New York State prosecutors have filed a lawsuit against crypto exchange operator Gemini and DCG's Genesis Global Capital unit, alleging that they defrauded more than 230,000 investors out of a collective $1.1 billion. The lawsuit claims that Gemini and Genesis Global Capital failed to disclose financial risks to those investing in a crypto-lending program and also failed to reveal that nearly 60% of its third-party loans were to Bankman-Fried's crypto trading firm. The Attorney General's Office is seeking restitution and damages for the investors who were allegedly defrauded.
Posts published in “Financial”
Bill Ford, Executive Chairman of Ford Motor Company, has spoken out about the month-long auto workers strike, warning of devastating effects on local communities if it continues. He criticized the UAW for shutting down the company's Kentucky Truck Plant, and noted that America's future is tied to the success of the iconic car brand. Ford is hopeful that a resolution can be reached soon, and is urging the UAW to end the strike and return to the negotiating table.
Seniors need to be smart with their money and one option for savings is a Certificate of Deposit (CD). CD's offer higher interest rates and security, but there are some drawbacks such as penalties for early withdrawal and lower interest rates than other investments. Despite the drawbacks, CDs can be a good option for seniors who want to save money for the long-term, but it is important to do research and consider the current political climate before making a decision.
Rite Aid, a major U.S. pharmacy chain, has filed for bankruptcy and obtained $3.45 billion in fresh financing as part of a restructuring plan to reduce debt and position the company for future growth. The plan includes closing 200 stores, reducing the workforce by 10%, and exploring the sale of its pharmacy benefit management business. The company is confident that the restructuring plan will help it “emerge as a stronger, more competitive organization.”
President Joe Biden's 2024 re-election campaign has raised more than $71 million in the third quarter of 2023, nearly doubling the cash on hand of former President Donald Trump. The Biden campaign has $91 million on hand across its fundraising entities, and is actively fundraising to prepare for the 2024 election. Trump's campaign has raised $45.5 million in the third quarter.
Oil prices have surged in response to the looming Israeli ground assault on Gaza, with the Biden administration warning Israeli counterparts to show restraint and avoid mass civilian casualties. The US has also tightened sanctions on major crude-producing countries, further stoking market fears over a drop in supply as demand increases. President Biden has called Hamas' actions "pure evil" and urged all sides to de-escalate the situation and find a peaceful resolution to the conflict.
During Trump's civil fraud trial in New York, evidence was presented that the Trump Organization considered adding a "presidential premium" to certain assets to increase his net worth. This was after Forbes magazine revealed that Trump's Manhattan triplex was about a third of the size he had long claimed, and thus far less valuable. Trump's former attorney Michael Cohen has also testified that Trump had previously inflated his assets to lenders.
The Social Security Administration announced a 3.2% cost of living adjustment (COLA) for Social Security benefits in 2024, which is higher than the historical norm of 2.6%. This will result in an average monthly payment increase of $50 to $1,907, and is intended to help seniors and other beneficiaries keep up with the rising cost of living. However, experts warn that with inflation still far from pre-pandemic levels, recipients may be at risk of losing financial ground with the smaller adjustment.