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FTX suffered a “complete failure of corporate controls” that culminated in an “unprecedented” debacle, its new chief executive said Thursday. John J. Ray , who has helped oversee some of the biggest bankruptcies ever, including Enron’s, said in a filing to federal bankruptcy court that he’s never seen anything as bad in 40 years of restructuring firms.

☆ Crypto lender Nexo gets U.S. bank charter after buying stake in regulated bank
▼ + stars: | 2022-09-27 | by ( Ryan Browne | ) www.cnbc.com time to read: +1 min

Cryptocurrency lender Nexo on Tuesday announced it has taken a stake in a federally-regulated U.S. bank, paving the way for the company to offer banking services to Americans as a licensed institution. Nexo, based in Zug, Switzerland, said it has agreed to buy an undisclosed stake in Hulett Bancorp, which owns a little-known bank called Summit National Bank. Through Summit National Bank, which holds a federal bank charter with the Office Comptroller of the Currency, Nexo plans to offer a range of products including checking accounts and crypto-backed loans. Nexo declined to disclose the size of its stake in Summit National Bank. On top of the ability to launch new products, Nexo said its bank license would bring users enhanced legal safeguards.

☆ Alex Jones’ Connecticut trial is the latest, but not the last, of the legal fallout from his Sandy Hook hoax claims
▼ + stars: | 2022-09-15 | by ( Safia Samee Ali | Safia Samee Ali Is A Reporter For Nbc News Digital | Based In Chicago. | ) www.nbcnews.com time to read: +7 min

Jones is currently on trial in Waterbury, Connecticut, about 20 miles from Newtown, where the shooting took place. After a civil trial related to damages last month, a Texas jury ordered Jones to pay nearly $50 million in damages to Lewis and Heslin. Under Texas law, punitive damages can be up to twice the amount of economic compensatory damages but limited to $750,000 per plaintiff. Midway through that trial, Jones also filed for bankruptcy on behalf of his company, Free Speech Systems. Prior to his Connecticut trial, Jones’ lawyer tried to transfer the case to a federal bankruptcy court, which the court denied, allowing it to proceed in state court.

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An adjustable-rate mortgage (ARM) has a rate that fluctuates over set intervals. After closing, the only way to change these terms is to refinance to another ARM or to a fixed-rate mortgage. ARM lenders comparison chart Minimum credit score required ARM loan types Better Business Bureau rating Rocket Mortgage 620 FHA ARM, VA ARM, 7/6 ARM, 10/6 ARM A+ Chase Bank 620 5/6 ARM, 7/6 ARM, 10/6 interest-only jumbo ARM A+ Ally Bank 620 7/6 ARM APros and cons of adjustable-rate mortgagesThe benefits and drawbacks of an ARM Pros Lower introductory rate. You can refinance your ARM mortgage it into a fixed-rate mortgage. FAQ How is an adjustable-rate mortgage different from a fixed-rate mortgage?

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☆ The young lawyer who became the 'Don Quixote' of canceling student debt
▼ + stars: | 2021-05-29 | by ( Cezary Podkul | ) www.businessinsider.com time to read: +24 min

The victory marked the starting point for what's become Smith's raison d'être to help as many student loan borrowers as possible. But of those who did, around 60% managed to get a discharge of some portion of their student debt, Iuliano found. And thanks to a widely-held belief that student debt is categorically exempt from discharge, few are willing to take that chance. "I have $50k student debt, no degree, was a victim of attempted murder, out of work, and homeless," reads another. Austin SmithEventually, he says, he vowed to make it his life's cause to help the student loan borrowers.

☆ Opioid Crisis Fast Facts
▼ + stars: | 2017-09-18 | by ( Cnn Editorial Research | ) edition.cnn.com time to read: +15 min

March 29, 2017 - Trump signs an executive order calling for the establishment of the President’s Commission on Combating Drug Addiction and the Opioid Crisis. April 9, 2018 - The US surgeon general issues an advisory recommending that Americans carry the opioid overdose-reversing drug, naloxone. The settlement will be used to fund addiction research and help cities and counties with the opioid crisis. Cleveland County District Judge Thad Balkman orders Johnson & Johnson to pay $572 million for its role in the state’s opioid crisis. November 15, 2022 - Walmart agrees to the framework of a $3.1 billion settlement, which resolves allegations from multiple states’ attorneys general that the company failed to regulate opioid prescriptions contributing to the nationwide opioid crisis.

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