By Wing Assistant
Apr, 2024


2 Min Read

🤭  FTX founder Sam Bankman Fried Gets 25 years in Prison

💼   California Raise Minimum Wage For Fast Food Workers

🔬  Excessive Surveillance Detrimental to Remote Work

Good morning and welcome to a whole new edition of Borderless. This month, we look into California’s new minimum wage bill, Sam Bankman Fried’s goes to prison, and explore the possibility of the US federal government stopping companies from surveilling us. 

🤭  FTX founder Sam Bankman Fried Gets 25 years in Prison

It’s easy to confuse mentions of SBF to a new viral sandwich if you haven’t been in the loop about the FTX founder’s multi-billion dollar fraud case.

On Thursday (28th March), a federal judge sentenced Sam Bankman-Fried, the founder and former CEO of FTX, to 25 years in prison. The judge also suggested where Bankman-Fried should serve his sentence. The 32-year-old was convicted in November on two counts of wire fraud and five counts of conspiracy after his crypto empire collapsed in November 2022, drawing comparisons to the Enron scandal.

Bankman-Fried combined the assets of FTX cryptocurrency exchange with its sister hedge fund, Alameda Research. However, both entities crumbled when investors attempted to withdraw their funds, resulting in the loss of billions of dollars in customer assets.

💼  California Raises Minimum Wage to $20

It’s a good week to be a Californian if you’re working at a fast-food chain with over 60 locations. Effective April 1, fast food workers will enjoy a higher minimum wage of $20 an hour, assuming they work in a large fast food restaurant. Last week, the California General Assembly passed Assembly Bill 610 into action, which mends a recently enacted law to increase minimum wages. 

The bill, authored by Assembly member Chris Holden, aims to clarify the coverage of fast food restaurants and workers under the law initially established by Assembly Bill 1228. Governor Gavin Newsom signed AB 1228 into law last September.

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🔬  Excessive Surveillance Detrimental to Remote Work

In a move that would surely set the 1984 Author George Orwell spinning in his grave, the US federal government has initiated measures to stop companies from tracking our screens, clicks and keyboard strokes and protect our privacy from our corporate big brother.

As remote work becomes more popular, white collar employers are enacting surveillance measures that track keyboard strokes and mouse clicks to ensure no one is watching Youtube while on the company dime.

Companies like JP Morgan, are now known for tracking their employees as they compose emails, and phone calls among other activities. Not to be outdone by rival bank, Barclays had also enacted prodding messages that nudged employees, if it felt they were inactive for too long. At UnitedHealth Group, low keyboard activity can impact compensation and reduce bonuses.

Yet to no one’s surprise, there’s very little evidence to suggest that surveillance improves productivity.

Stay tuned for more tech updates and productivity hacks in next week’s newsletter!

 Keep soaring!