DIRS.INFO The most relevant business & tech news

☆ Mark Zuckerberg came up with the idea for the Facebook 'poke' feature while he was drunk
▼ + stars: | 2024-04-13 | by ( Katie Notopoulos | ) www.businessinsider.com time to read: +2 min

In a 2005 interview, Mark Zuckerberg said he came up with the idea while drunk. But when a young Mark Zuckerberg over-imbibed, he invented the "poke," the Facebook feature that is both the most creative thing Facebook has done — and one of the creepiest. The poke was one of the earliest features of Facebook, which Zuckerberg launched in college in 2004 as The Facebook. Here's how he describes the poke feature:AdvertisementThere's this feature called poking where you just go to someone's profile and you can poke the person. It also made it easier to find the page where all your pokes live (try searching "pokes" on Facebook).

Persons: Mark Zuckerberg, —, we've, Zuckerberg, David Pogue, You've, improbably Organizations: Facebook, Service, CBS, Meta

☆ Jimmy Carter’s spirit ‘as strong as ever’ after year in hospice, grandson says
▼ + stars: | 2024-02-18 | by ( Aileen Graef | ) edition.cnn.com time to read: +2 min

CNN —As former President Jimmy Carter marked one year in hospice care on Sunday, his family celebrated his resolve and expressed gratitude for the support they’ve received. He entered hospice care in February 2023 after a series of hospital stays. There is no time limit on how long a person can receive hospice care. “One year after entering hospice care, President Carter continues to be at home with his family. The Carter Family is grateful for the many expressions of love they have received and the continued respect for their privacy during this time,” the Carter family said in a statement Sunday.

Persons: Jimmy Carter, they’ve, ” Jason Carter, Jimmy Carter’s, Carter, “, ”, Rosalynn Carter, Anwar Sadat, Menachem Begin, CNN’s Carma Hassan, Erica Henry, Michelle Shen, Keith Allen, Julia Manchester Organizations: CNN, CBS, Accords, Israeli, Democrat, Carter Locations: Georgia, United States, Cuba, Sudan, North Korea, Guinea

PARK CITY, Utah (AP) — Carol Kane really wanted to work with Jason Schwartzman, but the opportunity would require her to step a little outside of her comfort zone. Her character, Carla, is a retired music teacher who wants to get her bat mitzvah. Schwartzman’s Ben is her former student, and currently a cantor, who agrees to help (reluctantly at first). “The idea sounded pretty fascinating,” Kane, 71, said in a recent phone interview. And working with Schwartzman on the complex, loving relationship between Carla and Ben was as good as she hoped.

Persons: — Carol Kane, Jason Schwartzman, Nathan Silver, Carla, Schwartzman’s Ben, C, Mason Wells didn’t, ” Kane, ”, Kane, Schwartzman, Ben, “ He’s, he’s, Marty Scorsese, “ That’s, Emma Stone, Oscar, won’t Organizations: Sundance Film, CBS, sundance Locations: CITY , Utah, France, Park City , Utah, “

☆ Charles Osgood, Lyrical Newscaster on Radio and TV, Dies at 91
▼ + stars: | 2024-01-23 | by ( James Barron | More About James Barron | ) www.nytimes.com time to read: +1 min

Charles Osgood, a newscaster who told unconventional stories on the radio in unconventional ways — sometimes with rhyme, sometimes with humor, often with both — died on Tuesday at his home in Saddle River, N.J. Mr. Osgood became a familiar face on television as the host of “CBS Sunday Morning” from 1994 to 2016. On television, he was known for his trademark bow ties; on the radio, it was for his distinctive voice, most familiar from his short “Osgood File” segments on CBS Radio. It was not booming like Paul Harvey’s, deeply authoritative like Edward R. Murrow’s or telegraph-staccato like Walter Winchell’s. Some listeners compared the way Mr. Osgood sounded to the jerky rhythms of Rod Serling, the host and creator of “The Twilight Zone.”

Persons: Charles Osgood, —, Osgood, Paul Harvey’s, Edward R, Walter Winchell’s, Rod Serling Organizations: CBS News, CBS Locations: Saddle River, N.J

☆ Penélope Cruz says social media is 'a cruel experiment' on children
▼ + stars: | 2024-01-19 | by ( Amanda Goh | ) www.businessinsider.com time to read: +2 min

Penélope Cruz says her two kids, 10 and 12, don't have phones or social media accounts. Cruz says her two kids, 10 and 12, don't have phones or social media accounts. AdvertisementPenélope Cruz says her two kids don't have phones or social media accounts. If they want a career in the spotlight, it will be on their own terms, Cruz said. "No social media until at least 16 — I really see that as protecting mental health."

Persons: Penélope Cruz, Cruz, Elle, —, Luna, Leo, Javier Bardem — Organizations: Service, CBS Locations: Spanish

☆ Trump is showing how a second term would rewrite the rules of presidential power
▼ + stars: | 2023-12-04 | by ( Stephen Collinson | ) edition.cnn.com time to read: +11 min

CNN —Donald Trump is underscoring the profound choice that voters could face next year with expansive claims of unchecked presidential power alongside increasingly unapologetic anti-democratic rhetoric. This has huge consequences not simply for the courtroom accounting that is yet to take place over his first turbulent term. If the twice-impeached former president wins the Republican nomination and the presidency, it is already clear that a second term would risk destroying the principle that presidents do not hold monarchial power. “Joe Biden is not the defender of American democracy,” Trump said during a campaign stop in Cedar Rapids, Iowa, on Saturday. And if he succeeds in 2024, his legal arguments will have been a warning of a second term that he envisions with almost no guardrails.

Persons: Donald Trump, – he’s, Joe Biden, ”, He’s, Tanya Chutkan, Trump, Chutkan, Biden, “ Joe Biden, ” Trump, … it’s, –, Trump’s, Ron DeSantis, “, ” DeSantis, Liz Cheney, Mike Johnson, ” Cheney, Washington , South Carolina Republican Sen, Lindsey Graham, CNN’s Dana, Cheney, ” Graham, Liz Cheney's, Sri Srinivasan, Steven Sadow, ” Chutkan Organizations: CNN, Republican, US, GOP, Florida Gov, Trump –, Trump, Republican Party, CBS, Washington , South Carolina Republican, Union ”, ”, Capitol Locations: Cedar Rapids , Iowa, Iowa, Florida, Wyoming, Congress, United States, Washington , South, “ State, Washington , DC, ”, Fulton County , Georgia

☆ Liz Cheney says now-Speaker Mike Johnson was a 'collaborator' in Trump's efforts to overturn the 2020 presidential election
▼ + stars: | 2023-12-03 | by ( John L. Dorman | ) www.businessinsider.com time to read: +3 min

Liz Cheney said that now-Speaker Mike Johnson was a "collaborator" in Trump's push to overturn the 2020 election. AdvertisementFormer Rep. Liz Cheney in an interview that aired on Sunday called now-House Speaker Mike Johnson a "collaborator" in President Donald Trump's efforts to overturn the 2020 presidential election. And the story of Mike Johnson is a story of a collaborator." "And while he does not plan to purchase a copy of 'Oath and Honor,' Speaker Johnson wishes former Rep. Cheney and her family the best in her future endeavors." She was one of 10 House Republicans who in January 2021 voted to impeach Trump for incitement of insurrection for his role in the attack that day.

Persons: Liz Cheney, Mike Johnson, Mike, —, Donald Trump's, Cheney, John Dickerson, Joe Biden's, Donald Trump, " Johnson, Kevin McCarthy of, Johnson, Cheney's, Harriet Hageman, Trump Organizations: GOP, CBS, CBS News, Service, Trump, Republicans, House Republican, Wyoming Republican Locations: Louisiana, Arizona, Pennsylvania, Wyoming, Kevin McCarthy of California, Texas

☆ Cheney says a Republican House majority in 2025 would present a ‘threat’
▼ + stars: | 2023-12-03 | by ( Aileen Graef | ) edition.cnn.com time to read: +2 min

CNN —Republican former Rep. Liz Cheney said she believes a GOP majority in the House in 2025 would present a “threat” to the country. “I believe very strongly in those principles and ideals that have defined the Republican Party, but the Republican Party of today has made a choice and they haven’t chosen the Constitution. And we have to ensure that we don’t have a situation where the election that might be thrown into the House of Representatives is overseen by a Republican majority,” she said. Two presidents have been selected by the House: Thomas Jefferson and John Quincy Adams. If Trump is the party’s nominee, Cheney has said she will leave the GOP.

Persons: Liz Cheney, ”, ” Cheney, Mike Johnson, Thomas Jefferson, John Quincy Adams, Cheney, Johnson, Louisiana Republican “, Donald Trump’s, Trump, Johnson “, CNN’s Jamie Gangel, Jeremy Herb, Elizabeth Stuart Organizations: CNN, Republican, GOP, Republican Party, CBS, Electoral College, Representatives, Louisiana Republican, Trump, White Locations: Wyoming

☆ Julia Roberts shares rare photo of her twins in honor of their 19th birthday
▼ + stars: | 2023-11-29 | by ( Lisa Respers France | ) edition.cnn.com time to read: 1 min

The actress posted a photo of her twins Hazel and Phinnaeus as infants on social media Tuesday to mark their 19th birthday. “19,” the caption of the photo of Roberts with her children on her lap reads. She shares the twins with husband Danny Moder, along with 16-year-old son, Henry. Last year she talked to “CBS Sunday Morning” and said acting was “a dream come true,” while adding some of her other dreams that have come to pass. The life that we’ve built with our children,” she said.

Persons: Julia Roberts, Hazel, Phinnaeus, Roberts, ” Roberts, Danny Moder, Henry, ” Organizations: CNN, CBS

☆ Oil prices gain as concerns mount over Middle East tensions
▼ + stars: | 2023-10-16 | by ( Laura He | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Oil prices rose above $91 a barrel on Monday as diplomatic efforts to address the crisis in the Middle East intensified. The “Middle East risk” is dominating the landscape for global asset prices, said Stephen Innes, managing partner for SPI Asset Management. “The ongoing conflict could weigh even further on the global oil supply over time by potentially reducing the probability of Saudi-Israeli normalization and posing downside risks to Iranian oil production, leading to a further surge in oil prices,” he said. Global oil prices had increased for months as production cuts by Saudi Arabia and Russia fueled worries about reduced global supply. New US measures, unveiled last week, aimed at raising the cost of Russia’s attempts to skirt a cap on the price of its oil might have also driven oil prices higher.

Persons: Jake Sullivan, ”, Stephen Innes Organizations: Hong Kong CNN, Investors, Brent, Texas Intermediate, CBS Sunday, US National, ANZ Research, Hamas Locations: Hong Kong, Middle, Israel, Gaza, Iran, Saudi, Saudi Arabia, Russia, Israel’s

☆ Israel-Hamas war: Diplomatic aid efforts ramp up for 'strangled' Gaza as regional conflict fears grow
▼ + stars: | 2023-10-16 | by ( Helen Regan Kareem El Damanhoury Eyad Kourdi Abeer Salman Abbaggini | Helen Regan | Kareem El Damanhoury | ) edition.cnn.com time to read: +10 min

“We all know water is life – Gaza is running out of water, and Gaza is running out of life. People walk amid the destruction of houses and streets in Khan Younis, located in the southern Gaza Strip. Meanwhile, Hamas is believed to be holding some 150 Israeli and foreign nationals hostage in the warren of tunnels underneath Gaza. It is also unclear if water is now flowing into southern Gaza. Israeli soldiers gather on and around a tank near Israel's border with the Gaza Strip, in southern Israel on October 15.

Persons: ”, ’, Joe Biden, Philippe Lazzarini, ” Lazzarini, “, Marwan Jilani, Khan Younis, Mohamed Zaanoun, Dominic Allen, ” UNRWA’s Lazzarini, Isaac Herzog, Antonio Guterres, Pope Francis, Ravina Shamdasani, doesn’t, ” Shamdasani, Herzog, Antony Blinken, Benjamin, Netanyahu, Sunday Blinken, China’s, Wang Yi, Israel, Zhai Jun, Jacquelyn Martin, Jordan, United States Michael Herzog, Stéphane Dujarric, Jonathan Conricus, Emmanuel Macron “, Ebrahim Raisi, Warthogs, Ronen Zvulun, Jake Sullivan, ” Sullivan Organizations: Jerusalem CNN, Israel’s, UN, Israel Defense Forces, United Nations Relief, Works Agency, “, CNN, Crescent, Getty, Population Fund, Sunday, Palestinian Health Ministry, UN Human Rights, Reuters, CNN Israel, CNN Sunday, Water Authority, East Sunday, CBS Sunday, US National Locations: Gaza, Jerusalem, Israel, Rafah, Egypt, Khan, Guterres, Cairo, Jordan, nonfunctional, United States, Israeli, Iran, Syria, Israel’s, Lebanon

☆ Apple is 2 years into its hybrid work pilot and still doesn't know the right balance
▼ + stars: | 2023-09-21 | by ( Cork Gaines | ) www.businessinsider.com time to read: +5 min

Apple's hybrid work pilot program is still going two years after it was first proposed. It started after employees pushed back against a plan to bring them back to the office three days per week. "So what we decided to do was run a pilot where people come into the office three days a week. Apple first announced the pilot program Cook spoke of in June 2021 as pandemic restrictions wound down and people came out into the sun squinting their eyes. In mid-2022, Cook told employees that the pilot program wasn't set in stone and expected aspects to be adjusted.

Persons: Tim Cook, Cook, Tayfun, —, Marc Benioff Organizations: Service, CBS, Apple, Anadolu Agency, Getty, Employees Locations: Wall, Silicon, Cupertino , California, United States, Chengdu, Southwest China's Sichuan province

☆ Watch Apple CEO Tim Cook take a customer service call: 'You guys thought I'd screw it up'
▼ + stars: | 2023-09-19 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

It's not everyday you see a CEO take a customer service call. Apple's Tim Cook helped a caller with an iPhone decision during a "CBS Sunday Morning" interview. You guys thought I'd screw it up," he jokingly told onlooking Apple employees after the call. After he got off, the room of onlooking employees burst into cheers and applauded Cook, who shook a few employees' hands. The caller "wanted to upgrade their iPhone," Cook told CBS anchor John Dickerson.

Persons: Tim Cook, onlooking, Apple's, Cook, John Dickerson, Ted Lasso, he's, Uber's Dara Khosrowshahi moonlit, Khosrowshahi Organizations: CBS, onlooking Apple, Service, Fortune, Apple, Apple Watch, GE Locations: Wall, Silicon, Apple's Austin , Texas

☆ Tim Cook says Apple's Vision Pro is on track for early 2024 release and he watched the entire third season of 'Ted Lasso' on the headset
▼ + stars: | 2023-09-18 | by ( Beatrice Nolan | ) www.businessinsider.com time to read: +2 min

Tim Cook says the Vision Pro is on track for a release early next year. Cook said he used the headset regularly and watched soccer drama "Ted Lasso" on it. In an interview with CBS Sunday Morning, the Apple CEO pushed back on reports the headset had been hampered by manufacturing delays. Cook said he was using the Vision Pro on a "regular basis" and had been able to watch the entire third season of "Ted Lasso" on it. Apple unveiled the mixed-reality headset at its annual developer conference in June, with a launch set for early 2024.

Persons: Tim Cook, Cook, Ted Lasso, Apple, he'd, Elon Musk Organizations: FT, Service, CBS, Apple, Financial Times Locations: Wall, Silicon

☆ Michael Bloomberg implies remote employees are playing golf instead of working: 'It is funny, but it's tragic'
▼ + stars: | 2023-09-14 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +4 min

Michael Bloomberg is an outspoken critic of remote work. He thinks employees are slacking off and hitting the golf course during the workday, he told CBS. A March study by Stanford University researchers found that remote work "powered a huge boom in golfing," with visits to golf courses surging on weekdays and mid-afternoons compared to pre-pandemic times. AdvertisementAdvertisementIn August, he wrote an opinion piece for The Washington Post, arguing that remote work for federal employees had "gone on too long." Just days after Bloomberg's article was published, Biden reportedly ramped up efforts to get federal employees back to the office.

Persons: Michael Bloomberg, slacking, I've, Nick Bloom, Alex Finan, CBS's Mo Rocca, Jacob Frey, Biden, Goldman Sachs, Abbie Shipp Organizations: CBS, New, New York City, Service, Stanford University, Bloomberg, Minneapolis, Employees, Washington, Meta, Neeley School of Business, Texas Christian University Locations: New York, Wall, Silicon

☆ 'Barbie' star Margot Robbie has made $50 million from success of $1 billion film: report
▼ + stars: | 2023-08-16 | by ( Nicolas Vega | ) www.cnbc.com time to read: +2 min

The runaway success of "Barbie" at the worldwide box office has resulted in a massive payday for producer and star Margot Robbie. The 33-year-old actor has reportedly taken home $50 million in salary and box office bonuses, according to a report in Variety which cited three sources with knowledge of her deal. "Barbie" recently became the 51st film to sell more than $1 billion worth of tickets at the global box office, and this week surpassed 2008's "The Dark Knight" as the highest-grossing film ever released by Warner Bros. And her pay is expected to grow as "Barbie" continues to perform well at the box office. "She'd take money out of the house mortgage and lend me money," Robbie told CBS Sunday Morning.

Persons: Margot Robbie, Barbie, Sandra Bullock, Robbie, Tom Cruise, I've, Warren Buffett Organizations: Variety, Warner Bros, Hollywood, CBS

☆ CBS News Chief Neeraj Khemlani is stepping down from his role
▼ + stars: | 2023-08-13 | by ( Oliver Darcy | ) edition.cnn.com time to read: +2 min

CNN —CBS News President and co-head Neeraj Khemlani, who has led the Tiffany Network’s news division and local TV stations for a little more than two years, abruptly announced Sunday that he would step down from his role. “I have some news to share today, and I don’t want to bury the lede,” read a memo from Khemlani to staffers. During his tenure, Khemlani bolstered CBS News’ reporting ranks, luring prominent journalists such as Robert Costa and Cecilia Vega to the outlet. The CBS News chief was the subject of a human resources probe earlier this year. Khemlani is the third network news chief to exit in 2023.

Persons: Khemlani, Tiffany, “, ”, I’ve, ” Khemlani, Simon, Simon & Schuster, Wendy McMahon, George Cheeks, Robert Costa, Cecilia Vega, Chris Licht, Noah Oppenheim Organizations: CNN, CBS, Simon &, Khemlani, CBS News, Evening, ”, NBC, ABC, NBC News

Republican presidential hopefuls have just two weeks left to qualify for the first presidential primary debate, which is set for Aug. 23. Candidates must hit the minimum threshold of 40,000 unique donors and the polling thresholds 48 hours prior to that debate, and also commit to supporting the eventual GOP nominee. So far, seven candidates have appeared to qualify for the debate in Milwaukee: former President Donald Trump, Florida Gov. Ron DeSantis, businessman Vivek Ramaswamy, former United Nations Ambassador Nikki Haley, South Carolina Sen. Tim Scott, North Dakota Gov. Ambassador Nikki Haley as she struggles to break through the GOP presidential primary field.

Persons: Donald Trump, Ron DeSantis, Vivek Ramaswamy, Nikki Haley, South Carolina Sen, Tim Scott, Doug Burgum, Chris Christie, Mike Pence, Asa Hutchinson, they’re, Perry Johnson, he’s, … Trump, Gavin Newsom’s, ’, Matt Dixon, Robert Bigelow, ”, Harris, Kamala Harris, Pence, Sarah Dean, Mike Pence’s, Alex Tabet, Katherine Koretski, Will, won’t, Dean Phillips, Biden, Phillips, “, Henry J, Gomez Organizations: GOP, Florida Gov, United Nations, Tim Scott , North Dakota Gov, New, New Jersey Gov, Trump, Arkansas Gov, Republican National Committee, California Democratic, Fox, NBC, Florida Keys, Reuters, “, New York Times, DeSantis, Minnesota Democratic, CBS, Buckeye, Senate Locations: Milwaukee, Florida, South Carolina, Tim Scott , North, New Jersey, California, Iowa, Ohio

☆ 'Barbie' star Margot Robbie used her earnings to pay off her mom's house: 'Don't even worry about that mortgage'
▼ + stars: | 2023-07-24 | by ( Nicolas Vega | ) www.cnbc.com time to read: +1 min

When Margot Robbie first started earning money as an actress, her first order of business way to pay back the person who had helped her achieve her dreams. During Robbie's early career, her mother helped keep her afloat by borrowing against her home, the actress revealed in an interview with CBS Sunday Morning. "She'd take money out of the house mortgage and lend me money," she said. Robbie said that she kept careful track of every dollar that her mother gave her, writing it all down. "I was like, 'Mom, don't even worry about that mortgage anymore.

Persons: Margot Robbie, I've, Robbie, Robbie wasn't Organizations: CBS

☆ Rescuers race against time to find the missing sub in the Atlantic bound for the Titanic site
▼ + stars: | 2023-06-20 | by ( ) www.cnbc.com time to read: +10 min

Rescuers in a remote area of the Atlantic Ocean raced against time early Tuesday to find a missing submersible carrying five people on a mission to document the wreckage of the Titanic. OceanGate's expeditions to the Titanic wreck site include archaeologists and marine biologists. Gallo identified Nargeolet, a friend who has led multiple expeditions to the Titanic, on Tuesday during an interview with CNN. OceanGate hired the Polar Prince to ferry dozens of people and the submersible craft to the North Atlantic wreck site. CBS journalist David Pogue, who went on the trip last year, noted his vessel got turned around looking for the Titanic.

Persons: Mauger, NBC's, John Mauger, David Concannon, John's, Concannon, OceanGate, Hamish Harding, Harding, Mark Butler, Butler, Victor Vescovo, Mariana, Richard Garriott de Cayeux, Shahzada Dawood, Suleman, Allah, Paul, Henry Nargeolet, David Gallo, Gallo, David Pogue, Pogue, Mike Reiss, Alistair Greig, submersibles, Greig Organizations: Discovery, U.S . Coast Guard, OceanGate Expeditions, Authorities, Rescue Coordination Center, Rescuers, Polar, Canadian Boeing, Twitter, U.S, Lockheed, The Associated Press, AP, Coast Guard, United Arab, Action Aviation, World Records, Shepard, The Explorers, SETI Institute, CNN, CBS, University College London Locations: Nova Scotia, British, St, John's, Newfoundland, Canadian, Bahamas, Dubai, United Arab Emirates, California, Virginia

☆ CNN Chairman and CEO Chris Licht is out after a brief and tumultuous tenure
▼ + stars: | 2023-06-07 | by ( Oliver Darcy | ) edition.cnn.com time to read: +7 min

New York CNN —Chris Licht, the embattled chief executive and chairman of CNN, whose brief one-year tenure at the network was stained by a series of severe missteps, departed the company on Wednesday. “I met with Chris and he will be leaving CNN,” David Zaslav, the chief executive of parent company Warner Bros. But it became increasingly clear that Licht’s tenure as the chief executive was not tenable and quickly coming to an end. The CNN chief had, in effect, lost the room. Hundreds of CNN employees were laid off in late November and early December.

Persons: Chris Licht, “, Chris, ” David Zaslav, Jeff Zucker, Stephen Colbert ”, Kevin Mazur, Tim Alberta, Licht, David Leavy, Zaslav, ”, ” Zaslav, “ It’s, Amy Entelis, Virginia Moseley, Eric Sherling, Joe ”, Licht’s, Zucker, Brian Stelter, Don Lemon, Poppy Harlow, Kaitlan Collins, Lemon, Donald Trump, Christiane Amanpour Organizations: New, New York CNN, CNN, Warner Bros, CNN Worldwide, Discovery, CBS, Columbia Journalism School, Licht Locations: New York, CNN’s Hudson, Alberta

☆ Michael J. Fox calls Parkinson’s disease ‘the gift that keeps on taking’ in candid new interview
▼ + stars: | 2023-04-30 | by ( Dan Heching | ) edition.cnn.com time to read: +2 min

CNN —Michael J. It’s getting harder,” Fox said, adding, “Every day it’s tougher.”His life with his family, and how living with Parkinson’s affects their day-to-day reality, will be covered in the new documentary “Still: A Michael J. “(Falling) is a big killer with Parkinson’s,” Fox noted. “Still: A Michael J. Fox Movie” will premiere on Apple TV+ on May 12.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. Although some investors in Credit Suisse bonds lost everything, Swiss taxpayers are still on the hook for up to 9 billion Swiss francs ($9.8 billion) of potential losses arising from certain Credit Suisse assets. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

“I have argued for years that the biggest banks in the world are still too big to fail. In practice, however, the economic damage would be considerable.”Keller-Sutter was at the center of a government-orchestrated rescue of Credit Suisse by its larger rival UBS (UBS) earlier this month. Global standards for dealing with teetering “too big to fail” banks were key a part of the package of rules introduced after the global financial crisis. They were designed to make it possible to wind down a big bank without destabilizing the financial system or exposing taxpayers to the risk of losses. The rest is lent out at higher interest rates or invested, because that’s how big banks make most of their profit.

☆ What would a federal expansion of deposit insurance look like?
▼ + stars: | 2023-03-22 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +7 min

That’s the Federal Deposit Insurance Corporation’s standard limit, meaning any bank deposits up to that amount are protected by the independent government agency. But now there’s growing support for raising that insurance cap. A higher insurance cap doesn’t automatically mean banks will be subject to tighter regulations, Dollar noted, but there could be some call for it. The FDIC insurance limit has been raised seven times since 1950 — and $250,000 also isn’t a calculated number, Collins said. In 2008, the FDIC used the same system for temporary unlimited deposit insurance guarantee on certain accounts.

Search resuls for: "CBS Sunday"

25 mentions found