Fraudster, Shamoon Rafiq, pleaded guilty to conspiracy to commit securities and wire fraud after a scheme to sell fake pre-IPO equity in Airbnb. Questions: Source: Goswami, R. (2024). Fraudster who peddled fake pre-IPO Airbnb stock falsely claimed to represent Egypt’s Mansour family. CNBC.com, Feb. 27 (Retrievable online at https://www.cnbc.com/2024/02/27/fraudster-impersonated-mansour-family-to-peddle-fake-airbnb-equity.html)
Posts Categorized: Financial Statement Analysis
Harvard Business School Graduate Levies Ponzi Scheme Aimed at Alums
According to CNBC, Harvard Business School graduate, Vladimir Artamonov lured fellow alumni into a Ponzi investment scheme. Questions: Source: Nova, A. (2024) Harvard Business School grad’s Ponzi scheme swindled alums out of $2.9 million, New York attorney general says. CNBC.com, Feb. 29 (Retrievable online at https://www.cnbc.com/2024/02/29/harvard-business-school-grad-allegedly-swindled-alums-with-ponzi-scheme.html)
Making Data-Dependent Decisions with Undependable Data: The Fed is FEDUP!
According to CNN, the Fed is “fed up” with economic revisions. Questions Source, E. Buchwald. (2024) The Fed is fed up with data revisions. CNN.com, Jan. 31 (Retrievable online at https://www.cnn.com/2024/01/31/economy/data-revisions-fed-rate-changes/index.html)
Is Zombie World in Our Future?
According to the New York Times, it is possible that the Net may be the habitat of AI agents, which are being transformed from chatbots that play games, query websites, schedule meetings, build bar charts and do much more. Questions: Source: Metz, C. and K. Weize. (2023). How ‘A.I. Agents’ That Roam the Internet Could… Read more »
Some Interesting and Difficult Issues Surround the RiteAid Bankruptcy!
According to the New York Times, RiteAid, one of the country’s largest pharmacy chains, faces more than a thousand lawsuits that say it filled illegal prescriptions for painkillers. Questions: Source: Holman, J. and L. Hirsch. (2023). Rite Aid, Facing Slumping Sales and Opioid Suits, Files for Bankruptcy. The New York Times, Oct. 16 (Retrievable online… Read more »
It’s Called the “Urban Doom-Loop”
With more people working remotely, companies are rethinking their plans to sign leases on business buildings in downtown areas all over the U.S. Questions: Source: Siegel, R. (2023). How the ‘urban doom loop’ could pose the next economic threat. The Washington Post, Aug. 28 (Retrievable online at https://www.washingtonpost.com/business/2023/08/28/commercial-real-estate-economy-urban-doom-loop/)
Mega Worries for the U.S. Post Office
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 »
Virgin Orbit Files for Bankruptcy
According to the New York Times, the satellite launch company, founded by Richard Branson, announced sweeping cuts last week as it struggled to recover from a high-profile rocket failure in January. Questions: Source: Granville, K. (2023) Virgin Orbit Files for Bankruptcy After Failed Launch and Lack of Funding. The New York Times, April 4 (Retrievable… Read more »
Bank Vulnerability
According to the Washington Post, a new study shows that hundreds of banks in the United States would be in danger of failing if they were hit by runs similar to the one that recently brought down Silicon Valley Bank. Questions: Source: Werner, E. (2023). Hundreds of banks would be vulnerable in SVB-style runs, researchers… Read more »
Reining in Crypto
According to the New York Times, the SEC fined cryptocurrency lending firm Nexo for violating federal securities law. Questions: Source: Yaffe-Bellany, D. (2023) Crypto Lender Nexo Is Fined $45 Million as Crackdown Widens. The New York Times, Jan. 19 (Retrievable online at https://www.nytimes.com/2023/01/19/business/nexo-sec-crypto-fined.html?)