SEC announced fraud charges against Equitable Financial Life Insurance Company for providing quarterly account statements to about 1.4 million investors included materially misleading misstatements and omissions over investor fees. The civil penalty was $50 million.
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architecture
Published 23rd April 2021
Written by Oscar Holland, CNN
When New York s Equitable Life Building opened in 1870, the businessman behind the project, Henry Baldwin Hyde, was berated for having delusions of grandeur. Costing more than $4 million (around $81 million in today s money), his insurance company s headquarters soared a then-astonishing seven stories above the streets of Manhattan.
One hundred forty years later, when the 163-floor Burj Khalifa topped out half a mile into Dubai s sky, it too was seen by some as extravagant. Both buildings serve as a reminder that it is not only economics and technology that have driven the history of skyscrapers, but symbolism and ego, too.