6 ms·
What shame is there to be had?
by Pseudocrat 3y ago
What shame is there to be had?
- lotsofpulp 3y agoAs far as I can tell, he did not commit any fraud. Seems like he’s just a good salesperson who landed a whale.
- 0cf8612b2e1e 3y agoPersonally purchasing buildings to rent out to the We company definitely crosses some lines. Same with purchasing the “We” brand which he generously licensed to WeWork for some $5 million.
- renegade-otter 3y agoThat was known and the board allowed it. I am on the fence about this because this kind of fraud is team effort. The board and the investors avert their eyes for things that are unethical or even illegal because the "founder" is the golden goose that can do no wrong. They also seem to like being lied to. "Due diligence" is a dirty phrase in that world. They are geniuses, man. Movers and shakers!
- lotsofpulp 3y agoAll of which was properly disclosed. Sophisticated buyers knew the risks and chose to take them.
- wewtyflakes 3y agoThose seem like bad faith actions, disclosed or not.
- toomuchtodo 3y agoSuccess is had by bending the rules without breaking them.
- 0cf8612b2e1e 3y agoSelf dealing is very much breaking the rules. Sure, maybe the powers that be let it slide, but it is not playing fair. Edit: in fact, when the musical chairs stopped and the IPO failed, there were lawsuits about the self dealing. So long as people were making money the board were willing to look the other way.
- deleted 3y ago[deleted]
- wewtyflakes 3y agoThat is a lazy take used to justify the actions of bad people.
- toomuchtodo 3y agoThis is a lazy take on morality. Neumann enriched himself from wealthy, supposedly sophisticated investors. So sad. He took (not stole, took) from the rich (which they willingly handed over), gave to himself, and walks around free with no criminal prosecution to speak of. We might disagree on what constitutes “bad people.”
- ethanbond 3y agoDishonest ones is a good start
- deleted 3y ago[deleted]
- toomuchtodo 3y agoEveryone lies. Context and intent is what matters.
- ethanbond 3y ago
- lotsofpulp 3y agoI see no reason to assume what someone was or was not thinking in this case. Both parties had sufficient resources to do due diligence, and both parties engaged completely voluntarily under zero duress.
- bravetraveler 3y agoQualifiers tell me all I need to know, 'sufficient resources'. Playing others and not the field
- chii 3y agoit's not illegal. The investors needs to caveat emptor and they did(nt).
- wewtyflakes 3y agoNot talking to the legality; someone can do bad things and still be following the law.
- bdjsiqoocwk 3y agoMy heuristic is that whenever someone insists on emphasizing that something iS NoT iLlEgAl, then they're probably trying to obscure that something is wrong.
- 1024core 3y ago> Sophisticated buyers ... as in, himself?
- lotsofpulp 3y agoNo, the people who bought the equity with which Neumann was able to enrich himself. Neumann sold the equity.
- deleted 3y ago[deleted]