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☆ U.S. crypto broker Genesis says it is working to avoid bankruptcy filing
▼ + stars: | 2022-11-30 | by ( ) www.reuters.com time to read: +2 min

Nov 29 (Reuters) - U.S. cryptocurrency brokerage Genesis said it was seeking to avoid bankruptcy after Bloomberg news reported on Tuesday that creditors to the firm are organizing with restructuring lawyers to prevent insolvency. "Our goal is to resolve the current situation in the lending business without the need for any bankruptcy filing," a Genesis spokesperson said. Genesis has hired investment bank Moelis & Company "to evaluate the best possible asset preservation strategy and effectuate a roadmap," the firm said in the letter. The crypto lending arm of U.S. digital asset broker Genesis Trading suspended customer redemptions earlier this month, citing the sudden failure of FTX, where its derivatives business has approximately $175 million in locked funds, the company had said. Venture capital company Digital Currency Group, which owns Genesis Trading and cryptocurrency asset manager Grayscale, owes $575 million to Genesis' crypto lending arm, Digital Currency Chief Executive Barry Silbert told shareholders this month.

☆ Asia markets poised to fall for a second day; China's Covid situation remains in focus
▼ + stars: | 2022-11-29 | by ( Abigail Ng | ) www.cnbc.com time to read: +1 min

St. Louis Fed President James Bullard said Monday that the Fed should continue to raise its benchmark interest rate in the coming months and that the market may be underestimating the chance that the Fed has to get more aggressive. "We're going to have to continue pursue our interest rate increases into 2023, and there's some risk that we've have to go even higher than [5%]," Bullard said at a Barron's Live webinar. Bullard made waves in financial markets earlier this month when he said the Fed's hikes have had "only limited effects" on inflation so far and that the benchmark interest rate may need to rise to between 5% and 7%. "I think we'll probably have to stay there all through 2023 and into 2024, given the historical behavior of core PCE inflation or Dallas Fed trimmed mean inflation. But they probably won't come down quite as fast as markets would like and probably the Fed would like," Bullard said.

☆ There are many reasons to be optimistic about the market, even with the China wildcard
▼ + stars: | 2022-11-28 | by ( Bob Pisani | ) www.cnbc.com time to read: +4 min

More interesting is the S & P 500 , which is down 15.5% and only 16% from its old closing high on Jan. 4. Another help for the bulls: stock market valuations are not at crazy levels. Earnings declines are never welcome, but the stock market is a lot more reasonably valued now than the third quarter of 2020. The S & P was trading at crazy multiples: roughly 26 times 2020 earnings and 21 times 2021 earnings (the long-term average is roughly 17). Today, the S & P is trading at a far more reasonable valuation of about 17.4 times 2023 earnings estimates.

☆ Crypto lender Genesis subject of probe by regulators - Barron's
▼ + stars: | 2022-11-25 | by ( ) www.reuters.com time to read: +1 min

Nov 25 (Reuters) - State securities regulators are investigating Genesis Global Capital as part of a wide-ranging inquiry into the interconnectedness of crypto firms, Barron's reported on Friday citing a comment from the Alabama Securities Commission Director. While it does not directly serve individual investors, Genesis backs products offered by crypto companies such as Circle Internet Financial, the principal operator of one of the largest stablecoins, USD Coin, and by Gemini. Genesis and Alabama Securities Commission did not immediately respond to Reuters' requests for comment on the report. In the aftermath of the collapse of crypto exchange FTX, Genesis suspended customer redemptions in a spillover effect citing "abnormal withdrawal requests" that exceeded its liquidity. Several crypto firms have been plagued by contagion concern from the fallout of the FTX collapse, with many counting their exposure in millions to the beleaguered exchange.

☆ Singapore's Temasek writes down its $275 million investment in collapsed FTX, calling its belief in founder Sam Bankman-Fried 'misplaced'
▼ + stars: | 2022-11-17 | by ( Carla Mozée | ) www.businessinsider.com time to read: +3 min

Singapore's state-funded investment firm is writing down its entire investment in FTX following the crypto exchange's implosion. Temasek invested $275 million in FTX over two funding rounds. It called its belief in FTX founder Sam Bankman-Fried "misplaced." Venture capital heavyweight Sequoia Capital said last week it's writing down the full value of its roughly $214 million investment in FTX's US and global businesses. "There have been misperceptions that our investment in FTX is an investment into cryptocurrencies.

☆ America's biggest wealth manager explains why he's telling clients that going all-in on stocks is the right move to make now — and why real estate investing is still a no-go
▼ + stars: | 2022-11-11 | by ( Marley Jay | ) www.businessinsider.com time to read: +4 min

Peter Mallouk and his wealth management firm Creative Planning have won numerous awards. Older and high-net worth people who've seen some ups and downs are taking the ongoing slumps in stocks, bonds, real estate, and cryptocurrencies in stride, the Creative Planning CEO told Insider in a recent interview. Forbes also called him one of the best US wealth managers in 2015, and CNBC said Creative Planning was the best fee-only wealth management firm in 2014. He reasons that stocks and Treasuries provide similar levels of yield, while stocks have superior potential for price gains. The housing market is more of a mixed bag, and the right strategy depends on clients' spending habits and their plans.

☆ Bank of America tops estimates on better-than-expected bond trading, higher interest rates
▼ + stars: | 2022-10-17 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

Bank of America said Monday that profit and revenue topped expectations on better-than-expected fixed-income trading and gains in interest income, thanks to choppy markets and rising rates. Here are the numbers:Earnings: 81 cents vs. the 77 cents a share estimate of analysts surveyed by Refinitiv. Bank of America, led by CEO Brian Moynihan, was supposed to be one of the main beneficiaries of the Federal Reserve's rate-boosting campaign. Bank of America shares have fallen 29% this year through Friday, worse than the 26% decline of the KBW Bank Index. Last week, JPMorgan and Wells Fargo topped expectations for third-quarter profit and revenue by generating better-than-expected interest income.

☆ News Corp. stock up, Fox shares down as investors weigh possible merger
▼ + stars: | 2022-10-17 | by ( Jack Stebbins | ) www.cnbc.com time to read: +2 min

Shares of News Corp. rose while Fox shares fell Monday as investors weighed the possibility of Rupert Murdoch's media companies recombining nearly decade after they split. The companies had announced Friday that they were exploring a merger, with each News Corp. and Fox saying they formed special committees to explore the possibility. News Corp. has a market capitalization of around $9.45 billion, while Fox Corp. is worth about $14.76 billion. Alphabet has a market cap of $1.32 trillion, Apple's market cap is $2.29 trillion and Amazon's market cap is $1.15 trillion. The source said Irenic would oppose the combination of News Corp. with Fox if the real estate arm remained undervalued.

☆ Credit Suisse downgrades Fox, says reunion with News Corp. could hurt more than it would help
▼ + stars: | 2022-10-17 | by ( Alex Harring | ) www.cnbc.com time to read: +2 min

Fox 's potential reunification with News Corporation could actually be a set back from the stock's value, Credit Suisse warned. He said the potential combination of Fox and News Corp. would be a bad investment — and even just the idea could hurt the stock. "The pivot seems a tacit admission of challenges for Fox," he said in a Sunday note to clients. "Even if this merger does not ultimately come to fruition, the investment backdrop for Fox has been altered." He said a stock merger could take place, or one could rein if there's a perceived discount involved.

☆ Donald Trump is back at Mar-a-Lago and raging about FBI agents not taking off their shoes while searching his bedroom
▼ + stars: | 2022-09-19 | by ( Cheryl Teh | ) www.businessinsider.com time to read: +3 min

Trump said on Truth Social that he's finally had a look around Mar-a-Lago. He said FBI agents did not take off their shoes in his bedroom. "It was 'ransacked,' and in far different condition than the way I left it," Trump wrote on Truth Social. This is not the first time Trump has expressed anger at the FBI agents who searched through his personal items. Earlier this month, Trump claimed the FBI made him look sloppy by purposely scattering documents on the ground to photograph them during Mar-a-Lago raid.

☆ Seth Moulton bankrolls ring maker, Mark Green goes crypto, Mark Warner sells a 7-figure window-and-door investment
▼ + stars: | 2021-04-19 | by ( Dave Levinthal | Kimberly Leonard | ) www.businessinsider.com time to read: +10 min

Democratic Rep. Seth Moulton has made a major investment in a Finnish wearable tech firm. Sen. Mark Warner, a Democrat, sold a major investment in a high-end window company. Elon Musk would be proudRep. Mark Green, a Republican from Tennessee, purchased between $1,001 and $15,000 worth of cryptocurrency Dogecoin — the same day virtual currency platform Coinbase went public. According to Barron's, he paid $1.95 million to acquire 15,000 shares for $130 each, and paid $1.4 million for 10,000 shares for $140 each. He also bought between $1,000 and $15,000 worth of stock in Amazon.

Nearly 80% of American parents financially support their adult children, according to a 2018 Merrill Lynch survey. A 2018 Merrill Lynch survey revealed that 79% of US parents provide financial support to their adult children, contributing to $500 billion spent annually. According to the Merrill Lynch survey, parents today are largely helping out with food and groceries, cell phone bills, and car expenses. Many parents surveyed would make various financial sacrifices for their adult children. When it comes to homebuying, 26% of parents told Merrill Lynch they would help their child with a down payment.

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