Wall Street Journal (December 28)
“The failure to anticipate how quickly the Fed would raise interest rates has upended banks big and small this year. Three bigger ones collapsed this spring, but it is community banks… that have been in a full-blown crisis. The losses on long-term bonds have unnerved depositors, investors and regulators who have questioned how bankers failed to properly protect themselves from interest-rate risks.”
Tags: Anticipate, Banks, Bonds, Collapsed, Community banks, Crisis, Depositors, Failure, Fed, Interest rates, Investors, Protect, Regulators, Risks, Unnerved, Upended
Newsweek (December 2)
“The failure to conduct basic due diligence of Bankman-Fried is after all what led to his ability to take so many people for a ride. That refusal to investigate reflects the complexity of the crypto industry and the difficulty involved in tracking the flow of funds and risk on the blockchain. But it’s also further evidence of how the media gets hoodwinked by Robin Hood narratives, something many technology leaders have learned to leverage well.”
Tags: Bankman-Fried, Blockchain, Complexity, Crypto industry, Difficulty, Due diligence, Evidence, Failure, Funds, Hoodwinked, Investigate, Media, Risk, Robin Hood, Tracking
Financial Times (November 11)
The bankruptcy of “Sam Bankman-Fried’s business empire includes billions of dollars of illiquid venture capital investments… including exposure to Elon Musk’s SpaceX and Boring Company.” The giant sprawl of his “venture capital portfolio will add to the complexity of the insolvency proceedings, which itself includes more than 130 companies controlled by Bankman-Fried. FTX’s collapse is among the most dramatic failures in the crypto industry not just this year, but since the creation of bitcoin more than a decade ago.”
Tags: Bankman-Fried, Bankruptcy, Bitcoin more, Business empire, Complexity, Crypto, Exposure, Failure, FTX, Illiquid, Insolvency, Investments, Musk, SpaceX, Sprawl, VC
Washington Post (March 17)
In terms of seizing Ukraine, “the extent of Putin’s failure is breathtaking.” He has, however, successfully “unified the West, prompted NATO to beef up its military spending, kick-started a resurgence of pro-democratic sentiments… and made himself the poster boy for war crimes.… Meanwhile, Russia’s economy is in shambles, losing decades of progress and perhaps permanently damaging the country’s energy markets.”
Tags: Breathtaking, Economy, Failure, Military spending, Nato, Pro-democratic, Putin, Resurgence, Russia, Ukraine, War crimes, West
Financial Times (December 9)
“The Big Four accounting firms have recorded their strongest financial performance since the collapse of Enron as corporate clients rushed to transform their businesses during the coronavirus pandemic.” Revenues soared to over $167 billion, collectively, in spite of “continued criticism of the structure and performance of the firms, especially in audits, including scrutiny of EY’s failure to identify fraud at Wirecard.”
Tags: Accounting firms, Audits, Big Four, Clients, Collapse, Coronavirus, Criticism, Enron, EY, Failure, Financial performance, Fraud, Pandemic, Revenues, Scrutiny, Transform
Washington Post (July 9)
“Tokyo’s newly rebuilt, 68,000-capacity National Stadium… will be empty throughout the Games, symbolizing the vast sums of money invested in these Olympics with little reward for the people of Japan or the country’s economy.” The spectator ban “highlights the government’s failure to get its vaccination program underway early enough to allow the Games to take place safely with fans.”
Tags: Economy, Empty, Failure, Government, Japan, Money, National Stadium, Olympics, Reward, Spectator ban, Tokyo, Vaccination program
Fortune (June 13)
“Before the pandemic, Japan’s workforce faced longstanding problems, like chronic overwork, low productivity, and too few women. Letting employees work from home may have helped ease all three, in addition to preventing the spread of COVID. But Japan’s failure to more fully adapt means it will likely miss out on the carry-on benefits of remote work that some corporations elsewhere are warming to.”
Tags: Adapt, Benefits, Covid, Employees, Failure, Home, Japan, Longstanding, Overwork, Pandemic, Productivity, Remote work, Women, Work, Workforce
USA Today (February 22)
“How can we honor the more than half-million Americans who lost their lives to COVID-19 while marking former President Donald Trump’s shameless failure to ‘preserve, protect and defend’ this country and its Constitution? Easy. Let’s bury the dead at Mar-a-Lago.”
Tags: Bury, Constitution, COVID-19, Failure, Honor, Lives, Mar-a-Lago, Preserve, Protect Defend, Shameless, Trump
Fort Worth Star-Telegram (February 16)
“Once again, Texans are suffering because of a failure of disaster planning and investment to prepare for the worst. First, it was the pandemic…. This time, it’s an unprecedented — but, importantly, not unpredictable — stretch of cold weather and storms blanketing the entire state.” The resulting power outages could have been prevented. “There must be accountability. People must be fired. Companies must be fined and required to do better. Winterization of power plants must be a priority.”
Tags: Accountability, Cold, Disaster planning, Failure, Fined, Fired, Investment, Pandemic, Power outages, Prepare, Storms, Suffering, Texans, Unprecedented, Weather, Winterization
Guardian (February 10)
“Across the UK, firms and consumers are discovering costs of Brexit that Mr Johnson denied. That denial was born of a failure to understand the trade-off between regulatory autonomy and market access. The prime minister swapped seamless trade for notional sovereignty and passed the cost on to unsuspecting businesses. Naturally, he wants to blame the EU for any pain. These are not teething troubles in implementation of the deal. They are the deal.”
Tags: Blame, Brexit, Consumers, Costs, Denial, EU, Failure, Firms, Johnson, Market access, Regulatory autonomy, Seamless trade, Sovereignty, Trade-off, UK
