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WendyGoh

WendyGoh

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2021-09-18

Ok

Wall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote>

2021-06-20

No comment at all?

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2021-06-21

Hi

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2021-12-17

Ok

Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>

2021-12-16

Ok

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2021-06-20

Ok

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2021-06-21

Oh no

Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>

2021-09-10

Ok

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2021-06-07

GME to $100k

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2021-05-08

Dogecoin to $1 next week

Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>

2021-06-26

Yes

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2021-05-30

Tesla only goes up

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2021-05-11

Few years?

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2021-05-09

Crash to earth

What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>

2021-06-25

Ok

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2021-06-01

Tesla share price will also go up?

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2021-05-22

Buy buy buy!

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2021-06-24

Can always buy back

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2021-06-21

[开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心]

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2021-09-13

Ok

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Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144273047","media":"The New York Times","summary":"The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is ","content":"<p>The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.</p><p><blockquote>与史蒂夫·伊斯特布鲁克(Steve Easterbrook)达成的和解是有史以来最大的高管薪酬追回之一。史蒂夫·伊斯特布鲁克(Steve Easterbrook)于2019年因不正当关系被赶下台。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/850a4bcfa411d4e4884c31fe03bdb585\" tg-width=\"1024\" tg-height=\"683\" width=\"100%\" height=\"auto\"><span>The agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press</span></p><p><blockquote><p class=\"t-img-caption\"><span>与史蒂夫·伊斯特布鲁克的协议将结束一场有争议的法律战。图片来源...理查德·德鲁/美联社</span></p></blockquote></p><p> The former McDonald’s chief executive&nbsp;Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.</p><p><blockquote>麦当劳前首席执行官史蒂夫·伊斯特布鲁克(Steve Easterbrook)因与下属存在不正当关系而于2019年被公司罢免，他已向公司返还了1.05亿美元的现金和股票，这是美国企业史上最大的追回之一。</blockquote></p><p> Mr. Easterbrook has been engaged in a&nbsp;contentious battle with McDonald’s&nbsp;for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.</p><p><blockquote>过去一年，伊斯特布鲁克一直在与麦当劳进行一场有争议的斗争，此前该公司起诉他在解雇他时向调查人员撒谎。作为周四宣布的交易的一部分，麦当劳同意放弃对伊斯特布鲁克的诉讼。</blockquote></p><p> In a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.</p><p><blockquote>麦当劳董事长小恩里克·埃尔南德斯（Enrique Hernandez Jr.）在给员工的一封信中表示，公司希望让伊斯特布鲁克“为他的谎言和不当行为负责，包括他利用首席执行官职位的方式”，这一和解协议实现了这一目标。</blockquote></p><p> Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.</p><p><blockquote>伊斯特布鲁克先生于2019年被解雇，此前他违反公司政策与一名员工建立了两厢情愿的关系，最终引发了一位富有的高管与美国最著名的公司之一之间异常激烈的斗争。</blockquote></p><p> At the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .</p><p><blockquote>在解雇伊斯特布鲁克时，麦当劳董事会认定伊斯特布鲁克先生“表现出糟糕的判断力”，但决定不“有理由”解雇他——即不诚实或犯有犯罪行为。董事会希望这一决定能够避免一场漫长的法律纠纷。它还允许伊斯特布鲁克先生带着价值超过4000万美元的薪酬离开。.</blockquote></p><p> But according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.</p><p><blockquote>但根据该公司对伊斯特布鲁克的诉讼，他的合同中包含一项条款，如果麦当劳后来确定该员工应该因故被解雇，该条款将允许麦当劳收回遣散费。</blockquote></p><p> That clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.</p><p><blockquote>该条款在2020年变得相关，当时一名麦当劳员工表示，伊斯特布鲁克先生在担任首席执行官期间与另一名下属发生了性关系。新的指控引发了对伊斯特布鲁克记录的另一项调查，并促使该公司去年起诉他，指控其前首席执行官撒谎、隐瞒证据和欺诈。</blockquote></p><p> During its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”</p><p><blockquote>在对第二项指控的调查中，麦当劳表示，它发现了“数十张不同女性的裸体、部分裸体或露骨的性照片和视频，包括这些公司员工的照片，伊斯特布鲁克将这些照片和视频作为附件从其公司电子邮件帐户发送到他的个人电子邮件帐户。”</blockquote></p><p> The company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”</p><p><blockquote>该公司还透露，伊斯特布鲁克先生将价值数十万美元的股票授予了与他发生性关系的一名女性。麦当劳在诉讼中表示，其前首席执行官在最初的调查中向调查人员撒谎，如果他“对麦当劳调查人员坦诚，没有隐瞒证据，麦当劳就会知道有合法理由在2019年解雇他。”</blockquote></p><p> Mr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”</p><p><blockquote>伊斯特布鲁克先生最初决定打这场官司，他的律师提出了驳回诉讼的动议，称其“毫无根据且具有误导性”。</blockquote></p><p> During his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.</p><p><blockquote>在担任首席执行官期间，伊斯特布鲁克先生出售了超过6400万美元的股票；当他在2019年离职时，他获得的股票和期权价值为4100万美元。但根据高管薪酬咨询公司Equilar的数据，随着麦当劳股价从2019年的193美元飙升至每股264美元，这些股票和期权的价值已增长至8900万美元。目前尚不清楚伊斯特布鲁克离开公司后是否出售了任何股份。</blockquote></p><p> Nonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.</p><p><blockquote>尽管如此，伊斯特布鲁克先生同意将巨额现金和股票返还给公司，实际上是承认了这场漫长而昂贵的法律战。伊斯特布鲁克先生在公司发布的一份声明中道歉。</blockquote></p><p> “During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”</p><p><blockquote>“在我担任首席执行官期间，我有时未能坚持麦当劳的价值观，也未能履行作为公司领导者的某些职责，”他说。“我为此向我的前同事、董事会以及公司的特许经营商和供应商道歉。”</blockquote></p><p> Under Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and&nbsp;meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.</p><p><blockquote>在伊斯特布鲁克的继任者克里斯·肯普钦斯基(Chris Kempczinski)的领导下，麦当劳在过去两年的疫情期间明显成为赢家。得益于免下车业务的增加；大力推广其移动应用程序和忠诚度计划；以及与包括韩国流行歌手BTS在内的各种名人和团体的餐饮合作，麦当劳今年的收入有望突破230亿美元，为五年来的最高水平。</blockquote></p><p></p><p> Earlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.</p><p><blockquote>今年早些时候，肯普钦斯基为董事会对伊斯特布鲁克被解雇的处理方式进行了辩护。“我认为他们已经尽力处理了，”他说。</blockquote></p><p> Still, despite the company’s financial gains, a new&nbsp;training&nbsp;program for its restaurants and&nbsp;efforts&nbsp;to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of&nbsp;sexual harassment&nbsp;and others around&nbsp;racial&nbsp;discrimination.</p><p><blockquote>尽管如此，尽管该公司取得了财务收益，为其餐厅制定了新的培训计划，并努力提高多样性和包容性，但一些批评者表示，在解决麦当劳文化中根深蒂固的其他问题方面做得还不够。这家快餐巨头近年来面临无数诉讼和索赔，其中一些涉及性骚扰指控，另一些则涉及种族歧视。</blockquote></p><p> “McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.</p><p><blockquote>倡导组织Fight for 15在一份声明中表示：“麦当劳应该利用从前首席执行官那里收回的钱制定一项真正的计划，以阻止从得来速餐厅到高管层的猖獗性骚扰。”</blockquote></p><p> In November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly&nbsp;apologized&nbsp;for the comments.</p><p><blockquote>11月，肯普钦斯基与芝加哥市长洛里·莱特富特（Lori Lightfoot）之间的短信被公开——他似乎将两名黑人和拉丁裔儿童的死亡归咎于他们的父母——促使评级辞职。一个代表工会养老基金的投资集团发布了一份股东提案，要求麦当劳对其围绕员工和消费者公民权利的政策和做法进行第三方审计。肯普钦斯基多次为这些言论道歉。</blockquote></p><p> Dieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.</p><p><blockquote>SOC投资集团执行董事迪特·怀辛格(Dieter Waizenegger)表示，作为股东，他很高兴薪酬已退还，但仍认为董事会未能做好自己的工作。</blockquote></p><p> “The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”</p><p><blockquote>“如果董事会一开始就对伊斯特布鲁克的行为进行彻底的初步调查，他们本可以节省大量时间，甚至可能节省大量法律费用，”怀辛格先生说。“这一和解是在两年的争吵和媒体曝光之后达成的。”</blockquote></p><p> McDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.</p><p><blockquote>麦当劳还因解雇这位高管而面临众多股东诉讼。</blockquote></p><p> On Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with&nbsp;a&nbsp;current&nbsp;value of&nbsp;more than&nbsp;$105 million, which&nbsp;he&nbsp;would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.</p><p><blockquote>周四，该公司表示，“伊斯特布鲁克先生将返还目前价值超过1.05亿美元的股权奖励和现金，如果他在解雇时说实话，他将被没收这些奖励和现金，并因此被解雇。”原因。”它没有具体说明现金和股票的比例。麦当劳股价今年上涨了25%以上。</blockquote></p><p> In his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced&nbsp;touch-screen ordering&nbsp;and established all-day breakfast. Shares in the company roughly doubled.</p><p><blockquote>在四年多的工作中，伊斯特布鲁克先生被认为扭转了麦当劳的局面并重振了其萎靡不振的股价。作为首席执行官，他降低了成本，引入了触摸屏点餐，并建立了全天早餐。该公司的股价大约翻了一番。</blockquote></p><p> The clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort&nbsp;to collect&nbsp;$500 million he had received in compensation and benefits.</p><p><blockquote>他的薪酬虽然很大，但并不是公司历史上最大的一次，尽管许多早期的情况都涉及财务或会计欺诈的指控。2007年，美国证券交易委员会追回了联合健康公司前首席执行官威廉·麦奎尔(William McGuire)赚取的超过4亿美元利润，以解决与涉及期权回溯计划相关的索赔。后来，泰科国际起诉了前首席执行官丹尼斯·科兹洛夫斯基（Dennis Kozlowski），他被判抢劫公司，试图收回他获得的5亿美元赔偿和福利。</blockquote></p><p> “While Steve’s misconduct&nbsp;need&nbsp;not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”</p><p><blockquote>麦当劳董事长埃尔南德斯表示：“虽然史蒂夫的不当行为不需要得到这个社区任何成员的原谅，但他已经为自己犯下的严重错误向他的前同事、特许经营商、供应商和董事会道歉。”“今天的决议避免了旷日持久的法庭程序，并使我们超越了属于我们过去的一章。”</blockquote></p><p></p>","source":"lsy1608616134662","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFormer McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The New York Times</strong><span class=\"h-time small\">2021-12-17 11:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.</p><p><blockquote>与史蒂夫·伊斯特布鲁克(Steve Easterbrook)达成的和解是有史以来最大的高管薪酬追回之一。史蒂夫·伊斯特布鲁克(Steve Easterbrook)于2019年因不正当关系被赶下台。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/850a4bcfa411d4e4884c31fe03bdb585\" tg-width=\"1024\" tg-height=\"683\" width=\"100%\" height=\"auto\"><span>The agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press</span></p><p><blockquote><p class=\"t-img-caption\"><span>与史蒂夫·伊斯特布鲁克的协议将结束一场有争议的法律战。图片来源...理查德·德鲁/美联社</span></p></blockquote></p><p> The former McDonald’s chief executive&nbsp;Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.</p><p><blockquote>麦当劳前首席执行官史蒂夫·伊斯特布鲁克(Steve Easterbrook)因与下属存在不正当关系而于2019年被公司罢免，他已向公司返还了1.05亿美元的现金和股票，这是美国企业史上最大的追回之一。</blockquote></p><p> Mr. Easterbrook has been engaged in a&nbsp;contentious battle with McDonald’s&nbsp;for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.</p><p><blockquote>过去一年，伊斯特布鲁克一直在与麦当劳进行一场有争议的斗争，此前该公司起诉他在解雇他时向调查人员撒谎。作为周四宣布的交易的一部分，麦当劳同意放弃对伊斯特布鲁克的诉讼。</blockquote></p><p> In a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.</p><p><blockquote>麦当劳董事长小恩里克·埃尔南德斯（Enrique Hernandez Jr.）在给员工的一封信中表示，公司希望让伊斯特布鲁克“为他的谎言和不当行为负责，包括他利用首席执行官职位的方式”，这一和解协议实现了这一目标。</blockquote></p><p> Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.</p><p><blockquote>伊斯特布鲁克先生于2019年被解雇，此前他违反公司政策与一名员工建立了两厢情愿的关系，最终引发了一位富有的高管与美国最著名的公司之一之间异常激烈的斗争。</blockquote></p><p> At the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .</p><p><blockquote>在解雇伊斯特布鲁克时，麦当劳董事会认定伊斯特布鲁克先生“表现出糟糕的判断力”，但决定不“有理由”解雇他——即不诚实或犯有犯罪行为。董事会希望这一决定能够避免一场漫长的法律纠纷。它还允许伊斯特布鲁克先生带着价值超过4000万美元的薪酬离开。.</blockquote></p><p> But according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.</p><p><blockquote>但根据该公司对伊斯特布鲁克的诉讼，他的合同中包含一项条款，如果麦当劳后来确定该员工应该因故被解雇，该条款将允许麦当劳收回遣散费。</blockquote></p><p> That clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.</p><p><blockquote>该条款在2020年变得相关，当时一名麦当劳员工表示，伊斯特布鲁克先生在担任首席执行官期间与另一名下属发生了性关系。新的指控引发了对伊斯特布鲁克记录的另一项调查，并促使该公司去年起诉他，指控其前首席执行官撒谎、隐瞒证据和欺诈。</blockquote></p><p> During its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”</p><p><blockquote>在对第二项指控的调查中，麦当劳表示，它发现了“数十张不同女性的裸体、部分裸体或露骨的性照片和视频，包括这些公司员工的照片，伊斯特布鲁克将这些照片和视频作为附件从其公司电子邮件帐户发送到他的个人电子邮件帐户。”</blockquote></p><p> The company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”</p><p><blockquote>该公司还透露，伊斯特布鲁克先生将价值数十万美元的股票授予了与他发生性关系的一名女性。麦当劳在诉讼中表示，其前首席执行官在最初的调查中向调查人员撒谎，如果他“对麦当劳调查人员坦诚，没有隐瞒证据，麦当劳就会知道有合法理由在2019年解雇他。”</blockquote></p><p> Mr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”</p><p><blockquote>伊斯特布鲁克先生最初决定打这场官司，他的律师提出了驳回诉讼的动议，称其“毫无根据且具有误导性”。</blockquote></p><p> During his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.</p><p><blockquote>在担任首席执行官期间，伊斯特布鲁克先生出售了超过6400万美元的股票；当他在2019年离职时，他获得的股票和期权价值为4100万美元。但根据高管薪酬咨询公司Equilar的数据，随着麦当劳股价从2019年的193美元飙升至每股264美元，这些股票和期权的价值已增长至8900万美元。目前尚不清楚伊斯特布鲁克离开公司后是否出售了任何股份。</blockquote></p><p> Nonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.</p><p><blockquote>尽管如此，伊斯特布鲁克先生同意将巨额现金和股票返还给公司，实际上是承认了这场漫长而昂贵的法律战。伊斯特布鲁克先生在公司发布的一份声明中道歉。</blockquote></p><p> “During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”</p><p><blockquote>“在我担任首席执行官期间，我有时未能坚持麦当劳的价值观，也未能履行作为公司领导者的某些职责，”他说。“我为此向我的前同事、董事会以及公司的特许经营商和供应商道歉。”</blockquote></p><p> Under Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and&nbsp;meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.</p><p><blockquote>在伊斯特布鲁克的继任者克里斯·肯普钦斯基(Chris Kempczinski)的领导下，麦当劳在过去两年的疫情期间明显成为赢家。得益于免下车业务的增加；大力推广其移动应用程序和忠诚度计划；以及与包括韩国流行歌手BTS在内的各种名人和团体的餐饮合作，麦当劳今年的收入有望突破230亿美元，为五年来的最高水平。</blockquote></p><p></p><p> Earlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.</p><p><blockquote>今年早些时候，肯普钦斯基为董事会对伊斯特布鲁克被解雇的处理方式进行了辩护。“我认为他们已经尽力处理了，”他说。</blockquote></p><p> Still, despite the company’s financial gains, a new&nbsp;training&nbsp;program for its restaurants and&nbsp;efforts&nbsp;to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of&nbsp;sexual harassment&nbsp;and others around&nbsp;racial&nbsp;discrimination.</p><p><blockquote>尽管如此，尽管该公司取得了财务收益，为其餐厅制定了新的培训计划，并努力提高多样性和包容性，但一些批评者表示，在解决麦当劳文化中根深蒂固的其他问题方面做得还不够。这家快餐巨头近年来面临无数诉讼和索赔，其中一些涉及性骚扰指控，另一些则涉及种族歧视。</blockquote></p><p> “McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.</p><p><blockquote>倡导组织Fight for 15在一份声明中表示：“麦当劳应该利用从前首席执行官那里收回的钱制定一项真正的计划，以阻止从得来速餐厅到高管层的猖獗性骚扰。”</blockquote></p><p> In November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly&nbsp;apologized&nbsp;for the comments.</p><p><blockquote>11月，肯普钦斯基与芝加哥市长洛里·莱特富特（Lori Lightfoot）之间的短信被公开——他似乎将两名黑人和拉丁裔儿童的死亡归咎于他们的父母——促使评级辞职。一个代表工会养老基金的投资集团发布了一份股东提案，要求麦当劳对其围绕员工和消费者公民权利的政策和做法进行第三方审计。肯普钦斯基多次为这些言论道歉。</blockquote></p><p> Dieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.</p><p><blockquote>SOC投资集团执行董事迪特·怀辛格(Dieter Waizenegger)表示，作为股东，他很高兴薪酬已退还，但仍认为董事会未能做好自己的工作。</blockquote></p><p> “The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”</p><p><blockquote>“如果董事会一开始就对伊斯特布鲁克的行为进行彻底的初步调查，他们本可以节省大量时间，甚至可能节省大量法律费用，”怀辛格先生说。“这一和解是在两年的争吵和媒体曝光之后达成的。”</blockquote></p><p> McDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.</p><p><blockquote>麦当劳还因解雇这位高管而面临众多股东诉讼。</blockquote></p><p> On Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with&nbsp;a&nbsp;current&nbsp;value of&nbsp;more than&nbsp;$105 million, which&nbsp;he&nbsp;would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.</p><p><blockquote>周四，该公司表示，“伊斯特布鲁克先生将返还目前价值超过1.05亿美元的股权奖励和现金，如果他在解雇时说实话，他将被没收这些奖励和现金，并因此被解雇。”原因。”它没有具体说明现金和股票的比例。麦当劳股价今年上涨了25%以上。</blockquote></p><p> In his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced&nbsp;touch-screen ordering&nbsp;and established all-day breakfast. Shares in the company roughly doubled.</p><p><blockquote>在四年多的工作中，伊斯特布鲁克先生被认为扭转了麦当劳的局面并重振了其萎靡不振的股价。作为首席执行官，他降低了成本，引入了触摸屏点餐，并建立了全天早餐。该公司的股价大约翻了一番。</blockquote></p><p> The clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort&nbsp;to collect&nbsp;$500 million he had received in compensation and benefits.</p><p><blockquote>他的薪酬虽然很大，但并不是公司历史上最大的一次，尽管许多早期的情况都涉及财务或会计欺诈的指控。2007年，美国证券交易委员会追回了联合健康公司前首席执行官威廉·麦奎尔(William McGuire)赚取的超过4亿美元利润，以解决与涉及期权回溯计划相关的索赔。后来，泰科国际起诉了前首席执行官丹尼斯·科兹洛夫斯基（Dennis Kozlowski），他被判抢劫公司，试图收回他获得的5亿美元赔偿和福利。</blockquote></p><p> “While Steve’s misconduct&nbsp;need&nbsp;not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”</p><p><blockquote>麦当劳董事长埃尔南德斯表示：“虽然史蒂夫的不当行为不需要得到这个社区任何成员的原谅，但他已经为自己犯下的严重错误向他的前同事、特许经营商、供应商和董事会道歉。”“今天的决议避免了旷日持久的法庭程序，并使我们超越了属于我们过去的一章。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html?searchResultPosition=1\">The New York Times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MCD":"麦当劳"},"source_url":"https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html?searchResultPosition=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144273047","content_text":"The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.\nThe agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press\nThe former McDonald’s chief executive Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.\nMr. Easterbrook has been engaged in a contentious battle with McDonald’s for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.\nIn a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.\nMr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.\nAt the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .\nBut according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.\nThat clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.\nDuring its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”\nThe company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”\nMr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”\nDuring his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.\nNonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.\n“During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”\nUnder Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.\nEarlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.\nStill, despite the company’s financial gains, a new training program for its restaurants and efforts to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of sexual harassment and others around racial discrimination.\n“McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.\nIn November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly apologized for the comments.\nDieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.\n“The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”\nMcDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.\nOn Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with a current value of more than $105 million, which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.\nIn his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced touch-screen ordering and established all-day breakfast. Shares in the company roughly doubled.\nThe clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort to collect $500 million he had received in compensation and benefits.\n“While Steve’s misconduct need not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”","news_type":1,"symbols_score_info":{"MCD":0.9}},"isVote":1,"tweetType":1,"viewCount":3141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690896445,"gmtCreate":1639652393394,"gmtModify":1639652394666,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Thank you tiger broker","listText":"Thank you tiger broker","text":"Thank you tiger broker","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/690896445","isVote":1,"tweetType":1,"viewCount":2991,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690308587,"gmtCreate":1639628257626,"gmtModify":1639628424628,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":3,"commentSize":16,"repostSize":0,"link":"https://laohu8.com/post/690308587","repostId":"1194895061","repostType":4,"isVote":1,"tweetType":1,"viewCount":3110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":845075398,"gmtCreate":1636258003814,"gmtModify":1636258052494,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":4,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/845075398","repostId":"2181446977","repostType":4,"isVote":1,"tweetType":1,"viewCount":3681,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":862585726,"gmtCreate":1632890770550,"gmtModify":1632890771031,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":2,"repostSize":0,"link":"https://laohu8.com/post/862585726","repostId":"2171002286","repostType":4,"repost":{"id":"2171002286","kind":"news","pubTimestamp":1632887040,"share":"https://www.laohu8.com/m/news/2171002286?lang=zh_CN&edition=full","pubTime":"2021-09-29 11:44","market":"other","language":"en","title":"Telstra (ASX:TLS) Will Be Looking To Turn Around Its Returns<blockquote>Telstra(ASX：TLS)将寻求扭转其回报</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=2171002286","media":"Simply Wall St.","summary":"What underlying fundamental trends can indicate that a company might be in decline? Typically, we'll","content":"<p><div> What underlying fundamental trends can indicate that a company might be in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a...</p><p><blockquote><div>哪些潜在的基本面趋势可以表明一家公司可能正在衰落？通常，我们会看到资本回报率(ROCE)下降的趋势，这通常与...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/telstra-asx-tls-looking-turn-031200374.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/telstra-asx-tls-looking-turn-031200374.html\">网页连接</a></blockquote></p><p></p>","source":"yahoofinance_au","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Telstra (ASX:TLS) Will Be Looking To Turn Around Its Returns<blockquote>Telstra(ASX：TLS)将寻求扭转其回报</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTelstra (ASX:TLS) Will Be Looking To Turn Around Its Returns<blockquote>Telstra(ASX：TLS)将寻求扭转其回报</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Simply Wall St.</strong><span class=\"h-time small\">2021-09-29 11:44</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> What underlying fundamental trends can indicate that a company might be in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a...</p><p><blockquote><div>哪些潜在的基本面趋势可以表明一家公司可能正在衰落？通常，我们会看到资本回报率(ROCE)下降的趋势，这通常与...</div></blockquote></p><p>  <a href=\"https://finance.yahoo.com/news/telstra-asx-tls-looking-turn-031200374.html\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://finance.yahoo.com/news/telstra-asx-tls-looking-turn-031200374.html\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://finance.yahoo.com/news/telstra-asx-tls-looking-turn-031200374.html\">Simply Wall St.</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"https://static.tigerbbs.com/e9fe0e6bff13b2ed38bbefbc6dd73e91","relate_stocks":{"TLS.AU":"TELSTRA GROUP LTD"},"source_url":"https://finance.yahoo.com/news/telstra-asx-tls-looking-turn-031200374.html","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"2171002286","content_text":"What underlying fundamental trends can indicate that a company might be in decline? Typically, we'll see the trend of both return on capital employed (ROCE) declining and this usually coincides with a decreasing amount of capital employed. This combination can tell you that not only is the company investing less, it's earning less on what it does invest. In light of that, from a first glance at Telstra (ASX:TLS), we've spotted some signs that it could be struggling, so let's investigate.\nReturn On Capital Employed (ROCE): What is it?\nFor those that aren't sure what ROCE is, it measures the amount of pre-tax profits a company can generate from the capital employed in its business. Analysts use this formula to calculate it for Telstra:\nReturn on Capital Employed = Earnings Before Interest and Tax (EBIT) ÷ (Total Assets - Current Liabilities)\n0.066 = AU$2.1b ÷ (AU$43b - AU$10b) (Based on the trailing twelve months to June 2021).\nTherefore, Telstra has an ROCE of 6.6%. On its own, that's a low figure but it's around the 5.9% average generated by the Telecom industry.\n See our latest analysis for Telstra \nASX:TLS Return on Capital Employed September 29th 2021\nAbove you can see how the current ROCE for Telstra compares to its prior returns on capital, but there's only so much you can tell from the past. If you'd like to see what analysts are forecasting going forward, you should check out our free report for Telstra.\nWhat Does the ROCE Trend For Telstra Tell Us?\nIn terms of Telstra's historical ROCE movements, the trend doesn't inspire confidence. About five years ago, returns on capital were 17%, however they're now substantially lower than that as we saw above. On top of that, it's worth noting that the amount of capital employed within the business has remained relatively steady. Companies that exhibit these attributes tend to not be shrinking, but they can be mature and facing pressure on their margins from competition. If these trends continue, we wouldn't expect Telstra to turn into a multi-bagger.\nWhat We Can Learn From Telstra's ROCE\nAll in all, the lower returns from the same amount of capital employed aren't exactly signs of a compounding machine. In spite of that, the stock has delivered a 1.3% return to shareholders who held over the last five years. Either way, we aren't huge fans of the current trends and so with that we think you might find better investments elsewhere.","news_type":1,"symbols_score_info":{"TLS.AU":0.9}},"isVote":1,"tweetType":1,"viewCount":2428,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":868710033,"gmtCreate":1632704778122,"gmtModify":1632798456082,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/868710033","repostId":"2170614125","repostType":4,"isVote":1,"tweetType":1,"viewCount":3193,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":884778993,"gmtCreate":1631937999912,"gmtModify":1632805193291,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/884778993","repostId":"1132017913","repostType":4,"repost":{"id":"1132017913","kind":"news","pubTimestamp":1631921413,"share":"https://www.laohu8.com/m/news/1132017913?lang=zh_CN&edition=full","pubTime":"2021-09-18 07:30","market":"us","language":"en","title":"Wall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132017913","media":"Benzinga","summary":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicl","content":"<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有代价吗？《华尔街犯罪与惩罚》是本津加的菲尔霍尔周刊系列，记录了银行家、经纪人和金融非赢利者，他们的野心和贪婪将他们带入了...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-09-18 07:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有代价吗？《华尔街犯罪与惩罚》是本津加的菲尔霍尔周刊系列，记录了银行家、经纪人和金融非赢利者，他们的野心和贪婪将他们带入了...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132017913","content_text":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.\nIn Dennis Kozlowski’s mind, he was in the wrong place at the wrong time — specifically, the courts of justice and public opinion in the early 2000s, when the corporate chieftains of Worldcom, EnronandAdelphia,not to mention the ultra-high-profile Martha Stewart,faced humiliating trials and convictions followed by prison sentences.\nKozlowski, who was convicted on 22 counts of grand larceny, conspiracy and securities fraud and served more than six years in prison following a high-profile leadership reign as CEO of Tyco International,lamented that he would never have faced a legal nightmare if his case came up during the Obama Justice Department era when prosecutions of badly behaved corporate leaders barely occurred.\n“After 2008, nobody was prosecuted,” he grumbled.\nBut if Kozlowski’s fall from grace did not take place when the stars were aligned in his favor, he found an ally in time during his post-incarceration years, where access to friendly media outlets have helped to redefine the circumstances of his derailment and allow his reinvention as a self-described martyr to a dysfunctional justice system.\nThe Boom Years: Leo Dennis Kozlowski was born Nov. 16, 1946, in Newark, New Jersey. His father worked in Newark’s public transportation service and his mother did double-duty as a school crossing guard and Newark Police Department employee.\nKozlowski held a variety of odd jobs in his youth, including stints at a car wash and a pharmacy, to finance his education at New Jersey’s Seton Hall University.\nHe briefly worked at SCM Corporation in New York City and Cabot Corporation in Boston before joining the Nashua, New Hampshire, division of Tyco International in 1975 as an accountant with an annual salary of $28,000.\nHe worked his way up through the ranks, landing the chief operating officer title by 1989 and CEO spot in 1992. Kozlowski’s ascension was mirrored by Tyco’s blossoming from a somewhat sleepy little security systems company with $20 million in revenue into a global conglomerate with more than $40 billion in revenue and a market capitalization of more than $110 billion.\nTyco’s remarkable growth was based solely on the surplus number of acquisitions that Kozlowski was able to pull off during his chief executive years. A July 1998 profile of Kozlowski in Forbes marveled at how he orchestrated 88 different acquisitions during his first six years at the company’s helm, dubbing him “Deal-a-Month Dennis” for his ability to quickly secure takeovers.\nWhile the magazine ogled at the quantity of the acquisitions, Kozlowski highlighted the quality of the deals.\n\"We're fully aware that most acquisitions don't work,\" Kozlowski said. \"Taking a gamble on a future revenue stream is a neighborhood we don't need to play in.\"\nThe key to success in this area, he added, was assimilating the acquired company as quickly as possible to ensure a swift and seamless integration into the Tyco culture.\n\"Our obligation is to get the cost out and get that over with quickly so we can move on from there and get the growth going in the company,\" he said.\nIn retrospect, Kozlowski admitted his penchant for purchasing companies was sloppy around the edges.\n“I did push the organization hard and we built up a large company from nothing very quickly,” he said in a June 2020 interview with the Nantucket-based N Magazine. “We went from infancy to adulthood without passing through adolescence. And in that process, we never built the infrastructure or the documentation that most companies have to support the kind of growth we had.\n“We didn’t have the lawyers or financial people on staff to support the large businesses that we were running,” he continued. “I was guilty of not building a corporate staff that was comparable to the size of the organization we were running.”\nActually, there was a bit more to his story than inadequate human resources support.\nThe Very Ripe Fruits Of Success: While Kozlowski’s business acumen enriched Tyco, he did not believe that the CEO of a multi-billion-dollar conglomerate was meant to endure the life of an ascetic.\nKozlowski’s life beyond his office would take the notion of excessive consumption to vulgar depths, with an extravagance befitting of decadent royal houses of days gone by.\nKozlowski owned a $30 million duplex apartment on New York City’s swanky Fifth Avenue that included a $15,000 umbrella stand and a $6,000 shower curtain in his maid’s bathroom. Other property holdings included several acres in a Boca Raton, Florida, gated community known as “The Sanctuary” and a multi-million-dollar oceanfront mansion on Nantucket.\nHe was also a generous host when it came to entertaining family and friends, most notably for the 40th birthday of Karen Kozlowski, his second wife — he arranged for a party on the Italian island of Sardinia that included a private concert by Jimmy Buffett and an ice sculpture of Michelangelo’s David that featured Stolichnaya vodka pouring from the Goliath-slayer’s penis.\nKozlowski would later claim that expensive material goods only brought him a fleeting sense of self-worth.\n“What did happen is that I wanted to show my success,” he recalled in an interview. “So I acquired some homes, a boat and things that I had little time to use. I was probably on [my sailing yacht] Endeavour 10 nights a year. I was probably at my ski house in Bachelor Gulch [Colorado] maybe five or six nights a year over the holidays. So I don’t know the exact numbers, but I never used any of these assets when I acquired them.”\nOf course, being nouveau riche with extraordinary bad taste might be an aesthetic crime, but it is not a violation of state or federal law.\nKozlowski’s problem, however, involved who was footing the bill for the Marie Antoinette-worthy shower curtain and the decidedly non-Biblical David. The Sardinia party cost $2 million with Tyco covering half of the bill and his extensive real estate holdings were also traced to the Tyco coffers.\nIn 2002, Kozlowski sought to put Tyco’s money to classier use when he purchased a series of paintings that included a Claude Monet and Pierre-August Renoir for $14 million. The office of Robert Morgenthau, the New York County District Attorney, had been suspicious of the quickie nature of some of those aforementioned Tyco acquisitions, and a careful probe of Kozlowski’s art purchases showed that he evaded paying sales tax on those items. Even worse, they were invoiced for display at Tyco’s headquarters and not Kozlowski’s residence.\nMorgenthau, who never shied away from the prospect of a high-profile investigation that would put his name in the headlines, zeroed in on Tyco and Kozlowski.\nGetting What They Paid For? In his N Magazine interview, Kozlowski would recall that he was earning a $1 million annual salary at the time that his troubles began to ferment, but he insisted Tyco operated an independent compensation board that he did not control or influence. Kozlowski also stated that he was considering early retirement and announced his plans to the board of directors, only to have the compensation committee talk him into staying.\n“The compensation committee got together and came back and said, ‘We really want you to stay — we’ll give you three times your salary, stock and unlimited use of an airplane, an apartment and staff to take care of all this for the rest of your life,'” he said.\n“So I went to our vice president of HR, and said, ‘The board offer is probably worth over $100 million dollars. Please go back to the board and tell them I want three times my annual compensation of the stock, the bonus and the salary.’ I thought there was no way in hell that they would ever support that. To my surprise, they approved it.”\nBut that is not what Morgenthau’s office saw. Kozlowski retired from Tyco in June 2002 and two months later he was indicted on 23 counts of conspiracy, securities fraud, grand larceny and falsifying records. Tyco’s former chief financial officer Mark Swartz was also indicted at the same time on similar charges. The indictments were unusual because the defendants were being charged in a state court rather than a federal court — the U.S. Department of Justice never became involved in Kozlowski’s case.\n“Morgenthau was running for re-election and he was facing his first real challenge at the time,” Kozlowski later stated. “He had been district attorney for many years. He wanted to show that he was going to prosecute white-collar crime as well as the day-to-day crimes of New York.”\nWhen Kozlowski came to trial in 2003, the prosecutors charged him with using Tyco as a personal piggy bank — he was accused of pocketing $81 million in unauthorized bonuses. Kozlowski’s attorneys argued that all of the money that went from Tyco to their client was authorized and he never looted the company.\nIf it was simply a he-said/he-said case, Kozlowski’s attorneys might have been able to dismantle the prosecutor’s volleys. But Morgenthau and his team had a damaging weapon: scores of videos that detailed Kozlowski’s reckless extravagance. One video showed the Sardinian party with its wacky excesses, while another offered Kozlowski’s former maid giving a tour of his Fifth Avenue apartment — she claimed he never lived there and only stopped by very occasionally, usually for a change of clothing.\nKozlowski’s trial was heading to a conviction when a mistrial was declared after one juror — who was supposedly holding out for acquittal — received threatening messages about her refusal to convict. A second trial was held and Kozlowski was found guilty on 22 of the 23 charges against him. He was acquitted of one count of falsifying records. He was also ordered to pay $100 million in restitution.\nPrior to his September 2005 sentencing, Kozlowski claimed he was convicted of bad optics.\n“I was a guy sitting in a courtroom making $100 million a year and I think a juror sitting there just would have to say, 'All that money? He must have done something wrong,'” he said. “I think it's as simple as that.”\nRedemption Song: Kozlowski served a six-and-a-half-year prison sentence, and it was only during his second parole hearing — the first effort ended in failure — did he show any degree of remorse, claiming his actions were the result of “greed, pure and simple — I feel horrible. I can't say how sorry I am and how deeply I regret my actions.”\nIn prison, Kozlowski was initially placed in solitary confinement for six months out of initial fear that he would be targeted by prison gangs due to his wealth, but he later ingratiated himself with fellow inmates by tutoring those in pursuit of their GED. He also began to reshape his public image by agreeing to interviews with the Wall Street Journal and CBS' “60 Minutes” where he presented himself as a reforming work-in-progress.\nSince his release in 2014, Kozlowski has turned up in multiple media interviews and guest speaking engagements detailing his rise, fall and return to everyday life; the remorse from his successful parole hearing never resurfaced.\nKozlowski relocated to Fort Lauderdale, Florida, and co-founded the merger-and-acquisitions consultancy Harborside Advisors with his third wife, Kimberly Fusaro-Kozlowski, who first contacted him while he was still in prison; his second wife Karen, the object of the Sardinia party, divorced him in 2006 while he was appealing his conviction.\nHe also co-founded Commandscape, a security and building management company, with Netscape founder Jim Clark as his business partner. He also chaired The Fortune Society in New York, a nonprofit that assists former inmates in their return to society.\nKozlowski’s case has been addressed by prominent lawyers who questioned whether justice was truly served. Catherine S. Neal wrote the impassioned “Dennis Kozlowski Was Not a Thief” for the January 2014 Harvard Business Review and expanded her thesis into the book “Taking Down the Lion: The Triumphant Rise and Tragic Fall of Tyco’s Dennis Kozlowski.”\nAnd noted civil rights attorney Dan Ackman stated that while Kozlowski and co-defendant Swartz “acted like pigs,” the larceny charges brought against them “did not depend on whether the defendants took the money — they did — but whether they were authorized to take it. Questions of authority are, by nature, legal questions, not questions for jurors.”\nUltimately, Kozlowski sought to have the last word on his case, insisting in an April 2021 interview with Leaders Magazine that he came out of these experiences a better man.\n“It was a real lesson in friendship and there were surprises along the way,” he said. “People became true friends who I had not really known were true friends, and people that I expected to be there for me were long gone. You really don’t find out who your true friends are and who you can count on until you really need them.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":888616308,"gmtCreate":1631493014804,"gmtModify":1631891112134,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/888616308","repostId":"2167306583","repostType":4,"isVote":1,"tweetType":1,"viewCount":1496,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883649039,"gmtCreate":1631239609721,"gmtModify":1631891112140,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/883649039","repostId":"1133278609","repostType":4,"isVote":1,"tweetType":1,"viewCount":1887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":880037783,"gmtCreate":1630998009442,"gmtModify":1631891112145,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Good","listText":"Good","text":"Good","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/880037783","repostId":"1150809394","repostType":4,"repost":{"id":"1150809394","kind":"news","pubTimestamp":1630997306,"share":"https://www.laohu8.com/m/news/1150809394?lang=zh_CN&edition=full","pubTime":"2021-09-07 14:48","market":"sg","language":"en","title":"Singapore retail sales up 0.2% YoY in July<blockquote>新加坡7月零售额同比增长0.2%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1150809394","media":"Singapore Business","summary":"UOB said retail sales will post a 10% full-year growth.\nRetail sales grew by a marginal 0.2% year-on","content":"<p><i><b>UOB said retail sales will post a 10% full-year growth.</b></i></p><p><blockquote><i><b>大华银行表示，零售额全年将增长10%。</b></i></blockquote></p><p> Retail sales grew by a marginal 0.2% year-on-year (YoY), smaller than the 26% increase recorded in June, with an estimated value of $3.4b, according to the Department of Statistics.</p><p><blockquote>根据统计局的数据，零售额同比小幅增长0.2%，低于6月份26%的增幅，估计价值为$3.4 B。</blockquote></p><p> Retail sales increased at a slower pace in July as physical stores were open in July this year and last year. Physical stores were closed until 18 June 2020 due to the Phase 1 measures.</p><p><blockquote>由于今年和去年7月实体店开业，7月零售额增速放缓。由于第一阶段措施，实体店关闭至2020年6月18日。</blockquote></p><p> Sales in the retail sector grew 0.8% month-on-month (MoM), seasonally adjusted, it said.</p><p><blockquote>报告称，经季节性调整后，零售业销售额环比增长0.8%。</blockquote></p><p> Retail sales value in July, meanwhile, remained to be below pre-COVID levels at $3.4b, 13.9% of which was made up of online retail sales, lower than the 15.4% recorded in June.</p><p><blockquote>与此同时，7月份的零售额仍低于新冠疫情前的水平，为$3.4 B，其中13.9%来自在线零售额，低于6月份的15.4%。</blockquote></p><p> Of the online retail sales, 14% were from the supermarkets and hypermarkets sector, 55.8% were from computer and telecommunications equipment sales, and 29.9% were furniture and household equipment.</p><p><blockquote>在网上零售额中，14%来自超市和大卖场，55.8%来自计算机和电信设备销售，29.9%来自家具和家用设备。</blockquote></p><p> Seven of the 14 retail industries saw an increase in sales in July, with sales from the petrol service stations, and watches and jewellery sectors recording the highest YoY change at 33.5% and 10.4%, respectively, mainly due to higher petrol prices and higher demand for watches.</p><p><blockquote>14个零售业中有7个行业的销售额在7月份有所增长，其中加油站以及手表和珠宝行业的销售额同比变化最高，分别为33.5%和10.4%，主要是由于汽油价格上涨和手表需求增加。</blockquote></p><p> Food and alcohol sales rose 8.1% YoY, supermarkets and hypermarkets increased 4.4%, whilst computer and telecommunications equipment climbed 4.2% YoY.&nbsp;Sales of motor vehicles, department stores, and optical goods and books posted the highest decline year-on-year at 9.8%, 9.2%, and 7.7%, respectively.</p><p><blockquote>食品和酒类销售额同比增长8.1%，超市和大卖场增长4.4%，计算机和电信设备同比增长4.2%。汽车、百货商店、光学用品和书籍的销售额同比跌幅最大，分别为9.8%、9.2%和7.7%。</blockquote></p><p> On a seasonally MoM basis, sales of department stores and wearing apparel and footwear increased 16.2% and 13.7%, respectively, in July 2021 due to promotional sale events, the department said.&nbsp;Motor vehicles, food and alcohol, and optical foods and books, on the other hand, logged the highest dip MoM by 11.4%, 5.5%, and 5.2%, respectively.</p><p><blockquote>该部门表示，在季节性环比基础上，由于促销活动，2021年7月百货商店和服装鞋类的销售额分别增长了16.2%和13.7%。另一方面，机动车辆、食品和酒类、光学食品和书籍的环比跌幅最高，分别为11.4%、5.5%和5.2%。</blockquote></p><p> Excluding motor vehicles, retail sales increased 2% YoY and 2.9% MoM, with a sales value of $2.9b.</p><p><blockquote>不包括机动车辆，零售额同比增长2%，环比增长2.9%，销售额为$2.9 b。</blockquote></p><p> UOB, meanwhile, said that retail sales demand has not recovered to pre-COVID-19 levels, but a gradual reopening of its borders “will certainly help.”</p><p><blockquote>与此同时，大华银行表示，零售需求尚未恢复到COVID-19之前的水平，但逐步重新开放边境“肯定会有所帮助”。</blockquote></p><p> It noted that for the rest of 2021, the low base in the months between August and December in 2020 “will remain a strong factor in supporting a rebound in retail sales growth in the coming&nbsp;months.”</p><p><blockquote>报告指出，在2021年剩余时间里，2020年8月至12月这几个月的低基数“仍将是支持未来几个月零售额增长反弹的有力因素”。</blockquote></p><p> “Note that retail sales had stayed in contraction territories till January 2021. Retail sales should also recover further in the months ahead on the back of domestic demand, given the likelihood for further improvement of Singapore’s labour market in 2H21,” it said.</p><p><blockquote>“请注意，零售额在2021年1月之前一直处于收缩区域。鉴于新加坡劳动力市场在2021年下半年可能进一步改善，在国内需求的支持下，零售额也应该在未来几个月进一步复苏，”报告称。</blockquote></p><p> UOB said it expects Singapore’s overall unemployment rate to fall 2.6% by the end of the year, down from 2.7% in June, whilst the full-year retail sales outlook is seen to register a growth of 10% for the whole year.</p><p><blockquote>大华银行表示，预计新加坡整体失业率到今年年底将下降2.6%，低于6月份的2.7%，而全年零售额预计将增长10%。</blockquote></p><p> RHB, meanwhile, said they expect “modest improvements” in consumer spending over the next few months, noting that the MoM increase in July retail sales excluding motor vehicles by 2.9% was due to a “huge acceleration in several sub-components.</p><p><blockquote>与此同时，兴业银行表示，他们预计未来几个月消费者支出将“适度改善”，并指出7月份（不包括机动车辆）零售额环比增长2.9%是由于“几个子组成部分的大幅加速”。</blockquote></p><p> “This pace may not be sustainable in the next few months as the reopening of the Singapore economy is at early stages and it is not clear if the current policy framework will in fact work. We err on the side of caution,” it said.</p><p><blockquote>报告称：“这种速度在未来几个月可能无法持续，因为新加坡经济的重新开放还处于早期阶段，目前尚不清楚当前的政策框架是否会真正发挥作用。我们过于谨慎。”</blockquote></p><p></p>","source":"lsy1618986048053","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Singapore retail sales up 0.2% YoY in July<blockquote>新加坡7月零售额同比增长0.2%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nSingapore retail sales up 0.2% YoY in July<blockquote>新加坡7月零售额同比增长0.2%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Singapore Business</strong><span class=\"h-time small\">2021-09-07 14:48</span>\n</p>\n</h4>\n</header>\n<article>\n<p><i><b>UOB said retail sales will post a 10% full-year growth.</b></i></p><p><blockquote><i><b>大华银行表示，零售额全年将增长10%。</b></i></blockquote></p><p> Retail sales grew by a marginal 0.2% year-on-year (YoY), smaller than the 26% increase recorded in June, with an estimated value of $3.4b, according to the Department of Statistics.</p><p><blockquote>根据统计局的数据，零售额同比小幅增长0.2%，低于6月份26%的增幅，估计价值为$3.4 B。</blockquote></p><p> Retail sales increased at a slower pace in July as physical stores were open in July this year and last year. Physical stores were closed until 18 June 2020 due to the Phase 1 measures.</p><p><blockquote>由于今年和去年7月实体店开业，7月零售额增速放缓。由于第一阶段措施，实体店关闭至2020年6月18日。</blockquote></p><p> Sales in the retail sector grew 0.8% month-on-month (MoM), seasonally adjusted, it said.</p><p><blockquote>报告称，经季节性调整后，零售业销售额环比增长0.8%。</blockquote></p><p> Retail sales value in July, meanwhile, remained to be below pre-COVID levels at $3.4b, 13.9% of which was made up of online retail sales, lower than the 15.4% recorded in June.</p><p><blockquote>与此同时，7月份的零售额仍低于新冠疫情前的水平，为$3.4 B，其中13.9%来自在线零售额，低于6月份的15.4%。</blockquote></p><p> Of the online retail sales, 14% were from the supermarkets and hypermarkets sector, 55.8% were from computer and telecommunications equipment sales, and 29.9% were furniture and household equipment.</p><p><blockquote>在网上零售额中，14%来自超市和大卖场，55.8%来自计算机和电信设备销售，29.9%来自家具和家用设备。</blockquote></p><p> Seven of the 14 retail industries saw an increase in sales in July, with sales from the petrol service stations, and watches and jewellery sectors recording the highest YoY change at 33.5% and 10.4%, respectively, mainly due to higher petrol prices and higher demand for watches.</p><p><blockquote>14个零售业中有7个行业的销售额在7月份有所增长，其中加油站以及手表和珠宝行业的销售额同比变化最高，分别为33.5%和10.4%，主要是由于汽油价格上涨和手表需求增加。</blockquote></p><p> Food and alcohol sales rose 8.1% YoY, supermarkets and hypermarkets increased 4.4%, whilst computer and telecommunications equipment climbed 4.2% YoY.&nbsp;Sales of motor vehicles, department stores, and optical goods and books posted the highest decline year-on-year at 9.8%, 9.2%, and 7.7%, respectively.</p><p><blockquote>食品和酒类销售额同比增长8.1%，超市和大卖场增长4.4%，计算机和电信设备同比增长4.2%。汽车、百货商店、光学用品和书籍的销售额同比跌幅最大，分别为9.8%、9.2%和7.7%。</blockquote></p><p> On a seasonally MoM basis, sales of department stores and wearing apparel and footwear increased 16.2% and 13.7%, respectively, in July 2021 due to promotional sale events, the department said.&nbsp;Motor vehicles, food and alcohol, and optical foods and books, on the other hand, logged the highest dip MoM by 11.4%, 5.5%, and 5.2%, respectively.</p><p><blockquote>该部门表示，在季节性环比基础上，由于促销活动，2021年7月百货商店和服装鞋类的销售额分别增长了16.2%和13.7%。另一方面，机动车辆、食品和酒类、光学食品和书籍的环比跌幅最高，分别为11.4%、5.5%和5.2%。</blockquote></p><p> Excluding motor vehicles, retail sales increased 2% YoY and 2.9% MoM, with a sales value of $2.9b.</p><p><blockquote>不包括机动车辆，零售额同比增长2%，环比增长2.9%，销售额为$2.9 b。</blockquote></p><p> UOB, meanwhile, said that retail sales demand has not recovered to pre-COVID-19 levels, but a gradual reopening of its borders “will certainly help.”</p><p><blockquote>与此同时，大华银行表示，零售需求尚未恢复到COVID-19之前的水平，但逐步重新开放边境“肯定会有所帮助”。</blockquote></p><p> It noted that for the rest of 2021, the low base in the months between August and December in 2020 “will remain a strong factor in supporting a rebound in retail sales growth in the coming&nbsp;months.”</p><p><blockquote>报告指出，在2021年剩余时间里，2020年8月至12月这几个月的低基数“仍将是支持未来几个月零售额增长反弹的有力因素”。</blockquote></p><p> “Note that retail sales had stayed in contraction territories till January 2021. Retail sales should also recover further in the months ahead on the back of domestic demand, given the likelihood for further improvement of Singapore’s labour market in 2H21,” it said.</p><p><blockquote>“请注意，零售额在2021年1月之前一直处于收缩区域。鉴于新加坡劳动力市场在2021年下半年可能进一步改善，在国内需求的支持下，零售额也应该在未来几个月进一步复苏，”报告称。</blockquote></p><p> UOB said it expects Singapore’s overall unemployment rate to fall 2.6% by the end of the year, down from 2.7% in June, whilst the full-year retail sales outlook is seen to register a growth of 10% for the whole year.</p><p><blockquote>大华银行表示，预计新加坡整体失业率到今年年底将下降2.6%，低于6月份的2.7%，而全年零售额预计将增长10%。</blockquote></p><p> RHB, meanwhile, said they expect “modest improvements” in consumer spending over the next few months, noting that the MoM increase in July retail sales excluding motor vehicles by 2.9% was due to a “huge acceleration in several sub-components.</p><p><blockquote>与此同时，兴业银行表示，他们预计未来几个月消费者支出将“适度改善”，并指出7月份（不包括机动车辆）零售额环比增长2.9%是由于“几个子组成部分的大幅加速”。</blockquote></p><p> “This pace may not be sustainable in the next few months as the reopening of the Singapore economy is at early stages and it is not clear if the current policy framework will in fact work. We err on the side of caution,” it said.</p><p><blockquote>报告称：“这种速度在未来几个月可能无法持续，因为新加坡经济的重新开放还处于早期阶段，目前尚不清楚当前的政策框架是否会真正发挥作用。我们过于谨慎。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://sbr.com.sg/economy/in-focus/singapore-retail-sales-02-yoy-in-july-0\">Singapore Business</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"STI.SI":"富时新加坡海峡指数"},"source_url":"https://sbr.com.sg/economy/in-focus/singapore-retail-sales-02-yoy-in-july-0","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1150809394","content_text":"UOB said retail sales will post a 10% full-year growth.\nRetail sales grew by a marginal 0.2% year-on-year (YoY), smaller than the 26% increase recorded in June, with an estimated value of $3.4b, according to the Department of Statistics.\nRetail sales increased at a slower pace in July as physical stores were open in July this year and last year. Physical stores were closed until 18 June 2020 due to the Phase 1 measures.\nSales in the retail sector grew 0.8% month-on-month (MoM), seasonally adjusted, it said.\nRetail sales value in July, meanwhile, remained to be below pre-COVID levels at $3.4b, 13.9% of which was made up of online retail sales, lower than the 15.4% recorded in June.\nOf the online retail sales, 14% were from the supermarkets and hypermarkets sector, 55.8% were from computer and telecommunications equipment sales, and 29.9% were furniture and household equipment.\nSeven of the 14 retail industries saw an increase in sales in July, with sales from the petrol service stations, and watches and jewellery sectors recording the highest YoY change at 33.5% and 10.4%, respectively, mainly due to higher petrol prices and higher demand for watches.\nFood and alcohol sales rose 8.1% YoY, supermarkets and hypermarkets increased 4.4%, whilst computer and telecommunications equipment climbed 4.2% YoY. Sales of motor vehicles, department stores, and optical goods and books posted the highest decline year-on-year at 9.8%, 9.2%, and 7.7%, respectively.\nOn a seasonally MoM basis, sales of department stores and wearing apparel and footwear increased 16.2% and 13.7%, respectively, in July 2021 due to promotional sale events, the department said. Motor vehicles, food and alcohol, and optical foods and books, on the other hand, logged the highest dip MoM by 11.4%, 5.5%, and 5.2%, respectively.\nExcluding motor vehicles, retail sales increased 2% YoY and 2.9% MoM, with a sales value of $2.9b.\nUOB, meanwhile, said that retail sales demand has not recovered to pre-COVID-19 levels, but a gradual reopening of its borders “will certainly help.”\nIt noted that for the rest of 2021, the low base in the months between August and December in 2020 “will remain a strong factor in supporting a rebound in retail sales growth in the coming months.”\n“Note that retail sales had stayed in contraction territories till January 2021. Retail sales should also recover further in the months ahead on the back of domestic demand, given the likelihood for further improvement of Singapore’s labour market in 2H21,” it said.\nUOB said it expects Singapore’s overall unemployment rate to fall 2.6% by the end of the year, down from 2.7% in June, whilst the full-year retail sales outlook is seen to register a growth of 10% for the whole year.\nRHB, meanwhile, said they expect “modest improvements” in consumer spending over the next few months, noting that the MoM increase in July retail sales excluding motor vehicles by 2.9% was due to a “huge acceleration in several sub-components.\n“This pace may not be sustainable in the next few months as the reopening of the Singapore economy is at early stages and it is not clear if the current policy framework will in fact work. We err on the side of caution,” it said.","news_type":1,"symbols_score_info":{"STI.SI":0.9}},"isVote":1,"tweetType":1,"viewCount":2614,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125756870,"gmtCreate":1624697786490,"gmtModify":1631891112149,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/125756870","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":122976425,"gmtCreate":1624595404667,"gmtModify":1631891112151,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":10,"commentSize":1,"repostSize":0,"link":"https://laohu8.com/post/122976425","repostId":"2146023477","repostType":4,"isVote":1,"tweetType":1,"viewCount":734,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":128185495,"gmtCreate":1624506243017,"gmtModify":1631891112159,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Can 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[开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心] [开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":4,"repostSize":0,"link":"https://laohu8.com/post/167182489","repostId":"1118915240","repostType":4,"repost":{"id":"1118915240","kind":"news","pubTimestamp":1624003162,"share":"https://www.laohu8.com/m/news/1118915240?lang=zh_CN&edition=full","pubTime":"2021-06-18 15:59","market":"us","language":"en","title":"Tesla Partner CureVac Says Will Find 'Sweet Spot' For COVID-19 Vaccine Despite Disappointing Data<blockquote>特斯拉合作伙伴CureVac表示，尽管数据令人失望，但仍将找到COVID-19疫苗的“最佳点”</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1118915240","media":"benzinga","summary":"CureVac N.V.’s Chief Financial Officer Pierre Kemula is optimistic its COVID-19 vaccine could still be offered to certain age groups or as a booster, the Financial Timesreportedon Thursday.What Happened:Kemula told FT the German vaccine developer is still hopeful the jab could be offered to certain age groups or as a booster after data from CureVac’s late-stage trial of its international first-generation vaccine candidateshowed that it had only47% efficacy.“There is a lot of need for vaccines ou","content":"<p><div> CureVac N.V.’s Chief Financial Officer Pierre Kemula is optimistic its COVID-19 vaccine could still be offered to certain age groups or as a booster, the Financial Timesreportedon Thursday. What ...</p><p><blockquote><div>据英国《金融时报》周四报道，CureVac N.V.首席财务官Pierre Kemula对其COVID-19疫苗仍可提供给某些年龄组或作为加强剂持乐观态度。什么...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21620566/tesla-partner-curevac-says-will-find-sweet-spot-for-covid-19-vaccine-despite-disappointing-data\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21620566/tesla-partner-curevac-says-will-find-sweet-spot-for-covid-19-vaccine-despite-disappointing-data\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Tesla Partner CureVac Says Will Find 'Sweet Spot' For COVID-19 Vaccine Despite Disappointing Data<blockquote>特斯拉合作伙伴CureVac表示，尽管数据令人失望，但仍将找到COVID-19疫苗的“最佳点”</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nTesla Partner CureVac Says Will Find 'Sweet Spot' For COVID-19 Vaccine Despite Disappointing Data<blockquote>特斯拉合作伙伴CureVac表示，尽管数据令人失望，但仍将找到COVID-19疫苗的“最佳点”</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">benzinga</strong><span class=\"h-time small\">2021-06-18 15:59</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> CureVac N.V.’s Chief Financial Officer Pierre Kemula is optimistic its COVID-19 vaccine could still be offered to certain age groups or as a booster, the Financial Timesreportedon Thursday. What ...</p><p><blockquote><div>据英国《金融时报》周四报道，CureVac N.V.首席财务官Pierre Kemula对其COVID-19疫苗仍可提供给某些年龄组或作为加强剂持乐观态度。什么...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/general/biotech/21/06/21620566/tesla-partner-curevac-says-will-find-sweet-spot-for-covid-19-vaccine-despite-disappointing-data\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/general/biotech/21/06/21620566/tesla-partner-curevac-says-will-find-sweet-spot-for-covid-19-vaccine-despite-disappointing-data\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/general/biotech/21/06/21620566/tesla-partner-curevac-says-will-find-sweet-spot-for-covid-19-vaccine-despite-disappointing-data\">benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"CVAC":"CureVac B.V.","TSLA":"特斯拉"},"source_url":"https://www.benzinga.com/general/biotech/21/06/21620566/tesla-partner-curevac-says-will-find-sweet-spot-for-covid-19-vaccine-despite-disappointing-data","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1118915240","content_text":"CureVac N.V.’s Chief Financial Officer Pierre Kemula is optimistic its COVID-19 vaccine could still be offered to certain age groups or as a booster, the Financial Timesreportedon Thursday.\nWhat Happened:Kemula told FT the German vaccine developer is still hopeful the jab could be offered to certain age groups or as a booster after data from CureVac’s late-stage trial of its international first-generation vaccine candidateshowed that it had only47% efficacy.\n“There is a lot of need for vaccines out there,” Kemula said, adding it will work with the agencies to find a “sweet spot” for the vaccine usage, as per the report.\nWhy It Matters:Expectations were running high for CureVac, in which the German government bought a 23% stake to allay concerns it could move to the United States. CureVac’s vaccine program disappointment comes at a time when a handful of vaccines are already in the market through the emergency authorization route.\nThe U.S. Food and Drug Administration has recently revised vaccine review guidelines, deciding not to entertain emergency use applications. Instead, the agency is now contemplating review only through the full approval process route, necessitating more detailed data.\nCureVac has acollaboration with Tesla Inc for vaccine printers. In April, Elon Musk in a tweet suggested CureVac was “a few months away from regulatory approval,” but deleted it soon after.\nPrice Action:CureVac shares dived 39% to close at $57.83 on Thursday.","news_type":1,"symbols_score_info":{"TSLA":0.9,"CVAC":0.9}},"isVote":1,"tweetType":1,"viewCount":1177,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":167189072,"gmtCreate":1624252023296,"gmtModify":1631891112163,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/167189072","repostId":"1142916683","repostType":4,"repost":{"id":"1142916683","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624003342,"share":"https://www.laohu8.com/m/news/1142916683?lang=zh_CN&edition=full","pubTime":"2021-06-18 16:02","market":"us","language":"en","title":"Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142916683","media":"Tiger Newspress","summary":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial foreca","content":"<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOrphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142916683","content_text":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.\nOrphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.\nAs a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.\n\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.\nOrphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.","news_type":1,"symbols_score_info":{"ORPH":0.9}},"isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167115611,"gmtCreate":1624251848733,"gmtModify":1631893551310,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","listText":"&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;[开心]&nbsp;","text":"[开心] 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[开心]","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/167115611","repostId":"2144713727","repostType":4,"isVote":1,"tweetType":1,"viewCount":1767,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":167119344,"gmtCreate":1624251530888,"gmtModify":1631893551325,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":18,"repostSize":0,"link":"https://laohu8.com/post/167119344","repostId":"2144713727","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164913614,"gmtCreate":1624165083538,"gmtModify":1631893551339,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"Pls like and comment","listText":"Pls like and comment","text":"Pls like and comment","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":0,"repostSize":0,"link":"https://laohu8.com/post/164913614","repostId":"2144265729","repostType":4,"isVote":1,"tweetType":1,"viewCount":724,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164919225,"gmtCreate":1624165050967,"gmtModify":1631893551356,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"authorIdStr":"3581650882917100","idStr":"3581650882917100"},"themes":[],"htmlText":"No comment at all?","listText":"No comment at all?","text":"No comment at all?","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":20,"repostSize":0,"link":"https://laohu8.com/post/164919225","repostId":"2144265729","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0}],"hots":[{"id":884778993,"gmtCreate":1631937999912,"gmtModify":1632805193291,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/884778993","repostId":"1132017913","repostType":4,"repost":{"id":"1132017913","kind":"news","pubTimestamp":1631921413,"share":"https://www.laohu8.com/m/news/1132017913?lang=zh_CN&edition=full","pubTime":"2021-09-18 07:30","market":"us","language":"en","title":"Wall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1132017913","media":"Benzinga","summary":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicl","content":"<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有代价吗？《华尔街犯罪与惩罚》是本津加的菲尔霍尔周刊系列，记录了银行家、经纪人和金融非赢利者，他们的野心和贪婪将他们带入了...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页连接</a></blockquote></p><p></p>","source":"lsy1606299360108","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Wall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWall Street Crime And Punishment: Dennis Kozlowski, Tyco International's Big-Spending Vulgarian<blockquote>华尔街罪与罚：丹尼斯·科兹洛夫斯基，泰科国际的大手笔庸俗</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Benzinga</strong><span class=\"h-time small\">2021-09-18 07:30</span>\n</p>\n</h4>\n</header>\n<article>\n<p><div> Does crime pay? Wall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the ...</p><p><blockquote><div>犯罪有代价吗？《华尔街犯罪与惩罚》是本津加的菲尔霍尔周刊系列，记录了银行家、经纪人和金融非赢利者，他们的野心和贪婪将他们带入了...</div></blockquote></p><p>  <a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页链接</a>  </div> </p><p><blockquote><a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">网页连接</a></blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian\">Benzinga</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.benzinga.com/news/21/09/22976498/wall-street-crime-and-punishment-dennis-kozlowski-tyco-internationals-big-spending-vulgarian","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1132017913","content_text":"Does crime pay?\nWall Street Crime and Punishment is a weekly series by Benzinga's Phil Hall chronicling the bankers, brokers and financial ne’er-do-wells whose ambition and greed take them in the wrong direction.\nIn Dennis Kozlowski’s mind, he was in the wrong place at the wrong time — specifically, the courts of justice and public opinion in the early 2000s, when the corporate chieftains of Worldcom, EnronandAdelphia,not to mention the ultra-high-profile Martha Stewart,faced humiliating trials and convictions followed by prison sentences.\nKozlowski, who was convicted on 22 counts of grand larceny, conspiracy and securities fraud and served more than six years in prison following a high-profile leadership reign as CEO of Tyco International,lamented that he would never have faced a legal nightmare if his case came up during the Obama Justice Department era when prosecutions of badly behaved corporate leaders barely occurred.\n“After 2008, nobody was prosecuted,” he grumbled.\nBut if Kozlowski’s fall from grace did not take place when the stars were aligned in his favor, he found an ally in time during his post-incarceration years, where access to friendly media outlets have helped to redefine the circumstances of his derailment and allow his reinvention as a self-described martyr to a dysfunctional justice system.\nThe Boom Years: Leo Dennis Kozlowski was born Nov. 16, 1946, in Newark, New Jersey. His father worked in Newark’s public transportation service and his mother did double-duty as a school crossing guard and Newark Police Department employee.\nKozlowski held a variety of odd jobs in his youth, including stints at a car wash and a pharmacy, to finance his education at New Jersey’s Seton Hall University.\nHe briefly worked at SCM Corporation in New York City and Cabot Corporation in Boston before joining the Nashua, New Hampshire, division of Tyco International in 1975 as an accountant with an annual salary of $28,000.\nHe worked his way up through the ranks, landing the chief operating officer title by 1989 and CEO spot in 1992. Kozlowski’s ascension was mirrored by Tyco’s blossoming from a somewhat sleepy little security systems company with $20 million in revenue into a global conglomerate with more than $40 billion in revenue and a market capitalization of more than $110 billion.\nTyco’s remarkable growth was based solely on the surplus number of acquisitions that Kozlowski was able to pull off during his chief executive years. A July 1998 profile of Kozlowski in Forbes marveled at how he orchestrated 88 different acquisitions during his first six years at the company’s helm, dubbing him “Deal-a-Month Dennis” for his ability to quickly secure takeovers.\nWhile the magazine ogled at the quantity of the acquisitions, Kozlowski highlighted the quality of the deals.\n\"We're fully aware that most acquisitions don't work,\" Kozlowski said. \"Taking a gamble on a future revenue stream is a neighborhood we don't need to play in.\"\nThe key to success in this area, he added, was assimilating the acquired company as quickly as possible to ensure a swift and seamless integration into the Tyco culture.\n\"Our obligation is to get the cost out and get that over with quickly so we can move on from there and get the growth going in the company,\" he said.\nIn retrospect, Kozlowski admitted his penchant for purchasing companies was sloppy around the edges.\n“I did push the organization hard and we built up a large company from nothing very quickly,” he said in a June 2020 interview with the Nantucket-based N Magazine. “We went from infancy to adulthood without passing through adolescence. And in that process, we never built the infrastructure or the documentation that most companies have to support the kind of growth we had.\n“We didn’t have the lawyers or financial people on staff to support the large businesses that we were running,” he continued. “I was guilty of not building a corporate staff that was comparable to the size of the organization we were running.”\nActually, there was a bit more to his story than inadequate human resources support.\nThe Very Ripe Fruits Of Success: While Kozlowski’s business acumen enriched Tyco, he did not believe that the CEO of a multi-billion-dollar conglomerate was meant to endure the life of an ascetic.\nKozlowski’s life beyond his office would take the notion of excessive consumption to vulgar depths, with an extravagance befitting of decadent royal houses of days gone by.\nKozlowski owned a $30 million duplex apartment on New York City’s swanky Fifth Avenue that included a $15,000 umbrella stand and a $6,000 shower curtain in his maid’s bathroom. Other property holdings included several acres in a Boca Raton, Florida, gated community known as “The Sanctuary” and a multi-million-dollar oceanfront mansion on Nantucket.\nHe was also a generous host when it came to entertaining family and friends, most notably for the 40th birthday of Karen Kozlowski, his second wife — he arranged for a party on the Italian island of Sardinia that included a private concert by Jimmy Buffett and an ice sculpture of Michelangelo’s David that featured Stolichnaya vodka pouring from the Goliath-slayer’s penis.\nKozlowski would later claim that expensive material goods only brought him a fleeting sense of self-worth.\n“What did happen is that I wanted to show my success,” he recalled in an interview. “So I acquired some homes, a boat and things that I had little time to use. I was probably on [my sailing yacht] Endeavour 10 nights a year. I was probably at my ski house in Bachelor Gulch [Colorado] maybe five or six nights a year over the holidays. So I don’t know the exact numbers, but I never used any of these assets when I acquired them.”\nOf course, being nouveau riche with extraordinary bad taste might be an aesthetic crime, but it is not a violation of state or federal law.\nKozlowski’s problem, however, involved who was footing the bill for the Marie Antoinette-worthy shower curtain and the decidedly non-Biblical David. The Sardinia party cost $2 million with Tyco covering half of the bill and his extensive real estate holdings were also traced to the Tyco coffers.\nIn 2002, Kozlowski sought to put Tyco’s money to classier use when he purchased a series of paintings that included a Claude Monet and Pierre-August Renoir for $14 million. The office of Robert Morgenthau, the New York County District Attorney, had been suspicious of the quickie nature of some of those aforementioned Tyco acquisitions, and a careful probe of Kozlowski’s art purchases showed that he evaded paying sales tax on those items. Even worse, they were invoiced for display at Tyco’s headquarters and not Kozlowski’s residence.\nMorgenthau, who never shied away from the prospect of a high-profile investigation that would put his name in the headlines, zeroed in on Tyco and Kozlowski.\nGetting What They Paid For? In his N Magazine interview, Kozlowski would recall that he was earning a $1 million annual salary at the time that his troubles began to ferment, but he insisted Tyco operated an independent compensation board that he did not control or influence. Kozlowski also stated that he was considering early retirement and announced his plans to the board of directors, only to have the compensation committee talk him into staying.\n“The compensation committee got together and came back and said, ‘We really want you to stay — we’ll give you three times your salary, stock and unlimited use of an airplane, an apartment and staff to take care of all this for the rest of your life,'” he said.\n“So I went to our vice president of HR, and said, ‘The board offer is probably worth over $100 million dollars. Please go back to the board and tell them I want three times my annual compensation of the stock, the bonus and the salary.’ I thought there was no way in hell that they would ever support that. To my surprise, they approved it.”\nBut that is not what Morgenthau’s office saw. Kozlowski retired from Tyco in June 2002 and two months later he was indicted on 23 counts of conspiracy, securities fraud, grand larceny and falsifying records. Tyco’s former chief financial officer Mark Swartz was also indicted at the same time on similar charges. The indictments were unusual because the defendants were being charged in a state court rather than a federal court — the U.S. Department of Justice never became involved in Kozlowski’s case.\n“Morgenthau was running for re-election and he was facing his first real challenge at the time,” Kozlowski later stated. “He had been district attorney for many years. He wanted to show that he was going to prosecute white-collar crime as well as the day-to-day crimes of New York.”\nWhen Kozlowski came to trial in 2003, the prosecutors charged him with using Tyco as a personal piggy bank — he was accused of pocketing $81 million in unauthorized bonuses. Kozlowski’s attorneys argued that all of the money that went from Tyco to their client was authorized and he never looted the company.\nIf it was simply a he-said/he-said case, Kozlowski’s attorneys might have been able to dismantle the prosecutor’s volleys. But Morgenthau and his team had a damaging weapon: scores of videos that detailed Kozlowski’s reckless extravagance. One video showed the Sardinian party with its wacky excesses, while another offered Kozlowski’s former maid giving a tour of his Fifth Avenue apartment — she claimed he never lived there and only stopped by very occasionally, usually for a change of clothing.\nKozlowski’s trial was heading to a conviction when a mistrial was declared after one juror — who was supposedly holding out for acquittal — received threatening messages about her refusal to convict. A second trial was held and Kozlowski was found guilty on 22 of the 23 charges against him. He was acquitted of one count of falsifying records. He was also ordered to pay $100 million in restitution.\nPrior to his September 2005 sentencing, Kozlowski claimed he was convicted of bad optics.\n“I was a guy sitting in a courtroom making $100 million a year and I think a juror sitting there just would have to say, 'All that money? He must have done something wrong,'” he said. “I think it's as simple as that.”\nRedemption Song: Kozlowski served a six-and-a-half-year prison sentence, and it was only during his second parole hearing — the first effort ended in failure — did he show any degree of remorse, claiming his actions were the result of “greed, pure and simple — I feel horrible. I can't say how sorry I am and how deeply I regret my actions.”\nIn prison, Kozlowski was initially placed in solitary confinement for six months out of initial fear that he would be targeted by prison gangs due to his wealth, but he later ingratiated himself with fellow inmates by tutoring those in pursuit of their GED. He also began to reshape his public image by agreeing to interviews with the Wall Street Journal and CBS' “60 Minutes” where he presented himself as a reforming work-in-progress.\nSince his release in 2014, Kozlowski has turned up in multiple media interviews and guest speaking engagements detailing his rise, fall and return to everyday life; the remorse from his successful parole hearing never resurfaced.\nKozlowski relocated to Fort Lauderdale, Florida, and co-founded the merger-and-acquisitions consultancy Harborside Advisors with his third wife, Kimberly Fusaro-Kozlowski, who first contacted him while he was still in prison; his second wife Karen, the object of the Sardinia party, divorced him in 2006 while he was appealing his conviction.\nHe also co-founded Commandscape, a security and building management company, with Netscape founder Jim Clark as his business partner. He also chaired The Fortune Society in New York, a nonprofit that assists former inmates in their return to society.\nKozlowski’s case has been addressed by prominent lawyers who questioned whether justice was truly served. Catherine S. Neal wrote the impassioned “Dennis Kozlowski Was Not a Thief” for the January 2014 Harvard Business Review and expanded her thesis into the book “Taking Down the Lion: The Triumphant Rise and Tragic Fall of Tyco’s Dennis Kozlowski.”\nAnd noted civil rights attorney Dan Ackman stated that while Kozlowski and co-defendant Swartz “acted like pigs,” the larceny charges brought against them “did not depend on whether the defendants took the money — they did — but whether they were authorized to take it. Questions of authority are, by nature, legal questions, not questions for jurors.”\nUltimately, Kozlowski sought to have the last word on his case, insisting in an April 2021 interview with Leaders Magazine that he came out of these experiences a better man.\n“It was a real lesson in friendship and there were surprises along the way,” he said. “People became true friends who I had not really known were true friends, and people that I expected to be there for me were long gone. You really don’t find out who your true friends are and who you can count on until you really need them.”","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":2064,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":164919225,"gmtCreate":1624165050967,"gmtModify":1631893551356,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"No comment at all?","listText":"No comment at all?","text":"No comment at all?","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":0,"commentSize":20,"repostSize":0,"link":"https://laohu8.com/post/164919225","repostId":"2144265729","repostType":4,"isVote":1,"tweetType":1,"viewCount":605,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167119344,"gmtCreate":1624251530888,"gmtModify":1631893551325,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Hi","listText":"Hi","text":"Hi","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":18,"repostSize":0,"link":"https://laohu8.com/post/167119344","repostId":"2144713727","repostType":4,"isVote":1,"tweetType":1,"viewCount":598,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":690779471,"gmtCreate":1639714324219,"gmtModify":1639714481548,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":2,"commentSize":17,"repostSize":0,"link":"https://laohu8.com/post/690779471","repostId":"1144273047","repostType":4,"repost":{"id":"1144273047","kind":"news","pubTimestamp":1639712173,"share":"https://www.laohu8.com/m/news/1144273047?lang=zh_CN&edition=full","pubTime":"2021-12-17 11:36","market":"us","language":"en","title":"Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1144273047","media":"The New York Times","summary":"The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is ","content":"<p>The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.</p><p><blockquote>与史蒂夫·伊斯特布鲁克(Steve Easterbrook)达成的和解是有史以来最大的高管薪酬追回之一。史蒂夫·伊斯特布鲁克(Steve Easterbrook)于2019年因不正当关系被赶下台。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/850a4bcfa411d4e4884c31fe03bdb585\" tg-width=\"1024\" tg-height=\"683\" width=\"100%\" height=\"auto\"><span>The agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press</span></p><p><blockquote><p class=\"t-img-caption\"><span>与史蒂夫·伊斯特布鲁克的协议将结束一场有争议的法律战。图片来源...理查德·德鲁/美联社</span></p></blockquote></p><p> The former McDonald’s chief executive&nbsp;Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.</p><p><blockquote>麦当劳前首席执行官史蒂夫·伊斯特布鲁克(Steve Easterbrook)因与下属存在不正当关系而于2019年被公司罢免，他已向公司返还了1.05亿美元的现金和股票，这是美国企业史上最大的追回之一。</blockquote></p><p> Mr. Easterbrook has been engaged in a&nbsp;contentious battle with McDonald’s&nbsp;for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.</p><p><blockquote>过去一年，伊斯特布鲁克一直在与麦当劳进行一场有争议的斗争，此前该公司起诉他在解雇他时向调查人员撒谎。作为周四宣布的交易的一部分，麦当劳同意放弃对伊斯特布鲁克的诉讼。</blockquote></p><p> In a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.</p><p><blockquote>麦当劳董事长小恩里克·埃尔南德斯（Enrique Hernandez Jr.）在给员工的一封信中表示，公司希望让伊斯特布鲁克“为他的谎言和不当行为负责，包括他利用首席执行官职位的方式”，这一和解协议实现了这一目标。</blockquote></p><p> Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.</p><p><blockquote>伊斯特布鲁克先生于2019年被解雇，此前他违反公司政策与一名员工建立了两厢情愿的关系，最终引发了一位富有的高管与美国最著名的公司之一之间异常激烈的斗争。</blockquote></p><p> At the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .</p><p><blockquote>在解雇伊斯特布鲁克时，麦当劳董事会认定伊斯特布鲁克先生“表现出糟糕的判断力”，但决定不“有理由”解雇他——即不诚实或犯有犯罪行为。董事会希望这一决定能够避免一场漫长的法律纠纷。它还允许伊斯特布鲁克先生带着价值超过4000万美元的薪酬离开。.</blockquote></p><p> But according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.</p><p><blockquote>但根据该公司对伊斯特布鲁克的诉讼，他的合同中包含一项条款，如果麦当劳后来确定该员工应该因故被解雇，该条款将允许麦当劳收回遣散费。</blockquote></p><p> That clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.</p><p><blockquote>该条款在2020年变得相关，当时一名麦当劳员工表示，伊斯特布鲁克先生在担任首席执行官期间与另一名下属发生了性关系。新的指控引发了对伊斯特布鲁克记录的另一项调查，并促使该公司去年起诉他，指控其前首席执行官撒谎、隐瞒证据和欺诈。</blockquote></p><p> During its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”</p><p><blockquote>在对第二项指控的调查中，麦当劳表示，它发现了“数十张不同女性的裸体、部分裸体或露骨的性照片和视频，包括这些公司员工的照片，伊斯特布鲁克将这些照片和视频作为附件从其公司电子邮件帐户发送到他的个人电子邮件帐户。”</blockquote></p><p> The company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”</p><p><blockquote>该公司还透露，伊斯特布鲁克先生将价值数十万美元的股票授予了与他发生性关系的一名女性。麦当劳在诉讼中表示，其前首席执行官在最初的调查中向调查人员撒谎，如果他“对麦当劳调查人员坦诚，没有隐瞒证据，麦当劳就会知道有合法理由在2019年解雇他。”</blockquote></p><p> Mr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”</p><p><blockquote>伊斯特布鲁克先生最初决定打这场官司，他的律师提出了驳回诉讼的动议，称其“毫无根据且具有误导性”。</blockquote></p><p> During his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.</p><p><blockquote>在担任首席执行官期间，伊斯特布鲁克先生出售了超过6400万美元的股票；当他在2019年离职时，他获得的股票和期权价值为4100万美元。但根据高管薪酬咨询公司Equilar的数据，随着麦当劳股价从2019年的193美元飙升至每股264美元，这些股票和期权的价值已增长至8900万美元。目前尚不清楚伊斯特布鲁克离开公司后是否出售了任何股份。</blockquote></p><p> Nonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.</p><p><blockquote>尽管如此，伊斯特布鲁克先生同意将巨额现金和股票返还给公司，实际上是承认了这场漫长而昂贵的法律战。伊斯特布鲁克先生在公司发布的一份声明中道歉。</blockquote></p><p> “During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”</p><p><blockquote>“在我担任首席执行官期间，我有时未能坚持麦当劳的价值观，也未能履行作为公司领导者的某些职责，”他说。“我为此向我的前同事、董事会以及公司的特许经营商和供应商道歉。”</blockquote></p><p> Under Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and&nbsp;meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.</p><p><blockquote>在伊斯特布鲁克的继任者克里斯·肯普钦斯基(Chris Kempczinski)的领导下，麦当劳在过去两年的疫情期间明显成为赢家。得益于免下车业务的增加；大力推广其移动应用程序和忠诚度计划；以及与包括韩国流行歌手BTS在内的各种名人和团体的餐饮合作，麦当劳今年的收入有望突破230亿美元，为五年来的最高水平。</blockquote></p><p></p><p> Earlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.</p><p><blockquote>今年早些时候，肯普钦斯基为董事会对伊斯特布鲁克被解雇的处理方式进行了辩护。“我认为他们已经尽力处理了，”他说。</blockquote></p><p> Still, despite the company’s financial gains, a new&nbsp;training&nbsp;program for its restaurants and&nbsp;efforts&nbsp;to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of&nbsp;sexual harassment&nbsp;and others around&nbsp;racial&nbsp;discrimination.</p><p><blockquote>尽管如此，尽管该公司取得了财务收益，为其餐厅制定了新的培训计划，并努力提高多样性和包容性，但一些批评者表示，在解决麦当劳文化中根深蒂固的其他问题方面做得还不够。这家快餐巨头近年来面临无数诉讼和索赔，其中一些涉及性骚扰指控，另一些则涉及种族歧视。</blockquote></p><p> “McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.</p><p><blockquote>倡导组织Fight for 15在一份声明中表示：“麦当劳应该利用从前首席执行官那里收回的钱制定一项真正的计划，以阻止从得来速餐厅到高管层的猖獗性骚扰。”</blockquote></p><p> In November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly&nbsp;apologized&nbsp;for the comments.</p><p><blockquote>11月，肯普钦斯基与芝加哥市长洛里·莱特富特（Lori Lightfoot）之间的短信被公开——他似乎将两名黑人和拉丁裔儿童的死亡归咎于他们的父母——促使评级辞职。一个代表工会养老基金的投资集团发布了一份股东提案，要求麦当劳对其围绕员工和消费者公民权利的政策和做法进行第三方审计。肯普钦斯基多次为这些言论道歉。</blockquote></p><p> Dieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.</p><p><blockquote>SOC投资集团执行董事迪特·怀辛格(Dieter Waizenegger)表示，作为股东，他很高兴薪酬已退还，但仍认为董事会未能做好自己的工作。</blockquote></p><p> “The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”</p><p><blockquote>“如果董事会一开始就对伊斯特布鲁克的行为进行彻底的初步调查，他们本可以节省大量时间，甚至可能节省大量法律费用，”怀辛格先生说。“这一和解是在两年的争吵和媒体曝光之后达成的。”</blockquote></p><p> McDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.</p><p><blockquote>麦当劳还因解雇这位高管而面临众多股东诉讼。</blockquote></p><p> On Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with&nbsp;a&nbsp;current&nbsp;value of&nbsp;more than&nbsp;$105 million, which&nbsp;he&nbsp;would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.</p><p><blockquote>周四，该公司表示，“伊斯特布鲁克先生将返还目前价值超过1.05亿美元的股权奖励和现金，如果他在解雇时说实话，他将被没收这些奖励和现金，并因此被解雇。”原因。”它没有具体说明现金和股票的比例。麦当劳股价今年上涨了25%以上。</blockquote></p><p> In his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced&nbsp;touch-screen ordering&nbsp;and established all-day breakfast. Shares in the company roughly doubled.</p><p><blockquote>在四年多的工作中，伊斯特布鲁克先生被认为扭转了麦当劳的局面并重振了其萎靡不振的股价。作为首席执行官，他降低了成本，引入了触摸屏点餐，并建立了全天早餐。该公司的股价大约翻了一番。</blockquote></p><p> The clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort&nbsp;to collect&nbsp;$500 million he had received in compensation and benefits.</p><p><blockquote>他的薪酬虽然很大，但并不是公司历史上最大的一次，尽管许多早期的情况都涉及财务或会计欺诈的指控。2007年，美国证券交易委员会追回了联合健康公司前首席执行官威廉·麦奎尔(William McGuire)赚取的超过4亿美元利润，以解决与涉及期权回溯计划相关的索赔。后来，泰科国际起诉了前首席执行官丹尼斯·科兹洛夫斯基（Dennis Kozlowski），他被判抢劫公司，试图收回他获得的5亿美元赔偿和福利。</blockquote></p><p> “While Steve’s misconduct&nbsp;need&nbsp;not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”</p><p><blockquote>麦当劳董事长埃尔南德斯表示：“虽然史蒂夫的不当行为不需要得到这个社区任何成员的原谅，但他已经为自己犯下的严重错误向他的前同事、特许经营商、供应商和董事会道歉。”“今天的决议避免了旷日持久的法庭程序，并使我们超越了属于我们过去的一章。”</blockquote></p><p></p>","source":"lsy1608616134662","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Former McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nFormer McDonald’s C.E.O. Repays Company $105 Million<blockquote>麦当劳前CEO偿还公司1.05亿美元</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The New York Times</strong><span class=\"h-time small\">2021-12-17 11:36</span>\n</p>\n</h4>\n</header>\n<article>\n<p>The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.</p><p><blockquote>与史蒂夫·伊斯特布鲁克(Steve Easterbrook)达成的和解是有史以来最大的高管薪酬追回之一。史蒂夫·伊斯特布鲁克(Steve Easterbrook)于2019年因不正当关系被赶下台。</blockquote></p><p> <p class=\"t-img-caption\"><img src=\"https://static.tigerbbs.com/850a4bcfa411d4e4884c31fe03bdb585\" tg-width=\"1024\" tg-height=\"683\" width=\"100%\" height=\"auto\"><span>The agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press</span></p><p><blockquote><p class=\"t-img-caption\"><span>与史蒂夫·伊斯特布鲁克的协议将结束一场有争议的法律战。图片来源...理查德·德鲁/美联社</span></p></blockquote></p><p> The former McDonald’s chief executive&nbsp;Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.</p><p><blockquote>麦当劳前首席执行官史蒂夫·伊斯特布鲁克(Steve Easterbrook)因与下属存在不正当关系而于2019年被公司罢免，他已向公司返还了1.05亿美元的现金和股票，这是美国企业史上最大的追回之一。</blockquote></p><p> Mr. Easterbrook has been engaged in a&nbsp;contentious battle with McDonald’s&nbsp;for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.</p><p><blockquote>过去一年，伊斯特布鲁克一直在与麦当劳进行一场有争议的斗争，此前该公司起诉他在解雇他时向调查人员撒谎。作为周四宣布的交易的一部分，麦当劳同意放弃对伊斯特布鲁克的诉讼。</blockquote></p><p> In a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.</p><p><blockquote>麦当劳董事长小恩里克·埃尔南德斯（Enrique Hernandez Jr.）在给员工的一封信中表示，公司希望让伊斯特布鲁克“为他的谎言和不当行为负责，包括他利用首席执行官职位的方式”，这一和解协议实现了这一目标。</blockquote></p><p> Mr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.</p><p><blockquote>伊斯特布鲁克先生于2019年被解雇，此前他违反公司政策与一名员工建立了两厢情愿的关系，最终引发了一位富有的高管与美国最著名的公司之一之间异常激烈的斗争。</blockquote></p><p> At the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .</p><p><blockquote>在解雇伊斯特布鲁克时，麦当劳董事会认定伊斯特布鲁克先生“表现出糟糕的判断力”，但决定不“有理由”解雇他——即不诚实或犯有犯罪行为。董事会希望这一决定能够避免一场漫长的法律纠纷。它还允许伊斯特布鲁克先生带着价值超过4000万美元的薪酬离开。.</blockquote></p><p> But according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.</p><p><blockquote>但根据该公司对伊斯特布鲁克的诉讼，他的合同中包含一项条款，如果麦当劳后来确定该员工应该因故被解雇，该条款将允许麦当劳收回遣散费。</blockquote></p><p> That clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.</p><p><blockquote>该条款在2020年变得相关，当时一名麦当劳员工表示，伊斯特布鲁克先生在担任首席执行官期间与另一名下属发生了性关系。新的指控引发了对伊斯特布鲁克记录的另一项调查，并促使该公司去年起诉他，指控其前首席执行官撒谎、隐瞒证据和欺诈。</blockquote></p><p> During its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”</p><p><blockquote>在对第二项指控的调查中，麦当劳表示，它发现了“数十张不同女性的裸体、部分裸体或露骨的性照片和视频，包括这些公司员工的照片，伊斯特布鲁克将这些照片和视频作为附件从其公司电子邮件帐户发送到他的个人电子邮件帐户。”</blockquote></p><p> The company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”</p><p><blockquote>该公司还透露，伊斯特布鲁克先生将价值数十万美元的股票授予了与他发生性关系的一名女性。麦当劳在诉讼中表示，其前首席执行官在最初的调查中向调查人员撒谎，如果他“对麦当劳调查人员坦诚，没有隐瞒证据，麦当劳就会知道有合法理由在2019年解雇他。”</blockquote></p><p> Mr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”</p><p><blockquote>伊斯特布鲁克先生最初决定打这场官司，他的律师提出了驳回诉讼的动议，称其“毫无根据且具有误导性”。</blockquote></p><p> During his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.</p><p><blockquote>在担任首席执行官期间，伊斯特布鲁克先生出售了超过6400万美元的股票；当他在2019年离职时，他获得的股票和期权价值为4100万美元。但根据高管薪酬咨询公司Equilar的数据，随着麦当劳股价从2019年的193美元飙升至每股264美元，这些股票和期权的价值已增长至8900万美元。目前尚不清楚伊斯特布鲁克离开公司后是否出售了任何股份。</blockquote></p><p> Nonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.</p><p><blockquote>尽管如此，伊斯特布鲁克先生同意将巨额现金和股票返还给公司，实际上是承认了这场漫长而昂贵的法律战。伊斯特布鲁克先生在公司发布的一份声明中道歉。</blockquote></p><p> “During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”</p><p><blockquote>“在我担任首席执行官期间，我有时未能坚持麦当劳的价值观，也未能履行作为公司领导者的某些职责，”他说。“我为此向我的前同事、董事会以及公司的特许经营商和供应商道歉。”</blockquote></p><p> Under Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and&nbsp;meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.</p><p><blockquote>在伊斯特布鲁克的继任者克里斯·肯普钦斯基(Chris Kempczinski)的领导下，麦当劳在过去两年的疫情期间明显成为赢家。得益于免下车业务的增加；大力推广其移动应用程序和忠诚度计划；以及与包括韩国流行歌手BTS在内的各种名人和团体的餐饮合作，麦当劳今年的收入有望突破230亿美元，为五年来的最高水平。</blockquote></p><p></p><p> Earlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.</p><p><blockquote>今年早些时候，肯普钦斯基为董事会对伊斯特布鲁克被解雇的处理方式进行了辩护。“我认为他们已经尽力处理了，”他说。</blockquote></p><p> Still, despite the company’s financial gains, a new&nbsp;training&nbsp;program for its restaurants and&nbsp;efforts&nbsp;to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of&nbsp;sexual harassment&nbsp;and others around&nbsp;racial&nbsp;discrimination.</p><p><blockquote>尽管如此，尽管该公司取得了财务收益，为其餐厅制定了新的培训计划，并努力提高多样性和包容性，但一些批评者表示，在解决麦当劳文化中根深蒂固的其他问题方面做得还不够。这家快餐巨头近年来面临无数诉讼和索赔，其中一些涉及性骚扰指控，另一些则涉及种族歧视。</blockquote></p><p> “McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.</p><p><blockquote>倡导组织Fight for 15在一份声明中表示：“麦当劳应该利用从前首席执行官那里收回的钱制定一项真正的计划，以阻止从得来速餐厅到高管层的猖獗性骚扰。”</blockquote></p><p> In November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly&nbsp;apologized&nbsp;for the comments.</p><p><blockquote>11月，肯普钦斯基与芝加哥市长洛里·莱特富特（Lori Lightfoot）之间的短信被公开——他似乎将两名黑人和拉丁裔儿童的死亡归咎于他们的父母——促使评级辞职。一个代表工会养老基金的投资集团发布了一份股东提案，要求麦当劳对其围绕员工和消费者公民权利的政策和做法进行第三方审计。肯普钦斯基多次为这些言论道歉。</blockquote></p><p> Dieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.</p><p><blockquote>SOC投资集团执行董事迪特·怀辛格(Dieter Waizenegger)表示，作为股东，他很高兴薪酬已退还，但仍认为董事会未能做好自己的工作。</blockquote></p><p> “The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”</p><p><blockquote>“如果董事会一开始就对伊斯特布鲁克的行为进行彻底的初步调查，他们本可以节省大量时间，甚至可能节省大量法律费用，”怀辛格先生说。“这一和解是在两年的争吵和媒体曝光之后达成的。”</blockquote></p><p> McDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.</p><p><blockquote>麦当劳还因解雇这位高管而面临众多股东诉讼。</blockquote></p><p> On Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with&nbsp;a&nbsp;current&nbsp;value of&nbsp;more than&nbsp;$105 million, which&nbsp;he&nbsp;would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.</p><p><blockquote>周四，该公司表示，“伊斯特布鲁克先生将返还目前价值超过1.05亿美元的股权奖励和现金，如果他在解雇时说实话，他将被没收这些奖励和现金，并因此被解雇。”原因。”它没有具体说明现金和股票的比例。麦当劳股价今年上涨了25%以上。</blockquote></p><p> In his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced&nbsp;touch-screen ordering&nbsp;and established all-day breakfast. Shares in the company roughly doubled.</p><p><blockquote>在四年多的工作中，伊斯特布鲁克先生被认为扭转了麦当劳的局面并重振了其萎靡不振的股价。作为首席执行官，他降低了成本，引入了触摸屏点餐，并建立了全天早餐。该公司的股价大约翻了一番。</blockquote></p><p> The clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort&nbsp;to collect&nbsp;$500 million he had received in compensation and benefits.</p><p><blockquote>他的薪酬虽然很大，但并不是公司历史上最大的一次，尽管许多早期的情况都涉及财务或会计欺诈的指控。2007年，美国证券交易委员会追回了联合健康公司前首席执行官威廉·麦奎尔(William McGuire)赚取的超过4亿美元利润，以解决与涉及期权回溯计划相关的索赔。后来，泰科国际起诉了前首席执行官丹尼斯·科兹洛夫斯基（Dennis Kozlowski），他被判抢劫公司，试图收回他获得的5亿美元赔偿和福利。</blockquote></p><p> “While Steve’s misconduct&nbsp;need&nbsp;not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”</p><p><blockquote>麦当劳董事长埃尔南德斯表示：“虽然史蒂夫的不当行为不需要得到这个社区任何成员的原谅，但他已经为自己犯下的严重错误向他的前同事、特许经营商、供应商和董事会道歉。”“今天的决议避免了旷日持久的法庭程序，并使我们超越了属于我们过去的一章。”</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html?searchResultPosition=1\">The New York Times</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{"MCD":"麦当劳"},"source_url":"https://www.nytimes.com/2021/12/16/business/mcdonalds-steve-easterbrook.html?searchResultPosition=1","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1144273047","content_text":"The settlement with Steve Easterbrook, who was ousted in 2019 for an inappropriate relationship, is one of the largest ever clawbacks of executive compensation.\nThe agreement with Steve Easterbrook will end a contentious legal battle.Credit...Richard Drew/Associated Press\nThe former McDonald’s chief executive Steve Easterbrook, who was ousted by the company in 2019 for having an inappropriate relationship with a subordinate, has returned $105 million in cash and stock to the company in one of the largest clawbacks in the history of corporate America.\nMr. Easterbrook has been engaged in a contentious battle with McDonald’s for the past year, after the company sued him for lying to investigators at the time of his dismissal. As part of the deal announced on Thursday, McDonald’s agreed to drop its lawsuit against Mr. Easterbrook.\nIn a message to employees, Enrique Hernandez Jr., the McDonald’s chairman, said that the company wanted to hold Mr. Easterbrook “accountable for his lies and misconduct, including the way in which he exploited his position as C.E.O.,” and that this settlement achieved that goal.\nMr. Easterbrook was fired in 2019 after he engaged in a consensual relationship with an employee in violation of company policy, eventually setting off an unusually acrimonious fight between a wealthy executive and one of the country’s most prominent companies.\nAt the time of his dismissal, the McDonald’s board determined that Mr. Easterbrook had “demonstrated poor judgment,” but decided not to fire him “for cause” — that is, for being dishonest or committing a criminal act. That decision, the board hoped, would avoid a lengthy legal dispute. It also allowed Mr. Easterbrook to walk away with a compensation package worth more than $40 million. .\nBut according to the company’s lawsuit against Mr. Easterbrook, his contract contained a provision that would let McDonald’s recoup severance payments if it later determined the employee should have been fired for cause.\nThat clause became relevant in 2020, when a McDonald’s employee said that Mr. Easterbrook had a sexual relationship with another subordinate while he was chief executive. The new accusation spurred another investigation of Mr. Easterbrook’s records, and prompted the company to sue him last year, accusing its former chief of lying, concealing evidence and fraud.\nDuring its investigation into the second accusation, McDonald’s said it found “dozens of nude, partially nude or sexually explicit photographs and videos of various women, including photographs of these company employees, that Easterbrook had sent as attachments to messages from his company email account to his personal email account.”\nThe company also revealed that Mr. Easterbrook had awarded hundreds of thousands of dollars’ worth of stock to one of the women with whom he was having a sexual relationship. In its lawsuit, McDonald’s said that its former chief had lied to investigators in the initial inquiry, and that if he had “been candid with McDonald’s investigators and not concealed evidence, McDonald’s would have known that it had legal cause to terminate him in 2019.”\nMr. Easterbrook initially decided to fight the lawsuit, and his lawyers filed a motion to dismiss, calling it “meritless and misleading.”\nDuring his time as chief executive, Mr. Easterbrook sold more than $64 million in stock; when he departed in 2019, the value of the stock and options he had been awarded was worth $41 million. But as McDonald’s stock has soared to $264 a share from $193 in 2019, the value of those stock and options has grown to $89 million, according to the executive compensation consulting firm Equilar. It is not clear whether Mr. Easterbrook sold any of his shares after he left the company.\nNonetheless, with his agreement to return the huge sum of cash and stock to the company, Mr. Easterbrook has effectively conceded what was shaping up to be a long and costly legal battle. Mr. Easterbrook apologized in a statement released by the company.\n“During my tenure as C.E.O., I failed at times to uphold McDonald’s values and fulfill certain of my responsibilities as a leader of the company,” he said. “I apologize to my former co-workers, the board and the company’s franchisees and suppliers for doing so.”\nUnder Mr. Easterbrook’s successor,Chris Kempczinski, McDonald’s has emerged as a clear winner during the pandemic the past two years. Thanks to a combination of increased drive-through business; a robust push of its mobile app and loyalty programs; and meal collaborations with various celebrities and groups, including the K-pop sensation BTS, revenues at McDonald’s are on track to top $23 billion this year, the highest level in five years.\nEarlier this year, Mr. Kempczinski defended the board’s handling of Mr. Easterbrook’s firing. “I thought they handled it as best as they could,”he said.\nStill, despite the company’s financial gains, a new training program for its restaurants and efforts to improve diversity and inclusion, some critics say not enough has been done to fix other problems that run deep in McDonald’s culture. The fast-food giant has faced myriad lawsuits and claims in recent years, some involving allegations of sexual harassment and others around racial discrimination.\n“McDonald’s should use the money it got back from the former C.E.O. to develop a real plan to stop the rampant sexual harassment occurring from the drive-throughs to the C-suite,” the advocacy group Fight for $15 said in a statement.\nIn November, the release oftextmessages between Mr. Kempczinski and Chicago Mayor Lori Lightfoot — in which he seemed to blame the deaths of two Black and Latino children on their parents — prompted calls for his resignation. An investment group representing union pension funds issued a shareholder proposal asking McDonald’s to conduct a third-party audit of its policies and practices around the civil rights of employees and consumers. Mr. Kempczinski has repeatedly apologized for the comments.\nDieter Waizenegger, the executive director of the SOC Investment Group, said that as a shareholder, he was pleased the compensation had been returned, but still felt the board failed to do its job.\n“The board could have saved itself a lot of time and probably a lot in legal fees if they had conducted a thorough initial investigation of Easterbrook’s behavior in the first place,” said Mr. Waizenegger. “This settlement comes after two years of wrangling and airing of dirty laundry in the media.”\nMcDonald’s also still faces numerous shareholder lawsuits over the firing of the executive.\nOn Thursday, the company said that “Mr. Easterbrook would return equity awards and cash, with a current value of more than $105 million, which he would have forfeited had he been truthful at the time of his termination and, as a result, been terminated for cause.” It did not specify the proportion of cash and stock. McDonald’s shares are up more than 25 percent this year.\nIn his more than four years on the job, Mr. Easterbrook was credited with turning around McDonald’s and reviving its languishing stock price. As chief executive, he reduced costs, introduced touch-screen ordering and established all-day breakfast. Shares in the company roughly doubled.\nThe clawback of his compensation, while large, is not the biggest in corporate history, although many earlier situations involved allegations of financial or accounting fraud. In 2007, the Securities and Exchange Commissionrecoveredmore than $400 million in profits made by William McGuire, the former chief executive of United Health, to settle claims related to a scheme involving the backdating of options. Later, Tyco International sued a former chief executive, Dennis Kozlowski, who had been convicted of looting the company, in an effort to collect $500 million he had received in compensation and benefits.\n“While Steve’s misconduct need not be forgiven by any member of this community, he has apologized to his former co-workers, franchisees, suppliers and the board for the profound errors he made,” said Mr. Hernandez, the McDonald’s chairman. “Today’s resolution avoids a protracted court process and moves us beyond a chapter that belongs in our past.”","news_type":1,"symbols_score_info":{"MCD":0.9}},"isVote":1,"tweetType":1,"viewCount":3141,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":690308587,"gmtCreate":1639628257626,"gmtModify":1639628424628,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":3,"commentSize":16,"repostSize":0,"link":"https://laohu8.com/post/690308587","repostId":"1194895061","repostType":4,"isVote":1,"tweetType":1,"viewCount":3110,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"CN","totalScore":0},{"id":165605259,"gmtCreate":1624121385471,"gmtModify":1631893551369,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":2,"commentSize":16,"repostSize":0,"link":"https://laohu8.com/post/165605259","repostId":"2144034771","repostType":4,"isVote":1,"tweetType":1,"viewCount":300,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":167189072,"gmtCreate":1624252023296,"gmtModify":1631891112163,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Oh no","listText":"Oh no","text":"Oh no","images":[],"top":1,"highlighted":2,"essential":1,"paper":1,"likeSize":1,"commentSize":15,"repostSize":0,"link":"https://laohu8.com/post/167189072","repostId":"1142916683","repostType":4,"repost":{"id":"1142916683","kind":"news","weMediaInfo":{"introduction":"Providing stock market headlines, business news, financials and earnings ","home_visible":1,"media_name":"Tiger Newspress","id":"1079075236","head_image":"https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba"},"pubTimestamp":1624003342,"share":"https://www.laohu8.com/m/news/1142916683?lang=zh_CN&edition=full","pubTime":"2021-06-18 16:02","market":"us","language":"en","title":"Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1142916683","media":"Tiger Newspress","summary":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial foreca","content":"<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Orphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nOrphazyme shares tumbled more than 60% in pre-market trading<blockquote>Orphazyme股价在盘前交易中暴跌超过60%</blockquote>\n</h2>\n<h4 class=\"meta\">\n<a class=\"head\" href=\"https://laohu8.com/wemedia/1079075236\">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/8274c5b9d4c2852bfb1c4d6ce16c68ba);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Tiger Newspress </p>\n<p class=\"h-time smaller\">2021-06-18 16:02</p>\n</div>\n</a>\n</h4>\n</header>\n<article>\n<p>Orphazyme&nbsp;shares&nbsp;tumbled&nbsp;more&nbsp;than&nbsp;60% in pre-market&nbsp;trading.</p><p><blockquote>Orphazyme股价在盘前交易中暴跌超过60%。</blockquote></p><p> <img src=\"https://static.tigerbbs.com/b722b82c7d6ab2a6fcc7364eb2517b7f\" tg-width=\"1293\" tg-height=\"628\" referrerpolicy=\"no-referrer\">Orphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.</p><p><blockquote>在美国卫生监管机构拒绝其关键候选药物后，Orphazyme周五大幅下调了财务预测。</blockquote></p><p> Orphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.</p><p><blockquote>Orphazyme表示，其申请FDA批准arimoclomol（一种治疗遗传性疾病尼曼-皮克病C型的药物）的申请尚未成功。</blockquote></p><p> As a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.</p><p><blockquote>因此，该公司预计今年的收入将低于此前预期，运营亏损将大幅扩大，迫使该公司削减成本。</blockquote></p><p> \"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.</p><p><blockquote>经纪商Nordnet在给客户的一份报告中写道：“Orphazyme没有钱，也没有实质性的项目……投资者将资金投入到‘模因倾向’驱动的完全不切实际的场景中。”</blockquote></p><p> Orphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.</p><p><blockquote>在哥本哈根和纽约上市的Orphazyme目前预计2021年的运营亏损为6.70-7亿克朗（107-1.12亿美元），而此前的预测为亏损100-1.5亿克朗。</blockquote></p><p></p>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1142916683","content_text":"Orphazyme shares tumbled more than 60% in pre-market trading.\nOrphazyme slashed its financial forecasts on Friday after U.S. health regulators rejected its key drug candidate.\nOrphazyme said its application for FDA approval of arimoclomol, a treatment for genetic disorder Niemann-Pick disease type C, had not been successful.\nAs a result, it predicted revenue for the year would be lower than previously expected and its operating loss significantly wider, forcing the company to cut costs.\n\"Orphazyme has no money and no substantial projects ... Investors have put their money into a completely unrealistic scenario driven by 'meme tendencies',\" broker Nordnet wrote in a note to clients.\nOrphazyme, which is listed in Copenhagen and New York, now expects an operating loss of 670-700 million crowns ($107-$112 million) in 2021, against a previous forecast for a loss of 100-150 million crowns.","news_type":1,"symbols_score_info":{"ORPH":0.9}},"isVote":1,"tweetType":1,"viewCount":721,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":883649039,"gmtCreate":1631239609721,"gmtModify":1631891112140,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Ok","listText":"Ok","text":"Ok","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":6,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/883649039","repostId":"1133278609","repostType":4,"isVote":1,"tweetType":1,"viewCount":1887,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":114081960,"gmtCreate":1623035935350,"gmtModify":1634095997461,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"GME to $100k","listText":"GME to $100k","text":"GME to $100k","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":5,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/114081960","repostId":"2141926289","repostType":4,"isVote":1,"tweetType":1,"viewCount":426,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107355153,"gmtCreate":1620447167072,"gmtModify":1634198677090,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Dogecoin to $1 next week","listText":"Dogecoin to $1 next week","text":"Dogecoin to $1 next week","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":8,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/107355153","repostId":"1160802774","repostType":4,"repost":{"id":"1160802774","kind":"news","pubTimestamp":1620442206,"share":"https://www.laohu8.com/m/news/1160802774?lang=zh_CN&edition=full","pubTime":"2021-05-08 10:50","market":"other","language":"en","title":"Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1160802774","media":"Marketwatch","summary":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue Un","content":"<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p><blockquote>Nikki Beesetti早在2017年就开始投资加密货币，并用出售她心血来潮购买的一枚比特币的收益支付了她在普渡大学的最后一个学期的费用，该收益已飙升至近2万美元。</blockquote></p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p><blockquote>现在，纽约一家初创公司的产品经理正在涉足狗狗币，并认为本周末可能是这种模仿硬币的成败时刻，这种模仿硬币在2021年上涨了近13,000%。</blockquote></p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p><blockquote>Beesetti在接受MarketWatch电话采访时表示：“本周六将是狗狗币成败的关键。”</blockquote></p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p><blockquote>“如果他真的能传达正确的信息，狗狗币就能真正起飞……否则它就会崩溃到任何它要崩溃的地方，”她说。</blockquote></p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p><blockquote>这位25岁的投资者是众多相对年轻的交易员之一，他们涌入狗狗币等投机性山寨币，因为这种所谓的笑话资产造就了百万富翁，并引起了一些人对新兴加密货币综合体中正在形成泡沫的担忧。</blockquote></p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p><blockquote>马斯克将于本周末主持NBC深夜直播电视喜剧小品节目“周六夜现场”，他即将到来的亮相已经引起了欢呼和嘲笑。</blockquote></p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p><blockquote>马斯克一直是狗狗币和加密货币最大的支持者之一。这位自封的特斯拉“技术之王”主要利用其庞大的社交媒体粉丝来抬高doge的价格，他于4月1日在推特上表示，他将使用SpaceX火箭将实体doge硬币放在真正的月球上，呼应了社交媒体将硬币价格“带到月球”的目标。</blockquote></p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p><blockquote>比塞蒂表示，她第一次涉足狗狗币是在马斯克去年夏天社交媒体信件的推动下，她还投资科技股和交易所交易基金。</blockquote></p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p><blockquote>她在狗狗币的交易价格为3/10美分时买入了它，尽管去年8月它达到了1美分左右，但她仍保持了她在2013年创建的数字资产中的美元成本平均头寸。</blockquote></p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p><blockquote>马斯克已成为Reddit等网站上狗狗币持有者的聚集点，他即将在“SNL”上亮相是加密货币市场内外备受期待的时刻，该市场主要集中在比特币和以太币这两个世界上最大的加密货币。</blockquote></p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p><blockquote>狗狗币长期以来在数字资产领域一直享有笑话货币的美誉，但很难否认其飙升的价值引起了大街和华尔街的关注——至少暂时如此。</blockquote></p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p><blockquote>前《SNL》演员兼喜剧演员大卫·斯派德(David Spade)周四在推特上表示，他想知道马斯克出现在小品节目中是否相当于为doge制作了一部90分钟的电视广告，并补充说，也许是开玩笑地说，他正在购买狗狗币。</blockquote></p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p><blockquote>博彩平台SportsBettingDime.com的赔率制定了许多关于马斯克出现在《周六夜现场》上的适当赌注，包括他在节目中首先提到的任何加密货币。</blockquote></p><p>Which cryptocurrency does Musk mention first:</p><p><blockquote>马斯克首先提到的是哪种加密货币：</blockquote></p><p>1. Bitcoin: -200</p><p><blockquote>1.比特币：-200</blockquote></p><p>2. Dogecoin: +600</p><p><blockquote>2.狗狗币：+600</blockquote></p><p>3. FIELD: +450</p><p><blockquote>3.字段：+450</blockquote></p><p>4. Does Not Mention Bitcoin: +400</p><p><blockquote>4.没有提到比特币：+400</blockquote></p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p><blockquote>Beesetti表示，她最近出售了价值约8,000美元的狗狗币，购买了一双Gucci鞋、一部iPhone，并根据以太币协议提高了她在以太thar的头寸，但在其他方面一直是doge的稳定持有者。</blockquote></p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p><blockquote>该投资者不愿提供具体数字，但表示她目前持有的狗狗币在50,000至100,000枚之间。</blockquote></p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p><blockquote>也许与doge的一些投资者不同，她并不对它具有实用性抱有幻想，而是接受了这样一种可能性：势头可能会在模仿资产中积累到一定程度，从而锻造自己的合法性。</blockquote></p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p><blockquote>“Doge没有内在价值，”比塞蒂说。“如果你和一群人相信它，价值就会变得真实。在这种情况下，相信它的群体和人比以前更多。”</blockquote></p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p><blockquote>尽管如此，至少一位分析师表示，现实可能会在周日早上对模因币持有者造成沉重打击。</blockquote></p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p><blockquote>Oanda高级市场分析师爱德华·莫亚(Edward Moya)在一份研究报告中写道：“SNL之后，一旦狗狗币明显不会飙升至月球或达到备受关注的1美元水平，一些加密货币交易员可能会放弃短期狗狗币押注。”笔记。</blockquote></p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p><blockquote>这位分析师还指出，狗狗币投资者（在加密货币界被称为霍德勒）的坚定信念可能会违背逻辑并保持价格上涨。</blockquote></p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p><blockquote>这位Oanda策略师表示：“一直致力于Doge的散户交易员可能仍然是顽固的霍德勒，因此如果没有发生卖出事件反应，我们不应该感到惊讶。”</blockquote></p><p>How it all plays out for dogecoin is anyone’s guess.</p><p><blockquote>狗狗币的结局如何，谁也说不准。</blockquote></p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p><blockquote>“这只是一种模因货币，但有时最有趣的结果会成为现实，”比塞蒂说。</blockquote></p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p><p><blockquote>与大多数其他资产相比，这种模因货币经历了惊人的上涨。今年迄今为止，黄金期货下跌了3%，道琼斯工业平均指数和标普500指数在2021年上涨了近13%，而纳斯达克综合指数今年迄今为止的涨幅约超过6%。</blockquote></p><p></p>","source":"lsy1603348471595","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Dogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; 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}\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nDogecoin price’s ‘make-or-break’ moment looms with Elon Musk set to host ‘Saturday Night Live’<blockquote>埃隆·马斯克将主持“周六夜现场”，狗狗币价格的“成败”时刻迫在眉睫</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">Marketwatch</strong><span class=\"h-time small\">2021-05-08 10:50</span>\n</p>\n</h4>\n</header>\n<article>\n<p>Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.</p><p><blockquote>Nikki Beesetti早在2017年就开始投资加密货币，并用出售她心血来潮购买的一枚比特币的收益支付了她在普渡大学的最后一个学期的费用，该收益已飙升至近2万美元。</blockquote></p><p>Now, the product manager for a startup in New York is dabbling in dogecoin&nbsp;,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.</p><p><blockquote>现在，纽约一家初创公司的产品经理正在涉足狗狗币，并认为本周末可能是这种模仿硬币的成败时刻，这种模仿硬币在2021年上涨了近13,000%。</blockquote></p><p>“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.</p><p><blockquote>Beesetti在接受MarketWatch电话采访时表示：“本周六将是狗狗币成败的关键。”</blockquote></p><p>“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.</p><p><blockquote>“如果他真的能传达正确的信息，狗狗币就能真正起飞……否则它就会崩溃到任何它要崩溃的地方，”她说。</blockquote></p><p>The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.</p><p><blockquote>这位25岁的投资者是众多相对年轻的交易员之一，他们涌入狗狗币等投机性山寨币，因为这种所谓的笑话资产造就了百万富翁，并引起了一些人对新兴加密货币综合体中正在形成泡沫的担忧。</blockquote></p><p>Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn&nbsp;cheers and jeers.</p><p><blockquote>马斯克将于本周末主持NBC深夜直播电视喜剧小品节目“周六夜现场”，他即将到来的亮相已经引起了欢呼和嘲笑。</blockquote></p><p>Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla&nbsp;has been mostly using his massive social media following to pump up the price of doge,&nbsp;tweeting back on April 1&nbsp;that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”</p><p><blockquote>马斯克一直是狗狗币和加密货币最大的支持者之一。这位自封的特斯拉“技术之王”主要利用其庞大的社交媒体粉丝来抬高doge的价格，他于4月1日在推特上表示，他将使用SpaceX火箭将实体doge硬币放在真正的月球上，呼应了社交媒体将硬币价格“带到月球”的目标。</blockquote></p><p>Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.</p><p><blockquote>比塞蒂表示，她第一次涉足狗狗币是在马斯克去年夏天社交媒体信件的推动下，她还投资科技股和交易所交易基金。</blockquote></p><p>She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.</p><p><blockquote>她在狗狗币的交易价格为3/10美分时买入了它，尽管去年8月它达到了1美分左右，但她仍保持了她在2013年创建的数字资产中的美元成本平均头寸。</blockquote></p><p>Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin&nbsp;and Ethereum&nbsp;,the two largest cryptos in the world.</p><p><blockquote>马斯克已成为Reddit等网站上狗狗币持有者的聚集点，他即将在“SNL”上亮相是加密货币市场内外备受期待的时刻，该市场主要集中在比特币和以太币这两个世界上最大的加密货币。</blockquote></p><p>Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.</p><p><blockquote>狗狗币长期以来在数字资产领域一直享有笑话货币的美誉，但很难否认其飙升的价值引起了大街和华尔街的关注——至少暂时如此。</blockquote></p><p>Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.</p><p><blockquote>前《SNL》演员兼喜剧演员大卫·斯派德(David Spade)周四在推特上表示，他想知道马斯克出现在小品节目中是否相当于为doge制作了一部90分钟的电视广告，并补充说，也许是开玩笑地说，他正在购买狗狗币。</blockquote></p><p>Oddsmakers at betting platformSportsBettingDime.com&nbsp;have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.</p><p><blockquote>博彩平台SportsBettingDime.com的赔率制定了许多关于马斯克出现在《周六夜现场》上的适当赌注，包括他在节目中首先提到的任何加密货币。</blockquote></p><p>Which cryptocurrency does Musk mention first:</p><p><blockquote>马斯克首先提到的是哪种加密货币：</blockquote></p><p>1. Bitcoin: -200</p><p><blockquote>1.比特币：-200</blockquote></p><p>2. Dogecoin: +600</p><p><blockquote>2.狗狗币：+600</blockquote></p><p>3. FIELD: +450</p><p><blockquote>3.字段：+450</blockquote></p><p>4. Does Not Mention Bitcoin: +400</p><p><blockquote>4.没有提到比特币：+400</blockquote></p><p>Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.</p><p><blockquote>Beesetti表示，她最近出售了价值约8,000美元的狗狗币，购买了一双Gucci鞋、一部iPhone，并根据以太币协议提高了她在以太thar的头寸，但在其他方面一直是doge的稳定持有者。</blockquote></p><p>The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.</p><p><blockquote>该投资者不愿提供具体数字，但表示她目前持有的狗狗币在50,000至100,000枚之间。</blockquote></p><p>Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.</p><p><blockquote>也许与doge的一些投资者不同，她并不对它具有实用性抱有幻想，而是接受了这样一种可能性：势头可能会在模仿资产中积累到一定程度，从而锻造自己的合法性。</blockquote></p><p>“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”</p><p><blockquote>“Doge没有内在价值，”比塞蒂说。“如果你和一群人相信它，价值就会变得真实。在这种情况下，相信它的群体和人比以前更多。”</blockquote></p><p>That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.</p><p><blockquote>尽管如此，至少一位分析师表示，现实可能会在周日早上对模因币持有者造成沉重打击。</blockquote></p><p>“Post-SNL, some crypto traders could abandon short-term&nbsp;Dogecoin&nbsp;bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.</p><p><blockquote>Oanda高级市场分析师爱德华·莫亚(Edward Moya)在一份研究报告中写道：“SNL之后，一旦狗狗币明显不会飙升至月球或达到备受关注的1美元水平，一些加密货币交易员可能会放弃短期狗狗币押注。”笔记。</blockquote></p><p>The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.</p><p><blockquote>这位分析师还指出，狗狗币投资者（在加密货币界被称为霍德勒）的坚定信念可能会违背逻辑并保持价格上涨。</blockquote></p><p>“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.</p><p><blockquote>这位Oanda策略师表示：“一直致力于Doge的散户交易员可能仍然是顽固的霍德勒，因此如果没有发生卖出事件反应，我们不应该感到惊讶。”</blockquote></p><p>How it all plays out for dogecoin is anyone’s guess.</p><p><blockquote>狗狗币的结局如何，谁也说不准。</blockquote></p><p>“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.</p><p><blockquote>“这只是一种模因货币，但有时最有趣的结果会成为现实，”比塞蒂说。</blockquote></p><p>That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures&nbsp;are down 3% so far this year, the Dow Jones Industrial Average&nbsp;and the S&amp;P 500 index&nbsp;are up by nearly 13% in 2021, while the Nasdaq Composite Index&nbsp;has gained about over 6% so far this year.</p><p><blockquote>与大多数其他资产相比，这种模因货币经历了惊人的上涨。今年迄今为止，黄金期货下跌了3%，道琼斯工业平均指数和标普500指数在2021年上涨了近13%，而纳斯达克综合指数今年迄今为止的涨幅约超过6%。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press\">Marketwatch</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.marketwatch.com/story/a-total-make-or-break-for-dogecoin-says-one-crypto-investor-as-elon-musk-prepares-to-host-saturday-night-live-11620413674?mod=associated-press","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1160802774","content_text":"Nikki Beesetti started investing in crypto back in 2017 and paid off her final semester at Purdue University with proceeds from the sale of a single bitcoin that she bought on a whim, which had surged to nearly $20,000.Now, the product manager for a startup in New York is dabbling in dogecoin ,and sees this weekend as a possible make-or-break moment for the parody coin that has seen a stratospheric, nearly 13,000% rise in 2021.“This Saturday is going to be a total make-or-break for dogecoin,” Beesetti told MarketWatch in a phone interview.“If he can really get the messaging right, dogecoin can really take off…or it’s going to crash to wherever it’s going to crash to,” she said.The 25-year-old investor is one of a number of relatively young traders who are piling into speculative altcoins like dogecoin as the so-called joke asset mints millionaires and draws some concerns about a bubble forming in the nascent crypto complex.Musk will host NBC’s late-night live television comedy sketch show, “Saturday Night Live,” this weekend and his coming appearance has already drawn cheers and jeers.Musk has been one of the biggest cheerleaders for dogecoin and crypto broadly. The self-appointed “Technoking” of Tesla has been mostly using his massive social media following to pump up the price of doge, tweeting back on April 1 that he would use his SpaceX rockets to put a physical Doge coin on the literal moon, echoing the social media goal of taking the coin’s price “to the moon.”Beesetti said that she first got involved in dogecoin — she also invests in technology stocks and exchange-traded funds — at the prompting of Musk’s social-media missives from last summer.She bought dogecoin when it was trading at 3/10ths of a penny and she kept dollar-cost averaging her position in the digital asset created in 2013 even as it hit around 1 cent last August.Musk has become a rallying point for dogecoin holders on sites like Reddit and his coming appearance on “SNL” is a hotly anticipated moment inside and outside crypto markets, which had largely been centered on bitcoin and Ethereum ,the two largest cryptos in the world.Dogecoin has long held the reputation as a joke currency in the digital-asset realm but it is hard to deny that its surging value has gripped Main Street and Wall Street’s attention — at least momentarily.Former “SNL” cast member and comedian David Spade on Thursday tweeted that he wondered if Musk’s appearance on the sketch show would equate to a 90-minute infomercial for doge, adding, perhaps tongue in cheek that he was buying dogecoin.Oddsmakers at betting platformSportsBettingDime.com have established a number of prop bets about Musk’s appearance on “Saturday Night Live,” including which if any crypto he mentions first on the show.Which cryptocurrency does Musk mention first:1. Bitcoin: -2002. Dogecoin: +6003. FIELD: +4504. Does Not Mention Bitcoin: +400Beesetti said that she sold about $8,000 worth of dogecoin recently to buy a pair of Gucci shoes, an iPhone and upped her position in Ether thar runs on the Ethereum protocol but has otherwise been a steady holder of doge.The investor wouldn’t offer specific figures but said that her holdings currently range from 50,000 to 100,000 dogecoin.Perhaps unlike some investors in doge, she is under no illusion that it has utility but submits to the possibility that momentum could build in a parody asset to such an extent that it forges its own legitimacy.“Doge doesn’t have intrinsic value,” Beesetti said. “The value becomes real if you and a collective group of people believe in it. And in this case, there are more groups and people than before who believe.”That said, reality could hit meme coin holders hard come Sunday morning, at least one analyst said.“Post-SNL, some crypto traders could abandon short-term Dogecoin bets once it becomes clear that it is not skyrocketing to the moon or at the heavily eyed $1 level,” wrote Edward Moya, senior market analyst at Oanda, in a research note.The analyst also notes that strong conviction of dogecoin investors,known as hodlers in the crypto world, could defy logic and keep prices buoyant.“The retail-army of traders that have been committed to Doge might remain stubbornly hodlers, so we shouldn’t be surprised if a sell the event reaction does not happen,” the Oanda strategist said.How it all plays out for dogecoin is anyone’s guess.“It’s just a meme currency but sometimes the most entertaining outcome becomes the reality,” Beesetti said.That meme currency has enjoyed a spectacular ride compared against most other assets. Gold futures are down 3% so far this year, the Dow Jones Industrial Average and the S&P 500 index are up by nearly 13% in 2021, while the Nasdaq Composite Index has gained about over 6% so far this year.","news_type":1,"symbols_score_info":{}},"isVote":1,"tweetType":1,"viewCount":530,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":125756870,"gmtCreate":1624697786490,"gmtModify":1631891112149,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Yes","listText":"Yes","text":"Yes","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/125756870","repostId":"1108941456","repostType":4,"isVote":1,"tweetType":1,"viewCount":520,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":137223824,"gmtCreate":1622352405768,"gmtModify":1634102096463,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Tesla only goes up","listText":"Tesla only goes up","text":"Tesla only goes up","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":1,"commentSize":6,"repostSize":0,"link":"https://laohu8.com/post/137223824","repostId":"2138765488","repostType":4,"isVote":1,"tweetType":1,"viewCount":460,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":199272452,"gmtCreate":1620713243276,"gmtModify":1634196893328,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Few years?","listText":"Few years?","text":"Few years?","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":3,"commentSize":5,"repostSize":0,"link":"https://laohu8.com/post/199272452","repostId":"2134165096","repostType":4,"isVote":1,"tweetType":1,"viewCount":476,"authorTweetTopStatus":1,"verified":2,"comments":[],"imageCount":0,"langContent":"EN","totalScore":0},{"id":107467228,"gmtCreate":1620530516964,"gmtModify":1634198215802,"author":{"id":"3581650882917100","authorId":"3581650882917100","name":"WendyGoh","avatar":"https://static.tigerbbs.com/aeb2b50cab4602df1e5f3c2c1880a1f6","crmLevel":11,"crmLevelSwitch":0,"followedFlag":false,"idStr":"3581650882917100","authorIdStr":"3581650882917100"},"themes":[],"htmlText":"Crash to earth","listText":"Crash to earth","text":"Crash to earth","images":[],"top":1,"highlighted":1,"essential":1,"paper":1,"likeSize":7,"commentSize":3,"repostSize":0,"link":"https://laohu8.com/post/107467228","repostId":"1122089368","repostType":4,"repost":{"id":"1122089368","kind":"news","pubTimestamp":1620457397,"share":"https://www.laohu8.com/m/news/1122089368?lang=zh_CN&edition=full","pubTime":"2021-05-08 15:03","market":"us","language":"en","title":"What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>","url":"https://stock-news.laohu8.com/highlight/detail?id=1122089368","media":"The Wall Street Journal","summary":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are t","content":"<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>","collect":0,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>What Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote></title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nWhat Happens to Stocks and Cryptocurrencies When the Fed Stops Raining Money?<blockquote>当美联储停止投放资金时，股票和加密货币会发生什么？</blockquote>\n</h2>\n<h4 class=\"meta\">\n<p class=\"head\">\n<strong class=\"h-name small\">The Wall Street Journal</strong><span class=\"h-time small\">2021-05-08 15:03</span>\n</p>\n</h4>\n</header>\n<article>\n<p>To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.</p><p><blockquote>对于金融泡沫的老手来说，现在有很多熟悉的东西。股票估值是自2000年互联网泡沫以来最高的。房价回到了金融危机前的峰值。高风险公司可以以有记录以来的最低利率借款。个人投资者正在向绿色能源和加密货币投入资金。</blockquote></p><p>This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.</p><p><blockquote>这种繁荣有一些合理的解释，从数字商务的进步到可能是1983年以来最强劲的财政增长。</blockquote></p><p>But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.</p><p><blockquote>但最重要的是一个驱动因素：美联储。宽松的货币政策经常推动金融繁荣，现在尤其容易。美联储在过去一年中将利率维持在接近零的水平，并暗示利率至少在两年内不会改变。它正在购买数千亿美元的债券。因此，10年期国债收益率远低于通胀——即实际收益率深度为负——这是40年来的第二次。</blockquote></p><p>There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.</p><p><blockquote>利率如此之低是有充分理由的。美联储采取行动是为了应对一场疫情，这场疫情在最严重的时候可能造成的损害甚至比2007-09年的金融危机还要大。然而，这在很大程度上要归功于美联储和国会通过了约5万亿美元的财政刺激计划，这次复苏看起来比上次要健康得多。这可能会削弱利率如此之低的原因，威胁市场的基础。</blockquote></p><p>“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”</p><p><blockquote>与现任主席杰罗姆·鲍威尔一起担任美联储理事的哈佛大学经济学家杰里米·斯坦表示：“假设利率将长期处于低位，股市的定价至少是完美的。”“当然，你会感觉到美联储非常努力地说，‘一切都很好，我们不急于加息。’但虽然我不认为我们会走向持续的高通胀，但这是完全有可能的。我们将有几个季度的通胀热点数据。”</blockquote></p><p>Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”</p><p><blockquote>他问道，由于只有在利率保持极低水平的情况下，股票估值才是合理的，因此如果美联储不得不收紧货币政策以对抗通胀并且债券收益率上升1至1.5个百分点，股票如何重新定价。“资产价格可能会出现严重调整。”</blockquote></p><p><b>‘A bit frothy’</b></p><p><blockquote><b>“有点泡沫”</b></blockquote></p><p>The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.</p><p><blockquote>美联储以前也来过这里。20世纪90年代末，为了应对亚洲金融危机和对冲基金长期资本管理公司几近崩溃，它愿意降息，这被一些人视为隐性的市场支持，助长了随后的互联网泡沫。泡沫破裂后的低利率政策被指责推高了房价。两次美联储官员都为自己的政策辩护，认为仅仅为了防止泡沫而加息（或不降息）会损害他们低失业率和通胀的主要目标，而且比让泡沫自行破灭造成的危害更大。</blockquote></p><p>As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.</p><p><blockquote>至于今年，央行在本周的一份报告中警告称，资产“估值普遍较高”，“如果投资者风险偏好下降、遏制病毒进展令人失望或复苏停滞，资产估值很容易大幅下跌”。4月28日，鲍威尔承认市场看起来“有点泡沫”，美联储可能是原因之一：“我不会说这与货币政策无关，但它与疫苗接种有很大关系和经济重新开放。”但他没有暗示美联储将缩减刺激措施：“经济距离我们的目标还有很长的路要走。”劳工部周五的一份报告显示，4月份创造的就业机会远低于华尔街的预期，这突显了这一点。</blockquote></p><p>The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”</p><p><blockquote>美联储的选择深受金融危机的影响。尽管美联储当时将利率降至接近零的水平并购买了债券，但随着家庭、银行和政府寻求偿还债务，美联储正面临强大的阻力。这抑制了支出，并将通胀率推至美联储2%的目标以下。人口老龄化等深层次力量也抑制了经济增长和利率，一些人将这种组合称为“长期停滞”。</blockquote></p><p>The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.</p><p><blockquote>一年前的疫情关闭引发了对经济产出的打击，最初比金融危机还要严重。但两个月后，随着限制放松和企业适应社交距离，经济活动开始复苏。美联储启动了新的贷款计划，国会通过了2.2万亿美元的Cares法案。疫苗比预期的更早到达。美国经济可能会在本季度达到大流行前的规模，比金融危机后快两年。</blockquote></p><p>And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.</p><p><blockquote>然而，即使前景有所改善，财政和货币的水龙头仍然敞开着。去年5月，民主党人首次提出额外3万亿美元的刺激计划，当时预计去年产出将下降6%。实际上下降了不到一半，但民主党在赢得白宫和国会后，继续推进同样规模的刺激计划。</blockquote></p><p></p><p>The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.</p><p><blockquote>美联储于2020年3月开始购买债券，以应对市场的混乱状况。夏末，随着市场正常运转，它延长了该计划，同时将理由转向保持低债券收益率。</blockquote></p><p>At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.</p><p><blockquote>与此同时，它公布了一个新框架：在通胀率多年低于2%之后，它的目标是将通胀率不仅推回到2%，而且更高，以便随着时间的推移，平均通胀率和预期通胀率都稳定在2%。为此，它承诺在充分就业恢复、通胀率达到2%并走高之前不会加息。官员们预测这种情况在2024年之前不会发生，尽管前景显着改善，但此后仍坚持这一指导。</blockquote></p><p><b>Running of the bulls</b></p><p><blockquote><b>奔牛节</b></blockquote></p><p>This injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&amp;P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.</p><p><blockquote>美国银行的一项调查显示，向因疫苗接种而已经反弹的经济注入前所未有的货币和财政刺激措施，这就是华尔街策略师自上次金融危机前以来最看好股市的原因。虽然盈利预测大幅上升，但股市涨幅更大。根据FactSet的数据，标普500股票指数目前的交易价格约为来年利润的22倍，这一水平仅在2000年互联网繁荣的顶峰时期才超过。</blockquote></p><p>Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.</p><p><blockquote>其他资产市场也同样捉襟见肘。根据彭博巴克莱的数据，投资者愿意以至少1995年以来的最低收益率以及自2007年以来与安全国债的最窄利差购买垃圾级公司的债券。经通胀调整后，住宅和商业地产价格接近2006年达到的峰值。</blockquote></p><p>Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.</p><p><blockquote>今天的股票和房地产估值比2000年或2006年更加合理，因为无风险国债的回报率要低得多。从这个意义上说，美联储的政策完全按照预期发挥作用：改善经济前景，这有利于利润、住房需求和企业信誉；和风险偏好。</blockquote></p><p>Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.</p><p><blockquote>尽管如此，低利率不再足以证明某些资产估值的合理性。相反，多头会调用替代指标。</blockquote></p><p>Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.</p><p><blockquote>美国银行最近指出，碳排放量相对较低、用水效率较高的公司估值较高。这些估值并不是优越的现金流或利润前景的结果，而是根据环境、社会和治理（ESG）标准投资的资金浪潮。</blockquote></p><p>Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.</p><p><blockquote>对于不赚取利息、租金或股息的加密货币，传统估值也毫无用处。相反，倡导者声称数字货币将取代央行发行的法定货币作为交易媒介和价值储存手段。“加密货币有可能像互联网一样具有革命性并被广泛采用，”加密货币交易所Coinbase GlobalInc.首次公开募股的招股说明书称，其语言让人想起二十多年前与互联网相关的IPO。根据信息服务机构CoinDesk的数据，截至4月29日，加密货币的价值超过2万亿美元，大致相当于流通中的所有美元。</blockquote></p><p>Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.</p><p><blockquote>金融创新也在发挥作用，就像过去的金融繁荣一样。投资组合保险是一种旨在对冲市场损失的策略，在1987年股市崩盘期间放大了抛售。20世纪90年代，互联网股票经纪人推动了科技股的上涨，而在21世纪初，次级抵押贷款衍生品帮助为住房融资。今天的等价物是零佣金经纪商，如Robinhood Markets Inc.、部分所有权和社交媒体，所有这些都赋予了个人投资者权力。</blockquote></p><p>Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&amp;P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.</p><p><blockquote>根据世界各国央行组成的财团国际清算银行最近的一份报告，此类投资者越来越多地影响整体市场的走向。例如，它发现，自2017年以来，跟踪机构投资者最喜欢的标普500的交易所交易基金的交易量已经持平，而个人投资者更喜欢的成分股的交易量却在攀升。报告指出，个人更有可能出于与其基础业务无关的原因购买一家公司的股票，例如，因为该公司的名称与另一只正在上涨的股票相似。</blockquote></p><p>While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.</p><p><blockquote>虽然这种猜测经常被归咎于美联储，但很难划清界限。财政刺激则不然。金融研究公司Bianco Research的负责人Jim Bianco表示，随着财政部发放1400美元的刺激支票，3月份流入交易所交易基金和共同基金的资金激增。“你用支票做的第一件事就是将其存入你的账户，到2021年，这就是你的经纪账户，”比安科先生说。</blockquote></p><p><b>Facing the future</b></p><p><blockquote><b>面向未来</b></blockquote></p><p></p><p>It’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.</p><p><blockquote>无法预测这一切将如何结束，甚至是否会结束。事实并非如此：高价股票最终可能会赚取必要的利润来证明当今的估值是合理的，尤其是在经济目前处于领先地位的情况下。与此同时，随着利润令人失望或竞争的出现，更极端的投机领域可能会在自身压力下崩溃。</blockquote></p><p>Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.</p><p><blockquote>比特币曾威胁要取代美元；现在，许多竞争对手也声称要做同样的事情。特斯拉公司曾经是你唯一可以购买来押注电动汽车的股票；现在有蔚来、NikolaCorp.和FiskerInc.，更不用说大众汽车公司和通用汽车公司等老牌制造商正在推出越来越多的电动车型。</blockquote></p><p>But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.</p><p><blockquote>但资产全面下跌可能涉及某种宏观经济事件，例如经济衰退、金融危机或通货膨胀。</blockquote></p><p>The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.</p><p><blockquote>美联储上周的报告称，该病毒仍然是对经济乃至金融体系的最大威胁。4月份的就业令人失望提醒人们经济前景仍然多么不稳定。尽管如此，随着病毒的消退，经济衰退现在似乎不太可能发生。不能排除与一些隐藏的脆弱性相关的金融危机。尽管如此，银行拥有如此多的资本，而抵押贷款承销又如此紧张，以至于类似于2007-09年始于抵押贷款违约的金融危机似乎很遥远。如果垃圾债券、加密货币或科技股主要是用借来的钱购买的，其价值暴跌可能会引发一波强制抛售、破产和潜在的危机。但这似乎并没有发生。Archegos Capital Management最近因衍生品股票投资逆转而倒闭，给其贷方造成了损失。但这并没有威胁到他们的生存，也没有引发对处境相似的公司的蔓延。</blockquote></p><p>“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”</p><p><blockquote>“第二个阿尔奇戈斯在哪里？”比安科先生说。“还没有。”</blockquote></p><p>That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.</p><p><blockquote>这就剩下通货膨胀了。由于半导体、木材和工人的短缺都给价格和成本带来了上行压力，对通胀的担忧现在很普遍。大多数预测者和美联储认为，一旦经济重新开放和正常支出模式恢复，这些压力将会缓解。尽管如此，常规债券收益率和通胀指数债券收益率之间的差异表明，投资者预计未来几年的通胀率平均约为2.5%。这很难是20世纪70年代的重演，也符合美联储长期平均通胀率2%的新目标。尽管如此，这将明显打破过去十年低于2%的区间。</blockquote></p><p>Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw &amp; Co. LP. He attributes that, in part, to inflation concerns.</p><p><blockquote>通胀略高将导致美联储将短期利率也略高，这不一定会损害股票估值。更令人担忧的是：对股票价值至关重要的长期债券收益率可能会大幅上升。自20世纪90年代末以来，债券和股票价格往往朝着相反的方向波动。这是因为当通胀不是问题时，经济冲击往往会压低债券收益率（与价格走势相反）和股票价格。因此，债券充当了抵御股票损失的保险政策，投资者愿意接受较低的收益率。如果通货膨胀再次成为一个问题，那么债券就会失去保险价值，其收益率就会上升。前美联储经济学家、现就职于对冲基金D.E.的布莱恩·萨克(Brian Sack)表示，近几个月来，过去几十年大部分时间里存在的股债相关性开始消失。肖公司。他将此部分归因于通胀担忧。</blockquote></p><p>The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite costly.</p><p><blockquote>多年来，通货膨胀主导了金融领域，这导致投资者对资产定价，就好像通货膨胀再也不会产生这种影响一样。他们可能是对的。但如果史无前例的货币和财政刺激组合成功地使经济摆脱了过去十年的模式，这种自满可能会付出相当大的代价。</blockquote></p><p></p>\n<div class=\"bt-text\">\n\n\n<p> 来源：<a href=\"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj\">The Wall Street Journal</a></p>\n<p>为提升您的阅读体验，我们对本页面进行了排版优化</p>\n\n\n</div>\n</article>\n</div>\n</body>\n</html>\n","type":0,"thumbnail":"","relate_stocks":{},"source_url":"https://www.wsj.com/articles/what-happens-to-stocks-and-cryptocurrencies-when-the-fed-stops-raining-money-11620446420?mod=itp_wsj","is_english":true,"share_image_url":"https://static.laohu8.com/e9f99090a1c2ed51c021029395664489","article_id":"1122089368","content_text":"To veterans of financial bubbles, there is plenty familiar about the present. Stock valuations are their richest since the dot-com bubble in 2000. Home prices are back to their pre-financial crisis peak. Risky companies can borrow at the lowest rates on record. Individual investors are pouring money into green energy and cryptocurrency.This boom has some legitimate explanations, from the advances in digital commerce to fiscally greased growth that will likely be the strongest since 1983.But there is one driver above all: the Federal Reserve. Easy monetary policy has regularly fueled financial booms, and it is exceptionally easy now. The Fed has kept interest rates near zero for the past year and signaled rates won’t change for at least two more years. It is buying hundreds of billions of dollars of bonds. As a result, the 10-year Treasury bond yield is well below inflation—that is, real yields are deeply negative —for only the second time in 40 years.There are good reasons why rates are so low. The Fed acted in response to a pandemic that at its most intense threatened even more damage than the 2007-09 financial crisis. Yet in great part thanks to the Fed and Congress, which has passed some $5 trillion in fiscal stimulus, this recovery looks much healthier than the last. That could undermine the reasons for such low rates, threatening the underpinnings of market.“Equity markets at a minimum are priced to perfection on the assumption rates will be low for a long time,” said Harvard University economist Jeremy Stein, who served as a Fed governor alongside now-chairman Jerome Powell. “And certainly you get the sense the Fed is trying really hard to say, ‘Everything is fine, we’re in no rush to raise rates.’ But while I don’t think we’re headed for sustained high inflation it’s completely possible we’ll have several quarters of hot readings on inflation.”Since stocks’ valuations are only justified if interest rates stay extremely low, how do they reprice if the Fed has to tighten monetary policy to combat inflation and bond yields rise one to 1.5 percentage points, he asked. “You could get a serious correction in asset prices.”‘A bit frothy’The Fed has been here before. In the late 1990s its willingness to cut rates in response to the Asian financial crisis and the near collapse of the hedge fund Long-Term Capital Management was seen by some as an implicit market backstop, inflating the ensuing dot-com bubble. Its low-rate policy in the wake of that collapsed bubble was then blamed for driving up housing prices. Both times Fed officials defended their policy, arguing that to raise rates (or not cut them) simply to prevent bubbles would compromise their main goals of low unemployment and inflation, and do more harm than letting the bubble deflate on its own.As for this year, in a report this week the central bank warned asset “valuations are generally high” and “vulnerable to significant declines should investor risk appetite fall, progress on containing the virus disappoint, or the recovery stall.” On April 28 Mr. Powell acknowledged markets look “a bit frothy” and the Fed might be one of the reasons: “I won’t say it has nothing to do with monetary policy, but it has a tremendous amount to do with vaccination and reopening of the economy.” But he gave no hint the Fed was about to dial back its stimulus: “The economy is a long way from our goals.” A Labor Department report Friday showing that far fewer jobs were created in April than Wall Street expected underlined that.The Fed’s choices are heavily influenced by the financial crisis. While the Fed cut rates to near zero and bought bonds then as well, it was battling powerful headwinds as households, banks, and governments sought to pay down debts. That held back spending and pushed inflation below the Fed’s 2% target. Deeper-seated forces such as aging populations also held down growth and interest rates, a combination some dubbed “secular stagnation.”The pandemic shutdown a year ago triggered a hit to economic output that was initially worse than the financial crisis. But after two months, economic activity began to recover as restrictions eased and businesses adapted to social distancing. The Fed initiated new lending programs and Congress passed the $2.2 trillion Cares Act. Vaccines arrived sooner than expected. The U.S. economy is likely to hit its pre-pandemic size in the current quarter, two years faster than after the financial crisis.And yet even as the outlook has improved, the fiscal and monetary taps remain wide open. Democrats first proposed an additional $3 trillion in stimulus last May when output was expected to fall 6% last year. It actually fell less than half that, but Democrats, after winning both the White House and Congress, pressed ahead with the same size stimulus.The Fed began buying bonds in March, 2020 to counter chaotic conditions in markets. In late summer, with markets functioning normally, it extended the program while tilting the rationale toward keeping bond yields low.At the same time it unveiled a new framework: After years of inflation running below 2%, it would aim to push inflation not just back to 2% but higher, so that over time average and expected inflation would both stabilize at 2%. To that end, it promised not to raise rates until full employment had been restored and inflation was 2% and headed higher. Officials predicted that would not happen before 2024 and have since stuck to that guidance despite a significantly improving outlook.Running of the bullsThis injection of unprecedented monetary and fiscal stimulus into an economy already rebounding thanks to vaccinations is why Wall Street strategists are their most bullish on stocks since before the last financial crisis, according to a survey byBank of AmericaCorp.While profit forecasts have risen briskly, stocks have risen more. The S&P 500 stock index now trades at about 22 times the coming year’s profits, according to FactSet, a level only exceeded at the peak of the dot-com boom in 2000.Other asset markets are similarly stretched. Investors are willing to buy the bonds of junk-rated companies at the lowest yields since at least 1995, and the narrowest spread above safe Treasurys since 2007, according to Bloomberg Barclays data. Residential and commercial property prices, adjusted for inflation, are around the peak reached in 2006.Stock and property valuations are more justifiable today than in 2000 or in 2006 because the returns on riskless Treasury bonds are so much lower. In that sense, the Fed’s policies are working precisely as intended: improving both the economic outlook, which is good for profits, housing demand, and corporate creditworthiness; and the appetite for risk.Nonetheless, low rates are no longer sufficient to justify some asset valuations. Instead, bulls invoke alternative metrics.Bank of America recently noted companies with relatively low carbon emissions and higher water efficiency earn higher valuations. These valuations aren’t the result of superior cash flow or profit prospects, but a tidal wave of funds invested according to environmental, social and governance, or ESG, criteria.Conventional valuation is also useless for cryptocurrencies which earn no interest, rent or dividends. Instead, advocates claim digital currencies will displace the fiat currencies issued by central banks as a transaction medium and store of value. “Crypto has the potential to be as revolutionary and widely adopted as the internet,” claims the prospectus of the initial public offering of crypto exchangeCoinbase GlobalInc.,in language reminiscent of internet-related IPOs more than two decades earlier. Cryptocurrencies as of April 29 were worth more than $2 trillion, according to CoinDesk, an information service, roughly equivalent to all U.S. dollars in circulation.Financial innovation is also at work, as it has been in past financial booms. Portfolio insurance, a strategy designed to hedge against market losses, amplified selling during the 1987 stock market crash. In the 1990s, internet stockbrokers fueled tech stocks and in the 2000s, subprime mortgage derivatives helped finance housing. The equivalent today are zero commission brokers such as Robinhood Markets Inc., fractional ownership and social media, all of which have empowered individual investors.Such investors increasingly influence the overall market’s direction, according to a recent report by the Bank for International Settlements, a consortium of the world’s central banks. It found, for example, that since 2017 trading volume in exchange-traded funds that track the S&P 500, a favorite of institutional investors, has flattened while the volume in its component stocks, which individual investors prefer, has climbed. Individuals, it noted, are more likely to buy a company’s shares for reasons unrelated to its underlying business—because, for example, its name is similar to another stock that is on the rise.While such speculation is often blamed on the Fed, drawing a direct line is difficult. Not so with fiscal stimulus. Jim Bianco, the head of financial research firm Bianco Research, said flows into exchange-traded funds and mutual funds jumped in March as the Treasury distributed $1,400 stimulus checks. “The first thing you do with your check is deposit it in your account and in 2021 that’s your brokerage account,” said Mr. Bianco.Facing the futureIt’s impossible to predict how, or even whether, this all ends. It doesn’t have to: High-priced stocks could eventually earn the profits necessary to justify today’s valuations, especially with the economy’s current head of steam. In he meantime, more extreme pockets of speculation may collapse under their own weight as profits disappoint or competition emerges.Bitcoin once threatened to displace the dollar; now numerous competitors purport to do the same.TeslaInc.was once about the only stock you could buy to bet on electric vehicles; now there is China’s NIO Inc.,NikolaCorp., andFiskerInc.,not to mention established manufacturers such as Volkswagen AG andGeneral MotorsCo.that are rolling out ever more electric models.But for assets across the board to fall would likely involve some sort of macroeconomic event, such as a recession, financial crisis, or inflation.The Fed report this past week said the virus remains the biggest threat to the economy and thus the financial system. April’s jobs disappointment was a reminder of how unsettled the economic outlook remains. Still, with the virus in retreat, a recession seems unlikely now. A financial crisis linked to some hidden fragility can’t be ruled out. Still, banks have so much capital and mortgage underwriting is so tight that something similar to the 2007-09 financial crisis, which began with defaulting mortgages, seems remote. If junk bonds, cryptocoins or tech stocks are bought primarily with borrowed money, a plunge in their values could precipitate a wave of forced selling, bankruptcies and potentially a crisis. But that doesn’t seem to have happened. The recent collapse of Archegos Capital Management from reversals on derivatives-based stock investments inflicted losses on its lenders. But it didn’t threaten their survival or trigger contagion to similarly situated firms.“Where’s the second Archegos?” said Mr. Bianco. “There hasn’t been one yet.”That leaves inflation. Fear of inflation is widespread now with shortages of semiconductors, lumber, and workers all putting upward pressure on prices and costs. Most forecasters, and the Fed, think those pressures will ease once the economy has reopened and normal spending patterns resume. Nonetheless, the difference between yields on regular and inflation-indexed bond yields suggest investors are expecting inflation in coming years to average about 2.5%. That is hardly a repeat of the 1970s, and compatible with the Fed’s new goal of average 2% inflation over the long term. Nonetheless, it would be a clear break from the sub-2% range of the last decade.Slightly higher inflation would result in the Fed setting short-term interest rates also slightly higher, which need not hurt stock valuations. More worrisome: Long-term bond yields, which are critical to stock values, might rise significantly more. Since the late 1990s, bond and stock prices have tended to move in opposite directions. That is because when inflation isn’t a concern, economic shocks tend to drive both bond yields (which move in the opposite direction to prices) and stock prices down. Bonds thus act as an insurance policy against losses on stocks, for which investors are willing to accept lower yields. If inflation becomes a problem again, then bonds lose that insurance value and their yields will rise. In recent months that stock-bond correlation, in place for most of the last few decades, began to disappear, said Brian Sack, a former Fed economist who is now with hedge fund D.E. Shaw & Co. LP. He attributes that, in part, to inflation concerns.The many years since inflation dominated the financial landscape have led investors to price assets as if inflation never will have that sway again. They may be right. But if the unprecedented combination of monetary and fiscal stimulus succeeds in jolting the economy out of the last decade’s pattern, that complacency could prove quite 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