My question is quite simple. WHICH IDIOTS ARE THROWING PERFECTLY GOOD MONEY AT THIS PRIVELEGED D-BAG?
Short of getting into Harvard business school, and landing a job at Blackstone, what really has Matt Salzberg, CEO of Blue Apron, $APRN, done in his professional career, other than lose other people’s money?
Are Harvard Business School, (HBS) and Blackstone really accomplishments when Daddy is CEO of Delloite? It reminds me of that B.S. book by Sheryl “Another-berg” Sandberg, ‘Lean In’, which I guess works much better when you come from a rich Jewish family and get into HBS. (This of course, goes over both of their heads, as well as over the head of Matt’s Papa Sandberg, AKA. Barry, CEO of Deloitte.)
His father, Barry (Papa) Salzberg joined Deloitte in 1977, became a partner of Deloitte U.S. in 1985, and the Chief Executive Officer of Deloitte LLP (United States) in 2007 to 2011. Papa Salzburg, had the following complaints and ledged against the firm before, during, or after his time in leadership:
“ActionAid – In November 2013, the international development charity ActionAid accused Deloitte of advising large businesses on how they could use Mauritius to avoid potentially hundreds of millions of dollars of tax in some of the poorest countries in Africa.”
“Haringey Council Refresh Project – A local government IT project in the UK, in which costs rose from £9 million to £24.6 million. “
“Los Angeles Unified School District (LAUSD) – The firm implemented the SAP HR system for LAUSD for $95 million and because of faults in the system, some teachers were underpaid, overpaid, or not paid at all. As of 31 December 2007, LAUSD had incurred a total of $140 million in payments to Deloitte to get the system working properly.”
“State of California Courts System – The firm worked on a statewide case management system which originally had a budget of around $260 million. Almost $500 million had been spent and costs were at one time projected to potentially run as high as $2 billion. No single court became fully operational. California's Judicial Council terminated the project in 2012 citing actual deployment costs associated with the project and California's budget concerns.”
“Standard Chartered Iranian Money Laundering – In August 2012, Deloitte was forced to publicly deny that as the official internal auditors for Standard Chartered, it helped the bank cover up suspected money laundering operations which were earning the bank significant profits by "intentionally omitting critical information".”
“In proceedings arising from the insolvency of the former entertainment company Livent, in April 2014 its special receiver obtained judgment against Deloitte for $84,750,000 in the Ontario Superior Court of Justice, in relation to Deloitte's failure to exercise its duty of care with respect to the audit of Livent's financial statements during 1993–1998. The ruling was upheld by the Ontario Court of Appeal in January 2016.”
Maybe an ever-optimistic $APRN bag-holder will still say, “oh no! /u/awwtist! Matty boy worked at blue chip investment firms like Blackstone Group! He must know a thing or two about something!”
To which I say, his time at Blackstone ended in 2008… He was researching and executing for the $20 billion LEVERAGED BUYOUT FUND. I mean topkek, right? RIP all the money. I’m sure many Benjamin’s were lost!
Finally he admits it himself in last year’s interview with Fortune: “Someone once described it to me as an entrepreneur jumps out of a plane and builds their parachute on the way down,” he says. “And it’s really the case you’re doing that.”
This guy is a living breathing inverse Space Shuttle.
Submitted July 18, 2017 at 03:05AM by Awwtist