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☆ Biden to launch joint FTC-DOJ task force to crack down on 'unfair and illegal pricing'
▼ + stars: | 2024-03-05 | by ( Rebecca Picciotto | ) www.cnbc.com time to read: +3 min

Federal Trade Commission Chair Lina Khan testifies before a House Judiciary Committee hearing on Oversight of the Federal Trade Commission, on Capitol Hill in Washington, D.C., July 13, 2023. Kevin Wurm | ReutersPresident Joe Biden on Tuesday will launch a new task force to take on "unfair and illegal" corporate pricing, which Biden sees as a major reason why consumers are not yet feeling the impact of cooling inflation rates and a strong economy. The task force will be jointly led by the Federal Trade Commission and the Department of Justice, two agencies at the forefront of the Biden administration's aggressive regulatory agenda over the past three years. The announcements and the meeting are part of Biden's ongoing crusade against corporate pricing practices that he claims are unfair. Lael Brainard, vice chair of the US Federal Reserve, speaks during an interview in Washington, DC, on Monday, Nov. 14, 2022.

Persons: Lina Khan, Kevin Wurm, Joe Biden, Biden, Antitrust Jonathan Kanter, Khan, Kanter, Jonathan Kanter, Kevin Dietsch, Lael Brainard, inhalers, Brainard, Andrew Harrer Organizations: Federal Trade, Federal Trade Commission, Capitol, Washington , D.C, Department of Justice, Biden, Force, Antitrust, Justice Department, White, Competition Council, Economic, Consumer Financial, Agriculture Department, US Federal Reserve, Bloomberg, Getty Locations: Washington ,, Washington , DC, U.S

☆ Jim Cramer: Why a successful Reddit IPO would be bad news for this bull market
▼ + stars: | 2024-03-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, —, isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND

☆ OpenAI's legal headaches are adding up
▼ + stars: | 2024-03-01 | by ( Geoff Weiss | ) www.businessinsider.com time to read: +3 min

Even as it promises to disrupt the economy, OpenAI's legal headaches are adding up. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementOn Wednesday, The Wall Street Journal reported that the Securities and Exchange Commission was investigating whether OpenAI misled investors. AdvertisementIn December, The New York Times filed a suit against OpenAI and Microsoft, alleging Times articles had been used to train chatbots. In July, the FTC also began investigating OpenAI over data and privacy concerns to determine whether the company was in violation of consumer-protection laws.

Persons: Elon Musk, OpenAI, —, Tesla, Musk, Sam Altman, Jonathan Franzen, John Grisham, George R.R, Martin, That's, Sora, Axel Springer Organizations: SEC, Service, Microsoft, Street Journal, Securities and Exchange Commission, The New York Times, OpenAI, Times, Federal Trade Commission, FTC, Google, Business Locations: OpenAI

☆ Cramer's week ahead: Watch for earnings from Target, CrowdStrike, Kroger and more
▼ + stars: | 2024-03-01 | by ( Julie Coleman | ) www.cnbc.com time to read: +3 min

CNBC's Jim Cramer on Friday told investors what to look for next week on Wall Street, including earnings from retailers like Target . Tuesday brings earnings from Target and Cramer said he's optimistic about the big-box retailer's performance. On Thursday, Cramer will be paying attention to earnings from grocers Kroger and Costco , as well as Marvell Technology . Friday brings February's unemployment report. If there's a slight boost in unemployment while wages stay steady, Cramer said he thinks investors won't have to fight the Fed.

Persons: CNBC's Jim Cramer, Cramer, Forget, he'll, it's, George Kurtz, Campbell Soup, Kroger's, he's Organizations: Federal Reserve, Palo Alto Networks, Abercrombie, Fitch, Kroger, Costco, Marvell Technology, Federal Trade Commission, Albertsons

☆ OpenAI rival Cohere says some AI startups build Bugatti sports cars, 'We make F-150s'
▼ + stars: | 2024-03-01 | by ( Hayden Field | ) www.cnbc.com time to read: +5 min

"We don't comment on rumors," Kon told CNBC. Although Cohere is often mentioned alongside AI heavyweights like OpenAI, Anthropic, Google and Microsoft , the startup's focus on enterprise-only chatbots has set it apart. In November, Cohere told CNBC it saw an uptick in customer interest after OpenAI's sudden and temporary ouster of CEO Sam Altman. Cohere's relationships with strategic investors are another area where it differs from generative AI competitors, Kon said. Search, Kon said, is a key piece of generative AI that's getting less attention than other areas.

Persons: Martin Kon, Kon, OpenAI, Cohere, It's, Anthropic, Claude chatbot, who's, Sam Altman, it's, Nvidia –, Lina Khan, That's Organizations: Bugatti, CNBC, Google, Nvidia, Cohere, Salesforce, Oracle, Company, White, Microsoft, Enterprise, Federal Trade Commission Locations: Cohere's

☆ Kroger, Albertsons and the New Antitrust Playbook - The New York Times
▼ + stars: | 2024-02-28 | by ( Peter Coy | ) www.nytimes.com time to read: +1 min

“The proposed acquisition is by far the largest supermarket merger in U.S. history,” one that would unite “the No. 2 traditional supermarket chains in the United States,” it says in its complaint. is correct on the numbers, but the key word is “traditional.” Traditional supermarket chains no longer dominate the grocery business. Kroger is a distant second to Walmart, with a 10 percent market share, and Albertsons is fourth (behind Costco Wholesale), with 6 percent. So even if Kroger and Albertsons merged, they would be only a little more than half of Walmart’s size.

Organizations: Kroger Co, Albertsons Companies Inc, titans, Federal Trade Commission, Albertsons, Walmart, Sam’s Club, Solomon Partners, Kroger, Costco Wholesale Locations: United States

☆ An Emboldened F.T.C. Bolsters Biden’s Efforts to Address Inflation
▼ + stars: | 2024-02-27 | by ( Jim Tankersley | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission filed a lawsuit on Monday, joined by several state attorneys general, to challenge a merger between the supermarket giants Kroger and Albertsons. The agency’s rationale in many ways echoed Mr. Biden’s renewed attempts to blame corporate greed for rising prices and shrinking portions in grocery aisles. Because grocery prices have risen significantly in recent years, they added, “the stakes for Americans are exceptionally high.”That is true for consumers, and it is true for the president. More Americans disapprove of his handling of the economy than approve of it. Consumer confidence, while improved in recent months, remains relatively weak for an economy with low unemployment and solid growth like the one Mr. Biden is presiding over.

Persons: Biden’s, Biden Organizations: White, Federal Trade Commission, Kroger, Albertsons

☆ FTC sues H&R Block over issues tied to its online free file option
▼ + stars: | 2024-02-27 | by ( Jeanne Sahadi | ) edition.cnn.com time to read: +5 min

The consumer protection agency’s complaint alleges that H&R Block makes it unnecessarily time consuming and frustrating for consumers to downgrade to a lower cost tax-preparation option online after initially selecting a higher cost one. “H&R Block deceptively markets its Online Products by representing to consumers that they can file for free using H&R Block, when in fact, many consumers have tax situations that are not covered by H&R Block’s Online Product,” according to the complaint. We are confident in the value our services and offerings provide to our clients who have trusted H&R Block for nearly 70 years,” Redler said. H&R Block told CNN “there is no threshold. Earlier this month, the FTC took similar action against Intuit, maker of Turbo Tax tax filing software, “for deceiving consumers with bogus advertisements pitching ‘free’ tax filing that millions of consumers could not use.”

Persons: “, Dara Redler, ” Redler, It’s, Jeff Jones, ” Organizations: New, New York CNN, Federal Trade Commission, Products, CNN, FTC, Block, CNN Business, Intuit, Turbo Locations: New York

☆ Hess shares drop as fight with Exxon Mobil over Guyana oil threatens Chevron takeover
▼ + stars: | 2024-02-27 | by ( Spencer Kimball | ) www.cnbc.com time to read: +2 min

Hess Corp shares fell Tuesday after Chevron warned investors that a dispute with Exxon Mobil and China's National Offshore Oil Corp. (Cnooc) over Guyana's offshore oil assets could jeopardize its bid to acquire the company. Chevron said Exxon and Cnooc's claims could delay or completely derail its acquisition of Hess. Chevron said in the filing that it does not believe the joint operating agreement applies to its acquisition of Hess. Neal Dingmann, an analyst at Truist, told CNBC's "Squawk Box" on Tuesday that it is unlikely Exxon and Cnooc will scoop up Hess' Guyana assets. The dispute with Exxon and Cnooc is the latest hurdle that Chevron's bid to acquire Hess faces.

Persons: Hess, —, Exxon, Neal Dingmann, CNBC's, Dingmann Organizations: Hess Corp, Chevron, Exxon Mobil, China's, Offshore Oil Corp, Exxon, Cnooc, Federal Trade Commission Locations: Guyana

☆ US government sues to block largest supermarket merger in history
▼ + stars: | 2024-02-26 | by ( Nathaniel Meyersohn | ) edition.cnn.com time to read: +4 min

New York CNN —The Federal Trade Commission on Monday sued to block the $25 billion deal between Kroger and Albertsons, alleging the largest supermarket merger in US history would lead to higher prices for consumers. The merger, announced in 2022, sought to combine the fifth and tenth largest retailers in the country. “This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years. With the FTC’s blessing, Haggen, a small supermarket chain in the Northwest with just 18 locations, bought 146 of the former Albertsons and Safeway stores. She criticized the FTC’s handling of Albertsons’ deal with Safeway, pointing to it as a prime example of the limitations of divestitures.

Persons: Harris Teeter, Fred Meyer, Kroger, Rodney McMullen, Henry Liu, Piggly, Khan, Lina Khan, Haggen, ” Khan, “ Organizations: New, New York CNN, Federal Trade Commission, Kroger, Albertsons, Safeway, Vons, Bureau of Labor Statistics, FTC, Walmart, Amazon, Costco, Competition, S Wholesale Grocers, Democrats, Republicans, Capitol Locations: New York, United States, Aldi, FTC’s, Northwest

☆ F.T.C. Sues to Block Kroger-Albertsons Grocery Store Deal
▼ + stars: | 2024-02-26 | by ( Julie Creswell | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission on Monday sued to block Kroger, the supermarket giant, from completing its $24.6 billion acquisition of the grocery chain Albertsons, saying the deal would hurt competition in the industry. The agency said the deal, which would be the largest supermarket merger in U.S. history, would also likely result in higher prices for groceries for consumers and, with fewer supermarkets, reduce the ability for grocery-store employees to negotiate higher wages and better working conditions. “This supermarket mega merger comes as American consumers have seen the cost of groceries rise steadily over the past few years,” Henry Liu, director of the F.T.C.’s Bureau of Competition, said in a news release. “Kroger’s acquisition of Albertsons would lead to additional grocery price hikes for everyday goods, further exacerbating the financial strain consumers across the country face today.”The agency’s lawsuit is the latest move by the Biden administration to take a tougher stance on mergers. In recent years it has challenged several big deals, including the drug maker Amgen’s $27.8 billion acquisition of the pharmaceutical company Horizon Therapeutics; JetBlue’s proposed $3.8 billion purchase of Spirit Airlines; and Microsoft’s $70 billion acquisition of the video game maker Activision Blizzard.

Persons: ” Henry Liu, Biden, JetBlue’s, Activision Blizzard Organizations: Federal Trade Commission, Kroger, Albertsons, Competition, Horizon Therapeutics, Spirit Airlines, Activision Locations: ’

☆ H&R Block used deceptive marketing and unfairly deleted tax filer data, FTC complaint alleges
▼ + stars: | 2024-02-26 | by ( Kate Dore | Cfp | ) www.cnbc.com time to read: +3 min

An H & R Block tax preparation office is seen on Flatbush Avenue on February 06, 2024 in the Prospect Heights neighborhood of Brooklyn borough in New York City. H&R Block marketed free products to many consumers who didn't qualify and made it difficult to downgrade, according to the complaint. "H&R Block allows consumers to downgrade to a less expensive DIY product via multiple mechanisms while ensuring the preparation of accurate tax returns." FTC banned 'deceptive advertising' from IntuitThis is the second FTC action against tax filing software providers in recent history. Other free tax filing optionsMeanwhile, consumers have several free tax filing options this season, including a Direct File pilot via the IRS, which will offer limited free filing for certain taxpayers in 12 states by mid-March.

Persons: Michael M, Samuel Levine, Dara Redler, Ed Mierzwinski, PIRG Organizations: Santiago, Getty, Intuit, Federal Trade Commission, Block, Consumer Protection, U.S . Public Interest Research, FTC, IRS Locations: Flatbush, Prospect Heights, Brooklyn, New York City, FTC's

☆ Here's how I see the Fed's rate-cut dilemma playing out — and 5 more themes for 2024
▼ + stars: | 2024-02-25 | by ( Jim Cramer | ) www.cnbc.com time to read: +7 min

Here's why: The conversion from three or four cuts to two to one to no cuts won't happen overnight. It won't be a headlong rush out of the stock market. As long as enough people think rate cuts are going to occur, there won't be torrent of money going to the sidelines. What else could influence our thinking for 2024 besides this rate-cut dilemma? As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: Jim Cramer's, Nixon, Goldwater, John Ellis, Steve Schwarzman, Blackstone, There's, we're, It's, Estee Lauder, Eaton, Ingersoll Rand, Nucor, Eli Lilly, —, Zepbound, aren't, Jim Cramer, Jim Organizations: CNBC, Club, Fed, Federal Reserve, U.S, Army, U.S . Army, Republican, Federal Trade Commission, Microsoft, Activision, Wynn Resorts, Apple, Palo Alto Networks, Nvidia, GOP, That's, Caterpillar, it's Novo Nordisk, Jim Cramer's Charitable Locations: Vietnam, Wisconsin , Michigan, Pennsylvania, North Carolina , Georgia, Arizona, Nevada, China

☆ It’s a Great Deal, Before the ‘Drip Pricing’
▼ + stars: | 2024-02-23 | by ( Santul Nerkar | ) www.nytimes.com time to read: 1 min

The term drip pricing has been around since at least 2009, when the British publication New Age Media used it to talk about an inquiry into online advertising, and it became more widespread in 2012, when the Federal Trade Commission began raising alarms about it. The practice itself, which is especially widespread in e-commerce, has been going on for decades — probably because it works. A 2021 paper, for example, found that when StubHub, a secondary-ticket marketplace, used the technique on consumers, ticket revenue was about 20 percent more than when the total cost, with fees, was disclosed upfront.

Organizations: New, Media, Federal Trade Commission

☆ Opinion: Here’s what’s at risk if Big Tech doesn’t address deceptive AI content
▼ + stars: | 2024-02-23 | by ( Opinion Timothy Karr | ) edition.cnn.com time to read: +6 min

In response, the platforms have pledged to set high expectations in 2024 for how they “will manage the risks arising from deceptive AI election content,” according to the joint accord. This included rolling back election misinformation policies designed to limit “Big Lie” content about the 2020 vote. Their role as conduits of misinformation will likely increase as the sophisticated AI tools needed to create deepfakes of politicians become more widely available to users of social media. As we learned in the aftermath of the 2020 vote, there are dangerous, real-world consequences when platform companies retreat from commitments to root out disinformation. Unless the companies permanently restore election integrity teams and actually enforce rules against the rampant abuse of AI tools, democracy worldwide could well hang in the balance.

Persons: Timothy Karr, ” Timothy Karr, Joe Biden’s, they’ve, Paul Vallas, Vallas Organizations: Free Press, CNN, Google, Microsoft, Meta, Building, YouTube, Chicago mayoral, Federal Trade Commission Locations: United States

☆ FTC fines cybersecurity company Avast $16.5 million for tracking and selling user data
▼ + stars: | 2024-02-22 | by ( Jennifer Korn | ) edition.cnn.com time to read: +2 min

CNN —Cybersecurity software company Avast faces a $16.5 million fine from the Federal Trade Commission after the agency filed a complaint Wednesday accusing the company of selling consumer data to third parties. The FTC says Avast, a firm that promises to protect consumer data from online tracking, has done the opposite, collecting and selling user browsing data without knowledge or consent while simultaneously misleading users. Furthermore, the FTC says Avast told users it would only share information in “anonymous and aggregate form,” though this was not the case. “Because it is intrinsically sensitive, browsing data warrants heightened protection.”The FTC says Avast sold data to a range of over 100 clients, including consulting firms, advertising companies and data brokers. On top of the multi-million dollar fine, Avast is being hit with a ban from the FTC to prohibit the company from selling or licensing data for advertising purposes.

Persons: Avast, Lina Khan, “, ” Khan, “ Avast, ” Samuel Levine, ” Avast Organizations: CNN, Federal Trade Commission, FTC, Soviet Bloc, Gen Digital, Avast, Consumer Protection Locations: Czechoslovakia, Tempe , Arizona, Prague, Czech Republic, United Kingdom, Czech, FTC’s

☆ FTC says Twitter employees saved Elon Musk by disobeying his orders
▼ + stars: | 2024-02-21 | by ( Ana Altchek | ) www.businessinsider.com time to read: +1 min

NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . Elon Musk might want to thank the workers who went against his orders. Twitter employees ignored Musk's demand to reveal the company's data to reporters — and may have saved him from another hefty charge from the Federal Trade Commission. This story is available exclusively to Business Insider subscribers.

Persons: —, Elon, Twitter —, Musk Organizations: Service, Federal Trade Commission, FTC, Twitter, Business

“It isn't just sort of creepy,” said Washington state Rep. Vandana Slatter, the sponsor of a law her state adopted last year to rein in unauthorized use of health information. X-Mode was also found to have sold location data to the U.S. military. In Virginia, legislation that would prohibit the issuance of search warrants, subpoenas or court orders for electronic or digital menstrual health data recently cleared both chambers of the Democratic-controlled General Assembly. “The next step to enforcing an abortion ban could be accessing menstrual health data, which is why I’m trying to protect that data,” Favola said in a committee hearing. “The software supply chain is extremely polluted with location tracking of individuals,” he said.

Persons: Roe, ”, Vandana Slatter, “, Albert Fox Cahn, Sen, Ron Wyden, Wyden, He’s, It's, Washington's, Andrea Frey, Democratic Sen, Barbara Favola, Glenn Youngkin, ” Favola, Favola, “ It’s, Republican Sen, Mark Peake, Youngkin's, Sean O'Brien, he's, ___ Mulvihill, Frank Bajak, Sarah Rankin Organizations: Democratic, Supreme, Wade, Oregon Democrat, Intelligence, The Veritas Society, Wisconsin, Federal Trade Commission, Securities Exchange Commission, FTC, ., Democrat, Republicans, Connecticut, Assembly, Virginia Gov, Republican, Yale Privacy, Associated Press Locations: U.S, Washington, Oregon, Wisconsin, Massachusetts, Nevada, York, California, Maryland, ” Illinois, Hawaii , Illinois, Maine , Maryland , Massachusetts , Missouri, South Carolina, Vermont, In Virginia, Cherry Hill , New Jersey, Boston, Richmond , Virginia

☆ How to avoid the top scam of 2023: The internet has 'really supercharged' it, expert says
▼ + stars: | 2024-02-15 | by ( Greg Iacurci | ) www.cnbc.com time to read: +4 min

Vasily Pindyurin | fStop | Getty ImagesConsumers lost a record $10 billion to fraud in 2023, and imposter scams were the most prevalent swindle, according to the Federal Trade Commission. Nearly 854,000 people filed complaints to the FTC about imposter scams in 2023. Consumers lost $2.7 billion to such scams in 2023, according to FTC data. In addition to financial loss, "we know fraud causes significant emotional and psychological harm," he added. Fraud victims lost $1.9 billion and $1.4 billion via these payment channels, respectively, in 2023.

Persons: Vasily Pindyurin, Hardeep Rai, Rai, —, fraudsters, Breyault Organizations: fStop, Getty, Federal Trade Commission, Consumers, FBI

☆ Don’t ‘surreptitiously’ use Americans’ data to train AI, FTC warns businesses
▼ + stars: | 2024-02-14 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Washington CNN —US companies may find themselves under federal scrutiny if they “quietly” try to funnel customers’ personal information into training artificial intelligence models, the government warned this week. The warning by the Federal Trade Commission, the nation’s top privacy and consumer protection agency, highlights the enormous value of Americans’ personal data. “You may have heard that ‘data is the new oil,’” the agency said, referencing an adage describing the way personal information is a critical input powering the machinery of Big Tech. “There is perhaps no data refinery as large-capacity and as data-hungry as AI.”Many companies disclose how they use customer or user information in their privacy policies. But simply updating a privacy policy to say that a company will now use personal data collected for other purposes to train AI isn’t transparent enough and could violate the law, the FTC said.

Persons: “, Gary Gensler Organizations: Washington CNN, Federal Trade Commission, Netflix, Big Tech, FTC, Securities and Exchange Commission

☆ U.S. Agencies Open Inquiry Into Generic Drug Shortages
▼ + stars: | 2024-02-14 | by ( Christina Jewett | ) www.nytimes.com time to read: +1 min

The Federal Trade Commission and the Department of Health and Human Services said on Wednesday that they would examine the causes of generic drug shortages and the practices of “powerful middlemen” that are involved in the supply chain. The federal agencies’ inquiry is aimed at the group purchasing organizations and drug distributors that have been in the spotlight in recent months as drug shortages reached a 10-year peak. During Congressional hearings in the last year, oncology experts have testified about the effects of the shortages, describing difficult decisions that forced them to ration key chemotherapy drugs. “For years Americans have faced acute shortages of critical drugs, from chemotherapy to antibiotics, endangering patients,” Lina Khan, the F.T.C. “Our inquiry requests information on the factors driving these shortages and scrutinizes the practices of opaque drug middlemen.”

Persons: ” Lina Khan Organizations: Federal Trade Commission, Department of Health, Human Services

☆ Biden administration examining role of supply chain middlemen in generic drug shortages
▼ + stars: | 2024-02-14 | by ( Annika Kim Constantino | ) www.cnbc.com time to read: +3 min

They are group purchasing organizations, which broker drug purchases for hospitals and other health-care providers, and drug wholesalers, which buy medicines from manufacturers and distribute them to providers. But the Biden administration is zeroing in on other players in the drug supply chain to uncover the "root causes and potential solutions" to ongoing shortages. The Federal Trade Commission on Wednesday said it is examining the role that drug wholesalers and companies that purchase medicines for U.S. health-care providers play in shortages of generic drugs, which account for the majority of Americans' prescriptions. Group purchasing organizations and wholesalers have gotten limited attention on Capitol Hill, even as reining in high drug costs has become a key priority among lawmakers in both chambers. PBMs contend that manufacturers are responsible for high drug prices, while drugmakers say rebates and fees collected by those middlemen force them to increase list prices for products.

Persons: Biden, Doug Farrar, Cencora Organizations: FTC, Department of Health, Human Services, Federal Trade Commission, Public Affairs, CNBC, HHS, Cardinal Health, Group, Capitol, CNBC PRO Locations: U.S

“Losing the love was worse than losing the money,” said Kleinart, 70, who lost tens of thousands to a romance scam over several months. Last year, the Federal Trade Commission received over 64,000 romance scams reports that translated into $1.14 billion in reported losses. Romance scams often target lonely and isolated individuals, according to Will Maxson, assistant director of the Division of Marketing Practices at the FTC. Specifically for older people, romance scams are among the most common scams, said Kathy Stokes, director of fraud prevention at AARP. However, she noted people from all ages can fall for a romance scam.

Persons: Kate Kleinart, ”, Kleinart, Will Maxson, “, —, Kathy Stokes, Genevieve Waterman, Waterman, ” Waterman, scammers, it’s, Stokes, Hey, ” Stokes, Charles Schwab Organizations: Federal Trade Commission, FTC, AARP, National Council, Aging, Associated Press, Charles, Charles Schwab Foundation, Inc, AP Locations: Spain

☆ AI could disrupt the 2024 US presidential election. What’s Congress doing about it?
▼ + stars: | 2024-02-14 | by ( Brian Fung | ) edition.cnn.com time to read: +11 min

But with just nine months until Americans head to the ballot box, there are few signs Congress is ready to pass any meaningful legislation on AI. Alex Wong/Getty ImagesSchumer has previously said that with the election nearing, he may seek to fast-track a bill that focuses specifically on AI and election security. Nothing looks likely to move.”Initial momentum on AI regulationFor months, Congress has focused on getting up to speed on the basics of AI. Still other ideas would require “high-risk” AI models to register for a government license, or create a dedicated new federal agency to oversee AI. OpenAI CEO Sam Altman testifies before a Senate Judiciary Privacy, Technology & the Law Subcommittee hearing titled 'Oversight of A.I.

Persons: Joe Biden, Chuck Schumer, Bill Gates, Mark Zuckerberg, Elon Musk, “, Schumer, Sen, Todd Young, Martin Heinrich, Michael Rounds, Alex Wong, New Mexico Democratic Sen, South Dakota Republican Sen, Mike Rounds, Indiana Republican Sen, didn’t, Paul Gallant, Cowen, ”, Gallant, we’re, Sam Altman, Altman, Heinrich, Rounds, Young, Julia Nikhinson, Sundar Pichai, Jensen Huang, Mike Johnson, Marcus Molinaro, Johnson, Drake, Tom Hanks, Tennessee Republican Sen, Marsha Blackburn, Hakeem Jeffries, Don Beyer, it’ll, Alan Davidson, Biden, Elizabeth Frantz, ” Davidson, —, Sarah Myers West Organizations: Washington CNN, mayoral, U.S, Senate, Capitol, Artificial Intelligence, “, CNN, New, New Mexico Democratic, South Dakota Republican, Indiana Republican, Cowen Inc, United, International Atomic Energy Agency, Intelligence, Reuters, Google, Nvidia, New York Republican, The Washington Post, Commerce, Tennessee Republican, ITI, Virginia Democratic Rep, State of, Republican, House Energy, European Union, EU, Congress, Commerce Department, White House, Privacy, Technology, Democrats, Federal Trade Commission Locations: Washington ,, New Mexico, South, Washington , U.S, Washington

☆ Don’t let AI hype lead you into illegal ‘AI-washing,’ SEC chair warns companies and investment advisers
▼ + stars: | 2024-02-13 | by ( Brian Fung | ) edition.cnn.com time to read: +2 min

Publicly traded companies that misleadingly or untruthfully promote their use of artificial intelligence risk engaging in “AI-washing” that can harm investors and run afoul of US securities law, said SEC Chair Gary Gensler in a speech on Tuesday. They also shouldn’t lie about whether they use an AI model or how they use AI in specific applications, Gensler added. One would be the intentional use of AI to facilitate securities fraud, Gensler said Tuesday. The SEC could target those who deploy AI in ways that create reckless or knowing disregard for the risks to investors, Gensler said. He said the SEC could also investigate those who place fake orders in violation of securities law, or investment advisers who place their own interests ahead of their clients’.

Persons: Gary Gensler, “ We’ve, ” Gensler, Gensler, Alvaro Bedoya Organizations: Washington CNN, Securities and Exchange Commission, Publicly, SEC, Yale Law School, Federal Trade Commission

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