This MIT economist helps decide when recessions officially begin and end. Here's why those dates matter | Sam Bankman-Fried and Elizabeth Holmes may just be the tip of the corporate fraud iceberg that costs the economy $830 billion annually, study says | A key part of Obamacare is in jeopardy | 'You barely knew what we were actually selling': Gap CEO Richard Dickson on the brand's heavy discount strategy

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� � � � � � You Might Like � � � � � � � � � This MIT economist helps decide when recessions officially begin and end. Here's why those dates matter - CNBC    As the president of the National Bureau of Economic Research and a member on the Business Cycle Dating Committee, James Poterba helps determine when a recession officially starts and ends. Why is that important? What do those dates tell us? Although there was less economic data available a century ago, "it was understood by anyone observing the economy that there were times when economic activity happened faster and more slowly, and when there was more or less going on," Poterba said. More from Personal Finance:73% of millennials are living paycheck to paycheckAmericans are saving far less than normalA recession may be coming — here's how long it could last Continued here � � � � � � You Might Like � � � � � � � � � Sam Bankman-Fried and Elizabeth Holmes may just be the tip of the corporate fraud iceberg that costs the economy $830 billion annually, study says - Fortune    It’s been a hot few years of corporate fraud. A plea deal earlier this week for Binance founder Changpeng Zhao on charges of money laundering comes on the heels earlier this month of FTX founder Sam Bankman-Fried’s conviction for what prosecutors called “one of the biggest financial frauds in American history.” And earlier this year, former Theranos executives Elizabeth Holmes and Sunny Balwani began serving multiyear sentences after juries determined that their aggressive overselling of an unproven blood-testing technology had amounted to fraud. To nail down how common fraud is, the authors (Zingales, along with Alexander Dyck of the University of Toronto, and Adair Morse of the University of California, Berkeley) looked at corporate clients of accounting firm Arthur Andersen, which collapsed in 2002 after helping Enron perpetrate the biggest accounting scam in history. After Arthur Andersen’s demise, clients were forced to find new accounting firms—and the new auditors would have extra incentive to ferret out any wrongdoing. By looking at rates of fraud across all businesses before and after the firm’s collapse, the authors came up with a conservative estimate: About one in 10 large companies engages in fraud every year, they calculate, and that costs shareholders hundreds of billions of dollars. Continued here � � � � � � You Might Like � � � � � � � � � Don't like ads? Go ad-free with TradeBriefs Premium A key part of Obamacare is in jeopardy - The Economist    Political mega-donors are an eccentric lot, but even among them Steven Hotze stands out. The Houston doctor got rich by hawking hormone therapies for all sorts of ills. Motivated by outlandish beliefs—birth control makes women less attractive to men and homosexual activists are “termites” who nibble away at society, to name but two—he used his money to buoy Bible-thumping politicians. When Congress passed the Affordable Care Act in 2010, to expand health-insurance coverage, the hormone magnate filed lawsuits against it and released a pop-techno song, “God Fearing Texans Stop Obamacare”. Not long ago repealing Obamacare was a rallying call of the Republican Party, which lamented that premiums had risen and forcing Americans to buy coverage or pay a penalty was unjust. Yet despite more than 2,000 court challenges the law stayed mostly intact. In the three years to 2016 the number of uninsured Americans dropped from 44m to 27m. When Donald Trump took office and Republicans controlled Congress, lawmakers failed to nix Obamacare. On November 25th Mr Trump threatened to try to scrap it in a second term. Members of his party rebuffed him: most have given up. The Republican front-runner and Mr Hotze have not. In 2020 Mr Hotze’s company challenged part of the law that requires health insurers to pay for preventive care. The plaintiffs’ argument in Braidwood Management Inc. v Becerra is twofold. First, they say the panel of experts that chooses which services must be covered is unconstitutional because its members are not appointed by Congress. Second, they claim that forcing insurers to pay for medicines like contraceptives and pre-exposure prophylaxis, an HIV pill, violates their religious rights. Continued here � � � � � � You Might Like � � � � � � � � � 'You barely knew what we were actually selling': Gap CEO Richard Dickson on the brand's heavy discount strategy - CNBC    New Gap CEO Richard Dickson has spoken about his experience upon joining the struggling company from toy business Mattel in August. "You barely knew what we were actually selling," he said on Wednesday, describing how the firm's four apparel brands had leant heavily on promotions and discounts. Dickson was addressing an audience at Voices, a conference organized by apparel industry website The Business of Fashion, in Oxfordshire, U.K. Displayed behind him on stage was a screenshot of Gap's website where money-off messages were a prominent part, which Dickson said was typical of the company's brands "a few months ago." Continued here

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