Labor: Eugene Scalia nominated to replace Acosta
President Trump announced plans last week to nominate the son of late Supreme Court Justice Antonin Scalia as his next Labor secretary, said Jeff Stein and Rachel Siegel in The Washington Post. Eugene Scalia, a corporate attorney, would replace Alexander Acosta, who resigned earlier this month. Scalia has frequently represented employers against workers and the government; in one case, he defended SeaWorld against regulators after a trainer was killed by an orca. Scalia was nominated as the Labor Department’s top lawyer in 2001, but he was criticized for “extreme views on key worker protections” and was not confirmed.
Billionaires: Early windfall for WeWork founder
WeWork’s co-founder has cashed out more than $700 million ahead of the company’s initial public offering, said Eliot Brown in The Wall Street Journal. Adam Neumann, the chief executive of the shared–office space giant, and its largest shareholder, has unloaded the money “through a mix of stock sales and debt,” borrowing millions against his holdings. It’s an “unusually large sum given that startup founders typically wait for the IPO to monetize their holdings,” and it “raises questions” about his confidence in the company.
Equifax: Up to $20,000 for identity theft
Equifax agreed this week to a $650 million data-breach settlement after hackers “exposed the personal information of around 147 million Americans,” said David Yaffe-Bellany in The New York Times. The thefts in 2017 included customers’ Social Security numbers and driver’s licenses. To get compensation, “consumers must submit claims, with documentation, that prove they lost money as a result of fraud or spent money on credit-monitoring services.” Some victims may be able to claim as much as $20,000, but an administrator has to determine if the loss involved Equifax’s compromised information.
Media: Netflix disappoints on subscriber growth
Netflix missed second-quarter subscriber expectations by a wide mark, said Lauren Feiner in CNBC.com. The streaming service announced last week that it added 2.83 million new subscribers overseas in the past three months, well short of the 4.81 million expected. The company said the drop-off was “most pronounced in regions that saw price increases,” such as the U.S., where Netflix actually lost 126,000 subscribers. There are more challenges ahead: Netflix will lose two of its most-watched shows, The Office and Friends, when NBCUniversal and AT&T’s WarnerMedia launch their own streaming channels.