Hoan Ton-That, co-founder and CEO of controversial facial recognition startup Clearview AI, resigned from his position, stating “it is time for the next chapter in my life.” Ton-That said he would remain on as a board member but declined to comment on what specifically sparked his …
Digital World Acquisition Corp (DWAC) terminated CEO Patrick Orlando’s employment, citing “unprecedented headwinds” that necessitated a leadership change. The board appointed Eric Swider as interim CEO after investigations by the SEC and federal prosecutors into potential …
Patrick OrlandoDigital World Acquisition CorpDWACTrump Media & Technology GroupSecurities and Exchange Commission (SEC)+1 moredwacpatrick-orlandotruth-socialspac-fraudsec-investigation+2 more
In an emergency Sunday night intervention to prevent global financial contagion, the Swiss Federal Council exercises emergency powers to force UBS’s acquisition of Credit Suisse without shareholder approval, marking the collapse of one of 30 ‘globally systemically important banks’ …
Credit SuisseUBSFINMASwiss Federal CouncilSwiss National Bank+3 morebanking-collapseregulatory-capturetoo-big-to-failsystemic-riskfinma+2 more
German payments processor Wirecard files for insolvency after admitting €1.9 billion in cash—roughly 25% of its assets—probably never existed, marking the largest accounting fraud in German post-war history. The collapse exposes catastrophic failures by auditor Ernst & Young (EY), which signed …
WirecardMarkus BraunJan MarsalekEYBaFin+3 morefraudregulatory-captureaudit-failurecorporate-governanceeconomic-nationalism+2 more
WeWork formally withdraws its S-1 filing and postpones its IPO after investor scrutiny reveals catastrophic governance failures and self-dealing by CEO Adam Neumann. The company’s valuation collapses from $47 billion (January 2019) to under $10 billion in months. The SEC investigation reveals …
Adam NeumannWeWorkSecurities and Exchange Commission (SEC)SoftBankJohn White+1 morefraudregulatory-capturecorporate-governancesecrevolving-door+2 more
Trump Hotels and Casino Resorts, the publicly traded company that operated Trump’s Atlantic City casino empire, filed for Chapter 11 bankruptcy protection on November 21, 2004, unable to make a $73 million interest payment due November 1. The company was drowning in approximately $1.8 billion …
Donald TrumpTrump Hotels & Casino Resortsbankruptcybusiness failureatlantic citycasinosfinancial history+2 more
Pierre du Pont assumes the presidency of General Motors in December 1920 and installs Alfred P. Sloan as operating head, consolidating DuPont family control over the nation’s largest automaker after DuPont Company acquires 23% of GM stock. The arrangement creates a paradigmatic example of …
Pierre du PontAlfred P. SloanJohn J. RaskobDuPont CompanyGeneral Motorscorporate-consolidationinstitutional-captureantitrust-evasioncorporate-governance