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Niantic initially rejected Bell's pitch, so he emailed the company's CEO once per week for three months — ultimately securing $150,000 in startup funds, Bell said. "That's brilliant, and I hate you, because now everybody out there is going to send us 600 emails a week," investor judge Mark Cuban told Bell in response. His Austin-based app, Card.io, is a social game where users compete for turf in their city by walking, running or biking. The app is free, with individual and group subscription tiers that remove ads and offer social media-type functions for members. "I told my mom, 'We're going to be on this show one day, Mom, and I'm going to bring you,'" he said.
Persons: Destin Bell, Bell, Niantic, Mark Cuban, Austin, Card.io Organizations: Developers Initiative, CNBC
The Biden administration is offering a reward of up to $20 million for information on a member of Iran’s Islamic Revolutionary Guard Corps who is charged with plotting to kill Donald Trump’s former national security adviser John Bolton. U.S. authorities in January charged an Iranian national and two Canadians, including a member of the Hells Angels motorcycle gang, for allegedly plotting to assassinate an Iranian defector living in Maryland. Poursafi was charged in August 2022 for his role in the alleged plot against Bolton. He remains at large abroad.Iran has denied it is plotting to assassinate Trump, current or former officials, or others abroad. But Iranian leaders have vowed to avenge the U.S. drone strike in 2020 that killed top Iranian general Qassem Soleimani in Baghdad.
Persons: Biden, Donald Trump’s, John Bolton ., Shahram Poursafi, Bolton, “ Poursafi, , Trump, him.Iran, Poursafi, Qassem Soleimani, Qassem, Soleimani, Mohammad Javad Zarif, Andrea Mitchell, Organizations: Islamic Revolutionary Guard Corps, Bolton, Washington , D.C, State Department, U.S, Hells Angels, Justice, Press, Iranian, Getty, Force, NBC Locations: U.S, Washington ,, Maryland, Iranian, Baghdad, Tehran, Iran, Yemen, Baghdad’s
If it looks like a bank, advertises like a bank and accepts money like a bank — it still might not be a bank. That is the lesson being meted out in painful fashion to tens of thousands of depositors who entrusted their savings to online-only lenders. But to the surprise of many depositors, these companies merely collect money and funnel it through intermediaries to banks. Because Synapse was not a bank, the F.D.I.C. insurance did not automatically apply, and now nearly $100 million of deposits have been frozen or lost.
Organizations: Federal Deposit Insurance Corporation, Synapse Financial Locations: U.S
With a broad smile and crisply delivered answers, Christy Goldsmith Romero, President Biden’s nominee to take over the Federal Deposit Insurance Corporation, appeared to cruise through her Senate confirmation hearing on Thursday. Ms. Goldsmith Romero’s testimony, before the Senate Banking Committee, is the first step in a process that could put her in charge of the regulator that oversees smaller banks, administers the fund that protects bank depositors’ cash and steps in when a bank fails; it was recently roiled by revelations of widespread sexual harassment and abuse of junior employees by their longtime managers. Over the course of the hearing on Thursday, Ms. Goldsmith Romero’s testimony drew praise not only from Democrats but also from some Republicans, suggesting that she was likely to be confirmed for the position. Ms. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package. Her work exposing fraud often put her at odds with not only bankers but also some government officials who were concerned about the potential damage it would do to overall public opinion of the bailout.
Persons: crisply, Christy Goldsmith Romero, Biden’s, Ms, Goldsmith Romero’s, Goldsmith Romero Organizations: Federal Deposit Insurance Corporation, Banking Committee
Christy Goldsmith Romero, a lawyer who spent more than a decade rooting out fraud and other bad behavior at banks that received federal aid in the wake of the 2008 financial crisis, has been chosen to be the next leader of the Federal Deposit Insurance Corporation, the White House announced on Thursday. Her pick is the first step in President Biden’s quest to quickly replace the current chair, Martin Gruenberg, the bank regulator’s longtime leader who said last month that he would resign in response to reports of vast workplace abuse and harassment at the agency. If the Senate Banking Committee acts quickly to hold a hearing and a vote on Ms. Goldsmith Romero’s candidacy, she has a chance of assuming the role before the presidential election in November. In a statement emailed to reporters, the committee’s chairman, Sherrod Brown, Democrat of Ohio, said Ms. Goldsmith Romero “would bring to the F.D.I.C. decades of financial services experience, including valuable experience.”“She has proven herself to be a strong, independent and fair regulator who is not afraid to do what’s right,” he said.
Persons: Christy Goldsmith Romero, Biden’s, Martin Gruenberg, Goldsmith Romero’s, Sherrod Brown, Goldsmith Romero “, Organizations: Federal Deposit Insurance Corporation, White, Committee, Democrat Locations: Ohio
Biden Nears Pick for Next F.D.I.C. Chair
  + stars: | 2024-06-11 | by ( Emily Flitter | ) www.nytimes.com   time to read: +1 min
Three weeks after President Biden vowed to pick a new leader for the Federal Deposit Insurance Corporation, the bank regulator shaken by a vast workplace abuse scandal, a front-runner has emerged: Christy Goldsmith Romero, who sits on the five-member Commodity Futures Trading Commission, according to two people with knowledge of the administration’s thinking. Ms. Goldsmith Romero is a lawyer who, after the financial crisis, spent more than 12 years in an office created by Congress to investigate fraud and other misconduct by banks that received money from the government’s roughly $450 billion crisis rescue package, the Troubled Asset Relief Program. From 2011 to 2022, Ms. Goldsmith Romero led the office as the special inspector-general for the program. Mr. Biden has not made a final decision. Ms. Goldsmith Romero’s position as the front-runner for the job was first reported by The Wall Street Journal.
Persons: Biden, Christy Goldsmith Romero, Goldsmith Romero, Goldsmith Organizations: Federal Deposit Insurance Corporation, Futures Trading Commission, Troubled Asset, Wall Street
Beaches open in Paris as Olympic city gears up for summer
  + stars: | 2024-06-07 | by ( Xiaofei Xu | ) edition.cnn.com   time to read: +4 min
As usual, Paris will open its regular summer beach on the banks of the Seine river. Paris’ city government confirmed to CNN it is confident that the water quality will meet health standards during the game. For those who still might recoil at the idea of jumping in a city center waterway, there are other options. The beaches are the centerpieces of a program of activities in Paris aimed at creating an Olympic festival for visitors descending on the city during the 2024 summer Games. Entry is via a lottery through the Paris Olympic Games app.
Persons: it’ll, Saint Martin, Pierre Rabadan, It’s, Fabien it’ll, Versailles –, Garnier Organizations: Paris CNN, CNN, Olympics, Petit Palais, Games, Concorde, Eiffel, Paris Olympic Locations: France, French, Paris, Nice, Saint, Villette, Paris ’, Petit, Marais, Versailles
For weeks, the announcement of India’s election results loomed as a moment of dread for millions of people who cherish the country’s commitment to secular democracy. Mr. Modi has towered over India since first sweeping to power in 2014. His government, which also included 50 parliamentarians from minor coalition partners, ran roughshod over the opposition. The opposition I.N.D.I.A. alliance — formed by the once-dominant Indian National Congress and more than two dozen mostly regional parties — nearly equaled the B.J.P.
Persons: Narendra Modi —, Modi, God, Organizations: Bharatiya Janata Party, Indian National Congress Locations: India
Bharatiya Janata Party supporters wearing a hat with Narendra Modi's face during a nomination filing rally by in Kolkata, India on May 10, 2024. India started counting votes for its 2024 general election on Tuesday, with Narendra Modi projected to win a rare third consecutive term as prime minister as per exit polls. Exit polls released on Saturday showed the Bharatiya Janata Party-led National Democratic Alliance was set to win an overwhelming majority, with the NDTV poll of polls pegging the coalition's seats at 365 in the lower house of the parliament. Exit poll projections may not always be accurate. Markets reacted euphorically to exit polls predicting an emphatic victory for the BJP, with key stock benchmarks, the Nifty 50 and the Sensex, gaining more than 3% and hitting record highs on Monday.
Persons: Narendra Modi's, Narendra Modi Organizations: Bharatiya Janata Party, National Democratic Alliance, NDTV, Markets, BJP Locations: Kolkata, India
A woman walks past Bombay Stock Exchange (BSE) office in Mumbai, India, 18 July, 2022. Nurphoto | Nurphoto | Getty ImagesIndia stocks tumbled Tuesday in volatile trading, leading Asia markets lower as the country continued vote counting for its 2024 general election. The Nifty rose more than 20% last year, while the Sensex was up nearly 19% in 2023. Japan's Nikkei 225 fell 0.22% to close at 38,837.46, while the broader Topix ended 0.38% down at 2,787.48. Hong Kong's Hang Seng index was 0.12% higher, while the CSI 300 index added 0.75% to close at 3,615.67.
Persons: Narendra Modi Organizations: Bombay Stock Exchange, Nurphoto, Getty, BSE, BJP, Japan's Nikkei, CSI Locations: Mumbai, India, Asia, Australia
He called for Mr. Biden to nominate a successor and for the Senate to quickly confirm that person, who could then take over for Mr. Gruenberg. “There must be fundamental changes at the F.D.I.C.,” Mr. Brown said. “Those changes begin with new leadership, who must fix the agency’s toxic culture and put the women and men who work there — and their mission — first.”An F.D.I.C. spokesman declined to comment. Since then, Mr. Gruenberg has faced some calls to resign from members of both political parties who said they felt he had played too big a role in shaping the agency’s culture in recent years, including by making the agency’s staff fear communicating with him.
Persons: Sherrod Brown of, Biden, Martin Gruenberg, Brown, Gruenberg, ” Mr, Cleary Gottlieb Organizations: Federal Deposit Insurance Corporation, Banking Committee, Senate, Mr, Street Locations: Sherrod Brown of Ohio
Martin Gruenberg is still the leader of the Federal Deposit Insurance Corporation, an agency that supervises U.S. banks, but after a bipartisan grilling on Wednesday by members of a House committee overseeing bank regulators, he appeared to be hanging on by a thread. Democrats expressed dismay over his responses to the crisis at his agency, after a scathing report of a culture of widespread sexual harassment and discrimination. One congresswoman appeared to call for him to resign, as Republicans have been doing for months. “Personally, I do not have confidence that you can continue to lead in this role,” Representative Ayanna S. Pressley, Democrat of Massachusetts, told Mr. Gruenberg during an exchange. (Two other federal bank regulators, the acting comptroller of the currency, Michael Hsu, and the Federal Reserve vice chair, Michael Barr, also offered testimony on bank regulatory matters, but much of the committee’s focus was on the F.D.I.C.)
Persons: Martin Gruenberg, Ayanna S, Pressley, Gruenberg, , Michael Hsu, Michael Barr Organizations: Federal Deposit Insurance Corporation, Federal Reserve Locations: Massachusetts
Even before he really knew what it meant, Allen Wong wanted to be rich. What “rich” seemed to dangle was something simpler, more elementary, more a feeling than anything else: freedom from pain. “I didn’t want to be absent from my family and only show up a few hours each day after work. Wong’s father was ousted from his business, sank into a depression and committed suicide; his mother tripped down a spiral of mental illness. Suddenly, Wong’s entry-level computer programming job was the household’s only source of income, and there was a world financial crisis going on.
Persons: Allen Wong, Wong, , , Wong’s, doggedly Organizations: Lamborghini Locations: Guangzhou, Hong Kong, New York City, Chinatown
A report on workplace culture at the Federal Deposit Insurance Corporation released on Tuesday revealed a broad, yearslong pattern of sexual harassment, discrimination and abuse of mostly women and members of minority groups by senior officials. The findings are likely to lead to another potentially bruising round of questions for the agency’s chair, Martin Gruenberg, who is scheduled to testify in Congress later this month. It described “fiefdoms” in regional offices, where senior managers protected other longtime employees from potential consequences stemming from more junior employees’ claims of mistreatment. Examples of the behavior, including senior examiners texting junior women pictures of their genitalia or taking them to brothels, were first reported by The Wall Street Journal in November. Tuesday’s report was the result of an independent investigation by Cleary Gottlieb, which was hired by a special committee created by the agency’s board after The Journal’s report.
Persons: Martin Gruenberg, , , Cleary Gottlieb, , Tuesday’s Organizations: Federal Deposit Insurance Corporation, Wall Street
Twenty-four hours before the Met Gala, a starkly different sort of gala occurred in Brooklyn at the Bell House, a concert venue that sits on a lonesome industrial street near the Gowanus Canal. It was the second annual Debt Gala, which bills itself as a D.I.Y. alternative to the lavish spring benefit in Manhattan, which raises hundreds of millions each year for the Metropolitan Museum of Art Costume Institute. The theme, “Sleeping Baddies: Slumber Party,” was a parody of this year’s Met ball theme, “Sleeping Beauties: Reawakening Fashion.” Many of the participants at the Bell House wore bathrobes, pajamas and fuzzy slippers, along with sleep masks, travel pillows and other slumber-centric accessories.
Persons: Organizations: Bell, Metropolitan Museum of Art Costume Institute Locations: Brooklyn, Gowanus, Manhattan
Another bad result is that zombie banks stay in operation longer than they should because uninsured depositors happily supply them with funds, knowing the F.D.I.C. is experiencing “mission creep,” taking on a responsibility for uninsured depositors that it was never assigned. In a footnote of a 2001 document posted on its website that’s intended to provide guidance to other nations’ regulators, it says that making uninsured depositors whole can be least costly “in rare cases.” (Which means: not more than 90 percent of the time.) staff members, referring to full bank liquidations in the period before the financial crisis, said “a least-cost resolution almost always includes imposing losses on uninsured depositors.” Another F.D.I.C. So I have to go by what the agency has stated in the past about its resolution practices.
Persons: Ohlrogge, F.D.I.C, Organizations: Deposit Insurance Fund, Office
Regulators late Friday seized Republic First Bancorp, a troubled Philadelphia lender, in the first U.S. bank failure this year. Republic First Bancorp, known as Republic Bank, had about $4 billion in deposits at the end of January and assets worth $6 billion, the Federal Deposit Insurance Corporation said in a statement. said, with Republic First’s 32 branches in Pennsylvania, New Jersey and New York reopening as soon as Saturday as Fulton Bank branches. Founded in 1988, Republic First was smaller than the midsize banks that collapsed last year — including First Republic Bank and Silicon Valley Bank, whose assets each topped $200 billion. expects the cost to the Deposit Insurance Fund to be $667 million.
Organizations: First Bancorp, Republic First Bancorp, Republic Bank, Federal Deposit Insurance Corporation, Fulton Bank of Lancaster, Fulton Bank, First Republic Bank, Silicon Valley Bank, Deposit Insurance Fund Locations: Philadelphia, U.S, Republic, Pa, Pennsylvania , New Jersey, New York
“Cavities are a communicable disease, and if you’re among the 90 percent of Americans who’s ever had one, you probably got them from your mother.”So begins “The Rise and Impending Fall of the Dental Cavity,” a remarkably engrossing and, for me, genuinely eye-opening survey of the history and science of tooth decay, published last week by the pseudonymous Cremieux Recueil on his Substack. The bacterium Streptococcus mutans might not seem like the likeliest subject for a 7,600-word general-interest deep-dive, but Cremieux takes detours into the immaculate teeth of dinosaurs, the practice of Neolithic dentistry, the agricultural and industrial revolutions and their effect on our diets, and the dental agony of America’s founding fathers. Probably, you remember admonitions from childhood that eating candy will rot your teeth, but that story turns out to be a bit simplistic — the problem isn’t that your teeth hate sugar but that Streptococcus mutans loves it. And when it consumes sugar, the byproduct is lactic acid, which is what really starts to eat away at your dental enamel. Not everyone has an oral microbiome dominated by Streptococcus mutans, but chances are if you do, it was passed to you by your parents, very early on — and if you eat any sugar, you’re very likely to suffer tooth decay.
Persons: who’s, , Recueil, Cremieux, Streptococcus mutans
Joann, the arts-and-crafts retailer that has operated for more than 80 years, has filed for bankruptcy as consumers pare back on D.I.Y. Its filing listed liabilities of $1 billion to $10 billion, and assets of $500 million to $1 billion. Joann’s shares will be delisted after its bankruptcy proceedings, and the company will be owned by its lenders and other stakeholders. The private equity firm Leonard Green & Partners bought Joann for roughly $1.6 billion in 2011, and spun it off publicly in 2021. Joann owes about $12 million to Spinrite, a craft yarn supplier, its largest unsecured creditor.
Persons: Joann, pare, Ann, Leonard Green, Jones Lang LaSalle Organizations: Nasdaq, Leonard Green & Partners, FedEx Locations: D.I.Y, Hudson , Ohio
A Brooklyn D.I.Y. Landmark Changes With the Times
  + stars: | 2024-02-21 | by ( Alex Vadukul | ) www.nytimes.com   time to read: +1 min
Just before midnight on Saturday, hard techno began pulsating from the Market Hotel, a D.I.Y. music venue located beside the elevated tracks of a Myrtle Avenue subway station in Bushwick, Brooklyn. The party, “Market Hotel Sweet Sixteen,” was meant to commemorate the venue’s legacy as a D.I.Y. Over a decade ago, the Market Hotel nurtured a middle-class bohemia, providing a stage to punk and indie bands like Real Estate, Vivian Girls, Titus Andronicus and the So So Glos. If you knew, you knew.
Persons: fanny, , Vivian Girls, Titus Andronicus Locations: Myrtle, Bushwick , Brooklyn, bohemia
Seven men between the ages of 15 and 18 are currently on trial for the alleged rape of a 19-year-old girl in Palermo in August. Last month’s alleged gang rape in Catania has become not only a symbol of violence against women in the country, but a cause célèbre for Italy’s far-right government. CNN approached the suspect’s lawyers for comment. Meanwhile, during a visit to Catania, Meloni expressed her solidarity with the alleged rape victim and her family. This is not the first case of non-EU minors being welcomed into Italian facilities and then engaging in criminal activities.”
Persons: Rome, Weeks, Last month’s, Giorgia Meloni, Villa Bellini, Orietta Scardino, Matteo Salvini, Meloni, , Alessandro Fidone, Giulia Cecchettin, ” Elena Biaggioni, Massimo Di Vita, Carlo Umberto Cannella, ” Cannella, Silvio Berlusconi Organizations: Rome CNN —, Catania, CNN, Catania police, European Data Journalism Locations: Rome CNN — Italy, Sicilian, Catania, Palermo, Naples, Sicily, Italy, Italy’s
The nation’s largest banks are churning out profits as interest rates remain high, even though the lenders have had to set aside billions of dollars to replenish a deposit insurance fund that was heavily depleted by a crisis among midsize banks last spring. Citigroup, which is in the midst of a global restructuring, reported a net loss of $1.8 billion for the quarter, compared with a profit of $2.5 billion a year earlier. In the last quarter of 2023, JPMorgan earned $9.3 billion, or $3.04 per share, compared with $11 billion a year earlier. A special assessment by the Federal Deposit Insurance Corporation had reduced per-share earnings by 74 cents, the bank said. Analysts had been expecting per-share earnings of around $3.32, so investors considered the bank’s performance to be a win once the F.D.I.C.’s one-time bill of $2.9 billion was taken into account.
Persons: Jane Fraser Organizations: JPMorgan Chase, Bank of America, Citigroup, JPMorgan, Federal Deposit Insurance Corporation Locations: Wells, Russia, Argentina
Internet Artifacts is the latest project from Neal Agarwal, the creative 25-year-old coder who launched neal.fun six years ago today. "I grew up at the tail end of that era of the internet," Agarwal said. Internet Artifacts has taken closer to three months. Internet Artifacts takes several touchstones of the anteplatformian internet and places them on literal digital pedestals. As delightful as Internet Artifacts is to click through, it also provides valuable context for Agarwal's larger ambition.
Persons: Neal Agarwal, Agarwal, antic, Steve Jobs, Jamie Cohen, It's, coders, he'd, , Bill Gates, Josh Wardle, Neal, neal.fun, Brandon Chilcutt's, Jessa Lingel, Nicole He, Matthew Rayfield, Brian Moore, Wardle, what's, There's, Brian Barrett Organizations: today's, Adobe, Apple, Developers, MySpace, Facebook, Twitter, CUNY, Virginia Tech, Ripley's, The New York Times, Napster, University of Pennsylvania's Annenberg School for Communication, Immaculate Grid, MacWorld, Wired, Yorker Locations: Queens, Fairfax , Virginia, MSCHF, New York
In Creator Now's survey, 97% of creators said they were already using AI in their creative process. Those creators said they used AI to increase workflow, fill in skill gaps, create better quality content, and reduce costs. Still, some creators said they'd experienced disadvantages from using AI, and 23% had experienced ethical dilemmas when using AI. In September, Meta announced several AI tools, including AI chatbots developed in partnership with influencers like MrBeast, LaurDIY, and Charli D'Amelio. Twenty-seven percent were unaware of YouTube's most recent AI tools, and 26% said they planned to wait until YouTube's tools were more widely developed.
Persons: they'd, chatbots, influencers, Charli, Google Bard, Claude Organizations: Meta, Google, Labs
Six months later, his friend-turned-rival Notorious B.I.G, whose legal name is Christopher Wallace, was gunned down. They hung out together on the set of the 1993 film “Poetic Justice,” which starred Janet Jackson and Shakur. Shakur found out that the night of that attack, Wallace and Sean “Diddy” Combs were together in a recording studio. East vs. West coastsLess than 24 hours after the 1994 shooting, Shakur made a court appearance in a wheelchair on sex-assault charges against him. Greenidge, who described the rapper as a professional mentor, told the grand jury he was in the convoy.
Persons: Tupac Shakur, Shakur, B.I.G, Christopher Wallace, Wallace, Duane “ Keffe, ” Davis, Davis, enmeshed, , Justin Tinsley, Janet Jackson, Sean “ Diddy ” Combs, Combs, Malcolm Greenidge, Reggie Wright Jr, Marion “ Suge, Knight, disrespecting Combs, Tha, Snoop Dogg, Faith Evans, “ It’s, Wright, Robert Ladd, Ladd, , Orlando Anderson, ” Denvonta Lee, Mike Tyson, Bruce Seldon, Anderson, Daniel Ford, Ford, Lee, Deandrae Smith, Smith, “ Keffe, ” Lee, Keffe, Biggie Shakur, Tinsley, ” “ Biggie, ” Tinsley, , Tupac, Rio Yamat, Ken Ritter, Scott Sonner, Gabe Stern, Andrew Dalton, Ryan Pearson, Stefanie Dazio, Felicia Fonseca Organizations: ANGELES, New York City, The Associated Press, Los, Records, New, Boy Records, Row, Tha Dogg, West Coast, Side, South Side, Bloods, MGM, Anderson, BMW, Authorities, Cadillac, ” Police, Las Vegas, ___ Associated Press Locations: East, West, New York, Las Vegas, Compton, midtown Manhattan, East Harlem , New York, Los Angeles, Brooklyn, Harlem, New York City, York , New York, Vegas, Lakewood, South Los Angeles, Reno , Nevada, Flagstaff , Arizona
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