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Ex-Goldman Sachs Banker Convicted in Multibillion-Dollar Scheme
A former Goldman Sachs banker has been convicted on corruption charges accusing him of participating in a $4.5 billion scheme to loot the Malaysian state investment fund, 1MDB
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MBA Professor and Ex-Wall Street Banker: The No. 1 Thing We're Not Teaching Our Kids Enough of Today
After years of researching and listening to the stories of successful entrepreneurs and colleagues, Georgetown University professor J. Douglas Holladay shares what he’s learned about parenting and risk-taking.
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Goldman Sachs Agrees to Record $2.9B DOJ Settlement in Embezzlement Scandal
The international investment bank Goldman Sachs agreed to pay $2.9 billion and admit wrongdoing for its involvement in the plundering of an economic development fund meant to benefit Malaysia, under the terms of a settlement announced Thursday by the U.S. Justice Department. Instead of helping develop Malaysia’s economy, the fund’s overseers embezzled roughly $4 billion and bought real estate...
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Goldman Sachs says National Mask Mandate Could Slash Infections, Save Economy From 5% Hit
A federal face mask mandate would not only cut the daily growth rate of new confirmed cases of Covid-19, but could also save the U.S. economy from taking a 5% GDP hit in lieu of additional lockdowns, according to Goldman Sachs.
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Apple Is Laying the Groundwork for an iPhone Subscription
Apple investors have speculated for years about the possibility that Apple could sell hardware, like the iPhone, on a subscription basis. It’s been a hot topic of conversation among analysts because investors tend to value the predictability of recurring revenue.
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Apple Is Laying the Groundwork for an iPhone Subscription
Apple investors have speculated for years about the possibility that Apple could sell hardware, like the iPhone, on a subscription basis. It’s been a hot topic of conversation among analysts because investors tend to value the predictability of recurring revenue.
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How the Fed's Interest Rate Cut Affects Credit Card, Mortgage, Savings Rates
The Fed is expected to announce Wednesday that it is cutting its benchmark interest rate by one quarter of a percentage point, its third rate cut this year. “When the Fed raises or reduces the cost of money, it affects interest rates across the board,” said Greg McBride Bankrate’s chief financial analyst. “One way or another, it’s going to impact...
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How to Opt Out of Arbitration for the New Apple Card (and Why You'd Want to)
Buried in the fine print for the new Apple credit card is what’s called an “arbitration provision.” What that means is that in the event of a dispute with Apple or Goldman Sachs, the bank that actually manages the card and handles the financing, you might have forfeited your right to sue either company. Instead, Goldman Sachs or Apple can...
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Apple Card Is Now Available to Everyone in the US
The Apple Card is now available to all U.S. customers, the company said Tuesday. Apple announced the full launch of its new iPhone-integrated credit card, a joint venture with Goldman Sachs, on its website Tuesday. Previously, a limited number of customers were invited to apply for the card early in a “preview.” IPhone users can now apply for the card...
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The Apple Credit Card Is Here
The Apple credit card designed primarily for mobile use is here. Some iPhone users who requested a notification about Apple Card will get invites Tuesday to apply through Apple’s Wallet app. The company plans to expand sign-ups more broadly in coming weeks. The card, announced in March in partnership with Goldman Sachs, is available only in the U.S. The company...
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Stocks Just Had Their Second Best Day of the Year — Dow Rallies More Than 500 Points
Stocks surged on Tuesday, climbing back from a big rout in the past month, after Federal Reserve Chairman Jerome Powell signaled the central bank was open to easing monetary policy to save the economy and as trade tensions eased amid comments by China and Mexico. The Dow Jones Industrial Average surged 512.40 points, or 2.1% to 25,332.18. The S&P 500...
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Stocks Just Had Their Second Best Day of the Year — Dow Rallies More Than 500 Points
Stocks surged on Tuesday, climbing back from a big rout in the past month, after Federal Reserve Chairman Jerome Powell signaled the central bank was open to easing monetary policy to save the economy and as trade tensions eased amid comments by China and Mexico. The Dow Jones Industrial Average surged 512.40 points, or 2.1% to 25,332.18. The S&P 500...
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Wall Street Banks Boycott Brunei-Owned Hotels After Kingdom Makes Homosexuality Punishable by Death
A growing list of multinational banks are banning employees from staying at hotels owned by the Sultan of Brunei, where homosexuality and adultery is punishable by death. J.P. Morgan, Goldman Sachs and others — called to task by celebrities like Elton John, George Clooney and Ellen DeGeneres — have barred staff from staying at properties owned by the Dorchester Collection...
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Boeing's Troubled Jet is Costing $1 Billion to Fix So Far
Boeing is already estimating a $1 billion increase in costs related to its troubled 737 Max and has pulled its forecast of 2019 earnings because of uncertainty surrounding the jetliner, which remains grounded after two crashes that killed 346 people. The $1 billion figure is a conservative starting point. It covers increased production costs over the next few years but...
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Guilty Pleas Expected in Alleged Sex Cult Case
The heiress to the Seagram’s liquor fortune and another woman are expected to plead guilty Friday afternoon in Brooklyn in connection to the alleged NXIVM sex-trafficking cult case, according to official sources. Michael George reports.
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Millionaire Liquor Heiress Pleads Guilty in NYC Sex Cult Case; Alleged Bookkeeper Expected to Plead Guilty: Sources
The heiress to the Seagram’s liquor fortune has pleaded guilty in connection with the alleged NXIVM sex-trafficking cult case. NXIVM’s alleged bookkeeper is also expected to plead guilty, sources say.
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Apple Tries to Take a Bite Out of Credit Card Industry
Apple is rolling out a credit card that it says is designed to do things no other card can. So how does it actually stack up? It looks different from a traditional credit card — there’s no number on the front and the users’ name is etched in metal. The card expands the company’s digital Apple Pay services, marrying the...
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The Good, Bad and the Unknown of Apple's New Services
It took a while, but finally — and with the carefully curated help of Oprah, Big Bird and Goldman Sachs — Apple has at last unveiled a new streaming TV service, its own branded credit card and a news subscription product. The moves have been largely expected and so far don’t appear to drastically alter the competitive landscape the way...
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Gov. Phil Murphy Unveils $38.6B New Jersey Budget
New Jersey Gov. Phil Murphy unveiled his second budget Tuesday, calling for about $1 billion in increased spending that would be financed by higher income tax rates on wealthy residents and savings in public worker benefits.
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Markets Plummet in Worst Christmas Eve Trading Day Ever
U.S. stocks plunged on Monday in their worst Christmas Eve trading ever, as the S&P 500 entered a bear market, CNBC reported. The Dow Jones Industrial Average dropped by 653 points, falling below 22,000. The S&P 500 fell 2.7 percent and the Nasdaq Composite Index slid 2.2 percent. Investor confidence has been weighed down by turmoil in Washington, and the markets responded.