Key takeaways: The FTC has proposed a new rule that would ban hidden and bogus fees that can cost consumers an extra $80 billion every…
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Former Employee Testifies Against Crypto Trading Firm Co-Founder Sam Bankman-Fried in New York Court
Former Employee Testifies Against Crypto Trading Firm Co-Founder Sam Bankman-Fried in New York Court
Caroline Ellison, a former employee of the now-defunct crypto trading firm FTX, has testified against its co-founder Sam Bankman-Fried in a New York court. Ellison has pleaded guilty to fraud and money laundering charges, and is the only witness to the alleged crimes. Bankman-Fried has denied any wrongdoing, and the trial is expected to continue for several more weeks, with the outcome potentially setting a precedent for holding crypto executives accountable for their actions.
On October 6, 25,000 members of the United Auto Workers union went on strike after rejecting a proposed contract between the union and the Big Three automakers. The union is bargaining for wage increases, cost of living allowances, job security and pensions, and Mack Trucks workers went on strike after rejecting a proposed contract that included a 10% wage increase in the first year. UAW President Shawn Fain is determined to ensure that members receive the wages and benefits they deserve.
Harvard University professor Claudia Goldin has been awarded the Nobel Prize in Economics for her research on the gender gap in the labor market. Goldin's research has revealed that despite economic growth, women’s pay has not kept up with men’s and a divide still exists. This award is a small step towards closing the Nobel committee’s own gender gap, as Goldin is only the third woman to win the prize out of 93 economics laureates.
Key takeaways: General Motors has agreed in writing to include electric battery manufacturing in the next contract between GM and the union. The strike has…
The Powerball lottery has reached a historic milestone, with the estimated jackpot for Saturday night's drawing reaching an estimated $1.4 billion. This marks the first time in Powerball history that two back-to-back jackpots have reached the billion-dollar mark, and is the biggest jackpot in both Powerball and U.S. lottery history. There haven't been any Powerball grand prize winners since a single ticket sold in Los Angeles claimed a $1.08 billion pot of gold on July 19, leading to the estimated jackpot for Saturday night's drawing reaching an estimated $1.4 billion. Dreams are just that for ticket holders hoping to win the $1.2 billion Powerball jackpot, but with the jackpot reaching a historic milestone, the next winner could be just around the corner.
Sam Bankman-Fried, co-founder of the now-defunct cryptocurrency exchange FTX, is on trial in Manhattan for allegedly committing a "massive fraud" by stealing $10 billion from customers and investors. The prosecution's first witness, Julliard, testified to feeling "extremely anxious" when he unsuccessfully attempted to withdraw his funds. Bankman-Fried faces a potential prison term of more than a century if convicted.
The Supreme Court heard arguments on Tuesday in a case challenging the Consumer Financial Protection Bureau's (CFPB) funding mechanism, which is provided directly by the Federal Reserve. The plaintiffs, two trade groups representing payday lenders, argue that this is unconstitutional. Both conservative and liberal justices seemed skeptical of the plaintiffs' theory, with Justice Stephen Breyer noting that the CFPB's funding structure is similar to other independent agencies. The outcome of the case will have a significant impact on the CFPB's ability to protect consumers from predatory lenders.