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Friday, April 14, 2023

[18:11:19] login who is your boss, MAGIC?

[18:11:25] login and was the biggest tax fraud enron?

[18:12:02] login the middle east doesn't have income tax

[18:12:47] login oh, this cumex stuff - yeah, it's been going on

[18:13:11] login it's pretty interesting - they inflate the number of stocks artificially right around the ex-dividend date

[18:13:32] login through the process of re-hypothecation

[18:15:14] login in other jurisdictions like australia, only the owner of the stock as written in the register gets the refund (if they have had economic exposure to the stock for the past 45 days, i think)

[18:15:55] login they are just following the rules they themselves wrote

[18:17:08] login there are special markets made to exchange cum-dividend and ex-dividend stock for up to 2 days after the ex-dividend date

[18:17:19] login the reason is because of how options on the stock work

[18:17:39] login if the option is exercised on the day the stock goes ex-dividend, the option writer has 1 day to deliver the stock

[18:18:15] login but if no more cum-dividend stock is available, the option writer is SOL unless they can get some cum-dividend stock in exchange for ex-dividend stock

[18:18:45] login so that allows 'negative time' in acquiring cum-dividend stock, and this enables the cum-ex scandal

[18:19:07] login Here's the article on it: https://www.afr.com/companies/financial-services/macquarie-peppered-with-german-lawsuits-over-dividend-trades-20211031-p594q5

[18:23:21] login Here's the exact article: https://www.smh.com.au/business/when-big-boys-go-ex-dividend-cum-dividends-cum-out-to-play-20130222-2ewvb.html

[18:25:02] login what's actually unfair is that local residents get tax refunds, but foreign residents don't get tax refunds

[18:25:18] login i.e., there is no internationally accepted franking credit that all tax authorities accept

[18:25:32] login even though the corporation has already paid tax on its income before distributing dividends

[18:41:43] login https://www.theguardian.com/world/2023/apr/14/spanish-woman-emerges-after-spending-500-days-living-alone-in-cave

[18:41:47] login She might just start a new religion!

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