Does Money Corrupt?
How much money do you need until enough is enough? Is there an amount? Can you ever have too much money?
When people think of Wall Street, corruption comes to mind. Over the years we have seen manipulation countless times in which promoters send out spam in order to pump a stock. These promoters are compensated with either a large amount of cash, or a ton of shares at a discounted price. They then proceed to dump these shares at the manipulated price and usually end up laughing all the way to the bank. These are called ‘Pump and Dumps.’
One of the most transparent traders in the game, Timothy Sykes, short sells (betting against) these manipulated pumps in anticipation of their inevitable crash. He is against promotions and is constantly bashing on promoters, or so I thought. Early this morning an email was sent out to those who signed up to his free promotional email list for the re-launch of his longer-term penny stock trading newsletter. It was a promotion for the stock $IRYS. You can view the email HERE. The disclaimer read:
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Is it safe to say that money and corruption go hand in hand? I was shocked that Timothy Sykes, self made millionaire, had received 100 THOUSAND dollars to become a promoter. Tim has given me incredible inspiration with his story, but I had to face the facts that the only well known ETHICAL trader has turned to the dark side.
In disbelief, I tweeted Tim this message: @BsiflingTrades: “It’s sad to see that the only well known ethical trader, my idol @TimothySykes , is turning to the dark side of the game. I hope I’m wrong.”
His response to me was: @TimothySykes: “@BsiflingTrades I’m gonna revolutionize “the dark side”, only way to fix it is from the inside, stay tuned…”
What is Tim planning? He must have a good reason for putting his hard earned reputation on the line?
One of Tim’s best students and chat room moderator known as Reaper (Michael Goode) stated that, “The fact of the matter is that it is hard if not impossible to have a successful stock promotion without blatantly lying.” Goode also mentioned that “It still leaves a sour taste in my mouth and I know more than a few of his subscribers are unhappy with Tim for engaging in any stock promotion.” Although his email was a promotion, he did not give crazy price ranges, and he did not hype the company. This will hurt the pump because it is not preying on the normal suckers, but just attracting the day-trading crowd. Will Tim be able to run a successful ethical promotion? We will soon see.
I hope that Tim has something up his sleeve, his story is truly inspirational, and I only hope the best for him.
Disclaimer: I do not own or have ever owned shares of $IRYS.