Key Points
- Robot startup Foundation has failed to pay employees since missing its Oct. 30 payroll, angering some workers after its CEO borrowed $4.6 million from the firm last year to buy a luxury home, according to people familiar with the matter.
- CEO and co-founder Sankaet Pathak is Foundation’s sole board member, raising governance concerns among prospective investors.
- Foundation’s widely reported $24 million in Pentagon contracts actually stems from its 2024 acquisition of Boardwalk Robotics, which held some existing government research contracts, the people said.
- Pathak’s previous company, Synapse, collapsed in 2024, leaving thousands of customers without access to deposits. Pathak reportedly took loans from Synapse as it neared bankruptcy.
Murikkkans, lolololololololololololol!
Foundation’s widely reported $24 million in Pentagon contracts actually stems from its 2024 acquisition of Boardwalk Robotics, which held some existing government research contracts, the people said.
This is such passive language, it makes it sound like the Pentagon had no choice but to continue the contract.
In federal contracting, there is something called a Novation Agreement when a company is bought or sold. The novation process has 3 parties, Original Company A, New Company B, and the Governmental Agency. During this process, its the responsibility of Company A to detail all of the contract terms to New Company B, its the responsibility of new company B to attest that they can fulfill the terms of the contract, it’s the responsibility of Governmental Agency to vet New Company B and assure that what they are attesting to is accurate.
Kleptocracy
Kakistocracy, too.
They are exactly like every shitty warlord dictator that pillages their home country and then runs away to some other country with all the money they stole.
When asked for a comment Eric Trump said…“My father…(blah blah blah yadda yadda yadda)”.
robot soldier
Is that even realistic?
edit: refering to the humanoid thingy in the thumbnail - depending on one’s definition of robot these have been around for a very long time.
Well, yes. Has been for a while.
Advocates
bootlickersfor trickledownpissdowneconomics say that tax cuts in theory for businesses are meant to lessen cost, which means more margin and thus raise wages of employees. But I always point out only handful of businesses raise wages of their employees and most businesses, especially large corporations, only use the increased margin for stock buybacks to enrich themselves and shareholders.stock buybacks need to be more regulated for it to work correctly
conservatives dont think that far.
Conservatives don’t see what the problem is.
In today’s news: Man who wants to make machines of war and oppression turns out to be a major dick.
And welcome to the US where this guy can still raise billions from investors:
Synapse was a behind-the-scenes player until its collapse left more than 100,000 Americans with a combined $265 million in deposits locked out of their FDIC-backed accounts.
While some customers received partial payments during Synapse’s bankruptcy proceedings, thousands remain without access to their money after more than two years. A bankruptcy trustee, the former FDIC chair Jelena McWilliams, said as much as $96 million in customer funds went missing.
The article says the accounts are FDIC insured.
FDIC insurance covers 250 thousand dollars in the account.
265 million divided by 100,000 is only $2650 per account on average.
Why don’t those people have their money back after over 2 years? Whats the fucking point of agreeing to FDIC insurance if the government can’t even cover 3 grand on average per account?
So, let me be clear…
My employer will refuse even a salary advance (as in, getting it 2-3 days, maybe a week early), but the bossman can walk away with a “loan” of the company’s entire liquidity?
A lot of bossmen probably can’t, but if you are in cahoots with a member of the US royal family then you definitely can.
Looks like embezzlement to me. But “can” he get his hands on it? Yes.
I know here in Australia, it is legal for business owners to use their floating cash to loan to themselves, such as for an offset against their mortgage. If it is paid back in full before the end of financial year, then it’s fine. If not, it needs to be at marker interest rate and incurs taxes and porift distribution.
In this case, the loan is not the problem, but the not paying employees. Trading while insolvent is illegal and if they caused it by their loan, then they would and should face consequences. Usually fines. Since the new financial year in July, their superannuation (pension) must be paid within 7 days of payroll, so they’d be fined for that too.
Interesting! I guess I can see it if you own the business. But I read CEO as a different position than Owner.
As long as he pays off the republicans in charge…yes
Sounds like blatant fraud and corruption.
How does a guy who “took loans” from his own company immediately before that company declares bankruptcy (defrauding its customers) somehow start another company that same year and acquire an existing company with active DoD contracts which presumably require security clearances?
And on top of that, to then two years later take another “loan” from again his own company, rendering it unable to pay its employees?
This country really needs to prosecute white-collar crime better. Holy hell.
And these are the people who will own the killbots?
How does a guy who “took loans” from his own company immediately before that company declares bankruptcy (defrauding its customers) somehow start another company that same year and acquire an existing company with active DoD contracts which presumably require security clearances?
He was sure to pay off the republicans in charge.
You know what, it all makes sense now.
that was not a loan.
That’s fine. Seize and sell the home to pay the employees.
I’m guessing/hoping that you meant ‘to pay the employees’ not ‘to pay the employers’ lol! It’s funny how such a tiny typo or autocorrect mishap made it mean kind of the opposite, since overpaying the employer is what got them into this mess.
You handled that nicely. 🙂
Ah fuck, I did. Fixed, thanks.
who would do that?
This is fascism. The elite will bleed the rest of us dry.
Wow. It’s not the profound level of corruption that’s so shocking, it’s the profound level of incompetence. How did such stupid people get so far in life in the first place?
They started on the other side of the finish line.
These days, this is known as “hereditary meritocracy”
☝️☝️☝️☝️☝️
do you think intelligence correlates with positive outcomes in our society?
Also I find it hazardous to just throw in the name Synapse given there’s about two dozen companies of all sizes with that name…
It’s specifically Synapse Financial Services.
But it’s lovely to know that Pathak keeps stealing names from everywhere. Not an original idea in his body.
is that the same company that took my yotta money? this guy needs a French haircut
