Lordstown’s Latest Move ♟️

When regular people talk about March Madness, they’re referring to college basketball. But when traders and investors talk about March Madness, they’re referring to a regional bank stock imploding.

We’re about a year out from three regional banks failing and/or being rescued, and now the sharks are circling New York Community Bancorp. The long story short, until today, is that the regional lender has too much commercial real estate exposure, weak internal controls over financial reporting, and a new CEO trying to right the ship. 🗞️

Those who work at AT&T today did not have a great day, but those who use their services had a pretty good excuse to chill out at work today. That’s because the telecom giant experienced a nationwide cellphone outage that impacted tens of thousands of its customers today. 📵

While the nation’s largest carrier said it restored wireless service to all impacted customers by midday, no reason has been given for the outages. With T-Mobile and Verizon’s networks unaffected, regulators quickly questioned whether AT&T experienced a hack or other cyberattack. 📡

Accounting is the practice of using numbers to tell the story of a company’s past, present, and future. For an investor, these numbers and stories are the foundation of all decisions, so it’s imperative that they’re done correctly. And generally, they are.

But lately, there’s been an uptick in the number of accounting mishaps making their way into the financial markets. Today we got a few more instances of this problem, so let’s take a look. 📝