Page 10 - Business Facts

The CEO of Blockbuster once mailed the CEO of Netflix a kitchen sink! Find out why

The rivalry between Netflix and Blockbuster became apparent the moment the CEO of Netflix, Reed Hastings, tried to sell his small business to Blockbuster. Blockbuster laughed in his face and told him that his home delivery DVD service isn't worth anything to them. Flash forward ten years later, Netflix is worth billions of dollars and Blockbuster has filed for bankruptcy.

Obviously, there's a middle part of this story that most people don't know. When Blockbuster was still valued at more than Netflix, the CEO of Netflix tried to combine his services with some of Blockbuster's already existing ones—but because of trust issues, a deal was never made.

Eventually, Blockbuster began to make desperate attempts to fix their mistake of not purchasing Netflix. According to Reed Hastings, Blockbuster was "throwing everything at them except the kitchen sink".

The following day, Reed Hastings received a kitchen sink from the CEO of Blockbuster, John Antioco.


The Big Mac Index is a real economic indicator. Here's how it works

The exchange rates between world currencies can be a little misleading. While they are supposed to show the buying power of one currency versus another, there are many powerful market forces that serve to distort their actual value. So, if you are trying to compare cost levels in different countries, the exchange rate is not going to give you an accurate view. You need the Big Mac Index.

Created by 'The Economist' in 1986, the Big Mac Index attempts to measure what is known as Purchasing Power Parity (PPP), a measure of the relative buying power of currencies. The premise is that a US dollar should buy roughly the same in each country, but to measure this one needs something that is sold in most countries and is the same throughout them all. Enter the ubiquitous Big Mac.

By comparing the price of a Big Mac in various countries, it is possible to get a rough idea of the purchasing power of those countries relative to your own. Economists further use this index to measure whether a currency is overvalued, or undervalued when compared to their actual exchange rate.

The Big Mac Index started off as a fun way of explaining exchange rates, but now, some 28 years later, it is spoken about in both local bars and global economic forums.


The final CEO of Washington Mutual made $19 million in three weeks, while the company was failing

Washington Mutual was a savings bank holding company, and was the largest savings and loan association in the United States until its collapse in 2008.Washington Mutual Bank's closure and receivership is considered the largest bank failure in American financial history.

However, their final CEO, Alan H. Fishman, can't complain about what happened to Washington Mutual in the end.Before the company was seized by federal regulators in 2008, Fishman made $19 million at the position. His tenure was less than three weeks. SEC records state that the CEO before Fishman made $14 million for one year on the job.


Some awesome lists!

This man outsourced his entire job to China. I wish I could pull this off

The truly lazy are often the most creative. Like this developer, who was caught outsourcing his entire job to China so that he could spend his time at work… not working.

The ruse—highlighted in a Verizon case study—was carried out by an employee called "Bob" who worked at an anonymous "critical infrastructure company." The trick was only spotted when someone noticed suspicious activity on the company's VPN log.

While Bob apparently received glowing performance reviews, all of his development work was being carried out from China. In fact, he pulled off the same scam across multiple companies concurrently, earning "several hundred thousand dollars a year."

Further investigation revealed a typical day's work for Bob included reading Reddit for two hours, shopping on eBay for an hour, browsing Facebook for two hours, and checking LinkedIn for a further two hours.


Check out what these guys did inside an abandoned Walmart!

There are thousands of abandoned big box stores sitting empty all over America, including hundreds of former Walmart stores.

With each store taking up enough space for 2.5 football fields, Walmart's use of more than 698 million square feet of land in the US is one of its biggest environmental impacts.

But at least one of those buildings has been transformed into something arguably much more useful—the nation's largest library.

Meyer, Scherer & Rockcastle transformed an abandoned Walmart in McAllen, Texas, into a 124,500 square foot public library, the largest single-floor public library in the United States.

The library is amazing; it has every type of book that you can think off and it even has a computer lab. It might be worth checking it out if you are ever around McAllen, Texas.



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