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Awaiting Layoffs, WeWork Employees Say Founder’s Payout is ‘Graft’

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Mr. Friedman said his first hint that the company’s leadership might not be practicing the values it preached came at a company “summer camp” retreat in the English countryside in 2018. He recalled that most rank-and-file workers roughed it in small tents on a fairground, which became a muddy mess in the rain. Mr. Neumann stayed in a large luxury tent.

“It was like a physical manifestation of the power imbalance,” Mr. Friedman said.

He said his concerns about the discrepancy between Mr. Neumann’s words and actions were solidified in recent months, amid reports that the company had spent $60 million buying a private jet and that Mr. Neumann had bought multiple mansions.

In the letter, workers say their concerns go beyond the coming layoffs. The coalition wants more input into how the company is managed because “we’ve seen what can happen when leadership makes decisions while employees have no voice,” though it doesn’t elaborate on its preferred way of influencing management.

The group says it also wants to ensure that the company responds appropriately to accusations of sexual misconduct, increases diversity and eliminates the requirement that employees resolve claims against the company through arbitration rather than in court.

Last week, a former WeWork employee filed a complaint against the company and Mr. Neumann contending that she had been discriminated against for becoming pregnant and taking maternity leave. The complaint, filed by Medina Bardhi, who worked as Mr. Neumann’s chief of staff, said he had referred to her maternity leave as a “vacation” or “retirement.” The company has said it will defend itself against the complaint.

In their willingness to make collective demands, the workers appear to echo the actions of employees at several tech companies, including Microsoft, Amazon and Google, where 20,000 employees walked off the job last fall to protest the company’s handling of sexual harassment. After the protests, Google agreed to end forced arbitration for employee disputes.

Members of the WeWorkers Coalition say they received advice from workers at the crowdfunding site Kickstarter, who have been trying to unionize. But in line with workers at other companies, like Google, they say it may be more practical for them to engage in collective action without first trying to create a union.



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Live impeachment hearing updates: Fiona Hill, David Holmes testimony

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Fiona HillFiona Hill was the top adviser on Russia in the White House until she left the administration over the summer.AP Photo/Andrew Harnik

  • House investigators leading the impeachment inquiry into President Donald Trump are scheduled to hear from Fiona Hill and David Holmes on Thursday.
  • Hill, the former top Russia adviser on the National Security Council, in closed-door testimony already offered a scathing picture of shadowy efforts to urge Ukraine to investigate Trump’s political rivals.
  • Holmes is a top staffer at the US Embassy in Ukraine and worked closely with Marie Yovanovitch while she was serving as the US ambassador to Ukraine. He overheard a phone call with Trump relevant to the inquiry.
  • They’re scheduled to testify at 9 a.m. ET.
  • Visit Business Insider’s homepage for more stories.

Fiona Hill, the former director for Europe and Russia on the National Security Council, and David Holmes, a top staffer at the US Embassy in Ukraine, are set to testify before House investigators Thursday for the public impeachment hearings into President Donald Trump.

The hearing will be broadcast on C-SPAN and the major cable news networks. Insider will also embed a livestream of the hearings here when they kick off.

Watch the hearing here:

 


LIVE: Fiona Hill and David Holmes to testify in Thursday’s impeachment hearing

House investigators leading the impeachment…

LIVE: Fiona Hill and David Holmes to testify in Thursday’s impeachment hearing

Fiona Hill,Impeachment inquiry,Trump impeachment,Ukraine,Russia,John Bolton,Donald Trump,Impeachment,Joe Biden,David Holmes,Features

LIVE: Fiona Hill and David Holmes to testify in Thursday’s impeachment hearing

2019-11-21T15:00:00+01:00

2019-11-20T17:41:42+01:00

2019-11-21T15:05:27+01:00

https://headsn.com/wp-content/uploads/2019/11/1574362554_919_Live-impeachment-hearing-updates-Fiona-Hill-David-Holmes-testimony.jpg

BusinessInsiderDe



House investigators leading the impeachment inquiry into President Donald Trump are scheduled to hear from Fiona Hill and David Holmes on Thursday.
Hill, the former top Russia adviser on the National Security Council, in closed-door testimony already offered a scathing picture of shadowy efforts to urge Ukraine to investigate Trump’s political rivals.
Holmes is a top staffer at the US Embassy in Ukraine and worked closely with Marie Yovanovitch while she was serving as the US ambassador to Ukraine. He overheard a phone call with Trump relevant to the inquiry.
They’re scheduled to testify at 9 a.m. ET.
Visit Business Insider’s homepage for more stories.

Fiona Hill, the former director for Europe and Russia on the National Security Council, and David Holmes, a top staffer at the US Embassy in Ukraine, are set to testify before House investigators Thursday for the public impeachment hearings into President Donald Trump.
The hearing will be broadcast on C-SPAN and the major cable news networks. Insider will also embed a livestream of the hearings here when they kick off.
Watch the hearing here:
Youtube Embed: //www.youtube.com/embed/MpTIb_HubrY Width: 560px Height: 315px
 

Read more of Insider’s impeachment coverage:
Think Trump will get impeached? Gambling sites say the odds are in your favor
Trump could be impeached and removed from office but still win reelection in 2020
Over half of the House members support the impeachment inquiry against Trump — see all of them here
Everything you need to know about Trump’s impeachment process: What’s happened, who the players are, and what comes next

international

LIVE: Fiona Hill and David Holmes to testify in Thursday’s impeachment hearing

House investigators leading the impeachment…

LIVE: Fiona Hill and David Holmes to testify in Thursday’s impeachment hearing

Fiona Hill,Impeachment inquiry,Trump impeachment,Ukraine,Russia,John Bolton,Donald Trump,Impeachment,Joe Biden,David Holmes,Features

LIVE: Fiona Hill and David Holmes to testify in Thursday’s impeachment hearing

2019-11-21T15:00:00+01:00

2019-11-21T15:05:27+01:00

https://headsn.com/wp-content/uploads/2019/11/1574362554_919_Live-impeachment-hearing-updates-Fiona-Hill-David-Holmes-testimony.jpg

BusinessInsiderDe



House investigators leading the impeachment inquiry into President Donald Trump are scheduled to hear from Fiona Hill and David Holmes on Thursday.
Hill, the former top Russia adviser on the National Security Council, in closed-door testimony already offered a scathing picture of shadowy efforts to urge Ukraine to investigate Trump’s political rivals.
Holmes is a top staffer at the US Embassy in Ukraine and worked closely with Marie Yovanovitch while she was serving as the US ambassador to Ukraine. He overheard a phone call with Trump relevant to the inquiry.
They’re scheduled to testify at 9 a.m. ET.
Visit Business Insider’s homepage for more stories.

Fiona Hill, the former director for Europe and Russia on the National Security Council, and David Holmes, a top staffer at the US Embassy in Ukraine, are set to testify before House investigators Thursday for the public impeachment hearings into President Donald Trump.
The hearing will be broadcast on C-SPAN and the major cable news networks. Insider will also embed a livestream of the hearings here when they kick off.
Watch the hearing here:
Youtube Embed: //www.youtube.com/embed/MpTIb_HubrY Width: 560px Height: 315px
 

Read more of Insider’s impeachment coverage:
Think Trump will get impeached? Gambling sites say the odds are in your favor
Trump could be impeached and removed from office but still win reelection in 2020
Over half of the House members support the impeachment inquiry against Trump — see all of them here
Everything you need to know about Trump’s impeachment process: What’s happened, who the players are, and what comes next

international



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Over 200 economists, academicians ask government to release NSSO data, reports

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More than 200 economists and academicians have asked the government to release data of all surveys and reports, including results of the Consumer Expenditure Survey 2017-18, completed by the National Sample Survey Office (NSSO). According to some media reports, the 2017-18 Consumer Expenditure Survey shows a sharp decline in average consumption and the survey results are not being released because they support other evidence that the economy is experiencing a downturn, they said in a statement.

“It should be noted that consumption surveys are known to give results that diverge from macroeconomic estimates of the National Accounts,” they said.

Also, National Accounts estimates are based not only on administrative data but on a combination of sources including NSSO and other surveys. Several committees have looked into these discrepancies.

“In the interest of transparency and accountability, all data must be released without delay and irrespective of what the results are.

“The government may wish to defend itself against interpretations of the statistics that it disagrees with,” the statement said.

But this is best-done through technical papers and seminars. To prevent release of data that are adverse, and diverge from its own understanding, is “neither transparent nor technically sound”, it said.

“We therefore demand that the government should immediately release the report and unit-level data of the 75th Consumer Expenditure Survey. The government should also commit to release all other survey data after the usual processes to check for possible errors have been concluded,” they said.

The economists and academicians who issued the statement, include A Vaidyanathan and Abhijit Sen (former members of erstwhile Planning Commission), Biswajit Dhar (JNU), Dilip Mookherjee (Boston University), Maitreesh Ghatak (LSE), Prabhat Patnaik (Emeritus Professor, JNU), and Thomas Piketty (Paris School of Economics).





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Liberty’s Malone says Softbank’s Son ‘flings’ numbers around

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Liberty Media’s John Malone

Michael Kovac | Getty Images

Liberty Media Chairman John Malone took issue with SoftBank CEO Masayoshi Son’s investment approach in light of the botched WeWork IPO.

“He flings these numbers around awful easy. He’s got a balance sheet no one can understand,” Malone told CNBC’s David Faber in an exclusive interview Thursday.

WeWork pulled its IPO filing in September after investors balked at its mounting losses and unusual corporate governance structure. The scrutiny forced WeWork founder Adam Neumann to step down as CEO. The office-sharing start-up is laying off 2,400 employees as it tries to cut costs and right-size the business.

Son initially valued WeWork at $47 billion, a number public market investors viewed as nearly four times too high.

“I look at each one of these deep-loss businesses … you’ve got to have to have an argument that the scale will improve the marginal economics,” Malone said.

WeWork continues to bleed cash, reporting $1.25 billion in losses in the third quarter, up more than 150% from the same period last year. The company was poised to run out of money in a matter of weeks, but secured an 11th-hour bailout deal from SoftBank.

“[Masa’s] had some home-runs no question. He took some big rides and some of them are not performing for him at the moment, but those are cycles,” Malone said.

Malone is also not a fan of Uber’s business model.

“I never quite understood Uber and I never quite understood why Dara took the job,” Malone said of Dara Khosrowshahi, who succeeded CEO Travis Kalanick in 2017 following a series of scandals. “Right now in a world where you have three or four competitors in a metro area and drivers are working for all of them, I don’t see where scale changes the economics.”

Uber shares have fallen about 35% since its IPO in May.



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