Morning Brew Daily Macy’s Panics Over $154M Expense Cover Up & Space Rocket Wars Heat Up
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Nov 26, 2024 Macy's faces a financial scandal after an employee concealed $154M in delivery expenses before an earnings call. Meanwhile, California's Governor Newsom proposes a tax credit for electric vehicles in light of potential federal tax changes. The job market shifts towards AI skills, leaving traditional coding less relevant, while competitive dynamics in the aerospace industry heat up. Lastly, a look at urban evolution reveals the impact of wealth distribution on communities, showcasing New York City's changing landscape.
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Macy's Accounting Error
- A Macy's employee hid $154 million in delivery expenses over several years by making false accounting entries.
- The employee did not pocket the money and is no longer with the company, raising questions about Macy's auditing practices.
Accounting Shortage
- The Macy's incident highlights a significant accounting shortage in the US.
- The number of accounting graduates has dropped, potentially leading to more financial errors in companies.
California's EV Plan
- California Governor Gavin Newsom plans to reinstate state EV rebates if Trump repeals the federal tax credit.
- The move aims to support California's EV market and counter Trump's policies.