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Uber is Enron Deja Vu: Culture Trumps Strategy


For over a  year now I have blogged here about the red flags flying about Travis Kalanick and Uber. Many investigative articles have been published over this time, in the New York Times and other publications, which have raised disturbing questions about Uber, Kalanick and some members of his team. The Board of Directors has finally taken action but it feels like its a day late and a dollar short.  Why did it take so long?  I have bluntly used the epithet that “Uber is Trump,” but now on reflection, it is more apt to describe Uber as Enron the sequel, and “deja vu all over again.” Remember the audio of two Enron electricity traders laughing about “screwing grandma?” That is Uber. 

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Vancouver Technology Industry On Verge Of New Era


The Vancouver technology industry may well be on the verge of an extraordinary period of growth. Global, national, and regional factors appear to be aligning in ways that could create an extraordinary economic opportunity for the Lower Mainland which could not have been anticipated. Vancouver has been an endless topic of discussion about its comparability (or not) to Silicon Valley, the historical Canadian investment conservatism, and the lack of other resources necessary to create the “secret sauce” that makes a region achieve critical mass. That may be changing if only the convergence of factors is grasped and exploited.

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Tough Love From Silicon Valley For Tough Times


Heidi Roizen is a very well-known Silicon Valley venture capitalist and entrepreneur. I first met Heidi years ago at a European COMDEX event in Nice when she was still in her entrepreneurial phase. Since that time she has gone on to fund numerous startups, and is now a Partner at Draper Fischer Jurvetson.  In this […]

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Canada’s Open Door to Tax Fraud, Money Laundering


How many shell companies exist in Canada? How many legal trusts? Who are the beneficial owners protected by such unnecessary veils of secrecy? No one knows because in most cases there is no legal requirement to disclose actual ownership even to regulators. In fact, more information is required to get a library card than to set up a company in most jurisdictions in Canada. What we do know is that Canada ranks near the bottom among our OECD partners in terms of corporate disclosure requirements to fight money laundering and tax evasion. A recent report from Transparency International detailed the dismal situation and why our country has become a haven for dubious offshore property speculation.

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Uber Is Still Trump


UPDATE: This February 3, 2016 post on Uber deserves an update. This week Uber announced that it lost $800 Million in its 3rd quarter. That’s correct, $800 Million in only three months. The Uber announcement tries to spin the loss as good news for Uber as ” increased by only 25% over the third quarter last year. An $800 Million quarterly loss is right up there in the same league with Trump lost money. I guess we need to remember Trump’s admonition that debt is good, and it’s ok to lose other people’s money. Uber’s announcement goes on to project continuing losses projected to be greater than $3 Billion next year, as Uber continues its plans for an apparent IPO for brain dead investors.

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Risk of Global Financial Contagion Is Growing


Wall Street is currently basking in a vigorous “Trump rally,” with the Dow rising more than 1000 points since the election. The rally is driven by analysts who are salivating over the future prospect of sweeping deregulation of many markets. But there is also chorus of concern from dozens of financial experts, that the global financial markets are “whistling in the graveyard,” acting in a classicly irrational manner. Experts cite a host of issues both financial and geopolitical, among them Trump’s intention to exit TPP, NAFTA, and the COP21 Climate Agreement. Combined with rising geopolitical tensions with China, North Korea, and Iran, a perfect storm of global uncertainty and instability is forming.

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Boris Johnson is a clown who has united the EU against Britain


Britain can be proud of itself. Once again, it had already shown the world the way. In propelling Boris Johnson and Nigel Farage to triumph on 23 June, it demonstrated well before 8 November that Donald Trump was nothing new. In fact foolishness, vulgarity, inconsistency, and irresponsibility seem actually to be British inventions that have been painstakingly copied – once more – by the Americans. The age of such drab characters as Margaret Thatcher and David Cameron is over. No more, it appears, must we suffer leaders equipped with a brain and a sense of the common interest. The hour of the political clown has come.

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CMHC to issue first ‘red’ warning for Canada’s housing market: Okanagan on the list – The Globe and Mail


The agency warning about a strong risk of Canadian housing market problems on the horizon has been expected. “CMHC has recently observed spillover effects from Vancouver and Toronto into nearby markets,” said CMHC chief executive officer Evan Siddall said in an opinion column in The Globe and Mail. These nearby housing market effects have radiated from Vancouver to the Fraser Valley and particularly the Okanagan. The effect of Vancouver sellers purchasing properties in desirable areas beyond Vancouver proper, and Asian buyers purchasing properties in the Okanagan have been noted, following the same pattern as in Vancouver.

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Bayer’s Proposed $56 Billion Monsanto Acquisition No Done Deal


The global agribusiness industry has recently seen a feeding frenzy of merger and acquisition activity. The announcement this week of Bayer’s proposed purchase of Monsanto after months of difficult negotiation is only one among other such industry consolidation deals. Dow Chemical and DuPont agreed last year to merge their crop science businesses, a deal currently under Justice Department review. Canadian fertilizer companies Potash Corp. and Agrium also agreed to merge this week. Finally, Swiss pesticide giant Syngenta AG agreed to a $43 billion takeover by China National Chemical Corp., a state-owned conglomerate that already sells generic agricultural chemicals. The bigger picture suggests severely reduced competition, higher prices for farmers and consumers, and increased global corporate control of crop seeds, particularly GMO’s. So what is going on here?

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Something Is Rotten In Canada: Chinese Real-Estate Fraud On A Global Scale


In the last three days, both The Globe & Mail and CBC News have published disturbing stories about the scale of the Chinese infiltration of the Vancouver housing market that go well beyond anything understood or encompassed by BC government or federal government action on the problem. The CBC reported that at least $13.5 Million in cash has been confiscated from Chinese recently entering Canada at Vancouver International Airport. The following story, reblogged from The Globe & Mail, tells a tale of fraud, manipulation, and tax evasion on a massive scale. It also tells an embarrassing tale of gross incompetence by Canadian authorities. All of this is consistent with other investigative journalists reports from the United States on other similar fraudulent Chinese real-estate activities. Some of these reports go back years. The original Mossack Fonseca “Panama Papers” revelations that indicated that many of the Chinese elite with family links to Li Xinping, and The People’s Liberation Army had Mossack Fonseca accounts should have been a red flag for Canada, but was not. We are living in an entirely new global economy manipulated by dark forces. What will we do now that Vancouver has been ruined for decades to come?

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