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☆ The looming crisis that's going to crush homeowners from coast to coast
▼ + stars: | 2023-08-23 | by ( Taylor Dorrell | ) www.businessinsider.com time to read: +16 min

To maintain profitability, insurance companies have to take in more in monthly premium payments from customers than they pay out in damage claims. This has prompted insurance companies to back out of certain markets or pressure states to raise caps on premiums. Without robust rate caps such as those in California, insurance costs have risen by over 200% while DeSantis has been in office. He also signed legislation in December that protects insurance companies from liability claims and disincentivizes homeowners from filing claims to begin with. Despite these policies, insurance prices have continued to go up and insurers have continued to flee the market.

Persons: Cinda Larimer, Larimer's, Larimer, Anthony Roach, Larimer's who's, I've, Roach, Chubb, Justin Sullivan, Benjamin Keys, Anita Waters, Waters, Ron DeSantis, DeSantis, Desantis, Hurricane Ian, Dale, Deb Weideling, they've, Keys, Philip Mulder, Jeffrey Greenberg, Jeff Goodell, Xavier Cortada, I'm, Cortada, we're, Betsy, Cinda Larimer wasn't, , haven't, Taylor Dorrell Organizations: Navy, Insurance, Rush, Allstate, American International Group, University of Pennsylvania's Wharton School, US Army Corps of Engineers, . Farmers Insurance, AAA, Washington Post, National Bureau of Economic Research, US Treasury, Universal, Getty, Miami, Dakotas, Nationwide, Penn, National Flood Insurance, FAIR, Bay Area Locations: Paradise , California, Paradise, Sacramento, California, , California, . State, Florida, South Carolina, South Florida, Fort Myers Beach, Hurricane, In Miami, States, Louisiana , Oregon, Colorado, Hawaii, Coast, Minnesota, Midwest, Bay, Columbus , Ohio

☆ Watch CNBC's full interview with Wharton's Jeremy Siegel and Veritas' Greg Branch
▼ + stars: | 2023-07-28 | 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 Wharton's Jeremy Siegel and Veritas' Greg BranchJeremy Siegel, University of Pennsylvania's Wharton School professor of finance, and Gregory Branch, founder and managing partner at Veritas Financial Group, join 'Closing Bell' to discuss their thoughts on the economy and more.

Persons: Wharton's Jeremy Siegel, Greg Branch Jeremy Siegel, Gregory Branch Organizations: Veritas, University of Pennsylvania's Wharton School, Veritas Financial Group

☆ Equity markets are headed to new highs, says Wharton's Jeremy Siegel
▼ + stars: | 2023-07-28 | 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 EmailEquity markets are headed to new highs, says Wharton's Jeremy SiegelJeremy Siegel, University of Pennsylvania's Wharton School professor of finance, joins 'Closing Bell' to discuss if there's enough momentum in equities to keep the rally intact, whether the Federal Reserve is done with rate hikes, and more.

Persons: Wharton's Jeremy Siegel Jeremy Siegel Organizations: Equity, University of Pennsylvania's Wharton School, Federal

☆ ChatGPT creator says AI advocates are fooling themselves if they think the technology is only going to be good for workers: 'Jobs are definitely going to go away'
▼ + stars: | 2023-07-25 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +3 min

But OpenAI CEO Sam Altman says some jobs are "definitely going to go away." New jobs could be created in their place, but not all displaced workers will benefit. In March, Goldman Sachs forecasted that 300 million full-time jobs across the globe could be disrupted — not necessarily replaced — by AI. Altman told The Atlantic that he expects better — perhaps higher-paying jobs — will be created in place of the ones that are disrupted. The question, however, is whether displaced workers will be able to navigate their way to these new gigs.

Persons: Sam Altman, Altman, he's, it'd, Jobs, Goldman Sachs, Carl Benedikt Frey, Ethan Mollick, — Organizations: Service, OpenAI, ChatGPT, Columbia Business School, University of Pennsylvania's Wharton School Locations: Wall, Silicon, Oxford

☆ Want to know how to get ready for the rise of AI? Dig into the past.
▼ + stars: | 2023-07-20 | by ( Jacob Zinkula | ) www.businessinsider.com time to read: +7 min

It's why top researchers are looking to the past as a guide to predict how generative AI could affect workers' jobs in the years and decades to come. "It's possible that in the end, we get better jobs, but in the short term, there's a lot of disruption," Mollick said. But Raymond warned that AI could produce some less-desirable outcomes for customer-service workers, particularly if customer-support chatbots become much more capable and advanced. The extent to which AI displaces jobs will depend on how quickly it scales what Mollick calls the "three levels" of work: tasks, jobs, and systems. Instead, what I would be thinking about is: How do you figure out how to use it to do your job better?"

Persons: Ethan Mollick, Mollick, Carl Benedikt Frey —, Frey, Lindsey Raymond —, —, Raymond, that's, chatbots, Oded, There's Organizations: Service, University of Pennsylvania's Wharton School, MIT Sloan School of Management, White, National Bureau of Economic Research Locations: Wall, Silicon, Oxford, COVID, Columbia

☆ Debt restructuring: We should be engaging with China 'so much more,' professor says
▼ + stars: | 2023-07-18 | 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 EmailDebt restructuring: We should be engaging with China 'so much more,' professor saysMauro Guillen of the University of Pennsylvania's Wharton School discusses the Group of 20's debt restructuring talks and says China has money and influence with "many of these countries out there that are running into trouble." He adds that the West hasn't done enough to bring China to the table.

Persons: Mauro Guillen Organizations: University of Pennsylvania's Wharton School Locations: China

☆ The AI boom is screwing over Gen Z
▼ + stars: | 2023-07-17 | by ( Ed Zitron | ) www.businessinsider.com time to read: +13 min

Now, with the advent of generative AI, organizations are starting to automate many "junior" tasks — stripping away their dubious last attempt to "teach" young employees. America's young workers are headed toward a career calamity. Nobody wants to teach anymoreEven before the rise of AI, young people were facing an early-career crisis. This lack of care is clearly weighing on the young workers who need career development the most. Humans can be enhanced by AI, helped by AI, but replacing them with AI is a shortsighted decision made by myopic bean counters who can't see the value in a person.

Persons: there's, Gen, Gen Zers, it's, Gen Z, Louis, Zers, millennials, Peter Cappelli, Capelli, Paul Osterman, they'd, Osterman, they'll, ChatGPT, Qualtrics, What's, they're, Ulrich Atz, Tensie Whelan, New York University's, Atz, Whelan, —, There's, Knight, It's, Ed Zitron Organizations: Management, Federal Reserve Bank of St, National Association of Colleges, Employers, University of Pennsylvania's Wharton School of Business, US Department of Labor, MIT, Pew Research Center, National Bureau of Economic Research, Gallup, Workplace Intelligence, Amazon, Boston Consulting Group, New York, New York University's Stern Center, Sustainable Business Locations: America, New, Fortune

☆ Here's 9 ways to turn ChatGPT Plus into your personal data analyst with the new Code Interpreter plug-in
▼ + stars: | 2023-07-15 | by ( Aaron Mok | Gabriel Rivera | ) www.businessinsider.com time to read: +8 min

Here's 9 ways ChatGPT Plus users have used Code Interpreter, from data analysis to game creation. Last week, OpenAI launched a beta version of its plug-in called Code Interpreter to users of ChatGPT Plus, which costs $20 a month. Thanks to the new plug-in, users may now be able to turn ChatGPT into their own personal data analyst. After that, Ker found open source code to help Code Interpreter devise a version of the game. Analyze playlistsWith Code Interpreter, there may be no need to wait all year for your Spotify Wrapped playlist.

Persons: OpenAI, Ethan Mollick, there'd, Mollick, Alex Ker, Ker, Greg Howe, Jason Gulya, Drake Surach, —, Surach, Kris Kashtanova, ChatGPT, Salma Aboukar, Midjourney, Wharton, — Salma Aboukar, Rick Astley Organizations: LinkedIn, ChatGPT, Twitter, University of Pennsylvania's Wharton School of Business, Berkeley College, YouTube

☆ Frank founder Charlie Javice gave JP Morgan millions of names and emails for college students she said were customers, but 'it was all fake,' prosecutor says
▼ + stars: | 2023-07-13 | by ( Nate Schweber | ) www.businessinsider.com time to read: +4 min

Javice is accused of grossly exaggerating the numbers of customers she had before her sale to JP Morgan. After hat after the initial deception to JP Morgan Chase, Javice and Amar pivoted to another, Fergenson said. Javice and Amar presented it all in a spreadsheet to JP Morgan Chase, representing all of the names to be Frank users, Fergenson said. Javice's attorney, Alex Spiro, who has alleged that JP Morgan Chase is retaliating against his client for her exposure of their violating of privacy laws, objected. "The government is just regurgitating to the court JP Morgan Chase's civil lawsuit," he said.

Persons: Frank, Charlie Javice, Javice, JP Morgan, Olivier Amar, JP Morgan Chase, Mr, Amar, Micah F, Fergenson, Morgan Chase, Alvin K, Hellerstein, nodded, —, Alex Spiro, Morgan, Judge Hellerstein Organizations: University of Pennsylvania's Wharton School of Business, Forbes, Fast Company, of, Securities and Exchange Commission Locations: Manhattan, Pennsylvania, Southern, of New York

☆ Meta's Threads swiftly signs up 30 million users, in clear threat to Musk-owned Twitter
▼ + stars: | 2023-07-06 | by ( Aditya Soni | ) www.reuters.com time to read: +5 min

Mastodon, another Twitter-like app, has 1.7 million monthly active users, according to its website, while Twitter co-founder Jack Dorsey-backed Bluesky has about 265,000 users. Twitter had 229 million monthly active users in May 2022, according to a statement made before Musk's buyout. THREADS HAS CERTAIN LIMITATIONSMeta's Threads app logo is seen in this illustration taken July 4, 2023. Threads does not have hashtags and keyword search functions, which means users cannot follow real-time events like on Twitter. Currently there are no ads on the Threads app and Zuckerberg said the company would only think about monetization once there was a clear path to 1 billion users.

Persons: Zuckerberg, Elon Musk, Mark Zuckerberg, Twitter's, Jasmine Enberg, Twitter, Meta, Niklas Myhr, Jack Dorsey, Bluesky, Dado Ruvic, hasn't, Marques Brownlee, Linda Yaccarino, Musk, Pinar Yildirim, Aditya Soni, Yuvraj Malik, Bansari Mayur, Akash Sriram, Shounak Dasgupta Organizations: Meta, Twitter, Intelligence, Chapman University, REUTERS, Facebook, University of Pennsylvania's Wharton, Thomson Locations: Las Vegas, Bengaluru

☆ Meta's Threads is a serious threat to Musk-owned Twitter, analysts say
▼ + stars: | 2023-07-06 | by ( Aditya Soni | ) www.reuters.com time to read: +5 min

While Threads is a standalone app, users can log in using their Instagram credentials, which makes it an easy addition for Instagram's more than 2 billion monthly active users. Twitter, by comparison, had 229 million monthly active users in May 2022, according to a statement made before Musk's buyout of the social media platform. Mastodon, another Twitter-like app, has 1.7 million monthly active users, according to its website, while Twitter co-founder Jack Dorsey-backed Bluesky has about 265,000 users. Threads does not have hashtags and keyword search functions, which means users cannot follow real-time events like on Twitter. Overall, analysts said Threads was a strong competitor to Twitter, which has been rocked by abrupt decisions by Musk.

Persons: Elon Musk, Kim Kardashian, Gordon Ramsay, Niklas Myhr, Mark Zuckerberg, Pinar Yildirim, Jack Dorsey, Bluesky, Zuckerberg, Musk, Jasmine Enberg, Marques Brownlee, hasn't, Aditya Soni, Yuvraj Malik, Bansari, Shounak Dasgupta Organizations: Twitter, Chapman University, Facebook, University of Pennsylvania's Wharton, Intelligence, Bloomberg News, Union, Thomson Locations: Las Vegas, Bengaluru

☆ US Supreme Court's liberals warn of LGBT ruling's ripple effects
▼ + stars: | 2023-06-30 | by ( Andrew Chung | Industry Insight | Corporate Attorneys Don T Want To Pay Law Firms For Chatgpt When They Could Use It Themselves | ) www.reuters.com time to read: +5 min

June 30 (Reuters) - The U.S. Supreme Court's conservative-majority ruling letting certain businesses refuse to provide services for same-sex marriages could impact an array of customers beyond LGBT people, according to the court's liberal justices. Smith said, for instance, she would happily serve an LGBT customer who wants graphics for an animal shelter. Critics said that distinction between message and status was not so clear-cut and could quickly veer into targeting people instead. The ruling takes LGBT rights backwards, Sotomayor wrote. The ruling's rationale cannot be limited to discrimination based on sexual orientation or gender identity and could exclude other groups from many services, Sotomayor said.

Persons: Lorie Smith, Neil Gorsuch, Gorsuch, Colorado's, Smith, Critics, Sonia Sotomayor, Elena Kagan, Ketanji Brown Jackson, Sotomayor, Jim Bourg Sotomayor, Phil Weiser, of Jesus Christ, Weiser, Lambda, Jennifer Pizer, Amanda Shanor, Shanor, Andrew Chung, Will Dunham Organizations: U.S, Supreme, REUTERS, of Jesus, Lambda Legal, University of Pennsylvania's Wharton School, Thomson Locations: Denver, Colorado, Washington , U.S

☆ Who does inflation hit hardest? Experts weigh in on how higher prices impact households
▼ + stars: | 2023-06-01 | by ( Jessica Dickler | ) www.cnbc.com time to read: +4 min

Fizkes | Istock | Getty ImagesStubborn inflation has driven households near the breaking point, but the pain of high prices has not been shared equally. The lowest-paid workers spend more of their income on necessities such as food, rent and gas, categories that also experienced higher-than-average inflation spikes. Because higher-income households spend relatively more on services, which notched smaller price increases compared with goods, they came out ahead. Middle-income households see slower wage growthBy other measures, Americans in the middle class are getting especially squeezed. watch nowEconomists' definitions of middle class vary.

Persons: Laurence Kotlikoff, Tomas Philipson, Brian Albrecht, Albrecht, Philipson, Aron Levine, Boston University's Organizations: Istock, Getty, Boston University ., White House Council, Economic, University of Pennsylvania's Wharton, Finance, International Center for Law, Economics, Congressional, Office, Pew Research Center, Bank of America Institute, Bank of, Boston, Consumer Financial, Bureau

☆ 10 things in tech: Epstein appeared to threaten Gates, Apple gets its AI cut, and a Twitter hotel
▼ + stars: | 2023-05-22 | by ( Michael Cogley | ) www.businessinsider.com time to read: +4 min

The Cupertino-based tech giant is taking its usual 30% cut from users signing up to ChatGPT Plus through the app, according to a note from Bernstein analysts. A spokesperson for Gates told the WSJ that Epstein had "tried unsuccessfully to leverage a past relationship" to threaten the tech billionaire. Microsoft's marketing chief told staffers to bump the stock prices for raises. The tech giant has already managed to outpace the market with shares up 33% so far this year. The tech giant just launched two new Pixel phones.

☆ A Wharton professor says AI is like an 'intern' who 'lies a little bit' to make their bosses happy
▼ + stars: | 2023-05-20 | by ( Aaron Mok | ) www.businessinsider.com time to read: +3 min

UPenn professor Ethan Mollick compares AI to an "intern" who "lies a little bit," CBS reports. Like interns, AI tools require guidance for their outputs to be useful, according to Mollick. Similar to interns who may overcompensate to get ahead of the curve, Mollick compares AI to an "infinite intern" who "lies a little bit" and, at times, wants to make their bosses "a little happy." But like interns, AI requires guidance for its outputs to be useful. Mollick's thoughts on AI come as generative AI tools like OpenAI's ChatGPT take the world by storm.

☆ An academic used ChatGPT to write a letter of recommendation that helped a student win a prestigious scholarship from Cambridge
▼ + stars: | 2023-04-24 | by ( Aaron Mok | ) www.businessinsider.com time to read: +4 min

Matt Huculak, a university librarian, used ChatGPT to help write a letter of recommendation for a student. The "heartfelt" letter may have helped the student win a prestigious scholarship to Cambridge. A screenshot of the ChatGPT-generated reference letter Huculak used as a template of what not to write. After all, writing a reference letter, Huculak said, "is a tremendously difficult task" that he finds "anxiety producing." "I think committees will quickly learn to spot ChatGPT letters," Huculak said.

Private equity firm Staple Street Capital valued Dominion at $80 million when it purchased a controlling stake in it in 2018. The Fox settlement was nearly 10 times that amount and far outstripped the $226 million average of four pre-election valuations cited in Fox's court papers. Dominion's damages claim in the Fox case was based upon a report it commissioned from an accounting expert, half of which remains under seal. It is difficult to place a dollar value on the U.S. voting-machine industry because Dominion and its competitors all are privately held. While Dominion's report cites dozens of lost clients due to Fox's coverage, the company still has landed recent contract renewals including in California's Republican-majority Kern County.

Companies JPMorgan Chase & Co FollowNEW YORK, April 4 (Reuters) - The U.S. government on Tuesday filed criminal charges accusing Charlie Javice, the founder of the now-shuttered college financial planning company Frank, of defrauding JPMorgan Chase & Co (JPM.N) into buying the startup for $175 million in 2021. Prosecutors said that when JPMorgan asked for a list of names, Javice paid an unnamed data science professor $18,000 to concoct a sham list of names. JPMorgan shut down Frank in January, and Chief Executive Jamie Dimon branded the acquisition a "huge mistake" in a Jan. 13 conference call with analysts. In December, JPMorgan sued Javice and Olivier Amar, who was Frank's chief growth officer, in Delaware federal court. Javice filed counterclaims in February, accusing JPMorgan of having "compromised her reputation" and wrongfully withheld $28 million of retention payments and equity.

☆ Why some college professors are adopting ChatGPT AI as quickly as students
▼ + stars: | 2023-04-02 | by ( Carolyn Chun | Kevin Travers | ) www.cnbc.com time to read: +3 min

In an analysis of professions "most exposed" to the latest advances in large language models like ChatGPT, eight of the top 10 are teaching positions. Post-secondary teachers in English language and literature, foreign language, and history topped the list among educators. Jobs most 'exposed' to generative AI Rank Profession 1 Telemarketers 2 English Language and Literature Teachers, Postsecondary 3 Foreign Language and Literature Teachers, Postsecondary 4 History Teachers, Postsecondary 5 Law Teachers, Postsecondary 6 Philosophy and Religion Teachers, Postsecondary 7 Sociology Teachers, Postsecondary 8 Political Science Teachers, Postsecondary 9 Criminal Justice and Law Enforcement Teachers, Postsecondary 10 SociologistsSource: "How will Language Modelers like ChatGPT Affect Occupations and Industries?" But affected jobs – or as the study officially describes it, jobs most "exposed to AI" – does not necessarily mean the human positions will be replaced. And for topics that are very dense, "ChatGPT can even help educators translate some of those lessons or takeaways in simpler language," he said.

☆ First Citizens Bank, the buyer of SVB's assets, is run by a billionaire North Carolina family that's bought over 20 failed banks since 2008
▼ + stars: | 2023-03-30 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

First Citizens Bank, the company that bought the assets of SVB, is run by a family with a wealth of experience buying failed banks. Forbes looked at the billionaire family that's guided First Citizens' purchase of more than 20 small banks since 2008. First Citizens will be among the largest 20 banks in the US with the SVB deal. Its purchases of failed banks include First Regional Bank and Temecula Valley Bank in California and Denver-based United Western Bank. Its assets jumped from $109 billion just before the SVB deal and have increased from $16.7 billion at the end of 2008.

☆ Money really does buy happiness for most people, researchers say
▼ + stars: | 2023-03-09 | by ( Grace Dean | ) www.businessinsider.com time to read: +4 min

It found that for the vast majority of people, money does buy you happiness. Meanwhile, happiness "increases steadily" along with income among the rest of the population, Killingsworth, Kahneman, and Mellers found. For the happiest 30% of people, happiness rises at an accelerated rate beyond $100,000. "In other words, the bottom of the happiness distribution rises much faster than the top in that range of incomes. Killingsworth, Kahneman, and Mellers noted, however, that the correlation between income and well-being was "weak, even if statistically robust."

☆ Watch CNBC's full interview with University of Pennsylvania Professor Jeremy Siegel
▼ + stars: | 2023-03-03 | 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 University of Pennsylvania Professor Jeremy SiegelUniversity of Pennsylvania's Wharton School Professor Jeremy Siegel joins 'Closing Bell' to discuss Fed hikes, the strong jobs data changing the interest rate picture and forecasts for a slowdown in future earnings.

☆ Earnings figures might be conservative if unemployment rates stay low, says Wharton Professor Jeremy Siegel
▼ + stars: | 2023-03-03 | 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 EmailEarnings figures might be conservative if unemployment rates stay low, says Wharton Professor Jeremy SiegelUniversity of Pennsylvania's Wharton School Professor Jeremy Siegel joins 'Closing Bell' to discuss Fed hikes, the strong jobs data changing the interest rate picture and forecasts for a slowdown in future earnings.

☆ Wharton’s Jeremy Siegel says a half-point rate hike is on the table with another strong jobs report
▼ + stars: | 2023-02-21 | by ( Yun Li | ) www.cnbc.com time to read: +2 min

Another surprisingly strong jobs report could prompt the Federal Reserve to hike interest rates by half a percentage point next month, according to Jeremy Seigel, a closely followed finance professor at the University of Pennsylvania's Wharton School. The jobs report came a few days after the Fed raised its benchmark interest rate by a quarter percentage point to a target range of 4.5%-4.75%, the highest since October 2007. Seigel said if the February jobs report shows a big slowdown, the central bank would raise rates by just a quarter percentage point. The solid jobs market "means the Fed might tighten, and that's why you really saw almost a standoff on the stock market now," Seigel said. In 2022, the Fed approved four consecutive 0.75 percentage point moves before going to a smaller 0.5 percentage point increase in December.

"Milton Friedman said 12-18 months before you can get any effect on prices," Siegel said on CNBC's "Halftime Report" on Tuesday afternoon. And it's a process that the Fed has to let go through the market." To be sure, the finance professor added that he is less certain about a rate hike following January's "unbelievable" jobs report. "That would mean, more likely that the Fed would not reduce the rate as fast in the second half in the year. He added, "I don't think anyone including the Fed knows, because they plan their increases or decreases policy 10–14 days in advance.

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