View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

At Axel Springer, Politico’s New Owner, Allegations of Sex, Lies and a Secret Payment

He also said the Bild workplace culture would not be replicated in the United States. “We will not tolerate any behavior in our organizations worldwide that does not follow our very clear compliance policies. We aspire to be the best digital media company in the democratic world with the highest ethical standards and an inclusive, open culture,” he said.

Axel Springer forwarded a letter from lawyers stating that Bild was not legally obliged to fire Mr. Reichelt.

But a March 1 message from Mr. Döpfner to a friend with whom he later had a falling out over the way the company handled the allegations against Mr. Reichelt, Benjamin von Stuckrad-Barre, suggests that, while Mr. Döpfner was central to deciding how to act on the investigation’s findings as chief executive, he may not have been impartial. In the message, sent after Axel Springer had become aware of the allegations, but before the investigation was underway, Mr. Döpfner referred to an opinion column by Mr. Reichelt complaining about Covid restrictions.

Mr. Döpfner wrote that “we have to be especially careful” in the investigation, because Mr. Reichelt “is really the last and only journalist in Germany who is still courageously rebelling against the new GDR authoritarian state,” according to a copy of the message that I obtained. (The reference to GDR, or Communist East Germany, in this context, is a bit like “woke mob.”) Mr. Döpfner also wrote that Mr. Reichelt had “powerful enemies.”

Mr. Döpfner’s political statement in that message may seem at odds with his stated plans for his new American properties, which The Wall Street Journal reported last week, will “embody his vision of unbiased, nonpartisan reporting, versus activist journalism, which, he said, is enhancing societal polarization in the U.S. and elsewhere.”

As Axel Springer was struggling to contain the fallout from the Bild investigation, Mr. Döpfner’s focus was on Washington. This spring and summer, he conducted secret, parallel conversations with executives at two rival news organizations based in Washington, Politico and Axios, the site started in 2016 by Jim VandeHei, Mike Allen and Roy Schwartz, all formerly of Politico.

Mr. Döpfner’s goal was to buy both and combine them into a mighty competitor to the nation’s largest news outlets. The Politico acquisition, announced in August, was a triumph for his company. But behind the scenes, Axel Springer’s courting style had alienated its other target.

View Source

>>> Don’t Miss Today’s BEST Amazon Deals! <<<<

Prominent Chinese #MeToo Figure Vows to Appeal After Losing Case

A former television intern who became a prominent voice in China’s #MeToo movement against sexual assault and harassment has vowed to fight on after a court in Beijing ruled that she had not produced sufficient evidence in her harassment case against a star presenter.

The former intern, Zhou Xiaoxuan, told supporters and journalists outside the Haidian District court in Beijing that she would appeal after judges ruled against her claim late Tuesday night.

Ms. Zhou asserted in 2018 that Zhu Jun had assaulted her in a dressing room four years earlier. Mr. Zhu denied that accusation and sued Ms. Zhou, and she countersued him. Their legal battles became a focal case in China’s expanding movement against the sexual coercion of women.

The court in Beijing rejected Ms. Zhou’s case in a terse online statement that did not go into the substance of her claims. She had “tendered insufficient evidence to prove her assertion that a certain Zhu had engaged in sexual harassment,” the court stated.

crack their heads and spill blood” if they tried to stop its rise.

  • Behind the Takeover of Hong Kong: One year ago, the city’s freedoms were curtailed with breathtaking speed. But the clampdown was years in the making, and many signals were missed.
  • One Year Later in Hong Kong: Neighbors are urged to report on one another. Children are taught to look for traitors. The Communist Party is remaking the city.
  • Mapping Out China’s Post-Covid Path: Xi Jinping, China’s leader, is seeking to balance confidence and caution as his country strides ahead while other places continue to grapple with the pandemic.
  • A Challenge to U.S. Global Leadership: As President Biden predicts a struggle between democracies and their opponents, Beijing is eager to champion the other side.
  • ‘Red Tourism’ Flourishes: New and improved attractions dedicated to the Communist Party’s history, or a sanitized version of it, are drawing crowds ahead of the party’s centennial.
  • Since then, the Chinese Communist Party has moved to rein in public protest and contention over women’s rights, and fewer such cases have burst onto the internet.

    An exception was in July, when the police detained Kris Wu, a popular Canadian Chinese singer, after an 18-year-old university student in Beijing accused him of offering young women like her help with their careers, and then pressing them to have sex. He has denied the accusations.

    Mr. Wu was formally arrested last month on suspicion of rape. His case became one in a number of scandals that have prompted the Chinese government to crack down on youth celebrity culture and warn actors and performers to stick to official rules for propriety.

    Ms. Zhou has been barred from Weibo, the popular Chinese social media service where her claims against Mr. Zhu first spread. (His lawsuit against her has still not gone to trial.)

    Traditional state-run media outlets were ordered not to cover Ms. Zhou’s claims and lawsuit, according to three journalists who received the instructions and asked for anonymity because of the risk of repercussions. But word of Ms. Zhou’s loss in court rippled across Chinese social media on Wednesday. Many reactions that remained on Weibo were critical of her, some accusing her of making up her claims and acting as a pawn for forces hostile to China. Her supporters said that, despite the setback, she had set a lasting example.

    “I was very disappointed, but it didn’t surprise me,” said Zheng Xi, 34, a feminist in Hangzhou, in eastern China. “Her persistence in the last three years has educated and enlightened many people.”

    View Source

    >>> Don’t Miss Today’s BEST Amazon Deals! <<<<

    Alibaba Faces Reckoning Over Harassment

    At an employee dinner, women were told to rank the attractiveness of the men at the table. During a team-building exercise, a woman was pressured to straddle her male co-worker in front of colleagues. Top executives traded lewd comments about male virility at company events and online.

    The e-commerce giant Alibaba, one of China’s most globalized internet companies, has often celebrated the number of women in its senior ranks. In 2018, the company’s billionaire co-founder, Jack Ma, told a conference in Geneva that one secret to Alibaba’s success was that 49 percent of employees were women.

    But that message of female empowerment is now being called into question after an Alibaba employee accused her boss of raping her after an alcohol-fueled business dinner. The woman, who has been identified by the police and her lawyers only by her surname, Zhou, said bosses and human resources had shrugged off her complaints. She eventually resorted to screaming about the assault in a company cafeteria last month.

    “An Ali male executive raped a female subordinate, and no one in the company has pursued this,” Ms. Zhou yelled, according to a video that was posted on the internet.

    fired the man accused of rape, said it would establish an anti-sexual-harassment policy and declared itself “staunchly opposed to the ugly forced drinking culture.” Yet former Alibaba employees say the problems run much deeper than the company has acknowledged.

    Interviews with nine former employees suggest that casual sexism is common at Alibaba. They describe a work environment in which women are made to feel embarrassed and belittled during team-building and other activities that the company has incorporated in its culture, a striking departure from the image of inclusion Alibaba has tried to project.

    The police investigation into Ms. Zhou’s case is continuing. Alibaba appears to be trying to keep a lid on discussions of the matter. The company recently fired 10 employees for leaking information about the episode, according to two people familiar with the matter. Most former employees who spoke with The New York Times asked to remain anonymous because they feared retaliation.

    immediate changes to the way it handles workplace culture and misconduct matters after Ms. Zhou’s case came to light, the statement said. Upon examining its policies and reporting processes, the company found “certain areas that did not meet our standards,” the statement said.

    The statement did not address any of the specific allegations made by the former employees who spoke to The Times.

    Many Alibaba departments use games and other ice-breaking activities to make co-workers feel at ease with one another. Kiki Qian joined the company in 2017. Her team welcomed her with a game of charades. When she lost, she said, she was punished by being made to “fly the plane,” as her co-workers called it. The stunt involved straddling a male colleague as he sat in an office chair. The colleague then lay back in the chair, causing Ms. Qian to fall on top of him, face first.

    “I realized while carrying out the punishment that it could be a little perverted,” Ms. Qian, 28, said in a telephone interview.

    On a separate occasion, Ms. Qian said, she saw a woman burst into tears after being pressured to jump into the arms of a male colleague during a team game.

    Other former Alibaba employees said ice-breaking rituals included uncomfortable questions about their sexual histories. One former employee said she and other women at a team dinner had been asked to rank their male colleagues by attractiveness. Another said she had felt humiliated during a game in which employees were required to touch each other on the shoulders, back and thighs.

    Mr. Ma joked onstage about how Alibaba’s grueling work hours affected employees’ sex lives.

    went further with the riff at the next year’s ceremony.

    “At work, we emphasize the 996 spirit,” he said, referring to the practice, common at Chinese internet companies, of working 9 a.m. to 9 p.m., six days a week.

    “In life, we need 669,” Mr. Ma said. “Six days, six times.” The Mandarin word for “nine” sounds the same as the word for “long-lasting.” The crowd hooted and clapped.

    Alibaba shared the remarks, with a winking emoji, on its official account on Weibo, the Chinese social media platform. Wang Shuai, the company’s public relations chief, wrote on Weibo that Mr. Ma’s comments had reminded him of how good it was to be young. His post included vulgar references to his anatomy.

    Alibaba also gives employees a handbook of morale-boosting “Alibaba slang.” Several entries are laced with sexual innuendo. One urges employees to be “fierce and able to last a long time.”

    Feng Yuan, a prominent feminist in China, said the kind of behavior described at Alibaba could create the conditions under which bullying and harassment were quietly tolerated and promoted.

    “In companies where men dominate, hierarchical power structures and toxic masculinity become strengthened over time,” Ms. Feng said. “They become hotbeds for sexual harassment and violence.”

    Last month, Ms. Zhou shared her rape accusation on Alibaba’s internal website. According to her account of the events, her boss told a male client who was also at the alcohol-fueled business dinner, “Look how good I am to you; I brought you a beauty,” referring to Ms. Zhou.

    Boozy meals have long been widespread in corporate China, where it can be seen as offensive to refuse to drink with a superior. Three days after Ms. Zhou reported the assault to Alibaba, her boss still had not been fired, she wrote in her account. She was told that this was out of consideration for her reputation.

    “This ridiculous logic,” she wrote. “Just who are they protecting?”

    Elsie Chen contributed reporting. Albee Zhang and Claire Fu contributed research.

    View Source

    >>> Don’t Miss Today’s BEST Amazon Deals! <<<<

    Activision, Facing Internal Turmoil, Grapples With #MeToo Reckoning

    More than 1,500 workers for the video game maker Activision Blizzard walked out from their jobs this week. Thousands signed a letter rebuking their employer. And even as the chief executive apologized, current and former employees said they would not stop raising a ruckus.

    Shay Stein, who used to work at Activision, said it was “heartbreaking.” Lisa Welch, a former vice president, said she felt “profound disappointment.” Others took to Twitter or waved signs outside one of the company’s offices on Wednesday to share their anger.

    Activision, known for its hugely popular Call of Duty, World of Warcraft and StarCraft gaming franchises, has been thrown into an uproar over workplace behavior issues. The upheaval stems from an explosive lawsuit that California’s Department of Fair Employment and Housing filed on July 20, accusing the $65 billion company of fostering a “frat boy workplace culture” in which men joked about rape and women were routinely harassed and paid less than their male colleagues.

    Activision publicly criticized the agency’s two-year investigation and allegations as “irresponsible behavior from unaccountable state bureaucrats.” But its dismissive tone angered employees, who called out the company for trying to sweep away what they said were heinous problems that had been ignored for too long.

    Hollywood, restaurants and the media — the male-dominated video game sector has long stood out for its openly toxic behavior and lack of change. In 2014, feminist critics of the industry faced death threats in what became known as Gamergate. Executives at the gaming companies Riot Games and Ubisoft have also been accused of misconduct.

    Now the actions at Activision may signal a new phase, where a critical mass of the industry’s own workers are indicating they will no longer tolerate such behavior.

    “This could mean some real accountability for companies that aren’t taking care of their workers and are creating inequitable work environments where women and gender minorities are kept at the margins and abused,” said Carly Kocurek, an associate professor at the Illinois Institute of Technology who studies gender in gaming.

    She said California’s lawsuit and the fallout at Activision were a “big deal” for an industry that had traditionally shrugged off claims of sexism and harassment. Other gaming companies are most likely watching the situation, she added, and considering whether they need to address their own cultures.

    spared little detail. Many of the misconduct accusations focused on a division called Blizzard, which the company merged with through a deal with Vivendi Games in 2008.

    The lawsuit accused Activision of being a “a breeding ground for harassment and discrimination against women.” Employees engaged in “cube crawls” in which they got drunk and acted inappropriately toward women at work cubicles, the lawsuit said.

    In one case, a female employee died by suicide during a business trip because of the sexual relationship she had been having with her male supervisor, the lawsuit said. Before her death, male colleagues had shared an explicit photo of the woman, according to the lawsuit.

    on Twitter.

    Employees reacted furiously. An open letter addressed to Activision’s leaders calling for them to take the accusations more seriously and “demonstrate compassion” for victims attracted more than 3,000 signatures from current and former employees by Wednesday. The company has nearly 10,000 employees.

    “We no longer trust that our leaders will place employee safety above their own interests,” the letter said, calling Ms. Townsend’s remarks “unacceptable.”

    a $155 million pay package that makes him one of the country’s highest-paid executives, added that the company would beef up the team that investigated reported misconduct, fire managers who were found to have impeded investigations and remove in-game content that had been flagged as inappropriate.

    Employees said it was not enough.

    “We will not return to silence; we will not be placated by the same processes that led us to this point,” organizers of the walkout said in a public statement. They declined to be identified out of fear of reprisal.

    View Source

    >>> Don’t Miss Today’s BEST Amazon Deals! <<<<

    It’s the Media’s ‘Mean-Too’ Moment. Stop Yelling and Go to Human Resources.

    Perhaps even worse, Ms. Cooper remarked early on that she’d never heard of Brian Lehrer, the beloved WNYC morning host whose gently probing, public-spirited interviews embody the station’s appeal, and that she didn’t “get” why he was popular. She has since come to the view that “Brian is the soul of the station and, in many ways, the city itself,” a WNYC spokeswoman, Jennifer Houlihan Roussel, said in an email.

    In fact, Ms. Cooper’s mission was to jump-start the station’s lagging digital transformation, something she had done with unusual success in San Francisco and that requires a willingness to make enemies. She has ambitious plans to hire 15 to 20 more reporters — but first she had the near-impossible assignment of bringing together a group of traditional radio journalists, used to working for days and occasionally weeks on colorful local features, with the reporters at Gothamist, the scrappy local blog that WNYC bailed out in 2018. Ms. Cooper sought to professionalize Gothamist away from its bloggy and irreverent roots, telling reporters to be less openly hostile to the New York Police Department in their reporting, two reporters said. Ms. Roussel suggested that Ms. Cooper was trying to rein in Gothamist’s habit of adding “an element of editorializing to its coverage that can be interpreted as bias.”

    And Ms. Cooper started pushing the radio journalists to pick up their pace and to file stories for the web. That seemed like a reasonable request, but it led to another stumble in early February, when an 18-year veteran of the radio side, Fred Mogul, filed a story with one paragraph printed in a different font. The editor realized it was Associated Press copy; Ms. Cooper promptly fired Mr. Mogul (who declined through his union to be interviewed) for plagiarism without a review of whether he’d ever done it before.

    Ms. Cooper declined to speak to me about Mr. Mogul’s termination. But one thing I learned this week about public radio is that no matter what is happening, someone is always recording it. And that was true when Ms. Cooper called a virtual meeting Feb. 5 over Zoom to inform the full newsroom of her decision to fire Mr. Mogul. According to a copy of the recording provided to me by an attendee, Ms. Cooper told the staffers, “It’s totally OK to be sad.” But then several stunned radio reporters questioned the move, explaining that they regularly incorporated A.P. copy into stories on air and had imported the practice to WNYC’s little-read website, crediting The A.P. at the bottom of the story.

    “Go through every single one of our articles and fire all of us, because that is exactly what we have all done,” one host, Rebeca Ibarra, told her.

    On Feb. 10, more than 60 employees — including Mr. Lehrer — signed a letter asking Ms. Cooper to reconsider and calling the firing a “troubling precedent.”

    View Source

    >>> Don’t Miss Today’s BEST Amazon Deals! <<<<

    Stocks Rebound as Wall Street Shakes Off Inflation Worries: Live Updates

    manufacturing activity in the United States and Europe showed a rapid pickup, as did retail sales data from Britain.

    The Stoxx Europe 600 rose 0.6 percent led by gains in consumer companies. One of the biggest gainers was Richemont, the Swiss luxury goods company that owns brands including Cartier and Montblanc. Richemont shares rose after the company reported its full-year results with strong growth in sales in Asia especially for its jewelry and watch brands.

    Oil prices rose. Futures of West Texas Intermediate, the U.S. crude benchmark, rose 1.4 percent to $63.48 a barrel.

    There are many ways to measure how much the economy has reopened after pandemic lockdowns. One offbeat way is to compare the share prices of Clorox to Dave & Buster’s.

    Nick Mazing, the director of research at the data provider Sentieo, came up with this metric to gauge shifts in postpandemic activity. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars.

    By this measure, the DealBook newsletter reports, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

    Two more ratios that Mr. Mazing suggest comparing are Netflix versus Live Nation and Peloton versus Planet Fitness.

    The first is also nearly back to where it was before the pandemic: Live Nation is preparing for a packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.”

    The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

    George Greenfield, the founder of CreativeWell, a literary agency in Montclair, N.J., applied for a loan in March with Biz2Credit. The initial amount he was offered was less than a quarter of what he was eligible for.
    Credit…Ed Kashi for The New York Times

    The government’s $788 billion relief effort for small businesses ravaged by the coronavirus pandemic, the Paycheck Protection Program, is ending as it began, with the initiative’s final days mired in chaos and confusion.

    Millions of applicants are seeking money from the scant handful of lenders still making the government-backed loans. Hundreds of thousands of people are stuck in limbo, waiting to find out if they will receive their approved loans — some of which have been stalled for months because of errors or glitches. Lenders are overwhelmed, and borrowers are panicking, The New York Times’s Stacy Cowley reports.

    The relief program had been scheduled to keep taking applications until May 31. But two weeks ago, its manager, the Small Business Administration, announced that the program’s $292 billion in financing for forgivable loans this year had nearly run out and that it would immediately stop processing most new applications.

    Then the government threw another curveball: The Small Business Administration decided that the remaining money, around $9 billion, would be available only through community financial institutions, a small group of specially designated institutions that focus on underserved communities.

    A roll of steel is packaged and labeled.
    Credit…Taylor Glascock for The New York Times

    The American steel industry is experiencing a comeback that few would have predicted even months ago.

    Steel prices are at record highs and demand is surging as businesses step up production amid an easing of pandemic restrictions. Steel makers have consolidated in the past year, allowing them to exert more control over supply. Tariffs on foreign steel imposed by the Trump administration have kept cheaper imports out. And steel companies are hiring again, The New York Times’s Matt Phillips reports.

    It’s not clear how long the boom will last. This week, the Biden administration began discussions with European Union trade officials about global steel markets. Some steel workers and executives believe that could lead to an eventual pullback of the Trump-era tariffs, which are widely credited for spurring the turnaround in the steel industry.

    Record prices for steel are not going to reverse decades of job losses. Since the early 1960s, employment in the steel industry has fallen more than 75 percent. More than 400,000 jobs disappeared as foreign competition grew and as the industry shifted toward production processes that required fewer workers. But the price surge is delivering some optimism to steel towns across the country, especially after job losses during the pandemic pushed American steel employment to the lowest level on record.

    View Source

    A Tally of Resignations Tied to the Jeffrey Epstein Scandal

    When Jeffrey Epstein gave The Times columnist James Stewart a tour of his apartment a few years ago, he boasted of his expansive Rolodex of billionaires — and the dirt he had on them. A year and a half after the financier’s death by suicide in a New York jail, the fallout for those in the registered sex offender’s orbit, and increasingly those a step or two removed from it, continues to spread.

    For example, the latest management reshuffle at Apollo, as we reported yesterday, can be linked back to Epstein. Tracing all the resignations and reshuffles directly and indirectly tied to the scandal will take a while (we’re working on it), but here’s a tally of some so far:

    • The Apollo co-founder Leon Black said in January that he would resign as C.E.O. but stay on as chairman, after an internal inquiry found he had paid $158 million to Epstein for tax advice. He unexpectedly quit both posts in March, and later stepped down as chairman of the Museum of Modern Art. Josh Harris, a fellow co-founder who had unsuccessfully pushed Black to quit immediately, said yesterday that he was stepping back from Apollo after failing to become the next C.E.O.; Marc Rowan, Apollo’s third co-founder and Black’s pick as successor, now leads the firm.

    • When the details of meetings between Epstein and Bill Gates burst into public view in late 2019, the billionaire’s wife, Melinda French Gates, hired divorce lawyers. The couple’s split, announced this month, could upend their numerous investments and philanthropic ventures

    • Les Wexner announced last February that he would step down as C.E.O. of the Victoria’s Secret parent company L Brands, under pressure from multiple internal investigations about his close ties to Epstein. Earlier this year, he and his wife, Abigail Wexner, said they would not stand for re-election to the L Brands board this month. (The company is now in the process of spinning off Victoria’s Secret.) Mr. Wexner was Epstein’s biggest early client and, a Times investigation found, the original source of the financier’s wealth.

    • Prince Andrew of Britain gave up his public duties last November, days after a disastrous interview with the BBC centered on his relationship with Epstein. At least 47 charities and nonprofits of which he was a patron have since cut ties to the prince.

    • Joi Ito resigned as the director of the M.I.T. Media Lab, a prominent research group, in 2019 and as member of several corporate boards (including The New York Times Co.), after acknowledging that he had received $1.7 million in investments from Epstein.

    • Alexander Acosta resigned as Donald Trump’s labor secretary in 2019, amid criticism of his handling of a 2008 sex crimes case against Epstein when he was a federal prosecutor in Miami.

    Morgan Stanley sets up its C.E.O. succession competition. The Wall Street firm gave new roles to four top executives, marking them as candidates to take over from James Gorman: Ted Pick and Andy Saperstein were named co-presidents; Jonathan Pruzan was named C.O.O.; and Dan Simkowitz was named co-head of strategy with Pick.

    The U.S. endorses a global minimum tax of at least 15 percent. The proposal, which was lower than some had expected, is closely tied to the Biden administration’s plans to raise the corporate tax rate. Global coordination would discourage multinationals from shifting to tax havens overseas.

    Treasury officials said they could capture at least $700 billion in additional revenue. That would involve hiring 5,000 new I.R.S. agents, imposing new rules on reporting crypto transactions and other measures.

    U.S. customs officials block a Uniqlo shipment over Chinese forced labor concerns. Agents at the Port of Los Angeles acted under an order prohibiting imports of cotton items produced in the Xinjiang region.

    U.S. steel prices are soaring. After years of job losses and mill closures, American steel producers have enjoyed a reversal of fortune: Nucor, for instance, is the year’s top-performing stock in the S&P 500. Credit goes to industry consolidation, a recovering economy and Trump-era tariffs. Unsurprisingly, steel consumers aren’t thrilled about it.

    Oprah Winfrey to Blackstone, made its stock market debut yesterday, ending its first trading session with a valuation of about $13 billion. DealBook spoke with Oatly’s C.E.O., Toni Petersson, about the I.P.O. and what’s next for the company.

    resignation letter offering both praise of SoftBank’s chief, Masa Son — and unusually pointed criticism of the company’s corporate governance.


    It’s been a while since we checked in on an alternative indicator of pandemic economic activity: the share price ratio of Clorox to Dave & Buster’s.

    Wait, what? Nick Mazing, the director of research at the data provider Sentieo, came up with that metric to gauge the openness of the economy. The higher Clorox’s share price rises relative to Dave & Buster’s, the more people appear to be staying home and disinfecting everything than going out to crowded bars. By this measure, conditions have nearly returned to prepandemic levels — indeed, Dave & Buster’s recently lifted its sales forecast, as nearly all of its beer-and-arcade bars have reopened.

    packed concert schedule, selling tickets to people who may have already binge-watched all of “Below Deck.” The second, however, suggests that people aren’t as eager to get back to huffing and puffing at the gym as they are content to exercise at home. As restrictions lift and people feel safer in crowds, drinking and dancing appear to be higher priorities.

    new book, “Noise: A Flaw in Human Judgment,” the Princeton psychology professor and Nobel laureate Daniel Kahneman, along with co-authors Olivier Sibony and Cass Sunstein, argue that these inconsistencies have enormous and avoidable consequences. Kahneman spoke to DealBook about how to hone judgment and reduce noise.

    DealBook: What is “noise” in this context?

    Kahneman: It’s unwanted and unpredictable variability in judgments about the same situations. Some decisions and solutions are better than others and there are situations where everyone should be aiming at the same target.

    Can you give some examples?

    A basic example is the criminal justice system, which is essentially a machine for producing sentences for people convicted of crimes. The punishments should not be too different for the same crime yet sentencing turns out to depend on the judge and their mood and characteristics. Similarly, doctors looking at the same X-ray should not be reaching completely different conclusions.

    How do individuals or institutions detect this noise?

    You detect noise in a set of measurements and can run an experiment. Present underwriters with the same policy to evaluate and see what they say. You don’t want a price so high that you don’t get the business or one so low that it represents a risk. Noise costs institutions. One underwriter’s decision about one policy will not tell you about variability. But many underwriters’ decisions about the same cases will reveal noise.

    WSJ)

  • An arm of Goldman Sachs has raised $3 billion from clients to invest in later-stage start-ups. (WSJ)

  • SPACs have raised $100 billion this year through May 19, a record, but new fund listings dropped sharply last month. (Insider)

  • Politics and policy

    Tech

    Best of the rest

    We’d like your feedback! Please email thoughts and suggestions to dealbook@nytimes.com.

    View Source

    >>> Don’t Miss Today’s BEST Amazon Deals! <<<<

    Tarun J. Tejpal, Journalist in India, is Acquitted of Rape

    A court in India on Friday acquitted a prominent journalist of charges that he raped a junior colleague, bringing an end to a politically charged case that had been closely watched as a test of a new sexual assault law.

    The journalist, Tarun J. Tejpal, was accused of sexually assaulting a staff reporter for Tehelka, a well-known investigative magazine that he edited, in 2013.

    Mr. Tejpal, 58, who pleaded not guilty to the charges, initially apologized to the reporter but later said the encounter had been consensual. “The truth will come out,” he told an Indian news channel in 2019.

    In a statement on Friday, Mr. Tejpal thanked the judge in the court in the coastal state of Goa and repeated his assertion that he had been targeted for prosecution as part of a political vendetta against him.

    has been slow to take hold in India, where public discussions of sex are frowned upon and traditional ideas of gender roles predominate in homes and workplaces.

    Still, some women have gone public about sexual harassment and assault, and some have won victories in court. In February, a journalist successfully fought off a defamation suit brought by a former public official whom she had accused of sexually harassing her.

    Mr. Tejpal was one of India’s best-known editors when he was arrested and charged. Tehelka, the liberal-minded magazine he led, is known for crusading public-interest journalism and has broken major stories over the years. Two decades ago, Tehelka reporters posed as arms dealers and caught Indian Army officers and members of the Hindu nationalist Bharatiya Janata Party — then, as now, India’s governing party — accepting bribes.

    said in a statement after the accusation became public.

    Mr. Tejpal initially expressed remorse about the incident, saying it had resulted from “an awful misreading of the situation.” But after the charges were filed, he said he was the victim of a right-wing “political vendetta,” and that security camera footage taken outside the elevator supported his version of events.

    Mr. Tejpal, who resigned as editor of Tehelka, spent six months in jail before India’s top court released him on bail in 2014.

    Since then, as the case made its way through India’s justice system at a typically glacial pace, Mr. Tejpal has largely disappeared from public life. A recent streaming series on Amazon based on a novel wrote did not include his name in the credits.

    View Source

    CNN’s Chris Cuomo Advised Gov. Cuomo, Raising Ethics Questions

    The CNN prime-time host Chris Cuomo offered public-relations advice to his brother, Gov. Andrew M. Cuomo of New York, after a series of sexual harassment allegations threatened the governor’s political career earlier this year, an unusual breach of traditional barriers between lawmakers and journalists.

    CNN said on Thursday that the conversations were “inappropriate” and that Chris Cuomo would refrain from any more similar discussions with the governor’s staff. But the network said it would take no disciplinary action against the anchor, whose program was CNN’s highest-rated show in the first quarter of the year.

    The episode has — once again — raised questions about Chris Cuomo’s ability to host a flagship cable news program while his brother is a key figure in several major political stories. Besides the harassment allegations from several women who worked on his staff, Governor Cuomo has faced criticism for obscuring the number of coronavirus deaths in New York State nursing homes. Last year, before the scandals became news, Governor Cuomo commanded a national audience with his daily briefings on the pandemic.

    Governor Cuomo’s office said on Thursday that Chris Cuomo had joined several strategy calls with the governor and some of his top advisers, confirming an earlier report by The Washington Post. Earlier this year, CNN barred Chris Cuomo from participating in its news coverage of the harassment allegations lodged against his brother, who has denied any wrongdoing.

    he helped write speeches for Joseph R. Biden Jr., who was then a candidate for president.

    Several of Fox News’s opinion hosts actively advised President Trump during his administration; Sean Hannity even appeared with Mr. Trump at a boisterous campaign rally. But CNN’s leadership often criticized Fox News for those blurred lines, with Jeff Zucker, the CNN president, describing the Rupert Murdoch-owned Fox as “state-run TV.”

    After Chris Cuomo joined CNN in 2013, he mostly refrained from interviewing his brother on television. (One early exception led to some backlash.) That changed last year, after Governor Cuomo’s coronavirus updates became a national phenomenon. The brothers engaged in extended prime-time interviews about the emotional burdens of the pandemic. Viewers were riveted, especially after Chris Cuomo tested positive for the coronavirus and began speaking with his brother from isolation in a basement.

    CNN leaned into the moment. “You get trust from authenticity and relatability and vulnerability,” Mr. Zucker told The New York Times last year. “That’s what the brothers Cuomo are giving us right now.”

    who received special access to government-run coronavirus testing facilities, including a police escort for samples so that they could be quickly processed.

    At the time, a CNN spokesman defended the host, arguing that Mr. Cuomo was sick with the virus and “turned to anyone he could for advice and assistance, as any human being would.”

    Luis Ferré-Sadurní contributed reporting.

    View Source