I miss summertime. Throwing the ball with my son, grilling by the pool, 10 pm Northwest Ohio sunsets, Congress out of session, and relaxed, lengthy intros to the weekly Dez Reads.
Now that we are past Labor Day, I have a half dozen clients calling me at the same time, and I don’t have much time for grilling brats or synthesizing the thoughts of our dear Dez staff into one compelling and interesting introductory note.
Everything below is interesting, and every author is lovely and talented.
Thanks, as always, for reading along with us.
Here we go.
Business.
CNBC. NFL owners vote in favor of private equity investment; select firms commit $12 billion
Private equity firms have now secured investment entry into the last big professional sports league as the NFL has voted to allow firms to take up to a 10 percent stake in teams. The NFL approved four initial firms that will be able to inject a serious amount of capital into a max of six teams each. CNBC reports that the firms intend to commit $12 billion of capital over time, which works out to about $500 million for each team that receives an investment. With salary restrictions, this additional investment will likely go toward stadium improvements.
However, investing in the most popular and profitable professional U.S. league doesn’t come without some uncomfortable strings for PE. This deal provides them with no governance rights, no preferred equity investments, and a requirement to hold stakes for a minimum of six years – that is a long time for firms that are traditionally looking for a quick turnaround.
– Mike Bova
Technology.
The New York Times. Can Tech Executives Be Held Responsible for What Happens on Their Platforms?
The indictment of messaging app Telegram’s CEO Pavel Durov is the latest highlight in the ongoing debate about social media: whether platforms are responsible for inappropriate user-generated content on their platforms. While there are normal people like us that use social media to connect with friends and family, unfortunately they share the stage with illicit actors, capitalizing on the reach of mainstream platforms.
Durov’s arrest for his complicity in abusive imagery on Telegram may be an outlier, but these incidences may very well trigger more regulation of the social media industry – even if the users are the ones sharing troublesome content. Despite social media companies taking steps to control inappropriate material on their platforms, the ones that fall through the crack can have massive reputational consequences.
– Will Kim
Independent. Viral TikTok Trend Leads to Financial Ruin: The Perils of Online Stunts
A recent viral TikTok trend, which misleadingly promised free money from Chase Bank ATMs, has resulted in severe financial and legal consequences for participants. The trend exploited a glitch in JPMorgan Chase’s ATMs, allowing users to withdraw funds from checks without actual deposits, but the issue was quickly resolved by the bank. Despite the fix, many participants, mostly young people, celebrated their gains by withdrawing substantial amounts, with some individuals reportedly pulling out as much as $40,000. Chase subsequently reclaimed these funds, leaving many with massive overdrafts and facing potential legal trouble.
This incident highlights the dangers of online trends, particularly for impressionable viewers who may not fully grasp the risks involved. It reveals a significant gap in financial education, as many participants seemed to lack an understanding that they were committing fraud. The aftermath raises urgent questions about how to improve financial literacy and prepare individuals for the legal consequences of engaging in fraudulent activities. Additionally, it prompts a moral debate over the level of punishment appropriate for such instances of misguided and ignorant, but not malicious, behavior.
– Maggie Johnston
Culture.
Forbes. National Park Embraces ‘Most Disappointing’ Tourist Attraction Label
What do Joan Jett and Mammoth Cave National Park in Kentucky have in common? A bad reputation!
We talk a lot about reputation at Dezenhall, and this article is about turning lemons into lemonade. It seems that Mammoth Cave made it onto a list of “most disappointing U.S. tourist attractions,” and the clever comms team clearly embraced Joan Jett’s rallying cry (very demure):
“An’ I don’t give a damn ’bout my bad reputation
Oh no, not me”
In their August 23rd Facebook post, Mammoth Cave National Park invited tourists to come and experience the disappointment as a world of regrets awaits. And this is how you make lemonade out of lemons!
– Jen Hirshon
CNN. Assassination Conspiracy Wackiness
The FBI has concluded that Donald Trump‘s would-be assassin, Thomas Crooks, had planned his attack for months. The online nutocracy believes that Crooks was part of a large conspiracy involving the FBI, CIA, the Deep State, and perhaps Carrot Top.
Conspiracism is the one true American religion. It amazes me that so many people have so little experience with organizational dynamics that they believe the most ambitious people on earth would a) choose to get involved in a criminal conspiracy that would likely end in their deaths or incarceration; b) have the capacity to pull off such an orchestrated abomination; and c) keep it perfectly quiet.
Historically, American assassins are usually desperate losers with grandiose inner monologues who operate with the misguided notion that a single act will convert them from non-entities to historical figures. High-ranking public officials have all the options in the world. To be sure, conspiracies occur, but they tend to be small, and the rewards are immediate and obvious. The crisis management business is all about conspiracies, and my central conclusion after forty years is that more things can be explained by human and organizational frailty and fecklessness than dastardly coordination.
– Eric Dezenhall
The Telegraph. Spencer Matthews: I lost control of my drinking, but hitting rock bottom made me grow
Reality television is a funny thing. Most are loathe to admit they watch it because it is vapid and ridiculous, and it doesn’t require much thinking. I readily own that I am partial to a few of the Real Housewives franchises. But from 2011-2015, there was another reality television show and D-list celebrity that held my attention. Most Americans have never heard of Spencer Matthews or the English reality show “Made in Chelsea.” But on frequent visits to England to see my in-laws, I was hooked.
“Made in Chelsea” chronicled the lives of the upper-class younger set living in the affluent areas of West London. Matthews stood out as the celebrity one loves to hate: boorish, condescending, womanizing, and frequently drunk and irascible. Though he quit the show in 2015, he struggled to shed the impression he left as a self-centered, privileged ass. But he certainly gets points for trying. He married an Irish model and TV presenter, dove headfirst into becoming sober, started a non-alcoholic liquor company called Clean Co., became a doting father of three, and tried his hand at endurance events.
In August, he set out to do something no one has ever accomplished – run 30 marathons in 30 days in the heat of the Jordanian desert only on sand, all while raising funds for a children’s charity.
Few doubted he could do it—including his running coach. Though his rehabilitation has shown a much softer side of him, his stubbornness and confidence never abated. In the end, this served him well as he set the Guiness Book of World Records for completing the challenge. As much as I love a good train wreck of a reality TV series, I much prefer a good comeback story, and this is certainly a favorite.
– Maya Shackley