News From the Control Tower - 1/12/2023

News from the Control Tower: Our weekly curated list of news stories affecting you and your finances.

Sometimes it feels like we’re living in a culture of impunity. Bad actor after bad actor seems to get away with bad behaviors, but that’s not always the case. This week we see several articles where the chicken has come home to roost. Maybe the tides are turning?

We wrap up with an article on literal roosting, highlighting a new trend of real estate developers converting empty office buildings into apartments.

1.       French Food Giant Danone Sued Over Plastic Use Under Landmark Law

Environmental groups are relying on a law in France requiring large companies to address their environmental footprint.

2.       ‘The money is gone’: Bahamas tries to turn page after FTX

The cryptocurrency exchange FTX was supposed to be the crown jewel of the Bahamian government’s push to be the global destination for all things crypto, after years of having an economy overly reliant on tourism and banking.

3.       Arizona ‘Advisor’ Charged With 27 Counts of Mail, Wire Fraud

As alleged in the indictment, he falsely told clients and prospects he could guarantee annual returns of 10% on their principal investments, regardless of how volatile the stock market might be, and that he could make an annualized 19.2% return on retirement investments in which clients would also keep their principal.

A note from Propel: We hate to see “financial advisors” steal money from hardworking people. Any time an “advisor” promises guaranteed returns, red flags should be going off. Run away.

4.       What Can We Learn from Barnes & Noble's Surprising Turnaround?

Digital platforms are struggling, meanwhile a 136-year-old book retailer is growing again. But why?

5.       Top Office Owners Don’t Want to Own Only Office Buildings Anymore

Apartment-building acquisitions spur quick returns, require ‘minimal capital expenditure’.