The principal of a school located in Volusia County, Florida, wrote a check for 100 thousand of the institution's funds to an internet scammer who had impersonated Elon Musk. Who is Natalia Alcocer and why was she arrested? The woman was willing to give the money to the alleged Elon Musk in exchange for the tycoon making an investment in the school.
–The odds of the U.S. slipping back into a recession are higher now than a month ago after steady interest-rate increases by the Federal Reserve and growing risks of tighter credit conditions in the wake of several bank failures. The survey was conducted March 20-27, following several bank closures, including Silicon Valley Bank, and the 48 economists…
U.S. lawmakers are considering changes to entitlement programs in the states, with some saying the country should raise the full retirement age.
Speaking of the collapse of Silicon Valley Bank, he wrote that "it was more a case of' a run on the bank by idiots' than' a bank run by idiots. Medium-sized banks, including Silicon Valley Bank itself, lobbied Congress and the Trump administration to be exempted from regulations imposed on banks deemed too big to be allowed to fail. The Federal Reserve turned a blind eye…
Two days after UBS agreed to pay $3.25 billion to rescue rival Credit Suisse, executives are trying to put the risks behind them and sell investors on the benefits of the forced marriage. Ralph Hamers, the CEO of UBS, told the Financial Times that the deal "is not simply about bringing two companies together," but to see "how we can create a bigger UBS."
The last time Federal Reserve Chair Jerome H. Powell appeared in public— 13 days ago— he warned that the central bank was seeing signs the economy was heating back up and might need to be more aggressive raising interest rates. Silicon Valley Bank collapsed, in the second-largest bank failure in U.S. history. Contagion spread to Signature Bank, then left investors…
Americans aren't saving enough, and the aging of the population may require trimming Social Security benefits eventually. Congress recently passed the SECURE 2.0 Act to help people save more for retirement by boosting tax breaks. It builds on the original SECURE Act.
A bipartisan group that is led by two U.S. senators — Angus King (I) and Bill Cassidy (R) — is reportedly considering a plan that would gradually raise the retirement age under the Social Security program to 70 in order to keep the trust fund solvent, according to Semafor. “This is an example of two leaders trying to find a solution to a clear and foreseeable danger,” the…
Every year, thousands of Americans move abroad. Many turn to their financial adviser for help making the transition. Whether they’re moving for a job, lifestyle change or retirement, cross-border financial issues can cause headaches. Advisers typically revise a client’s financial plan to account for their new status as an expat. That’s assuming the client retains their…
A jury convicted South Carolina attorney Alex Murdaugh on Thursday of murdering of his wife and son, but the story won't end there. Details of the 1940 case were recently unearthed by South Carolina journalist and historian Michael M. DeWitt Jr., who has been covering the family for years and was featured in the Netflix documentary " Murdaugh Murders: A Southern…
The Federal Reserve Board seemed disinterested in the market rally so far this year–a notable shift from communication last fall that was designed at least in part to raise credit spreads and lower equity prices. Two-year Treasury yields dropped to their lowest levels since October. The January employment report released Feb. 3 crushed economist…
In 1973, the Arab oil embargo wrecked the economy and led to sharp interest rate hikes, while in 1980 runaway inflation exacerbated by another oil shock was accompanied by aggressive rate hikes by then Federal Reserve Chairman Paul Volcker. From the January 1973 peak, it took investors until 1985 to get their money back from U.S. stocks in real terms, as measured…
