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☆ Warren Buffett starts downsizing his Bank of America bet — Here's what could lie behind the move
▼ + stars: | 2024-07-28 | by ( Yun Li | ) www.cnbc.com time to read: +4 min

Warren Buffett surprised many investors by downsizing one of his longest held and largest positions — Bank of America . Berkshire Hathaway recently unloaded 52.8 million Bank of America shares worth $2.3 billion during a six-day selling spree, the first time since late 2019 that the Omaha-based conglomerate reduced its holding. The legendary investor said then that he liked the business, valuation and management of the Charlotte-based bank "very much." BAC YTD mountain Bank of America Tax liability Taxes could also be a motivating factor in the BofA sale. Buffett, who paid over $5 billion in corporate taxes in 2023, believes the corporate tax rate could move higher to help fill the government's yawning gap between spending and revenue.

Persons: Warren Buffett, Buffett, Brian Moynihan, James Shanahan, Edward Jones, BofA, … BofA, they'd, Moynihan Organizations: — Bank of America, Oracle, Omaha . Berkshire Hathaway, of America, Berkshire, Apple, Bank of America Locations: Omaha ., Omaha, Berkshire, BofA, Charlotte

☆ Opinion | I Was a Kamala Harris Skeptic. Here’s How I Got Coconut-Pilled.
▼ + stars: | 2024-07-27 | by ( Lydia Polgreen | ) www.nytimes.com time to read: +1 min

I remember the moment I knew that Kamala Harris was not the candidate for me in the 2020 presidential race. It was just a few days before the second Democratic primary debate, and college student debt had become an issue on the campaign trail. On July 26, 2019, Harris announced her student loan forgiveness program. That’s the new nomenclature for converts to the Harris 2024 fold — a phrase that comes from her mother, and that I’ll dig into later. But I want to be candid about something first: I’m a little embarrassed to be rooting for any politician.

Persons: Kamala Harris, Bernie Sanders, Elizabeth Warren, Harris, Pell Grant, Donald Trump, bicultural, Joe Biden Organizations: Democratic, milquetoast Democratic

☆ At the first Olympic Village 100 years ago, athletes slept in wooden huts and drank wine twice a day. See what it was like to stay there.
▼ + stars: | 2024-07-26 | by ( Lydia Warren | ) www.businessinsider.com time to read: +1 min

When Paris hosted the Olympics in 1924, it was the first time athletes stayed together in a village. The Olympic Village made its debut at the 1924 Paris Olympics. Hulton Archive/Getty ImagesBefore 1924, delegations stayed in hotels, military buildings, or with local families in host cities, according to the Olympics Studies Centre. "A contract has to be formed and charges have to be fixed each time," the IOC said. The organizers of the 1924 Paris Olympics also believed housing athletes together had benefits beyond logistics and cost.

Persons: Frantz Reichel Organizations: Paris, Hulton, Olympics Studies, International Olympic Committee, Asian Social, Canadian Center of Science, IOC, Paris Games

☆ Opinion | Kamala Harris Needs a 3 P.M. Agenda
▼ + stars: | 2024-07-26 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

Vice President Kamala Harris has what she used to call a 3 a.m. agenda. To be an effective president, she’ll need to add a 3 p.m. agenda. When Harris was running for the Democratic presidential nomination in 2019, she put out a television ad that was pretty effective. She described how her mother, after putting the girls to bed, “would sit up trying to figure out how to make it all work,” presumably sometimes until 3 in the morning. “Because,” she intoned, “you’ve waited long enough to get a good night’s sleep.”At the time, Harris was positioning herself as a liberal in an election that had the Democrats moving well to the left.

Persons: Kamala Harris, Harris, ”, Trump, “ you’ve, Joe Biden, leftward, Bernie Sanders of, Elizabeth Warren of Organizations: Democratic Locations: Bernie Sanders of Vermont, Elizabeth Warren of Massachusetts

☆ LinkedIn billionaire is going all-in on Kamala Harris. But he wants her to make a big change
▼ + stars: | 2024-07-26 | by ( Matt Egan | ) edition.cnn.com time to read: +7 min

New York CNN —LinkedIn co-founder Reid Hoffman is throwing his financial firepower behind Vice President Kamala Harris. Ohio Sen. JD Vance, the GOP nominee for vice president, is a fan. Harris campaign: No discussions on replacing KhanHoffman told CNN he “certainly” hasn’t directly pushed Harris to replace Khan. A Harris campaign aide told CNN that there have been “no policy discussions” about replacing Khan at the current time. That was a mistake,” Hoffman told CNN.

Persons: Reid Hoffman, Kamala Harris, Hoffman, CNN he’s, Harris, United States ’, Lina Khan, “ Lina Khan, ” Hoffman, Joe Biden, “, Khan, ”, Bernie Sanders, Hoffman Khan, Sen, Mr, Hoffman ”, Massachusetts Sen, Elizabeth Warren, Khan . Ohio Sen, JD Vance, Vance, Biden, Khan Hoffman, hasn’t, Brian Fung, Douglas Farrar, Biden Harris, Harris team’s, ” Farrar, Farrar, “ Trump, Donald Trump, Trump, Steven Cheung, George Soros ”, Mark Cuban, Peter Thiel, Thiel, Arizona Sen, Mark Kelly, Josh Shapiro, Gretchen Whitmer, Gina Raimondo Organizations: New, New York CNN, LinkedIn, Biden, Harris, PAC, CNN, Federal Trade, Democratic, Microsoft, FTC, “, Big Oil, Big Tech, Forward PAC, GOP, Republican, Activision Blizzard, Mattress, Trump, US Chamber of Commerce, Arizona Locations: New York, United States, America, Vermont, Massachusetts, Khan . Ohio, Pennsylvania, Michigan

☆ Watch CNBC’s full interview with VantageRock's Avery Sheffield, 3Fourteen’s Warren Pies and Max Kettner
▼ + stars: | 2024-07-26 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailWatch CNBC’s full interview with VantageRock's Avery Sheffield, 3Fourteen’s Warren Pies and Max KettnerVantageRock's Avery Sheffield, 3Fourteen’s Warren Pies and Max Kettner, join, 'Closing Bell' to discuss the tech pullback, markets and the Fed.

Persons: VantageRock's Avery Sheffield, 3Fourteen’s Warren, Max Kettner VantageRock's Avery Sheffield, Max Kettner

Trump, the Republican nominee for president, has raised more than $4 million from a mix of digital tokens, a campaign aide told CNBC. At least 19 donors contributed more than $2.15 million bitcoin to the committee, the filing shows. Brian Hughes, a Trump campaign aide, said that of the more than $4 million in crypto raised, most of it arrived in bitcoin. "While the Biden-Harris Administration stifles innovation with more regulation and higher taxes, President Trump is ready to encourage American leadership in this and other emerging technologies." Thus far, it appears the Trump campaign is mostly converting these contributions immediately to USDC and then liquidating the donations.

Persons: Donald J, Trump, Bill Pugliano, Donald Trump, Tyler, Cameron Winklevoss, Mike Belshe, Tyler Winklevoss, Eva Marie Uzcategui, he's, Marc Andreessen, Ben Horowitz, Brian Hughes, Kamala Harris, Hughes, Harris, shiba inu, Jesse Powell, Stuart Alderoty, Alderoty, David Sacks, Ryan Selkis, Sen, Elizabeth Warren, Warren, Ohio Sen, JD Vance, Vance Organizations: Van, Getty, NASHVILLE, Republican, CNBC, U.S, Trump, Republican National Committee, State Department, Gemini Trust, Bloomberg, Solana, Bitcoin, Music City Center, Democratic, Biden, Harris Administration, IRS, Libertarian National Convention, Ohio, Biden White, SEC Locations: Grand Rapids , Michigan, Tennessee, bitcoin, Miami , Florida, U.S, Nashville, San Francisco, USDC, Washington, Lago, Florida

Berkshire Hathaway dumped more Bank of America shares this week, making it six straight trading days that Warren Buffett's conglomerate has reduced its stake in the bank. Over the last six trading sessions, Berkshire has unloaded 52.8 million Bank of America shares worth $2.3 billion, reducing the stake to 12.5%. Berkshire still owns 980.1 million Bank of America shares with a market value of $41.3 billion, a distant second to its $172.5 billion holding in Apple. The bank stock is up more than 25% in 2024, compared to almost 14% for the S&P 500. It marked the first time since the fourth quarter of 2019 that Berkshire cut its Bank of America stake.

Persons: Berkshire Hathaway, Warren, Buffett, Goldman Sachs, Wells, Brian Moynihan Organizations: of America, Berkshire, Oracle, Omaha, Bank of America, JPMorgan, U.S . Bancorp Locations: The Omaha , Nebraska, Berkshire, Apple . Berkshire, Charlotte, Wells Fargo, U.S

☆ A self-declared 'free citizen' flying an unlicensed plane almost caused a midair crash, feds say
▼ + stars: | 2024-07-24 | by ( Mia Jankowicz | ) www.businessinsider.com time to read: +4 min

download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA pilot calling himself a "free citizen" is accused of almost causing a midair crash after taking off in the direction of landing planes, federal investigators say. The federal indictment said that Marsan pointed his Piper Cherokee against the flow of landing air traffic. Statements like this are hallmarks of the Sovereign Citizen movement, according to the Anti-Defamation League, although the indictment has not identified him as such. In court, Marsan said that he didn't consider himself the defendant, according to the Anchorage Daily News.

Persons: —, William Brian Marsan, Warren, Bud, Marsan, Piper, didn't, commenter Organizations: Service, FAA, Palmer, Airport, Business, Sovereign Citizen, Defamation League, Southern Poverty Law, Anchorage Daily News, Sound Aviation, Anchorage . Locations: Palmer , Alaska, Anchorage

☆ CrowdStrike losses may be biggest test yet of cybersecurity insurance risk warning from Warren Buffett
▼ + stars: | 2024-07-24 | by ( Kevin Williams | ) www.cnbc.com time to read: +3 min

Jain's hypothetical seemed prescient when a quality control issue from cybersecurity firm CrowdStrike caused a worldwide IT outage that halted flights and freight, shuttered retail outlets, and caused hospitals to resort to charting on paper. "Insurers have been worried about something like what happened with CrowdStrike since cloud adoption happened," said Dale Gonzales, chief innovation officer at Axio, a cyber security risk analysis company. Fitch estimates that the number of insured losses will not exceed $10 billion, ending somewhere in the mid- to high-single billions and that the industry largely priced those in. The cybersecurity insurance market did get lucky, in some respects, with the CrowdStrike meltdown. "Cyber events that have more of a physical consequence would be much bigger in size or scope in terms of losses," Glombicki said.

Persons: Warren Buffett, Ajit Jain, Jain, CrowdStrike, Dale Gonzales, Gerald Glombicki, Fitch, Glombicki Organizations: Microsoft Corp, Fitch Locations: New Delhi, India, Berkshire, Fitch Rating's, Australia, Pacific Asia, U.S

☆ ‘Coup’ and ‘Cover-Up’: How the G.O.P. Is Reacting to the Harris Candidacy
▼ + stars: | 2024-07-24 | by ( Karen Yourish | Lazaro Gamio | ) www.nytimes.com time to read: +7 min

Recent polling suggests nearly 9 in 10 Americans believe Mr. Biden’s decision to step aside was the right one. 65 called Mr. Biden’s withdrawal a coup or said it amounted to election interference. These statements have tended to argue that Mr. Biden’s decision to end his candidacy was not his own, was not democratic or both. Some of this language began to bubble up among Republicans even before Mr. Biden announced that he would drop out. One common line of attack, positing that Ms. Harris failed as a “border czar,” is misleading.

Persons: ’, Joe Biden, ‘, Harris, Kamala Harris, Biden’s, Harris’s, Biden, Mr, Biden —, —, ’ Thomas Massie, Trump, ’ Mark Alford, Josh Hawley, Donald J, Chris LaCivita, Trump’s, ”, I’m, Biden Harris, he’s, ’ Eric Schmitt, Roger Marshall Senator, Kan, Kat, ‘ Kamala Harris, ’ Ron DeSantis, ’ Jack Bergman, ’ Mike Johnson, ‘ Where’s Biden, Nancy Mace, S.C, ’ Markwayne Mullin, Okla, ’ Lauren Boebert, ” Harris, Greg Abbott Governor, ’ Elise Stefanik, Cackling Kamala, ’ Warren, ‘ Fran, ’ Mike DeWine, ’ Lindsey Graham, ’ Lisa Murkowski Organizations: Left, New York Times, White, The Times, ’ Thomas Massie Representative, Republican, Convention, Biden, Kat Cammack, Fla, House, Democrats, Colo, Far Left Democrats ’, ’ Warren Davidson Representative Locations: Delaware, Covid, Ky, Mo, Fla, Washington, Greg Abbott Governor , Texas, Ohio, Alaska

☆ Kamala Harris has entered the U.S. presidential election. What that could mean for crypto
▼ + stars: | 2024-07-24 | by ( Tanaya Macheel | ) www.cnbc.com time to read: +4 min

The outcome of the U.S. presidential election and its implications for the crypto industry got more uncertain this week after Vice President Kamala Harris entered the race following President Joe Biden's exit. Many are now wondering what a Harris administration could mean for crypto – especially following years of an anti-crypto crusade led by Biden-appointed SEC Chair Gary Gensler and Sen. Elizabeth Warren, D-Mass. On Tuesday, a day after Harris launched her campaign, billionaire Mark Cuban said her advisors had begun reaching out to him about crypto policy . Bitcoin, the largest cryptocurrency, had recently seen a boost as Trump incorporated crypto into his platform. The crypto industry sees itself as nonpartisan, and in recent weeks has bipartisan support for crypto in Congress has been growing.

Persons: Kamala Harris, Joe Biden's, Donald Trump, —, Harris, Biden, Gary Gensler, Sen, Elizabeth Warren, Harris doesn't, they've, …, Kristin Smith, Devin Ryan, Mark Cuban, Trump, JMP's Ryan, that's, Ryan, Smith, Nancy Pelosi, Adam Schiff, it's Organizations: U.S, Republican, SEC, Democratic, Democratic Party, Blockchain Association, JMP Securities, Trump, BTC, SAB, Innovation, Technology, Futures Trading Commission Locations: Nashville, bitcoin, California

☆ Opinion | Now Is the Time for Kamala Harris to Be Herself
▼ + stars: | 2024-07-23 | by ( Nicole Allan | ) www.nytimes.com time to read: +2 min

This idea has also characterized her tenure as vice president and driven some Democrats’ concern about her potentially replacing President Biden at the top of the ticket. In 2019, Ms. Harris was competing on progressive bona fides with the likes of Bernie Sanders and Elizabeth Warren. Hemmed in by these dynamics, Ms. Harris struggled to define her brand. This time around, Ms. Harris could finally be herself. By the time she was packaging herself for a national audience, so-called progressive prosecutors had been elected in cities across the country.

Persons: Kamala Harris’s, Biden, Harris, Bernie Sanders, Elizabeth Warren, Donald Trump, Mr, Trump, Harris’s

☆ CNBC Daily Open: Wall Street looks past political uncertainty
▼ + stars: | 2024-07-23 | by ( Abid Ali | ) www.cnbc.com time to read: +3 min

This report is from today's CNBC Daily Open, our international markets newsletter. CNBC Daily Open brings investors up to speed on everything they need to know, no matter where they are. Tech reboundThe S&P 500 posted its biggest gain since June 5, recovering from its worst weekly slide since April, as tech stocks rebounded led by Nvidia. The move allows Warner Bros. to retain some of its NBA broadcasting rights. However, the NBA may not want Warner Bros. as a media rights partner and could reject the company's matching rights, which could lead to a legal tussle.

Persons: Russell, CrowdStrike, George Kurtz, Mark Green, Andrew Garbarino, Berkshire Hathaway, Walter Cho, Joe Biden's, Kamala Harris Organizations: CNBC, Tech, Nvidia, Nasdaq, Dow Jones Industrial, Homeland Security, Microsoft, Delta Air Lines, Buffett, Warren, Bank of America, Apple, Boeing, Korean Air, Farnborough, NBA, Warner Bros, Discovery, National Basketball Association, Amazon Prime, Trump Locations: U.S, Berkshire

☆ Warren sounds alarm on T-Mobile, U.S. Cellular deal with Justice Department, FCC
▼ + stars: | 2024-07-23 | by ( Emily Wilkins | ) www.cnbc.com time to read: +2 min

WASHINGTON — A group of Democratic senators are sounding the alarm over T-Mobile's proposal to acquire most of US Cellular, and asking the Justice Department and the Federal Communications Commission to closely scrutinize and consider challenging the deal. The $4.4 billion deal announced in May 2024 would allow T-Mobile to use part U.S. Cellular's wireless spectrum to improve its coverage in rural areas and give it access to four million new customers. Under the agreement, U.S. Cellular would retain 70% of its wireless spectrum and towers, leasing space on other towers to T-Mobile. In Monday's letter, the lawmakers also ask the Justice Department to consider unwinding that merger, arguing that it cost customers of competing wireless carriers billions of dollars. A spokesperson for T-Mobile did not immediately respond to a request for comment on the letter from CNBC.

Persons: Sen, Elizabeth Warren, WASHINGTON, Amy Klobuchar, Chris Murphy, Conn, Bernie Sanders, Cory Booker, Richard Blumenthal, Klobuchar Organizations: Senate Armed Services, Washington , D.C, US Cellular, Justice Department, Federal Communications Commission, CNBC, Cellular, Mobile, Warren, Sprint, Department, U.S Locations: Afghanistan, South, Central Asia, Washington ,, Sens, Minn, U.S

☆ Opinion | The Attacks on Kamala Harris for Not Having Kids Will Backfire
▼ + stars: | 2024-07-23 | by ( Jessica Grose | ) www.nytimes.com time to read: +2 min

On Sunday, almost immediately after prominent Democrats started endorsing Vice President Kamala Harris for president, attacks from the political right started pouring in. There were five others: George Washington, James Madison, Andrew Jackson, James Polk and James Buchanan. But more to the point, if you think that the concerns of parents and families will always be “abstract” to someone who doesn’t have children, you’re telling on yourself. It’s not simply that, by all accounts, Harris has a close, loving relationship with her stepkids. It should go without saying, but: Having children doesn’t necessarily make you a better person.

Persons: Kamala Harris, Will Chamberlain, Ron DeSantis’s, Harris, shouldn’t, ”, Harris wouldn’t, George Washington, James Madison, Andrew Jackson, James Polk, James Buchanan, Warren Harding, It’s, they’ll

Warren Buffett walks the floor ahead of the Berkshire Hathaway Annual Shareholders Meeting in Omaha, Nebraska on May 3, 2024. Berkshire Hathaway trimmed its gigantic Bank of America holding for the first time in four and a half years following the bank's strong 2024 run. Warren Buffett's conglomerate sold 33.9 million shares of Bank of America shares for almost $1.5 billion in separate sales on Wednesday, Thursday, and Friday at an average selling price of $43.56, a regulatory filing showed. Still, Bank of America remains Berkshire's second largest equity position after Apple, holding 999 million shares with a market value of almost $43 billion. Berkshire could be taking some profits as Bank of America has rallied 27.4% so far this year to its highest levels since March 2022.

Persons: Warren Buffett, Berkshire Hathaway, Warren Buffett's, Buffett Organizations: Berkshire, of America, Bank of America, Apple, America's Locations: Omaha , Nebraska, Berkshire, Omaha

☆ How Harris is preparing to contrast her record as a prosecutor with Trump’s as a felon
▼ + stars: | 2024-07-22 | by ( Edward-Isaac Dovere | ) edition.cnn.com time to read: +15 min

CNN —Kamala Harris has spent much more of her life as a prosecutor than as a senator or vice president – and that is exactly how she is now going to run against Donald Trump. The vice president had expected that to be part of her role making the case for Biden. “As a former prosecutor, Vice President Harris has a lot of experience holding convicted felons accountable,” said Massachusetts Sen. Elizabeth Warren, a former primary opponent in the 2020 Democratic race who quickly endorsed Harris after the news of Biden’s decision broke. “The prosecutor approach is really about just deconstructing an issue,” Harris told CNN in an exclusive interview after a campaign stop in Las Vegas in April. He was a for-profit college – literally,” a narrator says, as footage of first Harris and then Trump goes by.

Persons: CNN — Kamala Harris, –, Donald Trump, Joe Biden’s, Harris, Trump, Biden, ”, “ Kamala Harris, It’s, Massachusetts Sen, Elizabeth Warren, ” Warren, Timmaraju, she’s, Roe, Wade, “, ” Harris, Harris ’, “ He’s, Maya, Hillary Clinton, fumed, Tyra Banks, Tony West – who’s, —, “ She’s, Eleni Kounalakis, Josh Shapiro, Roy Cooper, Pete Buttigieg, JD Vance, Andy Beshear, Arizona Sen, Mark Kelly, Shapiro, Beshear, Cooper, Harris wouldn’t, She’s, Kamala, Devi, ” Timmaraju, Jahana Hayes, Hayes, Laphonza Butler, ” Butler, vouching, hasn’t Organizations: CNN, Naval, GOP, Advisers, Democratic, Senate, Consumer Financial Protection Bureau, Trump, ACLU, Andrews Air Force Base, Air Force, Justice Department, Democratic Party, North Carolina Gov, Transportation, Kentucky Gov, Arizona, Howard University, Democrats, Democrat Locations: New York, Massachusetts, California, Fayetteville , North Carolina, Las Vegas, America, Washington , DC, Provincetown , Massachusetts, Pennsylvania, Provincetown, American, Oakland

☆ Warren Buffett's Berkshire Hathaway has a new analyst, and he is lukewarm on the conglomerate
▼ + stars: | 2024-07-22 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Warren Buffett 's Berkshire Hathaway has a new Wall Street analyst covering its stock, and he has mixed feelings about the conglomerate. The analyst thinks Berkshire is grappling with weakness in its noninsurance businesses including railroad, utilities service and retail, while its insurance operations continue to outperform. "Berkshire Hathaway's old-school conglomerate structure has faced challenges in a number of key areas of late despite being powered by an insurance business that continues to shine," Kligerman said in a note. Berkshire's insurance business has been a bright spot for the conglomerate. Correction: Of the seven analysts covering Berkshire, three have a hold rating, according to CNBC's research.

Persons: Warren Buffett, Berkshire Hathaway, Cowen's Andrew Kligerman, Berkshire, Kligerman, — CNBC's Michael Bloom Organizations: Berkshire, BNSF Locations: Omaha , Nebraska, Berkshire, U.S

☆ Energized Democrats quickly consolidate around Harris
▼ + stars: | 2024-07-22 | by ( Eric Bradner | ) edition.cnn.com time to read: +9 min

Democratic congressional leaders had remained quiet so far — but there were signs that could soon change. Massachusetts Rep. Katherine Clark and California Rep. Pete Aguilar, the second- and third-ranking House Democrats, endorsed Harris on Monday morning. The Clintons, in a statement Sunday, endorsed Harris; Obama did not, deferring to the party’s process. In those phone calls, Harris made clear that while she was grateful for Biden’s endorsement, she planned to earn the Democratic nomination in her own right. Longtime Democratic operative Donna Brazile said that she was in the process of gathering delegates to support Harris.

Persons: Kamala Harris, Donald Trump, Harris, Lauren Hitt, —, West Virginia Sen, Joe Manchin, Andy Beshear, North Carolina’s Roy Cooper, California’s Gavin Newsom, Pennsylvania’s Josh Shapiro, South Carolina —, Ohio Sen, Sherrod Brown, Massachusetts Sen, Elizabeth Warren, Alexandria Ocasio, Katherine Clark, Pete Aguilar, Joe Biden’s, Biden, She’d, Harris —, Barack Obama, Bill Clinton, Hillary Clinton, Obama, Amos Brown III, — Harris ’, “, ”, Harris ’, Donna Brazile, ” Brazile, Muriel Bowser, Joyce Beatty, Jasmine Crockett, Manchin, ” Manchin, Eric Adams, ” Adams, jockeying, Beshear, JD Vance, JD Vance ain’t, ” Beshear, Vance, “ JD Vance, ’ ” Beshear, isn’t, ” Cooper, I’m, Ebony Davis, Aaron Pellish, MJ Lee, DJ Judd, Eva McKend Organizations: CNN, Democratic Party, Democratic, West Virginia, Congressional Black Caucus, Congressional Hispanic Caucus, Congressional Progressive Caucus, Service Employees International Union, American Federation of Teachers, Convention, South Carolina, New York Rep, Massachusetts, California Rep, Howard University, Congressional, Texas Rep, Democratic National Convention, CBS News, New York, New York City Democratic, MSNBC, Republican, North Carolina Locations: North, Tennessee, North Carolina, South, Ohio, Massachusetts, Alexandria, Cortez, California, Washington, DC, Chicago, West Virginia, New York City, Kentucky

☆ A major student-loan company is being sued over claims it mismanaged 8 million borrowers' accounts, blocking them from lower payments and debt relief
▼ + stars: | 2024-07-22 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

You can opt-out at any time by visiting our Preferences page or by clicking "unsubscribe" at the bottom of the email. download the appSign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. Read previewA major student-loan company just got hit with a lawsuit over claims it harmed the millions of borrowers it services. The lawsuit claims that MOHELA's mismanagement has harmed the 8 million borrowers it services and requests that a judgment be entered requiring MOHELA to provide relief to harmed borrowers for violating consumer protection law. "Individually, any one of MOHELA's failings would be sufficient to cause financial, mental, and emotional distress," the lawsuit said.

Persons: —, servicer MOHELA, MOHELA, Randi Weingarten, it's, Elizabeth Warren, Chuck Schumer, Bernie Sanders, Warren, Winston Berkman, Breen Organizations: Service, Teachers, Business, Education Department, AFT, Federal, Democratic, we're Locations: American, Sens

☆ President Joe Biden ended his reelection bid. What's next?
▼ + stars: | 2024-07-22 | by ( Dan Defrancesco | ) www.businessinsider.com time to read: +7 min

In today's big story, President Joe Biden ended his reelection bid . The president ended his reelection campaign on Sunday, the culmination of mounting pressure from his party after a disastrous debate last month. Meanwhile, former President Donald Trump said in a post on Truth Social that "Crooked Joe Biden was not fit to run for President." Biden's reelection campaign has quickly pivoted to serve Harris, making it an uphill battle for any Democrat looking to challenge her , writes Business Insider's Brent D. Griffiths. Many have made comparisons to the 1968 Democratic convention , which was a contested convention after President Lyndon B. Johnson ended his reelection campaign earlier that year.

Persons: —, Joe Biden, Biden, Alyssa Powell, BI Joe Biden, Elon Musk, Reid Hoffman, Donald Trump, Kamala Harris, Harris, Jared Siskin, Biden's, Insider's Brent D, Griffiths, Hillary Clinton, BI's Bryan Metzger, Lyndon B, Johnson, Hubert Humphrey, Humphrey, Richard Nixon, Brent, Here's, Sieg, Merrill Lynch, Abanti Chowdhury, Andy Sieg, Warren Buffett's, Buffett, Paul Chinn, Andrew Caballero Reynolds, Marc Andreessen, he'd, Andreessen, Trump, BI's Adam Rogers, OpenAI, Sam Altman's, slowdowns, Dan DeFrancesco, Jordan Parker Erb, Hallam Bullock, Annie Smith, Amanda Yen Organizations: Service, Business, BI, Democratic, Madison, Park Conservancy, Citi Wealth, BI Citi Wealth, Bank of Montreal, Buffett Locations: Park, Plenty, Washington, Chicago, Southern, New York, London

☆ Stocks making the biggest moves premarket: CrowdStrike, Bank of America, Nvidia, Verizon and more
▼ + stars: | 2024-07-22 | by ( Sarah Min | ) www.cnbc.com time to read: +2 min

Bank of America — The bank stock dipped more than 1% in premarket trading after a filing revealed that Warren Buffett 's Berkshire Hathaway sold 33.9 million Bank of America shares for almost $1.5 billion last week. Berkshire remains Bank of America's largest shareholder with a 10.8% stake after the sale. Berkshire may be taking some profits with the bank stock up 27.4% so far this year. Verizon — The telecommunications stock slid 3% after Verizon posted quarterly revenue that disappointed estimates. Apple — Shares gained 1% after Wells Fargo raised its price target on Apple to $275 from $225, implying more than 20% upside, ahead of the company's earnings results.

Persons: Guggenheim, Blackwell, Warren Buffett, Berkshire Hathaway, Fitch, Wells Fargo, —, Alex Harring, Yun Li Organizations: Nvidia —, Reuters, Nvidia, Bank of America, Berkshire, of America, Bank, America's, Verizon, Abercrombie, JPMorgan, Truist, Apple —, Apple, Apple Intelligence Locations: CrowdStrike, Berkshire

☆ Answering questions you might have about Biden’s decision to suspend his reelection
▼ + stars: | 2024-07-21 | by ( Jack Forrest | Danya Gainor | ) edition.cnn.com time to read: +8 min

In practice, whoever the presidential nominee chooses as their running mate is typically accepted by the delegates. What happens to the money raised for Biden’s reelection? Biden’s reelection efforts had raised a total of $240 million at the end of June. Those funds are split across the DNC, allied committees and Biden’s campaign committee itself. While no US president has been pressured out of a reelection campaign due to concerns over his mental fitness, it is not unprecedented for an incumbent president to abandon his reelection campaign — but it is rare.

Persons: Joe Biden, Kamala Harris, —, Biden, Mike Johnson, Elise Stefanik, Montana Sen, Steve Daines, Harris, ”, Sen, Elizabeth Warren of Massachusetts, Pramila, Delaware Sen, Chris Coons, Roy Cooper, Josh Shapiro, Zachary Wolf, Ethan Cohen, Biden couldn’t, Joe Manchin, CNN’s Jake Tapper, Manchin, Biden’s, he’ll, Charlie Spies, Lyndon B, Johnson, Harry S, CNN’s David Wright, Zachary B, Wolf, Fredreka Schouten, Alex Leeds Matthews Organizations: CNN, Sunday, Democratic, House, GOP, Biden, North Carolina Gov, Pennsylvania, Union, Democratic Party, DNC, Federal, Street, Democratic National Committee Locations: Montana, Washington, Delaware, Tennessee, Chicago, West Virginia, “ State

☆ Berkshire sells around $1.48 billion Bank of America shares, filing shows
▼ + stars: | 2024-07-21 | by ( ) www.cnbc.com time to read: 1 min

The exterior of a Bank of America on July 16, 2024 in Austin, Texas. Berkshire Hathaway sold about 33.9 million shares of Bank of America for around $1.48 billion over multiple transactions this week, a regulatory filing showed. After the sale, Berkshire owned about 999 million BofA shares. It also invests in several other banks, including Wells Fargo & Co and JPMorgan Chase. The conglomerate, owned by Warren Buffett, began investing in Bank of America in 2011, purchasing $5 billion of preferred stock plus warrants to buy 700 million common shares, at a time many investors worried about the bank's capital needs.

Persons: Berkshire Hathaway, Wells, JPMorgan Chase, Warren Buffett Organizations: Bank of America, & Co, JPMorgan Locations: Austin , Texas, Berkshire, Charlotte , North Carolina

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