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☆ Bankman-Fried wants to see indictment before agreeing to extradition - lawyer
▼ + stars: | 2022-12-19 | by ( Industry Insight | Saw Law Firms Move Past The Pandemic Into A More Client-Focused Service Environment | Thomson Reuters Institute | ) www.reuters.com time to read: 1 min

Dec 19 (Reuters) - Sam Bankman-Fried wants to see the U.S. indictment against him for his role in the collapse of the FTX crypto exchange he founded before he agrees to be extradited from the Bahamas, his lawyer told a court in the Bahamas on Monday. Reporting by Tom Hals in Wilmington, DelawareOur Standards: The Thomson Reuters Trust Principles.

☆ The Year in Pictures 2022
▼ + stars: | 2022-12-19 | by ( The New York Times | ) www.nytimes.com time to read: +57 min

Every year, starting in early fall, photo editors at The New York Times begin sifting through the year’s work in an effort to pick out the most startling, most moving, most memorable pictures. But 2022 undoubtedly belongs to the war in Ukraine, a conflict now settling into a worryingly predictable rhythm. Erin Schaff/The New York Times “When you’re standing on the ground, you can’t visualize the scope of the destruction. Jim Huylebroek for The New York Times Kyiv, Ukraine, Feb. 25. We see the same images over and over, and it’s really hard to make anything different.” Kyiv, Ukraine, Feb 26.

☆ Biden Advisers Craft Re-Election Plans as President Weighs Final Decision
▼ + stars: | 2022-12-17 | by ( Ken Thomas | Catherine Lucey | ) www.wsj.com time to read: 1 min

WASHINGTON—President Biden’s advisers are moving forward with planning for the president’s likely 2024 re-election campaign, with discussions focused less on whether Mr. Biden will seek a second term and more on how a campaign would operate alongside the White House next year. Mr. Biden’s team has begun to hold preliminary discussions about the structure of the campaign and who could fill key roles, though there is no timeline for hiring, as well as where headquarters would be located. Possibilities include Philadelphia, where the 2020 campaign was based before the Covid-19 pandemic, and the president’s hometown of Wilmington, Del., people close to the discussions said.

☆ Wilmington Trust's Meghan Shue believes markets will shift focus to earnings
▼ + stars: | 2022-12-14 | 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 EmailWilmington Trust's Meghan Shue believes markets will shift focus towards earningsWilmington Trust's Meghan Shue joins 'TechCheck' to discuss expectations for earnings in 2023, favoring enterprise and cloud names over consumer technology and valuations coming down in the year ahead.

☆ AIG subsidiary files for Chapter 11 bankruptcy
▼ + stars: | 2022-12-14 | by ( ) www.reuters.com time to read: +2 min

Dec 14 (Reuters) - American International Group Inc said on Wednesday its subsidiary, AIG Financial Products (FP), had filed for Chapter 11 bankruptcy protection to complete the wind down of a business unit that was a central figure in the 2008 financial crisis. AIG Financial Products largely ceased operations in 2008, and its bankruptcy will not have a material impact on AIG or on life and retirement insurer Corebridge Financial Inc (CRBG.N), which AIG recently spun off, AIG said. AIG Financial Products issued the credit default swaps that put AIG on the hook for billions of dollars in losses during the collapse of subprime mortgage markets, according to court documents filed in U.S. Bankruptcy Court in Wilmington, Delaware. AIG Financial Products has no ongoing operations or employees of its own, but it maintained a small portfolio of financial products after largely shutting down in 2008. It owes more than $37 billion to its parent company AIG on loans related to the 2008 crash, according to court documents.

☆ Michael Jordan: The NBA has renamed its MVP trophy after the Bulls great
▼ + stars: | 2022-12-13 | by ( Amy Woodyatt | ) edition.cnn.com time to read: +15 min

Andrew D. Bernstein/NBAE/Getty Images Jordan poses for a Little League Baseball photo in the late 1970s. Ken Levine/Getty Images Jordan famously shrugs his shoulders after hitting another 3-pointer during the 1992 NBA Finals versus Portland. "There is a reason you call someone the Michael Jordan of ... neurosurgery, or the Michael Jordan of rabbis, or the Michael Jordan of outrigger canoeing. Chip Somodevilla/Getty Images Jordan continues to promote Nike's Jordan Brand across the world. Jordan Brand/Getty Images Jordan cries at the Kobe Bryant memorial in Los Angeles in February 2020.

As the director of the White House Office of Legislative Affairs, Terrell, 53, leads a team that is the president’s collective eyes and ears in Congress. In fact, when we sat down for our conversation in the White House Executive Office Building, she said it was her first television interview – ever. And I think that kind of credibility on the Hill has been very important to move things.”Deep relationships matter too, she said. Courtesy Louisa TerrellTerrell’s lifelong relationship with the Biden family means she brings a unique perspective to her work in the White House. “There are folks in our shop, and again, folks here in the White House, who have some of those relationships.

WASHINGTON/NEW YORK, Dec 8 (Reuters) - The U.S. Commerce Department will continue to deny three U.S.-based firms' export privileges, the government announced on Thursday, saying the companies had illegally exported satellite, rocket and defense technology to China. Since June, the Commerce Department found additional U.S. companies that worked with the firms, involving the unlicensed export to China of firearm component and space technology details. The new order denies the companies' export privileges for another 180 days, and gives notice to other companies to avoid doing business with them. The department did not identify the companies who had contracted with the North Carolina firms. But, according to the department's June order, a U.S. aerospace and global defense technology company notified the department in February 2020 of a third-party supplier's unauthorized export of controlled satellite technology.

If Celsius deposits are determined to belong to customers, users are far more likely to get their assets returned. Crypto companies typically offer a variety of accounts and they will likely be treated differently in bankruptcy. BlockFi, which is at the beginning of its own bankruptcy case, also offers both interest-bearing and custody accounts. 'WORSE THAN BANKS'Courts will also have to look beyond the user agreements and examine how crypto companies actually handled the deposits, according to bankruptcy specialists. “This is going to have enormous influence on crypto companies and crypto customer behavior."

You can blame the persistently high prices seen throughout the economy right now. But for many families, prices "are not coming down but just stabilizing at a higher level," he said. Although prices for beef and produce are coming down a bit, the cost of chicken remains high. Rising wages for cashiers and the cost of dealing with theft are two additional factors causing prices to shift upward at Walmart stores. "If that is not corrected, over time prices will be higher and stores will close," McMillon said.

☆ Leased Robots Roll in to Help Logistics Firms Handle Holiday Crush
▼ + stars: | 2022-12-06 | by ( Angus Loten | ) www.wsj.com time to read: +5 min

Sally Miller, chief information officer of DHL’s North American supply-chain business, a unit of Deutsche Post AG , said she is planning to deploy “a good number” of temporary robots at several of the company’s retail-focused sites. The Locus Robotics robots—which the manufacturer calls “surge bots”—will be used for picking up orders and fulfillment, Ms. Miller said. Photo: Locus RoboticsKnown as robots-as-a-service, leased robots are employed widely in manufacturing, but are relatively new to the logistics industry, analysts said. The extra robots, provided by Berkeley, Calif.-based Ambi Robotics Inc., helped the company handle a surge of packages, it said. Mr. Faulk, of Locus Robotics, said the company hopes many logistics firms will hold on to their temporary robots well after seasonal highs, as a way to eke out year-round efficiencies.

☆ Los Angeles bans oil and gas drilling within city limits
▼ + stars: | 2022-12-05 | by ( Emma Newburger | ) www.cnbc.com time to read: +1 min

The Los Angeles City Council has voted to ban new oil and gas drilling and phase out existing wells over the next two decades, a historic decision that comes after years of complaints by residents about how pollution from nearby drilling has caused them health issues. More recently, the state banned the sale of new gasoline-powered cars by 2035, and New York state soon followed suit. There are 26 oil and gas fields and more than 5,000 active and idle wells in LA. Wells are spread out all over the city, including Wilmington, Harbor Gateway, downtown, West LA, South LA and the northwest San Fernando Valley. The oil industry has largely opposed the city's ban, arguing that phasing out production will make LA more dependent on foreign energy.

☆ November’s strong jobs report pressures the Fed and could put December rally at risk
▼ + stars: | 2022-12-02 | by ( Patti Domm | In | ) www.cnbc.com time to read: +3 min

Friday's jobs report showed the economy added 263,000 jobs in November, much more than the 200,000 expected by economists, according to Dow Jones. The Fed has raised interest rates six times since March, the last four at a pace of 75 basis points. A basis point equals 0.01 of a percentage point. The futures market continued to price expectations for a 50 basis point hike in December. Luke Tilley, chief economist at Wilmington Trust, said he expects to see a 50 basis point hike from the Fed.

John Ray, chief executive officer of FTX Cryptocurrency Derivatives Exchange, arrives at bankruptcy court in Wilmington, Delaware, US, on Tuesday, Nov. 22, 2022. It could be one way for the DOJ to gather evidence of alleged fraud. In a filing in Delaware federal bankruptcy court, Andrew Vara, a U.S. bankruptcy trustee, told the court that the allegations of corporate misconduct and complete failure merited an immediate and speedy examination of the events leading up to FTX's stunning collapse three weeks ago. It's not unusual to appoint a bankruptcy examiner. There was one to oversee the crypto bankruptcy process of Celsius Network, for example.

☆ Long Covid may be 'the next public health disaster' — with a $3.7 trillion economic impact rivaling the Great Recession
▼ + stars: | 2022-11-30 | by ( Greg Iacurci | ) www.cnbc.com time to read: +12 min

Norpel is one of millions of Americans with long Covid, also known as long-haul Covid, post-Covid or post-acute Covid syndrome. Key symptoms: Long Covid has been linked to more than 200 symptoms, according to The Rockefeller Foundation. Duration: There's no consistent definition of how long symptoms must persist for someone to be considered a long Covid patient. What experts do know is that for some, long Covid symptoms can last months or even years. "I don't know if it's for the rest of my life or not," Hurst said of feeling long Covid symptoms.

☆ Watch CNBC's full interview with Interactive Brokers' Steve Sosnick and Wilmington Trust's Meghan Shue
▼ + stars: | 2022-11-30 | 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 EmailWatch CNBC's full interview with Interactive Brokers' Steve Sosnick and Wilmington Trust's Meghan ShueSteve Sosnick, Interactive Brokers chief strategist, and Meghan Shue, Wilmington Trust, join 'Squawk on the Street' to discuss the resilience of the U.S. economy, if we're in for a soft landing from inflation and more.

☆ We are not going to get a lot more information from the Fed, says Meghan Shue
▼ + stars: | 2022-11-30 | 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 EmailWe are not going to get a lot more information from the Fed, says Meghan ShueSteve Sosnick, Interactive Brokers chief strategist, and Meghan Shue, head of investment strategy at Wilmington Trust, join 'Squawk on the Street' to discuss the resilience of the U.S. economy, rising inflation, and more.

WILMINGTON, Del, Nov 23 (Reuters) - Adult sexual abuse victims in New York will get an opportunity to sue over decades-old allegations beginning Thursday when a law revives a range of cases including ones against hospitals, Wall Street banks and former U.S. President Donald Trump. New York's Adult Survivors Act creates a one-year period when victims can file lawsuits that otherwise would have been barred because the case was too old. It was modeled on the state's Child Victims Act that revived old claims over child sex abuse and led to thousands of lawsuits against schools, churches and youth organizations. The number of adult cases is likely to be lower than cases involving children, said Jeff Herman, an attorney who represents victims of sexual abuse. One challenge for adult abuse cases is determining consent, said Herman.

The following are major companies that were accused of contributing to the crisis, and settlements or judgments involving those companies. Teva Pharmaceutical Industries Ltd (TEVA.TA)-In November, finalized claims nationwide for $4.25 billion, some of which is to be paid as a supply of the overdose-reversing drug naloxone. AbbVie Inc (ABBV.N)-In November, finalized a $2.37 billion nationwide settlement resolving claims against Allergan, a company it acquired in 2020. Endo International Plc (ENDPQ.PK)-Reached a $450 million settlement with more than 30 states as part of a bankruptcy filing in August. Mallinckrodt Plc (MNK.A)-Reached a $1.7 billion nationwide settlement as part of its bankruptcy reorganization plan, approved in February.

☆ Some QAnon believers are enraged by Trump's 2024 announcement and have started ignoring 'Q drops.' But experts say the movement is as fervent as ever.
▼ + stars: | 2022-11-20 | by ( Alia Shoaib | ) www.businessinsider.com time to read: +9 min

Q-aligned candidates did badly at the midterms, and recent "Q drops" failed to make a stir. The QAnon movement was already on the back foot. To Q and beyondThe week of the midterm elections, three new "Q drops" appeared. While previous Q drops were met with excitement and flurries of posts from followers scrambling to decode them, the latest drops were largely met with ambivalence. Fredrick Brennan, who founded 8chan but has since dedicated himself to exposing those behind the Q movement, told Insider that the reaction to the latest Q drops was comparatively "muted" following controversial drops in the summer.

☆ Tesla Board’s View That Elon Musk Is Irreplaceable Emerged in Pay Trial
▼ + stars: | 2022-11-19 | by ( Rebecca Elliott | Meghan Bobrowsky | ) www.wsj.com time to read: 1 min

A weeklong trial in Delaware focused on Elon Musk’s compensation package and the deal that led to it. WILMINGTON, Del.—The scale of concern among Tesla Inc. board members about how to keep Elon Musk‘s attention trained on the electric-vehicle maker loomed large during a weeklong trial over the chief executive’s pay package. A desire to motivate Mr. Musk to focus on Tesla triggered a monthslong pay negotiation that culminated in the shareholders’ approval of a 2018 CEO equity grant valued at roughly $48 billion at recent stock prices.

[1/2] Elon Musk, Chief Executive Officer (CEO) of SpaceX, Tesla and Twitter, arrives for a trial about his Tesla pay package at the Delaware Court of Chancery in Wilmington, Delaware, U.S., November 16, 2022. "The amount of pain, no words can express," Musk testified on Wednesday. The package allows Musk to buy 1% of Tesla's stock at a deep discount each time escalating performance and financial targets are met. "It wasn't a knock-down, drag-out affair," Todd Maron testified about the pay talks in 2017 when he was general counsel. You could almost make an argument they didn't pay him enough because he ran off after Twitter."

☆ Elon Musk’s $50 billion trial comes to an end today
▼ + stars: | 2022-11-18 | by ( Matt Mcfarland | ) edition.cnn.com time to read: +5 min

Washington, DC CNN —The trial for the Tesla shareholder lawsuit examining CEO Elon Musk’s unprecedented compensation package will wrap up this afternoon. The net value of the compensation package is $50.9 billion today, after Tesla’s valuation soared more than 1,000% at its peak since shareholders approved the package. Several corporate governance experts told CNN Business that it’s clear Tesla’s board of directors lacks independence from Musk. At the time of the 2018 compensation package, Kimbal said it was “very unlikely” that Elon would walk away from his role of CEO at Tesla. That’s just not how Elon operates,” Kimbal Musk said.

☆ Elon Musk’s Tesla Compensation Trial Turns to Financial Experts in Closing Days
▼ + stars: | 2022-11-17 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

A five-day trial over Elon Musk’s multibillion-dollar pay package at Tesla is entering its closing days. WILMINGTON, Del.—The trial over Elon Musk‘s multibillion-dollar pay package at Tesla Inc. enters its closing days with outside financial experts poised to take the stand. Richard Tornetta, a Tesla shareholder, is seeking to nullify Mr. Musk’s 2018 pay package, alleging that the CEO controlled the board’s consideration of his grant and that the board failed to disclose crucial information to shareholders, who signed off on it.

☆ Elon Musk Was an Unlikely Flight Risk at Tesla When Pay Package Came Together, His Brother Said
▼ + stars: | 2022-11-17 | by ( Rebecca Elliott | ) www.wsj.com time to read: 1 min

The question of whether Mr. Musk was likely to walk away from Tesla when the board signed off on his pay package has been a theme through the week’s testimony. WILMINGTON, Del.—Elon Musk was unlikely to walk away from his role as chief executive of Tesla Inc. in 2018, around the time shareholders signed off on a new, multibillion-dollar pay package for him, the CEO’s brother said. Kimbal Musk ‘s comments came in 2021 deposition testimony that was played Thursday in a trial over Elon Musk’s latest pay deal at Tesla. The question of whether Mr. Musk was a flight risk when the board signed off on the grant has been a theme throughout the week’s testimony.

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