The collapse of crypto exchange FTX serves as yet another reminder as to why the public should be wary of executives the media peddles as geniuses, particularly when they profess to adhere to the highest standards of morals and ethics.
Sam Bankman-Fried’s Hocus Pocus Crypto
How’s this for a modern-day version of the sitcom hit “Friends?”: A group of tech nerds are given $2 billion by some of the smartest people in Silicon Valley and Wall Street to create a crypto exchange. Instead of living in a Manhattan apartment they live in a $30 million, five-bedroom penthouse in a luxury residential complex in the Bahamas. To spice things up, some of these friends formerly dated each other.
A far-fetched plot? This is just a smattering of the real-life story about the collapse of the crypto exchange FTX and its founder, Sam Bankman-Fried. Here’s the FTX scandal explained for those who don’t understand cryptocurrency and some info on critical people the media has so far ignored or glossed over.
Rest assured, this will make one heck of a Hollywood movie.
Karma Bites Back Elon Musk with a Vengeance
I’ve tired of Elon Musk, and I suspect I’m not alone in my weariness. While I’d never bet against the Chief Twit, he would be wise to watch himself. The universe is sending him a message.
Cerberus’ Fleecing of Albertsons and America
This will come as a shock to the media, but most Americans, particularly those with families to feed, couldn’t care one iota about what Elon Musk charges for his blue Twitter checkmarks. A story of greater importance is Kroger’s acquisition of Albertsons, which will likely increase already soaring food prices.
The takeover has a private equity wrinkle that even by that industry’s immoral and unscrupulous practices is obscene. Fortunately, a half dozen attorneys general are fighting the good fight to prevent a $4 billion smash and grab.
La expansión de Ford en México
“Just look around and you’ll see an amazing story. … Companies are choosing to build new factories here, when just a few years ago, they would have built them overseas,” President Biden crowed in his State of the Union address earlier this year.
This morning I looked around and was greeted with this Reuters headline: “U.S. automaker Ford opens $260 million campus in Mexico.”
The opening, coming just one week before the election, makes clear that Ford CEO Jim Farley has the same low regard for Biden as he does for Michigan Gov. Gretchen Whitmer, who Ford has previously played for a fool, among other Michigan leaders. The announcement also underscores how Ford is singing a very different tune with Biden running than country than when Donald Trump was in charge.
An Unsung ER Hero Named Cedric Wyckoff
The ER at Beaumont Troy, the second busiest ER in southeastern Michigan, possibly averted a major bloodbath last August when an eagle-eyed hospital security officer confronted a visitor he suspected was carrying a concealed firearm. The man was roaming the ER’s main treatment area.
Turned out, the visitor was carrying a loaded gun, two clips for the firearm, and two large pocketknives.
The security officer was born to become a hero, as he was previously involved in three other acts of life-saving heroism.
The Looming Cyber Shutdown of U.S. Hospitals
Michigan Medicine, University of Michigan’s teaching hospital, is as good as it gets when it comes to healthcare in America. Unfortunately, when it comes to cybersecurity, Michigan Medicine appears as inept as its lesser rivals protecting its IT and patient information, underscoring that even top-tier hospital managements are out of their depths when it comes to safeguarding their technology.
It’s likely only a matter of time before hackers decide to hijack all U.S. hospital IT operations in one fell swoop. Federal intervention is required, but unfortunately the U.S. government is no better protecting its IT than U.S. hospitals.
Ford’s $105M Patent Spanking Is a Very Big Deal
Ford Motor Co. for decades has demonstrated a hearty appetite for litigation risk, which explains the more than 50 safety recalls the company has issued this year. Investors would be wise to take note of two significant legal defeats that recently resulted when two of America’s top litigation lawyers chose to take Ford on.
When Hospital Nurses Must Call 911
At St. Michael’s Medical Center in suburban Seattle earlier this month a charge nurse working in the hospital’s problem-plagued ER was forced to call 911 and ask the fire department for backup support. There were reportedly five nurses on duty and 45 patients in the waiting room.
At Ascension Saint Joseph’s Medical Center of Joliet in suburban Chicago three nurses were suspended and escorted from the hospital after voicing concerns about ER staffing. According to the Illinois Nurses Association, there were only four nurses available to treat 46 patients. The unit’s staff requirement was 14 nurses.
In Dallas, a maternity ward nurse and a case worker at Methodist Dallas Medical Center were shot and killed when a gunman on parole and wearing an ankle bracelet opened fire. The gunman reportedly hit his girlfriend while she was in labor and then opened fire on the hospital staff.
Although the three incidents in different regions of the country seem unrelated, what binds them are the inept managements overseeing U.S. hospitals.
Barron’s & the Sorry State of General Motors
If electric vehicles are the future of automotive, General Motors CEO Mary Barra continues to suffer major missteps, admitting this week that her ambitious EV sales promises will be delayed another year. As well, Barra has issued yet another recall for her monster Hummer pickup, this one for a faulty battery seal allowing water to seep in.
One upon a time, Barron’s would be the publication sounding the alarm and warning investors about Barra’s track record of broken promises and GM’s history of shoddy manufacturing. Now it’s just another voice in the legacy media’s EV choir.