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…
Two senior Federal Reserve policymakers said Thursday that continued interest rate hikes are critical to bringing inflation to desired levels. The Fed "has come an appreciable way in moving policy from an ultra-expansionary to a restrictive stance, but I think there is more to do," Cleveland Fed President Loretta Mester said in a speech. The Fed signaled that…
The legislation would extend the state income-tax exemption beyond 401(k) plans, in the hope of enticing more people to save.
General inflation fell in the United States last January, and with all of this, the door is open for the Federal Reserve to continue with its interbank interest rate increases, basically because the devil is in the details. The U.S. Consumer Price Index fell from 6.5% annualized last December to 6.4% last January. The U.S. economy has in fuel prices one of the most…
Feb. 9— A federal court ruling from a Texas judge known for his anti-abortion views soon could outlaw the most common method of ending an unwanted pregnancy in Maine, forcing local providers to resort to a less-effective form of medication abortion. The preference for medication abortions is even higher in Maine, accounting for two-thirds of all abortions at…
The United States is experiencing an almost "too good to be true" economy. Unemployment just dipped to its lowest level since 1969, and inflation, while still uncomfortable, is cooling off. Federal Reserve interest-rate hikes were expected to trigger job losses and a recession.
(The Center Square) – The California Department of Justice (DOJ) and Attorney General Rob Bota, announced a $15 million Medi-Cal fraud settlement on Tuesday. The three-year investigation by the DOJ of The Pill Company, a Silicon Valley online contraceptives provider, found that Medi-Cal and Medi-Cal managed care plans had been defrauded through the billing, and dispensation of…
Christopher McNaughton has been in a years-long battle with UnitedHealthcare over his care. Photo by Nate Smallwood. This story was originally published by ProPublica In May 2021, a nurse at UnitedHealthcare called a colleague to share some welcome news about a problem the two had been grappling with for weeks. United provided the health insurance plan for students at Penn State…
