After being dealt a stunning setback by an appeals court, federal prosecutors in Delaware have declined to retry four former executives for the only financial institution to be criminally charged in connection with the federal bank bailout program in the wake of the 2008 financial crisis.
—The Senate has approved President Joe Biden’ s choice of Gary Gensler to head the Securities and Exchange Commission, signaling an emphasis on investor protection for the Wall Street watchdog agency after a deregulatory stretch during the Trump administration.
Madoff died at the Federal Medical Center in Butner, North Carolina, apparently from natural causes, the person said. The person was not authorized to speak publicly and spoke to the AP on the condition of anonymity.
We’ re three months into 2021. Maybe you planned to build a $1,000 emergency fund, but the balance is still zero. “There’ s nothing magical about New Year’ s, and you don’ t have to wait until 2022 to try again,” says Amy Hubble, a certified financial planner and founder of Radix Financial LLC in Oklahoma City.
About half of all younger adults surveyed also reported that COVID-19 prompted their interest in estate planning. Despite the growing interest among younger adults, most Americans still fail to take any action beyond talking to loved ones about estate planning, with 67% overall not yet having a will.
Trading in shares of AMC Entertainment Holdings was restricted yesterday on several trading platforms, but the company has taken advantage of its sudden popularity this week to give itself extra financial boosts and to be better prepared for a recovery in US consumer spending.
JPMorgan Chase strategists say that the cryptocurrency Bitcoin could reach $146,000 in the long term as it starts to challenge gold as an asset class. The forecast, put forth by strategists Nikolaos Panigirtzoglou, said in a note Monday that Bitcoin’s market capitalization, which is currently about $575 billion, would have to jump 4.6 times to reach gold investment levels.
The number of individuals reporting high levels of financial stress more than doubled from 11% pre-COVID to 27% since the crisis struck. Further, while only 44% of participants reported experiencing financial stress prior to the pandemic, the number grew to 67% following the outbreak.
There’s the segment of the economy where retirement accounts are flush. Stock markets recently hit record highs, after all, thanks to loose monetary policy, optimism about a future COVID-19 vaccine and assorted animal spirits. Then there’s the large segment of the economy that owns no stocks, has little to nothing saved for retirement and isn’t sharing in this wealth creation.
The emotional roller coaster that the upcoming presidential and congressional elections can bring can fuel emotions when it comes to managing money and investments. But there’s an old adage that financial advisers still stand by: Don’t play politics with your portfolio.
Retirement savers may never have had it more difficult. For decades, financial advisors routinely recommended an investment portfolio of 60% stocks and 40% bonds. It was seen as a goldilocks formula, combining potential for growth with protection if stock prices fell.
America’s largest banks are steeled for a wave of loan defaults and missed payments that still haven’t arrived. Thanks to an initially immense amount of support from Washington, that pain appears to have been pushed out to next year.
Stocks are ticking higher on Wall Street Wednesday, ahead of a decision on interest-rate policy by the Federal Reserve scheduled for the afternoon. One of the primary reasons Wall Street has roared back to record heights despite the still-raging pandemic is the immense aid the Federal Reserve is providing.
Financial adviser Dean Vagnozzi says a federal lawsuit criticizing lender Par Funding and Vagnozzi’s ties to the firm could end up hurting investors in his unrelated funds, but the court-appointed receiver in the case says Vagnozzi’s recent actions make him hard to trust.
For decades, the Federal Reserve made clear its readiness to raise interest rates at the earliest signs of creeping inflation. In a sign of how vastly the U.S. economic landscape has changed, Chairman Jerome Powell may be on the verge of sending a wholly different message this week: That the Fed plans to leave its key rate pinned near zero.
President Donald Trump isn’t telling the full story when it comes to executive orders on coronavirus relief payments and health care. Over the weekend, the president suggested that his move to bypass Congress with executive action calling for up to $400 in weekly unemployment assistance would mean immediate cash in hand for laid-off Americans.
The Senate Banking Committee on Tuesday approved President Donald Trump’s choice of Judy Shelton for the Federal Reserve board on a party-line vote, overcoming widespread questions about her qualifications for the Fed.
In a shift, the Senate Banking Committee is likely to back President Donald Trump’s unconventional nomination of Judy Shelton for the Federal Reserve’s Board of Governors in a party-line vote Tuesday. The committee’s support would move Shelton’s nomination to the full Senate, which would have until the end of the year to confirm or reject it.
Fed officials say more than 200 banks have signed up to participate since the Main Street Lending program began two weeks ago, but that’s a small slice of the nation’s roughly 5,000 lenders. None have made any loans yet.
Lately, we have heard talk of negative interest rates as a monetary policy option from the Federal Reserve. Today I thought we would discuss what negative interest rates are, and do they make sense as a policy option. So what are negative interest rates?
A survey released Monday by the National Association for Business Economics predicts that the gross domestic product— the total value of goods and services produced in the United States— will fall 5.9% for 2020 as a result of the recession triggered by the virus.
Financial advisors around the country are offering pro bono help to those impacted financially by COVID-19, no strings attached. But despite the historic economic downturn, some advisors say they aren’t getting many calls.
Benchmarks rose in Tokyo, Hong Kong and Seoul but fell in Shanghai and Sydney. Investors are balancing cautious optimism about the reopening of businesses shut down because of the pandemic against worries that widespread protests in the U.S. over police brutality could disrupt the economic recovery.
With 39 million Americans laid off, furloughed or forced to work fewer hours, 30% of adults have seen their household income fall, according to a recent Bank rate survey. Despite squirreling away more of their income, nearly one in five adults have less in emergency savings than before the pandemic.
Stocks closed higher on Wall Street Tuesday, driving the S&P 500 and Dow Jones Industrial Average to their highest levels in nearly three months as optimism over the reopening of the economy overshadowed lingering worries about the coronavirus pandemic.
During uncertain economic times, the unpredictable act of investing can be made even more unpredictable, local experts say. Since the onset of the coronavirus pandemic crisis in the United States, money decisions for average investors have certainly gotten more complicated.
Federal Reserve Chair Jerome Powell warned Wednesday of the threat of a prolonged recession resulting from the viral outbreak and urged Congress and the White House to act further to prevent long-lasting economic damage. The Fed and Congress have taken far-reaching steps to try to counter what is likely to be a severe downturn.