Cartoon

Boring

SK Ashby
Written by SK Ashby

(Cartoonist - Stuart Carlson)

In other news, the Justice Department's top national security official, John Demers, is resigning following recent reports that the Trump regime spied on congressional Democrats and even former White House Counsel Don McGahn.

Meanwhile, British health officials say the Pfizer and AstraZeneca coronavirus vaccines are over 90 percent effective against a new strain of the virus that is even worse.

Finally, executives at Lordstown Motors are leaving the company which is under investigation for potentially misleading investors and at risk of going bankrupt.

The resignations of founder and Chief Executive Steve Burns and Chief Financial Officer Julio Rodriguez come as the company's board reported conclusions from an internal investigation into claims made by short-seller Hindenburg. Burns is Lordstown's largest shareholder with a stake of more than 26%, according to Refinitiv data.

Lordstown acknowledged it had overstated the quality of pre-orders for the company's electric trucks, but rejected as false Hindenburg's accusations it had overstated the viability of its technology and misled investors about production plans. Goldman Sachs, which advised the blank-check company that merged with Lordstown last fall and helped put together the deal's financing, declined to comment.

When it announced its deal to go public through a reverse merger last August, Lordstown said it had pre-orders for its Endurance pickup truck worth about $1.4 billion. After Hindenburg accused the company of misleading investors on the pre-orders, Lordstown said they were non-binding and has since said it has no binding orders.

You may recall that Trump's global trade war prompted or at least accelerated General Motors' plans to close their plant in Lordstown, Ohio. Trump then swooped in and told GM to sell the plant to Lordstown Motors. Trump then campaigned on that as if it were a major success story in the making.

Now, here we are. They may not ever deliver a single truck to a dealer.