![]() ![]() The results, released this week, were lauded as proof of the benefits of shifting the traditional approach to office life. That story you read this week about the four-day workweek may not turn out how you thinkįrom June to December, 61 companies in Britain agreed to try out a four-day workweek in what was billed as the largest-ever study of the practice. It has seven bedrooms, including one that is being used as a gym, and a 38-foot-long living room with a terrace. ![]() With an asking price of $30 million, the 6,500-square-foot condo overlooks Central Park. Apple’s ultimate goal is to make the technology part of the Apple Watch. Such a breakthrough could revolutionize diabetes care, affecting one in 10 Americans and disrupting a multibillion-dollar industry. Japan’s investor protection laws required the company to segregate customer funds and register with the authorities.Īpple believes a no-prick blood glucose tracking monitor is possible, according to Bloomberg. The subsidiary of the bankrupt crypto exchange said it began allowing customers to make withdrawals on Tuesday, though customers in the United States are still waiting for access to their assets. Some FTX Japan users can withdraw their money. “If someone calls their bluff, no one will hire them again.” IN CASE YOU MISSED IT “A banker’s reputation is all they have,” said Drew Pascarella, a senior lecturer of finance at Cornell University, who previously worked as an M.&A. It’s up to sophisticated investors to do their own calculations.) But AllianceBernstein had already temporarily stopped doing business with Jefferies because of the allegation. (Of course bond traders exaggerate, the argument went. The government failed to successfully prosecute a former bond trader at Jefferies accused of misleading investors about the market. But an appeals court noted while affirming his conviction that Skilling knew at the time that a number of Enron’s businesses were in, or facing, severe trouble.Ī fib without fraud charges can still be costly. One of Skilling’s defenses was that some of his public statements, including claiming that all of Enron’s businesses were “uniquely strong franchises with sustainable high earnings power,” were puffery. regulators with trying to artificially prop up the company’s stock price and misleading investors about it. When the bluff gets into details - as it allegedly did with Ozy’s list of purported investors - the legal ground can get shakier. Lying about verifiable specifics is less defensible. Vagueness is also a common tool for bankers selling a company they might, for example, tell a potential buyer that three parties are interested, while not mentioning that the prices that two of those parties are willing to pay are lower than the selling floor. District Court, for example, applied this thinking in a lawsuit against Ford Motor for failures of Firestone tires on its vehicles, ruling that certain broad proclamations - like “safety comes first” - were simple acts of puffery. courts have effectively adopted a “ puffery doctrine” that allows companies leeway to make sweeping statements. “Puffery” is, perhaps surprisingly, defensible. Sheel Mohnot, a co-founder of Better Tomorrow Ventures, estimates that once a week someone on his team will say after a pitch meeting, “Yeah, that’s bull.” For better or worse, some over-optimism is expected in business. ![]() How many times has a real estate agent exaggerated the interest in a property? Or a private equity firm misled a buyer about competition for an asset? The business world calls this “bluffing.” Lawyers call it “puffing.” While clearly unethical - and we’re not defending it - that one part of the criminal complaint doesn’t sound far off from a practice that seems all too common in business. Watson allegedly named other investors in the deal - even though not everyone on the list had, in fact, committed that money. The criminal complaint against Carlos Watson, which was unsealed this week, contains some jaw-dropping accusations, including that Watson, the founder of Ozy Media, lied about its numbers, fabricated documents and asked a colleague to impersonate a YouTube executive on a conference call with Goldman Sachs.īut there is also a less headline-grabbing accusation: When making his case to potential investors, Mr. ![]()
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