Avert your eyes! My Sunday morning look at incompetency, corruption and policy failures:
• As Covid Hit, Washington Officials Traded Stocks With Exquisite Timing: Some sold in January 2020 when the government began mobilizing against the threat. Others bought shares as a market-rescue plan was taking shape. (Wall Street Journal)
• How Binance CEO and aides plotted to dodge regulators in U.S. and UK: A plan to “insulate” itself from the SEC. A backdated document. An exodus of compliance staff. The world’s biggest crypto exchange and its billionaire founder swerved scrutiny by regulators, Reuters found. Now there are signs the strategy is fraying. (Reuters)
• Exxon’s Exodus: Employees Have Finally Had Enough of Its Toxic Culture: The 140-year-old oil company is making more money than ever. Yet the pandemic exposed deep cultural problems—and talent is fleeing. (Businessweek)
• How Bad Are Elon Musk’s Latest Twitter Shenanigans? Introducing the Elon Musk Shenanigans Watch. (Slate)
• The $30 Million Lottery Scam: How a Michigan real-estate broker became convinced he had cracked the lottery—and how he tricked his investors into financing his scheme (The Atlantic)
• Despite sanctions, Russian fuel is still selling — here’s who’s buying: New markets and illicit tactics are part of Russia’s strategy for making up losses. (Vox)
• The Rise of Mobile Gambling Is Leaving People Ruined and Unable to Quit: Financial catastrophe is now only a few clicks away, a problem that is showing quiet signs of becoming a crisis. “I can’t just get rid of my phone,” one problem gambler says. (Vice)
• Germany’s Apokalypse Now: The worst nightmares of Europe’s sleeping giant are coming true all at once. (Tablet)
• Pro-Trump conspiracy theorists hound election officials out of office: Nevada businessman Robert Beadles whipped up outrage against the local voting registrar. She says she quit in fear for her family’s safety. Their stories illustrate a nationwide effort by Trump allies to drive election administrators from office over false vote-rigging claims. (Reuters) see also In Nevada, election deniers prepare to sabotage the midterms: If the midterm elections degenerate into chaos in a couple of weeks — a very real possibility — then Nevada is poised to lead the way. Indeed, the chaos here has already begun. (Washington Post).
• Inside Steve Bannon’s ‘disturbing’ quest to radically rewrite the US constitution: By taking over state legislatures, Republicans hope to pass conservative amendments that cannot be electorally challenged (The Guardian)
Be sure to check out our Masters in Business interview this weekend with Marta Norton, Chief Investment Officer of Morningstar Investment Management. The firm manages directly or advises on $249.4B in client funds. She began her career as BLS economist, and before her current role, she was Head of U.S. Outcome-Based Strategies for Morningstar .
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