HPH Announces Receipt of Minimum Bid Price Notice from NasdaqNo matter how much a financial system is fortified against scams, there is always a fraudster, a conman, or a swindler aiming to game that system. Financial crimes, a la white-collar crimes, are committed, interestingly, by those working closely with the system or those having the innate skill to justify the art through the framework of ‘fraud triangle’, that is in the terms of opportunity, incentive and rationalization. Scams, mainly the pecuniary ones, involve conduct of dishonest practices leading to perversion, depravity and debasement of the entire morals of the social fabric. Financial scandals, like any other scandal, have a story of their own and, of course, the denouement. The truth of the scandals appears to be a drama at times, and at times an enthralling thriller. Vijay Narayan Govind, in his book Fraudster Tales, promises to tell select 10 true stories of financial scams, spread across centuries and continents, and in his own words, “these frauds were significant enough at the time to send major ripples through the systems they challenged, with many of them serving as the catalyst for key legal and regulatory reforms.” The book introduces 10 swindlers, each with their own story of fraud in a separate chapter with a suitable story-title to it. In Govind’s fraudster tales, Hegestratos’s tale emerges as the ‘First Fraudster’, circa 300 BCE, in Athens. He, along with his crime partner Zenosthemis, working as ship merchants, planned to steal the cargos, sink the vessel, and con the vessel’s insurers of shipload of valuable goods through enforcement of the clauses of bottomry and respondentia contracts. However, the plans went awry due to the alert captain and crew members and Hegestratos jumped and drowned himself in the sea. Zenosthemis was arrested, tried and imprisoned in Athens for a long time. The author picks stories, random perhaps, from Athens and other countries, including India. Haridas Mundhra in the tale of ‘The Great Investor’ and Natwarlal in ‘The Master Manipulator’ are the two Indians figuring in the book. The Mundhra scandal, first of its kind in independent India, not only was embroiled with the stock markets and financial institutions but was an expose of the wicked nexus between political party, bureaucracy, ministers and business class, perhaps a prototype of ‘crony capitalism’. The conman Mudhra duped Life Insurance Company (LIC) by forging share certificates, using them as collateral for loans, and amassing huge loans to the tune of Rs 15.60 crore by the mid of 1957. It was Feroz Gandhi, the law maker, who brought this scam to public attention that led to nationalization of LIC, resignation of TT Krishnamachari – then finance minister, indictment of finance secretary and some senior LIC officials, and, of course, sentencing of Haridas Mundhra to 22 years in prison. In the Mithilesh Kumar alias Natwarlal’s case, the story, though intriguing, is simple. From forging signatures and withdrawing money from banks, he graduated to nefarious crimes such as decamping cash from merchants and siphoning off goods from the cargo areas while using more than 50 aliases. Natwarlal even sold, impersonating himself as government official, the Taj Mahal thrice, the Red Fort twice, and the Rashtrapati Bhawan and Parliament once. He had developed this shrewd art of escaping prison, and one heard him saying quite often that ‘no jail is enough to hold me for too long’. Then, there is a story of how an expert William Chaloner counterfeited coins, notes, and lottery tickets, in the 1600s, but finally got caught by Sir Issac Newton, and sent to gallows for he was guilty of multiple currency frauds. Hugh Cameron’s story is about his conspiracy to cheat Royal British Banks and its customers, eventually which led to the Bank’s collapse. However, in due course, it triggered major legislative reforms in the corporate governance systems in Britain. Oscar Hartzell, a brazen rook, in another story, swindled millions of dollars from investors in a popularly known Sir Francis Drake estate scam. Another story, rather smutty and historical, called the ‘necklace scandal’, involves one French noble woman Jeanne de valois as the key conspirator. It became one of the scandals that led to French Revolution. US major Enron bankruptcy, led by Kenneth Lay, and the Ponzi scheme by Charles Ponzi, the two white-collar financial crimes, rocked the financial systems in the US. The 10 tales are fun, and a riveting read and, in the tales, the readers would find themselves in the murky world of scandals. The criminals of the stories have two things in common, one they dreamt of becoming filthy rich in a trice, and when caught they tried to justify that all is done in good faith, and second, all of them are caught and punished, which the author seems to lay down as the moral of the book.
DETROIT (AP) — General Motors said Tuesday it will retreat from the robotaxi business and stop funding its money-losing Cruise autonomous vehicle unit. Instead the Detroit automaker will focus on development of partially automated driver-assist systems for personal vehicles like its Super Cruise, which allows drivers to take their hands off the steering wheel. GM said it would get out of robotaxis “given the considerable time and resources that would be needed to scale the business, along with an increasingly competitive robotaxi market.” The company said it will combine Cruise’s technical team with its own to work on advanced systems to assist drivers. GM bought control of San Francisco-based Cruise automation in 2016 with high hopes of developing a profitable fleet of robotaxis. Over the years GM invested billions in the subsidiary and eventually bought 90% of the company from investors, all while racking up millions in losses. GM’s brushoff of Cruise represents a dramatic about-face from years of full-blown support that left a huge financial dent in the automaker. The company invested $2.4 billion in Cruise only to sustain years of uninterrupted losses, with little in return. Since GM bought a controlling stake in Cruise for $581 million in 2016, the robotaxi service piled up more than $10 billion in operating losses while bringing in less than $500 million in revenue, according to GM shareholder reports filed with the Securities and Exchange Commission. RELATED COVERAGE Losses in China lead to $5 billion charge for General Motors as it cuts the value of its assets General Motors to sell its stake in Lansing, Michigan, battery factory to LG Energy Solution Cadillac faces ‘monumental task’ to be competitive for 2026 arrival in F1, warns Aston Martin boss The automaker even announced plans for Cruise to generate $1 billion in annual revenue by 2025, but it scaled back spending on the company after one of its autonomous Chevrolet Bolts dragged a San Francisco pedestrian who was hit by another vehicle in 2023. The California Public Utilities Commission alleged Cruise then covered up details of the crash for more than two weeks. The embarrassing incident resulted in Cruise’s license to operate its driverless fleet in California being suspended by regulators and triggered a purge of its leadership — in addition to layoffs that jettisoned about a quarter of its workforce . GM CEO Mary Barra told analysts on a conference call Tuesday the the new unit will focus on personal vehicles and developing systems that can drive by themselves in certain circumstances. The company has agreements to buy another 7% of Cruise and intends to buy the remaining shares so it owns the whole company. The move is another step back from autonomous vehicles, which have proved far harder to develop than companies once anticipated. Two years ago, crosstown rival Ford Motor Co. disbanded its Argo AI autonomous vehicle venture in Pittsburgh that it co-owned with Volkswagen. At the time the company said it didn’t see a path to profitability for a number of years. Yet other companies are pressing forward with plans to deploy autonomous vehicles and expanding their services. Alphabet Inc.'s Waymo is accelerating plans to broaden its robotaxi service beyond areas of metropolitan Phoenix, San Francisco and Los Angeles. Last week the company said it would begin testing its driverless Jaguars in Miami next year, with plans to start charging for rides in 2026. The move comes less than a month after Waymo opened up its robotaxi service to anyone looking for a ride in an 80-square-mile (129 square kilometer) area of Los Angeles. Waymo also has plans to launch fleets in Atlanta and Austin next year in partership with ride-hailing leader Uber. In April, a company called Aurora Innovation plans to start hauling freight on Texas freeways using fully driverless semis. Tesla CEO Elon Musk has said his company plans to have autonomous Models Y and 3 running without human drivers next year. Robotaxis without steering wheels using Tesla’s “Full Self-Driving” system would be available in 2026 starting in California and Texas, he said. But an investigation by the National Highway Traffic Safety Administration into Full Self-Driving’s ability to see in low visibility conditions cast doubt on whether Teslas are ready to be deployed without humans behind the wheel. The agency began the investigation in October after getting reports of four crashes involving “Full Self-Driving” when Teslas encountered sun glare, fog and airborne dust. An Arizona pedestrian was killed in one of the crashes. GM said it will work with Cruise’s leadership to restructure the company and refocus Cruise’s operations on driver assist systems. The company expects the restructuring to reduce spending by more than $1 billion annually. Cruise has about 2,300 employees and will retain a presence in San Francisco, GM said. It’s too early to talk about employment levels until the restructuring is completed next year, a spokesman said. Dave Richardson, senior vice president of software and services engineering, said Cruise will bring its software, artificial intelligence and sensor development to GM to team up on improving GM’s driver-assist systems. “We want to leverage what already has been done as we go forward, and we think we can do that very effectively,” Barra said. Shares of GM rose about 3% in trading after Tuesday’s closing bell. They are up about 47% for the year. _____ AP Technology Writer Michael Liedtke in San Francisco contributed to this report.In a lengthy speech at the Brookings Institution, a Washington, D.C. think tank, on Tuesday, President Joe Biden forcefully defended his economic legacy and harshly criticized his successor. “Most economists agree the new administration is going to inherit a fairly strong economy, at least at the moment, an economy going through fundamental transformation,” Biden said. “It is my profound hope that the new administration will preserve and build on this progress. Like most great economic developments, this one is neither red nor blue, and America's progress is everyone's progress.” RELATED STORY | What impacts will a Trump presidency have on the economy? The president pointed specifically to record job growth during his tenure and an historically-low unemployment rate, as well as solid GDP performance, major investments in infrastructure and a soaring stock market. Most economists agree Biden’s term in office has coincided with a strong jobs market, and note the economic forecast remains bright – especially when contrasted to that of other peer nations, many of which have struggled to rebound from the COVID-19 pandemic. And yet, Americans by and large disapprove of Biden’s economic tenure, particularly the high costs of goods and services. Though inflation has fallen some, it remains higher than when the president took office and has become a frequent point of attack for Republicans critical of the Biden administration. RELATED STORY | Wealthier Americans are driving retail spending and powering US economy President-elect Donald Trump’s victory last month served in some was as a repudiation of the president’s so-called “Bidenomics” policies, with most voters telling pollsters they were dissatisfied with the state of the U.S. economy and Biden’s handling of the issue. Since Trump’s election, attitudes towards the economy have improved slightly, particularly among Republicans; according to research from Gallup, just eight percent of Republicans in October viewed economic conditions as getting better, compared to 30% last month. Biden himself seemed to acknowledge some missteps in selling his economic vision to Americans. “I also learned something from Donald Trump,” Biden said. “He signed checks for people for $7,400 bucks,” the president noted of the pandemic-era relief measures. Even though Biden approved similar relief efforts during his term, his name never appeared on American’s checks. “I didn't – stupid,” Biden conceded. RELATED STORY | Powell says Fed will likely cut rates cautiously given persistent inflation pressures Seeking to bolster Biden’s economic legacy, the White House on Tuesday launched a new website hailing the “Biden Economy,” featuring statistics about economic performance during his term and complimentary videos from his supporters. Biden’s speach, meanwhile, also served as a warning of sorts to his successor, with the president arguing against tax cuts for the wealthy and the notion that such benefits would “trickle down” to middle class Americans. “You can make as much money as you can, good for you, but everybody's got to be they pay their fair share,” Biden said. Trump has pledged to extend the tax cuts he signed into law in 2017, telling NBC News he intends to submit a tax package to Congress within his first 100 days in office. “They’re coming due and they’re very substantial for people,” Trump said of his 2017 cuts. “That’s what led us to one of the greatest economies ever.” RELATED STORY | Amid corporate layoffs, 36% of workforce turns to gig economy for alternative employment A report by the nonpartisan Congressional Budget Office in December found that failing to extend those tax incentives would have a negligible impact on the economy, though Republicans are expected to pursue them and other business tax breaks after they retake both chambers of Congress next year. Trump has also promised to impose significant tariffs on the import of foreign goods from Mexico, Canada and China – despite economists’ and retailers’ warnings that will drive up consumer prices. Trump in the NBC interview said he couldn’t guarantee the move wouldn’t increase consumer costs, something Biden harshly refuted. “I believe we've proven that approach is a mistake over the past four years,” Biden said. “But we all know in time, we all know in time what will happen.”
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Trump wants pardoned real estate developer Charles Kushner to be ambassador to FranceGold Stocks vs Silver Stocks: Which Have the Shinier Outlook?YouTube announced on Tuesday that its auto-dubbing feature, which allows creators to generate translated audio tracks for their videos, is now rolling out to hundreds of thousands more channels. YouTube first introduced its AI-powered auto-dubbing tool at Vidcon last year, which was only being tested with a limited group of creators. This tool could help make content on the platform more accessible and easier to understand for people all over the world. The auto-dubbing feature is now available to channels that are focused on informational content, such as videos that teach viewers how to cook or sew. It’ll expand availability to other types of content soon. To use the feature, simply upload a video as you normally would. YouTube will automatically detect the language and create dubbed versions in other languages. The tool supports English, French, German, Hindi, Indonesian, Italian, Japanese, Portuguese, and Spanish. YouTube’s auto-dubbing utilizes Google’s Gemini capabilities to replicate human speech. However, the company cautions that the feature may not perform perfectly, as the technology is still in its early stages of development. “We’re working hard to make it as accurate as possible, but there might be times when the translation isn’t quite right, or the dubbed voice doesn’t accurately represent the original speaker. We really appreciate your patience and feedback as we continue to improve,” the company wrote in Tuesday’s blog post. The company also reminded creators that they can look forward to another upcoming update called “ Expressive Speech ,” which is designed to help replicate the creator’s tone, emotions, and even the ambiance of their surroundings.
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Trump wants pardoned real estate developer Charles Kushner to be ambassador to FranceIn this article TSLA Follow your favorite stocks CREATE FREE ACCOUNT Elon Musk listens as US President-elect Donald Trump speaks during a House Republicans Conference meeting at the Hyatt Regency on Capitol Hill on November 13, 2024 in Washington, DC. Allison Robbert | Getty Images Tesla CEO Elon Musk lost his bid to get his 2018 CEO pay package reinstated on Monday when a Delaware judge upheld her prior ruling that the compensation plan was improperly granted. The package, worth about $56 billion, was the largest compensation plan in U.S. history for a public company executive. Musk attorneys attempted to sway the judge in the Delaware business court after the trial to reverse her opinion rescinding the CEO's pay plan. Tesla had conducted a shareholder vote to "ratify" Musk's 2018 pay plan at the EV maker's annual shareholder meeting in Austin, Texas, in June. Chancellor Kathaleen McCormick wrote in her opinion on Monday that, "Even if a stockholder vote could have a ratifying effect, it could not do so here." The judge approved a $345 million attorney fee award for the lawyers who successfully sued on behalf of Tesla shareholders in order to void the pay plan. "We are pleased with Chancellor McCormick's ruling, which declined Tesla's invitation to inject continued uncertainty into Court proceedings and thank the Chancellor and her staff for their extraordinary hard work in overseeing this complex case," attorneys from Bernstein, Litowitz, Berger & Grossmann, the firm representing the plaintiff, said in a statement. Musk can appeal the decision to the Delaware Supreme Court. Following McCormick's decision in January to void the plan, Musk lashed out at the court, posting on X, "Never incorporate your company in the state of Delaware." The company then held a shareholder vote to reincorporate in Texas, and officially shifted its incorporation there in June. In response to Musk's motion arguing that Tesla's ratification vote for his pay package should lead her to reverse her prior opinion, Judge McCormick wrote, "Were the court to condone the practice of allowing defeated parties to create new facts for the purpose of revising judgments, lawsuits would become interminable." Despite the setback, Musk has seen his net worth jump considerably in recent weeks. Excluding all of the options wrapped up in the pay package, Musk is more than $43 billion richer since Donald Trump's election victory last month. Tesla shares have soared 42% in the four weeks since the election on optimism that Musk's coziness with the incoming president will lead to policies favorable to his companies. The Tesla stock Musk still holds is worth close to $150 billion based on Monday's closing price. That alone, not including his SpaceX stake, would put him among the world's wealthiest people. This is breaking news. Please refresh for updates. WATCH: Elon Musk emerges as key voice in Trump's tech policy watch now VIDEO 2:42 02:42 Elon Musk emerges as key voice in Trump's tech policy TechCheckUkraine must be placed in the “strongest possible position for negotiations” to end the war with Russia, Sir Keir Starmer has said. The Prime Minister insisted the UK will back Ukraine “for as long as it takes” as he made a speech at the Lord Mayor’s Banquet in London, but for the first time acknowledged the conflict could move towards a negotiated end. Ukrainian President Volodymyr Zelensky has in recent weeks suggested he is open to a possible ceasefire with Vladimir Putin’s Russia. Kyiv and its European allies meanwhile fear the advent of Donald Trump’s return to the White House could result in American aid being halted. President-elect Trump has said he would prefer to move towards a peace deal, and has claimed he could end the conflict on “day one” of his time in power. As he attempts to strike up a good relationship with the incoming president, Sir Keir revealed he had told Mr Trump the UK “will invest more deeply than ever in this transatlantic bond with our American friends in the years to come”. In his speech at London’s Guildhall, the Prime Minister said there is “no question it is right we support Ukraine”, as the UK’s aid to Kyiv is “deeply in our self-interest”. Allowing Russia to win the war would mean “other autocrats would believe they can follow Putin’s example,” he warned. Sir Keir added: “So we must continue to back Ukraine and do what it takes to support their self-defence for as long as it takes. “To put Ukraine in the strongest possible position for negotiations so they can secure a just and lasting peace on their terms that guarantees their security, independence, and right to choose their own future.” Mr Zelensky told Sky News over the weekend he would be open to speaking with Mr Putin, but branded the Russian president a “terrorist”. He also suggested Ukrainian territory under his control should be taken under the “Nato umbrella” to try to stop the “hot stage” of the war with Russia. In a banquet speech focused on foreign affairs, the Prime Minister said it was “plain wrong” to suggest the UK must choose between its allies, adding: “I reject it utterly. “(Clement) Attlee did not choose between allies. (Winston) Churchill did not choose. “The national interest demands that we work with both.” Sir Keir said the UK and the US were “intertwined” when it came to commerce, technology and security. The Prime Minister added: “That’s why, when President Trump graciously hosted me for dinner in Trump Tower, I told him that we will invest more deeply than ever in this transatlantic bond with our American friends in the years to come.” He also repeated his commitment to “rebuild our ties with Europe” and insisted he was right to try to build closer links with China. “It is remarkable that until I met President Xi last month there had been no face-to-face meeting between British and Chinese leaders for six years,” the Prime Minister said. “We can’t simply look the other way. We need to engage. To co-operate, to compete and to challenge on growth, on security concerns, on climate as well as addressing our differences in a full and frank way on issues like Hong Kong, human rights, and sanctions on our parliamentarians,” he added. The Prime Minister said he wants Britain’s role in the world to be that of “a constant and responsible actor in turbulent times”. He added: “To be the soundest ally and to be determined, always, in everything we do. “Every exchange we have with other nations, every agreement we enter into to deliver for the British people and show, beyond doubt, that Britain is back.” Ahead of Sir Keir’s speech, Lord Mayor Alastair King urged the Prime Minister and his Government to loosen regulations on the City of London to help it maintain its competitive edge. In an echo of Sir Keir’s commitment to drive the UK’s economic growth, the Lord Mayor said: “The idealist will dream of growth, but the pragmatist understands that our most effective machinery to drive growth is here in the City, in the hands of some of the brightest and most committed people that you will find anywhere in the world.”
