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☆ OpenAI's CTO treats creativity like a problem to be solved — and that itself is the problem
▼ + stars: | 2024-06-25 | by ( Katherine Tangalakis-Lippert | ) www.businessinsider.com time to read: +9 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Advertisement"These people treat creativity like a problem to be solved," he continued. "All these things shouldn't be there in the first place, but all these things are work that some people have to do. "I think we need to have an honest public debate about the advantages, but also the pitfalls and dangers of AI technology," Astray said.

Persons: —, Mira Murati, Jeffrey Blackburn, ChatGPT, Murati, Ed Zitron, Zitron, Boris Eldagsen, OpenAI's DALL, Eldagsen, FABRIZIO BENSCH, Miles, doesn't, OpenAI, Sam Altman Organizations: Service, Business, Dartmouth, OpenAI, Sony, Reuters Locations: OpenAI

☆ Even in bankruptcy, Rudy Giuliani keeps his financial picture hidden. Now he might lose control of it.
▼ + stars: | 2024-06-23 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +12 min

Read previewWhen Rudy Giuliani filed for bankruptcy late last year, it gave him some room to breathe. They all flowed into a federal bankruptcy court, where creditors could negotiate for whatever funds the aging former New York City mayor had left. But if the judge were to agree with the creditors and appoint a Chapter 11 bankruptcy trustee, Giuliani would lose control of his own financial life. AdvertisementA bankruptcy trustee would control all of Giuliani's assets and would be able to sell his two homes unimpeded. Giuliani's creditors have formed a supergroup to try to dig into his finances.

Persons: —, Rudy Giuliani, Sean H, Lane, Giuliani, hasn't, mismanaging, Eric Snyder, Wilk Auslander, They've, Ruby Freeman, Shaye Moss, Noelle Dunphy, Akin Gump, Freeman, Moss, Joe Biden, didn't, TrustPoint, Smartmatic, Jacquelyn Martin, Donald Trump, Snyder, Maria Ryan, Rudy Giuliani's, Ryan couldn't, Matt Rourke Giuliani, John Catsimatidis, Biden, Barrett Prettyman, Shane Moss, Drew Angerer, isn't Organizations: Service, Systems, Business, New, New York City, Department, Dominion, Giuliani, Trump's Saving America, Rudy's, Towers Foundation, Giuliani Communications, Republican, Trump, AP, WABC, America's, Washington , DC Locations: New York, New York City, Florida, Georgia, Smartmatic, WASHINGTON, DC, Washington ,, Fulton County, Fulton, Arizona

☆ Car dealerships hit with massive computer system outage
▼ + stars: | 2024-06-19 | by ( Peter Valdes-Dapena | ) edition.cnn.com time to read: +2 min

“We are actively investigating a cyber incident,” CDK spokesperson Lisa Finney said in a statement shared with CNN. To protect customer privacy, customer’s details aren’t written out on a piece of paper that’s just sitting on the desk anymore. Instead, information about deals and customer appointments is kept in a server that’s now impossible for his salespeople to access. But it’s a major hassle in the meantime and could cost his dealerships some business. A statement shared by CDK later in the afternoon said some of the company’s system had been restored to operation but not all of them, yet.

Persons: ”, Lisa Finney, CDK, it’s, Jeff Ramsey, aren’t, Ramsey, “, ” Ramsey, Brian Benstock, he’s Organizations: CNN, CDK, Ourisman Auto Group, Paragon Honda, Paragon Acura Locations: Canada, Maryland, Long Island City , New York

☆ A lawyer dreamed of disrupting the legal industry with private equity. It turned into a nightmare.
▼ + stars: | 2024-06-18 | by ( Jack Newsham | ) www.businessinsider.com time to read: +10 min

And he'd just launched a venture with the Miami investment firm 777 Partners that he hoped would revolutionize the legal business. Arizona had recently begun permitting nonlawyers to invest in law firms, which is banned in nearly every other state. AdvertisementAllowing private-equity riches to pour into law firms looked like it could be a game changer. AdvertisementGerman said 777 didn't supply money on the terms or timeline it promised and planned. Funding and marketing firms were cutting deals with law firms in nonpublic arrangements for years before Arizona changed its rules, she added.

Persons: Steve German, nonlawyers, he'd, BerlinRosen, Uber, Andy Kvesic, Arizona's, Josh Wander, Semafor, Steven Pasko, Lynda Shely, Shely, Ed Gehres, Damien Alfalla Organizations: Service, Partners, Scout Law, Scout, Regulators, DOJ, Globo Locations: Phoenix, Miami, Arizona, State

☆ AI could supercharge offshoring
▼ + stars: | 2024-06-16 | by ( Tim Paradis | ) www.businessinsider.com time to read: +11 min

There's another possibility, however: Someone who knows how to use AI — and who's based abroad — will come for your job. AdvertisementAndrew Yeung, a former product lead at Google and Meta, predicted in May that overseas workers who get their AI glow-up will someday take over numerous jobs. And it's not just learning about AI, but learning from AI. AI is also making it cheaper to bring lessons on AI and other topics to people in languages other than English. AdvertisementThe time it took for earlier technologies — including automation and robotics — to rejigger the labor market was longer than what we're seeing with Gen AI, Vincent said.

Persons: —, Andrew Yeung, Sagar Khatri, Khatri, Everyone's, Jeff Maggioncalda, Maggioncalda, Coursera, Daron Acemoglu, they're, Acemoglu, Scott Vincent, Vincent, he's, Offshoring, you've, Drew Cesario Organizations: Service, Business, Google, Sagar, Massachusetts Institute of Technology, Philippines . " Workers, Digital Futures, Futures, Cesario Locations: New York, Philippines, Mexico, India, Pakistan, Brazil, Vietnam, Egypt, Japan, Germany, Indonesia

☆ 6 in-demand freelance skills, according to Upwork—one pays up to $250 an hour
▼ + stars: | 2024-05-26 | by ( Gili Malinsky | ) www.cnbc.com time to read: +3 min

Approximately 2 million people are expected to graduate from college in 2024, according to the National Center for Education Statistics. Data analysts on Upwork charge as much as $167 per hour. Given the constant development of technology, demand for full stack development "isn't going away," says Lilani. Like full stack development and given the prevalence of these platforms, "social media marketing is another one that's not going away," Lilani says. Accountants on Upwork charge as much as $125 per hour.

Persons: Margaret Lilani, Vicki Salemi, they're, Salemi, Lilani, That's Organizations: National Center for Education Statistics, Microsoft, Social

☆ Learning how to use AI could boost your pay by 25%, study finds
▼ + stars: | 2024-05-21 | by ( Anna Cooban | ) edition.cnn.com time to read: +3 min

London CNN —Jobs that require artificial intelligence skills offer significantly higher wages than those that don’t, according to new research published Tuesday. Consultancy PwC studied advertisements, posted last year, for a range of jobs, including app programmers, lawyers and accountants. It found that wages for AI-related roles were on average 25% higher in the United States than for comparable jobs in the same field that did not require those skills. Between 2012 and 2023, the number of jobs requiring AI skills grew 3.5 times faster than the total of all jobs across the countries studied, according to the report. “AI could be the missing piece of the UK’s productivity puzzle, bringing a boost to the economy, wages, and living standards,” said Sahneh at PwC.

Persons: PwC, ” Mehdi Sahneh, Barret Kupelian, ”, ” Randall Kroszner Organizations: London CNN, PwC, Bank of Locations: United States, United Kingdom, Canada, North America, Europe, Asia, PwC

☆ Trump Media says it will delay quarterly filing due to auditor change
▼ + stars: | 2024-05-15 | by ( ) edition.cnn.com time to read: +1 min

Trump Media & Technology Group filed a notice to the US Securities and Exchange Commission on Wednesday that it would delay its quarterly filing, just days after the regulator charged its former auditor with fraud. Former US President Donald Trump’s media company said it was unable to complete the review of its financial statement for the quarter ended March 31 due to the timing of its appointment of Semple, Marchal & Cooper as the new auditor. The company dismissed previous auditor BF Borgers, after the SEC charged the accounting firm with “massive fraud” earlier this month. The stock has since then cut its gain to about 5%, giving it a market value of about $7 billion. Truth Social’s revenue was $4.13 million last year, up from $1.47 million in 2022.

Persons: Donald Trump’s, Semple, Cooper, BF, Trump Organizations: Trump Media & Technology Group, US Securities and Exchange Commission, Marchal, SEC, Nasdaq

☆ No, ChatGPT-4o isn't coming for your job. Yet.
▼ + stars: | 2024-05-14 | by ( Matthew Loh | Shubhangi Goel | ) www.businessinsider.com time to read: +6 min

Read previewOpenAI unveiled its latest ChatGPT tech on Monday, presenting a new voice mode that can show and detect emotion in a sophisticated, conversational style. They also cautioned that most people have been reacting to a tech demo, which can often be highly tailored and might not necessarily reflect the product's true capability. pic.twitter.com/ZncytI234K — Allen T (@Mr_AllenT) May 13, 2024OpenAI also showed potential adopters new use cases, such as translation and teaching services. AdvertisementThe new video camera and voice features do wonders for ChatGPT's potential in roles like customer support, van Rossum added. But it's going to be much more difficult for ChatGPT to take over customer support, teaching, or negotiation, Leong said.

Persons: —, Scarlett Johansson, OpenAI, — Allen, Mira Murati, ChatGPT, wpB6sGjA7E, Alex Kantrowitz, Siri, Alexa, Daan van Rossum, van Rossum, Leslie Teo, Teo, Ben Leong, it's, Leong, Simon Lucey, Lucey, We've Organizations: Service, Big, Business, AIs, Companies, Singapore, National University of Singapore, University of Adelaide's Australian Institute for Machine, Microsoft Locations: Big Tech, Singapore

☆ Trump Media investor convicted of insider trading ahead of merger
▼ + stars: | 2024-05-09 | by ( Dan Mangan | ) www.cnbc.com time to read: +4 min

A federal jury in New York on Thursday convicted an investor of insider trading in the stock of a shell company ahead of its announcement in October 2021 that it would merge with Trump Media . Two co-defendants of Garelick, the brothers Michael and Gerald Shvartsman, pleaded guilty to insider trading charges on April 3. "Garelick's federal conviction is yet another stark reminder that insider trading is always a losing bet." DWAC and Trump Media completed their merger in late March. Trump Media hired a new auditor, Semple, Marchal & Cooper LLP last weekend to replace BF Borgers.

Persons: Bruce Garelick, Donald Trump, Stormy Daniels, Michael, Gerald Shvartsman, Garelick, Michael Shvartsman's, Damian Williams, Williams, DJT, Benjamin Borgers, Semple, Cooper Organizations: Manhattan Federal Court, Trump Media, Trump, Garelick, Rocket, Prosecutors, Acquisition Corporation, Trump Media & Technology Group, Manhattan U.S, Public, Securities and Exchange Commission, SEC, BF, CPA, Marchal Locations: Manhattan, New York City, New York, U.S

☆ Apple wants to give the iPad a boost
▼ + stars: | 2024-05-07 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

The tech giant's event will reportedly showcase a new family of… iPads and iPad accessories. But Apple's event , which kicks off at 10 a.m. EST, is looking to give the iPad a boost. iPhone sales have noticeably dipped, which is why you're hearing Apple tout its "services" business , writes BI's Peter Kafka. And the new product Apple wants you to be excited about — the Vision Pro — hasn't lived up to the hype. a16z joins the Big Tech "fake work" debate.

Persons: —, Tyler Le, they're, iPads, Antonio Villas, Boas, BI's Peter Kafka, Peter, hasn't, Katie Notopoulos, Wall, Lauren DeCicca, Tim Cook, Katie, aren't, I'd, we'll, I'm, Alyssa Powell, Danielle DiMartino Booth, James Devaney, Roger Kisby, Jack Dorsey's, Elon, Dorsey, Elon Musk, Satya Nadella, OpenAI, Jeff Bezos, Mark Zuckerberg, Warren Buffett, Berkshire Hathaway, a16z, Emily Sundberg, Andreessen Horowitz, David Ulevitch, Vladimir Putin, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, George Glover Organizations: Service, Business, Apple, Google, Getty, US Treasury, National Bureau of Economic Research, Images, Penske Media, Microsoft, Tech, Paramount, Berkshire, Big Tech, Walt Disney Company Locations: BREIT, New York, London

☆ Inside the Growing Alarm Over Blackstone's BREIT Real-Estate Fund
▼ + stars: | 2024-05-07 | by ( Bethany Mclean | ) www.businessinsider.com time to read: +23 min

Investors in Blackstone's real-estate fund asked for their money back in droves — more than $15 billion to date. Unless the real-estate market comes roaring back, analysts warn, BREIT could end up shrinking to a fraction of its current size, leaving the fund's investors holding the bag. Only 3% of BREIT's holdings are in office buildings, which have been ground zero for commercial real estate pain. Advertisement"Not all real estate is created equal," BREIT boasted in a recent letter to stockholders, "and where you invest matters." "Commercial real estate is a slow burn," Brian Moynihan, the CEO of Bank of America, recently observed.

Persons: Blackstone, —, BREIT, REITs, Steve Schwarzman, Jeenah, Nate Koppikar, Craig McCann, BREIT's, Chilton, McCann, McCann, Horacio Villalobos, That's, Donald Trump, Robert Chang, Schwarzman, Michael Blackshire, Phil Bak, Stephen Schwarzman, Shannon Stapleton, Brian Moynihan, it's, It's Organizations: BREIT, Orso Partners, Securities Exchange Commission, Blackstone, SEC, Chilton Capital Management, SLCG Economics Consulting, Publicly, University of California, Regents, Armada Investors, Reuters, Bank of America Locations: BREIT, Lisbon, Fideres

☆ Trump Media picks new accountants after last ones were charged with 'massive' scam
▼ + stars: | 2024-05-06 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +2 min

Trump Media has hired a new accounting firm. Trump Media & Technology Group has now enlisted Phoenix-based Semple, Marchal & Cooper, according to a Securities and Exchange Commission (SEC) filing. Trump Media's previous firm, BF Borgers — as well as its owner Benjamin Borgers — settled fraud charges, the SEC said Friday. A Trump Media spokesperson told Business Insider last week the company planned to hire in a new auditor. Trump Media is the parent company of right-wing Twitter clone Truth Social and is principally owned by Donald Trump, the presumptive GOP nominee for president.

Persons: —, Donald Trump's, Semple, Cooper, Trump, BF Borgers, Benjamin Borgers —, Borgers, hadn't, Donald Trump Organizations: Trump Media, SEC, BF, Trump, Service, Trump Media & Technology Group, Phoenix, Marchal, Securities and Exchange Commission

☆ Richard Branson shares the simple mindset that's key to his success: 'I don't ever think of myself as a businessperson'
▼ + stars: | 2024-05-03 | by ( Tom Huddleston Jr. | ) www.cnbc.com time to read: +1 min

Richard Branson doesn't think of himself as a businessman — and he believes that helped him build Virgin Group into what it is today. "I don't ever think of myself as a businessperson, or even really an entrepreneur," Branson tells CNBC Make It. "I just see myself as somebody that loves to create things that I can be proud of." "There's many things that we've done that we wouldn't have done if we'd listened to accountants," says Branson. Perhaps ironically, the strategy has proved lucrative for Branson, whose current net worth is estimated at $2.5 billion, according to Forbes.

Persons: Richard Branson doesn't, —, Branson, we'd Organizations: Virgin Group, CNBC, Virgin Atlantic, Virgin Galactic, Branson, Forbes Locations: Branson

☆ Trump Media’s accounting firm charged with ‘massive fraud’
▼ + stars: | 2024-05-03 | by ( Matt Egan | ) edition.cnn.com time to read: +2 min

“Trump Media looks forward to working with new auditing partners in accordance with today’s SEC order,” Trump Media spokesperson Shannon Devine told CNN in a statement. According to filings, Borgers served as Trump Media’s independent registered accounting firm before the social media company went public in March. Later in March, the audit committee of Trump Media approved the hiring of Borgers as the public company’s accounting firm. The SEC review only focused on public companies, meaning BF Borgers’ work for Trump Media when it was private was not included. Trump Media is chaired and majority owned by former President Donald Trump, who is also the most popular user on Truth Social.

Persons: BF, Benjamin Borgers, “ Borgers, ” Gurbir Grewal, Trump Media , “, ”, Shannon Devine, Borgers, BF Borgers, Donald Trump Organizations: New, New York CNN, Trump Media & Technology, Securities and Exchange Commission, SEC, Truth Social, Trump Media, BF Borgers, “ Trump Media, ” Trump Media, CNN, Trump, Borgers Locations: New York

☆ Trump Media stock tumbles as the SEC charges its auditor with 'massive fraud'
▼ + stars: | 2024-05-03 | by ( Jennifer Sor | ) www.businessinsider.com time to read: +2 min

Trump Media's stock price dropped on Friday after its auditor was accused of "massive fraud." The auditor BF Borgers did not comply with common accounting standards, the SEC said. BF Borgers CPA PC, which audited the financials of Trump Media, had "deliberate and systemic failures to comply" with public company accounting standards, the regulatory agency said. BF Borgers settled the SEC charges by paying a $12 million penalty, while Borgers, the owner, paid a separate $2 million penalty. "Trump Media looks forward to working with auditing partners in accordance with today's SEC order," a spokesperson for TMTG said.

Persons: BF, —, Benjamin Borgers, BF Borgers, Borgers, Ben Borgers, Gurbir Grewal, TMTG Organizations: Trump, SEC, Service, Trump Media, Securities and Exchange Commission Locations: SEC's

☆ Trump Media's auditor charged with 'massive fraud' by SEC
▼ + stars: | 2024-05-03 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Trump Media's auditor, BF Borgers, committed fraud in 1,500 filings, the SEC said. "Trump Media looks forward to working with new auditing partners," a spokesperson said. AdvertisementThe Securities and Exchange Commission on Friday charged accounting firm BF Borgers and its owner, Benjamin Borgers, with "massive fraud." "Trump Media looks forward to working with new auditing partners in accordance with today's SEC order," a TMTG spokesperson told Business Insider. AdvertisementDespite losing money and being cagey about how its user base compares to its social media rivals, Trump Media is now valued at over $6.3 billion.

Persons: Trump, BF Borgers, —, Benjamin Borgers, Donald Trump's, Borgers, BF, Grewal Organizations: BF, SEC, Trump Media, Service, Securities, Exchange Commission, Trump Media & Technology, Bloomberg, Public Company, American Institute of Certified Public Accountants, Business, Truth

The auditing firm for Trump Media and the auditor's owner were charged Friday with "massive fraud" by the Securities and Exchange Commission for work that affected more than 1,500 SEC filings, the federal regulator announced. The auditor, BF Borgers CPA and its owner Benjamin Borgers have agreed to be permanently suspended from practicing as accountants before the SEC, and also agreed to pay a combined $14 million in civil penalties, without admitting or denying the allegations, the SEC said. The agency, calling BF Borgers a "sham audit mill," said the company and its owner engaged in "deliberate and systemic failures to comply with Public Company Accounting Oversight Board ... standards in its audits and reviews incorporated in more than 1,500 SEC filings from January 2021 through June 2023," according to a press release. BF Borgers during that same time acted as the auditor for Trump Media, which was then privately held and moving toward a planned merger with the publicly traded shell company Digital World Acquisition Corp.Trump Media and DWAC finalized that merger in late March 2024, leading to Trump Media becoming publicly traded under the DJT ticker. The SEC said the Lakewood, Colorado-based BF Borgers and its owner were charged with falsely telling clients that the auditor's work would comply with PCAOB standards, fabricating audit documents to make it seem that the work did comply with those standards, and "falsely stating in audit reports included in more than 500 public company SEC filings that the firm's audits complied with PCAOB standards," the release said.

Persons: Benjamin Borgers, BF Borgers, DWAC Organizations: Trump Media, Securities and Exchange Commission, SEC, BF, CPA, Company, Corp Locations: Lakewood , Colorado

☆ India's markets regulator puts seven Adani companies on notice for violations
▼ + stars: | 2024-05-03 | by ( ) www.cnbc.com time to read: +1 min

Chairperson of Indian conglomerate Adani Group, Gautam Adani, speaking at the World Congress of Accountants in Mumbai on November 19, 2022. India's markets regulator has sent notices of regulatory violations to seven companies of the Adani conglomerate, including its flagship Adani Enterprises, the group said in stock exchange filings. The regulator began probing the Adani group, led by billionaire Gautam Adani, after Hindenburg Research in January 2023 alleged improper use of tax havens and stock manipulation by the group, accusations the group has denied. Adani Green Energy, Adani Power, Adani Total Gas, Adani Energy Solutions, Adani Wilmar, and Adani Ports have also received notices from SEBI in the first quarter, the companies said in separate filings to the exchanges this week. Typically such violations attract monetary penalties or management can be barred from capital markets for a certain period.

Persons: Gautam Adani, Wilmar Organizations: Adani, World, Accountants, Adani Enterprises, Hindenburg Research, Securities and Exchange Board of India, Energy, Adani Energy Solutions Locations: Mumbai, SEBI

☆ Baltimore bridge insurer is reportedly set to write a $350 million check
▼ + stars: | 2024-05-02 | by ( George Glover | ) www.businessinsider.com time to read: +2 min

Chubb, the Baltimore bridge insurer, is set to pay out $350 million, per The Wall Street Journal. The bridge's collapse in March killed six people and shut down the port of Baltimore. Chubb, the state of Maryland, and victims' families will likely sue the ship's owners, per the Journal. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe insurer of Baltimore's Francis Scott Key Bridge is gearing up to issue a $350 million payout to the state of Maryland, The Wall Street Journal reported on Thursday.

Persons: Chubb, Baltimore . Chubb, —, Francis Scott Key, Henry Daar, WTW, Daar, Dali, Chubb didn't Organizations: Street, Service, Barclays, Business Locations: Baltimore, Maryland, London

☆ Why your financial advisor may not give you the best Social Security claiming advice
▼ + stars: | 2024-05-01 | by ( Lorie Konish | ) www.cnbc.com time to read: +3 min

Ascentxmedia | E+ | Getty ImagesMany people claim Social Security retirement benefits at the earliest possible claiming age of 62. Yet recent research finds working with a financial professional does not necessarily encourage individuals to claim Social Security at later ages. Why it pays to wait to claim Social SecurityWhen Social Security retirement beneficiaries claim at age 62, their benefits are permanently reduced. As the Social Security full retirement age moves to age 67, benefits available at age 62 are even further reduced. Delaying Social Security benefits is so valuable not only because of the increase to benefits, but also the annual cost-of-living adjustments tied to inflation.

Persons: David Blanchett, Jason Fichtner, Center —, " Blanchett, Fichtner, Joe Elsasser, Elsasser, they've, Blanchett Organizations: Getty, Social, Social Security, DC Solutions, Center

☆ The man who audited Trump's social media company misspelled his own name in 14 different ways: FT
▼ + stars: | 2024-04-25 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewThe accountant hired to audit former President Donald Trump's social media company seemed to have a lot of trouble spelling his name, the Financial Times reported on Wednesday. But others, like Blake F Borgers and Ben F Vonesh, were entirely different names. Representatives for BF Borgers and Trump Media & Technology Group did not immediately respond to a request for comment from BI sent outside regular business hours. In November, Borgers' firm was also removed from the American Institute of Certified Public Accountants' peer review program. Trump Media shares had initially soared when it went public, only to crash by nearly 40% in a matter of weeks.

Persons: —, Donald Trump's, Ben F Borgers, Ben F Brogers, Ben F orgers, Blake F Borgers, Ben F Vonesh, Borgers, Brown, WithumSmith, Trump, Forbes, Jean Carroll, he's, Stormy Daniels Organizations: Service, Financial Times, Public Company, Business, BF Borgers, Trump Media & Technology Group, BI, Bloomberg, American Institute of Certified Public Accountants, Trump, Trump Media, New Locations: New York, Manhattan, Mar

☆ America Is Writing Checks That Mere Optimism Won’t Cover - The New York Times
▼ + stars: | 2024-04-25 | by ( David Brooks | ) www.nytimes.com time to read: +2 min

Interest rates have risen. According to The Wall Street Journal, America is expected to spend $870 billion, or 3.1 percent of gross domestic product, this year on interest payments on the federal debt. According to the Committee for a Responsible Federal Budget, the government will spend more on interest payments than on the entire defense budget. When money is tight, as it is now, government borrowing competes with private borrowing, driving interest rates up for everybody. ratio results in an increase in interest rates of two-tenths to three-tenths of a percentage point.

Organizations: Wall Street Journal, Federal Budget, Social Security Locations: America

☆ 9 ways rich real estate owners save big on taxes from putting mansions in trusts to donating rental property income
▼ + stars: | 2024-04-25 | by ( Hayley Cuccinello | ) www.businessinsider.com time to read: +9 min

The richest 0.1% of Americans own $1.8 trillion in real estate, according to the Federal Reserve. Currently, individuals and married couples can gift or bequeath $13.61 million and $27.22 million, respectively, before a 40% federal estate tax kicks in. Here are nine little-known techniques that wealthy real estate owners use to pay less to Uncle Sam:Qualified personal residence trusts, better known as "QPRTs," effectively freeze the value of a real estate property for tax purposes. With an FLP, an individual — often a parent or two parents — pools their business assets, commonly real estate or stocks. The heirs don't own the trust assets, but rather have lifetime rights to the trust's income and real estate.

Persons: Uncle Sam, Trump, Sam Walton, Wrigley, Jeff Bezos, Rich, Ron Wyden, PPLI, Jackie O, I've, Edward Renn, remarries Organizations: Federal, Business, Walmart, Biden, Blackstone, Lombard, Taxpayers, IRS Locations: Trump, Florida, Wyoming, Plenty

☆ Routine jobs raise the risk of cognitive decline by 66% and dementia by 37%, study says
▼ + stars: | 2024-04-17 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +5 min

Having a routine job with little mental stimulation during your 30s, 40s, 50s and 60s was linked to a 66% higher risk of mild cognitive impairment and a 37% greater risk of dementia after the age of 70, according to the study, when compared with having a job with high cognitive and interpersonal demands. Attending college, for example, reduced the impact of a repetitive job by about 60% but didn’t fully negate the risk. Routine jobs that were not classified as “cognitively protective” often involved repetitive manual and mental tasks, such as is typical of factory work and bookkeeping. “Most people in routine jobs in our sample included housekeepers, custodians, construction workers and mail carriers,” Edwin said. More cognitively demanding jobs were not based on routine tasks, even though repetition was required at times.

Persons: ”, Dr, Trine Edwin, Edwin said, Richard Isaacson, Isaacson, ” Edwin, Edwin, It’s, ” Isaacson Organizations: CNN, Oslo University Hospital, American Academy of Neurology, “ Locations: Norway, Florida

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