Facebook’s own words are the ‘ultimate definition of fraud,’ says Ohio attorney general

Alexis Keenan
·Reporter
Tue, November 16, 2021

A lawsuit alleging securities law violations, filed against Facebook's parent company Meta (FB) by Ohio’s largest pension fund, should be an easy one to prove, according to the state’s attorney general.

On Monday, Attorney General Dave Yost along with Ohio’s Public Employee Retirement System filed suit in federal district court in California, alleging that earlier in the year Facebook and its senior executives made false and misleading statements that artificially inflated its share prices.

“I don't think causation's going to be a terribly difficult thing to prove here,” Yost told Yahoo Finance Live, referencing a 2019 internal Facebook review the Wall Street Journal reported on earlier this year.

That internal review took issue with a Facebook policy that gave special treatment to the accounts of popular users like politicians and celebrities, allowing them to violate the platform's rules without repercussions. The review, marked attorney-client privileged, called the actions "a breach of trust."

“We are not actually doing what we say we do publicly,” said the confidential review, according to The Wall Street Journal. “Unlike the rest of our community, these people can violate our standards without any consequences.”

The Ohio attorney general suggested those words could be used against Facebook. “Facebook in its own internal review said we're not doing the things that we're saying we're doing publicly," he said. "And that's the ultimate definition I think of fraud: saying one thing and doing the other."

Facebook CEO Mark Zuckerberg testifies during a remote video hearing held by subcommittees of the U.S. House of Representatives Energy and Commerce Committee on "Social Media's Role in Promoting Extremism and Misinformation" in Washington, U.S., March 25, 2021. U.S. House of Representatives Energy and Commerce Committee/Handout via ReutersMore

According to the complaint, Facebook's stock dropped as a result of disclosures by former Facebook employee turned whistleblower, Frances Haugen, and a series of reports published by The Wall Street Journal. The disclosures and reports, together, the complaint says, paint a picture that Facebook was aware of but failed to disclose the extent of problems on its platforms concerning illegal activity, violent extremism, and harm to children.

“All told, these disclosures erased more than $100 billion in shareholder value and subjected Facebook to immense reputational harm,” according to the complaint, which seeks class action status.

The pension fund alone lost $4.3 million due to the disclosures, the lawsuit said. Those figures are based on the lawsuit's claim that losses should be measured from April 28 — when CEO Mark Zuckerberg allegedly made false or misleading statements during an earnings call — to Oct. 21 when the Wall Street Journal reported that 11% of Facebook's monthly active users worldwide come from duplicate accounts.

According to the allegations, when an analyst asked on the April earnings call about a practice that could increase the amount of controversial content pushed to users’ News Feeds, Zuckerberg downplayed the concern.

Meta’s spokesperson responded to the lawsuit in an email to Yahoo Finance, saying "This suit is without merit and we will defend ourselves vigorously.”

Under federal securities law, the lawsuit must show that Facebook or its executives intentionally lied at least once, or knowingly made one omission. The suit also has to show that the plaintiffs relied on these false statements or omissions when buying Facebook shares, and that false statements caused those shares to lose value.

The lawsuit is one of multiple suits against Facebook arising out of the Haugen disclosures and alleging federal securities law violations for failing to disclose internal research about its platforms.

Alexis Keenan is a legal reporter for Yahoo Finance. Follow Alexis on Twitter @alexiskweed.

 

WSJ: Texas Lightering Firms Too Scared of Iran to Touch Seized Cargo

Iran has repeatedly seized foreign-flag tankers for retaliation or leverage, like the tanker Niovi, seen with Iranian attack boats in the Strait of Hormuz, above (U.S. 5th Fleet file image)

PUBLISHED JUL 20, 2023 1:22 AM BY THE MARITIME EXECUTIVE

 

In April, the U.S. government seized the tanker Suez Rajan after it was caught transferring sanctioned Iranian oil off Singapore. The ship and its cargo were dispatched on a 13,000-nautical-mile voyage to Houston, where the oil would be offloaded, sold, and the profits distributed to victims of terrorism. This sequence has played out scccessfully before - but this time, there is a hitch. All of the tanker lightering operators in the state of Texas are too scared to touch the cargo, according to the Wall Street Journal.

The problem starts with water depth. Suez Rajan's laden draft is too deep to reach any shore-based Gulf Coast import terminal without offloading part of the cargo. To get the oil to the refinery, cargo owner Houston Refining needs to lighter it off in smaller parcels using a shuttle tanker. That is proving nearly impossible, because all lightering operators have refused - for two reasons, according to the Wall Street Journal and S&P Global. 

The first reason is the fear that the shuttle tanker's reputation will be tainted by its brief contact with Iranian cargo, even if that cargo is fully approved and authorized by the U.S. government. "The stigma of having touched a sanctioned entity's crude will be carried forever in the eyes of the rest of the world," one shipowner told S&P Global.

The second is that any shipowner who lighters the cargo off will have to watch over their shoulder for Iranian reprisals. Iran has developed a reputation for aggressively harassing, boarding and seizing foreign-flag tankers in the Gulf of Oman and the Strait of Hormuz, despite the extensive maritime security measures taken by the U.S. and its allies. The leading Gulf Coast lightering operators are global tanker companies, and they own ships that pass by Iran regularly. “Companies with any exposure whatsoever in the Persian Gulf are literally afraid to do it,” one energy executive told the Wall Street Journal. 

As a result, the Suez Rajan and her cargo have been anchored off the coast of Texas since May 30, awaiting an owner brave enough to carry out the lightering operation. As of Wednesday, the vessel was still holding position. 

The activist group United Against a Nuclear Iran (UANI), which first brought the Suez Rajan to the attention of American authorities, said that the case highlights the need for a more substantial U.S. naval presence in the Persian Gulf. With more destroyers and drones patrolling the Strait of Hormuz, the group argues, the Iranian threat would be reduced. "The U.S. cannot enforce oil smuggling sanctions if the shipping and related industry businesses live in fear of Iranian retaliation. Without real American deterrence, Iran can act with impunity to defeat even the best crafted sanctions laws," UANI CEO Amb. Mark D. Wallace told the Wall Street Journal. 

American Ports Dismiss “Chinese Spy Cranes” as Media Sensationalism

Chinese-manufactured cranes are shipped to the U.S. fully assembled on heavy lift ships (Port of Seattle)

PUBLISHED MAR 10, 2023 5:40 PM BY THE MARITIME EXECUTIVE

 

The American Association of Port Authorities issued a statement responding to the media reports circulating over the past week that suggested Chinese-manufactured cranes used to move containers and other heavy cargo in ports might compromise U.S. security. The organization which represents more than 130 public port authorities in the U.S., Canada, the Caribbean, and Latin America, called the media reports “alarmist,” and “sensationalized,” while saying it would use the attention on the industry to launch a legislative effort to restore the U.S.’s manufacturing capabilities for cranes and other heavy port equipment.

The issues made headlines after The Wall Street Journal published a report saying that unnamed “national-security and Pentagon officials” were comparing the cranes manufactured by China’s ZPMC to a Trojan horse. The report said that there was “a growing concern” that the cranes which are widely deployed any many major American ports “could be giving Beijing a possible spying tool hiding in plain sight.”

These unnamed sources highlighted the sophisticated electronics built into modern cranes saying that they feared China could capture information about materials being shipped. Questions were also raised that if the technology could provide China with remote access to the ports or even the ability to disrupt operations.

“Modern cranes are very fast and sophisticated but even they can’t track the origin, destination, or nature of the cargo,” wrote AAPA in its response to this week’s media frenzy.

The Chinese Embassy responded to The Wall Street Journal calling the reports “paranoia-driven” and efforts to further disrupt trade and economic cooperation. Reports in the government-controlled media in China went further calling this the latest example of the “delusion of persecution” among the Americans. One media report was entitled, “Hysterically laughable to think giant Chinese-made cranes could be spying tools.”

The origin of the report seems linked to a little-known clause inserted by U.S. lawmakers into the December 2022 defense authorization act. According to The Wall Street Journal, lawmakers added a requirement for the Transportation Department to consult with the defense secretary to produce a study on the issue. Specifically, they required an unclassified report “on whether foreign-manufactured cranes pose cybersecurity or national-security threats at American ports.”

AAPA highlights that it has a technical committee and a strong focus on security and safety at all ports. They cited efforts to identify and protect against any potential threats. The Association’s General Counsel said, “I like a good spy movie, but you need a smoking gun to make it a blockbuster, and there’s no smoke in this story.”

Even The Wall Street Journal admitted, “National-security officials haven’t detailed any instances of cranes being used to nefarious ends.” 

Many observers are citing this as the latest wave of anti-China sentiment which has led to repeated accusations against a wave of Chinese companies. Social media platform TikTok continues to be under scrutiny with the military and many states banning the use of the app. The U.S. previously also banned the Chinese telecom company Huawei and now the efforts are targeting ZPMC, which by the company’s estimates controls 70 to 80 percent of the world market for ship-to-shore cranes. Emerging as a lower-cost alternative, and in many cases, the only viable supplier, the company’s cranes are deployed in over 100 countries.

With the backlash growing against Chinese companies, including now ZPMC, the association writes in its response to the latest issue, “Without reshoring, our domestic manufacturing capacity, legislative proposals to hastily remove cranes from U.S. ports without immediate replacements would harm U.S. supply chains, jack up prices for everyone, and exacerbate inflation even further.”

AAPA announced it would be supporting the introduction of the “Crane Reshoring and National Enforcement of Supply Chain Security Act.” They said more details on the effort which is designed to jump-start American production of port equipment would be announced at a legislative summit the association is sponsoring at the end of March.
 

Attack on Indian sovereignty, says Centre on Wall Street Journal advertisement

Suhasini Haidar
OCTOBER 16, 2022 09:45 IST

The advertisement which appeared on October 13 in the Wall Street Journal appeared to have been timed with Union Finance Minister Nirmala Sitharaman’s visit to Washington D.C. Photo: Twitter/@GLandrith

Senior adviser raises queries on the advertisement which called for sanctions against the Finance Minister, Enforcement Directorate chief and Supreme Court judges in Devas case

The government reacted strongly on Saturday to an advertisement in U.S. newspaper Wall Street Journal by a U.S. group calling for sanctions against Finance Minister Nirmala Sitharaman, Supreme court judges and Enforcement Directorate and other officials in the Devas-Antrix case, calling it an “attack on Indian sovereignty”.

The advertisement which appeared on October 13 in the newspaper appeared to have been timed with Ms. Sitharaman’s visit to Washington, in an attempt to draw attention to the case on behalf of Devas co-founder, U.S. citizen Ramachandra Vishwanathan. Mr. Vishwanathan who has, along with a Washington-based NGO “Frontiers of Freedom” appealed to the U.S. State Department to apply “Magnitsky Act” sanctions on the named eleven Indian government officials for what he called a faulty investigation, an “unfair” trial and government moves to declare him a criminal and attach his property which he said amounted to “depriving” him of his “liberty and security”. In Delhi, a senior government advisor called it a “shockingly vile” advertisement that had targeted India and its Government.

“This is not a campaign against [the] Modi Government alone. It's a campaign against [the] judiciary. It's a campaign against India’s sovereignty,” said Kanchan Gupta, Senior Adviser, Ministry of Information & Broadcasting, in a set of tweets where he also criticised the Wall Street Journal for allowing the “shameful weaponisation of American media by fraudsters”. Mr. Gupta said that the advertisement had been taken out on behalf of Mr. Vishwanathan who is a “declared fugitive economic offender” accused of corruption.

While the original case involved a dispute between Bangalore-based Devas Multimedia and Antrix Corp, the commercial arm of the Indian Space Research Organisation over a 2005 deal to operate satellites that was cancelled, the latest controversy pertains to actions by Devas co-founder Vishwanathan and the government’s counter-actions against Devas more recently. In August this year, the Delhi High Court set aside a $1.3 Billion (including interest) arbitration verdict in favour of Devas Multimedia that had been passed in 2015 by the International Chamber of Commerce. The government sought Mr. Vishwanathans arrest on charges of corruption, froze Devas accounts in Mauritius through the use of the Mutual Legal Assistance Treaty (MLAT) and requested an Interpol red corner notice to have him extradited from the U.S.

However, also in August, Devas Multimedia s had seized $87,457.47 in cash from Antrix Corporation’s account in the U.S. and had seized a property in Paris after getting favourable orders in U.S., French and Canadian courts on the basis of the ICC award.

The advertisement, that was taken out by an American right-wing NGO founded by a Republican party Senator, accused Ms. Sitharaman, Judges V. Ramasubramanian and Hemant Gupta, Solicitor General Tushar Mehta, ED Director Sanjay Kumar Mishra and Assistant Director R. Rajesh and other officials of misusing state powers to “settle scores with political and business rivals”. Calling the named officials “Modi’s Magnitsky 11”, Frontiers of Freedom President George Landrith, who is also a Republican party member, said

“The actions of [officials named and the Modi government] send a clear message to potential investors in India: India is a dangerous place to invest,” Mr. Landrith tweeted on Thursday.

The Global Magnitsky Act of 2016 authorizes the U.S. government to sanction foreign government officials worldwide that it determines are ‘human rights offenders’, freeze their assets, cancel visas and ban them from entering the U.S.

Speaking at a public event in Delhi as well as to television channels, Mr. Gupta called on the U.S. government to look into the advertisement. He also called into question the fact that the financial paper ran the advertisement questioning India’s investment climate even as the IMF chief Kristalina Georgieva, who met Ms. Sitharaman had referred to India as a “bright spot” on the global horizon.

Tyson Foods is ramping up development of robots that can cut meat in response to coronavirus outbreaks in meatpacking plants

Bethany Biron
Jul 11, 2020,

A man shops for meat during the pandemic. Drew Angerer/Getty Images

Tyson Foods is accelerating development of robotic technology that will assist with meat processing following a series of coronavirus outbreaks at meatpacking facilities around the US. 

According to data from the Centers for Disease Control and Prevention, there have been a total of 16,233 coronavirus cases in meat processing facilities across 23 states. 

Tyson has already invested $500 million in robotics since 2017, but CEO Noel White told the Wall Street Journal the company plans to ramp up these efforts in response to the pandemic. 

SOMEHOW I DON'T THINK THIS IS WHAT TYSON'S HAD IN MIND
In the not-so-distant future, robots may be cutting and processing packaged meat for Americans.

Tyson Foods is reportedly accelerating development of robotic technology designed to handle processes like deboning the 39 million chickens that go through the company's plants each week, according to a report from the Wall Street Journal.

While the project has been in the works for several years, the meatpacking company increased urgency around the effort in the wake of a rash of coronavirus outbreaks across its facilities starting in May. Tyson, as well as competitors like Smithfield Foods, quickly became hot spots for spreading the virus, sickening workers and prompting temporary closures that led to national meat shortages.

According to the Centers for Disease Control and Prevention, there have been a total of 16,233 coronavirus cases in meat processing facilities across 23 states in the US. As of July 10, these illnesses have contributed to 86 deaths, the CDC findings show.

"Meat and poultry processing facilities face distinctive challenges in the control of infectious diseases, including COVID-19," the CDC report states. "COVID-19 outbreaks among meat and poultry processing facility workers can rapidly affect large numbers of persons."

Tyson Foods CEO Noel White told the Wall Street Journal that the company has already invested $500 million in robotics since 2017, and has plans to ramp up the project amid the coronavirus. Tyson currently has a dedicated facility on its Springdale, Arkansas headquarters where engineers and scientists are testing and developing meat processing robots.

Tyson is not the only meat behemoth turning its sites to robotics. Competitors like JBC and Pilgrim's Pride have also working on developing similar automated robotic technology in recent years. "They are much closer to what the person can do than seven years ago," JBS CEO Andre Nogueira told the Wall Street Journal.

While automated robots could reduce exposure to the coronavirus and help prevent employees from working in close proximity, some have concerns that they could take the place of human jobs in an economy that has left 21 million Americans unemployed. Further, many of these workers are already earning comparatively low wages to other individuals in similarly hazardous lines of work, at an average of $15.92 an hour. Construction workers, for example, earn an average of $28.51 an hour, according to the US Labor Department.

SEE ALSO: At least 4,500 Tyson workers have caught COVID-19, with 18 deaths. The meat giant still doesn't offer paid sick leave, as the industry blames workers for outbreaks.

A Plan To Buy Coal Mines And Close Them Down Got Rejected By Investors: Report
By Ben Zeisloft•
Dec 18, 2021 DailyWire.com•

Photo by Scott Olson/Getty Images

Citigroup and other firms attempted to launch a fund that would purchase coal mines and close them by 2040, according to The Wall Street Journal; however, the project was allegedly abandoned upon several rejections from investors.

The Wall Street Journal reported:

The bank teamed up with commodities trader Trafigura Group Pte. Ltd. and Resource Capital Funds, a private-equity firm, to pitch an investment vehicle earlier this year known as Coal to Zero. The fund planned to buy mines in the U.S., Australia and South Africa and run them with the promise of shutting them down by 2040, according to people familiar with the matter and a marketing document seen by The Wall Street Journal.

The fund was trying to solve a thorny problem in the green-energy world. Some energy and mining companies have divested coal assets under the pretense of cutting carbon emissions or appeasing shareholders, only to sell them on to owners happy to run them indefinitely. The fixed end date was a compromise.

In addition to the early shutdown plan, the fund would have kept 75% of its coal in the ground. The Wall Street Journal adds that investors were reportedly uneasy with the project:

Some pension funds and other potential investors balked at the investment vehicle because they didn’t want to face criticism for investing in fossil-fuel projects despite the fund’s goal of accelerating the retirement of coal mines, according to some of the people familiar with the matter. The group’s failure to bring financial backers on board demonstrates how taboo thermal coal has become in the investment world.

Another challenge stemmed from fast-moving changes of direction from governments about the future of coal in the energy mix, some of the people said. Germany’s new government, for example, recently said it aims to bring forward the country’s target for shutting coal power plants to 2030 from 2038. This made it difficult to finalize retirement dates for mines and set the fund’s financial objectives.

Indeed, the White House’s emphasis on clean energy projects — and its attempts to stem nonrenewable energy production — has led American investment banks to grow hesitant over coal projects. In a recent letter, the financial officers of 16 Republican states announced that they would “be taking collective action in response to the ongoing and growing economic boycott of traditional energy production industries by U.S. financial institutions.”

“As the Obama Administration’s War on Coal demonstrated, reckless attacks on law-abiding energy companies cut off paychecks for workers and take food off the tables of hard-working families,” said the officials. “The Biden Administration has resumed these attacks by attempting to ban energy exploration on public lands and reportedly pressuring U.S. banks and financial institutions to limit, encumber, or outright refuse financing for traditional energy production companies.”

“We have a compelling government interest, when acting as participants in the financial services market on behalf of our respective states, to select financial institutions that are not engaged in tactics to harm the very people whose money they are handling,” the letter continued. “Further, we have the responsibility, as fiduciaries and stewards of more than $600 billion, to ensure that our financial service providers are free from harmful conflicts of interest that could jeopardize state funds.”

“Any financial institution that has adopted policies aimed at diminishing a large portion of our states’ revenue has a major conflict of interest against holding, maintaining, or managing those funds.”

Facebook owner Meta to cut more than 11,000 jobs

Nov 9, 2022,

Facebook's parent company Meta said on Wednesday that it would cut more than 11,000 jobs, reducing the size of its team by about 13% in the first mass layoffs in the firm's history.

"Today I’m sharing some of the most difficult changes we’ve made in Meta’s history," Chief Executive Mark Zuckerberg said in a message to employees. "I’ve decided to reduce the size of our team by about 13% and let more than 11,000 of our talented employees go."

The sweeping job cuts at Meta — the first in the corporation's 18-year history — follow mass layoffs at Twitter last week under Elon Musk's new leadership and another round of culls at Microsoft in October. Meta also plans to extend its hiring freeze through the first quarter.

Zuckerberg said that he, like others, had predicted the surge of e-commerce at the start of the COVID-19 pandemic was a "permanent acceleration" and as a result increased the company's investments. "I got this wrong, and I take responsibility for that," he wrote, saying that things "did not play out" as he expected and that factors including the economic downturn and growing competition had led to lower-than-expected revenues.

Meta had reported more than 87,000 employees worldwide at the end of September across its different platforms, which include Facebook, Instagram, and WhatsApp.

Shares in Meta rose 5% in pre-market trading on Wednesday, after weeks of concerns among investors about Zuckerberg's big bet on his metaverse virtual-reality project.

The company said every member of staff would soon receive an email explaining what the layoffs meant for them. It also listed some details about the severance pay, health insurance, and immigration support employees could expect in the U.S., adding that support for Meta staff in other countries would be "similar".

"I want to take accountability for these decisions and for how we got here. I know this is tough for everyone, and I’m especially sorry to those impacted," Zuckerberg said.

Mark Zuckerberg says Meta will begin laying people off on Wednesday morning

Paul Hill @ziks297 · Nov 8, 2022 18:38 EST

Meta CEO Mark Zuckerberg has announced that the company will begin laying people off from Wednesday morning, according to The Wall Street Journal. According to the news outlet, Mark gave the news to hundreds of executives in a meeting on Tuesday. Meta had more than 87,000 employees at the end of September and the upcoming cuts are said to affect thousands of jobs, though, no concrete figures have been given.

According to people who were at Tuesday’s meeting, Mark seemed to be downcast about the news and held himself responsible for the cuts. He said that he’d been over-optimistic about growth and ended up hiring too many people. Now, given the economic conditions, the company needs to cut thousands of jobs to keep the company’s finances healthy.

To help those affected by the cuts, Meta’s head of human resources, Lori Goler, told the meeting that affected employees will receive four months of salary as severance. This should help people with their living costs as they look for a new job.

Meta will release a general internal announcement about the layoff plans at 6 a.m. Eastern time on Wednesday. Those affected will be informed in the hours following the general internal announcement. According to the report, people in recruiting and business teams are those most likely to be affected.

Source: The Wall Street Journal (Paywall)

Impact on Irish workforce unknown as Meta job losses expected
Wednesday, 9 Nov 2022 

Around 3,000 people are directly employed by Meta in Ireland

By Brian O'Donovan

Work & Technology Correspondent

Facebook parent company Meta will begin laying off employees today, according to a report in the Wall Street Journal.

It is not yet known how the company's Irish workforce will be impacted.

Around 3,000 people are directly employed by Meta in Ireland and an additional 6,000 people support its operations here.

According to the Wall Street Journal, an internal announcement of Meta's layoff plans is expected around 11am Irish time this morning.

It is not yet known how the cuts will impact the company's Irish workforce - Meta directly employs 3,000 people in Ireland with an additional 6,000 people supporting its operations here

Meta Chief Executive Mark Zuckerberg was said to be downcast at a meeting of executives last night and told them he was accountable for the company's missteps that had led to overstaffing.

Speaking on RTÉ's Prime Time last night, Tánaiste Leo Varadkar said that he is not "unduly concerned" about by the prospect of widespread lay offs in the tech sector, and that while he did not want to downplay the seriousness of anyone losing their job, he believes that Ireland has a very well diversified economy.

Miami's crypto-friendly mayor is pitching bitcoin miners on the city's nuclear facilities to shrink their carbon footprint

ewu@insider.com (Ethan Wu) 

© Lynne Sladky/AP Miami Mayor Francis Suarez. Lynne Sladky/AP

Miami Mayor Francis Suarez told the Wall Street Journal he has been pitching miners on his city's nuclear plants and crypto friendliness.

In June, Suarez made a similar pitch to Chinese firms displaced by Beijing's mining ban.

Outside of Miami, too, miners are eyeing other opportunities to link with nuclear energy sources.

Concerns about bitcoin's heavy environmental impact are pushing miners toward carbon-free nuclear energy as cities like Miami look to capitalize on the trend, according to a Wall Street Journal report.

Miami Mayor Francis Suarez, who has fast become a beloved figure in crypto circles, told the Journal that he has been pitching bitcoin mining firms on his city's nuclear facilities and crypto friendliness.

A Miami-based nuclear plant owned by Florida Power & Light has been in talks with bitcoin miners over how to get ahold of cheap land near the facility to host mining rigs, Suarez told the Journal. He said worries about bitcoin's eco-unfriendliness "come from the fact that a lot of the mining was being done in coal-producing countries."

In June, Suarez made a similar pitch to Chinese firms displaced by Beijing's mining ban.

"The fact that we have nuclear power means that it's very inexpensive power," he told CNBC at the time. "We understand how important this is … miners want to get to a certain kilowatt price per hour."

While bitcoin mining is a highly energy-intensive activity, using nuclear power generates nearly zero carbon emissions or air pollution - presenting a seemingly tidy fix to a growing concern.

Outside of Miami, too, miners are eyeing other opportunities to link with nuclear energy sources.

Nuclear startup Oklo Inc. for example, has signed a 20-year deal to supply energy to Compass Mining through its mini reactor. Oklo CEO Jacob DeWitte told the Journal that he had received requests from other interested bitcoin miners, though federal approval is still forthcoming.

Bitcoin Bros and Nuclear Bros Have Found Common Cause

In the hunt for cheap, carbon-free energy, some miners have sought out partnerships with aging nuclear power plants.

By Shoshana Wodinsky

Cryptocurrency mining is a wildly energy-intensive endeavor that doesn’t only pump out more carbon emissions than some small countries, but is quickly racking up a small mountain range’s worth of electronic waste.

Now, apparently, we can add radioactive waste to bitcoin’s list of unfortunate environmental side effects. According to the Wall Street Journal, a number of bitcoin miners are striking up deals with local nuclear power plants. While nuclear is a carbon-free source of power for mining rigs, there are likely better uses of those electrons.

A handful bitcoin miners have sought money-making deals with some of the country’s struggling nuclear power plants, the Journal writes. One company, the Pennsylvania-based Talen Energy Corp., told the paper that it recently entered a “joint venture” with TerraWulf, a bitcoin operation that bills itself as the answer to “next-generation zero-carbon bitcoin mining,” whatever that means. According to the report, TerraWulf’s new mining facility will be parked next to Talen’s Pennsylvania plant, and will also be the size of “four football fields.”

With the U.S. nuclear fleet floundering as reactors reach—and even pass—retirement age, bitcoin mining could offer a way to keep operating. There are other options, though, including state-led bailouts. That would keep emissions-free electricity floating as the world races to install enough renewables to clean up the grid.

Some states that tried to woo bitcoin miners in an attempt to boost their economies, and nuclear power has played a key role in the sales pitch. Noted bitcoin fanboy and mayor of Miami Francis Suarez, for example, confirmed to Bloomberg that his office had been approaching crypto-mining companies with the prospect of setting up their operations alongside South Florida’s Turkey Point nuclear power plant.

It’s worth noting here that last month, the South Florida Sun-Sentinel reported on Turkey Point’s many, many safety issues, which includes multiple staff members being fired over the past year for forging safety inspections. So, uh, godspeed to Suarez and his pitch.

Bitcoin has developed a reputation for guzzling electricity and relying on the cheapest available sources, many of which are often heavily polluting. China’s coal plants kept the GPUs churning for the majority of the world’s mining operations until the country began cracking down on bitcoin. Natural gas plants have recently become mining hubs in Upstate New York. Though it burns cleaner than coal in terms of carbon dioxide, gas is also a major source of methane, a more potent greenhouse gas the world’s leading scientists recently sounded the alarm about.

Nuclear power offers zero carbon emissions to generate the power, though other parts of the process are a source of emissions. It also produces radioactive waste, of which there’s roughly 85,000 metric tons in the U.S. Figuring out what to do with it is an ongoing issue.

New company documents show Facebook knows Instagram is toxic for teen girls

Facebook company documents obtained by the Wall Street Journal demonstrate that Instagram's parent company knows the app can be toxic for teenage girls.

CNNWire
By Charles Riley, CNN Business

Wednesday, September 15, 2021 


NEW YORK -- Instagram says it's looking at new ways to discourage users from focusing on their physical appearance after The Wall Street Journal revealed that Facebook researchers have repeatedly found that the photo-sharing platform is toxic for teen girls.

The newspaper reported on Tuesday that researchers at Facebook, which purchased Instagram in 2012, have been conducting studies for the past three years into how the app affects its millions of young users. The research shows the platform can damage mental health and body image, especially among teen girls. Facebook executives have often played down mental health concerns in public.

"We make body image issues worse for one in three teen girls," said one internal presentation slide obtained by The Journal, summarizing research about teen girls who experience the issues. Among teens who reported suicidal thoughts, 13% of British users and 6% of American users traced the desire to kill themselves to Instagram, one presentation showed, according to The Journal.

Karina Newton, head of public policy at Instagram, wrote in a statement posted on Tuesday that referenced the newspaper article that while Instagram can be a place where people have "negative experiences," the app also gives a voice to marginalized people and helps friends and family stay connected.

Newton said that Facebook's internal research demonstrated the company's commitment to "understanding complex and difficult issues young people may struggle with, and informs all the work we do to help those experiencing these issues."

According to the Wall Street Journal, Facebook researchers concluded that some problems with teen mental health were specific to Instagram, and not social media more broadly, especially when it comes to "social comparison." That's when users focus on how their wealth, appearance or success stacks up against other people on the platform.

The research has been reviewed by top Facebook executives, according to The Journal, and was cited in a 2020 presentation given to CEO Mark Zuckerberg.

Newton said in her blog post on Tuesday that Instagram is "increasingly focused on addressing negative social comparison and negative body image." One idea is to prompt users to look at different topics when they repeatedly view content of that kind.

"We're cautiously optimistic that these nudges will help point people towards content that inspires and uplifts them, and to a larger extent, will shift the part of Instagram's culture that focuses on how people look," she said.

That might not be enough to appease critics. Facebook reaffirmed in July in that it was moving forward with plans to build an Instagram for kids under the age of 13 despite significant opposition from parents and lawmakers in Washington.

Sen. Richard Blumenthal, a Democrat from Connecticut, said Tuesday that The Journal's report demonstrates that Facebook has known for years of Instagram's "damaging effect on young people," and that its own employees' warnings were "shoved aside in favor of growth."

"I'm appalled and alarmed by Facebook's targeting of teens with dangerous products while hiding the science of its toxic impact," he said on Twitter. "Through hearings and legislation my Commerce subcommittee will act to protect children and support parents."

If you are struggling with thoughts of suicide, or worried about a friend or loved one, help is available. Call the National Suicide Prevention Lifeline at 1-800-273-8255 [TALK], or text TALK to 741-741 for free confidential emotional support 24 hours a day 7 days a week.

The-CNN-Wire ™ & © 2020 Cable News Network, Inc., a WarnerMedia Company. All rights reserved

Tickets for Trump's Saudi-backed LIV golf tournament selling for as little as $1 as event draws thin crowds, report says

Alia Shoaib

Former President Donald Trump plays in the pro-am round of the Bedminster Invitational LIV Golf tournament in Bedminster, NJ., Thursday, July 28, 2022. 

AP Photo/Seth Wenig

Tickets for the LIV golf tour at a Trump golf course are being sold for as little as $1.

The controversial Saudi-backed event has drawn light crowds, The Wall Street Journal reported.

Trump has faced criticism for hosting the event because of the Arab kingdom's human rights record.


Tickets for the Saudi-backed LIV golf tournament at Trump National Golf Club in Bedminster, New Jersey, are selling for as little as $1, as the controversial event fails to draw large crowds, a report says.

According to The Wall Street Journal, Saturday tickets were sold for as little as $1 on the ticket website StubHub, and "light crowds were spread across much of the vast grounds."

Saudi Crown Prince Mohammed bin Salman oversees Saudi Arabia's sovereign wealth fund, which is bankrolling the event.

Former President Donald Trump has faced criticism for hosting the event at one of his golf courses in light of allegations of human rights abuses against the Arab kingdom, such as the killing of journalist Jamal Khashoggi.

The 9/11 Justice group, composed of family members of 9/11 victims, has criticized Trump for hosting the tournament despite what they describe as "clear" evidence linking Saudi Arabia to the terrorist attack.

Some 9/11 family members and survivors protested near the event on Thursday.

Family members and survivors from the organization 9/11 Justice protest against the Saudi Arabian-funded golf series and its tournament being held at the Trump National Golf Club in Bedminster, New Jersey, U.S., July 29, 2022. Eduardo Munoz/Reuters

Trump made various remarks to reporters throughout the event, The Wall Street Journal said, including talking about Trump Doral, his Miami property that will host a second LIV event this year.

When asked how much he was being paid to work with LIV, Trump said it was "very generous" but added, "I don't do it for that," per the outlet.

In a video posted on Twitter, a heckler yells at golfer Phil Mickelson as he prepared to tee off.

"Do it for the Saudi royal family!" yelled the heckler, part of a comedy duo called The Good Liars, known for pranking public figures.

While speaking to reporters from the golf course on Thursday, Trump defended Saudi Arabia and claimed that "nobody's gotten to the bottom of 9/11."

In their open letter to Trump, the 9/11 Justice group noted that in a 2016 interview, Trump blamed Saudi Arabia for the attack.

Despite the criticisms, Trump has participated in the event, playing alongside his son Eric and LIV golfers.

He previously told The Wall Street Journal that he believed the tournament has been an "incredible investment" for the "image of Saudi Arabia."

Donald Trump is accused of burying Ivana at his Bedminster golf club to take advantage of TAX BREAK offered to cemeteries: Previously claimed the same land was a farm to avoid levies

A sociology professor at Dartmouth has queried whether Donald Trump buried his first wife at his golf club to take advantage of a tax break

In New Jersey, cemeteries are exempt from income, property and sales tax

According to tax laws in the Garden State, there is no minimum number of human remains that need to buried on the land in order to qualify for the break

Due to a previous deal that Trump made with the local government, Bedminster is already subjected to a mega tax break because it's designated as farmland

That is because part of the property produces mulch for gardening

Trump first announced plans for a family cemetery at Bedminster in 2007

Those plans expanded into a nearly 300-plot cemetery for members of his exclusive club
The ex-president has also stated his desire to one day be laid to rest at Bedminster, although he has flip-flopped on the issue of burial

By PAUL FARRELL FOR DAILYMAIL.COM
PUBLISHED: 31 July 2022 |

Donald Trump has been accused of burying first wife Ivana at his New Jersey golf club to exploit state tax exemptions on cemeteries.

Dartmouth sociology professor Brooke Harrington, who brands herself a tax researcher, tweeted: 'I was skeptical of rumors Trump buried his ex-wife in that sad little plot of dirt on his Bedminster, NJ golf course just for tax breaks.'

She concluded: 'So I checked the NJ tax code & folks...it's a trifecta of tax avoidance. Property, income & sales tax, all eliminated.'

Harrington later tweeted that there no stipulation on the amount of human remains necessary in order to qualify for the break.

The academic also shared a screen grab of the New Jersey state laws on tax breaks for cemeteries to prove her point.

Plots of land in New Jersey that are designated for use as a cemetery are not subjected to property, income or sales tax.

Ivana was buried in a plot close to the first tee of the golf course following her funeral in Manhattan on July 20. The former Czech model was found dead in her home on July 14 after falling down some stairs. She was 73 years old.

Ivana's final resting place is marked with a wreath of while flowers and a glossy granite stone which is engraved with her name and date of birth to date of death

It is surrounded by trees and backs onto a small dip near the entrance to the course, the first plot in the ten which have been sectioned off for the Trump family cemetery

Dartmouth sociology professor Brooke Harrington, who calls herself a tax researcher, concluded that Trump is avoiding three types of taxes with the cemetery

Phoebe Wall Howard of USA Today tweeted: 'New Jersey law exempts land used for cemetery purposes from income, sales and use taxes. The #ivanatrump burial site at Trump National Golf Club in Bedminster likely delivers a huge tax break.'

Howard followed that up by saying: 'Business and inheritance taxes are exempt, too. Also, cemetery property is exempt from sale for collection of judgments.'

The break applies as long as the plot of land is less than 10 acres. The designated land at Bedminster is 1.5 acres, meaning any tax exemption wouldn't apply to the entirety of the golf club.

Trump previously designated the plot as a farm to benefit from further tax breaks, as it produced mulch used for gardening.

The full law on taxation and cemeteries reads: 'Graveyards and burial grounds used or intended to be used for the interment of bodies of the dead or the ashes thereof not exceeding ten acres of ground, and cemeteries and buildings for cemetery use erected thereon, and all mausoleums, vaults, crypts or structures intended to hold or contain the bodies of the dead or the ashes thereof, and solely devoted to or held for that purpose shall be exempt from taxation under this chapter.

According to a 2017 Washington Post feature, Trump's company wrote in filings: 'Mr. Trump... specifically chose this property for his final resting place as it is his favorite property.'

In the same feature, it was detailed thanks to the Trump Organization successfully having the land where the cemetery is located classified as farmland.

Thanks to New Jersey's pro-farm taxation policies, Trump only pays $16.31 per year in taxes on the plot.

In 2016, the Wall Street Journal reported that Bedminster was home to a herd of goats which contributed the organization's claims that the area was farmland.
The Trump family leave church after attending funeral of late Ivana


Ivanka Trump with Donald, Melania and the rest of the family leaving the funeral home

The Journal estimated that without the farmland tax break, Trump would have to pay around $80,000 per year in levies.

Prior to her burial, the Trump Organization had the land at Bedminster consecrated 'so that she could have a traditional Catholic burial,' according to the New York Times.

Ivana's grave cannot be seen from the Bedminster clubhouse.

In 2014, the Trump Organization received permits for 10 burial plots on his land for members of his plan.

The organization upped the ante in 2017 when they applied for nearly 300 plots on the golf course to be sold to members of the club who shell out $300,000, reports NJ.com.

His consultant Ed Russo told the website: 'It’s one thing to be buried in a typical cemetery but it’s another if you’re buried alongside the fifth fairway of Trump National, where golfers will hold memberships over many generations.'

The Mayor of Bedminster, Robert Holtaway, told the Washington Post that members were 'baffled' by the petition.

Holtaway said: 'It never made any sense to me. We don't question motives. We're there as a land-use board.'

The former president has flip-flopped on where he wants to be buried

Close friends and family members attended the burial service at Trump's Bedminster Golf Club following the service




Ivana Trump on July 14, after falling in her Upper East Side townhouse. She was last seen on June 22, walking around the Upper East Side with the help of an assistant (left). She is pictured, right, in Paris in 1991

Trump began making plans for the graveyard in 2007. The former Apprentice host was quoted by the New York Post at the time saying: 'It's never something you like to thinks about, but it makes sense.'

He continued: 'This is such beautiful land, and Bedminster is one of the richest place in the country.'

The Post reported at the time that the graveyard plans also included plans for a wedding chapel. In 2009, Trump's daughter Ivanka and Jared Kushner were married on the property.

The original plan for the cemetery was for a Trump family mausoleum with an altar, six vaults and four 19-foot high stone obelisks.

Although Trump backed away from those plans due to local objections.

The former president has flip-flopped on where he wants to be buried. His late parents rest in a family plot in Queens, while he also has the option of being buried at Arlington, like all other former presidents.

Ed Russo told NJ.com at the time: 'He was uncomfortable with the discussion, so he stepped back. Then I did some soul-searching myself and talked to members who loved the idea of a cemetery, and I was smart enough to bring it to Mr. Trump and he thought it was a great idea.'

On the first anniversary of Trump's inauguration as president, an activist group named INDECLINE sneaked on the property during the night and set up a mock graveyard. Headstones were placed mourning the loss of 'decency' and 'our future.'

The piece was called Grave New World. A spokesperson for the group said that they were inspired to do the piece after reading about Trump's plans for a cemetery on the land.

He said: 'We were just helping him break ground.'

BRO CULTURE

Report: Activision Took Years To Fire Someone Who Signed Emails '1-800-ALLCOCK'


Ethan Gach
Fri, November 19, 2021


A California lawsuit earlier this year alleged sexual harassment, discrimination, and a pervasive “frat boy culture” at Call of Duty publisher Activision Blizzard. At least in one instance, that culture included an employee signing all of his work emails as “1-800-ALLCOCK.”

That detail comes from the latest episode of The Wall Street Journal podcast which elaborates on some of its recent bombshell investigative report outlining new instances of misconduct and coverups, including by CEO Bobby Kotick.

“There was one example where an Activision employee had for years just signed his email signature 1-800-ALLCOCK,” reporter Kirsten Grind said in a transcript of the podcast. “So if you were a woman, you would get that email and that was just the normal course, right? Just guys being guys joking about it and you just sort of felt like that was what happened at Activision.”

Activision reportedly didn’t take action regarding the email signature until it received a complaint about it just this past summer, at which point it fired the employee after a month-long investigation. The company did not immediately respond to a request for comment.

The podcast episode also interviewed a former employee about her time at Sledgehammer Games, maker of the recently released Call of Duty: Vanguard. Ashley Mark, hired as a quality assurance analyst in 2016 during the production of Call of Duty: WWII, described the male-dominated workplace like this:

You’ve got people who want to...Basically are very nerdy, want to make a good game, and then you’ve got the gun-loving group because it’s Call of Duty so you’re going to attract people who love guns, and then you have got people who are really into fitness. There’s a lot of people who are into fitness at least at that time at Sledgehammer Games. So there were people who would go into groups and that you would go to the gym and they would just get pumped up. So it’s very masculine.

Mark recalled a 2017 studio anniversary party where one former Sledgehammer manager “put his arm around my female coworker almost like a choke hold” while hugging her and repeatedly saying her name. That former manager told The Wall Street Journal he didn’t remember the details of the evening in question because he was too drunk, but confirmed he was put on a two-week paid suspension before being moved to a different role.

Sledgehammer Games was also where one former female employee was reportedly raped twice, incidents that were not investigated until she sent a letter from her lawyer after she had already left the company. According to the new podcast episode, when she originally to her complaint to studio HR, a representative for the department tried to get her to down play what had happened and reframe it in a more positive light.

Until recently, most of the attention has been on allegations about past misconduct and discrimination at Blizzard. But these latest reports reinforce parts of the original California lawsuit which cited booze-filled offices and work events, and negligent HR departments, as recipes for mistreatment across the entire Activision Blizzard business.

This week, the heads of both PlayStation and Xbox spoke out about the latest revelations. Girls Who Code cut ties with the company. And some shareholders joined over 2,000 current Activision Blizzard employees in calling for Kotick to resign.

“It’s pretty clear that the only forces that can create change at Activision are its customers (whose money is the ultimate corporate goal), its investors and the employees whose talent makes Activision’s games worth buying,” Paul Reiche, former head of Activision Blizzard’s Skylanders studio, told Axios today. “If the new stories I have read are true, I can’t see how Activision can continue its success without new leadership”

Microsoft reportedly evaluating relationship with Activision amid CEO turmoil

Brett Molina, USA TODAY
Thu, November 18, 2021,

Activision Blizzard says it hired a law firm to help ensure a "respectful and inclusive" workplace.

Microsoft is reportedly evaluating its relationship with video game publisher Activision Blizzard following allegations CEO Bobby Kotick knew for years about sexual misconduct claims at the company.

Xbox head Phil Spencer sent an email to staff, according to Bloomberg, saying he is "evaluating all aspects of our relationship" with Activision Blizzard following a report from The Wall Street Journal claiming Kotick didn't inform the board of allegations of sexual misconduct at the publisher.

In a statement emailed to USA TODAY in response to the report, Spencer said he personally has strong values for a welcoming and inclusive environment for Xbox employees.

"This is not a destination but a journey that we will always be on," said Spencer. "The leadership at Xbox and Microsoft stand by our teams and support them in building a safer environment for all."

Activision told USA TODAY in an emailed statement it respects feedback from its partners and is engaging with them further.

Employees at Activision Blizzard staged a second walkout demanding Kotick be removed as CEO, NBC News reported. A Twitter account representing employees of the company shared a petition seeking Kotick's removal that has more than 1,000 signatures.



In a statement released Tuesday after the Journal report, Activision's board showed support for Kotick. "The Board remains confident that Bobby Kotick appropriately addressed workplace issues brought to his attention," it said.

Earlier this year, the state of California sued Activision Blizzard claiming the publisher fostered a sexist culture and paid women less than men despite doing more work.

The lawsuit prompted employees' initial walkout urging changes within the company's culture.

Follow Brett Molina on Twitter: @brettmolina23.

This article originally appeared on USA TODAY: Activision Blizzard: Microsoft reportedly evaluating relationship

Xbox is re-evaluating its relationship with Activision Blizzard


Kris Holt
·Contributing Writer
Thu, November 18, 2021

Phil Spencer is reportedly reassessing Xbox's relationship with Activision Blizzard following new bombshell reports about the company and CEO Bobby Kotick. Spencer, who runs Microsoft's Xbox division, reportedly told employees in an email that he's “evaluating all aspects of our relationship with Activision Blizzard and making ongoing proactive adjustments,” in the wake of an investigation by The Wall Street Journal.

In the memo, which was obtained by Bloomberg, Spencer said he and other leaders at Xbox are “disturbed and deeply troubled by the horrific events and actions” that reportedly took place at Activision Blizzard. "This type of behavior has no place in our industry,” Spencer wrote.

Kotick is said to have known about instances of sexual misconduct at the company for years without reporting them to the board. He has also been accused of mistreating women on numerous occasions.

Spencer has joined Sony Interactive Entertainment CEO Jim Ryan in expressing deep concern about the situation. In an internal memo, which also leaked earlier this week, Ryan wrote that he was "disheartened and frankly stunned to read” The Journal's report. He also criticized Activision's response to the allegations. Earlier this week, the company told Engadget that the report presented a “misleading view of Activision Blizzard and our CEO.”

More than 900 Activision Blizzard employees and contractors have now signed a petition demanding Kotick's removal. A shareholder group has also urged the board to remove Kotick and for the board's two longest-serving directors to retire by the end of the year. In addition, Polygon and Eurogamer both called for Kotick's resignation. Strongly worded statements from leaders at Microsoft and Sony, two of Activision Blizzard's most important business partners, will further crank up the pressure.

"We respect all feedback from our valued partners and are engaging with them further," an Activision Blizzard spokesperson told Engadget. "We have detailed important changes we have implemented in recent weeks, and we will continue to do so. We are committed to the work of ensuring our culture and workplace are safe, diverse, and inclusive. We know it will take time, but we will not stop until we have the best workplace for our team."

Activision Faces Internal Rifts in Bid to Blunt Uproar Over CEO



Jason Schreier
Wed, November 17, 2021

(Bloomberg) -- Some employees at Activision Blizzard Inc. said they were let down by internal meetings that were held Wednesday morning to discuss the new revelations about the company and Chief Executive Officer Bobby Kotick.

The gatherings took place on video calls across the game publisher’s three primary organizations, Activision, Blizzard and King. Executives in charge of each division took questions and shared similar talking points after the Wall Street Journal reported detailed allegations that Kotick was aware of sexual misconduct at the company years before a California lawsuit made them public this summer and failed to report alleged instances of rape to the board.

Hours after the article was published on Tuesday, more than a hundred employees staged a walkout to demand Kotick’s resignation. The board said it’s standing by Kotick, but partners and shareholders have raised questions about his handling of the crisis. Sony Group Corp.’s PlayStation chief Jim Ryan criticized Activision’s response in an email to staff Wednesday, Bloomberg reported. When asked for comment, the California State Teachers’ Retirement System, which owns more than a million shares in Activision, said in a statement that it recognizes that sexual harassment and misconduct incidents can result in “significant” risks to its portfolio holdings and that it continually monitors its holdings to address those risks.

The leaders said Kotick would be working to “regain trust” of employees throughout the company, according to partial transcripts from two of the meetings shared with Bloomberg. Activision president Rob Kostich told people in his group that Kotick wouldn’t be resigning, according to two attendees. Blizzard’s top executive, Mike Ybarra, told staff in what appeared to be pre-recorded remarks that he understood their frustrations and apologized for not being more active as a leader, according to two attendees.

Some employees of King, the makers of Candy Crush, asked whether a sudden announcement on Monday that they’d be getting bonus vacation days next week for Thanksgiving was meant to preempt the article. Activision Blizzard Chief Operating Officer Daniel Alegre denied that was the reason. In response to a question about whether Activision’s newly instituted “zero tolerance” policy on harassment, announced last month, would also apply to Kotick, Alegre said that his boss was “deeply and personally committed to doing the right things.”

Alegre also addressed the reported pay disparity between Ybarra and Jennifer Oneal, who were named co-leaders of Blizzard this summer following the lawsuit. Oneal, who resigned earlier this month, said she was paid less than Ybarra. Alegre said that Oneal was paid “differently” than Ybarra because of complications involving cash and equity and that “they were both offered the exact same compensation.”

But Oneal told Blizzard employees that she wasn’t offered compensation equal to Ybarra’s until she tendered her resignation, according to a Slack transcript reviewed by Bloomberg. Gaming website IGN earlier reported on the Slack exchange. Pay discrimination was one of the items listed in the California lawsuit.

The company also told staff that it’s banning alcohol in all offices. Many people were given the opportunity to take paid mental health days, which some staff said hadn’t mollified them. On video calls and in Slack channels across the company, calls for Kotick’s ousting continue. Many Activision Blizzard employees are even publicly demanding on their own personal Twitter feeds that the CEO be fired.

In an email to Blizzard staff on Tuesday reviewed by Bloomberg, Ybarra wrote that “if there’s a silver lining to the last few months, it’s that they’ve proven that Blizzard is full of incredible employees who are making progress every day to improve our culture, our game communities, and ourselves.” Ybarra added that “our best years are ahead of us.”

But with morale low and Kotick still in place, some employees are skeptical about that.