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A severe spike in inflation. A plummet in the value of the dollar. The collapse of their biggest clients. The largest banks in America could survive even those dire economic scenarios, according to analysis released by the Federal Reserve on Wednesday. The industry cleared the higher bars, with as close to a clean bill of health as its leaders might have hoped.
Organizations: Federal Reserve, Credit Suisse Locations: America
And so she did: “Black Barbie: A Documentary,” her newly-released project, takes a deeper look at the story behind Black Barbie and its impact on representation in the toy business, and culture more broadly. The first Black Barbie (pictured center) wore a bold red dress, gold jewelry and an afro. The actual Black Barbie doll didn’t become a reality until decades later, after the company hired Kitty Black Perkins in 1976 as its first Black designer. “Having Black Barbie (dolls) just reinforces the fact that being Black is fly and amazing — and that Black women are gorgeous. Black Barbie is also validation for us filmmakers, everybody who worked on it, being seen and heard in this industry,” she added.
Persons: Lagueria Davis, Beulah Mitchell, Davis —, , Barbie, ” Davis, Black Barbie, Black, Shonda Rhimes, Misty Copeland, Ibtihaj Muhammad, Maxine Waters, Copeland, Muhammad, Mitchell, Ruth Handler, Patricia A, Turner, Handler, , ” Mitchell, “ Christie ”, Julia ”, Christie, Julia, Diahann Carroll, Kitty Black Perkins, Black Barbie’s, Black Perkins, ” Black Perkins, Aaliyah Williams, , , White, Yolanda Hester, Shani, Stacey McBride, Irby, McBride, Kitty, Stacy, Williams Organizations: CNN, Mattel, SXSW, Black, Netflix, Locations: Mitchell’s
Around lunchtime Friday, on a YouTube livestream watched by half a million people, a bandanna-clad man in white sunglasses grinned into his webcam and teased: “I’m about to show it.”Oh, stop it. Keith Gill, the man better known as Roaring Kitty, who became one of Wall Street’s unlikeliest celebrities during the meme stock mania of 2021 before disappearing from public view, was onscreen — and in his signature fashion, mixing beer, comedy and market commentary. A quick refresher: Three years ago, Mr. Gill’s unrestrained cheerleading of GameStop and other companies on social media made him a kind of rabbi to thousands of day traders stuck at home during the pandemic — people who bought loads of shares and drove those stock prices to nosebleed levels. These traders’ use of internet memes and social platforms like Reddit to trade stock tips ushered in a new class of investors. He vaulted back into prominence last month by posting on X a cryptic illustration that many took as a sign that he had returned to day trading.
Persons: Keith Gill, Kitty, Gill, Organizations: YouTube, GameStop
Melisa Swearingen woke up early on Sunday morning as a tornado bore down on her home in the northwestern corner of Arkansas. As she raced down the stairs with her toddler, she looked out the window and saw a 40-foot tree falling toward the house. “The whole house was shaking like a roller coaster,” Ms. Swearingen said in an interview outside her home. “I thought the house would be torn open and we’d get suctioned up,” Ms. Swearingen, 35, said. Nearby, Byron Copeland, 38, had sent his wife, their three children and the family dogs to the basement, while he monitored the storm.
Persons: Melisa Swearingen, Ms, Swearingen, ” Ms, Byron Copeland, ” Mr, Copeland, Locations: Arkansas
Blackstone is set to grant shares to workers at the businesses it buys, The Wall Street Journal reported. It's set to award stock to employees at Copeland, which it bought last year for $14 billion. Other private equity giants including KKR and Apollo also offer equity to portfolio companies' staff. AdvertisementBlackstone is set to start granting stock to its portfolio companies' employees, The Wall Street Journal reported. The private equity giant's plans to give equity to workers at most of the large US-based businesses it buys are expected to be announced at a conference this week.
Persons: Blackstone, It's, Organizations: Street Journal, KKR, Apollo, Service, Emerson Electric, Business Locations: Copeland
In About-Face, Wall Street’s Big Donors Warm to Trump
  + stars: | 2024-05-15 | by ( Rob Copeland | ) www.nytimes.com   time to read: +1 min
When President Donald J. Trump left office, some of Wall Street’s biggest names, who had taken to him during his first term in the White House, swore they were moving on from him for good. They were fatigued by his leadership style, disappointed by some of his policies and shocked by the U.S. Capitol riot. With Mr. Trump leading in the polls, big financiers on Wall Street, in Silicon Valley and elsewhere are edging into his corner, according to interviews with more than a dozen people who sought anonymity because they didn’t want their personal views to be tied to their employers. In other cases, the willingness to support a return of Mr. Trump reflects a growing dissatisfaction with what many big Wall Street donors see as the White House’s hardening stance against Israel in its war on Gaza. A prominent example of the about-face is Kenneth Griffin, a hedge fund magnate and political megadonor who publicly derided Mr. Trump as a “three-time loser” less than two years ago.
Persons: Donald J, Trump, didn’t, , Biden, Kenneth Griffin, megadonor Organizations: U.S, Capitol, Israel, Citadel Locations: Wall, Silicon Valley, Gaza
Many Americans don't know, and it's getting even harder to calculate — especially as Social Security is poised to start reducing benefits in just about a decade. Related stories"That number is all over the place," Copeland said, referring to how much people are going to need in retirement savings. "It will be devastating if people who already are facing very dire retirement prospects get less Social Security than they're planning on. Estimating how much you will need in retirement may be helpful, even long before retirement. That highlights the fact that calculating how much you're going to actually need in retirement is complicated.
Persons: it's, That's, there's, Craig Copeland, Copeland, , William Arnone, Indira Venkateswaran, Greenwald Organizations: Service, Security, Greenwald Research, Business, AARP, Wealth, Research Institute, Social, Social Security, National Academy of Social Insurance Locations: America
One of Brown University’s major donors, the billionaire real estate mogul Barry Sternlicht, on Friday sharply criticized the school’s agreement to hold a board vote on cutting investments tied to Israel, calling it “unconscionable” and saying he had “paused” donations to the school. Brown is among a small number of universities that have agreed to discuss their investments in companies that do business in Israel, in order to persuade student protesters to dismantle encampments. It’s not education, it’s propaganda,” he wrote. Mr. Sternlicht, 63, said that no deal with protesters could be fruitful because the two sides did not agree on “facts and moral clarity,” as well as the scale of Israel’s invasion of Gaza after Hamas’s Oct. 7 attack in which about 1,200 were killed and another 250 were taken hostage. Israel’s subsequent intense bombardment of the tightly-packed area has left more than 34,000 dead and drawn international condemnation.
Persons: Brown, Barry Sternlicht, , , Sternlicht, Christina H, Paxson, Israel’s Organizations: New York Times, Israel Locations: Israel, Gaza
Brown’s agreement will let students make their case and then have the Brown Corporation, the university’s governing body, vote on the matter in October. But Dr. Paxson’s initial offer did not include bringing a divestment proposal to a vote. That came after two university negotiators and six students involved with the Brown Divest Coalition, one of the groups behind the movement, reached a deal on Tuesday, the university and several students said. The agreement immediately gave the university control of its facilities in time to allow students to finish classes and hold in-person graduation ceremonies and an alumni reunion this month. One donor, an investor who has made sizable contributions to the university and describes himself as a supporter of Israel, said members of the administration had assured him that Brown wouldn’t ultimately divest from Israel.
Persons: William A, Marc Rowan, Christina H, Paxson, Brown, Brown wouldn’t Organizations: Wall Street titans, Democratic Party, Republican, Harvard University, University of Pennsylvania, Brown Corporation, Coalition Locations: Israel, Gaza
Starting in 2029, a new federal safety regulation will require all new cars and trucks in the United States to be sold with automatic emergency braking — sensors that hit the brakes to avoid a collision if the driver does not. The new rule, which was made final on Monday, imposes more stringent requirements than the automatic emergency braking technology now sold on most vehicles, and even goes past the point of present technological feasibility, automakers said. The National Highway Traffic Safety Administration set a September 2029 date for compliance, saying it was confident that the systems would be ready by then. The system will also have to at least begin to apply the brakes at speeds up to 90 m.p.h. That’s higher than the maximum U.S. speed limit of 85 m.p.h.
Organizations: Traffic, Administration Locations: United States
Straight to the Pointe
  + stars: | 2024-04-19 | by ( Julia Boorstin | ) www.cnbc.com   time to read: 1 min
Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailStraight to the PointeMisty Copeland began ballet lessons at 13. A prodigy, she was dancing en pointe just three months later, all while her family faced housing insecurity. In 2015, the trailblazing ballerina became the first African American woman to become a principal dancer at the American Ballet Theatre. Copeland discusses her illustrious career, overcoming adversity and her mission to make the dance community more inclusive.
Persons: Misty Copeland, Copeland Organizations: American Ballet Theatre Locations: American
A Slimmer Goldman Sachs Posts Hefty Jump in Profit
  + stars: | 2024-04-15 | by ( Rob Copeland | ) www.nytimes.com   time to read: +1 min
What a difference a year makes at Goldman Sachs. The venerated Wall Street investment bank, which a year ago was in the throes of struggle after attempting to build a Main Street franchise, on Monday showed off the benefits of sticking to what it knows best. It earned nearly $4 billion in the first quarter — around $1 billion more than analysts expected — after reaping big profits in its trading and corporate advisory franchises. Its investment banking fees exceeded $2 billion in the first quarter, nearly one-third higher than the same period a year earlier. If it returns, Goldman is among the big banks in line to benefit.
Persons: Goldman Sachs, Goldman, JPMorgan Chase Organizations: Wall, JPMorgan
In 2021, college athletes in the NCAA gained the opportunity to benefit financially from their name, image and likeness — known as NIL regulations. The NIL era has allowed college athletes to save for the future and seek professional financial advice in a way many 18- to 22-year-olds can't. NCAA athletes hire agents and financial advisors to help them negotiate NIL deals, ushering in new financial responsibilities. Copeland is the CEO of Athletes.org, an organization that focuses on helping college athletes navigate this new world. Morgan Stanley's head of Global Sports and Entertainment, Sandra Richards, and her team work with several NCAA athletes.
Persons: Caitlin Clark, Matthew Holst, Olivia Dunne, Chase Griffin, Griffin, Jayne Kamin, I've, He'll, Brandon Copeland, Copeland, Morgan Stanley's, Sandra Richards, Richards Organizations: Iowa Hawkeyes, Ohio State Buckeyes, Carver, Getty, NCAA, Louisiana State University, University of Iowa, UCLA, UCLA Bruins, Arizona Wildcats, Rose, CNBC, NFL, CNBC Global Financial Wellness, Global Sports, Entertainment Locations: Iowa City , Iowa, Pasadena , California
His gloom, however, has also been consistently at odds with heady financial markets. In late 2022, for instance, he predicted economic bumps and, potentially, a severe recession for the next year; instead, the American economy boomed in 2023. Mr. Dimon has been among the few to say they are preparing for the possibility that interest rates will be raised again, a move that would suggest more extreme inflation than is currently being measured. Mr. Dimon made more extended remarks on the tricky environment in his annual letter to shareholders this week. JPMorgan also disclosed a fall in its so-called net interest income, a closely watched financial metric that essentially measures how much money it is able to make from lending.
Persons: Dimon, Organizations: Federal Reserve, JPMorgan Locations: United States, Ukraine
Finessing the language on esoteric financial documents that may never be read by another soul. Such grunt work has long been a rite of passage in investment banking, an industry at the top of the corporate pyramid that lures thousands of young people every year with the promise of prestige and pay. Generative artificial intelligence — the technology upending many industries with its ability to produce and crunch new data — has landed on Wall Street. And investment banks, long inured to cultural change, are rapidly turning into Exhibit A on how the new technology could not only supplement but supplant entire ranks of workers. can do much of that work speedily and with considerably less whining.
Austinites are heading an hour away, to Killeen, according to real-estate consultancy John Burns. Orlando residents are decamping to Lakeland, Florida, trading nightlife for space, John Burns said. The Austin metropolitan area similarly grew 2.7% in 2021 and 2022, adding 63,000 people, according to the city of Austin. In 2021, 1,607 households moved from Orlando to Lakeland, while 250 households left Austin for Killeen, John Burns said in its analysis, published March 5. The primary reason is affordability, Austin real-estate agent Lisa Copeland told Business Insider.
Persons: John Burns, , Orlando, Redfin, Killeen, Austin, Lisa Copeland, Copeland, Jordan Prais, It's, Prais, Lakeland's, it's Organizations: Service, Orlando, Austin, John, John Burns Research, Consulting, Business, Lakeland, Florida Children's Museum, Army Locations: Killeen, Orlando, Lakeland , Florida, Austin, Killeen , Texas, Lakeland, Central Florida, Austinites, Texas, Fort Hood
And that wasn’t always the case.”There were also instances of discrimination that could have easily turned Copeland away from dance all together. “There were times that I was not cast in certain roles because I would stand out too much and kind of ruin the aesthetic, especially if it was a performance that was being filmed,” Copeland told Wallace. “I think about this kind of generational trauma for Black dancers that comes with that role,” she said. And I feel that that’s what I’ve done with a lot of the roles I’ve taken on, but especially Swan Lake,” Copeland told Wallace. Misty Copeland and James Whiteside perform in "Swan Lake" at Lincoln Center in New York, June 24, 2015.
Persons: Misty Copeland, Copeland, , ” Copeland, CNN’s Chris Wallace, Chris Wallace, , who’s, “ I’ve, it’s, wasn’t, Wallace, “ Odette, Odile ”, Theatre’s, “ We’ve, that’s, Odette, Swan, James Whiteside, Julieta Cervantes, ABT, Jackie Robinson, haven’t, Daniil Simkin, Kevin Sullivan, Max Organizations: CNN, American Ballet Theatre, New York Times, Lincoln Center, Register, Getty, Motion Productions, , Boys & Girls Clubs of America, Misty Copeland Foundation Locations: American, Swan, , Swan Lake, , New York, Orange
They were forced into action after Silicon Valley Bank collapsed on March 10, 2023, quickly followed by two other lenders, First Republic and Signature Bank. Faced with the threat of a billowing crisis that could threaten the banking industry — the worst one since 2008 — rivals and regulators put together a huge bailout fund. Indeed, many bankers and their lobbyists now rush to describe the period as a regional banking crisis, a term that tends to understate how worried the industry was at the time. One reason for the increased tensions is that government officials are proposing rule changes that lenders argue will crimp their businesses, and would not have done much to stem Silicon Valley Bank’s collapse. In just a few days last March, Silicon Valley Bank went from a darling of the banking world to collapse.
Organizations: First, Signature Bank, Silicon Valley Bank Locations: Silicon
New York Community Bank, the midsize lender under pressure over its real estate loans and internal management, announced an overhaul on Wednesday that included more than $1 billion in emergency cash, the addition of former Treasury Secretary Steven Mnuchin to its board and the appointment of its third chief executive in a month. The investment of more than $1 billion includes cash from Mr. Mnuchin’s private equity firm, Liberty Strategic Capital, and Kenneth Griffin’s Citadel Global Equities, among others. The bank’s new chief executive, Joseph Otting, worked closely with Mr. Mnuchin in the past. He ran OneWest Bank, then owned by Mr. Mnuchin, for five years. He also oversaw the Office of the Comptroller of the Currency, one of the banking industry’s primary regulators, during the Trump administration.
Persons: Steven Mnuchin, Kenneth Griffin’s, Joseph Otting, Mnuchin, Trump Organizations: York Community Bank, Silicon Valley Bank, Liberty Strategic Capital, Global, OneWest Bank, Mr Locations: Washington, Silicon
One year after a series of bank runs threatened the financial system, government officials are preparing to unveil a regulatory response aimed at preventing future meltdowns. After months of floating fixes at conferences and in quiet conversations with bank executives, the Federal Reserve and other regulators could unveil new rules this spring. The interagency clampdown would come on top of another set of proposed and potentially costly regulations that have caused tension between big banks and their regulators. Taken together, the proposed rules could further rankle the industry. The goal of the new policies would be to prevent the kind of crushing problems and bank runs that toppled Silicon Valley Bank and a series of other regional lenders last spring.
Organizations: Federal Reserve, Bank Locations: Silicon
But more than a decade later, their student loans are preventing them from fully separating. So my current husband has all my kids' student loans in his name," Rowan told BI. AdvertisementShe also can't get a new credit card, and she said that her parents are concerned her inheritance will be garnished because of her student loans. BI recently spoke to Chrystal Copeland, a 46-year-old mom also seeking to get her loan balance separated from her ex-husband. "The only thing that is still holding me in this cycle of abuse is these student loans," Copeland said.
Persons: Shannon Rowan, Rowan, it's, Sen, Mark Warner, David Price, , Joe Biden, It's, Chrystal Copeland, Copeland, she's Organizations: Service, Business, BI, Public, Rowan
They sent the bank’s already pressured shares into another nosedive, down more than 20 percent in after-hours trading. The ugly developments were the last thing NYCB needed after weeks of trying to assuage investors’ concerns about its financial health. Despite its name, the bank has a national presence, partly because of its acquisition of much of Signature Bank, which collapsed during last year’s banking crisis. Based on Long Island, NYCB operates more than 400 branches under brands including Flagstar Bank across the Midwest and elsewhere. Flagstar is one of the nation’s largest residential mortgage servicers, making the bank particularly at risk to any weakness in the housing market in an era of persistently elevated interest rates.
Persons: NYCB Organizations: York Community Bank, Signature Bank, Flagstar Bank Locations: Long, NYCB, Midwest
Chrystal Copeland, 46, is stuck paying off her ex-husband's student loans. While a law passed to allow the separation of spousal balances, it'll take time to implement. But their student loans are keeping them together. "The only thing that is still holding me in this cycle of abuse is these student loans. She now has about $50,000 in student debt, according to documents reviewed by Business Insider, and she's facing payments of about $500 a month.
Persons: Chrystal Copeland, Copeland, , that's, I'm, Sen, Mark Warner, David Price, Joe Biden, she's, she'll, hasn't, I've Organizations: Service, Business, Education Department, Federal, Public, Aid, Federal Student Aid, Group Locations:
See what celebrities wore to New York Fashion Week
  + stars: | 2024-02-13 | by ( Jacqui Palumbo | ) edition.cnn.com   time to read: +4 min
CNN —New York Fashion Week is back, with celebrities seen sitting front row at shows across Manhattan and Brooklyn and arriving at private parties for luxury houses including Gucci and Yves Saint Laurent. Jamie McCarthy/Getty Images for Christian SirianoJodie Turner-Smith arrives at a private Gucci party. Gilbert Carrasquillo/GC Images/Getty ImagesJessica Chastain at a private Gucci party on Saturday. Dimitrios Kambouris/WireImage/Getty ImagesElliot Page arrives at a private Gucci party. Theo Wargo/Getty Images for NYFW: The ShowsIris Apatow at a private Gucci party on Saturday.
Persons: Gucci, Yves Saint Laurent, Tommy Hilfiger’s, Sofia Richie Grainge, Becky G, Willy Chavarria’s, Sam Smith, Julia Fox, Jessica Chastain, Jodie, Turner Smith, Demi Moore, Elliot Page, Nicola Peltz Beckham, Joe Biden’s, Ashley Biden, Kamala Harris ’, Ella Emhoff, Sophia Bush, J . Smith, Cameron, Philipps, Melanie Lynskey, Alicia Silverstone, Ashlee Simpson, Christian Siriano's, Jamie McCarthy, Christian, Jodie Turner, Smith, Gilbert Carrasquillo, Dascha Polanco, Willy Chavarria's, Roy Rochlin, Debbie Harry, Jason Mendez, Willy Chavarria, Amanda Lepore, Tommy Dorfman, Natasha Lyonne, Annabelle Dexter, Jones, Chanel, Dimitrios Kambouris, Camila Mendes, Ariana Greenblatt, Gilbert Flores, Storm Reid, Jackie Aina, Udo Salters, Cowan, Sarah Desjardins, Christian Cowan, Joel Kim Booster, Anna Wintour, Diane Kruger, Carolina Herrera, Charly Triballeau, Olivia Jade, Noah Beck, Louisa Jacobson, Misty Copeland, Jaimie Alexander, Jason Wu, Molly Ringwald, Helmut Lang, Jed Cullen, Dave Benett, Jeremy O, Harris, Stephanie Hsu, Phillip Lim, Arturo Holmes, Bella Thorne, Theo Wargo, Iris Apatow, Katie Holmes, Ulla Johnson, Manny Carabel, Jemima Kirke, Trullie Organizations: CNN, New York, Central, Brooklyn, Christian, Gucci, Bach, Getty, Harmonie Club, Carolina, Beauty Brooklyn Locations: Manhattan, Brooklyn, AFP, Zsela
NEW YORK (AP) — A man convicted in the notorious drug-related killing of a rookie New York City police officer at the height of the city's crack epidemic decades ago has been denied parole, a union representing NYPD officers said Sunday. Todd Scott had been serving 25 years to life for his role in the shooting death of Officer Edward Byrne in Queens. Scott was convicted of second-degree murder and has been serving his sentence at the maximum-security state prison in Shawangunk. Patrick Hendry, president of the Police Benevolent Association, said in a statement that the union was “relieved” Scott was denied parole. The union said it also will continue to oppose the release of two others convicted in the killing.
Persons: Todd Scott, Edward Byrne, Queens . Byrnes, Scott, Howard “ Pappy ” Mason, Byrne, couldn't, Patrick Hendry, , ” Scott, David McClary, Phillip Copeland, Scott Cobb, ” Hendry, Byrne's, Kenneth Byrne, ” “, Eddie Organizations: New York, Police, NYPD, Police Benevolent Association Locations: New York City, Queens, Shawangunk,
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