Bloomberg News says the brokerage, which was exposed to FTX, warned investors it could file for bankruptcy if it can't raise fresh cash. Bloomberg News reports that the firm has warned investors that it might file for bankruptcy if it does not quickly find fresh cash. But a spokesperson for Genesis tells TheStreet that the Bloomberg News article is not accurate…
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As cryptocurrency exchange FTX falls into bankruptcy and its principals seem likely to face various criminal charges over the activities leading to that bankruptcy, it's time for another round of crowing from opponents of cryptocurrency. That is, older investors in FTX and related enterprises such as trading firm Alameda Research seem to have been paid…
If you receive Social Security, you've probably already heard that your checks in 2023 will be bigger– considerably bigger, in fact. Here's what's happening: For 2023, there's an 8.7 percent cost-of-living adjustment for Social Security benefits– the largest increase in 40 years. Also, the monthly Medicare Part B premiums are declining next year, to $164.90/…
That’ s because tax rates on Social Security benefits are not changing with inflation. Taxing Social Security benefits began in 1984 as part of a sweeping reform of the system. You are hitting the middle earner, even people with modest incomes,” said Mary Johnson, Social Security and Medicare policy analyst at the nonpartisan Senior Citizens League.“ It’ s really…
Editor's note: This is part of an ongoing series of stories on the impacts of Amazon's rapid growth in Florida, covering effects on real estate, small businesses, the job market, politics and more. The Washington, D.C.- based nonprofit organization Good Jobs First has tracked those economic development subsidies over the years. It found that government subsidies…
Personal loan rates from banks, credit unions and online lenders are up after repeated interest rate hikes from the Federal Reserve this year, the latest of which came last week. Personal loan rates are somewhat tied to supply and demand, which is why they don't follow the Federal Funds rate as closely as other financial products like mortgages do, says Werner…
Victims' losses totaled about $5 million, according to a news release from the U.S. Attorney's Office in Arizona. On Nov. 15, Michael Feinberg, 73, and Betsy Feinberg, 80, were sentenced by U.S. The couple operated Catharon in Tucson after their home in Sedona was foreclosed on in 2013, the indictment states.
Referrals, prospects pose a challenge for some advisors, post-pandemic
As advisors increasingly work with clients and prospects virtually as well as in-person, many are looking for ways to successfully carry out one of their most critical tasks: obtaining referrals and introductions.
When it was revealed that the FTX "exchange" was backed by capital denominated in crypto tokens created by its founder Sam Bankman-Fried with no intrinsic value, the "Ponzi scheme" collapsed into a $32 billion loss of value in one day. And the major financial players who invested in FTX- including some big Wall Street venture firms- have lost billions.
Mr. Giri promoted himself to investors as an expert in trading Bitcoin derivatives, a claim authorities allege was both fraudulent and misleading. According to the Commodity Futures Trading Commission, which filed a civil enforcement action against Mr. Giri in August, his alleged scheme lasted from March 2019 to at least August 2022. Instead, authorities…
Survey reveals consumer attitudes toward saving and investing
As Americans continue to grapple with high inflation, a new survey finds nearly half of its respondents are very concerned about inflation, and a third are holding more than 90% of their investable assets in cash.
How specialization leads to success
As professions such as medicine and law evolved, we saw greater specialization among their practitioners. The financial planning profession is a younger profession in comparison to medicine and law, but we are seeing an increasing shift toward specialization by financial professionals.
Today, Lincoln Financial Group announced its latest annuity innovation to help offer financial confidence for consumers as they plan for retirement and other financial needs. Beginning Nov. 21, Lincoln ProtectedPay SM lifetime income suite, available for an additional cost with Lincoln annuities, features six protected lifetime income options which…
Since the rapid departure of FTX's former CEO Sam Bankman-Fried, halting his career as a would-be philanthropist, political donor, and Washington policy adviser, the New York and Wilmington, Del., lawyers handling the crypto firm's reorganization proposals have so far told the court little about what went wrong. The FTX collapse, with the fall in crypto prices,…
Tom Brady, Stephen Curry, Naomi Osaka, Trevor Lawrence, Larry David, Shohei Ohtani and Shaquille O'Neal are a few of the names included on the filing that alleges FTX and the former CEO violated Florida law by misleading customers. Oklahoma resident and investor Edwin Garrison is leading the class-action, which alleged the cryptocurrency platform "was designed…
Aside from the surprising results of last week's midterm elections, the most interesting story from the last few days involves the massive evaporation of wealth from a financial asset that few people understand. Its founder, a young guy with a shock of black hair, was supposedly worth $16 billion at the start of November. FTX was unable to raise $8 billion to pay…
One lucky person in California matched all six numbers of the Nov. 7 Powerball drawing, granting them the right to claim the drawing's $2.04 billion jackpot. People only get the advertised $2.04 billion jackpot if they choose the annuity option, making the option appealing to some people. Powerball explains this on its frequently asked questions page.
Millennials, Gen Z using wider range of retirement resources than previous generations
Young workers are relying on more than their 401(k) plans to save for retirement, as other types of investments are playing a greater role in their long-term wealth plans, according a Schwab Retirement Plan Services study.
Nov. 16— Seattle police are investigating whether a man suspected of operating fraudulent equipment-rental companies in Pierce County has victimized other people near Seattle and Tacoma. Police said the suspect operated several businesses in Tacoma, Parkland and Spanaway. The names of those businesses include Truck Rentals Co., Bobcat Rentals Co., Anytime…
Inflation causing Americans to skimp on critical health care expenses, study finds
High inflation is causing many Americans to skimp on everything from buying groceries to paying for critical health care expenses, according to a recent Nationwide Retirement Institute survey.
