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☆ Japanese yen carry trade: A very popular trading strategy just blew up in investors’ faces
▼ + stars: | 2024-08-07 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

When you hear commentators talking this week about the “yen carry trade” or the “great unwind,” they’re referring to a popular trading strategy that is, suddenly, blowing up in investors’ faces. The carry trade, explainedPut simply: A carry trade is when you borrow money in a place where interest rates are low and use it to invest elsewhere in assets that generate some kind of return. “That is bonkers.”The yen carry trade proved especially popular in the last four years, because Japan was the only major economy in the world offering essentially free money. The carry trade relies on borrowing, which means it’s a leveraged position. “The carry trade unwind… is somewhere between 50%-60% complete.”In other words: Buckle up, and don’t panic.

Persons: CNN Business ’, ”, John Authers, “, it’s, John Sedunov, Kit Juckes, ” Sedunov, Arindam Sandilya, JPMorgan Chase, Buckle Organizations: CNN Business, New York CNN, Wall, ” Bloomberg, Treasury, Villanova School of Business, Bank of Japan, Federal Reserve, Societe Generale, JPMorgan, Bloomberg Locations: New York, Japan, Europe

Michael Bloomberg’s organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant. The donations will more than double the size of three of the medical schools’ endowments, Bloomberg Philanthropies said. The four historically Black medical schools are still deciding with Bloomberg Philanthropies how the latest gifts to their endowments will be used, said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. Dr. Yolanda Lawson, president of the National Medical Association, said she felt “relief,” when she heard about the gifts to the four medical schools.

Persons: Michael Bloomberg’s, Bloomberg Philanthropies, ” Bloomberg, Charles Drew, Garnesha Ezediaro, Ezediaro, ” Ezediaro, Valerie Montgomery Rice, we’ve, ”, Ronda Stryker, William Johnston, Denise Smith, Spelman, Smith, MacKenzie Scott’s, ” Smith, Yolanda Lawson, Utibe Organizations: Bloomberg, New, New York City, National Medical Association, Associated Press, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, Charles, Charles Drew University of Medicine & Science, Xavier University of Louisiana, Johns Hopkins University, Greenwood Initiative, Democratic, United Negro College Fund, Spelman College, Greenleaf Trust, The Century Foundation, David Geffen School of Medicine, UCLA, NBC Locations: New York, Tulsa , Oklahoma, Atlanta, Ronda

☆ Bloomberg gives $600 million to 4 Black medical schools’ endowments
▼ + stars: | 2024-08-06 | by ( Associated Press | ) edition.cnn.com time to read: +6 min

NEW YORK AP —Michael Bloomberg’s organization Bloomberg Philanthropies is announcing a $600 million gift to the endowments of four historically Black medical schools. Xavier University of Louisiana, which is opening a new medical school, will also receive a $5 million grant. The donations will more than double the size of three of the medical schools’ endowments, Bloomberg Philanthropies said. The four historically Black medical schools are still deciding with Bloomberg Philanthropies how the latest gifts to their endowments will be used, said Garnesha Ezediaro, who leads Bloomberg Philanthropies’ Greenwood Initiative. Dr. Yolanda Lawson, president of the National Medical Association, said she felt “relief,” when she heard about the gifts to the four medical schools.

Persons: Michael Bloomberg’s, Bloomberg Philanthropies, ” Bloomberg, Charles Drew, Garnesha Ezediaro, Ezediaro, ” Ezediaro, Valerie Montgomery Rice, we’ve, ”, Ronda Stryker, William Johnston, Denise Smith, Spelman, Smith, MacKenzie Scott’s, ” Smith, Yolanda Lawson, Utibe Organizations: Bloomberg, New, New York City, National Medical Association, Associated Press, Howard University College of Medicine, Meharry Medical College, Morehouse School of Medicine, Charles, Charles Drew University of Medicine & Science, Xavier University of Louisiana, Johns Hopkins University, Greenwood Initiative, Democratic, United Negro College Fund, Spelman College, Greenleaf Trust, The Century Foundation, David Geffen School of Medicine, UCLA Locations: New York, Tulsa , Oklahoma, Atlanta, Ronda

☆ $1 billion donation makes medical school free for most students at Johns Hopkins University
▼ + stars: | 2024-07-08 | by ( Ramishah Maruf | ) edition.cnn.com time to read: +2 min

New York CNN —Bloomberg Philanthropies is gifting $1 billion to make medical school free for the majority of students at Johns Hopkins University, joining other high-profile donors who have contributed to tuition-free medical schools across the country. Johns Hopkins said Monday that for most medical school students, the gift will cover the full cost of attendance, including tuition and living expenses. In 2018, NYU’s School of Medicine became the first medical school in the country to offer free tuition to accepted students. An October survey from the Association of American Medical Colleges found that 70% of medical students who graduated in 2023 have taken on some level of education debt. Bloomberg previously donated $1.8 billion in 2018 to undergraduate financial aid at Johns Hopkins University.

Persons: New York CNN —, New York CNN — Bloomberg Philanthropies, Michael Bloomberg, Johns Hopkins, It’s, Ruth Gottesman, ” Bloomberg, CNN’s Eva Rothenberg, Sabrina Souza Organizations: New, New York CNN, New York CNN — Bloomberg, Johns Hopkins University, Bloomberg, Albert Einstein College of Medicine, NYU’s School of Medicine, Johns Hopkins, New York City, Association of American Medical Colleges Locations: New York

☆ Wells Fargo fired a dozen people accused of faking keyboard strokes
▼ + stars: | 2024-06-14 | by ( Allison Morrow | ) edition.cnn.com time to read: +3 min

See here: Wells Fargo this week disclosed that it had fired more than a dozen employees for “simulation of keyboard activity,” Bloomberg reported, citing filings to the Financial Industry Regulatory Authority. In other words, they were faking work, perhaps with the kind of mouse jiggler that you can buy online for $20. At any rate, some bankers over at Wells Fargo seem to have gotten caught last month. “And that’s a symptom of a much larger problem.”In Wells Fargo’s case, managerial mistrust would be understandable, given the bank’s history. Since then, Wells has been trying to reform its own internal culture while trying to repair its brand.

Persons: CNN Business ’, Wells, ”, —, “, haven’t, ” Ashley Herd, Banks, ” Herd Organizations: CNN Business, New York CNN, ” Bloomberg, Financial Industry, Authority, Wells Fargo Locations: New York, Wells

Envisioned two decades ago to add vibrancy and draw people to a place of devastation and mourning, the Perelman Performing Arts Center is finally arriving at a very different ground zero. Still, organizers believe the arts space, also called “PAC NYC,” has an important role to play in one of the most sensitive, historic spaces in the United States. “The performing arts center is kind of an amenity for a luxury neighborhood that they built,” said Todd Fine, who runs a advocacy business for historical preservation in lower Manhattan. Early on, the arts center was to house three established groups — two theaters and a visual arts museum — plus a new museum celebrating freedom. Then he came to see it as a step forward for the trade center and on a personal level, an embrace of living life fully.

Persons: It's, ”, Khady Kamara, “, Bill Rauch, Joshua Ramus, Mike Bloomberg, Ronald Perelman, “ There’s, ” Bloomberg, Laurence Fishburne, Jenna Bush Hager, Barbara Pierce Bush, ” Rauch, Kamara, Todd Fine, Rauch, Perelman, Craig Peterson, James Giaccone, Joseph Giaccone, ” Giaccone Organizations: Trade, Perelman Performing Arts Center, “ PAC, Performing Arts Center, Pentagon, Manhattan Cultural Council, Tuesday's Locations: United States, Pennsylvania, Afghanistan, Manhattan

☆ Americans are shopping less. But the US economic engine is still humming
▼ + stars: | 2023-08-23 | by ( Allison Morrow | ) edition.cnn.com time to read: +6 min

That’s important, because Americans’ spending on goods and services accounts for two-thirds of US gross domestic product. Historically, sluggish retail sales, credit card delinquency and even shoplifting have been signs of a dark cloud on the horizon. The question of credit card debt is another area where the nuance matters. And as a share of total credit card debt, it is relatively low. But Americans’ credit card debt is unquestionably rising.

Persons: CNN Business ’, New York CNN —, Macy’s, they’ve, Taylor Swift, Barbie, ”, Ubers, Covid, Taylor, Sarah Yenesel, Chris Rupkey, Leticia Miranda, That’s, TJ Maxx, Louis Navellier, they’re, Brett Ryan, —, Alicia Wallace, you’ll Organizations: CNN Business, New York CNN, Dick’s Sporting Goods, Nike, FwdBonds, Atlanta Federal Reserve, “, “ Retailers, Deutsche Bank, Walmart, Amazon, Federal Reserve, Bank of America Locations: New York

☆ A lack of sleep blocks brain-boosting benefits from exercise, study says
▼ + stars: | 2023-07-06 | by ( Sandee Lamotte | ) edition.cnn.com time to read: +6 min

“It shows how important it is to consider sleep and physical activity together when thinking about cognitive health,” she said in a statement. “We were surprised that regular physical activity may not always be sufficient to counter the long-term effects of lack of sleep on cognitive health,” Bloomberg said. In people age 70 and older, the benefits of exercise on the brain was maintained, despite short sleep. But in reality, only people with a short sleep gene have that ability. If you suffer from insomnia, sleep apnea or other sleep disorders, seeing a sleep specialist is key, experts say.

Persons: ”, Dr, Mikaela, ” Bloomberg, it’s, you’re Organizations: CNN, Mikaela Bloomberg, Epidemiology, Health Care, University College London, Ageing, US National Institute, Aging

☆ Crypto crackdown: Is there anywhere safe left for crypto investors in the US?
▼ + stars: | 2023-06-06 | by ( Allison Morrow | ) edition.cnn.com time to read: +5 min

“Look, we don’t need more digital currency,” Gensler told CNBC on Tuesday. “We already have digital currency: It’s called the US dollar. Many crypto investors appear to be abandoning so-called “alt-coins” and sticking with the relatively more reliable OG virtual currency, wrote Ed Moya, a senior market analyst with Oanda. Bottom line: “The SEC looks like it is playing Whac-A-Mole with crypto exchanges,” Moya wrote. Because of that, crypto investors will have to decide whether they are confident that the offerings on various exchanges will remain available to trade.

Persons: CNN Business ’, Binance, ”, Matt Levine, I’ll, Coinbase, Brian Armstrong, Gary Gensler, ” Gensler, “, It’s, Crypto, TD Cowen, Reena Aggarwal, Aggarwal, bitcoin, Ed Moya, ” Moya, —, you’ll Organizations: CNN Business, New York CNN, Securities and Exchange Commission, SEC, CNBC, Georgetown, Psaros, Financial Markets, Chicago Mercantile Exchange, Oanda Locations: New York, United States, “, cryptos

☆ Bloomberg Flings Mud at Clarence Thomas
▼ + stars: | 2023-04-27 | by ( James Taranto | ) www.wsj.com time to read: 1 min

Main Street: In these highlights from a “Library of Congress” interview with Clarence Thomas, the Supreme Court Justice talks about victimhood, the confirmation process and why he writes so many opinions. Images: AP/Getty Images Composite: Mark KellyWell, they’ve got him now. “Justice Clarence Thomas said he was advised he didn’t have to disclose private jet flights and luxury vacations paid for by billionaire Harlan Crow because . . . Crow ‘did not have business before the court,’ ” Bloomberg reported Monday. “But in at least one case, Crow did.”

☆ Before his epic fall, Sam Bankman-Fried was hailed as a crypto genius. Some clients saw smoke and mirrors.
▼ + stars: | 2022-11-11 | by ( Gretchen Morgenson | Gretchen Morgenson Is The Senior Financial Reporter For The Nbc News Investigative Unit. A Former Stockbroker | She Won The Pulitzer Prize In For Her | ) www.nbcnews.com time to read: +14 min

Until a few days ago, Sam Bankman-Fried was the king of crypto. “I’m sorry I didn’t do better,” Bankman-Fried said Tuesday in a message to investors reviewed by NBC News. The contentions of the people who spoke with NBC News are echoed in a 2019 lawsuit brought in federal court against FTX Alameda, Bankman-Fried and other executives. But the crypto market does not have the protections or price transparency found in listed stock markets, for example. FTX and Alameda, as a major crypto exchange and market maker, attracted crypto developers to list their projects for trading.

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