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Hah, not so much. Many times, WeWork loaned Neumann the money (at spectacularly good interest rates), he personally purchased the property, and then leased it t
by FireBeyond 3y ago
Hah, not so much. Many times, WeWork loaned Neumann the money (at spectacularly good interest rates), he personally purchased the property, and then leased it to WeWork.
- rchaud 3y agoReminds me of Enron, where the clowns in charge happily handed their corrupt CFO Andrew Fastow hundreds of millions to run a private equity fund that purported to purchase loss-making assets at a profit to Enron. Then, after Enron reported good quarterly numbers, this fake fund would simply sell the stake back to Enron, with the CFO taking a gigantic management fee for orchestrating the charade. Public companies have been banned from doing this, but I guess anything goes when you're private.
- croes 3y agoIt is merely a translation error on my part. Uber and Airbnb don't do that, they are just the service for others to rent out their assets. So the risk of running costs in times of low business activity, such as a pandemic, is not on their side.