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☆ Take a look inside a historic 54-room Gilded Age mansion that belonged to one of America's richest families
▼ + stars: | 2024-04-30 | by ( Talia Lakritz | ) www.businessinsider.com time to read: +1 min

The Vanderbilt Mansion in Hyde Park, New York, was built by Frederick Vanderbilt in the 1890s. The 45,000-square-foot Gilded Age mansion is located on 153 acres of land in the Hudson Valley. The National Park Service offers tours of the mansion to the public. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. This story is available exclusively to Business Insider subscribers.

Persons: Frederick Vanderbilt, —, Cornelius Vanderbilt, Cornelius, William Vanderbilt Organizations: Vanderbilt, National Park Service, Service, US Treasury, Business Locations: Hyde Park , New York, Hudson, America

☆ India’s Gautam Adani rebounds from Hindenburg attack with return to the $100 billion club
▼ + stars: | 2024-02-08 | by ( Diksha Madhok | ) edition.cnn.com time to read: +5 min

Hindenburg Research published a blistering report in January 2023, accusing Gautam Adani, then Asia’s richest man, of engaging in fraud over decades. “The group has done exceptionally well on various fronts since the Hindenburg report,” said Manish Chowdhury, head of research at brokerage StoxBox. On Thursday, his wealth once again crossed the $100 billion threshold, according to the Bloomberg Billionaires Index. An ‘attack’ on IndiaHindenburg Research, named after the 1937 airship disaster, had accused the Adani Group of “brazen stock manipulation” and it questioned the “sky-high” valuations of Adani firms. However, since the Hindenburg report, the group has worked on reducing its borrowing.

Persons: David, Gautam Adani, Hindenburg, Adani, ”, Manish Chowdhury, ” Adani, Jeff Bezos, Mukesh Ambani, John D Rockefeller, Cornelius Vanderbilt, Narendra Modi, Chowdhury, “ Organizations: New, New Delhi CNN, Hindenburg Research, Bloomberg, India Hindenburg Research, Adani, GQG Partners, “, America’s, Adani Enterprises, Indian, Bharatiya Janata Party Locations: New Delhi, India, ’, ”, Times

☆ Why doesn’t the US have more passenger trains?
▼ + stars: | 2023-11-25 | by ( Samantha Delouya | ) edition.cnn.com time to read: +12 min

Today, the United States’ passenger rail system is an echo of its former self, with swathes of the network unused or surrendered to freight. In 1970, President Richard Nixon signed the Rail Passenger Service Act, which removed the requirement that private rail companies provide passenger service. Mike Segar/ReutersBut many American towns and cities have lost access to passenger trains. Can passenger trains make a comeback? A passenger rides an Amtrak train passing near the Pacific Ocean on November 9, 2021 near Oceanside, California.

Persons: you’ll, Biden, ”, Miguel Medina, JP Morgan, Jay Gould, Cornelius Vanderbilt, Christian Wolmar, “, Yonah Freemark, Bing Guan, Freemark, Dwight D, Eisenhower, Harvey Weber, Paul Hammond, Hammond, Richard Nixon, Daniel Patrick Moynihan, Mike Segar, Ulysses S, Grant, Al Drago, Joe Biden, ” Freemark, Robert Puentes, It’s, ” Puentes, Mario Tama, Brightline, Carline Jean, Tony Coscia Organizations: Los Angeles CNN, Washington , D.C, Brightline, Miami, US Department of Transportation, du, Getty, Amtrak, US, Transcontinental Railroad, Central Pacific Railroad, Union Pacific Railroad, Railroad, CNN, Bloomberg, United States Senate, Newsday, Colorado Railroad Museum, Rail, Service, Hall, Pennsylvania, Bureau of Transportation Statistics, Washington DC, Eno Center for Transportation, Private, Las, Passengers, West Palm Beach, Fort, South Florida Sun Sentinel, Tribune Locations: Europe, Asia, America, United States, Boston, Washington ,, Orlando, California, Los Angeles, San Francisco, Swedish, Paris, AFP, France, Japan, China, Promontory Point , Utah, Compton , California, American, Levittown , New York, Manhattan, New York City , New York, U.S, Indiana, Ohio, Baltimore, Baltimore , Maryland, Potomac, Delaware, Oceanside , California, South Florida, Las Vegas, West Palm, Fort Lauderdale, Florida, South

☆ The very rich are often bad investors. Here’s why
▼ + stars: | 2023-09-25 | by ( Nicole Goodkind | ) edition.cnn.com time to read: +8 min

But there are only about 730 billionaires in the country, according to Forbes, and almost none of them inherited longstanding generational wealth. In fact, less than 10% of the current list of billionaires are descended from anyone on the first Forbes’ rich list, published in 1982. If you get the “What?” decision wrong and the sizing decision right, it’s still unfortunate and you’re going to lose money. Every year there’s going to be volatility — one year you’re going to be up 35% and the next year you’re going to be down 25%, but in the long term it will even out to 5%. The current walkout came close to beating the longest strike in WGA history, a 1988 strike that lasted 154 days.

Persons: New York CNN —, Forbes, Victor Haghani, ”, James White, Haghani, LTCM, CNN’s, it’s, you’re, Cornelius Vanderbilt, Chris Isidore, Oliver Darcy, Laura He Organizations: CNN Business, Bell, New York CNN, Forbes, Elm Partners, Term Capital Management, Federal Reserve, Vanderbilt, Writers Guild, Writers Guild of America, WGA Locations: New York, United States, Russia, Hollywood, China, Beijing

☆ Gautam Adani lost half his wealth in a flash. Here’s what happened
▼ + stars: | 2023-02-04 | by ( Julia Horowitz | ) edition.cnn.com time to read: +6 min

While the Adani Group has condemned the report as “baseless” and “malicious,” investor questions about its claims linger, and the fallout is growing. Gautam Adani is a 60-year-old tycoon who founded the Adani Group more than 30 years ago. The firm said it had taken a short position in Adani Group companies, meaning it would benefit from a drop in their value. Stocks of most Adani Group companies slumped again on Friday. Indian banks that hold Adani Group assets could also be affected if the value of those holdings continues to drop.

☆ Adani vs Hindenburg: India’s top businessman faces biggest test
▼ + stars: | 2023-01-31 | by ( Diksha Madhok | ) edition.cnn.com time to read: +9 min

So, how did a relatively young and small New York financial research firm manage to bring the Adani juggernaut to a juddering halt? Much of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. This is not the first time analysts have expressed fear that the rapid expansion of Adani businesses comes with huge risk. In its response, Adani Group said that the “leverage ratios” of its companies “continue to be healthy and are in line with the industry benchmarks in the respective sectors. Adani Group “is not going anywhere,” said Rajat Sharma, founder of financial advisory firm Sana Securities.

☆ Indian billionaire Gautam Adani was a college dropout. Now he may be too big to fail
▼ + stars: | 2022-10-10 | by ( Diksha Madhok | ) edition.cnn.com time to read: +11 min

Indian billionaire Gautam Adani’s conglomerate had just launched a hostile bid to take over an influential broadcaster in the capital. Rupak De Chowdhuri/ReutersMuch of his fortune is tied up in the sprawling Adani Group, which he founded over 30 years ago. Most of the companies in the Adani empire are held closely by the billionaire, his family and associated firms, including nearly 75% stakes in AEL, Adani Power, and Adani Transmissions. Yet, the Adani Group has continued to raise billions from Indian and foreign banks. CreditSights, a research firm owned by Fitch Group, in August published a report about Adani Group titled “Deeply Overleveraged” in which it expressed strong concerns.

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