At least five states have exceeded their previous peaks of seven-day averages for new daily cases—Florida, Louisiana, Hawaii, Oregon, and Mississippi. Seven states have exceeded their most recent peaks in hospitalizations—Arkansas, Florida, Hawaii, Louisiana, Mississippi, Oregon, and Washington.
Florida in particular has been ablaze with COVID-19. The Sunshine State exceeded its previous record average of around 16,000 new daily cases, which was set in January. The state is now averaging just under 22,000, according to data reported by the Centers for Disease Control and Prevention. As for daily hospitalization tallies, Florida is currently at its all-time record of around 15,000, exceeding its previous highest peak of around 12,000 last July.
A ransomware gang that hacked the District of Columbia’s Metropolitan Police Department (MPD) in April posted personnel records on Tuesday that revealed highly sensitive details for almost two dozen officers, including the results of psychological assessments and polygraph tests; driver’s license images; fingerprints; social security numbers; dates of birth; and residential, financial, and marriage histories.
The operators demanded $4 million in exchange for a promise not to publish any more information and provide a decryption key that would restore the data.
“You are a state institution, treat your data with respect and think about their price,” the operators said, according to the transcript. “They cost even more than 4,000,000, do you understand that?”
“Our final proposal is to offer to pay $100,000 to prevent the release of the stolen data,” the MPD negotiator eventually replied. “If this offer is not acceptable, then it seems our conversation is complete. I think we understand the consequences of not reaching an agreement. We are OK with that outcome.”
There’s just one problem: the billions of dollars in new “wealth” people have supposedly gained is mostly in the form of inflated GameStop stock. Before they can actually use that wealth, they need to convert it to cash. And if a lot of people start selling their shares, the stock will crash. Most of that GameStop “wealth” will evaporate, with many shareholders getting a fraction of the value they expected.
Meanwhile, if GameStop’s stock price starts to fall, short sellers will start to make money. Any short sellers who maintained their short positions through the bubble will make back most of what they lost.
Sooner or later, GameStop’s stock is going to return to normal levels. And when it does, we are likely to find that little wealth was actually transferred from wealthy hedge fund investors to the general public. Short losses as the stock appreciated will be largely balanced out by short gains as the stock falls. The gains of GameStop shareholders as the stock appreciates will be balanced by losses as the stock declines.
Melvin Capital, the hedge fund that was wrongfooted by retail traders who drove up shares in GameStop and other companies it had bet against, lost 53 percent in January, according to people familiar with the firm’s results.
The New York-based hedge fund sustained a $4.5 billion fall in its assets from the end of last year to $8 billion, even after a $2.75 billion cash injection from Steve Cohen’s Point72 Asset Management and Ken Griffin’s Citadel.