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NEW YORK (AP) — National Rifle Association CEO Wayne LaPierre acknowledged at a civil trial Monday that he wrongly expensed private flights for his family and accepted vacations from vendors doing business with the nonprofit gun rights organization without disclosing them. The New York attorney general sued the 74-year-old CEO and three co-defendants in 2020, claiming widespread misspending and self-enrichment among certain NRA leaders. “I now know there was a limit of $25,” for NRA-sponsored gifts, LaPierre said. “They weren’t gifts; they were work items for me.”LaPierre also acknowledged authorizing private helicopter flights for NRA executives to and from the Texas Motor Speedway during NASCAR events. The attorney general’s office is calling for restitution and financial penalties for NRA officials who improperly profited from the organization's activities.
Persons: Wayne LaPierre, LaPierre, , , hadn’t, ” LaPierre, Sandy, Andrew Arulanandam Organizations: Rifle, NRA, New, Texas Motor Speedway, NASCAR, NFL, Elementary Locations: Manhattan, New York
The package released earlier this week was the result of a rare, bipartisan agreement between Republican House Ways and Means Chair Jason Smith (Mo.) To help win more Democratic support, the bill also expands the child tax credit by adjusting it for inflation and allowing Americans who don't have a tax bill to get the credit as a refund, among other changes. In addition to Friday's committee vote, the White House also came out in support of the legislation. In the end, Blumenauer said he would "reluctantly" vote for the bill, but wanted to see the child tax credit expanded further. House Speaker Mike Johnson had yet to confirm when, or even if, he would bring the bill to the House floor for a vote.
Persons: WASHINGTON, Jason Smith, Ron Wyden, Karine Jean, Pierre, Earl Blumenauer, Blumenauer, Mike Johnson, Smith, Wyden Organizations: Business, of Commerce, National Association of Manufacturers, Republican, Democratic, White, Oregon Democrat Locations: Taiwan, Mo, Oregon
A false claim that British members of parliament can expense £50 for breakfast has circulated on social media. “There is no breakfast allowance for MPs,” a spokesperson for IPSA told Reuters in an email. “The only time MPs can claim for their own meals is if they are travelling away from both workplaces (London and constituency) on parliamentary business,” they added. The rules in full can be found on IPSA’s website, which links to The Scheme of MPs’ Staffing and Business Costs 2023-2024. There is no breakfast allowance for MPs.
Persons: , IPSA, Read Organizations: Facebook, Independent Parliamentary, Authority, Reuters, ’ Staffing, London Area, Thomson Locations: Britain, London
London CNN —Citibank has won an employment tribunal case brought by an analyst it sacked for claiming expenses for meals he shared with his partner, and then lying about it. I accept that the respondent requires a commitment to honesty from its employees,” employment judge Illing said in the ruling. According to a transcript of an email exchange, included in the employment tribunal ruling, after Fekete filed the expense claim, his manager asked whether he had bought all the food for himself. At the time, he also had work concerns and experienced a “lack of support” from the company, according to the analyst. Citi’s expenses policy, parts of which are detailed in the ruling, also states that employees must list all attendees whose meals they submit for reimbursement.
Persons: Szabolcs Fekete, , Fekete, Illing, , ” Fekete, Organizations: London CNN, Citibank, Citigroup, Financial Times, Citi, CNN, LinkedIn Locations: Amsterdam
The banker later admitted that he had shared the food with his partner and was fired by Citibank. In response, Mr Fekete's senior manager said that the receipt "appears to have two sandwiches, two coffees, and another drink . The bank also questioned whether he had shared two dinners of pesto pasta and pasta Bolognese with his partner, but Mr Fekete said that this was not the case. Mr. Fekete argued that there were mitigating factors, including the recent loss of his grandmother and that he was on strong medication when he replied to the emails. AdvertisementAdvertisementJudge Illing, presiding over the case, concluded that his dismissal was fair, as Mr. Fekete was not initially honest about the misclaimed expense.
Persons: , Szabolcs Fekete, Fekete's, Fekete, Mr Fekete, expensed, Illing Organizations: Citibank, Service, Banking Locations: Amsterdam
A spokeswoman for Mr. Bankman and Ms. Fried did not immediately respond to a request for comment. FTX filed for bankruptcy protection in November, after a run on deposits exposed an $8 billion hole in the exchange’s accounts. He has pleaded not guilty, and is scheduled to go on trial on Oct. 3FTX’s collapse fueled scrutiny of Mr. Bankman and Ms. Fried. According to the lawsuit, Mr. Bankman helped arrange hundreds of millions of dollars in loans to top employees and was listed on an internal document as a member of the firm’s management team. In messages cited in the lawsuit, Mr. Bankman complained that he was receiving a salary of only $200,000 a year, as opposed to the $1 million he thought he would get.
Persons: Bankman, Fried, FTX, “ Gee, Sam I, , Larry David Locations: Manhattan
Tom Schroeder, the whistleblower accusing Medtronic of a kickback scheme, left, is interviewed by Morgan Brennan, in Kansas City, Missouri. Schroeder said rumors circulated that Medtronic sales representatives were bribing VA staff to purchase an excessive amount of the company's inventory. The veterans hospital purchased more devices than some of the largest veterans medical facilities, according to data the VA's investigation gathered. Medtronic also said that Schroeder has "admitted under oath that he has no firsthand knowledge of any problematic procedure involving Medtronic devices." Douglas Winger, one of the Medtronic sales representatives named as a defendant in Schroeder's lawsuit, won a Medtronic President's Club award in 2016 for his sales.
Persons: Tom Schroeder, Schroeder, Becton Dickinson, Medtronic, Morgan Brennan, Schroder, Boua Xiong, Robert J, texted, Rick Ament, Ament, filet mignon, , I'm, Brendan Donelon, Donelon, CNBC Donelon, Xiong, Douglas Winger, Winger, Kim Hodgson, Hodgson, Dole, ProPublica, John Laird Organizations: Inc, CNBC, Dole Veterans Affairs Medical Center, Dole VA, Department of Veterans Affairs, United, VA's, Department of Justice, Covidien, Dole, Medtronic, Society for Vascular, Drug Administration, FDA Locations: Kansas, United States, Kansas City , Missouri, Dublin, Ireland, Medtronic's, Wichita ., Dole, Covidien, Medtronic, Dole VA
This week's question: When reporting non-GAAP earnings, how do companies determine the numbers that are not generally accepted and how reliable they are? It also increases free cash flow, which is operating cash flow less capital expenditures. But many companies add back what was expensed for non-GAAP earnings. Restructuring charges are another item often added back to determine adjusted non-GAAP earnings results. This week's question: When reporting non-GAAP earnings, how do companies determine the numbers that are not generally accepted and how reliable they are?
Persons: Jim Cramer, Don, Jim Cramer's, Jim Organizations: Financial, Industry, billings, Club, Microsoft, Apple, Jim Cramer's Charitable, CNBC
The allegedly inflated numbers helped her sell her startup to JPMorgan Chase for $175 million. Classmates of Charlie Javice told Fortune they were shocked by allegations she defrauded JPMorgan Chase for $175 million – and one wondered why she didn't immediately flee the country. In January 2022, JPMorgan Chase realized that the subscriber numbers were inflated, and Javice was fired by the end of the year. If I sold a company to JPMorgan Chase, I would explain everything, everything [that] I expensed including that salad that I bought at Sweetgreen that one time. She is being charged with securities fraud, wire fraud, bank fraud, and conspiracy.
Persons: Charlie Javice, didn't, Fortune, Frank, , JPMorgan Chase, Javice Organizations: JPMorgan Chase, Morning, JPMorgan, Wharton School, University of Pennsylvania
The allegedly inflated numbers helped her sell her startup to JPMorgan Chase for $175 million. Classmates of Charlie Javice told Fortune they were shocked by allegations she defrauded JPMorgan Chase for $175 million – and one wondered why she didn't immediately flee the country. In January 2022, JPMorgan Chase realized that the subscriber numbers were inflated, and Javice was fired by the end of the year. If I sold a company to JPMorgan Chase, I would explain everything, everything [that] I expensed including that salad that I bought at Sweetgreen that one time. She is being charged with securities fraud, wire fraud, bank fraud, and conspiracy.
Persons: Charlie Javice, didn't, Fortune, Frank, , JPMorgan Chase, Javice Organizations: JPMorgan Chase, Morning, JPMorgan, Wharton School, University of Pennsylvania
Among the key things to remember was reopening the steam room at exactly 3:30 p.m. after its cleaning. Hayley has all the details from rich clients as well as industry analysts about why this whole thing could spell disaster. It's still early days, but the UBS-Credit Suisse deal might be the best example of something that makes sense on paper, but doesn't work in reality. Read more about why UBS acquiring Credit Suisse could lead to more headaches than huge wins for the Swiss wealth behemoth. And since we're talking BBQ, I'm required to share the funniest tweet in the history of Twitter.
Rising interest rates have boosted corporate pensions, with funded status reaching a 20-year high in the second half of last year. But rising rates may not prove so kind to companies, from Delta Air Lines Inc. to Sysco Corp. , and their pension costs this year. Within the last year, interest rates rose significantly while asset values fell, driving up pension accounting costs. Plan sponsors that measured these costs at the end of 2022, for instance, saw much higher interest rates than a year earlier, he said, which pushes 2023 balance sheet costs up. The higher costs were driven by a reduction in return on plan assets and higher interest costs, which were only partially offset by higher discount rates, the building materials maker said in a regulatory filing last month.
LendingClub cuts 14% workforce to pare costs
  + stars: | 2023-01-12 | by ( ) www.reuters.com   time to read: +1 min
Jan 12 (Reuters) - LendingClub Corp (LC.N) said on Thursday it has laid off 14% of its workforce, or 225 employees, joining several financial firms which cut costs as threats of a recession loom large. LendingClub expects to incur charges of approximately $5.7 million, of which $4.4 million was expensed in the fourth quarter of 2022, according to a statement. The company expects the job cuts to result in savings of nearly $25 million to $30 million in 2023. The San Francisco, California-based financial services company will report fourth quarter and full-year 2022 earnings on January 25, 2023, after market hours. Analysts on average had estimated the company to report a revenue of $263 million and profit of $18.4 million, according to Refinitiv.
About 400 Pollen employees were camped out in Mendocino County, California, for five straight days of partying. Two former Pollen employees told Insider that they recalled the assistant telling them about Callum's inappropriate comments at the time. (The Pollen representative said Callum and Bedi didn't date at Pollen or at any other company connected to Pollen. Out of 360 events Pollen announced over the past 12 months, 39 were canceled, the Pollen representative said. (The Pollen representative said that "out of hundreds of thousands of customers, fewer than 100 people were moderated" online.)
German-style Christmas markets crop up all over the world this time of year. For me, a visit to a Christmas market is an essential part of the festive season. Whether with family, friends, or colleagues, a Christmas market and a few glasses of mulled wine always hit the spot. I visited the "Weihnachten an der Spree," or Christmas on the Spree, all-inclusive Christmas market in Berlin, Germany, to see if it was worth it. So if, like me, you like to stroll through Christmas markets and look at stalls full of handcrafted objects, decorations, and other knickknacks, you'll be disappointed.
Twitter is planning to require users to pay to keep their verification. When reports emerged that the Elon Musk-operated Twitter planned to require users to pay to keep their blue verification badges, a question blossomed in newsrooms: Would media companies front the bill for their reporters? One media company, however, would certainly cover the cost of Twitter verification: Puck. Musk wrote on Twitter last week that he planned to charge $8 per month for a "Twitter Blue" subscription that would include verification. Long considered Twitter power users, journalists make up a large contingent of verified users on the platform, along with celebrities, organizations, and brands.
Matt Upham, who has 522,000 followers on TikTok, 113,000 on Instagram, and 56,000 on YouTube, got his big break on social media after four years of trial and error. Upham, who's based in San Francisco, started out in 2016 with photography accounts on Instagram, then briefly tried personal-finance content before finding success during the pandemic with coding and tech content on TikTok. Now most of his content covers general tech news and tips, including advice on how to get tech and coding jobs. Although he got his start with photography, Upham now focuses primarily on short-form video — which he repurposes on TikTok, YouTube Shorts, and Instagram Reels. Upham's income has come mainly from partnerships with brands — a side of the business that has suffered amid the slowing economy.
Operating income Once we remove operating expenses from gross margin dollars , we are left with what is known as operating income. This is especially important from a cash flow perspective as many companies define free cash flow (a non-GAAP metric) as "operating cash flow less expenditures on property, plant and equipment." Part 3: Cash flow analysis The cash flow statement is the middle child in a financial report — it gets overlooked. Investors may look to use operating cash flow or free cash flow for this equation. AMC's cash flow Let's finish by taking a look at the cash flow statement.
Put another way, for every 100 lines of code, 40 are being written by the AI, with total project time cut by up to 55%. "After a year of Copilot, about 40% of code was written by the AI where Copilot was enabled," Dohmke said. The GitHub CEO expects more of those Copilot code suggestions to be taken — in the next five years, up to 80%. Now, whether the coding task is related to payment processing or a social media login, most companies — whether startups or established enterprises — put in open source code. "From punch cards to building everything ourselves to open source, to now within a lot of code, AI writing more," he said.
Many of my clients are high-net-worth individuals, which we define as anyone with more than $5 million in liquid financial assets. For most wealthy individuals, tax preparation is a year-round affair and does not start a few weeks before Tax Day. Tax preparation and planning for wealthy clients is complicated, so there is no set pricing package. Wealthy individuals, in some cases, have similar tax situations as the average Americans, just with more assets and expenses. As an accountant, it's my job to make the tax code understandable to everyoneMost wealthier individuals are not educated on tax law.
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