Avert your eyes! My Sunday morning examine incompetence, corruption and political failures:
• Lessons from the Catastrophic Failure of the Metaverse: Did the “creative class” learn anything by buying a product that was obviously doomed? (The nation)
• How China Came to Dominate the World’s Largest Source of Nickel for Electric Cars: Chinese companies have mastered a process that has unlocked Indonesian ore for use in making electric vehicle batteries. (the wall street journal)
• Those 10,000 5-star reviews are fake. Now they will also be illegal. The FTC has proposed new rules that clarify what is and is not misleading online criticism — and would give it the power to impose a $50,000 fine for each infringement. (Washington Post)
• A medicine for itchy dogs costs $1,200. Why is the human equivalent $43,000? What photo that treats pet eczema reveals how pharmaceutical companies actually price their drugs. (barrons)
• New York State built Elon Musk a billion dollar factory. “It was a bad deal.” Tesla’s new facility in Buffalo was supposed to house a huge solar panel operation, but the project didn’t go as planned. (the wall street journal)
• David Zaslav kills everything he touches, including GQ: Zaslav is the man in charge of frankencorp Warner Bros. Discovery and, in an incredibly short period of time, managed to screw up almost everything in its considerable portfolio. Freelance writer Jason Bailey tried to jot down all those f—k-ups for posterity this week, when he penned an article for GQ excoriating Zaslav for his pathetic handling of WBD. He noted all of Zaslav’s weak points, which I will repeat here for reasons that will soon become apparent. SFGATE columnist Drew Magary reveals the latest in HBO’s killer saga. (SF door)
• What makes Putin and the world’s autocrats so resilient? Regimes are cooperating more closely to resist diplomatic pressure from the West. (the wall street journal)
• ‘‘Thank you for visiting Florida’: A black family’s road trip into a ‘hostile’ tourist trap: The NAACP has issued a warning about the condition. But being black in America was a long-odds game long before DeSantis showed up. (The Guardian)
• How Trump Posted Sensitive Information: A History: Former Donald Trump White House press secretary says she saw him show such information at Mar-a-Lago. Here’s how the allegation fits into his lengthy case. (Washington Post) see also 4 revelations of the last unsealed files in the Trump classified documents case: Security footage, involuntary lawyers and more details in the Mar-a-Lago search warrant affidavit reveal how prosecutors built their case against Trump. (Voice)
• Inside the Moms for Liberty Summit: Lots of money and even more conspiracy theories Fabricate terror to mobilize parents and take control of your children’s school. (Media questions)
Be sure to check out our Masters in Business this weekend with Franklin Templeton CEO Jenny Johnson, who manages $1.5 trillion in client assets. She has been with FT since 1988 and has held senior positions in investment management, distribution, technology, operations and high net worth clients. Franklin Templeton oversees more than 9,000 employees and 1,300 investment professionals. Johnson is on the list of the most powerful women (Barron’s, Forbes, American Banker, etc.). She was CEO in February 2020.
Source: Pew Research Center
To find out how these readings are put together each day, please see this.