Author: Press Room

Supreme Court Justice Clarence Thomas has accepted secret luxury trips from Republican megadonor Harlan Crow for more than two decades in apparent violation of a financial disclosure law, a ProPublica report revealed Thursday.Thomas has vacationed on Crow’s 162-foot superyacht, flown on the real estate developer’s private jet and spent time at the GOP donor’s private resort and other exclusive retreats, ProPublica reported, citing documents and dozens of interviews.Thomas, the 74-year-old conservative associate justice who has served on the nation’s highest court since 1991, has not reported the trips on his financial disclosures as required by law, the nonprofit newsroom reported.The…

The banking crisis caused by the recent collapse of Silicon Valley Bank and Signature Bank has increased the odds of a US recession, JPMorgan Chase CEO Jamie Dimon told CNN’s Poppy Harlow in an exclusive interview on Thursday. Speaking in his first interview since the failure of SVB, Dimon said that while the banking system is strong and sound, the recent turmoil around the financial system is “another weight on the scale” towards recession. “We are seeing people reduce lending a little bit, cut back a little bit and pull back a little bit.” While the banking chaos won’t “necessarily…

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Self-proclaimed Bitcoin creator Craig Wright has hinted at a possible legal battle against Apple over the storage of Bitcoin white paper on its computers, claiming it violates copyright laws. In response to a Twitter user who asked if Apple might be “in breach of copyright” for storing the Bitcoin white paper on its computers, the Australian computer scientist said: “Yes.” Wright has long claimed that he is the pseudonymous creator of Bitcoin, Satoshi Nakamoto. The computer scientist has also argued that his intellectual property rights have been infringed upon by Bitcoin spin-offs derived from the cryptocurrency since he created the original blockchain. He has…

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Hey there! Dan DeFrancesco in NYC. Fun fact Friday: Parents in cities, including Eleanor Roosevelt, used to put their children in cages that hung out their windows in order for them to get fresh air.With the stock market closed today, we decided to shake things up a bit. Today’s edition consists of reader-submitted questions. One quick note: Some of you had questions related to personal finance, a topic I’m not qualified to give advice on – just ask my 401(k). I urge you to subscribe to 10 Things Before the Bell, which is much more focused on the daily moves of the…

Tesla cut the prices of its two most expensive cars in the fifth reductions this year. The Model S and Model X are now $5,000 cheaper, with $2,000 off the Model Y. The cuts come as the US brings in new rules on EV tax credits later this month. Loading Something is loading. Thanks for signing up! Access your favorite topics in a personalized feed while you’re on the go. download the app Tesla has cut prices on two of its most expensive cars in its fifth reductions this year as the US prepares to bring in new rules on…

The latest employment report points toward further interest rate hikes by the Federal Reserve. Although there is no one-to-one connection between employment and Fed policy, Jerome Powell has emphasized that future decisions will be driven by new data. And no other data matches the importance of employment. The inflation that the Fed is fighting results from too much stimulus relative to the country’s productive capacity. Whatever transitory elements were in the 2021-22 inflation acceleration have gone away. Now we must confront excessive demand. Rising interest rates will dampen activity-and employment-in the interest rate-sensitive portions of the economy. That will lead…

The story behind this week’s criminal fraud charges against Charlie Javice for allegedly fabricating data to induce JPMorgan Chase to buy her start-up for $175mn follows a by-now familiar pattern.A charismatic young founder charmed a series of blue-chip establishment figures who provided advice, lent prestige and chipped in funding until the company failed to live up to its promises, and lawsuits and criminal charges followed. Javice founded Frank to help students apply for college financial aid in 2017 when she was just 24 years old and drew early backing from Apollo’s Marc Rowan as well as Israeli venture capital firm…

Former adviser: Garland won’t overrule any Special Counsel indictments “Merrick Garland is not going to play judge or jury with either of Special Counsel Jack Smith’s investigations,” says Garland’s former senior adviser Anthony Coley, “…so long as [Smith’s] actions are consistent with the norms and practices of the Department.” Read the full article here