To settle mortgage cases.
Putting messy litigation behind you isn't as cheap as it used to be. The Justice Department has rejected a $3 billion offer from JPMorgan Chase to settle investigations into the bank's mortgage-backed-securities business, saying it is much too small. JPMorgan has a big incentive to settle—the mortgage investigation is one of at least seven probes the bank is facing, ranging from alleged misbehavior in energy markets to dealing in China. JPMorgan CEO Jamie Dimon reportedly has urged the board to agree to settlements so the bank can get past the steady string of legal headaches.
Tesla Motors may be wildly overvalued, but all the public adulation and attention is forcing bigger manufacturers to play catch-up. Daniel Gross on how cachet has a way of developing into a real business.
Cars can’t fly. But Tesla Motors, the electric sports car manufacturer, continues to defy gravity. Its stock has risen six-fold in the past year, giving it a market capitalization of $22 billion. That’s stunning, especially given that Tesla sells only about 2,000 cars per month and last quarter reported a $70 million profit. By contrast, GM, which sold more than 275,000 cars in August and earned $1.2 billion in the most recent quarter, has a market capitalization $51.
The tech mogul and philanthropist spoke at CGI on Tuesday about how private foundations can take big risks to have a wide impact, and on the unglamorous but necessary technologies that the developing world desperately needs.
No one is more qualified to sit on a panel titled Big Bets Philanthropy than Bill Gates, co-founder of the world's largest private philanthropic group, the Bill and Melinda Gates Foundation.Gates was joined on stage at the Clinton Global Initiative on Tuesday by Nigerian investor Tony Elumelu, chairman of Heirs Holdings Limited, and Geeta Rao Gupta, UNICEF's assistant secretary-general.Early on during the panel, Gates steered the topic toward philanthropic organizations and the role they play within the public and private sectors.
It was a strange day for health care, with Ted Cruz pseudo-filibustering and two Democratic presidents playing Obamacare salesmen. Eleanor Clift on how Obama talked up his plan—and what Clinton feared.
Could the dialogue about the new health-care law get any more surreal? On one television network, Texas Republican Ted Cruz drones on and on about the evils of Obamacare, and on another, Democratic Presidents Obama and Clinton do their best to sell a skeptical American public on the new health-care law, sounding a bit like the Home Shopping Network as they put in a plug for people to go online to HealthCare.gov and sign up for coverage.Seated in cream-colored easy chairs on the set of Clinton’s annual Global Initiative confab in New York, the two presidents engaged in some friendly banter about how they both married up.
To feed their growing population.
The breadbasket of Europe is living up to its name. In an effort to feed its growing population, China purchased 5 percent of Ukraine’s soil-rich land, an incredible 9 percent of its farmland. The deal, struck between Chinese and Ukrainian production companies, gives the middle kingdom access to the land for the next 50 years. Two Chinese state-owned grain farms plan to head up the operation, the first step of which involves swapping seeds and equipment with Ukraine in exchange for pigs and crops. According to experts, China consumes roughly 20 percent of the world’s food supplies.
Perhaps the opposite.
Reports of the death of the small bookstore may have been, as Mark Twain might say, greatly exaggerated. On the Digital Reader, Nate Hoffelder reports that in the past nine months, the American Booksellers Association has added more than 70 new members. Independent bookstores are finding success by offering what Amazon cannot: community, personal interaction, and a welcoming environment. In addition, many booksellers have adapted to the Internet age by selling e-readers and print-on-demand books. John Evans, a co-owner of four indie bookstores in California, said, “For us who are in the trenches, it’s funny reading about how we’re disappearing when we’re really growing.”
During a panel discussion at the Clinton Global Initiative on Tuesday, Clinton took on the GOP over their Obamacare threats.
On Tuesday, Hillary Clinton all but dared congressional Republicans to shut down the government.“They ought to go back and read history because, I will just say, it wouldn’t be the worst thing in the world for Democrats, if they tried to shut the government down. We have seen this movie before and it didn’t work out very well for those who were obstructionist.”The comments were a reference the government shutdown of 1995, when a band of conservative Republicans in the House of Representatives, led by then–House speaker Newt Gingrich, were unable to come to a budget agreement with the Clinton White House.
Getting more smartphones into people’s hands can not only boost economies, but create new opportunities for women.
Mobility took on new meaning at this year's Clinton Global Initiative, as a focus on getting technology into the hands of women surfaced on panels of all concentrations.In a session headlined by Cherie Blair, founder of the Cherie Blair Foundation of Women, handheld technology was forefront. The wife of British former prime minister Tony Blair recalled being inspired to start investigating girls and mobile tech after a previous CGI, where she noticed women weren't getting a fair share of the attention.
Given how important any news out of the Federal Reserve is for market movements, news about potential advantages gained by early information is huge.
By Eamon JaversIn the wake of an unusual trading pattern after the Federal Reserve's decision to continue economic stimulus last week, Fed officials have contacted certain news organizations to discuss rules and procedures for the central bank's advance release of sensitive information, CNBC has learned.On September 18, the Federal Reserve shocked the financial world with its decision not to scale back its level of support to the economy as most market participants expected.
Bill Clinton opened his annual gathering with an emotional remembrance of a Clinton Foundation employee killed in Kenya, Bono did his best impression of the former president, and corruption fighter Mo Ibrahim blasted the West for neglecting investment in Africa.
President Bill Clinton kicked off his annual meeting on a teary note Tuesday, speaking about a Clinton Foundation employee who was killed at the Nairobi mall massacre on Saturday. Elif Yavuz, a young eight-months-pregnant, Dutch-born Harvard Ph.D., and her partner, architect Ross Langdon, were both stationed in Nairobi. Clinton had met Yavuz just six weeks ago on a visit to the country. “I hope they can be a metaphor for what we're all about," he said emotionally, "and I ask you to remember them and their families and all those people we don't know who were killed in Kenya and the Navy Yard and everywhere else people die senseless deaths.
With an Ohio Walmart hosting a holiday food drive for its own workers, The Daily Beast's Michael Tomasky criticizes the notoriously stingy company for not paying them more.
The ’60s TV comedy took the ‘situation’ in ‘sitcom’ to dizzying heights, but who knew back then that the show was also subversively and delightfully feminist?