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☆ A major student-loan company has 'illegally' tried to collect payments from borrowers whose balances were already wiped out through bankruptcy, a federal watchdog alleges in a new lawsuit
▼ + stars: | 2024-05-31 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Read previewA federal consumer watchdog just hit a major student-loan company with a new lawsuit. According to the press release, the CFPB accused PHEAA of illegally collecting payments from student-loan borrowers whose loans had already been discharged in bankruptcy and sending "false information" to credit reporting agencies. The lawsuit, filed in the US District Court for the Middle District of Pennsylvania, said that under the US bankruptcy code, some private student loans are not subject to the stringent standards that most student loans are when it comes to receiving relief through bankruptcy. Per the CFPB, American Education Services collected or tried to collect 7,934 private student loans after a bankruptcy proceeding between 2017 and 2021, and 177 of them were non-qualified education loans. AdvertisementThe CFPB has previously issued guidance over potential illegal collections of borrowers' payments after bankruptcy proceedings.

Persons: —, PHEAA, Rohit Chopra Organizations: Service, Consumer Financial, Bureau, Pennsylvania Higher Education Assistance Agency, American Education Services, Financial, Business, Court, Middle, Middle District of Locations: Middle District, Middle District of Pennsylvania

☆ Trump's new brotherhood: The former president joins leaders from around the world who have criminal convictions
▼ + stars: | 2024-05-31 | by ( Mikhaila Friel | ) www.businessinsider.com time to read: +1 min

Donald Trump was found guilty of falsifying business records before the 2016 election. Trump joins a handful of world leaders with criminal convictions. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFormer President Donald Trump's criminal conviction will do little to slow his bid for The White House. This story is available exclusively to Business Insider subscribers.

Persons: Donald Trump, Trump, —, Donald Trump's Organizations: Service, White, Trump, Business Locations: Croatia, Israel, France

☆ Russia's creeping advance is costing it 1,200 soldiers a day: Western intel
▼ + stars: | 2024-05-31 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

The assessment attributes the elevated casualty rate to Russia's brutal ongoing offensive, noting that Russia's ability to replenish its units is stretched thin due to its consistent losses. According to Friday's intel from the UK Ministry of Defense, the average number of Russian personnel casualties was over 1,200 a day in May, the highest number reported since the war began. The ministry also said the total number of killed or wounded Russian soldiers since the February 2022 invasion is likely at 500,000. It's likely also the result of Russia rushing relatively inexperienced and untrained soldiers into battle, often in bloody head-on assaults. But Russia's high casualties also prevents it from training more capable units and keeping a majority of its troops in battle long enough to gain experience.

Persons: —, Stepanov, ISW, Oleksandr Syrskyi Organizations: Service, Business, intel, UK Ministry of Defense, Getty, Institute for, Washington DC, Ukrainian Locations: Russia, Kharkiv, AFP, Ukraine's, Washington, Ukraine, Ukrainian

☆ Trump's guilty verdict isn't scaring off his donors
▼ + stars: | 2024-05-31 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Read previewFormer President Donald Trump's conviction yesterday on falsifying business records hasn't dissuaded high-profile supporters on Wall Street — some of whom are newly energized by the historic verdict. "Bluntly, that's part of why I'm supporting him," Maguire, a partner at Sequoia Capital, wrote on X about a potential conviction. AdvertisementTech investor David Sacks, who was reportedly in talks to hold a Trump campaign fundraiser at his San Francisco home, denounced the guilty verdict on X. "A sham trial designed for one purpose: to brand Donald Trump as a 'felon,'" Sacks wrote yesterday on X. AdvertisementIt wasn't only prominent business leaders on Wall Street circling their wagons.

Persons: —, Donald Trump's, hasn't, Shaun Maguire, Maguire, David Sacks, Donald Trump, Sacks, Omeed Malik, Farvahar Partners —, Malik, Trump, haven't, Bill Ackman, Ron DeSantis, DeSantis, didn't, Elon Musk, Musk Organizations: Service, Trump, Republican, Business, Sequoia Capital, Tech, San, Farvahar Partners, CNBC, National Republican, Pershing, Wall Street Journal, he's Locations: White

☆ Trump rants against key trial witness in off-the-rails post-conviction speech
▼ + stars: | 2024-05-31 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +4 min

Trump launched into a free-wheeling speech on Friday, insulting President Joe Biden and spreading conspiracy theories about terrorists crossing the US border. But most notably, Trump ranted against key prosecution witness and his former lawyer Michael Cohen, risking another violation of the judge's orders in his hush-money case. Trump then accused Cohen of throwing him under the bus in a plea deal so Cohen could "get off" himself. "And who would have a certain person — again, gag order — who would have a certain person like this ever testify?" AdvertisementTrump's attacks on Cohen could amount to another violation of his gag order, which Judge Juan Merchan hasn't lifted yet.

Persons: —, Donald Trump's, Joe Biden, Trump, Michael Cohen, Cohen, Attorney Alvin Bragg, Bragg, Juan Merchan hasn't, Merchan, It's, Forbes, Stormy Daniels, Biden Organizations: Service, Trump, Business, Manhattan, Attorney, NBC Locations: York

☆ Gold bars and silver coins at Costco continue to be top sellers — and a cheat code for boosting its online sales
▼ + stars: | 2024-05-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Gold bars and silver coins continue to show strong sales for Costco. The company sells an estimated $200 million per month of the metals. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementGold bars and silver coins had another quarter of strong sales for Costco. Analysts estimate the company sells around $200 million of gold and silver each month, and former CFO Richard Galanti has said the supply usually sells out "within hours."

Persons: —, Richard Galanti Organizations: Costco, Service, Business

☆ Shannon Sharpe reveals he got severe backlash after his Katt Williams interview
▼ + stars: | 2024-05-31 | by ( Jason Guerrasio | ) www.businessinsider.com time to read: +1 min

Shannon Sharpe's interview with Katt Williams on his "Club Shay Shay" podcast is the most viewed interview in YouTube history. Since then, Sharpe has faced backlash from rumors about his sexuality to criticism from comedians. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementShannon Sharpe has become one of the country's biggest media personalities thanks to his viral interview with Katt Williams in January. The interview on his podcast, "Club Shay Shay" is now the most-watched ever on YouTube with 70 million views.

Persons: Shannon Sharpe's, Katt Williams, Shay Shay, Sharpe, —, Shannon Sharpe Organizations: YouTube, Hollywood, Service, of Famer, Business

☆ A man found a stegosaurus skeleton during a stroll on his Colorado property. He could make $6 million from it.
▼ + stars: | 2024-05-31 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +1 min

Jason Cooper discovered a stegosaurus fossil on his Colorado property in May 2022. The fossil, named Apex, is about 70% complete and could fetch up to $6 million at auction. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOn his 45th birthday in May 2022, Jason Cooper was strolling through his Colorado property when he came across part of a stegosaurus bone sticking out of a rock wall. The fossil stands about 11 feet tall, spans over 20 feet long, and is about 70% complete, he told BBC News.

Persons: Jason Cooper, —, Cooper Organizations: Apex, Sotheby's, Service, BBC, Business Locations: Colorado, Apex

☆ Y Combinator founder says Sam Altman wasn't fired
▼ + stars: | 2024-05-31 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +4 min

Read previewOpenAI CEO Sam Altman wasn't fired from his position as Y Combinator president in 2019, the startup accelerator's cofounder Paul Graham said on Thursday. "People have been claiming YC fired Sam Altman. Both outlets reported that Altman was asked to leave the organization for favoring his personal interests over Y Combinator's. AdvertisementRepresentatives for Altman and Y Combinator did not immediately respond to requests for comment from BI sent outside regular business hours. "We do not accept the claims made by Ms Toner and Ms McCauley regarding events at OpenAI," Taylor and Summers wrote.

Persons: —, Sam Altman wasn't, Y, Paul Graham, Sam Altman, That's, Graham, OpenAI, Sam, Jessica, Jessica Livingston, Altman, he'd, 3YvBDH7oqV — Paul Graham, Graham's, Y Combinator, Combinator, OpenAI's, Helen Toner, who'd, Toner, Tasha McCauley, Bret Taylor, Larry Summers, McCauley, Ms Toner, Ms McCauley, Taylor, Summers, Toner's, Mr Altman Organizations: Service, YC, Business, we'd, Wall Street, The Washington Post, BI, OpenAI Locations: OpenAI

☆ The Houthi's wild claim to have struck a US aircraft carrier is pure fiction
▼ + stars: | 2024-05-31 | by ( Chris Panella | ) www.businessinsider.com time to read: +1 min

The Houthis' claim that they struck the USS Eisenhower is untrue, per a defense official. The Houthis claimed the missile attack was retaliation for Thursday US strikes in Yemen. The Eisenhower is a lead ship in the US Navy's response to the Houthis in the Red Sea. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe Houthis' claim that they struck a US aircraft carrier in the Red Sea with missiles is untrue, according to a US defense official.

Persons: Eisenhower, Houthis, —, Dwight D, Yahya Saree, Saree Organizations: Thursday, Service, Business Locations: Yemen, Red, Iranian

☆ The biggest box-office flop every year since the ‘70s
▼ + stars: | 2024-05-31 | by ( Gabbi Shaw | ) www.businessinsider.com time to read: +1 min

We've found the biggest box-office flop from every year since 1978. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Advertisement"Barbie" and "Oppenheimer" made box-office history last summer, but for every hit movie there's a flop or two waiting to happen. This story is available exclusively to Business Insider subscribers.

Persons: We've, —, Oppenheimer, Guy, Max Organizations: Hollywood, Service, Hollywood Reporter, Business

☆ Elon Musk says he hasn't discussed taking a role in a second Trump administration
▼ + stars: | 2024-05-31 | by ( Kwan Wei Kevin Tan | ) www.businessinsider.com time to read: +1 min

Elon Musk says he hasn't talked to Donald Trump about joining his government if Trump's elected. Musk was responding to earlier reports saying that Trump was mulling an advisory role for him. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementElon Musk says he hasn't spoken to former President Donald Trump about joining a second Trump administration. This story is available exclusively to Business Insider subscribers.

Persons: Elon Musk, hasn't, Donald Trump, Trump's, Musk, Trump, Joe Biden, — Organizations: Trump, Service, Trump Presidency, SpaceX, Street Journal, Business

☆ Bill Ackman is planning to take Pershing Square public: report
▼ + stars: | 2024-05-31 | by ( Grace Eliza Goodwin | ) www.businessinsider.com time to read: +2 min

Bill Ackman is aiming to take Pershing Square public as soon as next year, the WSJ reports. AdvertisementBillionaire Bill Ackman is planning to take his investment firm Pershing Square public, according to a new report in The Wall Street Journal. This funding round is expected to give Pershing Square a roughly $10.5 billion valuation, the outlet reported. For context, Brookfield — valued at about $15 billion — oversees more than $925 billion, compared to the $16.3 billion Pershing Square had under management at the end of April. Ackman could take Pershing Square public as soon as the end of 2025, or early the following year, people familiar with the matter told the WSJ.

Persons: Bill Ackman, Ackman, —, Francis McGill Organizations: Pershing, Service, Street, Business, Brookfield Asset Management, Brookfield —

☆ WeWork spent years going after big businesses. Now, its new owner wants to look at the little guys.
▼ + stars: | 2024-05-31 | by ( Meghan Morris | ) www.businessinsider.com time to read: +1 min

Anant Yardi took a majority stake in WeWork through its bankruptcy process. Yardi plans to focus on small businesses and use hotel-like tech for real-time booking. Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Anant Yardi, who, alongside his wife, founded the widely-used commercial real estate software Yardi Systems, took a majority stake in WeWork through its bankruptcy process.

Persons: Anant Yardi, WeWork, — Organizations: Service, Yardi Systems, Business Locations: WeWork

☆ These are JPMorgan's 11 must-read books for the summer, from AI to Formula 1
▼ + stars: | 2024-05-31 | by ( George Glover | ) www.businessinsider.com time to read: +1 min

JPMorgan just published its 25th annual summer reading list. The bank suggests 11 titles it believes capture a world experiencing "radical shifts." download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . JPMorgan Asset and Wealth Management's chief communications officer Darin Oduyoye touted the bank's picks as an attempt to capture a world experiencing "radical shifts." This story is available exclusively to Business Insider subscribers.

Persons: Matt Damon, —, Darin Oduyoye Organizations: JPMorgan, Service, Wealth, Business

☆ Ukraine's Attacks on Russia's Black Sea Fleet Are Changing Modern Warfare
▼ + stars: | 2024-05-31 | by ( Sam Fellman | Lilian Manansala | ) www.businessinsider.com time to read: 1 min

Ukraine is facing off against Russia's formidable Black Sea Fleet. How are Ukraine's cheap unmanned sea drones and Western missiles taking down Russian warships worth hundreds of millions of dollars? This story is available exclusively to Business Insider subscribers. Become an Insider and start reading now. Have an account?

Organizations: Russia's, Western, Business Locations: Ukraine

☆ Travelers are booking open-jaw flights to Europe to save money and extend trips. A travel advisor explains how it works.
▼ + stars: | 2024-05-31 | by ( Joey Hadden | ) www.businessinsider.com time to read: +4 min

"But in the past nine months, open-jaw flights have been less expensive and offer additional flexibility for seeing multiple destinations without being rushed." Manuel Romano/NurPhoto via Getty ImagesBhagwan told BI that she often suggests open-jaw flights for clients, especially those traveling to Europe. BI previously reported that these flights are typically cheaper than one-way flights. And a train from Rome to Barcelona may cost around $80, according to Rail Europe, so open-jaw flights would save $220. AdvertisementTraveling to Europe can be expensive, but open-jaw flights can make them more affordable when visiting multiple cities.

Persons: —, Sonia Bhagwan, Manuel Romano, Bhagwan Organizations: Service, Business, Getty Images Bhagwan, Google, Rail Locations: Europe, Rome, England, Spain, Italy, NYC, Barcelona, Rail Europe, Indianapolis, Paris, Madrid

☆ Video shows Ukrainian sea drones striking 2 ships, as Ukraine continues to harass Russia's Black Sea Fleet
▼ + stars: | 2024-05-31 | by ( Thibault Spirlet | ) www.businessinsider.com time to read: +1 min

Ukraine said it used sea drones to take out two Russian naval vessels on Thursday. It's the latest Ukrainian attack on Russia's Black Sea Fleet, which has been forced to disperse. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementFootage shared by Ukraine's intelligence service on Thursday showed what it claims are two of its sea drones striking Russian naval vessels near Crimea. Ukraine intelligence said the attack on the two ships was carried out using Magura V5 drones, and that Russia tried to neutralize the drones using combat aircraft, artillery, and small arms.

Persons: — Organizations: Service, Main Directorate of Intelligence, Ministry of Defense, Business Locations: Ukraine, Crimea, Russian, Russia

☆ A passenger with 'no clothes on' ran through a plane mid-journey, causing chaos and knocking over a flight attendant
▼ + stars: | 2024-05-31 | by ( Pete Syme | ) www.businessinsider.com time to read: +1 min

A Virgin Australia flight turned around after a man ran naked through the cabin. The flight from Perth to Melbourne was already delayed over an hour before taking off. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementA Virgin Australia flight had to turn around after a man is said to have run naked through the cabin, The Guardian reported. Monday's flight from Perth to Melbourne was already more than an hour late taking off, according to data from Flightradar24.

Persons: — Organizations: Virgin Australia, Australian Federal Police, Service, Guardian, Boeing, Business Locations: Perth, Melbourne, Flightradar24

☆ All the questions you have about Donald Trump's criminal conviction, answered
▼ + stars: | 2024-05-31 | by ( Erin Snodgrass | Lloyd Lee | ) www.businessinsider.com time to read: +4 min

Read previewFormer President Donald Trump is officially a felon. Related stories This story is available exclusively to Business Insider subscribers. Legal experts told Business Insider that Trump will more likely receive probation at his sentencing, which is set for July 11. Can Donald Trump still run for president? And he's already doubled down on trying to use Thursday's guilty verdict to his advantage.

Persons: —, Donald Trump, Joe Biden, Trump, Stormy Daniels, Michael Cohen, Daniels, Cohen, baselessly, Michael Cohen's, Trump's, Biden, Kathy Griffin Organizations: Service, Trump, Business Locations: Manhattan, New York

☆ Nvidia's Jensen Huang receives a rockstar reception in Taiwan amid a record high stock market
▼ + stars: | 2024-05-31 | by ( Huileng Tan | ) www.businessinsider.com time to read: +4 min

Read previewNvidia cofounder and CEO Jensen Huang is in Taiwan this week, where he's getting rockstar reception and boosting the stock market. The drills started on Thursday, but Taiwan's stock market was little changed over the period. "In this case, the AI equity theme, physical investment in AI, and the wider upturn in electronic component demand are driving robust Taiwanese growth and the strong stock market performance," wrote Green. He added that an outright invasion of Taiwan by China is "very unlikely" due to high military and economic risk. "If the macro backdrop is positive and China remains far from achieving 'fortress-like' economic conditions, future sell-offs may offer attractive buying opportunities," Green wrote.

Persons: —, Jensen Huang, Huang, Li Xi, Morris Chang, Lisa Su —, Pat Gelsinger, Cristiano Amon, Rene Haas, Rory Green, It's, Green Organizations: Service, China's People's Liberation Army, Business, Local, rockstar, Asus, AMD, Qualcomm, Semiconductor, PLA, Investors, Philadelphia Stock Exchange, Nvidia Locations: Taiwan, China, Beijing, TSMC, Taipei, Taiwan's, GlobalData.TS, Ukraine, Russia

☆ Google is scaling back its AI search plans after the summary feature told people to eat glue
▼ + stars: | 2024-05-31 | by ( Shubhangi Goel | ) www.businessinsider.com time to read: +1 min

Google is scaling back AI-generated answers in search results due to errors and criticism. The AI Overviews feature, launched two weeks ago, faced backlash for false and absurd responses. AdvertisementGoogle is pulling back the use of AI-generated answers in search results after the feature made some infamous errors, including telling users to put glue in their pizza sauce. Google launched AI Overviews, which put AI-generated summaries of search results on the top of the page for US users, two weeks ago. It is not possible to turn off the AI feature while using the search engine.

Persons: — Organizations: Google, Service, Business

☆ Billionaire Bill Ackman is reportedly leaning toward endorsing Trump
▼ + stars: | 2024-05-31 | by ( Brent D. Griffiths | ) www.businessinsider.com time to read: +1 min

Pershing Square Capital Management CEO Bill Ackman is leaning to supporting Donald Trump. According to multiple reports, Ackman is considering a public announcement backing Trump. AdvertisementBillionaire investor Bill Ackman is considering endorsing former President Donald Trump, according to multiple reports. The Financial Times was the first to report that the hedge fund manager is leaning toward the former president. Ackman also supported former UN Ambassador Nikki Haley, who recently endorsed Trump after her failed GOP primary run.

Persons: Bill Ackman, Donald Trump, Ackman, Trump, —, Dean Phillips, Joe Biden, Nikki Haley Organizations: Pershing, Capital Management, Wall Street titans, Service, Financial Times, Dean Phillips of, GOP, Business Locations: Dean Phillips of Minnesota

☆ My party of 2 ate at Legal Sea Foods for the first time. Our $112 lunch was a great value, but its famous dishes were disappointing.
▼ + stars: | 2024-05-31 | by ( Amory Rose | ) www.businessinsider.com time to read: +1 min

I visited Legal Sea Foods for the first time with a friend and tried a range of its dishes. Our $112 meal felt like an amazing value, but the crab cake and lobster rolls were disappointing. The surprising stars of the meal were free rolls and dishes we ordered from the chain's sushi menu. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . One of the most famous is Red Lobster, but the casual-dining seafood chain hasn't been doing so hot and recently filed for bankruptcy.

Persons: — Organizations: Foods, Service, Business Locations: Pennsylvania

☆ Walmart store manager says he 'almost fainted' when he found he could make up to $530K under a new pay plan
▼ + stars: | 2024-05-31 | by ( Dominick Reuter | ) www.businessinsider.com time to read: +1 min

Earlier this year, Walmart announced a new store manager pay plan that tops out at $530,000. Store manager Greg Harden told Bloomberg he "almost fainted" when he learned of it. Walmart says better pay and benefits, plus better tech, have lowered turnover among store leadership. AdvertisementWalmart made waves earlier this year when it announced it was upping pay for store managers, with some potentially able to earn up to $530,000. "I almost fainted when I found out," said Greg Harden, a Supercenter manager in Texas told Bloomberg.

Persons: Greg Harden, —, Harden Organizations: Walmart, Bloomberg, Service, Business Locations: Texas, Grand Prairie , Texas, Dallas

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