Larry David's Remorse Over FTX Super Bowl Ad
At the premiere of "Curb Your Enthusiasm's" final season, Larry David expressed remorse for his participation in a Super Bowl commercial for FTX, reflecting on the decision as misguided after the cryptocurrency exchange's bankruptcy.
The Creator of "Seinfeld" and "Curb Your Enthusiasm" Expresses Regret
Larry David, the creator behind "Seinfeld" and "Curb Your Enthusiasm," has recently expressed regret over his involvement in a Super Bowl ad for the now-bankrupt cryptocurrency exchange FTX. Speaking at the premiere of the final season of "Curb Your Enthusiasm," David admitted that his decision to endorse FTX was misguided.
"I asked people—friends of mine who were well versed in this stuff—'Should I do this ad? Is there anything wrong with this, with me doing this? Is this okay?'" David said. "And they said, 'Yeah, this is totally on the up and up… Do it.' So like an idiot, I did it."
The Controversial Super Bowl Commercial
In the 2022 Super Bowl commercial, David humorously rejected groundbreaking inventions like the wheel and the lightbulb, ending with a skeptical view of FTX. This ironic approach became controversial when FTX filed for bankruptcy in November 2022 after significant discrepancies in its accounting came to light.
Celebrity Endorsers Face Class Action Lawsuit
Alongside other celebrity endorsers, including Tom Brady and Shaquille O’Neal, David found himself embroiled in a class action lawsuit. The suit accuses them of complicity in a "fraudulent scheme" with FTX founder Sam Bankman-Fried, aimed at deceiving unsophisticated investors.
"I’m in a class action lawsuit, which I would love to be part of," David told the Associated Press. "Because part of my salary was in crypto—so I lost a lot of money." It is reported in a biography of Bankman-Fried by Michael Lewis that David was paid $10 million for the ad, but the payment method remains unconfirmed.
Legal Proceedings and Conviction of FTX Founder
Legal proceedings against FTX continue, as the Third Circuit Court of Appeals in Philadelphia recently reversed a prior decision, now requiring FTX to be investigated by an independent examiner. As for FTX's founder and former CEO, Bankman-Fried has been convicted of multiple federal fraud and conspiracy charges, with sentencing scheduled for March.
Do you think Larry David is culpable of any wrongdoing for partaking in the FTX Super Bowl ad? Share your thoughts and opinions about this subject in the comments section below.
Frequently Asked Questions
How do you withdraw from an IRA that holds precious metals?
First decide if your IRA account allows you to withdraw funds. Then make sure you have enough cash to cover any fees or penalties that may come with withdrawing funds from your retirement plan.
If you are willing to pay a penalty for early withdrawal, you should consider opening a taxable brokerage account instead of an IRA. This option will require you to pay taxes on the amount that you withdraw.
Next, determine how much money you plan to withdraw from your IRA. The calculation is influenced by several factors such as your age at withdrawal, the length of time you have owned the account and whether or not you plan to continue contributing to retirement plans.
Once you know what percentage of your total savings you'd like to convert into cash, you'll need to determine which type of IRA you want to use. Traditional IRAs permit you to withdraw your funds tax-free once you turn 59 1/2. Roth IRAs have income taxes upfront, but you can access the earnings later on without paying additional taxes.
Once these calculations have been completed you will need to open an account with a brokerage. Brokers often offer promotional offers and signup bonuses to encourage people into opening accounts. Avoid unnecessary fees by opening an account with your debit card, rather than your credit card.
When you do finally decide to withdraw from your precious metallic IRA, you will need a safe space where you can safely store your coins. Some storage areas will accept bullion, while others require you to purchase individual coins. Either way, you'll need to weigh the pros and cons of each before choosing one.
Bullion bars, for example, require less space as you're not dealing with individual coins. But, each coin must be counted separately. You can track their value by keeping individual coins.
Some prefer to keep their money in a vault. Others prefer to place them in safe deposit boxes. Whatever method you choose to store your bullion, you should ensure it is safe and secure so you can enjoy its many benefits for many years.
Is gold a good investment IRA?
For anyone who wants to save some money, gold can be a good investment. It's also a great way to diversify your portfolio. But there is more to gold than meets the eye.
It has been used throughout history as currency and it is still a very popular method of payment. It is often called “the oldest currency in the world.”
But gold, unlike paper currency, which is created by governments, is mined out from the ground. It's hard to find and very rare, making it extremely valuable.
The supply and demand factors determine how much gold is worth. The economy that is strong tends to be more affluent, which means there are less gold miners. This results in gold prices rising.
On the other hand, people will save cash when the economy slows and not spend it. This means that more gold is produced, which reduces its value.
This is why it makes sense to invest in gold for individuals and companies. If you have gold to invest, you will reap the rewards when the economy expands.
Additionally, you'll earn interest on your investments which will help you grow your wealth. If gold's value falls, you don't have to lose any of your investments.
What is the value of a gold IRA
There are many benefits to a gold IRA. You can diversify your portfolio with this investment vehicle. You have control over how much money goes into each account.
Another option is to rollover funds from another retirement account into a IRA with gold. This allows you to easily transition if your retirement is early.
The best part? You don’t need to have any special skills to invest into gold IRAs. They are offered by most banks and brokerage companies. Withdrawals can be made instantly without the need to pay fees or penalties.
That said, there are drawbacks too. Gold has historically been volatile. It's important to understand the reasons you're considering investing in gold. Is it for growth or safety? Is it for insurance purposes or a long-term strategy? Only by knowing the answer, you will be able to make an informed choice.
If you are planning to keep your Gold IRA indefinitely you will want to purchase more than one ounce. A single ounce isn't enough to cover all of your needs. You could need several ounces depending on what you plan to do with your gold.
You don't have to buy a lot of gold if your goal is to sell it. You can even manage with one ounce. But you won't be able to buy anything else with those funds.
How does gold perform as an investment?
The supply and the demand for gold determine how much gold is worth. Interest rates are also a factor.
Due to limited supplies, gold prices are subject to volatility. Additionally, physical gold can be volatile because it must be stored somewhere.
What should I pay into my Roth IRA
Roth IRAs are retirement accounts where you deposit your own money tax-free. You cannot withdraw funds from these accounts until you reach 59 1/2. However, if you do decide to take out some of your contributions before then, there are specific rules you must follow. First, you cannot touch your principal (the original amount deposited). You cannot withdraw more than the original amount you contributed. You must pay taxes on the difference if you want to take out more than what you initially contributed.
You cannot withhold your earnings from income taxes. Also, taxes will be due on any earnings you take. Let's suppose that you contribute $5,000 annually to your Roth IRA. Let's say you earn $10,000 each year after contributing. This would mean that you would have to pay $3,500 in federal income tax. You would have $6,500 less. Since you're limited to taking out only what you initially contributed, that's all you could take out.
So, if you were to take out $4,000 of your earnings, you'd still owe taxes on the remaining $1,500. You'd also lose half the earnings that you took out, as they would be subject to a second 50% tax (half of 40%). So, even though you ended up with $7,000 in your Roth IRA, you only got back $4,000.
Two types of Roth IRAs are available: Roth and traditional. A traditional IRA allows for you to deduct pretax contributions of your taxable income. Your traditional IRA can be used to withdraw your balance and interest when you are retired. A traditional IRA can be withdrawn up to the maximum amount allowed.
Roth IRAs do not allow you to deduct your 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. You don’t have to wait for your turn 70 1/2 years before you can withdraw your contributions.
Who owns the gold in a Gold IRA?
The IRS considers gold owned by an individual to be “a type of money” and is subject taxation.
To be eligible for the tax-free status, you must possess at least $10,000 gold and have had it stored for at least five consecutive years.
While gold may be a great investment to help prevent inflation and volatility in the market, it's not wise to keep it if you won't use it.
If you are planning to sell your gold someday, it is necessary that you report its value. This can affect the capital gains taxes that you owe when cashing in on investments.
To find out what options you have, consult an accountant or financial planner.
What precious metal should I invest in?
The answer to this question depends on how much risk you are willing to take and what type of return you want. While gold is considered a safe investment option, it can also be a risky choice. Gold may not be right for you if you want quick profits. If you have the patience to wait, then you might consider investing in silver.
If you're not looking to make quick money, gold is probably your best choice. If you are looking for a long-term investment that will provide steady returns, silver may be a better choice.
Statistics
- This is a 15% margin that has shown no stable direction of growth but fluctuates seemingly at random. (smartasset.com)
- 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)
- 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)
- Gold is considered a collectible, and profits from a sale are taxed at a maximum rate of 28 percent. (aarp.org)
- (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)
External Links
finance.yahoo.com
wsj.com
- Saddam Hussein's InvasionHelped Uncage a Bear In 1991 – WSJ
- Are you interested in keeping gold in your IRA at-home? It's Not Exactly Legal – WSJ
bbb.org
irs.gov
How To
Investing in gold vs. investing in stocks
It might seem risky to invest in gold as an investment vehicle these days. This is because many people believe that gold investment is no longer profitable. This belief comes from the fact most people see gold prices falling due to the global economy. They fear that investing in gold will result in a loss of money. In reality, however there are still many significant benefits to gold investing. Below are some of them.
Gold is the oldest known form of currency. There are records of its use going back thousands of years. People around the world have used it as a store of value. It continues to be used in South Africa, as a way of paying their citizens.
When deciding whether to invest in gold, the first thing you need to do is to decide what price per gram you are willing to pay. You must determine how much gold bullion you can afford per gram before you consider buying it. You can always ask a local jeweler what the current market rate is if you don't have it.
It's also important to note that, although gold prices are down in recent months, the costs of producing it have risen. Although the price of gold has dropped, production costs have not.
When deciding whether to buy gold, another thing to consider is how much gold you intend on buying. It is sensible to avoid buying gold if you are only looking to cover the wedding rings. But, if your goal is to make long-term investments in gold, this might be worth considering. You can profit if you sell your gold at a higher price than you bought it.
We hope this article has given you an improved understanding of gold investment tools. We recommend you do your research before making any final decisions. Only after you have done this can you make an informed choice.
—————————————————————————————————————————————————————————————–
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
Leave a Reply