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Independent presidential candidate Robert F. Kennedy Jr. acknowledged Sunday that he abandoned a young dead bear in Central Park after he initially planned to skin the cub for meat. Kennedy described driving north of New York City to go falconing with a group when he saw a woman in a van hit and kill a young bear. "It's going to be a bad story," Kennedy predicted in the video as people laughed. A dead bear cub was found in Central Park in 2014, leading to significant media coverage. The New York City Department of Parks and Recreation referred NBC News' request for comment to the New York Police Department, which did not immediately respond.
Persons: Robert F, Kennedy Jr, Kennedy, Roseanne Barr, ” Kennedy, Barr, offscreen Organizations: New Yorker, New York City Department of Parks, Recreation, NBC, New York Police Department Locations: Central Park, New York City, Westchester County
"I was driving up really early, and a woman in a van in front of me hit the bear and killed it, a young bear. He then said his friends, who had been drinking, encouraged him to abandon the carcass in Central Park in New York. To dispose of the carcass, Kennedy said he intentionally left the dead bear on the side of the road to make it appear like a car had hit the bear. Related storiesA 2014 New York Times story appears to detail the incident though the exact timeline is unclear. Per the Times, a woman "noticed the dead bear cub, which was lying under some bushes, partially concealed by an abandoned bicycle."
Persons: , Robert Kennedy Jr, Kennedy, Roseanne Barr, Tatiana Schlossberg, John F, JFK's, they're, Barr Organizations: Service, Business, New York Times, Times Locations: New York, Central Park
Robert F. Kennedy Jr., the independent presidential candidate, confessed on Sunday that he had left a dead bear cub in Central Park in Manhattan in 2014 because he thought it would be “amusing.”Mr. Kennedy posted a video detailing the bizarre story on social media apparently ahead of an article in The New Yorker. In the video, Mr. Kennedy appears to be seated in a kitchen as he casually tells the actress Roseanne Barr about the ordeal. He says that he was driving through the Hudson Valley when he saw a woman in a van hit and kill a young bear. “I pulled over and I picked up the bear and put him in the back of my van because I was going to skin the bear,” he says. “It was very good condition and I was going to put the meat in my refrigerator.”
Persons: Robert F, Kennedy Jr, Mr, Kennedy, , , Roseanne Barr Locations: Central Park, Manhattan, New, Hudson
He says in the video he decided to put the dead bear in his car. He said he broached to friends the idea of taking the bear to Central Park and making it appear as if a biker had hit it. Some of the details Kennedy describes in the video appear to align with an October 2014 incident in which a dead bear cub was discovered in Central Park, attracting coverage from major news outlets around the country. The state’s Department of Environmental Conservation said shortly after the bear was discovered that it had died after being hit by a car. In a caption on the post containing the video, Kennedy wrote, “Looking forward to seeing how you spin this one, @NewYorker.”
Persons: Robert F, Kennedy Jr, Kennedy, Roseanne Barr, hawking, , ” Kennedy, Barr, broached, , ‘ Let’s, ‘ That’s, he’d Organizations: CNN, Independent, state’s Department of Environmental Conservation Locations: New York, New, Hudson, New York City, couldn’t, Central, Central Park
AdvertisementBig tech companies are forecast to spend $1 trillion on data centers, real estate, chips and other gear to build AI models, tools and products. AdvertisementSome big tech companies have already whittled away a large chunk of their cash reserves chasing this AI trend. For more than a year, the assumption has been that generative AI will stoke a massive wave of new demand. What if that demand turns out to be weaker than expected? A major piece of evidence he shared was about demand for Microsoft's 365 Copilot service.
Persons: , Ashley Stewart, I've, Ashley, Keith Weiss, Morgan Stanley, Weiss, Andy Jassy, Sundar Pichai, Satya Nadella, BI's Ashley Stewart, Nadella Organizations: Service, Business, pharma, Big, Microsoft, stoke, Amazon, Google, CIO
Eleven years ago, in 2013, Holder said that Mohammed and his associates would have been “on death row as we speak” had the case gone to federal court as he proposed. But he blamed Congress for blocking a federal trial that would have resulted in swifter justice. They were dealt a bad hand by the political hacks and those who lost faith in our justice system,” Holder said in a statement to NBC News on Thursday. “If my decision to try KSM and his confederates in the tested and effective federal court system had been followed they would be nothing more than a memory today,” Holder said. Sen. Richard Blumenthal, D-Conn., said he’s “long advocated that our federal court system is perfectly capable of conducting this kind of trial” and was well-suited to handling serious crimes.
Persons: Eric Holder, , Holder, ” Khalid Sheikh Mohammed, Walid Muhammad Salih Mubarak Bin ‘ Attash, Mustafa Ahmed Adam al, General Holder, Mohammed, ” Holder, KSM, , ” Eric Holder, Chip Somodevilla, Rudy Giuliani —, Donald Trump’s, , Giuliani, Tsarnaev, William Barr, Trump, George H.W, George H.W . Bush, hadn’t, ” Barr, he’d, he’s, Barr, Alexanda Amon Kotey, Joe Biden’s, Mitch McConnell, McConnell, Sen, Chris Coons, doesn’t, ” Coons, Richard Blumenthal, Conn, “ I’ve, ” Sen, Chris Van Hollen, Biden, Thom Tillis, I’m, ” Tillis, Barack Obama, Hillary Clinton Organizations: WASHINGTON, Guantanamo, Pentagon, CIA, NBC, New York City, Prisons, Boston Marathon, Rockies, Republican, Trump, Justice Department, Islamic State, White, NBC News, House Locations: United States, Guantanamo, Manhattan, Guantanamo Bay, Cuba, America, Pakistan, Caribbean, ADMAX Florence, Colorado, , George H.W ., ADMAX, Florence, Ky
“Buy the bigger ice machines,” Phoenix Fire Captain Robert McDade tells emergency managers who call for advice from around the world. “Be willing to change what you’ve done.”An unhoused man finds little respite from the heat in the shade of a bus stop in Phoenix. Phoenix first responders are stocking body bags filled with ice to treat victims of heat stroke, bringing their core body temperature down on the way to the hospital. Julian Quinones/CNNFirst responders at Fire Station 61 are treating more victims of heat illness as temperatures soar in Phoenix. Every summer we learn, and we improve.”A heat respite center at Burton Barr Central Library just north of downtown Phoenix.
Persons: it’s, Coroners, , Robert McDade, Julian Quinones, CNN McDade, McDade, , ” McDade, John Prato, Kate Gallego, we’ve, ” Gallego, didn’t, Evelio Contreras, Katie Hobbs, Eugene Livar, Arizona’s, there’s, Jennifer Vanos, Vanos, MaRTy ”, CNN Evelio Contreras Organizations: CNN, Phoenix, Harvard, Phoenix City Council, Burton Barr Central Library, CNN Arizona, Arizona State’s School of Sustainability, Vanos Locations: Phoenix, Maricopa County, Chicago, Albuquerque, Arizona,
Read previewAmazon's recent decision to stop accepting new users for several cloud services caught some customers, partners and even a few employees by surprise. No new customers, no new featuresFor a business as important as AWS, deprioritizing services is a tricky balancing act. However, at the scale of AWS, this still means that thousands of developers and other customers likely still rely on these cloud tools. "We will continue to support our customers, whether they continue to use these services, or they migrate to other AWS offerings or alternative third-party solutions." Consider Amazon Q, Amazon Connect, Amazon Bedrock, AWS Marketplace, Amazon WorkSpaces, Amazon SageMaker, Amazon QuickSight, and many other offerings that have had significant success with customers," he wrote in an email.
Persons: , Jeff Barr, Patrick Neighorn, Neighorn, Randall Hunt, Horovits Organizations: Service, Business, Web Services, AWS, Data Pipeline, Barr's, Amazon Connect
The investigation was launched after the Justice Department issued a second sentencing memo for Stone called for a prison sentence “far less” than the 7-9 year recommendation his trial team initially put forward. Stone was sentenced to 40 months in prison, but that sentence was ultimately commuted by Trump. However, the inspector general found in Wednesday’s report that even career department lawyers believe “reasonable minds” can disagree on whether the initial sentencing recommendation for Stone was too high. “Thus, we found that Barr had articulated his position about the sentencing recommendation both before and shortly after the first sentencing memorandum was filed, and before the President’s tweets,” the inspector general said. The comments during these deliberations formed a “substantial basis” for Zelinsky’s congressional testimony, the inspector general said.
Persons: Roger Stone, Donald Trump, Stone, Aaron Zelinsky, General Michael Horowitz, ” Zelinsky, Bill Barr, Barr, Trump, Timothy Shea, Shea, , Joshua Matz Organizations: CNN, Justice Department, Trump, DOJ, DC, Attorney Locations: DC
Louis Lehot, a Silicon Valley law-firm partner, specializes in taking companies from startup to IPO. The IPO market is expected to pick up later this year, so Business Insider emailed Silicon Valley lawyer Louis Lehot, a partner at Foley & Lardner, for advice on how startups should prepare for life as public companies. Are public market investors generally keen to invest in IPOs, or are they focused elsewhere? Public market investors are selective, focusing on established profitability and sustainable growth over speculative, high-growth stories. What are the key process changes companies need to make ahead of an IPO?
Persons: Louis Lehot, Lehot, , Lardner, Collison Organizations: Service, Foley, Healthcare, Biotech, Green Energy, Enterprise, Street, Investor
The Justice Department’s in-house watchdog found no evidence of political interference in the reduction of a prison sentence proposed for the longtime Trump ally Roger Stone in 2020, attributing the stunning reversal to “ineffectual” leadership, according to a report released on Wednesday. The report concluded a four-year investigation into the decision by Attorney General William P. Barr in February 2020 to reduce Mr. Stone’s proposed sentence to about three years, after initially recommending seven to nine. The episode incited accusations of political interference and prompted four prosecutors in the case to resign. He denounced the sentencing recommendation as a “miscarriage of justice.”But the inspector general, Michael E. Horowitz, concluded that Mr. Barr had argued that the more stringent sentence was unreasonably harsh before Mr. Trump expressed those sentiments. Mr. Barr was blindsided by a subordinate who had led him to believe the department would request a lesser prison term, Mr. Horowitz wrote.
Persons: Department’s, Trump, Roger Stone, William P, Barr, Stone’s, Donald J, Stone, Michael E, Horowitz Locations: Russia
I spent a week on safari in South Africa, visiting three different reserves. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. AdvertisementI spent a week on safari in South Africa, visiting three different reserves. According to the most recent data collected by travel agency Go2Africa, interest in beach and safari combo trips was up 20% from 2022 to 2023 alone.
Persons: Organizations: Service, Business Locations: South Africa
There may be a path for Smith to revive the case, Cannon noted in her ruling, and Smith can appeal the decision. Cannon left open a potential pathway in her ruling for the classified documents case to be revived. (He is being prosecuted by a separate special counsel, David Weiss.) And during the Trump-Russia investigation, multiple Trump allies similarly attempted to derail special counsel Robert Mueller’s work. Former Attorney General Edwin Meese and Citizens United argued the same, writing that Smith’s appointment “severely undermines” the constitutional order.
Persons: Donald Trump’s, Aileen Cannon, Jack Smith, General Merrick Garland, Smith, Cannon, Trump, , , ” Cannon, Garland, Bill Barr, John Durham, Smith’s, it’s, Clarence Thomas The, Clarence Thomas, Thomas ’, Thomas, John Roberts, wasn’t, ” Thomas, Steve Vladeck, Joe Biden’s, Hunter Biden, David Weiss, Robert Mueller’s, James Pearce, Cannon’s, Edwin Meese, ” “ Organizations: Washington CNN, Trump, Republican National Convention, Republican, Justice Department, Senate, United, United States Attorney, Defense, Treasury, The, Prosecutors, CNN, Georgetown University Law Center, FBI, Former, Citizens United Locations: Milwaukee, United States, California, Delaware, Russia, Virginia, Washington, DC, Mar
“It hurt,” says Muse, the executive pastor of Hayes Barton Baptist Church in Raleigh, North Carolina. Nikki Hardeman, of Atlanta, an advocacy director for Baptist Women in Ministry, left, Meredith Stone, executive director of Baptist Women in Ministry, center, and Christa Brown, an advocate for survivors of sexual abuse and a supporter of the Baptist Women in Ministry, protest outside the venue of a Southern Baptist Convention annual meeting on June 11, 2024, in Indianapolis. Some Southern Baptist leaders, for example, say they do not oppose women running for political office. And yet millions of women still give their time and money to church groups that won’t allow them to lead men. Meredith Stone, executive director of Baptist Women in Ministry, a group that works with the SBC and other Baptist groups.
Persons: Kristen Muse, Muse, Paul, Timothy, , Hayes Barton, , , Clint Pressley, Nikki Hardeman, Meredith Stone, Christa Brown, Doug McSchooler, Albert Mohler Jr, Kamala Harris, Shelby Tauber, ” Muse, Christ, Mary Kassian, Beth Allison Barr, Barr, Jesus, Pope Francis, lectors, Beth Moore, Terry Wyatt, Moore, Infants, ” Barr, it’s, they’re, Rick Warren, Peter Smith, that’s, she’s, Rabbi Nachman, Rosh Hashana, Sergei Supinsky, don’t, , Bishop Teresa Jefferson, Jay Reeves, Deborah, Lydia, Priscilla, Dorcas, Mary Magdalene, Mary, Luke, hasn’t, John Blake Organizations: CNN, National Public Radio, Southern Baptist Convention, Hayes Barton Baptist Church, SBC, Baptist Women, Ministry, Southern Baptist, Southern Baptist Theological Seminary, Roman Catholic Church, of God, Reuters, complementarianism, Children, Baylor University, Research, Saddleback Church, Saddleback, Getty, Christian Methodist Episcopal, Moody Temple CME Church, Jefferson Locations: manila, Raleigh , North Carolina, Atlanta, Indianapolis, Indiana, Dallas , Texas, Nashville , Tennessee, Texas, Saddleback, Southern California, New Orleans, Uman, Ukraine, AFP, Raleigh, Moody, Fairfield , Alabama, Israel
In this gilded echo chamber, Mr. Trump enjoys unwavering devotion — and collects the staggering price of admission. During the 2014-15 season — the last before Mr. Trump officially entered politics — The Times counted 52 fund-raiser events at Mar-a-Lago. More than two dozen midterm candidates had already held fund-raisers on the property when Mr. Trump made that statement. But that changed when Letitia James, the New York attorney general, sued Mr. Trump for exaggerating the value of his properties. And, unlike when Mr. Trump was president, “he was there a lot,” Mr. Rustmann said.
Persons: Donald J, Trump, MAGA, Matt Gaetz, , Sebastian Gorka, , Forgiato, Donald Trump, Ryan Garcia, “ Donald Trump, Glenn Beck, Roger Stone, Liz Crokin, Michael T, Flynn, We’re, , Vivek Ramaswamy, Matthew DePerno, Frank Pavone, Kari Lake, Joe Kent, ” Cameron Moore, Alex Stone, Stone, Roger J, Stone Jr, Roseanne Barr, don’t, Abraham Lincoln, Lago, Thomas D, Homan, ” Sebastian Gorka, Gorka, Abraham Lincoln ”, Trump’s, ” Mr, Vernon Jones, Letitia James, galas, Laurence Hirsh, James, Greg Christovich, Christovich, Christovich’s, Michael Barnett, Barnett, ” Frank Vain, Fred Rustmann, Mr, Rustmann Organizations: Gravity, House, New York Times, Mar, U.S.A, Times, Trump, Palm, Republican Party of Palm, Lincoln, Breakers, Policy Institute, America’s, Inc, White, Mr, America, of, Republican, Republicans, Republican National Committee, Democratic Senatorial, Trump Organization, New, U.S ., Secret Service, U.S . Department of State, Records, The Trump Organization, Republican Party of, RSM, Republican Party Locations: Mar, Jan, America, Palm Beach, Lago, Charlottesville, Va, Beach, Georgia’s, , New York, Republican Party of Palm Beach County, Florida
Stock indexes are hovering near record highs ahead of the testimony of Fed Chair Jerome Powell. 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 . Meanwhile, the stock market has continued to strike new highs with help from its tech sector, with Nvidia rising 2% on Monday. Here's where US indexes stood at the 9:30 a.m. opening bell on Tuesday:AdvertisementHere's what else happened today:In commodities, bonds, and crypto:Advertisement
Persons: Jerome Powell, , Powell, Michael Barr, Michelle Bowman Organizations: Service, Nasdaq, Federal, Nvidia Locations: Here's
Washington CNN —A vast swath of the US economy is showing signs of weakness as unemployment rises to its highest point in more than two years. “When you think of services, a lot of it is driven by the consumer, and consumers are key to where the US economy goes,” James Knightley, chief international economist at ING, told CNN. Consumer spending, which makes up about 70% of the US economy, has already moderated over the past few months, government statistics show, and retailers themselves have said they’ve noticed shoppers across the income spectrum change their purchasing behavior. The bottom 60% of households by income accounted for a larger proportion of spending on health care services. These firms have added 168,000 jobs a month, on average, from April through June, according to fresh Labor Department data released Friday.
Persons: , ” James Knightley, “ We’re, Knightley, Scott Hamilton, Gallagher, It’s, Tesla, China’s Geely, Laura He, Elon, Jerome Powell, Michael Barr, Michelle Bowman, Austan Goolsbee, Raphael Bostic Organizations: CNN Business, Bell, Washington CNN, Institute, Supply, ING, CNN, Commerce, Service, Labor Department, EV, Volvo, SAIC, Elon Musk’s, Business, Committee, Fed, China’s National Bureau of Statistics, Financial Services, Chicago Fed, Pepsico, Delta Air Lines, ConAgra Brands, US Labor Department, Atlanta Fed, JPMorgan Chase, Citigroup, The, New York Mellon, The University of Michigan Locations: Washington, United States, California, Jiangsu, China, Shanghai, Wells Fargo
Corbyn won 49.2% of the vote, while the Labour candidate came in second with 34.4%. Many of these seats where Labour appears to have lost votes over its position on Gaza have sizable Muslim populations. She said, after Streeting abstained from a vote on a Gaza ceasefire, she decided to enter politics and abdicate from Labour. “As a Palestinian, that place is no longer for me… The Labour party does not represent us,” she told CNN. Meanwhile Jess Phillips, also a prominent Labour figure, won her Birmingham Yardley seat by just 693 votes.
Persons: Keir Starmer, Jonathan Ashworth, Shockat Adam, ” Adam, Jeremy Corbyn, Ashworth, Corbyn, , Kate Hollern –, , Adnan Hussain, Iqbal Mohamed, Heather Iqbal, Birmingham Perry Barr, Ayoub Khan, Khalid Mahmood, Faiza Shaheen –, Iain Duncan Smith, , ” Shaheen, Starmer, Israel’s, Starmer –, Israel “, Wes Streeting, Leanne Mohamad, Mohamad, Streeting, Jess Phillips, Jody McIntyre Organizations: London CNN, Gaza, Labour, Leicester South, Islington, Blackburn, Dewsbury, Batley, Conservative, Hamas, LBC, Scottish National Party, CNN, Birmingham, Workers Party of Britain Locations: Gaza, English Midlands, Birmingham, Chingford, Woodford, London, Israel, Leicester, Ilford, Blackburn, Starmer’s, Ilford North, Palestine, Birmingham Yardley
U.S. Vice President Kamala Harris gives the commencement address at the commencement ceremony for graduates of the U.S. Air Force Academy in Colorado Springs, Colorado, U.S., May 30, 2024. There's also discussion among Harris confidants about the need to begin scheduling meetings for the vice president with some of the biggest donors in the Democratic Party if Biden drops out, these people explained. A White House spokeswoman for Harris and Biden campaign representatives did not return requests for comment. "To be clear, Vice President Harris is a badass. PredicIt, which allows people to make bets on political events, now puts the vice president in a close second to Biden.
Persons: Kamala Harris, Harris, Julie Chavez Rodriguez, Biden, Joe Biden, There's, Harris confidants, Donald Trump's, Bill Barr, Jeff Sessions, Brett Kavanaugh, Trump's, Kamala, Trump, Dmitri Mehlhorn, Reid Hoffman, Mark Kelly, Andy Beshear, Roy Cooper, Josh Shapiro, Andrew Bates, Susan Lowenberg's, there's, Lloyd Doggett, Nancy Pelosi, Jim Clyburn, Pelosi, PredicIt, PredictIt, Gavin Newsom Organizations: U.S . Air Force Academy, Commission, Democratic National Convention, Biden, Democratic, White, Democratic Party, Black, Ukraine, Trump, CNBC, New York Times, CNN, NBC News, San Francisco, Former, MSNBC, California Gov Locations: Colorado Springs , Colorado, U.S, Chicago, Germany, Iowa, California, San Francisco, Texas
But the court’s opinion also makes clear that this ruling is not a death knell for Smith’s case. Smith charged Trump with engaging in a “criminal scheme” to subvert the 2020 election; Trump has pleaded not guilty to four counts. In Nixon v. Fitzgerald, the Supreme Court held that a president enjoyed civil immunity for all “official acts.” Now, in Trump v. United States, the court grappled with which “official” acts should also receive criminal immunity. In order to settle the extent of Trump’s immunity, Chutkan should expeditiously schedule the mini-trial to hear witness testimony and receive other relevant evidence from both parties. In response to Trump’s assertion of civil immunity there, the DC Circuit put in place a lengthy discovery schedule for the lower court to determine the extent of Trump’s civil immunity.
Persons: Norman Eisen, , Donald Trump, Danya Perry, Joshua Kolb, Neil Gorsuch, Jack Smith’s, Donald Trump’s, Norm Eisen, Tanya Chutkan, Smith, Trump, Nixon, Fitzgerald, , Joshua Kolb CJ, John Roberts, Justice Department —, Mike Pence, Mark Meadows, Jeffrey Clark —, Clark, Steve Jones, Meadows, Brad Raffensperger, Jones, Meadows’s, Sotomayor, Chutkan, Pence, Bill Barr —, Trump’s, slimming, , Justice Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson Organizations: CNN, Perry Law, Division, Southern, of, State, Moreland Commission, Nixon, Trump v ., Justice Department, Trump, White, Trump administration, Georgia, Meadows, Circuit, Congress, Capitol Police, Capitol, DC Circuit, Twitter Locations: of New York, New York, Moreland, Trump v, Trump v . United States, Georgia, Fulton, Meadows
Rights groups are furious the Taliban meeting is going ahead without Afghan women, and say it legitimizes Afghanistan’s leaders and fails to hold them to account for grave injustices. Whatever we had, we spent it,” Arzo’s brother Ahamad, a 27-year-old journalist under threat from the Taliban due to his occupation, told CNN in November. Arzo told CNN what drove her suicide attempt. Pakistan’s policy on “illegal foreigners” is no different to that of other nations, Pakistani Ministry of Foreign Affairs spokeswoman Mumtaz Zahra Baloch told CNN. CNNArzo doesn’t want a life like that for herself, her sister, or the women and girls still in Afghanistan.
Persons: , Arzo, Javed Iqbal, ” Richard Bennett, Zabihullah Mujahid, , Richard Bennett, weren’t, – they’ll, They’re, Mahsa, Ahamad, Doctors, Arzo’s, CNN Arzo hadn’t, ” Mahsa, they’ve, can’t, Moniza Kakar, Rain, Kakar, Abbas, Mumtaz Zahra Baloch, Baloch, hadn’t, ” Amanullah, He’s, Amanullah, he’s, CNN Arzo, Heather Barr, ” Barr, “ It’s, Bennett, she’ll, “ I’m Organizations: CNN, Lifeline, International Association for Suicide Prevention, Befrienders Worldwide, Pakistan CNN —, United Nations, Human Rights, UN, Security, “ ACC ”, Afghan, ACC, Pakistani Ministry of Foreign, , Taliban, Human Rights Watch, International Court of Justice, Criminal Court, ICC Locations: Karachi, Pakistan, Pakistani, Afghanistan, CNN Pakistan, Doha, Qatar, Afghan, Kabul, Islamabad, , Soviet, , Canada, Israel, Gaza
Toyota launched new Land Cruiser in the US, reviving the iconic SUV . The original Land Cruiser, known for its durability, debuted in the 1950s. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementThe original Land Cruiser launched in the 1950s and rightly earned a reputation as an unbreakable beast of a car. This story is available exclusively to Business Insider subscribers.
Persons: Organizations: Toyota, Cruiser, Service, Cruisers, Business Locations: United
New York CNN —America’s biggest banks are well positioned to survive a severe recession while continuing to lend to households and businesses, the Federal Reserve said Wednesday in its annual bank resilience test, commonly referred to as a stress test. However, banks could suffer higher losses, if a significant economic downturn were to hit now versus a year ago. As a result of the banking crisis that fueled the Great Recession, the Fed conducts stress tests to monitor and uncover potential signs of weaknesses in the financial system. At the same time, banks’ income from fees was lower, giving them less of a buffer to absorb those losses. “The goal of our test is to help to ensure that banks have enough capital to absorb losses in a highly stressful scenario.
Persons: New York CNN —, they’ve, Michael Barr, , ” Barr Organizations: New, New York CNN, Federal Reserve Locations: New York
The Federal Reserve said Wednesday that the biggest banks operating in the U.S. would be able to withstand a severe recession scenario while maintaining their ability to lend to consumers and corporations. The stress test assumed that unemployment surges to 10%, commercial real estate values plunge 40%, and housing prices fall 36%. "This is good news and underscores the usefulness of the extra capital that banks have built in recent years." The Fed's stress test is an annual ritual that forces banks to maintain adequate cushions for bad loans and dictates the size of share repurchases and dividends. "While banks are well positioned to withstand the specific hypothetical recession we tested them against, the stress test also confirmed that there are some areas to watch," Barr said.
Persons: Michael Barr, JPMorgan Chase, Goldman Sachs, Barr, Banks Organizations: Financial, Valley Bank, Signature Bank, Capitol, Washington , D.C, Federal Reserve, JPMorgan, American Express Locations: Washington ,, U.S
CNN —The House Ethics Committee announced Tuesday that it will continue to investigate certain allegations surrounding Rep. Matt Gaetz, including whether the Florida Republican engaged in sexual misconduct, while ending other portions of the probe. In a rare statement updating its work, the bipartisan committee stated some of the allegations against Gaetz “merit continued review” and it has “also identified additional allegations” that warrant investigating. But McCarthy has repeatedly denounced those accusations and has said Gaetz worked to oust him because of the ethics probe. In late 2020, under Trump-appointed Attorney General Bill Barr, the Justice Department opened an investigation into allegations Gaetz may have had sexual contact with a minor. A source familiar with the House panel’s work previously told CNN that the Justice Department’s decision not to bring charges against Gaetz does not impact what the committee will and won’t investigate.
Persons: Matt Gaetz, Gaetz, , ” Gaetz, Kevin McCarthy, McCarthy, Bill Barr, Joel Greenberg, Department’s, won’t Organizations: CNN, Florida Republican, Department of Justice, Gaetz, California Republican, Northwest Floridians, Trump, Justice Department, DOJ Locations: Florida, California
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