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A New York grand jury charged Trump with 34 felony counts. The indictment, which was voted on by a Manhattan grand jury last week, follows a years-long investigation by the Manhattan district attorney's office. The Manhattan district attorney's office spent years investigating Trump's finances and previously brought a criminal case against the Trump Organization and Chief Financial Officer Allen Weisselberg. Weisselberg pleaded guilty to the charges against him and a jury convicted Trump's company late last year. Michael Cohen, Trump's former personal lawyer, maintains he funneled $130,000 to Daniels at Trump's direction in a plot to keep her quiet ahead of the 2016 presidential election.
While regional and mid-sized banks are behind the recent turmoil, it appears that large banks may be footing the bill. Ultimately, that means higher fees for bank customers and lower rates on their savings accounts. The law also gives the FDIC the authority to decide which banks shoulder the brunt of that assessment fee. Passing it on: Regardless of who’s charged, the fees will eventually get passed on to bank customers in the end, said Isaac. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city.
The average Wall Street bonus fell by 26% last year
  + stars: | 2023-03-30 | by ( Jeanne Sahadi | ) edition.cnn.com   time to read: +2 min
New York CNN —The average annual Wall Street bonus fell to $176,700 last year, a 26% drop from the previous year’s average of $240,400, according to estimates released Thursday by New York State Comptroller Thomas DiNapoli. Rising interest rates, recession fears and Russia’s invasion of Ukraine hurt Wall Street firms’ bottom line. “A 26% decline brings the average bonus closer to what financial employees received prior to the pandemic,” DiNapoli said in a statement. In 2021, Wall Street was estimated to be responsible for 16% of all economic activity in the city. “While lower bonuses affect income tax revenues for the state and city, our economic recovery does not depend solely on Wall Street.
Influencers and members of Gen Z are swapping smartphones for "dumb phones" that can only call and text, CNBC reported. The trend has since expanded to influencers who are documenting their journey of winding down screen time with the use of dumb phones. "What we're trying to do with the Light phone isn't to create a dumb phone, but to create a more intentional phone — a premium, minimal phone — which isn't inherently anti-technology," Hollier told the outlet. TikToker Alex Purdy used a Light brand dumb phone for a month and shared an update with followers in January. In the video, Purdy mentioned some issues with receiving texts, but ultimately encouraged commenters to get one of their own.
New York grand jury indicts Trump in hush money payment case
  + stars: | 2023-03-30 | 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 EmailNew York grand jury indicts Trump in hush money payment caseCNBC's Eamon Javers joins 'Fast Money' to report on former president Trump being indicted by New York grand jury.
March 28 (Reuters) - Jamie Dimon, the chief executive of JPMorgan Chase & Co (JPM.N), will be interviewed under oath over the bank's relationship with late sex offender and former client Jeffrey Epstein, a lawyer involved in the case said on Tuesday. Epstein had been a JPMorgan client from 2000 to 2013 - five years after he pleaded guilty to a Florida prostitution charge. He had been friendly with Epstein but expressed regret for the relationship and has denied any involvement in Epstein's illegal activity. Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking.
Epstein had been a JPMorgan client from 2000 to 2013, with the last five years coming after he had pleaded guilty to a Florida prostitution charge. The bank is also suing Jes Staley, a former private banking chief and later Barclays Plc (BARC.L) chief executive who had been friendly with Epstein. JPMorgan wants Staley to reimburse it for eight years of compensation and damages it might incur in the other lawsuits. Deutsche Bank AG (DBKGn.DE), where Epstein was a client from 2013 to 2018, is also being sued by the financier's accusers. Epstein killed himself in a Manhattan jail cell at age 66 in August 2019 while awaiting trial for sex trafficking.
Former President Trump remains at the top of the 2024 GOP pack as he faces several criminal probes. Trump decried a potential indictment by the Manhattan District Attorney's office during a rally in Waco, Texas, on March 25, 2023. Brandon Bell/Getty ImagesTrump versus the worldDuring the 2016 GOP presidential primaries, Trump's political brand was built on rejecting the political establishment. Ron DeSantis of Florida is among several high-profile Republicans who may challenge Trump for the 2024 GOP presidential nomination. In 2020, Trump faced near-unanimous support for a second term, with the campaigns of former Rep. Mark Sanford of South Carolina, former Gov.
People walk near a First Republic Bank branch on March 16, 2023 in New York City. Shares of First Republic jumped by 25% in premarket trading, chipping away at the struggling firm's steep losses in March. Regional bank stocks moved sharply higher in premarket trading on Monday as investors were encouraged by reports that the recent strain on the sector could be easing and that additional government support could be on the way. Regional bank stocks have been under significant pressure this month, with regulators closing SVB on March 10 and Signature Bank two days later following significant deposit outflows. Shares of First Citizens jumped 40% in premarket trading.
Manhattan DA Alvin Bragg warned his already nervous staff that they might hear "fictional explosions" near their office. The Manhattan office has faced threats amid the hush-money investigation into Donald Trump. There's been crowds of media and police, increased security measures, violent threats, a package of "suspicious white powder," and now, warnings of "fictitious explosions" from a movie shoot. Bragg's warning came after a package with "suspicious white powder" arrived at the address where the grand jury is meeting. "You may see reports about an envelope of white powder that was sent to the office.
LACONIA, New Hampshire, March 24 (Reuters) - Longtime Donald Trump supporter Doug Lambert agrees with the former president that the potential criminal charges he faces in New York are being cooked up by his enemies on the left. But, Lambert worries about the "messiness" of a Trump presidential candidacy and is leaning towards voting for someone else. In a University of New Hampshire poll in January, likely Republican voters preferred DeSantis over Trump by a 12-point margin, 42% to 30%, with Sununu at 4%. "The more indictments, the more points of leverage a DeSantis or whoever can use to make the case against Trump." Reporting by Nathan Layne in Laconia, New Hampshire Editing by Ross Colvin and Alistair BellOur Standards: The Thomson Reuters Trust Principles.
The morgue trucks, loaded with plain, unmarked pine boxes, still arrive regularly by ferry to Hart Island, a potter’s field where the city has long buried its unclaimed dead. The island was once a penal colony, and it has been run since the 19th century by New York’s jail system, which used inmate gravediggers and kept it off limits until 2021, when the city transferred the island over to its parks department. Now, in a remarkable break with the decades-old policy of keeping Hart Island burials secretive and its graves unseen, the department is opening New York’s most forbidden place for public access.
Persons: gravediggers Locations: Hart, York’s
The Department of Labor randomly investigated 50 clothing companies in Southern California. It found that more than 80% were breaking one or more provisions of federal labor law. One garment maker was paying workers just $1.58 an hour. In what the department described as a "particularly egregious case," one garment manufacturer — making clothes for brands including Nordstrom, Neiman Marcus, Stitch Fix, and Von Maur, per investigators — was found to be paying some workers an hourly rate of just $1.58. It shows, she argued, "that strong federal action is needed to change the abusive pay rates in the American garment manufacturing industry."
He raised $1.5 million in the three days after saying he'd be arrested, per multiple reports. The Trump campaign brought in $11.8 million in the six weeks before the announcement, averaging out at $280,000 per day. And in the six weeks after Trump announced his run, his campaign raised $9.5 million, or $226,000 per day. As the anticipation of an indictment grew, Trump's campaign capitalized on the rumors by highlighting them in almost every fundraising message. The former president's fundraising efforts appeared on Truth Social as well.
Among the messages is a thread where Tucker Carlson privately bashes Trump. Dominion captured a number of texts that show Fox employees' apprehension about the growing conspiracy claims about the company's voting machines in the wake of the election. Top Fox News hosts, including Tucker Carlson, privately insulted Chris Wallace and hatched a plot for a rebellion — November, 16, 2020. In a group chat between the three biggest hosts, Carlson, Hannity, and Ingraham, few colleagues, including then-"Fox News Sunday" host Chris Wallace, were spared. In a group chat between the three biggest hosts, Carlson, Hannity, and Ingraham, few colleagues such as then-"Fox News Sunday" host Chris Wallace were spared.
A photo meme dating to at least 2018 and made to resemble a “mugshot” of former U.S. President Donald J. Trump has been confusing social media users, some of whom believe Trump has been arrested amid news of potential charges by New York prosecutors. User comments suggest that some appeared to believe the image is authentic, including: “Trump got arrested? However, the mugshot meme appeared online at least as early as July 2018, including in satirical posts, according to a reverse image search on TinEye (here). At the time of publication, no arrest of Trump had been announced. The image is a meme that has been circulating since at least 2018 and is not an authentic mugshot of Donald J. Trump.
Donald Trump said he would be arrested on Tuesday. Trump is "going about business as usual" and enjoying rising poll numbers, his lawyer said. A Secret Service officer stands in front of former President Donald Trump's Mar-a-Lago estate, Tuesday, March 21, 2023, in Palm Beach, Florida. Alina Habba, an attorney for Donald Trump, arrives at Trump Tower in New York, Tuesday, March 21, 2023. AP Photo/Bryan WoolstonOn Truth Social, Trump spent Monday and Tuesday bragging about his poll numbers and criticizing Bragg.
Amid ongoing market volatility and renewed fears about the health of the banking sector, investors and analysts are increasingly targeting the stocks of companies with stellar balance sheets. Note: The Altman Z-score is derived from a model initially developed in the 1960s by New York University professor Edward Altman as a way to predict bankruptcies. We used an Altman Z-score of 5 to focus our list on the cream of the crop. Tier 1 Capital ratios are generally a better metric for monitoring the balance sheets of big banks. But the market may give heightened attention to companies with strong balance sheets in times of elevated economic uncertainty.
PoliticsNo special treatment for Trump if indicted - expertPostedIf former U.S. President Donald Trump is, in fact arrested and indicted by New York prosecutors, as Trump predicted on social media on Saturday (March 18), he will legally be treated “just like anybody else” a legal analyst told Reuters.
The posts on his Facebook page and YouTube channel, which were titled "I'M BACK!," show a CNN video announcing Trump's election as president in the 2016 race against Hillary Clinton. Meta Platforms Inc (META.O) had reinstated Trump's Facebook and Instagram accounts earlier this year. His Twitter account was reinstated in November by the platform's new owner Elon Musk but Trump has yet to post on Twitter. Trump's campaign team did not immediately respond to a request for comment. YouTube banned Trump in 2021 for violating its policy of inciting violence after his supporters stormed the U.S. Capitol as Congress was certifying Joe Biden's victory in the 2020 presidential election.
NEW YORK, March 16 (Reuters) - U.S. regional banks are expected to pay higher rates to depositors to keep them from switching to larger lenders, banking analysts said, following the collapse of Silicon Valley Bank and Signature Bank. The potential for stricter regulation aimed at regional banks will also make it more expensive for them to operate, posing a drag on earnings, he said. Silicon Valley Bank, based in Santa Clara, California, collapsed on Friday, followed by New York-based Signature Bank, in the second and third largest bank failures in U.S. history. BofA on Monday cut target prices for regional bank stocks including Ally Financial (ALLY.N), Citizens Financial Group (CFG.N), Fifth Third Bancorp (FITB.O) and First Republic Bank (FRC.N), partly because of the expected increase in deposit pricing. Rating agency Fitch put some regional banks on negative credit watch because of a "rapidly changing funding and liquidity environment," it said in a report on Monday.
A rush by New York City real-estate investors to yank money out of Signature Bank last week played a significant role in the bank’s collapse, according to building owners and state regulators. The withdrawals gained momentum as talk circulated about the exposure Signature had to cryptocurrency firms and that its fate might follow the same path as Silicon Valley Bank, which suffered a run on the bank last week before collapsing and forcing the government to step in.
The overnight collapse of Silicon Valley Bank after a social media and group chat-fueled bank run is creating yet another set of problems for an already ailing venture tech environment. The proptech industry has suffered over the past year as higher interest rates have throttled both the real estate and tech worlds. Silicon Valley Bank was the go-to lender of so-called venture debt, or debt that startups can raise along with their equity rounds of funding. The Silicon Valley Bank collapse "just punctuated it," he said, of the financial duress. Real estate lending warningsBanks make up almost a third of all commercial real estate lending according to CBRE.
Bank stocks rebounded significantly on Tuesday after logging record plunges Monday and the week prior. Those banks will coordinate to take Fed loans around the same time on the same day alongside smaller banks. ▸ US bank stocks rebounded on Tuesday, recovering some of their losses after the collapse of three banks tested markets on Monday. Regional bank stocks rallied: First Republic (FRC) Bank ended the day up 27% after a record drop on Monday. The question is whether bank stocks can hold on to their gains or if Tuesday was just a sector-wide dead cat bounce.
Consumer inflation may have cooled off a little in February, but economists expect it is still running at a high pace. The consumer price index, expected Tuesday morning, is forecast to show headline inflation rose 0.4% last month, or 6% from the prior year, according to economists polled by Dow Jones. Core inflation, excluding food and energy, is expected to be higher by 0.4% and the annual pace is expected to be 5.5%. Tom Simons, money market economist at Jefferies, expects the Fed to stick with a quarter-point rate hike in March. By stopping here, it exposes them to risk of inflation expectations reaccelerating," said Simons.
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