According to Bloomberg News, about $24.8 billion of US office buildings were in distress at the end of the second quarter, resulting in a higher amount of real estate worries than the leading commercial real estate laggards — hotels and retail properties. Questions: Source: Gittelsohn, J. (2023). Distressed US Offices Jump to $24.8 Billion, More… Read more »
Posts Categorized: Financial Accounting
Time to Buy a Used Sports Car!
According to The Hill, wholesale used car prices dropped by the largest monthly amount since the pandemic began. Questions: Source: Sforza, L. (2023). Wholesale Used Car Prices Drop by the Largest Amount Since Pandemic Began. The Hill, July 10 (Retrievable online at https://thehill.com/business/4088856-wholesale-used-car-prices-drop-by-largest-amount-since-pandemic-began/)
Newest “Old School” Scam
The IRS is warning about a new scam that targets your bank account using an old-fashioned mailer. Questions: Source: Tanner, J. IRS warns taxpayers of new ‘unclaimed refund’ scam – here’s how it works. The Hill, July 8 (Retrievable online at https://thehill.com/homenews/nexstar_media_wire/4085938-irs-warns-taxpayers-of-new-unclaimed-refund-scam-heres-how-it-works/
Bank of America fined and ordered to issue refunds
According to the Associated Press, Bank of America will reimburse customers more than $100 million and pay $150 million in fines for “double-dipping” on overdraft fees, withholding reward bonuses on credit cards, and opening accounts without customer consent. Questions: Source: Sweet, K. and M. Chapman. (2023). BofA hit with $250 million in fines and customer… Read more »
Inheritance from Antiquities Smuggling
According to the Washington Post, U.S. authorities announced that they have secured a $12 million forfeiture agreement from the daughter of accused antiquities smuggler Douglas Latchford, a man federal prosecutors say was a key figure in the decades-long ransacking of ancient Cambodian temples. Questions: Source: Whoriskey, P. (2023). Heir of accused antiquities smuggler agrees to… Read more »
Overstock.com Wins Bid To Acquire Bankrupt Bed Bath & Beyond
According to the New York Times, if the acquisition of Bed Bath & Beyond by Overstock.com is approved at bankruptcy court next week, the company will own the intellectual property of the bankrupt home goods retailer. Questions: Source: Holman, J. (2023) Overstock.com Wins $21.5 Million Bid for Bed Bath & Beyond’s Assets. The New York… Read more »
Interesting and Costly New Canadian Law for IT Companies
According to the New York Times, a new Canadian law will require technology companies to license news content. Facebook’s owner said it would drop news from the platform. Questions: Ives, M. (2023). Canada Forces Google and Facebook to Pay News Outlets for Linking to Articles. The NEw York Times, June 23 (Retrievable online at https://www.nytimes.com/2023/06/23/business/media/meta-google-canada-news-facebook-instagram.html)
TikTok Shakeup
According to the New York Times, TikTok’s chief operating officer is stepping down, and the company is bringing in a new executive to run its communications department. Questions: 1, Who was TikToks’s COO? 2. Which company did the new COO come from? 3. When did the resigning chief operating officer join TikTok to run its… Read more »
Loaning $9.2 Billion of Your Tax Dollars to Ford
According to the New York Times, Ford Motor and its battery manufacturing partner will receive a $9.2 billion loan to build three battery factories in Kentucky and Tennessee from the Department of Energy. Questions: Source: Ewing, J. and C. Krauss (2023). Ford’s Battery Joint Venture to Get $9.2 Billion Government Loan, The New York Times,… Read more »
Forever Chemicals Settlement; No Liability Admitted
According to the New York Times, chemical giant, 3M, reached a $10.3 billion settlement deal with U.S. cities and towns regarding claims that the company contaminated drinking water with so-called forever chemicals used in everything from firefighting foam to nonstick coatings. Questions: Source: Friedman, L and V. Giang. (2023) 3M Reaches $10.3 Billion Settlement in… Read more »