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☆ Senate probe zeroes in on Harlan Crow tax deductions for superyacht used for Clarence Thomas vacations
▼ + stars: | 2024-02-06 | by ( Eamon Javers | ) www.cnbc.com time to read: +3 min

How Crow uses his 160 foot yacht has drawn the attention of Senate Finance Committee investigators, who are probing Crow's financial and personal ties to Supreme Court Justice Clarence Thomas. Thomas and his wife Ginni Thomas have taken several cruises aboard the ship, the Michaela Rose, including trips around Indonesia and New Zealand. Rochelle Charter, Inc., which was formed by the Crow family to lease out the yacht, reported tax-deductible business losses in 10 of the 13 years for which ProPublic has records. In order for business losses to be deducted from federal income taxes, a company must be engaged in an actual business with paying customers. "Mr. Crow engages professional accounting firms to prepare his tax returns and complies with tax law in good faith.

Persons: Clarence Thomas, Al Drago, Harlan Crow's, Crow, Thomas, Ginni Thomas, Michaela Rose, Ron Wyden, Sen, Erin Scott, ProPublic, Wyden, Harlan Crow, Mr Organizations: U.S, Supreme, White, Washington , D.C, Bloomberg, Getty Images WASHINGTON — Billionaire, IRS, CNBC, Finance, Democratic, Reuters Tax, Inc, Internal Revenue Service Locations: Washington ,, Indonesia, New Zealand, Washington, Rochelle

[1/2] Wells Fargo CEO Tim Sloan testifies before a House Financial Services Committee hearing titled: "Holding Megabanks Accountable: An Examination of Wells Fargo's Pattern of Consumer Abuses" in Washington, U.S. March 12, 2019. Sloan in the lawsuit filed in California state court says Wells Fargo canceled stock awards and withheld a bonus he had earned before stepping down. Wells Fargo in a statement said that "compensation decisions are based on performance, and we stand by our decisions in this matter." Sloan led Wells Fargo from 2016 to 2019, when he became the second chief executive to step down over claims that the bank had opened millions of unauthorized consumer accounts. Sloan accused Wells Fargo of breach of contract and, along with the $34 million, is seeking unspecified damages for emotional distress and punitive damages.

Persons: Tim Sloan, Erin Scott, Sloan, Wells, Wells Fargo, Sloan's, David Lowe, Francoise Brougher, Daniel Wiessner, Diane Craft Organizations: Wells, Financial, REUTERS, Former Wells Fargo & Co, Federal Reserve, Tesla, Thomson Locations: Washington , U.S, California, Wells, Wells Fargo, Sloan's San Francisco, Albany , New York

☆ Biden touts billions for northeast US rail corridor
▼ + stars: | 2023-11-06 | by ( Jarrett Renshaw | ) www.reuters.com time to read: +2 min

REUTERS/Erin Scott/File Photo Acquire Licensing RightsNov 6 (Reuters) - U.S. President Joe Biden on Monday will announce the latest tranche of federal dollars to modernize key portions of the nation's busiest rail corridor that stretches from Boston to Washington DC. Biden is highlighting $16.4 billion in funding from the 2021 bipartisan infrastructure law for 25 passenger rail projects on Amtrak’s Northeast Corridor, which supports some 800,000 trips per day in a region that represents 20% of the nation's gross domestic product. "The bottom line is that for the over 200 million passengers who ride this rail corridor every year, these improvements are going to shorten travel times and improve reliability," U.S. Transportation Secretary Pete Buttigieg said in a statement. Monday's event marks at least the third time Biden has held an event to highlight funding the Northeast Corridor line, underscoring the president's personal connection with the corridor. He believes strongly in improving America's passenger rail and he knows the Northeast Corridor like no one else," White House infrastructure czar Mitch Landrieu said.

Persons: Joe Biden, Finnegan, Maisy, Erin Scott, Biden, Pete Buttigieg, Frederick Douglass, Mitch Landrieu, Jarrett Renshaw, Lincoln Organizations: REUTERS, Washington DC, U.S . Transportation, Amtrak, Thomson Locations: Philadelphia , Pennsylvania, U.S, Boston, Washington, New York, Hudson, New Jersey, Maryland, Wilmington, Amtrak's Wilmington

☆ Biden’s ‘Junk Fee’ Crackdown Comes for Retirement Advice
▼ + stars: | 2023-10-31 | by ( Anne Tergesen | ) www.wsj.com time to read: 1 min

The U.S. Labor Department on Tuesday proposed that financial advisers, brokers and insurance agents should be held to the fiduciary standard on rollover IRAs. Photo: Erin Scott/BloombergAmericans rolling over their money into an individual retirement account from a 401(k) will have more protections on the advice they get as part of a Labor Department proposal released Tuesday. Under a 1974 federal law that governs retirement accounts, employers have a duty to manage 401(k) plans in the best interest of employees, including to vet the investments and fees. Known as Erisa, the law also imposes this fiduciary standard on advisers to act in a client’s best interest when giving advice in 401(k)s.

Persons: Erin Scott Organizations: U.S . Labor Department, Bloomberg, Labor Department

[1/3] Rep. Steve Scalise (R-LA) and Rep. Jim Jordan (R-OH) speak to reporters on Capitol Hill in Washington, U.S., October 29, 2019. Buck said Jordan and Scalise provided unsatisfactory answers on the question of reining in spending on Tuesday night. Scalise and Jordan have both racked up several dozen endorsements, but neither has a clear path to success. Some moderates, for example, have warned that Jordan becoming speaker would give Democrats plenty of ammunition for next year's congressional elections. "I think Jim Jordan will end up getting it, and if not, Scalise would be fine," said Representative Ralph Norman, who supports Jordan.

Persons: Steve Scalise, Jim Jordan, Erin Scott, Kevin McCarthy, McCarthy, Patrick McHenry, Tom Cole, Scalise, Jordan, Ben Cline, Ken Buck, Buck, Ralph Norman, David Morgan, Moira Warburton, Richard Cowan, Andy Sullivan, Scott Malone, Gerry Doyle, Jonathan Oatis, Deepa Babington Organizations: Capitol, REUTERS, Rights, U.S . House, Republicans, Republican, Reuters, Jordan, Thomson Locations: Washington , U.S, U.S, Jordan, Israel, Ukraine, Wednesday's, Washington

The Indian government has complained about the presence of Sikh separatist groups outside India, especially in Canada. The groups have kept alive the movement for Khalistan, or the demand for an independent Sikh state to be carved out of India. One such group called Sikhs for Justice is based in the United States and has been organizing an unofficial so-called "Khalistan Referendum". The demand for an independent Sikh state surfaced most prominently in India during a violent insurgency in the 1980s and 1990s and paralyzed the state of Punjab. Canada last month alleged that India may have been involved in the killing of Canadian citizen and Sikh separatist Hardeep Singh Nijjar, whom New Delhi labeled as a "terrorist".

Persons: Erin Scott, we're, Indira Gandhi, Hardeep Singh Nijjar, Simon Lewis, Kanishka Singh, Gareth Jones Organizations: REUTERS, Rights, State Department, Justice, U.S . State Department, Air, Air India Boeing, Thomson Locations: Washington , U.S, United States, India, Canada, U.S, Punjab, Air India, New Delhi, Washington

☆ Pentagon expects to release its annual China report in mid-October
▼ + stars: | 2023-09-06 | by ( ) www.reuters.com time to read: +1 min

[1/2] The Pentagon building is seen in Arlington, Virginia, U.S. October 8, 2020. REUTERS/Erin Scott/File photo Acquire Licensing RightsWASHINGTON, Sept 6 (Reuters) - The Pentagon expects to release its closely-watched annual report on China's military modernization and defense strategy in mid-October, although the timing could shift, a senior U.S. defense official said on Wednesday. The annual report offers a snapshot of everything from China's nuclear forces to its pressure on Taiwan, a self-ruled island that Beijing sees as its own, and which receives sharp criticism from Beijing. Last year, the Pentagon report predicted China would likely have a stockpile of 1,500 nuclear warheads by 2035 if it continues with the current pace of its nuclear buildup. China's defence ministry responded by saying the U.S. was "gesticulating and absurdly guessing about the modernisation of China's nuclear forces."

Persons: Erin Scott, Ely Ratner, Phil Stewart, Idrees Ali, Marguerita Choy Organizations: Pentagon, REUTERS, Rights, Thomson Locations: Arlington , Virginia, U.S, Taiwan, Beijing, China

☆ Dollar General shares tank after another disappointing quarter
▼ + stars: | 2023-08-31 | by ( ) www.reuters.com time to read: +2 min

Dollar General shopping carts are seen outside a store in Mount Rainier, Maryland, U.S., June 1, 2021. Shares of the company have fallen about 36% this year, making it one of the worst performers in the S&P 500 in 2023. In an effort to improve its business and lure in value-seeking customers, Dollar General has been investing to keep prices low for its everyday staples, which are typically less profitable. Meanwhile, sales in the home products and apparel segments, which carry higher margins, fell more than 7% each in the second quarter ended August 4. For the quarter, same-store sales fell 0.1%, compared with analysts' average estimate of a 1.08% rise, according to Refinitiv IBES data.

Persons: Erin Scott, Savyata Mishra, Pooja Desai Organizations: REUTERS, Thomson Locations: Mount Rainier , Maryland, U.S, Tennessee, Bengaluru

☆ Dollar General shares sink on second annual forecast cut, disappointing investors
▼ + stars: | 2023-08-31 | by ( Savyata Mishra | ) www.reuters.com time to read: +2 min

Dollar General shopping carts are seen outside a store in Mount Rainier, Maryland, U.S., June 1, 2021. The Goodlettsville, Tennessee-based retailer has fallen short of the average analyst forecast for four straight quarters, and on Thursday cut its annual profit and sales targets for the second time this year. The quarter "marks the fourth consecutive guide down for Dollar General, which admittedly creates further uncertainty if we are hitting the bottom yet," said Raymond James analyst Bobby Griffin. "While we expect traffic trends to improve, we do not expect positive traffic until the fourth quarter," CFO Kelly Dilts said. To better compete with rival Dollar Tree and bigger grocer Walmart (WMT.N), Dollar General has been investing to keep prices low for its everyday staples, improve merchandise mix and increase wages.

Persons: Erin Scott, Raymond James, Bobby Griffin, Kelly Dilts, Savyata Mishra, Pooja Desai Organizations: REUTERS, Dollar, Walmart, Thomson Locations: Mount Rainier , Maryland, U.S, , Tennessee, Bengaluru

☆ Billionaire CEOs said working from home made them happier. Some now want to fire workers who don't show up to the office.
▼ + stars: | 2023-08-28 | by ( Polly Thompson | ) www.businessinsider.com time to read: +14 min

AdvertisementAdvertisementThe Meta CEO told staff they could expect him to spend half of the next year working remotely. True to his word, in his first week Musk banned remote work in a 2:30 a.m email to Twitter staff. Still: Unlike some of the other wealthy CEOs on this list, Eric Yuan has always been a little skeptical of permanent remote work. Roy RochlinSalesforce CEO Marc Benioff was initially outspoken in his support for remote working. Joining the growing list of CEOs that say remote work is not conducive to productivity, Salesforce revised its work-from-anywhere strategy.

Persons: Mark Zuckerberg, Goldman Sachs, Prithwiraj Choudhury, Zuckerberg, Meta, I've, Erin Scott, Skip, Insider's Kali Hays, Hugh Langley, Evan Spiegel, Miranda Kerr, Pierre Mouton, Stringer, Spiegel, I'm, ERIC PIERMONT, Kali Hays, Jack Dorsey, PRAKASH SINGH, lockdowns, Dorsey, Elon Musk, Musk, Zoe Schiffer, hasn't, Eric Yuan, Kena, Zoom, Kelly Steckelberg, Yuan, Marc Benioff, Roy Rochlin, Salesforce, Benioff, Justin Sullivan, Kara Swisher Organizations: Service, Meta, Harvard Business School, Wall Street, Staff, CNBC, Getty, Twitter, San, New, Elon, San Francisco, Bloomberg, Zoom, Workers, MarketWatch, Smith, Yahoo Finance, Insider Locations: Wall, Silicon, San Francisco, Singapore, Silicon Valley , California

☆ Dollar Tree forecasts tepid annual profit on costs, pivot to spending on essentials
▼ + stars: | 2023-08-24 | by ( ) www.reuters.com time to read: +2 min

A Dollar Tree sign is seen outside the store in Washington, U.S., June 1, 2021. REUTERS/Erin Scott/File Photo Acquire Licensing RightsAug 24 (Reuters) - Dollar Tree (DLTR.O) forecast annual profit largely below estimates on Thursday, owing to higher costs and a shift in spending towards lower-margin consumables. Chief Financial Officer Jeff Davis said the profit outlook was also impacted by unfavorable shrink trends and higher diesel fuel prices. Dollar Tree, like retailers Target (TGT.N) and Macy's (M.N), has been plagued by a rise in retail shrink, where inventory is lost, damaged, or stolen. Dollar Tree said it now expects to earn in the range of $5.78 to $6.08 per share in fiscal 2023, compared with its prior outlook of between $5.73 and $6.13.

Persons: Erin Scott, Jeff Davis, Savyata Mishra, Pooja Desai Organizations: REUTERS, Target, Thomson Locations: Washington , U.S, Chesapeake , Virginia, Bengaluru

☆ So, that's the end of OpenAI's ChatGPT moat
▼ + stars: | 2023-07-20 | by ( Hasan Chowdhury | ) www.businessinsider.com time to read: +6 min

In the fast-changing world of AI, OpenAI appeared to have created a powerful moat through ChatGPT. But Meta rolling out its own powerful language model, Llama 2, with few restrictions puts ChatGPT at risk. And unlike OpenAI's ChatGPT, Llama 2 doesn't come with an easy-to-use consumer interface. As the first popular entrant into the generative AI space, OpenAI's chatbot had the advantage of capturing the imaginations of millions before Google, Meta and the rest. But open models were always the threat.

Persons: OpenAI, chatbot, Mark Zuckerberg, Erin Scott, Warren Buffett, ChatGPT, Kali Hays, Rosalie Chan, Nathan Lambert, Lambert, It's Organizations: Meta, Google, Microsoft, ChatGPT, Stanford University, UC Berkeley

☆ South Korea says leaked US intel document 'untrue' amid US spying allegations
▼ + stars: | 2023-04-11 | by ( Soo-Hyang Choi | ) www.reuters.com time to read: +3 min

REUTERS/Erin ScottSEOUL, April 11 (Reuters) - A senior South Korean security official said on Tuesday that information contained in purportedly leaked U.S. confidential documents that appeared to be based on internal discussions among top South Korean officials is "untrue" and "altered." But internally, top South Korean officials were worried that the U.S. would divert them to Ukraine. South Korea has said its law forbids supplying weapons to countries engaged in conflict, meaning it can't send arms to Ukraine. Earlier, U.S. Secretary of Defense Lloyd Austin held phone talks with his South Korean counterpart on Tuesday and discussed recent media reports on the leak of confidential U.S. documents, South Korea's defence ministry said. During the phone conversation, which took place at the request of Austin, the Pentagon chief vowed to closely communicate and cooperate with South Korea on the issue, the ministry said.

☆ Wells Fargo is paying yet another huge penalty to settle more allegations it harmed its own customers
▼ + stars: | 2022-12-20 | by ( Sindhu Sundar | ) www.businessinsider.com time to read: +5 min

Here are some of the other scandals Wells Fargo has been embroiled in. In what has become a common practice in these types of resolutions, Wells Fargo neither admitted nor denied the CFPB's allegations. "Put simply, Wells Fargo is a corporate recidivist that puts one third of American households at risk of harm," Chopra said in prepared remarks on Tuesday. At a Senate hearing in 2017 over the scandal, Elizabeth Warren, Democrat from Massachusetts, called for then Wells Fargo CEO Timothy Sloan to be fired. In 2020, Wells Fargo said it would pay $3 billion to resolve enforcement actions over the episode.

☆ 'This is a crisis.' Why more workers need access to retirement savings
▼ + stars: | 2022-12-02 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

As many as 57 million Americans lack access to a workplace retirement savings plan, said Ed Murphy, president and CEO of Empower, a provider of retirement services. "If they don't access through payroll deduction, they just flat out don't save." The lack of retirement plan coverage presents an opportunity for the financial industry and government to work together to find solutions, Walsh said. California is one of a handful of states that has implemented automatic individual retirement accounts to help bridge that gap for workers who lack access to retirement plans through their employers. Those that opt out are required to begin offering their own retirement plan, per California rules.

☆ FBI official was warned after Jan. 6 that some in the bureau were 'sympathetic' to the Capitol rioters
▼ + stars: | 2022-10-14 | by ( Ryan J. Reilly | Https | Media-Cldnry.S-Nbcnews.Com Image Upload Newscms Dilanianmug.Jpg | ) www.nbcnews.com time to read: +7 min

The next month, he was named deputy director, the highest-ranking official under FBI Director Christopher Wray. But sources close to the investigation have told NBC News that there have been some special agents in the country who have resisted Jan. 6 cases. Many special agents have been very proactive, while others in various field offices have engaged in half-hearted investigative efforts and seem content to let things peter out, the sources said. After receiving support from 30 former FBI special agents, Friend joined Trump’s Truth Social platform this week, where he was welcomed by Kyle Seraphin, another suspended FBI special agent who joined Truth Social and did an interview with conservative firebrand Dan Bongino after his suspension. A tip the FBI received about the Proud Boys ahead of Jan. 6, highlighted by the committee, was even starker.

Register now for FREE unlimited access to Reuters.com RegisterFILE PHOTO - U.S. Supreme Court Justice Clarence Thomas arrives with his wife, Ginni Thomas, for a State Dinner for Australia’s Prime Minister Scott Morrison at the White House in Washington, U.S. September 20, 2019. REUTERS/Erin ScottSept 21 (Reuters) - The U.S. congressional panel probing the Jan. 6, 2021, attack on the Capitol reached an agreement to interview Virginia "Ginni" Thomas, the wife of Supreme Court Justice Clarence Thomas, in the coming weeks, her lawyer told Reuters on Wednesday. The Washington Post has previously reported the committee obtained emails between Ginni Thomas and attorney John Eastman, who advised Donald Trump that then-Vice President Mike Pence could thwart formal congressional certification of Trump's 2020 election loss. "I can confirm that Ginni Thomas has agreed to participate in a voluntary interview with the Committee," Mark Paoletta, an attorney for Thomas, said in an email, confirming an earlier CNN report. A lawyer for Thomas has said previously Thomas had no role in the Jan. 6 attack and never discussed election litigation strategy with Eastman.

read moreLindell is the latest person to be swept into federal criminal investigations surrounding Trump and his allies over their failed efforts to overturn the 2020 election results based on false claims of voter fraud. INVESTIGATIONS INTO ELECTION CLAIMSThe FBI in August 2021 confirmed it had opened a criminal investigation into a suspected security breach of voting equipment in the western Colorado county of Mesa. The equipment at issue in the election security breach investigation were furnished by Dominion Voting Systems, which has sued Trump allies and conservative television networks over baseless claims the company's products were used to rig the election against Trump. Peters, her deputy Belinda Knisley and former elections manager Sandra Brown were indicted on state criminal charges this year in connection with the election security breach. Peters, Knisley and Brown are all named as subjects in the Justice Department's criminal investigation, according to the warrant, along with several others.

☆ SCOOP: Sen. Dianne Feinstein fails to disclose husband's stock purchase, says she's willing to pay a fine
▼ + stars: | 2021-01-27 | by ( Dave Levinthal | ) www.businessinsider.com time to read: +5 min

Sen. Dianne Feinstein's husband, investment banker Richard Blum, invested up to $50,000 in polling firm The Generation Lab. But the Democratic lawmaker didn't disclose the purchase until this month, weeks after a federal deadline. Feinstein has not yet been contacted by the Senate Ethics Committee on whether she will face a fine, Mentzer added. Members of Congress are generally allowed to buy and sell individual stocks — to the chagrin of some government reform advocates — so long as they publicly disclose the transactions. Not until May did Feinstein publicly disclose her husband's Facebook stock purchase, investigative journalism outfit Sludge revealed later in 2018.

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