done away with and the banks were no longer required to keep the risky stuff on the risky side of the bank and the slow safe stuff on the safe side of the banks, all bets were off and it was all risky going forward. Were any of you, from any country in the world, alive in 2008?
I think you are misunderstanding the "contractually obligated" line. What that is saying is that this is an actual order, equivalent to a public stock market limit order. It is clarifying what "firm buy" means. There is nothing sus about that part.
ok fair, i could have misunderstood it, but the next part directly afterwords about how client X is willing to buy and willing to buy higher... seems no good (considering they are representing each side)
@@ThePrimeTimeagen yes, poor taste, worth bashing on. The Carta and Carta Marketplace being separate businesses, with the later having "break glass" on the former is the stinkiest part of the whole affair. I now see that since this blow up, 3 days ago, Carta CEO announced "exit the secondary trading business"
I think NC is a single consent state too but it depends if the person you're talking to is also in NC. I've had to record stuff before when talking to insurance companies and credit companies. BTW, Synchrony is the absolute worst.
The CEO focusing so much on the "you shouldn't publically slander us" instead of on the "This thing our company did was bad, and we had failures that allowed this to happen that we are rectifying" is bad news. Even if correct. It's fair to point out the mishandling, but the focus should be on "we fucked up". There is value to making the thing PUBLIC since it allows more people to chime in if it has happened to them to see if it is a SYSTEMIC issue, or isolated instances.
@@johnw.8782 What push? Seems like the generic marketing email for real estate, auction, etc. one gets weekly. "We got a deal" standard marketing hook.
When shareholders are the most important stakeholder is it any wonder this is where we are? This is how capitalism works with misaligned incentives, and when accountability is dead and fully rotted in its unmarked grave.
There may be more than one idiot on the field, in this little game but Carta always smelled like a grift to me. It has the trappings of legitimacy, but they always have set off my spideysense. Sus af 😮 email
@@ThePrimeTimeagen well, it's like getting a salary big enough with medical insurance covered, retirement covered, etc. So you don't need to get a stock, with middleman between. It feels something like that :)
@@TheTruthIsOutThereYes There are also companies in Europe that pay salary in stocks, the company I work for does as well. This has nothing to do with the US as such. Salaries are also higher in the US btw, so the "advantage" of medical insurance, retirement coverage, etc. is really just paid by a lower salary and if you think there is no middleman involved here, you must be very naive, sorry. The mild difference between living in the US and Europe boils really down to having more individual self-responsibility vs being baby-sitted with no way to opt out of the Kindergarden.
@@ThePrimeTimeagenwhat a uneducated response. Lots of companies have stock options. How would you like 50+ days of PTO and free health care? How about a year of paid maternity leave? Free childcare, education and lunches for your kids? GL getting cancer and ending up in financial ruin 😂
Carta just reached out to my girlfriend to notify her there are other men interested???
can you tell her to stop emailing me?
@officialstrike congratulations on winning the comment section
They “may” have by mistake, mentioned in the email that you just lost a large sports bet and your bank account is at an all time low. There may be some “flex” in your valuation.
@@ThePrimeTimeagengottem 😂😂😂
and they are contractually obligated to pay a higher price than you
CEO's response about Karri acknowledging stuff is nothing less than a set of veiled legal threats.
And just made it seem like "You admitted you were wrong and that's the most important thing!"
"I will reflect on this" has to be among the best deflection quotes ever.
his emoji message has the same vibes as " Your honor ! i plead fucky wucky, just a skibidi prank , pardon my ohio rizz"
Very weird to see such a poor response from the CEO. Emojis, "fuck" word being used so freely and all that to clap back at the client in passive-aggressive tone? How is this company alive?
Most CEOs operate like this. No remorse, just wants to buy a rolls Royce and a helicopter.
@@doodlebroSH I can respect that.
The "break the glass" system refers to the system governments, companies and the military had, to store things like credentials, that could not be lost in any circumstance and also needed to be available to anyone, in the case of an extreme emergency. For example, you may put keys or the combination to a safe, that in the case of a fire, sinking of the ship, enemy over running the position, everyone has been informed that they can break the glass, get the combination or keys, and get to the information, to destroy it before landing in enemies hands or get it to safety. It means that the specific, trusted, individuals do not have to be there, to safe guard the information, money, equipment, etc. Anyone is able to step up and fulfill the task. Also, the idea of the glass is that, in the case of not having an emergency and the glass is broken on the case that is mounted on the wall where everyone can see it, a bad actor would first have to break the glass in front of everyone and if they pulled that off, undetected, it is very obvious that security has been breached, based on the glass being broken.
So they missed the glass part of the system.
@@dealloc I think they were using the "leave 'em out where anyone can get 'em" system.
Things everyone should learn before working in finance sector:
1st it's full of shady stuff.
2nd always have your as* covered
3rd some people are well paid to ask the right questions. Some people are well paid to not ask questions.
4th be sure to know how much you "can know" and how much someone can prove you know (that means, ensure your playable denial)
And for all sectors: enforced happy hours, and year-end parties only exist because your employer can't legally drug you too make you spill the beans. It's not a party of goodwill or celebration, it's a investment in a intelligence operation
Security glass, break in case of emergency. (the term "emergency" has no legal definition in this context)
Non-Carta employees only.
Are we seeing Primeagen entering its Coffeezilla era? Lets goooooooo 😎
Coffeezillagen
“only if x person opted in” SBF feelings here.
I don't buy it. In telco space, every SQL query is logged - who ran it, when, what data was accessed and why it was accessed. Even when you check who called who or how much mobile data your users used during the billing period. And they don't have it for the break-the-glass system? Give me a break - of course they're double-dealing, not only it's shady as fk, but Carta's CEO sounds like a self-entitled prick.
So going back to your real estate example. Up in Washington state where we just bought a house a few months ago real estate agents are required by law to handle things in a specific way if they are representing both the seller and the buyer. It wasn't relevant to us as ours wasn't so I don't remember the specifics just that the legal paperwork they were required to hand out laid it all out for us.
3:35 I still don't get it.
Maybe because I'm not from US and English is my not first language and on top of that I have zero knowledge about investing. Or I'm just stupid.
First world problems
English is my first language and I've been developing most of my life but I don't understand this stuff lol
From what I understand it seems like they were giving out private information to influence sales of private shares. Information that could alter negotiations. They did this by creating a separate company (for legal protection purposes), then accessed data from the original company, which in the financial industry is probably illegal in the States. (Similar to me assuming that banks can’t just go around and give out info on my bank account balance to companies when I’m negotiating a rate for a new job)….. I think😅
My vague understanding is this:
Some companies instead of paying employees in only cash will pay them in both cash and stocks of the company.
Managing the distribution of stocks is complicated so companies like Carta are used to handle this. As such people have their stocks and information held on Carta's systems.
To make more money, it seems Carta will handle the buying and selling of the shares for the employees.
The email appears to show Carta telling one client interested in buying a certain stock that another client of theirs has the stock and is forced by a contract to sell their stock and as such can be pushed into a better deal for the buyer.
Carta should not be doing this (at least ethically) as they have a responsibility to each client (including the seller) to act in their interests and not try to using personal information to force them into taking a worse deal.
@@JS-ct1uo ohh, that makes it much more clear. Thanks a lot!
BTW. do you know what type of contract could force someone to sell their stocks?
The whole "self approval" thing is one reason I never push to main/merge pr just because the strict systematic checks that block it are passed. The process it that things should be QA'd. but QA is not part of the actual PR checks. If I don't have a QA or the QA saying it's fine to go, I don't merge it, even if I "know" it is safe.
I always want to be able to drag someone else down with me :)
I don't often have override rights, but I still don't exercise them when I do, unless it's to put out an active critical fire.
things like this are the reason why corps want to go back to office, in a fully remote environment, all those communications and events would leave breadcrumbs behind. In-loco, the big guy just calls you to a coffee and give vague instructions and convince you that there's nothing nothing shady about it
Or just comes in, sit by your side and give instructions about what to write on the email
We do not have less and less banks in the US because of regulations. Banks have had regulations reduced like a MOTHER FUKKER in the last several decades. It is demonstrable that when you reduce banking regulations, banks immediately move to screw their customers and eventually themselves, due to the institutional greed and short sighted thinking. When Glass-Steagall Act was done away with and the banks were no longer required to keep the risky stuff on the risky side of the bank and the slow safe stuff on the safe side of the banks, all bets were off and it was all risky going forward. Were any of you, from any country in the world, alive in 2008?
Wen “Prime Reacts to Kenji’s Beef Stew”?
The take away from all of this is J. Kenji Lopez-Alt's American Beef Stew is Dope AF.
I think you are misunderstanding the "contractually obligated" line. What that is saying is that this is an actual order, equivalent to a public stock market limit order. It is clarifying what "firm buy" means. There is nothing sus about that part.
ok fair, i could have misunderstood it, but the next part directly afterwords about how client X is willing to buy and willing to buy higher... seems no good (considering they are representing each side)
@@ThePrimeTimeagen yes, poor taste, worth bashing on. The Carta and Carta Marketplace being separate businesses, with the later having "break glass" on the former is the stinkiest part of the whole affair. I now see that since this blow up, 3 days ago, Carta CEO announced "exit the secondary trading business"
I think NC is a single consent state too but it depends if the person you're talking to is also in NC. I've had to record stuff before when talking to insurance companies and credit companies. BTW, Synchrony is the absolute worst.
i’m gonna make kenjis beef stew tonight
0:42
Comrade Prime?!?
That Kenji Alt-Lopez *American* beef stew mention was one of the most degenerate hipster things I have ever read, and I grew up in San Francisco.
I’m trying to get a job with these guys while this is going on 😂😂
😂🎉
theyre not prayer emojis, its like, a respectful bow hand gesture emoji
I thought it was actually a high-five emoji 🙏
It is being used as that usually, but often is literally called : pray: (such as in Discord, or even in UA-cam comments right here).
Depends who is looking at it, which is what makes it great.
@@renx81 Often as in by the spec describing emoji but okay
gotta say you live under a rock prime, I love Kenji's American Beef Stew.... and I live in Sioux Falls, not California :P
I DONT KNOW ABOUT THIS
Who the hell is Kenji?? And why is his american beef stew so good?
Kenji J Lopez Alt and dont even get me started on his MEXICAN CHILLI STEW
this is crazy funny, your comments are so good, uhm
The CEO focusing so much on the "you shouldn't publically slander us" instead of on the "This thing our company did was bad, and we had failures that allowed this to happen that we are rectifying" is bad news. Even if correct. It's fair to point out the mishandling, but the focus should be on "we fucked up". There is value to making the thing PUBLIC since it allows more people to chime in if it has happened to them to see if it is a SYSTEMIC issue, or isolated instances.
I love kenjis stew 🙏
All-American Beef Stew Recipe
Tender beef and vegetables coated in a rich, intense sauce.
BY J. KENJI LÓPEZ-ALT
Just seems like a mass generated (obviously) email trying to find willing buyers/willing sellers.
The push to try to milk the buyer out of more money says that it's not.
@@johnw.8782 What push? Seems like the generic marketing email for real estate, auction, etc. one gets weekly.
"We got a deal" standard marketing hook.
The Sheep of Wall Street.
I meditate
When shareholders are the most important stakeholder is it any wonder this is where we are? This is how capitalism works with misaligned incentives, and when accountability is dead and fully rotted in its unmarked grave.
That sounds to me a lot like what Citadel is doing on the stock market 😅
Let me guess... you have money invested on meme stocks.
Braindead comment
All parties consent sounds pretty crazy.
This was super wild.
"what are these little arrows for" he doesn't know, bless his soul an IT guy who doesn't know
> implying
@@uzbekistanplaystaion4BIOScrek >tfw
At least the American beef stew is good
CEO of mean girls 😂😂😂
money printers go brrrr
Carta CEO is one of those "well, actually..." people on Reddit.
Sharta
There may be more than one idiot on the field, in this little game but Carta always smelled like a grift to me. It has the trappings of legitimacy, but they always have set off my spideysense. Sus af 😮 email
Typo in title - "SELLS" -> "SELL"
hey there, sup?
Shitty USA finances... Good that in EU its different.
yeah. what's it like not getting stock?
@@ThePrimeTimeagen well, it's like getting a salary big enough with medical insurance covered, retirement covered, etc. So you don't need to get a stock, with middleman between. It feels something like that :)
@@TheTruthIsOutThereYes
There are also companies in Europe that pay salary in stocks, the company I work for does as well. This has nothing to do with the US as such. Salaries are also higher in the US btw, so the "advantage" of medical insurance, retirement coverage, etc. is really just paid by a lower salary and if you think there is no middleman involved here, you must be very naive, sorry.
The mild difference between living in the US and Europe boils really down to having more individual self-responsibility vs being baby-sitted with no way to opt out of the Kindergarden.
@@ThePrimeTimeagenwhat a uneducated response.
Lots of companies have stock options.
How would you like 50+ days of PTO and free health care?
How about a year of paid maternity leave?
Free childcare, education and lunches for your kids?
GL getting cancer and ending up in financial ruin 😂
@@RupluttajaGamesfree? That’s cute.
Greed is a product of capitalism.
pin this if you like neovim