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Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises to new record above $94,000: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Dennis Kelleher, co-founder and CEO of Better Markets, shares his criticism for the crypto industry's influence on the 2024 election.

Persons: explainers, Dennis Kelleher Organizations: CNBC Crypto, CNBC, Better

☆ Are Black Friday deals worth waiting for? Here’s what to expect this year
▼ + stars: | 2024-11-17 | by ( Jessica Dickler | Jessica Dickler Is A Personal Finance Writer For Cnbc. | ) www.nbcnews.com time to read: +6 min

“Some Black Friday deals are misleading as retailers may inflate original prices to make a deal look like a better value,” said consumer savings expert Andrea Woroch. This year, in particular, some of the deals are already as good as they are going to get. Retailers plan to deliver your holiday deals a little slower this year. Travelers can check out Travel Tuesday deals from 2023 to get an idea of what to expect this year. If an item costs less at another store or popular site, often the retailer will match the price, Woroch said.

Persons: ”, Andrea Woroch, Adam Davis, Patrick Kelleher, Lauren Beitelspacher, ” Beitelspacher, “ we’ve, ” Davis, Lululemon, “, Woroch, ” Woroch Organizations: National, Wells, Wells Fargo Retail Finance, “, Consumers, DHL Supply, North, CNBC, Retailers, Babson College, Nike, ’, Day, Labor, Walmart, Target, Black Locations: Wells Fargo, North America

☆ Are Black Friday deals worth waiting for? Here's what to expect this year
▼ + stars: | 2024-11-16 | by ( Jessica Dickler | ) www.cnbc.com time to read: +3 min

A customer visits Macy's Herald Square store in New York City during early morning Black Friday sales, Nov. 24, 2023. Consumers are increasingly concerned that their online orders may not arrive in time for the holiday — and rightfully so. What discounts to expect on Black Friday"You are easily going to see 20% to 30% off," Davis said — but "not necessarily storewide." What not to buy on Black FridayTypically, Black Friday is a great time to find rock-bottom prices on fall clothing — including flannels, denim, coats and accessories — as well as televisions and consumer electronics. Travelers can check out Travel Tuesday deals from 2023 to get an idea of what to expect this year.

Persons: Kena Betancur, Patrick Kelleher, Lauren Beitelspacher, Beitelspacher, we've, Davis, Lululemon, Woroch Organizations: Macy's Herald, Consumers, DHL Supply, North, CNBC, Babson College, Nike, Day, Labor Locations: New York City, North America

☆ The pros and cons for investors of nonstop trading as NYSE looks to go 22 hours a day
▼ + stars: | 2024-10-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

"Core" trading hours for both the NYSE floor and NYSE Arca are 9:30 a.m. to 4:00 p.m. Nasdaq , which has current trading hours similar to the NYSE, declined to comment on the NYSE announcement and declined to say whether it would match the NYSE's proposal to expand trading hours. Is there demand for after hours trading? "In addition, there are retail traders in the U.S. who want to trade at night. Many retail traders work during the day, they come home and want to trade beyond the 8 p.m. cutoff for trading."

Persons: Michael M, NYSA, Kevin Tyrrell, Tyrrell, Jim, Dmitri Galinov, Galinov, Spencer Platt, Dennis Kelleher, Kelleher, Benjamin L, Schiffrin, Jay Woods, Woods Organizations: ICE, New York Stock Exchange, Santiago, Getty, York Stock Exchange, Intercontinental Exchange, Big, NYSA Arca, NYSE, NYSE Arca, Nasdaq, CNBC, Security Traders Association, Exchange, SEC, Traders, Blue Ocean Technologies, Better, 24X, Freedom Capital Locations: New York City, U.S, South Korea, Japan, Europe

☆ Erling Haaland leaves people ‘speechless’ with stunning acrobatic goal in Champions League
▼ + stars: | 2024-10-24 | by ( Ben Church | ) edition.cnn.com time to read: +4 min

“I was speechless after that shot.”Manchester City produced a brilliant second half to thrash Sparta Praha. Barça thrashes BayernElsewhere in the Champions League, Barcelona thrashed Bayern Munich 4-1 on Wednesday at Montjuïc. The Brazilian forward then completed his hat-trick to heap more pressure on the German side, which has struggled in the Champions League this season. David Ramos/Getty ImagesAnother notable result from Wednesday’s round of fixtures was Liverpool beating RB Leipzig to maintain its perfect start to this season’s Champions League campaign. Liverpool now sits joint-top with English Premier League rivals Aston Villa in the Champions League table.

Persons: Erling Haaland, Phil Foden’s, Pep, Savinho, Haaland, Matheus Nunes, Martin Rickett, Guardiola, “, Erling, Foden, ” Foden, I’ve, ” Haaland, John Stones, Nunes, Barça thrashes, Winger Raphinha, Harry Kane, Robert Lewandowski, Vincent Kompany’s, David Ramos, Darwin Núñez, Arne Slot’s, Caoimhín Kelleher Organizations: CNN, Manchester City, Sparta Praha, Champions League Wednesday, Haaland, TNT Sports, Borussia Dortmund, Dortmund, League, Barça thrashes Bayern, Champions League, Barcelona, Bayern Munich, Montjuïc, Bayern, Getty, Liverpool, RB Leipzig, Reds, English Premier League, Aston Villa Locations: Norwegian, ”, City

☆ How things went from bad to worse for Jeep-owner Stellantis
▼ + stars: | 2024-10-24 | by ( Nora Naughton | ) www.businessinsider.com time to read: +6 min

After months of that mounting pressure — plus an investor lawsuit — Stellantis confirmed that Tavares would retire after his contract expires in early 2026. A Stellantis spokesperson said the investor lawsuit is without merit, and the company plans to "vigorously defend itself." "If a customer has an older Stellantis product, the odds of buying a new one are very, very diminished, especially compared to the rest of the industry," Drury said. Stellantis, in return, has filed a lawsuit accusing the union of violating the contract with its strike authorization votes. AdvertisementAfter a historic strike at all three Detroit car companies last fall, the UAW won the right to strike over product commitments.

Persons: Carlos Tavares, Tavares, —, Stellantis, — Stellantis, Kevin Farrish, Dave Kelleher, Kelleher, Jeep, Dodge, Ivan Drury, Edmunds, Drury, Carlos, Shawn Fain Organizations: Investors, Service, Fiat Chrysler Automobiles, France's PSA Groupe, United Auto Workers, UAW, Chrysler, Dodge, Stellantis, Renegade, Cherokees, Hyundai, Cox Automotive, Detroit, Cherokee Locations: North America, Portuguese, Pennsylvania, Illinois

☆ Manchester City’s Premier League victory over Wolves hit by VAR controversy, Barça cruises and more in the European soccer weekend round-up
▼ + stars: | 2024-10-21 | by ( Matias Grez | ) edition.cnn.com time to read: +4 min

City had to come from behind against a struggling Wolves side at Molineux Stadium after Jørgen Strand Larsen gave the host a surprise lead after only seven minutes. However, Pep Guardiola’s side was level soon after the 30-minute mark when defender Joško Gvardiol curled home a stunning effort into the top corner. But after a lengthy VAR review, the goal was eventually awarded as replays showed Silva was out of Sá’s line of sight by the time Stones headed the ball. David Davies/PA“I would rather not discuss it because it will still sound like I am making excuses. Ajax, however, eventually earned the three points thanks to Wout Weghorst’s winning penalty eight minutes from time.

Persons: City, Jørgen Strand Larsen, Pep, Joško Gvardiol, John Stones, Phil Foden’s, Bernardo Silva, José Sá, Silva, ”, Guardiola “, Gary O’Neil, “, ” O’Neil, David Davies, Arne Slot’s, Mo Salah, Levi Colwill, clumsily, Curtis Jones, John Brooks, Jones, Robert Sánchez, Nicolas Jackson, Caoimhín Kelleher, Anfield, Salah, Paul Ellis, Robert Lewandowski, Pablo Torre, Williot Swedberg, Heracles, Mario Engels, Remko Pasveer, Wout Weghorst’s Organizations: CNN, Liverpool, Manchester City, Premier League, Wolves, Molineux, West, Sky Sports, City’s, Chelsea, Reds, Getty, Ajax Barcelona, Real Madrid, La Liga, Sevilla, Celta Vigo, Ajax, lobbed Ajax Locations: Manchester, West Ham, Anfield, Senegal, AFP, Sevilla, Pedri

But consciously or unconsciously, no consumer choice says "us vs. them" more than what car we choose to drive. The most Republican vehicle in America? The Jeep Wrangler. It began with the Jeep Wrangler, the brand's most iconic model. How purple is your car brand?

Persons: Donald Trump, Joe Biden, Trump, Biden, MAGA, Ivan Drury, Edmunds, Jeep, Dave Kelleher, Kelleher, they've, Lincoln, Mark Healy, Nora Naughton, BI's, Andrew Thompson Organizations: Republican, Democratic, Toyota, VW, Republicans, Army, Stellantis, Jeep, Wrangler, Toledo Jeep Fest, Flipturn Creative Studios Locations: America, Hoofddorp , Netherlands, Pennsylvania, Moab, Appalachia

☆ Holiday shopping season: An early look at how retail stores and e-commerce are getting ready for the rush
▼ + stars: | 2024-10-16 | by ( Lori Ann Larocco | ) www.cnbc.com time to read: +3 min

The consumer continues to look healthy and the supply chain has regained stability as the holiday shopping season begins. "Across the board, we are seeing volumes very similar to what we've seen in past years, especially last year," said Kelleher. Amazon recently announced its plan to hire 250,000 additional workers for the holiday season, the same seasonal hiring level as last year. "This will achieve some cost efficiencies in getting that volume out because of inflation and cost," he said. "So typically, Cyber Monday is a heavy volume day," Kelleher said.

Persons: Patrick Kelleher, we've, Kelleher, " Kelleher Organizations: DHL Supply, North, CNBC, Freight, National Retail Federation Locations: North America

☆ Retailers plan to deliver your holiday deals a little slower this year
▼ + stars: | 2024-10-16 | 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 EmailRetailers plan to deliver your holiday deals a little slower this yearRetailers are planning to level out deliveries of deals around big holiday dates like Black Friday and Cyber Monday to improve profitability, but DHL North America CEO Patrick Kelleher says most consumers won't even notice.

Persons: Patrick Kelleher Organizations: DHL North America

☆ U.S.-Mexico trade boom is big opportunity, says DHL Supply Chain CEO
▼ + stars: | 2024-10-16 | 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 EmailU.S.-Mexico trade boom is big opportunity, says DHL Supply Chain CEODHL Supply Chain CEO Patrick Kelleher tells CNBC's Lori Ann Larocco that cross-border trade, especially between the U.S. and Mexico, is a big growth opportunity for the logistics company

Persons: Patrick Kelleher, Lori Ann Larocco Organizations: U.S, DHL, Chain, Supply Locations: Mexico

☆ Caroline Ellison, whose testimony helped convict Sam Bankman-Fried, faces her own sentencing
▼ + stars: | 2024-09-24 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —A year ago, Caroline Ellison was preparing to testify against her former boss and ex-boyfriend in one of the biggest fraud trials in US history. Ellison, who ran Alameda, pleaded guilty to seven federal counts of fraud and conspiracy shortly after FTX’s collapse. A jury last year convicted former crypto billionaire Sam Bankman-Fried on multiple counts of federal fraud and conspiracy. Over three days on the stand, Ellison, who is 29, repeatedly reinforced that throughout her years at Alameda, the buck stopped with Bankman-Fried. While sentencing is entirely up to Judge Kaplan’s discretion, legal experts say it’s highly unlikely Ellison will end up in prison.

Persons: CNN Business ’, Caroline Ellison, she’ll, FTX, Ellison, Sam Bankman, Lewis Kaplan, Ellison’s candor, Angela Weiss, “ Sam, ”, Dennis Kelleher, “, Kaplan’s, Jordan Estes, Kramer Levin, Josh Naftalis, Kaplan, Pallas, Ryan Salame, Nishad Singh, Gary Wang Organizations: CNN Business, New York CNN, Alameda Research, Getty, Better, of, New, Bankman Locations: New York, Alameda, Bankman, of New York

☆ What undecided voters thought of the debate: From the Politics Desk
▼ + stars: | 2024-09-11 | by ( The Politics Desk | ) www.nbcnews.com time to read: +7 min

In today’s edition, we break down how panels of undecided voters in Arizona and Pennsylvania responded to the debate. A handful of Arizona voters previously turned off by both Vice President Kamala Harris and former President Donald expressed interest in the Democratic nominee in an NBC News panel after the debate. Read more →Harris avoids some big questions, but Trump’s lack of control costs himBy Chuck ToddIn many ways, Tuesday’s debate was quite familiar. Just like our politics for the last nine years, the entire debate revolved around one person: Donald Trump. Read more →That’s all from the Politics Desk for now.

Persons: Chuck Todd, Donald Trump, Harris, Emma Barnett, Alex Tabet, Kate Snow, Jacob Soboroff, Kamala Harris, Donald, Lynne Kelleher, Kamala, ”, “, I’m, ” Hannah Reed, Trump, Joe Biden, Reed, Denise Lewis, she’s, isn’t, here’s Trump, who’s, Lewis, Read, → Harris, Don’t, Joe Biden’s, Biden, Chuck →, ove Organizations: NBC, White House, Capitol, Democratic, Trump, Libertarian, Biden Locations: Arizona, Pennsylvania, Philadelphia, Bucks, Scottsdale, Harris

All three undecided voters assembled for a similar exercise in the Philadelphia suburbs remained on the fence, with Harris getting a look from two and former President Donald Trump from one. Undecided voters only account for a few percentage points of the electorate right now, according to public polls, with a closely divided country getting behind Trump and Harris. “Finally, we have someone who’s a woman who gets that it’s about us.”But Lewis said Harris didn’t fully seal the deal with her last night. Herr also saw a contrast between how Trump and Harris conducted themselves on the debate stage. After the debate, Navarro said he’s still leaning toward Trump, but Harris has given him more to think about.

Persons: Kamala Harris, Harris, Donald Trump, “, ” Lynne Kelleher, Kamala, ”, Donald, I’m, Kelleher, Trump, Hannah Reed, Joe Biden, Reed, ” Reed, Andrew Wallace, Biden, Wallace, Denise Lewis, she’s, Lewis, we’ve, We’ve, ” Lewis, Harris didn’t, here’s Trump, who’s, Jeff Herr, “ McCain, “ McCain Republican ” didn’t, he’s, ” Herr, Herr, GOP Sen, John McCain, McCain’s, “ That’s Trump, “ Harris, Romeo Navarro, Navarro, there’s, didn’t, ” Navarro, Emma Barnett, Kate Snow, Alex Tabet, Jacob Soboroff Organizations: NBC, ABC, Trump, Democratic, Biden, “ McCain Republican, Capitol, GOP, Phoenix Locations: Pa, —, Arizona, Philadelphia, Bucks County, Phoenix, Scottsdale, Tucson, Churchville

A Southwest Airlines plane takes off from Hollywood Burbank Airport above other Southwest planes on July 25, 2024 in Burbank, California. Southwest Airlines said Tuesday that executive chairman and former CEO Gary Kelly will retire next year and announced a board shakeup, moves that come as the carrier faces pressure for changes by activist investor Elliott Investment Management. Elliott in June revealed a nearly $2 billion stake in Southwest, seeking to oust leadership, including CEO Bob Jordan, who has also spent nearly four decades at the carrier. Southwest has also brought in outside experts, including Bob Fornaro, former CEO of Spirit Airlines and AirTran, which Southwest acquired. Southwest has an investor day scheduled for Sept. 26 in Dallas to expand on these and other initiatives.

Persons: Gary Kelly, Kelly, Herb Kelleher, Elliott, Bob Jordan, Bob Fornaro Organizations: Southwest Airlines, Elliott Investment Management, Southwest, Dallas, Texas, Spirit Airlines, Boeing, U.S Locations: Hollywood, Burbank , California, Southwest, Dallas

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailBitcoin rises after Fed Chair Powell lays groundwork for interest rate cuts: CNBC Crypto WorldCNBC Crypto World features the latest news and daily trading updates from the digital currency markets and provides viewers with a look at what's ahead with high-profile interviews, explainers, and unique stories from the ever-changing crypto industry. On today's show, Dennis Kelleher of Better Markets discusses his op-ed encouraging Kamala Harris to reject pressure from the crypto industry. Plus, Wyoming Gov. Mark Gordon discusses the state's stablecoin project.

Persons: Powell, explainers, Dennis Kelleher, Kamala Harris, Mark Gordon Organizations: CNBC Crypto, CNBC, Better Markets, Wyoming Gov

☆ Why Southwest just broke its 50-year boarding tradition
▼ + stars: | 2024-07-26 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +6 min

Open seating helped Southwest load and unload passengers, which Southwest CEO Bob Jordan said meant more on-time departures and cost savings on Thursday’s earnings call. Even as other airlines switched to assigned seats in recent decades, Southwest kept its boarding process the same. ‘Sad day’Some loyal Southwest customers vented their frustration about the policy change on social media. She worries she will have to pay extra for her traditional A-group seats as Southwest moves to assigned seats. But activist pressure did not factor into the company’s move to assigned seats, Southwest CEO Jordan said on the earnings call.

Persons: Herb Kelleher, —, you’ve, William Thomas Cain, Bob Jordan, Gary Kelly, ” “, ”, Sandy Wolfe, “, Wolfe, Jordan, William McGee Organizations: New, New York CNN, Southwest Airlines, Southwest, “, CNN, Elliot Investment Management, United, Delta, American Economic Liberties Locations: New York, Dallas, Houston, San Antonio, Southwest, here’s, ‘, American, United States

☆ Remember when Taylor Swift wore drag in ‘The Man’ music video
▼ + stars: | 2024-07-25 | by ( Caitlin Chatterton | ) edition.cnn.com time to read: +12 min

Ethan Miller/TAS23/Getty Images Swift performs "Lover" with her band, backup singers and dancers in Nashville, Tennessee, in May 2023. John Shearer/TAS23/Getty Images Swift performs in Glendale, Arizona, during the opening weekend of "The Eras Tour" in March 2023. John Shearer/TAS23/Getty Images Swift sings "I Can Do It With a Broken Heart" in Paris in May 2024. Allen J. Schaben/Los Angeles Times/Getty Images Swift performs the 10-minute version of "All Too Well" in Nashville in May 2023. John Shearer/TAS23/Getty Images Swift leaves the stage after the "Speak Now" set in Nashville in May 2023.

Persons: He’s, it’s Taylor Swift, Swift, ”, Taylor —, “ Tyler ”, Tyler, Taylor, Swift's Versace, Peter Kelleher, that’s, “ Taylor Swift, Bahama, ” Kate Bailey, Versace, Queen, Mariah Carey, Lady Gaga, Jo Calderone, Zayn Malik, Troye Sivan, Taylor Swift, Kevin Mazur, Natasha, Ethan Miller, John Shearer, Kevin Winter, Benjamin B, Braun, Jutharat, Phoebe Bridgers, Bridgers, Raymond James, Zack Wittman, Hector Vivas, Gareth Cattermole, Don Arnold, TAS24, Rachel Wisniewski, Terence Rushin, Travis Kelce, Haim, Jeff Kravitz, Erin Clark, Sarah Yenesel, Sabrina Carpenter, William West, Christopher Polk, Bob Levey, TAS23, Allen J, ” Swift, Biden Organizations: CNN, MTV, Victoria, Albert Museum, Little, Swift City, Pittsburgh, MetLife Stadium, New York Times, Department, Lincoln Financial, Washington Post, Ticketmaster, Boston Globe, Getty, Penske Media, Los Angeles Times Locations: London, East Rutherford , New Jersey, Chicago, Las Vegas, Nashville , Tennessee, Glendale , Arizona, Glendale, Swift, Los Angeles, Pittsburgh, East Rutherford, Paris, Nashville, Tampa , Florida, Mexico City, Edinburgh, Scotland, Sydney, Philadelphia, Atlanta, Santa Clara , California, Foxborough , Massachusetts, Kansas City , Missouri, Coney, Melbourne, AFP, Lyon, France, Houston, Inglewood , California, Cincinnati

☆ The fate of a single investor who nearly tanked the market is now in the hands of a New York jury
▼ + stars: | 2024-07-10 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

New York CNN —In lower Manhattan, a jury is now weighing a case against a little-known investor who made it big, lost everything, and briefly brought Wall Street to its knees. His positions were so large that when the stocks started falling, it had a seismic effect on the market. And on Tuesday, after a two-month trial in New York federal court, the case was handed over to a jury that will decide their fate. Before Archegos, market watchers knew unregulated family offices were a problem, and they knew that swaps going unreported was a problem. “Fifteen years after the global financial crash, we still have gross under-regulation of non-banks, and we have Wall Street megabanks engaged in high-risk activities that aren’t properly regulated,” Kelleher told me.

Persons: CNN Business ’, Bill Hwang, Wall, Bill Hwang’s, Hwang, Patrick Halligan, Halligan, Josh Naftalis, ”, Naftalis, Goldman Sachs, Morgan Stanley, Dennis Kelleher, Wang, there’s, megabanks, ” Kelleher, “ Organizations: CNN Business, New York CNN, Warner Bros, Prosecutors, Bloomberg, Southern, of, Pallas Partners Locations: New York, Manhattan, of New York

☆ Judy Garland and ‘The Trolley Song’: Why an 80-year-old performance speaks to today’s LGBTQ community
▼ + stars: | 2024-06-26 | by ( Scottie Andrew | Sydney Bishop | ) edition.cnn.com time to read: +9 min

“The Trolley Song,” a second-act standout from the 1944 movie musical “Meet Me in St. Louis,” was sung by Judy Garland in striking Technicolor. And yet it has found new life online nearly 80 years later as an unlikely anthem for LGBTQ Pride. “Happy pride month (sic) to Judy Garland in the trolley song. Kelleher likened it to Cher’s 1998 autotune fantasia “Believe” but “somehow even more gay.”Like Cher’s hit, “The Trolley Song” is dripping in artifice. “The Trolley Song” has been adopted by LGBTQ people since Garland first started singing it in concert.

Persons: ”, Louis, Judy Garland, Sabrina Carpenter’s, Oz, Dave Karger, Patrick Kelleher, Garland, ” Kelleher, “, huff, Esther Smith, ‘, clang ’, ’, zing ’, Paige Turner, … ” Turner, ” Paige Turner, Turner, Kelleher, Louis ”, Manuel Betancourt, “ Judy, Rufus Wainwright, –, Judy, Rufus, Wainwright, ” Wainwright, Garland’s, ” Karger, Dee Michel, Dorothy, ’ ”, Michel, ” Michel, Jim Bailey, Princess Diana, King Charles, Liza Minnelli, It’s, ” Turner, “ Gay Organizations: CNN, LGBTQ, Turner, TCM, Warner Bros ., Pride, Broadway, Carnegie Hall, Capitol Studios, Gay Boys Locations: St, Ireland, Missouri, New York, London, Los Angeles

☆ Zero-down mortgages are making a comeback
▼ + stars: | 2024-05-30 | by ( Matt Egan | ) edition.cnn.com time to read: +8 min

That massive roadblock is being removed by a new zero-percent down mortgage program launched two weeks ago by one of the nation’s largest mortgage lenders. ‘Demand has been huge’These mortgages are only open to first-time homebuyers and those making no more than 80% of the area’s median income. That’s because in order to refinance at a lower rate, the homeowner would need to fully pay off that second mortgage. For instance, Bank of America launched a zero-down payment mortgage program in 2022 for first-time homebuyers in certain Black and Hispanic neighborhoods. “These mortgages are going to be ticking time bombs – just like subprime mortgages –unless home prices continue to increase very substantially,” Kelleher said.

Persons: Mat Ishbia, homebuyers, Christian Petersen, refinances, UWM, ” Alex Elezaj, they’d, ”, Patricia McCoy, McCoy, won’t, Bankrate, ‘, Anneliese Lederer, ” Lederer, ” Dennis Kelleher, ” Kelleher, Jonathan Adams, ” UWM, Elezaj, “, ” Elezaj, ” It’s, “ We’re, Greg McBride, Adams, ” Adams Organizations: CNN, United Wholesale Mortgage, Phoenix Suns NBA, Phoenix Suns, NBA, Oklahoma City, Footprint Center, Boston College Law School, Consumer Financial Protection Bureau, Federal Reserve, Bank of America, US Department of Agriculture, US Department of Veterans Affairs, Center for Responsible, Better, Saint Joseph’s University, Bankrate, “, Wall Street Locations: Phoenix , Arizona

☆ The Chair of the FDIC is facing calls to resign after scathing report. The implications for banks could be significant
▼ + stars: | 2024-05-08 | by ( Elisabeth Buchwald | ) edition.cnn.com time to read: +4 min

New York CNN —Martin Gruenberg, the chair of the Federal Deposit Insurance Corporation, is facing a barrage of calls from lawmakers to resign after a scathing 234-page report released Tuesday detailed pervasive sexual harassment, discrimination and bullying at the agency. If he heeds the calls, there could be significant ramifications for banks across the country. “We do recognize that, as a number of FDIC employees put it in talking about Chairman Gruenberg, culture ‘starts at the top,’” the report said. Gruenberg’s temperament “may hinder his ability to establish trust and confidence in leading meaningful culture change,” the report added. Aside from Democratic Rep. Bill Foster, Democrats have stopped short of calling on Gruenberg to resign.

Persons: New York CNN — Martin Gruenberg, Cleary Gottlieb Steen, Gruenberg, ‘, ’, “, ” That’s, CNN Gruenberg “, Joe Biden, Bill Foster, That’s, Travis Hill, Rulemaking, ” Dennis Kelleher, Hill, Cowen, Sen, Elizabeth Warren aren’t, Karine Jean, Pierre didn’t, Biden, Kelleher Organizations: New, New York CNN, Federal Deposit Insurance Corporation, Hamilton, FDIC, CNN, Democrat, Democratic Rep, Republican, Senate, Democratic, Better, Federal Reserve, White Locations: New York, Basel

☆ The alleged architect of a multibillion-dollar fraud that shook Wall Street heads to trial
▼ + stars: | 2024-05-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

New York CNN —In the spring of 2021, you might have heard about a small investment firm with an odd name, Archegos, that imploded practically overnight and left big Wall Street banks sweating over billions of dollars in losses. Put simply, prosecutors say Hwang had used financial instruments called “total return swaps” to gain exposure to the stocks without actually owning them. Over the course of a year, prosecutors say, Hwang grew his $1.5 billion portfolio into a $35 billion portfolio. Why the case mattersWhite-collar crime on Wall Street may seem like a distant problem for most Americans, and that may be true. And sometimes, as in the financial crisis of 2008, it was a bit of Wall Street tinkering in derivatives contracts that blew up in banks’ faces and collapsed the housing market.

Persons: CNN Business ’, Bill Hwang, Hwang, Matt Egan, Banks, Archegos, ” Hwang, Hwang didn’t, ”, isn’t, Dennis Kelleher Organizations: CNN Business, New York CNN, Archegos, Management, Viacom, Discovery, Warner Bros, CNN, Term Capital Management, Credit Suisse, Employees, Bloomberg, Tiger Asia Management Locations: New York, Korean, York City, ’

☆ Americans are falling behind on their payments
▼ + stars: | 2024-04-25 | by ( Krystal Hur | ) edition.cnn.com time to read: +6 min

Americans are already struggling to keep up with their credit card payments. Strong consumer spending has buoyed the US economy through the Fed’s aggressive hiking cycle that has brought interest rates to a 23-year high. Economists say that Fed officials look closely at Americans’ ability to make their payments. Nunes, himself a former Republican congressman from California, pointed to how Trump Media has been among the most expensive stocks to borrow. “This is particularly troubling given that ‘naked’ short selling often entails sophisticated market participants profiting at the expense of retail investors,” the Trump Media CEO wrote.

Persons: New York CNN —, Austan Goolsbee, ’ ”, ”, Ramon Laguarta, Matt Egan, Devin Nunes, ” Nunes, Nunes, Read, Hanna Ziady, Colm Kelleher, “ Organizations: CNN Business, Bell, New York CNN, Chicago Federal, Society for, New York Fed, ISI, PepsiCo, Commerce Department, Atlanta Fed, Social, Trump Media, Trump Media & Technology Group, Truth Social, Financial Services, Republican, Traders, UBS, Credit Suisse Locations: New York, California, Switzerland, Swiss

☆ UBS chair says Swiss banking giant is not 'too big to fail'
▼ + stars: | 2024-04-24 | by ( Jenni Reid | ) www.cnbc.com time to read: 1 min

UBS Group Chairman Colm Kelleher on Wednesday said that the Swiss bank is "not too big to fail," as he criticized Swiss government proposals to strengthen its capital requirements. Kelleher was delivering a speech during the UBS Annual General Meeting — the first such gathering held since the bank completed the takeover of its former rival Credit Suisse last summer. "UBS is not too big to fail. UBS is one of the best capitalized banks in Europe, with a sustainable business model and a corresponding low-risk balance sheet," Kelleher said. This is a breaking news story and will be updated shortly.

Persons: Colm Kelleher, Kelleher Organizations: UBS, Credit Suisse Locations: Swiss, Europe

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