DIRS.INFO The most relevant business & tech news

☆ Why thousands of defrauded student-loan borrowers are still waiting for the debt cancellation they were promised over a year ago
▼ + stars: | 2024-02-29 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Thousands of student-loan borrowers are still waiting for relief under the Sweet v. Cardona settlement. The Justice Department said the delays could be a result of complex loan histories that take time for servicers to process. President Joe Biden's Justice Department has some reasons why the process has been so delayed. "Receiving settlement relief in a timely and predictable manner is a matter of urgency for Class Members," the letter said. It also said in a recent report that it "will continue to work on improving that process and on verifying the status of Class Members' relief."

Persons: —, Joe Biden's, Cardona, Donald Trump, hasn't Organizations: Justice Department, Service, Department, Trump, Lending, Education Department, The Education Department, guaranty Locations: Cardona

☆ A comic book you could buy for 12 cents in 1962 is being sold for $44,000 today
▼ + stars: | 2023-12-04 | by ( Matthew Loh | ) www.businessinsider.com time to read: +2 min

A Canadian comic book store hopes to sell a copy of Marvel's "Amazing Fantasy #15" for $44,300. The comic book was the first-ever issue to feature Spider-Man, and retailed for 12 cents in 1962. AdvertisementA comic book store in Canada is seeking around $44,300 for a 1962 Spider-Man comic book that originally retailed for 12 cents. The "Amazing Fantasy #15" was originally sold in stores for 12 cents, according to its cover. The 1938 comic book was graded with an 8.0 rating, per CGC.

Persons: —, Hunter, Rémi Vienneau LeClair, Vienneau LeClair, they're, Mickey Mantle, YouTuber Logan Paul, Michael Jordan's Organizations: Service, Canadian Broadcasting Corporation, Certified Guaranty Company, CBC, Heritage Locations: Canada

☆ Why Long-Term Care Insurance Falls Short for So Many
▼ + stars: | 2023-11-22 | by ( Jordan Rau | Jonel Aleccia | ) www.nytimes.com time to read: +2 min

“They tightened their belts,” said Alan Kassan, a senior partner with the California law firm Kantor & Kantor, which represents clients challenging denials. “Then they tightened their claim administration and started denying claims more and more.”In 2022, the proportion of traditional long-term care claim denials varied, from 4.5 percent in Rhode Island to 9.6 percent in Alaska, according to the National Association of Insurance Commissioners. By 2017, she was hobbled by osteoporosis and was struggling to manage her multiple medications, according to her daughter, Ann Kempski. But when the family tried to file a claim, they discovered that Penn Treaty was insolvent and the policy had been taken over by the Pennsylvania state insurance guaranty fund. Her doctor told Penn that she had “mild dementia” and osteoporosis and should be in an assisted-living facility.

Persons: ”, Alan Kassan, Kantor, Kantor & Kantor, Alice Kempski, Ann Kempski, Penn, Kempski Organizations: Kantor &, National Association of Insurance, Penn Treaty, American Network Locations: California, Rhode Island, Alaska, Wilmington, Del, Penn, Pennsylvania

Ivanka Trump’s brothers, Eric Trump and Donald Trump Jr., who are co-defendants in the case, testified last week. Video Ad Feedback Analyst: Ivanka Trump isn't a 'secondary player' in fraud trial 04:12 - Source: CNN“Mr. Trump and Ivanka Trump participated personally in the bidding process in 2011,” the attorney general’s office wrote. “The record before us…indicates that defendant Ivanka Trump was no longer within the agreement’s definition of ‘Trump Organization’ by the date the tolling agreement was executed,” the order states. “The allegations against defendant Ivanka Trump do not support any claims that accrued after February 6, 2016.

Persons: New York CNN — Donald Trump’s, Ivanka Trump, Letitia James ’, badgered, Arthur Engoron, Engoron, Ivanka Trump’s, Eric Trump, Donald Trump Jr, Jared Kushner, Trump, Ivanka, “, ” Engoron, ”, “ I’ve, I’ve, I’m, James ’, ” Trump, Bennet Moskowitz, Trump’s, Chris Kise, Donald Bender Organizations: New, New York CNN, Trump Organization, Ivanka, Trump, Doral, “, Deutsche Bank, Mr, Post, CNN, GSA, Wharton School of Business, University of Pennsylvania, ‘ Trump Organization ’ Locations: New York, Manhattan, Florida, Chicago, Washington , DC, Trump, Mazars

☆ How Biden's new student-loan forgiveness plan is trying to keep away some of the lawsuits that threatened the debt relief the first time around
▼ + stars: | 2023-11-06 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

The Education Department is beginning its second round of negotiations for student-debt relief this week. AdvertisementAdvertisementPresident Joe Biden's Education Department is trying to ensure its second plan for student-debt relief can stand up against legal challenges. "This administration is taking another critical step to advance the President's goal of delivering debt relief to as many borrowers as possible. AdvertisementAdvertisement"Following the lead of Republican plaintiffs who filed suit in court, six Supreme Court justices wrongly blocked the President's first attempt of student debt relief," he said. AdvertisementAdvertisementIn September 2022, about a month after Biden announced his first broad relief plan, the Education Department updated its guidance to state that FFEL borrowers would no longer qualify for the relief.

Persons: —, Joe Biden's, Economic Mobility Robert Gordon, Biden Organizations: Department, Service, Joe Biden's Education Department, Education Department, Higher, Republican, Economic Mobility, Family Education, guaranty, Politico

MILWAUKEE (AP) — A Milwaukee comic book shop is looking to sell a rare copy of the first appearance of Spider-Man. Collector's Edge has acquired a copy of Amazing Fantasy No. 15, the Journal Sentinel reported. The shop's owner, Steve Dobrzynski, first posted photos of the book on social media last Tuesday. He told the Journal Sentinel a couple found the book among a dead relative's possessions and brought it to him for help selling it.

Persons: Collector's, Stan Lee, Peter Parker, Steve Dobrzynski, Dobrzynski, ”, it's, ” Dobrzynski Organizations: MILWAUKEE, Journal Sentinel, Marvel Comics, Certified Guaranty Company Locations: Milwaukee, Texas, Florida

☆ How this 77-year-old widow lost $661,000 in a common tech scam: 'I realized I had been defrauded of everything'
▼ + stars: | 2023-10-08 | by ( Greg Iacurci | ) www.cnbc.com time to read: +19 min

Older adults, many of whom have saved their entire careers for retirement, can have the most to lose. The Covid pandemic was a disproportionate threat to older adults, keeping Americans indoors and quickly pushing them online. Outcomes hinge on a complex web of federal and state rules that govern banking and elder financial fraud. Such "heightened procedures" to protect older adults are part of the bank's duty of care relative to older customers, the lawsuit said. Scammers had her wire funds from her PNC bank account to an account at the now-defunct Signature Bank in New York.

Persons: Marjorie Bloom, she'd, Bloom, Roth, Ester, Ester Bloom, Rebecca Keithley, —, they'd, I'm, Kathy Stokes, Keithley, General Merrick Garland, she'll, Marjorie Bloom Bloom, trekked, Mount, Kriangkrai, I've, There's, Sergio Flores, scammers —, Carla Sanchez, Adams, Sanchez, Banks, Marve Ann Alaimo, Porter Wright Morris, Arthur, Alaimo, Cryptocurrency, Scammers, scammers, it's, Patrick Wyman, Wyman, Al Drago Organizations: PNC Bank, Finance, CNBC, Federal Bureau of Investigation, PNC, FBI, Social, Department of Justice's, Vanguard Group, Federal, Consumer Finances, AARP, Microsoft, Department of Energy, Guaranty Corporation, U.S, North Dakota ., Everest Base, Social Security, North Bethesda Camera, PNC Bank —, District of Columbia, Bloomberg, Getty, National Consumer Law, Signature Bank, Asset Unit Locations: Chevy Chase , Maryland, U.S, Vietnam, Mount Everest, North Dakota, liquidating, Nepal, Marjorie Bloom Maryland, District, —, Maryland, PNC, New York, Cayman Islands, Washington ,

☆ $10,000 bill from Great Depression era sells for $480,000 at auction
▼ + stars: | 2023-09-20 | by ( Amarachi Orie | ) edition.cnn.com time to read: +2 min

CNN —A rare $10,000 bill dating back to the Great Depression has sold for $480,000 at auction. Issued in 1934, the Federal Reserve note was certified by Paper Money Guaranty (PMG) and was Exceptional Paper Quality (EPQ) graded, according to Dallas-based auction house Heritage Auctions. A rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty topped the Coins auction. Heritage AuctionsTopping the house’s parallel coins auction was a rare 1899 double eagle $20 gold coin featuring a portrait of the head of Liberty. Only 84 coins of its kind were issued, and only about 30 are thought to still be around, according to the auction house.

Persons: Lincoln’s, Salmon, “, ”, Dustin Johnston, ” Johnston, Todd Imhof Organizations: CNN, Money Guaranty, Treasury, Heritage, Federal, Museum of American Finance, US, of Engraving, Liberty Locations: Dallas, Boston

☆ Pension plans are pretty rare. Here's who still has them and how they work
▼ + stars: | 2023-09-07 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +8 min

But not all unionized workers have equal access to their employer’s DB plan. One sticking point in the UAW negotiations is to restore access to company pension plans that had been closed to anyone hired after the union accepted deep concessions in its 2007 contract. Why employers moved away from traditional pensionsMany employers started making the shift to 401(k) plans and other DC plans in the 1980s. The PBGC protects pension benefits and continues to pay retirees should their employer or its DB plan become insolvent. Retirement readiness at risk for millionsSimply having access to a workplace retirement plan isn’t enough to guarantee a secure retirement.

Persons: “ We’ve, ”, Karen Friedman, That’s, —, Craig Copeland, Copeland, won’t, “, Friedman, nonparticipants, — CNN’s Chris Isidore Organizations: New, New York CNN, United Auto Workers, Big Three, Pension, Center, Bureau of Labor Statistics, DB, UAW, General Motors, Chrysler, Congressional Research Service, Research Institute, ”, federal, Guaranty Corp, Workers, Social Security, Vanguard, Security Locations: New York

☆ High interest rates make these guaranteed-income products attractive. Here's what to know about fixed annuities
▼ + stars: | 2023-08-08 | by ( Michelle Fox | ) www.cnbc.com time to read: +7 min

Americans have flocked to annuities for guaranteed income over the past year, as interest rates rose and investors looked for safety amid the market turbulence and recession concerns. One of the popular products has been fixed-rate deferreds which — as the name implies — provide a fixed rate for a specific period of time. "So that opportunity to get a more competitive rate on a fixed annuity is not an indefinite window." Multiyear guaranteed annuities Traditional fixed annuities typically guarantee the rate for a portion of the contract, while a multiyear guaranteed annuity, or MYGA, has a rate of return that is guaranteed over the duration of the contract. When buying a fixed annuity, investors need to figure out the term that works best for them, said Limra's Hodgens.

Persons: we've, Bryan Hodgens, Doug Ornstein, David Blanchett, TIAA's Ornstein, Ornstein, Limra's, " Blanchett Organizations: TIAA Wealth Management, Federal Deposit Insurance Corporation, guaranty, DC Solutions, Insurance, TIAA Institute, Social Security Locations: Connecticut

☆ Student-loan borrowers could be waiting over a year for Biden to implement his new plan for broad debt relief
▼ + stars: | 2023-07-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +5 min

Biden is going through negotiated rulemaking to implement his new student-debt relief plan. It recently took his Education Department 15 months to go through that process. The law says the Education Department can "enforce, pay, compromise, waive, or release any right, title, claim, lien, or demand" related to federal student debt. That process has historically taken a long time, meaning that the new attempt at broad student-debt relief may not arrive for a while. Of course, the timeline for this new plan for student-debt relief could be quicker, and Education Department officials have said they will work as fast as they can under the process to get relief to borrowers.

Persons: Biden, Joe Biden's, Education James Kvaal Organizations: Department, Service, Education Department, Higher, Biden overreached, Federal, Education, guaranty, servicers, Federal Register Locations: Wall, Silicon

☆ Kentucky man digs up 'insane' treasure trove of over 700 Civil War-era gold coins — and they could be worth millions
▼ + stars: | 2023-07-15 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +2 min

A Kentucky man found a hoard of over 700 Civil War-era coins on his farm. The coins, which have been dubbed the "Great Kentucky Hoard," could be worth millions. The cache of gold coins, dubbed the "Great Kentucky Hoard," dates between 1840 and 1863, according to GovMint.com. "Those are all $1 gold coins, $20 gold coins, $10 gold coins." "The opportunity to handle the 'Great Kentucky Hoard' is one of the highlights of my career.

Persons: Jeff Garrett, Garrett, Ryan McNutt, Confederate John Hunt Morgan's Organizations: Service, Indians, Liberty Double Eagles, GovMint, Federal Reserve Bank of Atlanta, Numismatic Guaranty Company, Georgia Southern University, Confederate Locations: Kentucky, Wall, Silicon, Georgia

☆ Here's when the government's bills are due as U.S. tries to avoid default
▼ + stars: | 2023-05-18 | by ( Emma Kinery | ) www.cnbc.com time to read: +3 min

After that date, the Treasury will have to decide which obligations don't get paid, even as multiple critical bills are due. Lifting the debt ceiling is necessary for the government to cover spending commitments already approved by Congress and the president — and prevent default. The think tank Bipartisan Policy Center modeled the Treasury Department's cash flow, noting what day bills are paid. The Treasury has taken extraordinary steps to keep paying the government's bills, and expects to be able to avoid a first-ever default at least until early June. Treasury Secretary Janet Yellen demurred when asked in an interview with CNBC this month what bills would be prioritized in the event of a default.

☆ Negotiating Financing Provisions in Mergers
▼ + stars: | 2023-05-01 | by ( ) www.reuters.com time to read: +47 min

(For the complete version of this resource, which includes initial considerations and questions counsel should ask when drafting and negotiating financing provisions in merger agreements, see Drafting and Negotiating Financing Provisions in Mergers on Practical Law.) For a private placement under Rule 144A, the financing parties may offer some flexibility regarding the required financing statements. The term refers collectively to provisions that benefit debt financing parties by limiting their liability in an acquisition financing, including provisions that provide for:No recourse to the financing parties. The target company has no recourse against the financing parties and cannot pursue litigation against the financing parties directly. The financing parties are third-party beneficiaries of the Xerox provisions to permit the financing parties to enforce their rights under the merger agreement.

VA loan borrowers with mortgages that close on or after April 7, 2023, will pay a reduced funding fee. Because it's often financed, a reduced funding fee can lower the amount VA loan borrowers pay in interest. The VA funding fee is a one-time cost that many VA loan borrowers must pay when getting a mortgage. This means that if a borrower defaults on a VA loan, the VA will compensate the lender. For first-time VA loan borrowersDown payment amount Old funding fee New funding fee Less than 5% 2.3% 2.15% 5% or more 1.65% 1.5% 10% or more 1.4% 1.25%For subsequent VA loan borrowersDown payment amount Old funding fee New funding fee Less than 5% 3.6% 3.3% 5% or more 1.65% 1.5% 10% or more 1.4% 1.25%VA cash-out refinanceOld funding fee New funding fee First use 2.3% 2.15% Subsequent use 3.6% 3.3%Other types of VA loansFunding fees for other VA loans remain unchanged.

☆ How protected is your money in accounts outside of banks?
▼ + stars: | 2023-03-28 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +6 min

Spoiler alert: You likely have at least some protection in all but your crypto accounts. There are several types of deposit accounts you may have at one bank (e.g., individual savings account, joint checking, business account, etc.) NCUA, which is backed by the full faith and credit of the US government, covers accounts up to $250,000, in much the same way the FDIC covers bank accounts. Crypto accountsIf you invest in crypto assets you have no federally guaranteed protections should the company acting as custodian of your assets go under. Even if you’re holding your crypto assets at a firm that is an SEC-registered broker-dealer and it is a member of SIPC, your crypto assets will not receive SIPC protection.

But unspent COVID aid is a small target, with less than $80 billion unspent as of January, White House budget figures show. CARPENTERS, VETERANS AND MEDICAL RESEARCHReclaiming unspent COVID funds would have real-world repercussions. A clawback could also affect veterans' healthcare, as the Department of Veterans Affairs has yet to spend $4.6 billion of the money it received for COVID-19 related care. Republican governors of Nebraska and Arkansas last year rejected a second round of aid for people behind on their rent. Republican Senator Rick Scott in January urged governors and mayors to voluntarily return that money to help pay down federal debt.

☆ Lehman Brothers' European unit loses bid to recoup $485 mln from bond insurer
▼ + stars: | 2023-03-09 | by ( Jonathan Stempel | ) www.reuters.com time to read: +2 min

NEW YORK, March 9 (Reuters) - A New York judge rejected a bid by the former Lehman Brothers' bankrupt European unit to claw back $485 million from bond insurer Assured Guaranty Ltd (AGO.N) over transactions that were canceled amid the global financial crisis. In a decision on Wednesday, Justice Melissa Crane of a New York state court in Manhattan said Assured's AG Financial Products unit instead deserved to recover about $20 million from Lehman Brothers International (Europe). "Meanwhile, Assured's valuation was reasonable and calculated in good faith." The Sept. 15, 2008 bankruptcy of Lehman Brothers Holdings Inc - once Wall Street's fourth-largest investment bank - was one of the major triggers of that year's financial crisis. The case is Lehman Brothers International (Europe) v. AG Financial Products Inc, New York State Supreme Court, New York County, No.

☆ 6 sneakers Michael Jordan wore during game-clinching NBA Finals games are about to go on sale — and the price could set a record
▼ + stars: | 2023-02-27 | by ( Matthew Kish | ) www.businessinsider.com time to read: +3 min

Sotheby's this week will put up for sale a collection of six Air Jordan sneakers. Each of the six sneakers was worn by Michael Jordan during an NBA Finals game. Auction house Sotheby's on Tuesday will unveil a collection of six Air Jordan sneakers in Dubai. For perspective, a jersey Jordan wore during the 1998 NBA Finals sold last year for $10.1 million. "This set represents the most valuable and significant collection of Air Jordan sneakers ever brought to market," Sotheby's said, in a listing.

☆ Paying back Covid loans is hammering millions of businesses
▼ + stars: | 2023-01-13 | by ( Gabe Cohen | ) edition.cnn.com time to read: +5 min

Unlike some other pandemic programs, these 30-year loans, carrying an interest rate of 3.75% for businesses, were intended to be paid back. But revenue is still down more than 45% — and it's time to start paying back those government loans. Coming out of the pandemic, small businesses have faced difficult hurdles, like staffing shortages, supply chain issues and inflation. Now add a possible looming recession, just as these EIDL loans come due. For EIDL loans over $200,000, a personal guaranty was required for individuals with 20% or more ownership in the business.

☆ Islamic Bank Fined in U.K. for Anti-Money-Laundering Violations
▼ + stars: | 2023-01-12 | by ( Dylan Tokar | ) www.wsj.com time to read: +2 min

Al Rayan Bank, the U.K.’s largest Islamic bank, will pay £4 million, equivalent to about $4.9 million, for failing to maintain sufficient money-laundering protections, regulators said Wednesday. The regulator on Tuesday imposed a £7.6 million fine on Guaranty Trust Bank UK Ltd., the U.K. subsidiary of Nigerian bank Guaranty Trust Bank PLC, for failing to undertake customer risk assessments. PREVIEWAl Rayan is a subsidiary of Masraf Al Rayan, Qatar’s second largest bank by market value. After an inspection by the FCA in 2017, Al Rayan agreed not to take on additional high-risk customers. Al Rayan received a 30% discount off its fine for agreeing not to dispute the regulator’s finding, the FCA said.

☆ Biden's big pandemic stimulus bill is still helping prop up pension funds nearly 2 years after it was passed
▼ + stars: | 2022-12-08 | by ( Juliana Kaplan | ) www.businessinsider.com time to read: +4 min

Tucked in President Joe Biden's first big stimulus package was a provision to help fund pensions. Previously, there was a multiemployer pension crisis looming, with some potentially unable to pay out. But the money from the American Rescue Plan Act propped up 350,000 more workers' pensions. The nonpartisan Congressional Budget Office estimated that the provision in the American Rescue Plan would cost $86 billion, according to the House Committee on Education and Labor. The pension relief comes as Republicans potentially eye cuts to Social Security, another major social safety net for the elderly and retirees.

☆ Biden releasing nearly $36 billion to aid pensions of union workers
▼ + stars: | 2022-12-08 | by ( ) www.cnbc.com time to read: +2 min

President Joe Biden on Thursday is announcing the infusion of nearly $36 billion to shore up a financially troubled union pension plan, preventing severe cuts to the retirement incomes of more than 350,000 Teamster workers and retirees across the United States. Many union retirement plans have been under financial pressure because of underfunding and other issues. Biden traveled to Ohio in July to highlight the final rules for the pension relief program. The amount going to the Central States Pension Fund represents somewhere between one-third and one-half of the total estimated cost of the federal aid program. The retirement plan has participants in almost every state, with the largest concentration in the Midwest.

☆ Student-loan borrowers who are behind on payments can avoid facing collections for one year after the payment pause ends. Here's how Biden's Education Department wants to make sure companies holding t
▼ + stars: | 2022-12-05 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +3 min

introduced its "Fresh Start" plan, which would help defaulted student-loan borrowers. Last week, the department released updated guidance to the agencies that hold those borrowers' debt. Borrowers will have one year after payments resume to make use of the program. According to Cordray's guidance, the agencies that hold defaulted student-loan borrowers' debt will be required to suspend collection attempts for borrowers in the Fresh Start program for a year following the end of the payment pause. Along with guidance to the guaranty agencies, borrowers in default will also need to take action to return to good standing.

☆ Even Barry Sternlicht is getting hammered by rising rates. A recent deal his $6 billion firm backed out of shows how.
▼ + stars: | 2022-10-26 | by ( Daniel Geiger | ) www.businessinsider.com time to read: +7 min

The scuttled deal shows how rising rates have hit Starwood CEO Barry Sternlicht's bottom line. It has canceled its plans to purchase the Stamford, Connecticut, mortgage originator Luxury Mortgage Corp., according to a person with direct knowledge of the deal. The situation with Luxury Mortgage, however, shows how rising rates have also affected Starwood's bottom line. A budding partnership was upended by rising ratesIn recent years, Starwood has become one of Luxury Mortgage's biggest customers. Luxury Mortgage's business has also been strained in recent months.

Search resuls for: "guaranty"

25 mentions found