FU to Zheng, but bigger FU to Block if down the road most of these companies are more of less cleared.
It's not just that this sector required attention and reform, it obviously does, but the model that Muddy has brought forward to attack and collect while others pick up the pieces and attempt to recover is fundamentally corrupt. This rinse and repeat model will be applied easily in the future to other companies and other sectors. They have started with easy targets, but there is nothing to prevent the spread of this activity, which is truly fraudulent activity.
Even if the practice does expose some legitimate frauds, this model for making money in the market will need to be addressed by regulators b/c it by no means serves the market as a whole, but rather a select few firms and individuals.
