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☆ Here's how your iPhone could get worse if the DOJ's antitrust lawsuit succeeds
▼ + stars: | 2024-03-23 | by ( Grace Kay | ) www.businessinsider.com time to read: +7 min

Some critics of the suit believe it could make the iPhone worse, leading to security concerns and a less seamless experience. But is that something that iPhone users really want? The DOJ filed an antitrust lawsuit against Apple on Thursday. AdvertisementFor its part, Apple has argued that the DOJ's lawsuit could pose any number of issues for iPhone users — from security and privacy concerns to a degradation in user experience. A less seamless user experienceThe DOJ's lawsuit could also have a detrimental impact on Apple's signature user experience, according to some experts.

Persons: —, Apple, Jeff Chiu, Tim Cook, Cook, Benedict Evans, Evans, Jennifer Huddleston, Koch, Huddleston, Adam Kovacevich, Dave Lee, Lee, Forrester, Dipanjan Chatterjee, Apple's, Chatterjee, Fortune Organizations: DOJ, Apple, Service, US Department of Justice, AP, Union's, Venture, Cato Institute, Apple Watch, of, Big Tech, Bloomberg

☆ Congress hasn’t been able to make social media safer. Here’s why
▼ + stars: | 2024-02-01 | by ( Brian Fung | ) edition.cnn.com time to read: +8 min

This has been true since the early 2010s, when tech companies began realizing the benefits of influencing policymakers on issues including net neutrality and privacy. This week, Microsoft announced its support for the Kids Online Safety Act, a leading social media bill. Even when lawmakers can agree on what the problem is, they often disagree on how to solve it, creating a smorgasbord of half a dozen or more social media bills floating around Congress. That would be a huge down payment on a future social media law, said Balkam. But even that proposal is still subject to many of the same dynamics that make social media regulation hard.

Persons: Washington CNN —, ”, Danny Weiss, Ben Thompson, Adam Kovacevich, “ That’s, hasn’t, Republican stonewalling, Weiss, Kovacevich, ” Kovacevich, I’m, ” Weiss, Chuck Schumer, Mike Johnson, Schumer, Nancy Pelosi’s, “, Johnson didn’t, Evan Greer Organizations: Washington CNN, Big Tech, Tech, Sense, Microsoft, Kids, LinkedIn, of, Republican, CNN Locations: Washington, United States

☆ Henry Kissinger's puzzling connection to disgraced Theranos founder Elizabeth Holmes
▼ + stars: | 2023-12-01 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +3 min

Kissinger's business dealings included close involvement with Theranos and Elizabeth Holmes. Once a board member at Theranos, he invested $3 million and recruited others who also opened up their wallets. AdvertisementFormer US Secretary of State Henry Kissinger's troubled legacy includes his involvement with failed blood-testing startup Theranos and its now-imprisoned founder, Elizabeth Holmes. Federal agencies ran investigations into Theranos, and in 2018, Holmes stepped down as CEO and the startup later shuttered. "When I was introduced to Elizabeth by George Shultz, her plan sounded like an undergraduate's dream," he wrote, referring to the former Secretary of State and Theranos board member.

Persons: Henry Kissinger, Theranos, Elizabeth Holmes, —, Henry Kissinger's, Kissinger, State George Shultz, William Perry, Sam Nunn, Richard Kovacevich, William H, Daniel Mosley, Holmes, Cox, Walton, Elizabeth, George Shultz Organizations: Service, State, Wells, Wall Street, Federal Locations: Theranos, Connecticut, Silicon, Bryan , Texas

☆ Inflation is declining but that doesn't matter for low-income Americans, says Fmr. Wells Fargo CEO
▼ + stars: | 2023-11-27 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailInflation is declining but that doesn't matter for low-income Americans, says Fmr. Wells Fargo CEODick Kovacevich, Former Wells Fargo CEO, joins 'Closing Bell Overtime' to talk inflation's impact on Americans, the state of the economy and more.

Persons: Wells, Dick Kovacevich Organizations: Wells Fargo

☆ Silicon Valley CEO gets 8-year prison sentence in case over blood-testing company that gives off Elizabeth Holmes-Theranos vibes
▼ + stars: | 2023-10-19 | by ( Associated Press | Lakshmi Varanasi | ) www.businessinsider.com time to read: +3 min

The CEO of medical testing company Arrayit was sentenced to 8 years in prison on Wednesday. Schena's case is similar to Elizabeth Holmes', who was sentenced to prison for defrauding investors in Theranos. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . In meetings with investors, Schena claimed he was on the shortlist for the Nobel Prize and falsely represented that Arrayit could be valued at $4.5 billion, prosecutors said.

Persons: Arrayit, Elizabeth Holmes, —, Mark Schena, Schena, Holmes, State Henry Kissinger, George Shultz, Richard Kovacevich, William H, Foege, San Organizations: Service, US Department of Justice, Arrayit Corporation, Stanford University, SEC, State, Wells, Centers for Disease Control Locations: Theranos, Sunnyvale , California, San Jose , California, Texas

☆ CNBC Daily Open: Russell 2000’s best day since July bodes well for markets
▼ + stars: | 2023-10-17 | by ( Yeo Boon Ping | ) www.cnbc.com time to read: +2 min

This report is from today's CNBC Daily Open, our new, international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. China's renewed reboundChina's economic growth will return next year, Mark Makepeace, former head of benchmark giant FTSE Russell told CNBC. [PRO] Rising oil prices could boost non-energy stocksExogenous shocks, like supply cuts and the Israel-Hamas war, have forced oil prices upward. That's good news for energy stocks — but these non-energy, European stocks also stand to benefit when oil and gas prices rise, according to Bank of America.

Persons: China's, Mark Makepeace, Makepeace, Jim Jordan, Adam Kovacevich, Biden, Joe Biden, Antony Blinken Organizations: CNBC, Russell, Big Tech, Republican, U.S . House, Apple, Biden, of Progress, Israel U.S, Hamas, Bank of America Locations: Asia, Pacific, , New Zealand, China, Israel, Gaza

☆ Google, Amazon, Apple could see antitrust bills put on hold if Jim Jordan is House speaker
▼ + stars: | 2023-10-16 | by ( Brian Schwartz | ) www.cnbc.com time to read: +3 min

"If Jim Jordan becomes Speaker, it is very unlikely that Congress will do anything on big tech in the near future," said Jon Schweppe, a policy director at the conservative American Principles Project. As Jordan's internal campaign gained momentum on Monday, Washington's thousands of lobbyists raced to determine how a Jordan speakership might impact their clients' bottom lines. "Instead, you'll see more performative anger over petty issues, designed to redirect attention away from the things that could actually hold big tech accountable," said the lobbyist. As chairman of the powerful House Judiciary Committee, Jordan has accused tech companies of censoring conservatives on their platforms. For big tech companies, the prospect of bipartisan antitrust legislation passing in Congress would amount to a far more urgent threat to their businesses than a partisan content moderation bill.

Persons: Jim Jordan, Joseph R, Biden, Jr, Tom Williams, Jim Jordan of, Jon Schweppe, Jordan, Meta, he's, Adam Kovacevich, Josh Edelson Organizations: Committee, Cq, Inc, Getty, Apple, CNBC, Republican, Judiciary, Press, Amazon, Google, Biden, of, Worldwide, Conference, AFP Locations: Ohio, Rayburn, Jim Jordan of Ohio, Cupertino , California

☆ Banks are well capitalized, says former Wells Fargo CEO
▼ + stars: | 2023-08-15 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBanks are well capitalized, says former Wells Fargo CEODick Kovacevich, former Wells Fargo CEO, joins 'Squawk on the Street' to discuss Fitch's warning of potential bank downgrades, the solution to the banks' positions, and what a Fitch downgrade would do to banks.

Persons: Banks, Wells, Dick Kovacevich, Fitch Organizations: Wells

Affirmative action supporters and counterprotesters shout at each other outside the U.S. Supreme Court building in Washington, D.C., June 29, 2023. Now that the Supreme Court has struck down race-conscious admissions, employers could face challenges in how they find diverse talent. A group of 13 Republican attorneys general suggested in the wake of the ruling that companies' diversity, equity and inclusion, or DEI, programs could be considered unlawful discrimination. In the wake of the ruling, many fear universities could become less reliable sources from which to recruit diverse talent. However, during the last year there has been a "step back" in terms of diversity hiring, said Reyhan Ayas, a senior economist at Revelio Labs, a workforce data and analytics firm.

Persons: Kent Nishimura, Jocelyn Samuels, Lorraine Hariton, Donald Harris, Stacy Hawkins, Kim Waller, Korn, Waller, Ahmad Thomas, Thomas, it's, We've, Alvin Tillery, Tillery, Carey Thompson, Adam Kovacevich, George Floyd, Russell, Reyhan Ayas, Northwestern's, Salesforce, Kovacevich, VI, Temple's Harris, " Harris Organizations: U.S, Supreme, Washington , D.C, Los Angeles Times, Apple, General Electric, Google, Starbucks, Harvard University, University of North, Democratic AGs, Employment, Commission, Catalyst, Temple University School of Law, University of California, University of Michigan, Urban Institute, Employers, Rutgers University . Companies, . Census, Temple University School of Law Business, Leadership Group, Corporate, Northwestern's Center, Diversity and Democracy, Gettysburg, of Progress, Economic, Revelio Labs, Silicon, Amazon, Microsoft, Civil Locations: Washington ,, University of North Carolina, U.S, Silicon Valley

☆ Fmr. Wells Fargo CEO Dick Kovacevich: Based on the data the Fed should have increased not paused
▼ + stars: | 2023-06-15 | by ( ) www.cnbc.com time to read: 1 min

In this videoShare Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailFmr. Wells Fargo CEO Dick Kovacevich: Based on the data the Fed should have increased not pausedDick Kovacevich, former Wells Fargo CEO, joins 'Closing Bell Overtime' to explain why he thinks the Federal Reserve made a mistake by pausing rate hikes.

Persons: Wells, Dick Kovacevich Organizations: Wells, Federal Reserve

☆ How Elizabeth Holmes convinced powerful men like Henry Kissinger, James Mattis, and George Shultz to sit on the board of Theranos
▼ + stars: | 2023-06-02 | by ( Lydia Ramsey Pflanzer | ) www.businessinsider.com time to read: +6 min

The reporters spoke with board members, who explained why they backed founder Elizabeth Holmes. Holmes' board going into the scandal included an unusual roster of names for a healthcare startup, with leaders who had more experience in politics and government than healthcare. For the most part, the board members seemed to be taken by Holmes and her vision. "Secretary Mattis was struck by the promise of technology and was looking for any technology solution to save lives on the battlefield," White said. Auletta in the documentary said the board members spoke about Holmes as if she were a visionary.

Persons: Theranos, Alex Gibney, Elizabeth Holmes, Holmes, John Carreyrou, Sunny Balwani, Balwani, George Shultz, Shultz, Gary Roughead, William Perry, Sam Nunn, James Mattis, Donald Trump's, Richard Kovacevich, Wells Fargo Henry Kissinger, William Frist, William H, Foege, Riley, Bechtel, Kissinger, Mattis, Ken Auletta, David Boies, Auletta, Axios, Dana White, White, Beethoven, Roger Parloff, he's, Parloff Organizations: Morning, Food and Drug Administration, Wall Street, US, US Marine Corps, Centers for Disease Control, Bechtel Group Inc, New, Mattis, Theranos, Securities and Exchange Commission, Fortune Locations: Texas, California, Silicon Valley

☆ Meta says it will block news on Facebook in California if recently advanced bill becomes law
▼ + stars: | 2023-06-01 | by ( Lauren Feiner | ) www.cnbc.com time to read: +4 min

California lawmakers advanced a bipartisan bill Thursday that would require Big Tech platforms to pay publishers for news they host, just a day after Meta threatened to remove news from Facebook and Instagram should the bill pass. The California Journalism Preservation Act, which passed out of the state Assembly 46-6, still needs to be approved by the state Senate and signed by Democratic Gov. The California bill has similar aims to federal legislation that a bipartisan group of lawmakers attempted to advance last year. The current conflict between Meta and California lawmakers recalls a similar fight in Australia in 2021, when the government there sought to require online platforms to pay for news content. WATCH: Australia slams Facebook's move to block news amid new media bill

Persons: Meta, Gavin Newsom, Andy Stone, Adam Kovacevich, Danielle Coffey, Facebook's Organizations: Big Tech, Facebook, California Journalism, Democratic Gov, Twitter, Media Alliance, Tech, Journalism, CNBC, YouTube Locations: California, Meta, Australia

☆ Elizabeth Holmes and her ex-boyfriend and Theranos business partner have to pay $452 million in restitution, including $125 million to Rupert Murdoch
▼ + stars: | 2023-05-17 | by ( Sarah Jackson | ) www.businessinsider.com time to read: +2 min

Elizabeth Holmes and Sunny Balwani, her ex and former business partner, have been ordered to pay $452 million in restitution. Payments include $125 million to Rupert Murdoch, his full investment in Theranos, and $40 million to Walgreens. Elizabeth Holmes has been ordered to pay a hefty sum in restitution to victims of Theranos' fraud. The biggest amount by far is earmarked for media mogul Rupert Murdoch, who will get back the full amount he poured into Theranos, $125 million. Besides the restitution, Holmes and Balwani will serve time in prison.

Interviews with a U.S. senator, congressional staffers, AI companies and interest groups show there are a number of options under discussion. Some proposals focus on AI that may put people's lives or livelihoods at risk, like in medicine and finance. Other possibilities include rules to ensure AI isn't used to discriminate or violate someone's civil rights. Another debate is whether to regulate the developer of AI or the company that uses it to interact with consumers. GOVERNMENT MICROMANAGEMENTThe risk-based approach means AI used to diagnose cancer, for example, would be scrutinized by the Food and Drug Administration, while AI for entertainment would not be regulated.

☆ It’s important to understand what an outlier SVB was, says fmr. WF CEO Dick Kovacevich
▼ + stars: | 2023-03-24 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailIt’s important to understand what an outlier SVB was, says fmr. WF CEO Dick KovacevichFormer Wells Fargo CEO Richard Kovacevich joins 'Squawk on the Street' to discuss the financial stability of the U.S. banks in light of the problems occurring at Deutsche Bank.

☆ Elizabeth Holmes owes over $25 million to Theranos, lawsuit says
▼ + stars: | 2023-03-17 | by ( Yasmin Khorram | ) www.cnbc.com time to read: +3 min

Former Theranos CEO Elizabeth Holmes (C) arrives at federal court with her mother Noel Holmes (L) and father Christian Holmes on September 01, 2022 in San Jose, California. Elizabeth Holmes hasn't paid back over $25 million to creditors of her former Theranos company as she tries to delay her 11-year prison sentence, according to a lawsuit. According to the breach of contract suit, Holmes executed three promissory notes while she was CEO of the failed blood-testing company. The promissory notes were as follows, according to the lawsuit:August 2011 in the amount of $9,159,333.65. Holmes founded Theranos in 2003 after dropping out of Stanford, with the promise of revolutionizing the healthcare industry.

☆ TikTok banned on government devices under spending bill passed by Congress
▼ + stars: | 2022-12-23 | by ( Lauren Feiner | ) www.cnbc.com time to read: +8 min

The bill includes an exception for law enforcement, national security and research purposes. TikTok has repeatedly said its U.S. user data is not based in China, though those assurances have done little to alleviate concern. While it fell short of antitrust advocates' hopes, the inclusion of the merger filing fee bill still gained praise. Miller said the bill will "significantly strengthen antitrust law for the first time since 1976." Empowering state AGs in antitrust casesAnother antitrust bill included in the package was a version of the State Antitrust Enforcement Venue Act.

☆ DOJ undermines Google in Supreme Court case over who's responsible for social media posts
▼ + stars: | 2022-12-08 | by ( Lauren Feiner | ) www.cnbc.com time to read: +5 min

Section 230 allows for online platforms to engage in good faith content moderation while shielding them from being held responsible for their users' posts. Both the district and appeals courts agreed that Section 230 protected Google from liability for hosting the content. Though it did not take a position on whether Google should ultimately be found liable, the Department recommended the appeals court ruling be vacated and returned to the lower court for further review. But, it added, the claims about "YouTube's use of algorithms and related features to recommend ISIS content require a different analysis." The DOJ said the appeals court did not adequately consider whether the plaintiffs' claims could merit liability under that theory and as a result, the Supreme Court should return the case to the appeals court so they can do so.

The answer is simple, according to more than a dozen Washington insiders, FTX employees, and crypto industry observers who spoke with Insider. I don't think anyone believed that he was going to fund candidates who were, quote unquote, committed to ending pandemics who were also hostile to the crypto industry." Alex Wong/Getty ImagesRebuffed by the SEC, Bankman-Fried turned his attention to Congress. "It's not that he was welcoming regulation," says the senior figure in the crypto industry who attended meetings with Bankman-Fried. But while Bankman-Fried was busy wooing Washington, FTX was about to become Exhibit A in the case for more effective oversight of the crypto industry.

☆ An antitrust battle over GIFs could be a wake-up call for Silicon Valley
▼ + stars: | 2022-10-20 | by ( Brian Fung | ) edition.cnn.com time to read: +5 min

But a long-running legal battle over who can control access to them, culminating this week in a rare defeat for Meta (META), the parent of Facebook, could have major ramifications for Big Tech regulation. On Tuesday, UK regulators forced Meta to unwind its 2020 purchase of Giphy, one of the largest searchable internet libraries of GIFs. “The Citadel may have been breached,” said Joel Mitnick, an antitrust attorney at the law firm Cadwalader, Wickersham & Taft. The company said this week that it will continue to explore acquisitions despite the UK ruling. And US courts don’t typically take foreign antitrust rulings into account; their job is to interpret US law.

☆ The Fed kept interest rates at 0 percent too long, says fmr. Wells Fargo CEO Dick Kovacevich
▼ + stars: | 2022-09-27 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailThe Fed kept interest rates at 0 percent too long, says fmr. Wells Fargo CEO Dick KovacevichDick Kovacevich, former Wells Fargo ceo, joins 'The Exchange' to discuss mortgage rates rising, inflation and the Fed.

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