Walmart’s Court-ing Big Problems; What’s in a Name? Ask Chrysler, If You Can Still Call It That; Stuyvesant High Schooler Fails in Lying;

 Hitting a Wal…mart…

Image courtesy of nirots/FreeDigitalPhotos.net

Image courtesy of nirots/FreeDigitalPhotos.net

Walmart’s lawyers have been especially busy this year. But not to Walmart’s advantage, it would seem. The retailer just got word that a Pennsylvania supreme court upheld a lower court’s ruling from 2007 that it has to pay over $150 million to approximately 187,000 employees who sued the the company in a class action suit. According to the lawsuit, Walmart stiffed employees by not compensating them for rest/meal breaks, or actually making them work through those breaks and then not paying the unrested, hungry employees for that time. Of course, Walmart is considering appealing the ruling, whose amount is sure to put a major dent in its quarterly earnings. I’m guessing you’re not as choked about that as Walmart execs are. Then there was last weeks’ decision by a National Labor Relations Board administrative law judge who found that the US’s largest employer also threatened employees in California because they tried to organize. Back to today, the lawyers and family of John Crawford, who was shot inside a Beavercreek, Ohio Walmart , named the corporation in a lawsuit. The lawsuit alleges that Walmart did not provide a “reasonable place to shop” because a bb gun involved in the shooting was left unpackaged in the store for two days.

What’s your name again?

Image courtesy of olovedog/FreeDigitalPhotos.net

Image courtesy of olovedog/FreeDigitalPhotos.net

Chrysler Group LLC it isn’t. Well, it was. Up until Tuesday morning when the automobile manufacturer announced it was changing its name  to “FCA US LLC.” Got that? Neither did I. But apparently this name fits in better, globally, anyway, with its parent company Fiat Chrysler Automobile NV. But it’s okay if you forget and call a Chrysler a Chrysler, because those cars will still be made and be called Chryslers, along with Jeeps, Dodge and Fiats, who are all also keeping their names. The company – and name – which originated in 1925, with some vision and assistance from the very industrious Walter P. Chrysler, employs 77,000 people all over the world and has 36 manufacturing facilities, with 23 in the United States alone.

He lied! He lied!

Image courtesy of africa/FreeDigitalPhotos.net

Image courtesy of africa/FreeDigitalPhotos.net

Looks like Mohammed “Mo” Islam is not such a whiz kid after all. After a story appeared in New York magazine about a 17 year old Stuyvesant High Schooler who was rumored to have pocketed $72 million in the stock market, it turns out none of it was true.  The story was picked up by just about everybody, including this blog, and the young man and a friend were even scheduled to do an interview on CNBC to discuss their non-existent success.  However, New York Observer’s Ken Kurson, and a team of media and legal professionals uncovered the hoax, after noticing how so many many people questioned the story, which first picked up steam inside the hallowed halls of Stuyvesant High. Apparently the only trades Mohammed ever made were simulated ones and his fortune is more akin to the fake kind you might find in a board game. New York magazine did issue an official apology, but it seems that it’s the wrath and disappointment of Mohammed’s parents who will make Mohammed come to rue his dubious actions. According to Mohammed, his dad, “wanted to disown me. My mom basically said she’d never talk to me.” And who can blame them.

 

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Über’s But a Hot Global Mess; PetSmart’s New Leash on Life; Who Wants to be a High School Millionaire?

Ügh, Uber…

Image courtesy of renjith krishnan/FreeDigitalPhotos.net

Image courtesy of renjith krishnan/FreeDigitalPhotos.net

Über has once again made itself the star of yet another publicity disaster. As the hostage crisis raged in Sydney, Autralia’s central business district, many people fled the city via Über, only to discover that the company’s fares spiked to about four times the usual rate. Classy, huh? Following some epic social media backlash, Über undid the deed, blaming the mishap on the company’s algorithm which automatically increases fares based on demand. And in this particular emergency, you can bet demand increased. Über, however, is graciously offering to refund its users up to $200. But over in France, ÜberPop has been banned. The Inetrior Ministry argues that it’s because there is no required training, background checks and other basic requirements for ÜberPop drivers. Taxi drivers there simply feel that it’s unfair competition. A court still has yet to decide on a final ruling. ÜberX drivers, though, are in the clear since they do require permits. In Rio de Janeiro the service is illegal and you can forget about using it in the Netherlands too. Perhaps things might start to improve in the United States, where the company has apparently enlisted the help of over 160 lobbyists in fifty different cities.

Gone to the dogs…

Image courtesy of Mister GC/FreeDigitalPhotos.net

Image courtesy of Mister GC/FreeDigitalPhotos.net

Things are looking up at PetSmart now that a London-based equity firm picked up the Phoenix-based pet supply company for $8.7 billion, or “ruffly” $83.00 per share. That number, by the way, is at a 39% premium – nothing to bark at, mind you. Back in July, activist investor Jana Partners was looking to pick up the company, after all, it had close to a 10% stake in the company. Apollo Global Management was an even more recent contender. But BC Partners emerged as the new owners. PetSmart currently has close to 1,400 stores across the US, Canada and Puerto Rico. The pet industry is expected to be a $59 billion business this year.

Most likely to graduate a multi-millionaire…

Image courtesy of  David Castillo Dominici/FreeDigitalPhotos.net

Image courtesy of David Castillo Dominici/FreeDigitalPhotos.net

It seems high school lunch time was getting in the way of Mohammed “Mo” Islam’s career. So he did what any teenage financial whiz kid would do: he parlayed his financial acumen into a rumored $72 million fortune. While that number can’t officially be confirmed, the high-schooler did acknowledge his net worth is in the high eight figures. Not bad for someone who’s not even old enough to vote. The Stuyvesant High Schooler first started trading penny stocks at the age of nine years old, with money he made from tutoring. But he got badly burned in that lesson and took break allowing himself to get more well-versed in the stock market, particularly with crude oil and gold futures. His “studies” paid off and now he has his own apartment, which his parents won’t let him live in, and a new BMW which he is not legally allowed to drive. The only thing that’s standing between him and his broker-dealer license and hedge-fund dreams is his age –  he’s only 17.