This will be interesting. If he did even the most basic work to cover his ass, like memorializing these agreements, getting some kind of board approval, nominally recusing himself from the decisions, etc, it’s going to be almost impossible to prosecute him.
Which is a bit of a shame, of course, but the business judgment rule is pretty much a cornerstone of our laws at this point.
Now if he falsified records or hid things on the other hand, it could get fascinating to watch.
It’s a shame that we allow people no enrich themselves by ransacking investor money while others in the organization suffer hardships and layoffs and life disruptions. The business culture that enables this is unhealthy and this type of behavior is shameful.
> Isn't this entirely the point of running a business?
Economically, the point of commerce is for us to create more value for each other than we could create on our own. Anything that extracts money without creating value is parasitic.
> I feel like you know what you're getting into working for this sort of company.
Nope. Surely most of the people who understood the problems didn't take jobs there. WeWork was actively hyped, and one of the functions of that hype was to make it seem like an attractive place to work.
The people he really hurt are rank-and-file employees - salespeople, janitors, receptionists, engineers - who are now getting laid off while he made billions.
Which is a bit of a shame, of course, but the business judgment rule is pretty much a cornerstone of our laws at this point.
Now if he falsified records or hid things on the other hand, it could get fascinating to watch.