WayUp Is a Booming Job-Hunting Site for Millennials

When Liz Wessel was a sophomore at the University of Pennsylvania, she received an unexpected email that would help shape her career, even if she didn’t know it at the time. The message didn’t come from a professor or advisor, though. It came from beverage giant Anheuser-Busch.

The company wanted Wessel to be a campus ambassador, a role that involved promoting its mechanical engineering openings to fellow students. “I thought it was crazy that Anheuser-Busch needed a sophomore to help them with hiring mechanical engineering students for their full time jobs,” she says. “That’s when I realized this system has to be broken if this is happening.”

Wessel is the CEO and cofounder of WayUp, an online platform connecting college students and recent graduates with potential employers. Wessel, along with cofounder and chief technology officer J.J. Fliegelman, launched the company in 2014. Today, WayUp has more than 3.5 million user profiles.

You’d be forgiven for mistaking WayUp’s New York City headquarters for a college residence hall. A quiet lounge area is furnished with a fuzzy rug, round chairs, and a beanbag for extra seating, while the conference rooms are adorned in collegiate swag from the likes of Princeton and the University of Texas. (The largest such room is named after Wessel and Fliegelman’s alma mater, the University of Pennsylvania).

There’s an important reason Wessel and Fliegelman decided to focus on college students. “When we looked back and reflected on why we were able to get jobs [out of college], a big part of that was the experience we had during college,” says Fliegelman.

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There’s no shortage of online services for job seekers: Indeed.com, LinkedIn, and Glassdoor help applicants search for openings, network with professional connections, and get a glimpse inside prospective workplaces. But none of these sites are tailor-made for recent graduates who may need help finding the right fit for their first gig, says the 26-year-old Wessel, a former Google employee. “We want to democratize hiring and don’t want to make it about who you know,” she says.

WayUp isn’t a social network, but the sign-up experience is similar. To join, a student or recent graduate starts by filling out a profile with personal information, work experience, hobbies, and fun facts about themselves. Wessel says WayUp’s profiles are designed to frame a wide variety of experience as relevant to hiring managers. “A lot of employers just don’t realize that a year of working part-time during the school year is very valuable experience,” says Wessel.

WayUp will then present the user with jobs that it believes match their interests and qualifications. The service does this by using machine learning algorithms to crunch data on how a member’s experience compares to that of similar users, while also taking into account the information listed on a user’s profile and the job postings a member has clicked on.

Since WayUp plugs directly into employers’ websites, students can apply for a position without having to navigate to a different page. Wessel says that means users can apply for jobs in as little as a minute. There are benefits to be had for employers, too: Since WayUp only suggests jobs to those who are qualified for a given position, hiring managers should encounter fewer unfit candidates on the platform, she says.

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With a 50 person team and $27.5 million in funding, WayUp is significantly smaller and younger than the world’s top job-hunting sites. Still, its demographically-targeted approach and focus on non-traditional experience could give it an edge with younger users, who are more likely to have a wide variety of jobs over their careers. “Students are starting to define their own career identities thematically rather than along the more rigid lines that previous generations might have,” says Pulin Sanghvi, executive director of Princeton University’s Office of Career Services.

Moving forward, the WayUp team wants to find more ways to help job searchers highlight accomplishments that may not always shine on a resumé. Software developers, for example, might showcase their best work on code-sharing platform Github. Wessel’s team is working on a new profile format launching in June that will automatically pull in data like this from other parts of the web (with a member’s consent.) Eventually, WayUp plans to offer more services to help professionals excel in their careers even after they have gotten started. Says Wessel: “We like to think of it internally as having our Facebook moment, of growing up with our users.”

Uber Underpaid Its New York City Drivers Tens of Millions of Dollars

(NEW YORK) — Uber has admitted to underpaying its New York City drivers tens of millions of dollars for the past two and a half years.

The ride-hailing company on Tuesday said each affected driver would get a refund of about $900, which includes interest. Uber did not give a figure on how many drivers it has in the city, but said it was in the tens of thousands.

The company says it had mistakenly continued to calculate its commission based on the gross fare, before any taxes and fees were deducted. The company will now calculate its commission based on the net fare, which is in line with its national policy.

Uber executive Rachel Holt says the company is “committed to paying every driver every penny they are owed — plus interest.”

Paypal says Pandora’s logo infringes, starts trademark battle

Some heavy tech hitters have been in the spotlight lately for haggling over their trademarks. Ars recently reported about Google, which successfully defended its mark amid accusations that the term “google” is no longer eligible for legal protection because it has become too generic of a word for “searching the Web.”

Now comes two more companies battling over a different area of trademark law. PayPal is suing music-streaming company Pandora on accusations that Pandora’s latest logo looks a lot like PayPal’s and hence causes consumer confusion. Pandora launched the new logo in October as part of its campaign to turn its free listeners into paid subscribers.

“Pandora’s recent adoption of a new ‘P’ logo, which is unlawfully similar to PayPal’s logo, threatens the interests of PayPal’s customers and disrupts their user experience. PayPal brings this action to remedy the harm Pandora is causing to the PayPal user experience and the PayPal brand,” the payment company said in its federal intellectual property lawsuit filed in New York federal court.

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U.S. Sues Fiat Chrysler for Using Software to Bypass Diesel Emission Controls

The U.S. government has filed a civil lawsuit accusing FiatChrysler Automobiles NV of using software to bypass emission controls in diesel vehicles.

The U.S. Justice Department suit, filed in U.S. District court in Detroit, is a procedural step that may ramp up pressure on Fiat Chrysler. The suit could ultimately help lead to a settlement, as in an earlier probe of rival Volkswagen AG that will cost VW up to $25 billion, but which affected a much larger number of vehicles.

VW admitted to intentionally cheating while Fiat Chrysler denies wrongdoing. It did not immediately comment on Tuesday.

U.S.-listed Fiat Chrysler shares were down 2.9 percent at $10.44.

The suit also names Fiat Chrysler’s unit V.M. Motori SpA, which designed the engine in question. Reuters reported last week the Justice Department and EPA have obtained internal emails and other documents written in Italian that look at engine development and emissions issues that raise significant questions. The investigation has scrutinized VM Motori.

FCA acquired a 50-percent stake in VM Motori in 2010 and the remainder in October 2013.

The lawsuit asserts the Italian-American automaker placed undeclared “defeat devices,” or auxiliary emissions controls, in 2014-2016 Fiat Chrysler diesel vehicles that led to “much higher” than allowable levels of nitrogen oxide, or NOx pollution, which is linked to smog formation and respiratory problems. The suit seeks injunctive relief and unspecified civil penalties.

EPA said in January the maximum fine is about $4.6 billion.

In January, EPA and California accused Fiat Chrysler of illegally using undisclosed software to allow excess diesel emissions in 104,000 U.S. 2014-2016 Jeep Grand Cherokees and Dodge Ram 1500 trucks.

Fiat Chrysler said on Friday it plans to update software that it expects will resolve the concerns of U.S. regulators about excess emissions in those vehicles.

The January notice was the result of regulators’ investigation of rival Volkswagen, which prompted the government to review emissions from all other passenger diesel vehicles.

Volkswagen admitted in September 2015 to installing secret software allowing its cars to emit up to 40 times legal pollution levels.

In total, VW has agreed to spend up to $25 billion in the United States to address claims from owners, environmental regulators, states and dealers and offered to buy back about 500,000 polluting U.S. vehicles.

Fiat Chrysler has applied for certification to sell 2017 diesel models from U.S. and California regulators and said it was in talks to win approval for a software update to address regulators’ concerns about emissions in vehicles on the road.

The software update would begin rolling out once the EPA and California Air Resources Board approved it, Fiat Chrysler said Friday. The company said it does not anticipate any impact on performance or fuel efficiency.

Reuters reported on May 17 that the Justice Department was preparing to file a civil lawsuit against the automaker.

A federal judge in California set a Wednesday hearing on a series of lawsuits filed by owners of vehicles and some dealers against Fiat Chrysler.

A “defeat device” is any motor vehicle hardware, software, or design that interferes with or disables emissions controls under real-world driving conditions, even if the vehicle passes formal emissions testing.

Automakers around the world are facing diesel scrutiny.

German prosecutors searched Daimler AG sites on Tuesday as part of a fraud probe related to false advertising and the possible manipulation of exhaust-gas after-treatment in diesel cars, the German carmaker said in a statement.

Earlier this month, the German automaker dropped plans to seek U.S. approval to sell 2017 Mercedes-Benz diesel models.

What to Know About the Original Ponzi Scheme Before You Watch The Wizard of Lies

When HBO’s The Wizard of Lies airs on Saturday, starring Robert De Niro as Bernie Madoff, it will be just the latest moment in the century-spanning history of the scheme that earned Madoff a 150-year prison sentence. It all began with Charles (or Carlo) Ponzi, a five-foot-two-inch Italian immigrant in Boston, who, in 1920, landed in jail for defrauding about thousands in the Northeast of at least $15 million — or about $190 million in today’s dollars — over the course of just eight months.

Ponzi scheme started with “postal reply coupons,” which could be used to buy a stamp in any country in the world. He had figured out that “if you could get these coupons in one country, where the currency was depressed, and trade them in a place where the currency was strong, you could make a fortune. You could buy cheap and sell high,” says Mitchell Zuckoff, author of Ponzi’s Scheme: The True Story of a Financial Legend.

Ponzi promised clients a 50% profit in 45 days, and a full return in 90 days. The line to invest with him grew so long in Boston that 20 police officers were dispatched for crowd control. A July 29, 1920, article reported “Exchange Wizard” Ponzi was a hit with the mob that day for distributing free hot dogs and coffee for those waiting to get their money back. “I want to use my customers right,” he said as the food was being distributed. “There is nothing for them to fear.” At one point, it was reported that he kept the money in “wastebaskets after his desk drawers overflowed.”

But there was a problem, Zuckoff explains. “[Ponzi’s idea] was logistically impossible because there weren’t enough coupons in circulation. There wasn’t a way to transfer them into cash.” Because Ponzi couldn’t get a loan to support his business and the coupon trade wasn’t actually making the money he’d promised it would, “he decided to use money from new investors to pay old investors what they were due,” all the while claiming that the money was from returns on the coupon market.

The Boston Post won a Pulitzer for exposing his scheme, thanks to a tip that City Editor Eddie Dunn got from one of Ponzi‘s disgruntled press agents. The newspaper reported that Ponzi was actually a Canadian ex-convict, whose previous crime had been dealing a forged check. Turns out he had learned how to defraud customers from a Montreal banker who had been tricking clients in a similar way.

Ponzi’s scheme forced several Boston trust companies to close — the biggest of which was Hanover Trust Co. Four years later, he was convicted on a state charge and sentenced for seven to nine years.

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Though Ponzi gave his name to the idea, he didn’t invent this type of fraud, and we may never know who did. (For example, Brooklynite William Miller had became infamous in 1899 for promising a 520% rate of return to investors who shelled out $1 million.) But between the aforementioned publicity stunts, and the fact that he was charismatic and super quotable — “As I say, I landed in this country with $2.50 in cash and $1,000,000 in hopes” — he got the most media attention, so he’s the most well-documented example of this type of fraud. When he did get $1 million in his pocket, he brought his mother over from Italy to show her how well he had done, Zuckoff says.

And the timing of Ponzi’s scheme, as the economy was in an upward swing in the aftermath of World War I, made people especially vulnerable to fraudsters. “Those were confused, money-mad days. Everybody wanted to make a killing…My business was simple. It was the old game of robbing Peter to pay Paul,” Ponzi admitted to an Associated Press reporter on his deathbed.

“These types of speculative schemes increase when the economy is doing well, and people see other people, their neighbors, getting rich, so they think, ‘Well, why not me?’” says Gerard Caprio, professor of economics at Williams College. (For example, some of the worst Ponzi schemes in history were pulled off in Romania and Albania after the fall of communism, when people in eastern bloc countries “were coming out of desperate poverty, so they were more susceptible to such claims.”) Plus, in Ponzi’s time the Securities and Exchange Commission (SEC) hadn’t been created yet, so there weren’t very many protections against these kinds of schemes.

After the final payment was made to Ponzi’s creditors in December 1930, the first issue of TIME in the new year described him as the “duper extraordinary, personification of quick riches,” whose “wrecked web” earned him a place in “glittering in the archives of financial fraud.” The article recapped his crimes, a description of his appearance from the police description — “Age: 44. Height: Five feet two inches. Hair: Dark chestnut mixed with grey. Eyes: Brown. Occupation: Thief” — and reported that he “slept in lavender pajamas” when he lived at his spacious home in Lexington, Mass. It also claimed that he was “popular” for “his ability to write amusing verses about other prisoners and the jailers.”

Well, he saw that article, and wrote “amusing verses” back in a letter to the editor that was published in a following issue of the magazine, addressed from “Massachusetts State Prison Charlestown, Mass.” The juiciest bits:

Sirs:

I have read your article on “Ponzi Payment” in TIME, Jan. 5. Found it interesting, but none too accurate. My hair is neither chestnut nor grey. It’s gone. Have never worn lavender pajamas nor pink ribbons on my night shirt. Fur coat and overshoes on extremely cold nights have been my limit.

The police description looks rather spiteful. Perhaps the product of some minor minion. Almost invites retaliation. What ingratitude!…

If you desire certified copies of auditors’ reports, I have them. You may peruse them and weep. Your statement that the destruction of my wrecked “web” brought down several Boston trust companies is perfidious. Under any other form of government, it would call for a challenge to a duel. For this time, I shall refrain from perforating your hide on condition that you make public amend by printing this letter verbatim…

You know, I like you in spite of your jabs because you have given me an opportunity of spending an hour writing this letter. If you come over to Boston after I am out, I have a good mind to buy you a drink. Two, if you can stand the gait. Will you libate with me? Will you honor me by your acceptance? That is, unless you are a fanatic upholder of the “noble experiment”…

Ponzi was released from prison on parole in February 1934, and deported to Italy in October of that year. “I am not bitter,” he told reporters before boarding the S.S. Vulcana carrying a briefcase of newspaper clippings. “I went looking for trouble, and I got it, more than I expected.”

A few years later, he took a job in Brazil, and died in Rio de Janeiro in Jan. 1949. “He left an estate of $75, which was barely enough to bury him,” LIFE magazine reported in a full-page obituary for him.

LIFE Ponzi’s full-page obituary in the Jan. 31, 1949, issue of LIFE

Before Fox News, Roger Ailes Helped Get Richard Nixon Elected

Obituaries for Roger Ailes, who has died at 77, are likely to focus on Ailes’ crucial role in the history of Fox News, the cable television network from which he resigned last year amid a wave of sexual harassment allegations, after having shaped it into a major force in American media and political life.

But before he managed Fox, he managed Richard Nixon, prepping the candidate for television interviews ahead of the 1968 presidential election.

As a 29-year-old, he was tasked with transforming the public image of a man about twice his age, the former Vice President whose pale and sweaty image during the 1960 presidential debate with JFK had significantly damaged that previous presidential run. Ailes “made Nixon into the media candidate he clearly was not in his saggy-jowled, I know what it’s like to be poor days,” as TIME put it in 1972.

If you thought Nixon didn’t mince words, Ailes was just as tough on Nixon. Just look at how he prepped Nixon for The Mike Douglas Show in 1967, according to TIME’s 1969 book review for The Selling of the President 1968 by Joe McGinniss, a journalist who covered Nixon on the campaign trail:

Ailes developed the “man in the arena” format, in which Nixon confronted a panel of questioners and a studio audience. “Let’s face it,” Ailes told a studio director in Philadelphia. “A lot of people think Nixon is dull. They look at him as the kind of kid who always carried a book bag, who was 42 years old the day he was born. They figure other kids got footballs for Christmas, Nixon got a briefcase and he loved it. That’s why these shows are important: to make them forget all that.”…

Ailes also stage-managed Nixon’s appearance: a suntan instead of slapdash makeup jobs; no lectern to hide behind. Ailes kept the set simple, the colors manly. Once Chicago set designers tried to use oh-so-chic turquoise curtains as a back drop. “Those stupid bastards,” railed Ailes. “Nixon wouldn’t have looked right unless he was carrying a pocketbook.”

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For the July 3, 1972 issue, TIME shadowed Ailes’s bootcamp for Republican candidates for federal office, where the words of wisdom ranged from “Money is the mothers’ milk of politics” to “Get long socks. Nobody likes to see a patch of bare leg over a droopy sock.” But, as befit the future Fox mogul, TV was at the center of attention:

Television is the primary subject in Ailes‘ curriculum. He noted that 73% of the people who vote in elections claim that they had their major contact with the campaign through television, as compared with 68% with newspaper and magazine contact and 63% by direct mail. He cautioned: “Don’t fall into the trap of believing that anything on TV is a false image and in person everything is real. What the camera does is simply magnify. You are what you are and you can’t hide it. Anyway, how much did you know about a candidate when he waved to you from the back of a train?” Using video clips from training sessions with various high-level candidates (Nixon, James Buckley, Robert Wagner), Ailes demonstrated such tricks as bouncing the eyes downward when changing your gaze from one camera to eliminate that startled-fawn look.

Other advice: find out who your interviewer is going to be and offer to write your own introduction. Check the lighting (Ailes suggests that black candidates need 100 candle power more illumination), and make sure nothing about your appearance distracts the audience. For dealing with the writing press, Ailes warned: “Never get up there without thinking what’s the worst question that could be asked and having an answer.”

Overall, he and [colleague Gordon] Wade are pleased that the candidates feel they have learned how to be better candidates. But Ailes parted Detroit with a sobering thought: “Politics is fun. Everybody agrees to that. But government is hard work. We’ve got to teach that, too.”

Ailes went on to coach other Republican presidents. As TIME reported in a 1988 blurb on Ailes’ book You Are the Message, Ailes fed Ronald Reagan — whose age was a concern for some voters — the line ”I’m not going to exploit for political purposes my opponent’s youth and inexperience” for his second presidential debate with Walter Mondale, and coached George H.W. Bush throughout the ’80s, “teaching him to slow his speech and keep his voice from rising to a reedy whine.”

His training could be a wake-up call about the way politics and entertainment fit together — for better or for worse. As Nixon lamented to Ailes ahead of The Mike Douglas Show in 1967, “It’s a shame a man has to use gimmicks like this to get elected.”

Roger Ailes, Former Fox News Chief, Dies at 77

Roger Ailes, the onetime political operative who went on to build Fox News into a cable television powerhouse before being ousted amid numerous accusations of sexual harassment, has died. He was 77 years old, and his death was confirmed Thursday morning in a statement by his wife Elizabeth to Drudge Report.

“I am profoundly sad and heartbroken to report that my husband, Roger Ailes, passed away this morning,” Elizabeth Ailes said in the statement. “Roger was a loving husband to me, to his son Zachary, and a loyal friend to many.”

“He was also a patriot, profoundly grateful to live in a country that gave him so much opportunity to work hard, to rise — and to give back,” she added. “During a career that stretched over more than five decades, his work in entertainment, in politics, and in news affected the lives of many millions. And so even as we mourn his death, we celebrate his life…”

Known for building the Fox News empire, Ailes came under fire in recent years following a number of sexual harassment allegations. He left the network in disgrace last year. Since his ouster, Fox News was hit with a number of lawsuits, and the company also jettisoned its top host Bill O’Reilly after several women also accused him of sexual harassment.

Political Turmoil in Washington Leads to Largest Stock Market Drop in 8 Months

The growing political drama in Washington rattled Wall Street Wednesday, knocking the Dow Jones industrial average down more than 370 points and giving the stock market its biggest single-day slump in eight months.

Investors worried that the headline-fueled political turmoil that has enveloped the White House may hinder President Donald Trump’s plans to cut taxes, roll back government regulations and other aspects of his pro-business agenda.

The steep drop ended an unusually long period of calm for the markets, which had been hovering near all-time highs.

Financial stocks, which had soared in the months since the election, declined the most as bond yields fell sharply. Bonds, utilities and gold rose as traders shunned riskier assets. The dollar fell.

“When you are at these valuations, the market has to reassess whether or not the agenda is actually going to be implemented,” said Quincy Krosby, market strategist at Prudential Financial. “What you’re seeing is a classic run toward safety.”

The Standard & Poor’s 500 index had its biggest drop since September, sliding 43.64 points, or 1.8 percent, to 2,357.03. The Dow lost 372.82 points, or 1.8 percent, to 20,606.93. The Nasdaq composite index, coming off setting two consecutive record highs, gave up 158.63 points, or 2.6 percent, to 6,011.24.

Small-company stocks fell more than the rest of the market. The Russell 2000 index sank 38.79 points, or 2.8 percent, to 1,355.89. Those companies would stand to benefit even more than large ones from corporate tax cuts Trump is proposing. They also had risen sharply in the months following the election.

The sell-off snapped an unusually long period of calm after hitting a series of record highs. On Tuesday the S&P 500, the benchmark favored by professional investors, marked its 15th straight day of moving up or down by less than 0.5 percent. It closed at its latest record high on Monday.

Bond prices rose sharply. The 10-year Treasury yield fell to 2.21 percent from 2.33 percent late Tuesday, a large move.

The seeds of Wednesday’s steep market sell-off were present late Tuesday, when a published report revealed that Trump allegedly made a personal appeal to now-fired FBI Director James Comey to drop the bureau’s investigation into former National Security Adviser Michael Flynn. The White House denied the report.

Trump had already been facing pointed questions about his discussions with Russian diplomats during which he was reported to have disclosed classified information.

“The controversy is not new, but this one really seems to be sticking,” said Erik Davidson, chief investment officer for Wells Fargo Private Bank. “The Trump economic program is either going to be delayed by this turn of events or possibly be derailed, that’s why investors are acting the way they are.”

The latest headlines ratcheted up the market’s unease. The VIX index, a measure of how much volatility investors expect in stocks, rose to its highest level since April 13. Investors shifted into U.S. government bonds, pushing yields lower, and into gold. The precious metal jumped 1.8 percent, climbing $22.30 to settle at $1,258.70 per ounce.

Among the hardest-hit stocks Wednesday are in sectors that benefited most from the post-election rally as investors banked on Trump to cut taxes, boost infrastructure spending and relax regulations that affect energy, finance and other businesses.

Banks fell sharply as bond yields declined, which will mean lower interest rates on loans. Bank of America slid $1.42, or 5.9 percent, to $22.57.

Unease over the potential implications of the latest political fallout in Washington weighed on the dollar Wednesday. The euro strengthened to $1.1150 from $1.1095. The dollar dropped to 111.11 yen from 113.03 yen.

Benchmark U.S. crude rose 41 cents, or 0.8 percent, to close at $49.07 per barrel in New York. Brent crude, used to price international oils, gained 56 cents, or 1.1 percent, to close at $52.21 per barrel in London. In other futures trading, natural gas fell 4 cents to $3.19 per 1,000 cubic feet. Wholesale gasoline was little changed at $1.60 per gallon. Heating oil rose 2 cents to $1.53 per gallon.

Among other commodities, silver added 16 cents to $16.85 per ounce. Copper was little changed at $2.54 per pound.

Markets overseas were also mostly lower.

In Europe, Germany’s DAX fell 1.4 percent. The CAC 40 in France slid 1.6 percent. The FTSE 100 index of leading British shares dipped 0.2 percent. Asian markets mostly fell. Japan’s Nikkei 225 dropped 0.5 percent, while South Korea’s Kospi dipped 0.1 percent. Hong Kong’s Hang Seng index slipped 0.2 percent.