DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
CEO of StartupX | DeFi, NFT, Crypto, Web3.0 Builder | Co-Founder at IxSA | Director of Startup Weekend Singapore | Sustainability Champion
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DurwinBurger King gave candy to a worker has worked for more than 20 years.
The Whopper, which was first introduced in 1957, was a quarter-pound, oversized burger on a vast five-inch bun that cost a reasonable 29 cents.Large corporations can be cruel and uncaring. They often claim to care about their employees, but sometimes the reality can be quite different. This is the story of Kevin Ford, a cook and cashier at Burger King who had worked tirelessly for over two decades. To celebrate his remarkable feat of never taking a sick day, Burger King decided to shower him ...
DurwinSomeone crashed the entire Onion market in America, made millions, walked away scott-free and starte…
We learnt that perfect monopoly can cause catastrophic damage to any economy, even the onion market.A tiny man who rocked America with Onions History doesn’t repeat, but it rhymes. You want to learn something, anything? Look back in history and it will surprise you just how eerily relevant it can be even in modern times. With the advent of Bitcoin, Cryptocurrencies, Tech titans and startups, you get all sorts of happenings like Tulip Mania, recessions, Feds stepping in, market manipulations a...
DurwinThe youngest self-made billionaire just bought Forbes.
Austin Russell is an American entrepreneur, founder and CEO of Luminar Technologies. Luminar specializes in lidar and machine perception technologies, mainly used in autonomous cars. Luminar went public in December 2020, making him the world’s youngest self-made billionaire at the age of 25.Wha’s up with billionaires and news media? In a stunning turn of events, Austin Russell, the youngest self-made billionaire of 2021, has made headlines once again by acquiring a majority stake in Forbes ma...
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Charlie Javice was the Forbes 30 under 30 rising star that sold her company, Frank, to JPMorgan and became a legend overnight.
It was a perfect ending for any tech startup founder.
“JPMorgan bought Frank in September 2021 for $175 million, heralding the site as “the fastest-growing college financial planning platform” with more than five million student users across 6,000 schools.”
First off, $175M is a great sale by any means and to sell to JPM?
One of the most powerful banks in America?
Hell ya, a monumental win!
Except it was all fabricated and baseless.
How did the bank find out?
“JPMorgan said it learned the truth about Frank after sending out marketing emails to a batch of 400,000 customers. About 70% of the emails bounced back, the bank said in a lawsuit filed last month in federal court.”
I kid you not.
They paid $175M for essentially an email list and only realised they were smoked after emails bounced.
Suddenly, I don’t feel bad for making typos on my newsletters anymore.
Jamie Dimon Calls JPMorgan’s Frank Acquisition a ‘Huge Mistake’.
Ok, so JPM made a mistake buying Frank.
They got excited by the hype and jumped into the big, blue ocean without a snorkel or swimsuit.
They got slapped by the massive waves of course.
They made a u-turn.
It might be embarrassing, but it will work out eventually.
Could they have detected it earlier?
Could they have prevented this embarrassment?
Did it really matter after all?
They still made bank in 2022.
Quite literally.
“JPM reported a whopping $37.7bn net income figure for 2022, taking the company’s total profits over the last 15 years — a cycle that’s seen global financial meltdowns, recessions and a pandemic — to more than $370bn.”
They made nearly $40B.
Yep, a measly $175M is a rounding error on their balance sheet.
It is still incredibly funny how powerful banks and global institutions can still make such trivial errors when it comes to due diligence.
It’s a reminder that even with billions of dollars and years of experience, mistakes are still possible.
How did the team doing the due diligence miss it?
Was it negligence or incompetence?
Or did the founder just blatantly lie and cover up everything?
Charlie took extraordinary measures to algorithmically manufacture fake email addresses to blow up figures and defraud JPM.
At the end of the day, if the founders were intentionally malicious and sought to cheat investors, it is enormously difficult to prevent it.
Frankly, I am not too sure what more JPM could have done.
-
Should JPMorgan have detected this fraud sooner?
-
#startups #business #startupx #bank #success #socialmedia #integrity #entrepreneurship #strategy #eth #btc #crypto #mistakes #fraud #scam #NFT #profits #charliejavice #jamiedimon #jpm
Charlie Javice was the Forbes 30 under 30 rising star that sold her company, Frank, to JPMorgan and became a legend overnight.
It was a perfect ending for any tech startup founder.
“JPMorgan bought Frank in September 2021 for $175 million, heralding the site as “the fastest-growing college financial planning platform” with more than five million student users across 6,000 schools.”
First off, $175M is a great sale by any means and to sell to JPM?
One of the most powerful banks in America?
Hell ya, a monumental win!
Except it was all fabricated and baseless.
How did the bank find out?
“JPMorgan said it learned the truth about Frank after sending out marketing emails to a batch of 400,000 customers. About 70% of the emails bounced back, the bank said in a lawsuit filed last month in federal court.”
I kid you not.
They paid $175M for essentially an email list and only realised they were smoked after emails bounced.
Suddenly, I don’t feel bad for making typos on my newsletters anymore.
Jamie Dimon Calls JPMorgan’s Frank Acquisition a ‘Huge Mistake’.
Ok, so JPM made a mistake buying Frank.
They got excited by the hype and jumped into the big, blue ocean without a snorkel or swimsuit.
They got slapped by the massive waves of course.
They made a u-turn.
It might be embarrassing, but it will work out eventually.
Could they have detected it earlier?
Could they have prevented this embarrassment?
Did it really matter after all?
They still made bank in 2022.
Quite literally.
“JPM reported a whopping $37.7bn net income figure for 2022, taking the company’s total profits over the last 15 years — a cycle that’s seen global financial meltdowns, recessions and a pandemic — to more than $370bn.”
They made nearly $40B.
Yep, a measly $175M is a rounding error on their balance sheet.
It is still incredibly funny how powerful banks and global institutions can still make such trivial errors when it comes to due diligence.
It’s a reminder that even with billions of dollars and years of experience, mistakes are still possible.
How did the team doing the due diligence miss it?
Was it negligence or incompetence?
Or did the founder just blatantly lie and cover up everything?
Charlie took extraordinary measures to algorithmically manufacture fake email addresses to blow up figures and defraud JPM.
At the end of the day, if the founders were intentionally malicious and sought to cheat investors, it is enormously difficult to prevent it.
Frankly, I am not too sure what more JPM could have done.
-
Should JPMorgan have detected this fraud sooner?
-
#startups #business #startupx #bank #success #socialmedia #integrity #entrepreneurship #strategy #eth #btc #crypto #mistakes #fraud #scam #NFT #profits #charliejavice #jamiedimon #jpm
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