Exec who cleaned up Enron calls FTX collapse ‘unprecedented’
The new CEO of the collapsed cryptocurrency trading firm FTX, who oversaw Enron’s bankruptcy, said there was a “complete absence of trustworthy financial information.”
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Fed’s top financial regulator urges ‘guardrails’ for crypto
Michael Barr, the Fed’s vice chair for supervision, said Congress should pass legislation that would impose regulation on crypto currencies in the wake of the swift collapse last week of FTX, a leading crypto exchange.
U.S. economy headed for slowdown, investment strategist says
Speaking at an IBJ economic forecast event Monday, a Fifth Third Bank economist said the chance of heading into another recession is “literally a toss-up, a coin flip.”
FTX bankruptcy also endangers founder’s philanthropic pledges
The rapid collapse of cryptocurrency exchange FTX into bankruptcy last week has also shaken the world of philanthropy, due to the tens of millions of dollars in financial pledges and influence of FTX founder Sam Bankman-Fried in the “effective altruism” movement.
MBX Biosciences closes on $115M in drug-development funding
The funding amount is one of the largest in recent years for an Indiana-based science startup.
Cryptocurrency exchange FTX files for bankruptcy as CEO resigns
The Justice Department and two federal regulators have launched probes into FTX, looking into whether the collapsing cryptocurrency exchange had skirted rules on safeguarding consumer deposits and relationships with trading affiliates, according to four people familiar with the inquiries.
AP source: US authorities investigate crypto exchange FTX
The swift collapse of cryptocurrency exchange FTX sent more shockwaves through the crypto world on Thursday, with authorities now investigating the firm for potential securities violations and analysts bracing for a further downturn in crypto prices.
Cryptocurrencies plunge as Binance scraps deal for rival FTX
Bitcoin sank to a two-year low after Binance confirmed earlier rumors and news reports that it was ready to back out of the FTX deal, struck between the CEOs of the two exchanges on Tuesday.
Crypto exchange Binance to buy rival FTX in apparent bailout
The deal would make Binance, which is already the biggest cryptocurrency exchange by daily volume, an even more dominant player in the cryptocurrency industry.
Fishers bookkeeper sentenced for embezzlement after 8 years on lam
Jody Russell Trapp has been sentenced to federal prison for stealing more than $2.2 million from a Fishers company from 2009 to 2011. He fled to Utah and changed his name almost a decade ago before being recaptured.
Car loan rates head for 14-year high in new barrier for buyers
The average annual percentage rate on new-car loans was 6.3% last month, the highest since April 2019, according to Edmunds.
Political spat over responsible investing gets hotter
The political fight is only getting fiercer over whether it’s financially wise or “woke” folly to consider a company’s impact on climate change, workers’ rights and other issues when making investments.
Clock ticking for private equity to spend through tougher times
Rising interest rates, inflation and recession risks have eroded consumer confidence and left buyout firms facing a new reality of higher financing costs and potentially lower returns.
Key U.S. inflation gauge stayed at high 6.2% in September
A measure of inflation that is closely monitored by the Federal Reserve remained painfully high last month, the latest sign that prices for most goods and services in the United States are still rising steadily.
Average mortgage rates top 7% for the first time in 2 decades
Many potential homebuyers have moved to the sidelines as mortgage rates have more than doubled this year. Sales of existing homes have declined for eight straight months.
Biden hails bid to curb bank ‘junk fees’ as boon to consumers
The guidance announced Wednesday by the Consumer Financial Protection Bureau could deal a significant blow to banks that earned nearly $8.5 billion from the charges last year.
Record number of Americans have bank accounts, government says
A new report from the Federal Deposit Insurance Corp. issued Tuesday found that 4.5% of Americans—representing about 5.9 million households—were without a bank account in 2021.
Court temporarily blocks Biden’s student loan forgiveness
Attorneys for six Republican-led states are asking a federal appeals court to reconsider their effort to block the Biden administration’s program to forgive billions of dollars in student loan debt.
IRS increases standard deductions, tax brackets due to inflation
Taxpayers will get fatter standard deductions for 2023 and all seven federal income tax bracket levels will be revised upward as the government allows people to shield more of their money from taxation.
USDA announces $1.3 billion debt relief for 36,000 farmers
The federal government announced Tuesday a program that will help farmers who have fallen behind on loan payments or face foreclosure.