The illusion of security?
Gun control advocates are appealing to the Federal Trade Commission today to investigate and regulate the firearms industry, such as tobacco, alleging that gun manufacturers use fraudulent advertising practices.
The petition, which Dealbook first reported, is the latest in a series of marketing strategies aimed at protecting liability for damages to its products due to federal law. Groups calling for action by the FTC include Brady, Gifford’s Law Center, March for Our Lives and Fact Coalition.
Gun marketing promotes security illusions, petitioners say. Americans argue that “gun ownership is a safe way to protect their homes and families,” they argue. The CDC reported 45,222 deaths in 2020 due to gun-related injuries (an earlier version of this item was incorrectly mentioned due to an editing error). The FTC “effectively gave the gun industry a free pass,” the petitioners say.
Lawyers have previously asked the FTC to investigate the gun industryStarted in 1996. The FTC may choose to address or ignore this latest petition, which comes as the Biden administration has expressed support for greater transparency in gun manufacturers’ operations, and state-level lawsuits have begun to break down industry barriers.
In February, the families of those killed in the Sandy Hook Elementary School shootings settled a $ 73 million lawsuit against Remington, alleging that the gun manufacturer’s aggressive marketing violated Connecticut law by distributing firearms to troubled individuals responsible for the massacre. The settlement opens up insider company documents for investigation, which would provide a rare perspective on how gun manufacturers like Remington’s develop their marketing messages. President Biden described it as “a move to make weapons of war and to hold gun manufacturers accountable for irresponsibly marketing these firearms.”
Last year, a New Jersey judge ruled in favor of the state’s attorney general in a lawsuit against Smith & Wesson over its advertising practice, requiring the company to release internal documents. The verdict was recently overturned, leaving the state’s case intact but the release of documents uncertain. Smith and Wesson said in a filing that the lawsuit “attempts to suppress and punish legal discourse on gun ownership in order to advance the anti-Second Amendment agenda.”
The application of the FTC’s Federal Consumer Protection Act may point to these state precedents, Like the Connecticut Consumer Law that allows the Sandy Hook family to sue. “If a company violates the Consumer Protection Act with false advertising, it is not a protected activity,” said David Puccino of Giffords Law Center. “They are breaking the law.”
What’s happening here?
Withdrawal from Russia would hit Shell up to $ 5 billion. This morning, the British oil giant Gazprom withdrew from the joint venture with other Russian activities, giving details of the size of the write-off. It’s big, but high energy prices are expected to strengthen the bottom line of the shell this year, with analysts predicting it to exceed $ 30 billion in 2022.
Treasury Secretary Janet Yellen Crypto speaks. Today, in his first speech focusing on digital asset control, he called for a “consistent and comprehensive policy framework that encourages responsible innovation of digital assets and properly assesses and mitigates the risks they may pose,” said President Biden’s recent executive. Crypto supports the order
Central bankers are supporting higher interest rates. The minutes of the Fed’s March meeting said “A lot” Officials would have preferred a larger rate increase than the quarter-point increase, but stopped short because of concerns about the effects of the war in Ukraine. Markets are now expecting the Fed to raise half-points in May and possibly June.
Corporate bankruptcy filings are at their lowest level in more than a decade. According to S&P Global Market Intelligence, only 87 U.S. businesses filed for bankruptcy in the first quarter of the year, the lowest first-quarter total in at least 13 years. Companies have benefited from epidemic stimulus programs and cheaper funding, but rising interest rates could create balance sheets in the next quarter under further pressure.
The fanatics have raised $ 1.5 billion in fresh funds. The round, which valued the fast-growing sports merchandising company at 27 billion, included investments from various leagues such as player associations and team owners, such as the NFL and MLB.
Insured Elon Musk
Twitter investors are convinced that Elon Musk could make the social media company better. The company’s stock has risen 30 percent since news broke that Musk had bought a large stake in Twitter and would join its board. This added about $ 9 billion to the company’s market value. But when Musk becomes a director on Twitter, he can bring some costs.
What about Twitter insurance premiums? Most public companies carry policies that protect directors and executives from personal liability, known as D&O insurance. Musk’s past legal run-ins include a settlement with the SEC over a market-driven tweet about Tesla (which is trying to scrap the mask) and a defamation suit against a British cave explorer, whom Musk called “Pedo Guy” in a tweet (which Musk won). ). In the case of his Twitter share purchase, Mask submitted the required disclosures late and initially appears to have used the wrong type of form. “I would be very concerned if I asked the insurance company to underwrite and deliver it,” Peter Tafa, managing partner of D&O Insurance Brokerage Executive Perils, told Dilbook.
Tesla has faced high premiums for masks in the past. After Mask settled with the SEC, Tesla stated in a regulatory filing that insurers wanted “proportionately higher premiums” for D&O insurance. Instead, Musk briefly insured the company itself. Tesla paid him তিন 3 million for a three-month term before signing a new policy with a “third-party carrier.”
Twitter had its own problems. Last year, the company reached a $ 800 million settlement with shareholders in a lawsuit claiming that Twitter had increased its user base. “Even before the mask was added, Twitter had its own D&O challenge,” said Priya Cherian Huskins, a partner at Woodruff Swear. “Adding musk to the board can be a great thing for investors, but calculus is different for insurers.”
“Anyway, Amazon, here we are. The clock. “
– President Biden, in the comments A conference of organized trade workers. A few days ago, workers at an Amazon warehouse on Staten Island voted to form a union, the first e-commerce giant in the United States. (The White House later said that the president simply expressed support for the unions.) Meanwhile, the success of Amazon’s independent, crowd-funded union drive has led to traditional trade unions. Reconsider their strategy.
Many public companies in the United States are approaching the deadline to submit their annual proxy statements, which include, among other things, details how many top executives were paid in the previous year. And while wages for the average worker have risen, so have many CEOs.
This week, The Wall Street Journal ran the number of companies reported so far and found that the average CEO of the S&P 500 grew 11 percent last year, reaching nearly 190 times the average employee’s earnings. In a year of epidemic disasters, when many people’s salaries fall behind inflation, the executive scrutinizes pay packages, especially from those who want to raise taxes on the rich.
Here are some of the biggest CEO compensation packages of 2021, including the value of stock-based pay that may not be realized unless performance targets are met:
Joseph Bay And Scott KnuttleCo-CEO of KKR
Salary: $ 560 million (Bae) and $ 523 million (Knot)
Significant Achievements: Taking responsibility from the founders of the company
Stock performance: up to 84 percent
Income: 133 percent above
David Jaslav, CEO of Discovery
Salary: $ 247 million
Notable Achievements: WarnerMedia has entered into an agreement to merge
Stock performance: down 22 percent
Income: 17 percent less
David Baszuki, CEO of Roblex
Salary: $ 233 million
Notable achievements: Roblox took public
Stock Performance: Above 130 percent (as opposed to the March Direct Listing Reference Price)
Revenue: ক্ষতি 492 million loss, compared to বছরের 253 million loss in the previous year
What could a ban on Russian coal mean for Europe? (NYT)
Russia’s two richest men, Vladimir Putin and Leonid Michelson, and its largest bank, Subarbank, have been targeted in the latest round of international sanctions. The United States has accused a Russian oligarch of “deliberately” violating sanctions. (Bloomberg, NYT)
“Facial recognition goes to war” (NYT)
For the latest developments, check out the Times Live Blog and updated maps.
Berkshire Hathaway has bought a stake in HP worth more than 2 4.2 billion, prompting the technology equipment company to increase its stock. (Reuters)
Blackstone and Spanish billionaire Florentino Perez are considering a bidding war over Italian infrastructure company Atlantia, which is controlled by the Benetton family. (Bloomberg)
Canada has approved Equiner’s $ 12 billion offshore oil project at Bay du Nord in Newfoundland, which has upset some environmental groups. (Bloomberg)
The Supreme Court has restored Trump-era environmental controls that limited the role of states in enforcing clean water laws. (NYT)
Can the Fed shrink its balance sheet without causing a market crash? (FT)
The SEC is investigating how Amazon released some details of its business practices. (WSJ)
Oil executives faced questions from lawmakers about the price increase at the House hearing. (NYT)
“What you need to know about the French presidential election” (NYT)
The rest is the best
“How many billionaires are there, anyway?” (NYT Magazine)
At least 50 gig economy drivers have been killed in jobs since 2017. (NYT)
How LinkedIn’s “Career Break” feature can help care. (WAPO)
Some employees have reportedly dubbed the “juke box” working on meta in-app tokens. (FT)
Type “a teddy bear plays the trumpet under water” and DALL-E, an AI image-generation tool supported by Microsoft will draw it. (NYT)
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