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  • Enron Fast Facts | CNN

    Enron Fast Facts | CNN

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    CNN
     — 

    Here’s a look at Enron, an energy trading company that collapsed after a massive accounting fraud scheme was revealed. Its 2001 bankruptcy filing was the largest in American history at the time. Estimated losses totaled $74 billion.

    Enron was ranked as America’s fifth largest company by Fortune magazine in 2002, despite its 2001 bankruptcy filing.

    An independent review published in 2002 detailed how executives pocketed millions of dollars from complex, off-the-books partnerships while reporting inflated profits to shareholders.

    Executives including Kenneth Lay and Jeffrey Skilling were prosecuted for fraud-related crimes.

    Key figures sold their stock shortly before the company announced a sharp downturn in earnings.

    Lower-level employees were encouraged to invest in company stock for their retirement savings just before the company collapsed. The workers later filed a class action lawsuit and won an $85 million settlement.

    1985 – Houston Natural Gas merges with Omaha-based InterNorth to form Enron.

    1986 – Lay is appointed chairman and CEO of Enron.

    1989 – Enron enters the natural gas commodities trading market.

    1990 – Skilling, an energy consultant, is hired to run a new subsidiary called Enron Finance Corp.

    February 12, 2001 – Skilling becomes CEO while Lay stays on as chairman.

    August 14, 2001 – Skilling resigns and Lay becomes CEO again.

    August 2001 – Sherron Watkins, a vice president, warns Lay that the company could “implode in a wave of accounting scandals.”

    October 16, 2001 – Enron announces a third-quarter loss of $618 million. The company later reveals that it overstated earnings dating back to 1997.

    October 31, 2001 – The company discloses that it is under formal investigation by the Securities and Exchange Commission.

    November 9, 2001 – Enron confirms that it has agreed to be purchased by a rival company, Dynegy for $9 billion. On November 28, Dynegy announces it has terminated merger talks with Enron.

    December 2, 2001 – Enron files for Chapter 11 bankruptcy protection.

    January 9, 2002 – The US Department of Justice opens a criminal investigation into Enron’s collapse.

    January 10, 2002 – Arthur Andersen LLP, the accounting firm that handled Enron’s audits, discloses that its employees had destroyed company documents.

    January 15, 2002 – The New York Stock Exchange suspends trading of Enron shares.

    January 17, 2002 – Enron ends its partnership with Arthur Andersen.

    January 23, 2002 – Lay resigns as CEO. He later steps down from the board of directors.

    January 25, 2002 – Former Enron vice chairman J. Clifford Baxter is found dead in an apparent suicide.

    February 12, 2002 – Lay invokes his Fifth Amendment right before the Senate Commerce Committee.

    March 14, 2002 – The DOJ indicts Arthur Andersen for obstruction of justice. A jury later returns a guilty verdict for the accounting firm. The Supreme Court later overturns the conviction.

    February 19, 2004 – Skilling is charged with 35 counts of fraud and insider trading. He pleads not guilty.

    July 7, 2004 – Lay is indicted. He is charged with conspiracy, securities fraud, wire fraud, bank fraud and making false statements. During his arraignment the next day, he pleads not guilty to all 11 charges and is released on $500,000 unsecured bond.

    May 25, 2006 – Skilling and Lay are convicted of conspiracy and fraud. Skilling is also convicted on one count of insider trading and five counts of making false statements. The jury acquits Skilling on nine additional counts of insider trading.

    July 5, 2006 – Lay dies of a heart attack while awaiting sentencing.

    September 8, 2008 – A class action lawsuit filed by shareholders and investors is settled in federal court. The $7.2 billion settlement will be paid out by a group of banks accused of participating in the accounting fraud scheme.

    May 11, 2009 – Skilling files a petition with the Supreme Court to overturn his conviction after appeals with the lower courts fail.

    May 9, 2010 – “Enron,” a musical about the company’s collapse, closes on Broadway 12 days after opening amid slow ticket sales.

    April 16, 2012 – The Supreme Court rejects Skilling’s appeal.

    June 21, 2013 – A federal judge reduces Skilling’s sentence by more than 10 years. In return, Skilling agrees to stop challenging his conviction and forfeit roughly $42 million that will be distributed among the victims of the Enron fraud.

    December 8, 2015 – The SEC announces that it has obtained a summary judgment against Skilling, permanently barring him from serving as an officer or director of a publicly held company. The judgment settles a long-running civil suit by the SEC.

    February 21, 2019 – Skilling is released after serving over 12 years in federal prison.

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  • Healey officials push affordable housing plan

    Healey officials push affordable housing plan

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    BOSTON — Healey administration officials urged lawmakers to approve the governor’s affordable housing plan, arguing the $4.1 billion borrowing bill would spur the construction of thousands of homes and generate tens of billions of dollars in economic activity.

    The Affordable Homes Act plan, filed by Gov. Maura Healey in October, includes a range of tax breaks, changes to state laws and borrowing to help spur construction of new housing.

    Lt. Gov. Kim Driscoll said passage of the bill is an “economic imperative” for Massachusetts as it struggles to build more homes to fill a critical shortage of market-rate and affordable housing.

    “The bottom line is we can’t wait,” Driscoll, Salem’s former mayor, told members of the Legislature’s Committee on Bonding, Capitol Expenditures and State Assets during a hearing Tuesday on the bond bill. “We have to act with urgency and scale. Our residents, our communities and our employers are depending on it.”

    Housing Secretary Ed Augustus said the plan, if approved by the Legislature, would have a “catalytic impact” on the construction of housing in the Bay State while making it more competitive and attractive to new families and businesses.

    “We need a Herculean response to our housing crisis,” he told the panel. “Housing builds a stronger economy, housing generates good jobs and housing strengthens competitiveness.”

    A key plank of Healey’s affordable housing plan would create tax credits to spur the development of homes over the next five years for those with low and moderate incomes. It also calls for expanding the state’s community investment tax credit, which provides funding to community development corporations.

    The plan would allow communities to add a transfer fee up to 2% to property tax bills. If a community votes to accept the tax, it would exempt the first $1 million on a home sale.

    Healey’s plan also calls for giving single-family homeowners the right to build so-called “accessory dwelling units” of less than 900 square feet on their lots.

    Economic impact

    Affordable housing advocates called on lawmakers to approve Healey’s plan, arguing that the state needs to take aggressive steps to boost the amount of housing in the state.

    “It’s really not an exaggeration to say that we’re facing the greatest housing crisis in the commonwealth’s history,” said Clark Ziegler, executive director of the Massachusetts Housing Partnership, a quasi-public agency that works with banks to finance affordable housing projects.

    “We’re consistently ranked as the most expensive place in the U.S. to live, our chronic housing shortage goes back decades and when the final data is tallied, it looks like last year we’ll see a roughly 30% reduction in new housing starts over 2022,” Ziegler told the panel. “It’s a really serious problem.”

    A report released by the Healey administration said passage of Healey’s plan, when combined with two recently reauthorized programs from the tax cut package, could create $24.8 billion in total economic impact over five years.

    The study, conducted by the University of Massachusetts Donahue Institute, estimated the act could generate 29,700 jobs in the development, construction, finance and associated industries.

    Economic activity from the Affordable Homes Act would also allow the state to recoup $750 million in tax revenue over five years, the report’s authors said.

    But the transfer tax plan has prompted pushback from the real estate industry, which says the so-called transfer tax would compound the problem as housing prices and mortgage rates continue to rise, pricing people out of the market.

    Healey and legislative leaders are trying to spur more home building amid the shrinking inventory that is edging first-time buyers out of the market. The prolonged housing crunch is affecting the state’s economic growth, making it much harder to attract new families and companies, they say.

    A $1 billion tax relief package signed by Healey in October included reauthorization of a low-income tax credit program and housing development incentive program, also aimed at spurring housing production.

    Healey has filed a bond bill for capital projects, which needs approval from the Legislature, that includes $1.6 billion to repair and modernize state-run public housing units.

    The state faces a pressing shortage of affordable housing, with more than 184,000 people on the waiting list for state public housing units.

    Housing prices

    Amid the shortages, housing costs are continuing to increase to new records in the state as home sales remain largely flat.

    The latest monthly report from The Warren Group found the median price for a home in the state increased by 10% to $548,250 in February over the same month last year, setting a new monthly record. Meanwhile, the number of closed sales on single-family homes remained largely unchanged from the same month last year, according the report.

    During the hearing Tuesday, several lawmakers raised concerns that Healey’s plan does not go big enough on financial investments to ensure there is enough housing to meet demand.

    “One of my fears is that we are creating generations that perhaps will never have an opportunity for home ownership,” state Sen. Pavel Payano, D-Lawrence, a member of the bonding committee, said in remarks. “I know we are doing some investments here, but I wonder if that is enough.”

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com

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    By Christian M. Wade | Statehouse Reporter

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  • OPEC Fast Facts | CNN

    OPEC Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the Organization of the Petroleum Exporting Countries, headquartered in Vienna, Austria.

    The purpose of OPEC is to “coordinate and unify the petroleum policies of its Member Countries and ensure the stabilization of oil markets in order to secure an efficient, economic and regular supply of petroleum to consumers, a steady income to producers and a fair return on capital for those investing in the petroleum industry.”

    OPEC members collectively supply about 28.89% of the world’s crude oil production.

    Together, OPEC members control about 79.49% of the world’s total proven crude reserves.

    OPEC member countries monitor the market and decide collectively to raise or lower oil production in order to maintain stable prices and supply.

    A unanimous vote is required on raising or lowering oil production.

    Each member country controls the oil production of its country, but OPEC aims to coordinate the production policies of member countries.

    Oil and energy ministers from OPEC member countries usually meet twice a year to determine OPEC’s output level. They also meet in extraordinary sessions whenever required.

    Read More: Oil and Gasoline Fast Facts

    Algeria – 1969-present
    Congo – 2018-present
    Equatorial Guinea – 2017-present
    Gabon – 1975-1995; 2016-present
    Iran – 1960-present
    Iraq – 1960-present
    Kuwait – 1960-present
    Libya – 1962-present
    Nigeria – 1971-present
    Saudi Arabia – 1960-present
    United Arab Emirates – 1967-present
    Venezuela – 1960-present

    Angola – 2007-2024
    Ecuador – 1973-1992; 2007-2020
    Indonesia – 1962-2009; 2016
    Qatar – 1961-2019

    September 14, 1960 – OPEC is formed in Baghdad, Iran, Iraq, Kuwait, Saudi Arabia and Venezuela.

    November 6, 1962 – OPEC is registered with the United Nations Secretariat (UN Resolution No. 6363).

    1973-1974 – Due to United States support of Israel in the Arab-Israeli conflict, the members of OPEC decide to raise the cost of oil from $3/barrel to around $12/barrel.

    October 1973 – OPEC issues an embargo against the United States, halting oil exports. Customers in the United States experience long lines at gas stations and shortages.

    March 18, 1974 – At an OPEC meeting, seven members lift the ban on exports to the United States: Algeria, Saudi Arabia, Kuwait, Qatar, Bahrain, Egypt and Abu Dhabi. Libya and Syria refuse to drop the ban, and Iraq boycotts the talks.

    December 31, 1974 – Libya lifts its oil embargo against the United States.

    November 2007 – Ecuador rejoins OPEC after a 15-year absence.

    May 2008 – Indonesia announces that it will leave OPEC in 2009.

    January 1, 2009 – Indonesia suspends its membership in OPEC.

    January 1, 2016-November 30, 2016 – Indonesia rejoins OPEC, but suspends its membership after 11 months.

    July 2016 – Gabon rejoins OPEC.

    May 25, 2017 – Equatorial Guinea joins OPEC.

    June 22, 2018 – OPEC announces that the Republic of the Congo has joined the organization.

    December 3, 2018 – Qatar’s state oil company, Qatar Petroleum, announces that the country will leave OPEC on January 1, 2019. One of OPEC’s oldest members, Qatar says it plans to focus on natural gas production.

    January 1, 2020 – Ecuador leaves OPEC.

    March 2020 – To offset the collapse in demand caused by the coronavirus pandemic, OPEC unveils a plan to reduce output among its members by 1 million barrels per day, and says it will seek an additional 500,000 barrels per day in cuts from longstanding allies, including Russia.

    April 1, 2021 – OPEC and allied producers announce that they have agreed to gradually increase their output over the next three months. The move follows a sharp increase in oil prices, and a call from the United States to keep energy affordable.

    October 5, 2022 – OPEC and its allies, known as OPEC+, announce they will cut oil production by 2 million barrels per day, the biggest cut since the start of the pandemic.

    January 1, 2024 – Angola leaves OPEC. Oil minister Diamantino Azevedo said earlier that membership was not serving Angola’s interests.

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  • Police/Fire

    Police/Fire

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    In news taken from the logs of Cape Ann’s police and fire departments:

    GLOUCESTER

    Sunday, March 24

    6:23 p.m.: Fireworks were reported on Macomber Road.

    4:13 p.m.: A crash with property damage only was reported at Market Basket on Gloucester Crossing Road.

    3:30 p.m.: A resident came into the police station lobby to report identity theft. The resident explained someone used his Social Security number to create an account under his name. The account showed a balance of $1.01. Police said the resident contacted the company to report the fraudulent activity and the company canceled the account. The residentreported a separate incident in October 2023 in which someone tried to initiate a purchase using his credit card and the transaction was denied, and that reported that recently, his email was logged in from Vietnam, but his account has since been secured.

    Noon: A person reported the theft of approximately $100 in cash and a check that had been placed in the car’s visor after she went to Addison Gilbert Hospital on Washington Street and parked at the nearby Seacoast Nursing Home. She parked at 10 a.m. and noticed the money was missing around 10:50 a.m. on March 21. The bank put an immediate stop on the check to keep it from being cashed.

    11:32 a.m.: Police were called to help the Fire Department make entry into a residence on Sayward Street due to a person who fell and was home alone. The person refused medical treatment.

    10:27 a.m.: A caller from a vacant lot on Main Street reported someone was spitting on him. The indiviuals were separated and police cleared the scene.

    10:17 a.m.: A caller from Granite Street reported a carbon monoxide detector had activated. The caller was advised to step outside and the Fire Department was dispatched.

    8:15 a.m.: A resident reported someone tried to get into her shed. Police saw the shed door had a piece broken off and the door handle was found on the ground nearby. Police said it did not appear anyone got into the shed because the door was frozen shut due to the rain and falling temperatures overnight.

    Saturday, March 23

    Crashes with property damage only: at 11:36 a.m. on Blackburn Circle with a person reportedly taken to the hospital; at 9:03 p.m. on Grant Circle, Washington Street and Ashland Place.

    Disturbances were reported on Poplar Street at 12:38 p.m. and Sayward Street at 2:26 p.m.

    11:11 a.m.: Smoke alarms were reported sounding at 264 Main St. Gloucester Fire Department was dispatched.

    11 a.m.: Police on Friday, March 22, learned a man had two fully extraditable warrants issued in Texas against him and that he might be living in Gloucester at his parents’ house. The offenses included making terroristic threats against a police officer/judge and multiple warrants out of Collin County, Texas. On Saturday, the Collin County Sheriff’s Office confirmed the warrant service was active and fully extraditable. Police requested a warrant against the man on a charge of being a fugitive from justice. The 36-year-old was arrested at a residence on Essex Avenue on a straight arrest warrant Monday, March 25, by a detective, a deputy from the U.S. Marshals Service and a trooper from the State Police Violent Fugitive Apprehension Section. The man was placed into custody without incident and taken to the Rockport Police Department for booking. He was later taken to court.

    ROCKPORT

    Sunday, March 31

    Traffic stops were conducted on Broadway at 6:33 and 6:56 p.m. Both drivers were given verbal warnings.

    9:58 a.m.: After an alarm was reported, the Fire Department was dispatched to a Beach Street address.

    9:52 a.m.: A police wellness check made at a Main Street address.

    7:58 a.m.: After a report was received at High Street address, a verbal warning was issued.

    Saturday March 30

    6:42 p.m.: A noise complaint was made at a Sandy Bay Terrace address.

    Medical alarms were activated on Curtis Street at 12:03 p.m. and High Street Court at 6:06 p.m. Both later proved to be false.

    5:38 p.m.: A report was made about lost and found property at a Granite Street address.

    2:08 p.m.: A report was made about road conditions on Main Street.

    1:26 p.m.: A motor vehicle crash was reported on Blue Gate Lane.

    12:09 p.m.: After a well-being check at a South Street address, an ambulance transport was conducted.

    12:04 p.m.: A report was made about a neighbor dispute on Granite Street.

    12:04 p.m.: After a motor vehicle stop on Thatcher Road, a verbal warning was issued.

    9:19 a.m.: After an alarm was reported, the Fire Department was dispatched to a Beach Street address.

    8:08 a.m.: A medical emergency ambulance transport was conducted at a Main Street address.

    Friday, March 29

    Medical emergencies: Ambulance transport to a hospital was made from South Street at 1:56 a.m. and Sandy bay Terrace at 3:38 a.m. while services were provided at a Rowe Avenue address at 7:22 p.m.

    2:13 p.m.: A motor vehicle crash was reported on Railroad Avenue.

    7:14 a.m.: After a motor vehicle stop on Thatcher Road, a verbal warning was issued.

    ESSEX

    Sunday, March 31

    Citizens were assisted on John Wise Avenue at 11:04 a.m. and 8:31 p.m., and Main Street at 11:04 a.m.

    8:11 p.m.: Suspicious activity was reported at a Water Street address.

    Disturbances were reported on Choate Street at 7:08 p.m. and Western Avenue at 7:46 p.m.

    Ambulance transport was refused by an individual who fell at a Western Avenue address at 11:02 a.m. and a patient who suffered a diabetic episode at a Main Street address at 4:52 p.m.

    4:23 p.m.: A motor vehicle crash on Lebaron Road was reported.

    10:27 a.m.: A report was made after a police investigation was conducted at a John Wise Avenue address.

    Saturday, March 30

    7:07 p.m.: A report was made after a motor vehicle complaint at a Martin Street address.

    9:04 a.m.: A welfare check was conducted at a Main Street address.

    8:54 a.m.: Assistance was provided during a community policing call at a Shepard Memorial Drive address.

    7:57 a.m.: After a report of a fall at a Southern Avenue address, a patient refused a medical ambulance transport.

    MANCHESTER

    Sunday March 31

    Traffic stops were conducted at the intersection of the northbound lanes of Route 128 and School Street at 12:41 a.m. and 1:12 a.m., when written warnings were issued, and on the northbound lanes of Route 128 at 6:09 p.m. when a verbal warning was given.

    12:13 a.m.: Suspicious activity at White Beach was reported.

    Friday, March 29

    2:54 p.m.: Community policing was provided at a Lincoln Street address.

    Traffic stops were made on at the intersection of Route 128 and School Street at 1:59 a.m., when no action was taken, and on the northbound lanes of Route 128 at 2:40 p.m., when a verbal warning was issued.

    Citizens were assisted on Central Street at 9:28 a.m. and 2:15 a.m.

    1:59 a.m.: After a motor vehicle stop at the intersection of Route 128 and School Street, no action was taken.

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  • City halfway there when it comes to school budget request

    City halfway there when it comes to school budget request

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    Even with the city planning to kick in $3 million of a proposed $6.1 million increase to keep Gloucester schools level funded in the new school year, Superintendent Ben Lummis cited possible cuts to balance the fiscal 2025 budget.

    He outlined a proposed $55.85 million level-services budget for the School Committee on Wednesday night. That is a 12.3% increase, or $6.1 million, more than this year’s spending, given a jump in costs for out-of-district special education and transportation, health care and contractual salary increases, among other things.

    Lummis said the city plans to meet the schools halfway.

    In doing so, the schools would have to cut $3.1 million worth of services, costs and staffing to balance its budget.

    “At this point, the city has let us know they can fund $3 million of the $6.1 million the schools require for a level-funded budget,” Lummis said.

    “But to be clear,” said School Committee Vice Chair Bill Melvin, “that’s not … It’s a reduction in services.”

    Lummis said coming to a balanced budget — not the level-services one — would depend on several factors, including:

    A $1.3 million supplemental appropriation prior to the end of the fiscal year in June to make pay prepaid tuition and special education costs. This would require a City Council vote.

    Another $200,000 for one-time costs for information technology and buses this fiscal year.

    A proposed $1.5 million annual increase in the schools’ operating budget from the city.

    Another $3.1 million in reductions in costs and staffing.

    “It is very unlikely that we’re going to be able to staff levels that we’ve had for recent years because of the increase in operating expenses, and also just to wage pressures as well,” Lummis said.

    What might the reductions look like?

    The administration wants to protect Tier 1 (core) instruction and curriculum and support vulnerable learners.

    In the elementary schools, the priority would be to protect social emotional learning and mental health. At the middle school this would mean maintaining the house structure, and at the high school, the priority would be preparation for post-secondary success, Lummis said.

    However, salaries and benefits make up 86% of the Gloucester schools’ operating costs, so reducing the operating budget means reducing staffing.

    A $500,000 cut in the operating budget equals about seven full-time equivalent positions, Lummis said.

    Reduction options

    Lummis referred to two different levels of cuts. The first would mean reductions of $1 million to $1.75 million.

    At the elementary level, this would include Tier II intervention and support, special education staff based on students’ Individualized Education Plan services, a move of some services to grants, and instructional support and curriculum initiatives.

    At the grade six through 12, the administration would look to trim Tier II intervention support, pause the planned medical assisting exploratory launch as a new career and vocational program at Gloucester High until September 2025, reduce special education staff based on IEP services, move related services onto grants, reduce staff in one or more academic areas which Lummis said would increase class size; and reduce increases in student support services for mental health and social emotional learning.

    At the district office, Lummis would trim IT infrastructure and delay upgrades, seek one-time funding for a one-to-one Chromebook initiative, and reduce administration and transportation costs.

    Lummis said the reductions would still mean smaller class sizes in the elementary schools and a range of class sizes at the middle and high schools. This level of reductions would allow for diverse academic offerings and a broad range of programming at Gloucester High, improvements at O’Maley Innovation Middle School and high-qualify art, music, and performing arts programs.

    However, those areas would be in jeopardy with reductions of $2 million to $3 million.

    The schools’ operating budget is not benefiting fully from the state funding increases that have come since fiscal 2023 as a result of the state Student Opportunity Act, Lummis said.

    For instance, in fiscal 2023, state Chapter 70 education aid to the city increased by $2.77 million and by $1.67 million last year, with the governor proposing $318,000 on top of that for this coming school year.

    Lummis said the state has determined the cost of educating students has increased $2.3 million for the upcoming school year, and that the local contribution should increase by $1.9 million, plus another $318,000 for Chapter 70 aid.

    Cumulative state aid for education increases since fiscal 2022 has totaled nearly $12 million.

    However, during that time, the city has increased the schools’ operating budget by a total of $1.85 million above the typical baseline increase to the schools each year which is typically $1.25 million, he said.

    Increased funding applied to the schools outside the operating budget since fiscal 2022 includes $2 million for DPW school facilities, $3.3 million for borrowing for school capital projects, and $4.2 million for one-time projects such as the Annisquam River flood barrier, demolition of East Gloucester Elementary School, grease traps, Gloucester High lockers, and American Rescue Plan Act funding for new playgrounds.

    Finding dollars

    There are opportunities to increase school funding, including the city funding the operating budget with the $2.3 million increase determined by the state, Lummis said.

    The city could put American Rescue Plan Act funding it received toward special education tuition, transportation and wage stabilization, which Lummis said are all eligible to be funded this way. The city could also reduce the facilities budget for such things as flooring projects and allocate those dollars to the schools, he said.

    Mayor Greg Verga, a member of the School Committee, said the city administration would continue to work with the school administration “to see what kind of rabbits we can pull out of our hats.”

    Verga said he shared with Lummis a spreadsheet showing the city spends $22.1 million outside the schools’ operating budget on the schools, an increase of $6 million from 2022 to 2024.

    “The kicker” is the city’s increase this year in new growth under Proposition 2 1/2 is 2.6% or $3.5 million. With a $130 million budget, total school spending represents about $72 million, he said.

    With another $1 million going toward the city’s pension liability, and the proposed increase to the schools of $1.5 million, Verga said he has $1 million in new growth funding to spread around to the rest of the city’s budget.

    One solution may be to lobby state lawmakers to pass the governor’s Municipal Empowerment Act to provide more opportunities for local option tax increases, he said.

    The School Committee’s Budget and Finance Subcommittee plans to take up the fiscal 2025 school budget April 8.

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    By Ethan Forman | Staff Writer

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  • Warren renews push for U.S. wealth tax

    Warren renews push for U.S. wealth tax

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    BOSTON — Democratic Sen. Elizabeth Warren is leading a renewed effort in Congress to impose a wealth tax on the nation’s top earners.

    The proposed Ultra-Millionaire Tax Act, filed by Warren and other Democrats, would set a new 2% annual surtax on the net worth of households and trusts between $50 million and $1 billion and a 1% annual surtax on the net worth of households and trusts above $1 billion, adding up to an overall 3% tax.

    The plan also includes anti-tax evasion and avoidance provisions that seek to prevent wealthy families from squirreling away money in trusts to avoid taxation.

    The lawmakers say the new wealth tax would drum up an estimated $3 trillion over 10 years by requiring the nation’s top earners to “pay their fair share” of taxes.

    “No one thinks it’s fair that Jeff Bezos gets enough tax loopholes that he pays at a lower rate than a public school teacher,” Warren, a Cambridge Democrat, said in a statement.

    “All my bill is asking is that when you make it big, bigger than $50 million dollars, then on that next dollar, you pitch in 2 cents, so everyone else can have a chance.”

    Warren and other backers of the plan say the gap in wealth between the richest and the poorest in the U.S. is expanding.

    They cite Federal Reserve data showing the average wealth of the top 10% of the nation was $7.73 million, up 17% in 2022 from 2019. Despite that growth, families in the bottom 50% owned only 2% of the total wealth distributed across the country, according to the data.

    The proposal, backed by Massachusetts Sen. Ed Markey and Reps. Ayanna Pressley and Jim McGovern, would affect about 100,000 families nationwide, according to Warren’s office.

    Warren filed a similar bill in 2019 when she was running for president, but it failed to gain momentum.

    Even if her proposal is approved by the Democratic-led Senate, it faces long odds in the Republican-controlled House of Representatives, where lawmakers have resisted calls from Democrats to take up a wealth tax.

    President Joe Biden, a Democrat who is seeking reelection this fall, is also pushing for higher taxes on the nation’s top earners.

    Earlier this month, Biden unveiled a federal budget proposal that calls for $5 trillion in additional taxes on corporations and high earners over the next decade.

    The plan, which is subject to congressional approval, includes raising the corporate tax rate to 28% from 21%, which is the level that was set by the 2017 Tax Cuts and Jobs Act under then-President Donald Trump.

    Biden wants to raise the tax rate on capital gains such as stock sales for people who earn more than $400,000 to 39.6% and impose a 25% “billionaire tax” on those with assets of more than $100 million.

    Massachusetts has a tax – set by a voter-approved law that went into effect last year – which charges a 4% surtax on incomes above $1 million in addition to the state’s flat 5% personal income tax. The money is earmarked for education and transportation.

    A 2023 report by the nonpartisan Tax Foundation, a Washington D.C-based think tank, ranked Massachusetts 46th in the nation for its business tax climate, ahead of only neighboring Connecticut, California, New York and New Jersey, citing the negative impacts of the “millionaires tax”.

    The foundation cautioned states against taxing the rich to drum up money, saying it undercuts investment and drives entrepreneurs and innovators away.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • RBC to convert HSBC locations as soon as takeover closes next week – MoneySense

    RBC to convert HSBC locations as soon as takeover closes next week – MoneySense

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    RBC spokesperson Christine Stewart said in an email that the bank will begin converting HSBC branches and offices on March 28, the same day its $13.5-billion takeover deal will close, if it clears customary conditions.

    Branches and offices being converted into RBC locations will reopen on April 1.

    Stewart did not say whether any HSBC branches or offices would be permanently closed.

    The brick-and-mortar transformation that will take shape at HSBC is one of the earliest manifestations of the expansion of RBC’s empire.

    When did RBC purchase HSBC?

    RBC announced plans to purchase HSBC Bank Canada in November 2022. At the time, HSBC had about 800,000 clients, 130 branches, 4,200 employees and 2% market share.

    It also counted $130 billion in assets, making it the seventh largest bank in the country.

    Despite being a minor player in comparison to some of the larger banks, experts predicted the deal could have a negative impact on consumer choice because HSBC often undercut its rivals on borrowing costs.

    Other, larger banks offered fixed and variable mortgage rates that were 20 to 80-plus basis points higher than HSBC, mortgage strategist Robert McLister said in December 2023.

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    The Canadian Press

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  • Apple Fast Facts | CNN

    Apple Fast Facts | CNN

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    CNN
     — 

    Here’s a look at Apple, Inc, creator of the Mac computer and the iPhone.

    The corporate headquarters are in Cupertino, California.

    As of September 2023, the company reported that it employs approximately 161,000 people full-time.

    April 1, 1976 – Apple Computers, Inc. is founded by Steve Jobs and Steve Wozniak. Their first product is the Apple I personal computer.

    June 1977 – The Apple II is released.

    December 1980 – Apple conducts an initial public offering of 4.6 million shares at $22 per share.

    January 1983 – Apple introduces the Lisa, a new brand of personal computer.

    January 22, 1984 – The Macintosh computer is introduced with a futuristic commercial that airs during the Super Bowl.

    1985 – Apple discontinues the Lisa after a disappointing run, and Jobs leaves the company.

    December 1996 – Apple buys Jobs’ company, NeXT Software.

    1997 – In the wake of corporate shakeups and a sales slump, Apple welcomes Jobs back as interim CEO.

    August 15, 1998 – The iMac, a streamlined personal computer, debuts.

    January 2000 – Jobs becomes permanent CEO.

    January 9, 2001 – iTunes is introduced.

    October 23, 2001 – The iPod MP3 player makes its debut.

    January 2003 – Apple releases the Safari web browser.

    April 28, 2003 – Apple introduces the iTunes Music Store.

    January 2006 – Apple rolls out its first Intel-based computers, the iMac and the MacBook Pro.

    January 9, 2007 – The iPhone is unveiled.

    March 2007 – Apple TV hits stores.

    January 27, 2010 – The iPad is announced.

    June 6, 2011 – Apple announces iCloud, an online media storage system.

    August 24, 2011 – Jobs resigns as CEO. Tim Cook takes his place.

    October 5, 2011 – Jobs dies after battling cancer.

    February 6, 2013 – Apple announces that iTunes has reached a milestone of 25 billion songs sold.

    May 28, 2014 – Apple announces deal to buy Beats for $3 billion.

    June 9, 2014 – Apple conducts a stock split, bringing the price down from $647.50 to $92.44.

    September 9, 2014 – Apple unveils the Apple Watch, a wearable device.

    December 16, 2014 – Apple wins an antitrust lawsuit brought by eight million iPod owners who alleged that Apple abused its monopoly power in the music industry to force out competition.

    June 8, 2015 – Apple unveils Apple Music, a streaming music service, live radio station and social network.

    February 3, 2016 – A jury orders Apple to pay $626 million in damages after finding that iMessage, FaceTime and other Apple software infringed on another company’s patents. The lawsuit, originally filed in 2010 by the company VirnetX, accuses Apple of violating four patents, which mostly involve methods for real-time communications over the Internet.

    February 16, 2016 – Apple refuses to comply with a California judge’s order to assist the FBI in hacking the iPhone of the San Bernardino gunman. A public letter signed by Cook states why the company is refusing to abide by the government’s demands.

    March 28, 2016 – The Department of Justice says the FBI has “successfully retrieved the data stored on the San Bernardino terrorist’s iPhone,” and is dropping the case against Apple, since it no longer needs the company’s help.

    August 30, 2016 – The European Union rules that Apple must pay Ireland $14.5 billion in back taxes. According to the EU, Ireland had been giving the tech company a break on taxes for more than two decades. Ireland’s finance minister issues a statement criticizing the EU’s ruling and declares that the country does not play favorites with a lower tax rate for certain companies. In a letter, Cook says he anticipates the EU’s tax ruling will be reversed on appeal.

    September 12, 2017 – Apple unveils the iPhone X, alongside the iPhone 8 and iPhone 8 Plus – all of which support wireless charging. The iPhone X will also feature facial detection technology, no home button, a 3D camera and an edge-to-edge screen.

    December 21, 2017 – Apple issues a statement saying that it has used software updates to limit the performance of older iPhones that may have battery issues that would cause them to turn off suddenly.

    December 28, 2017 – Apple apologizes to customers for how it rolled out an update that can slow down older iPhones. It is offering cheaper battery replacements to make up for it.

    June 15, 2018 – Oprah Winfrey signs a multiyear deal with Apple to create new original programming.

    August 2, 2018 – Apple becomes the first American public company to surpass $1 trillion in value.

    October 10, 2019 – In a memo to employees, Cook defends Apple’s decision to pull a map app that Hong Kong protesters used to track police, saying that it had been used in ways that “endanger law enforcement and residents in Hong Kong.”

    November 1, 2019 – Apple TV+, a subscription streaming service containing original programming, launches.

    November 4, 2019 – Apple announces a $2.5 billion financial package to help address the housing crisis in California, which has worsened in part because of the rapid growth of tech companies.

    July 29, 2020 – Cook, Amazon CEO Jeff Bezos, CEO of Google’s parent company Sundar Pichai and Facebook CEO Mark Zuckerberg all testify before a House subcommittee on anti-trust to address concerns that their businesses may be harming competition.

    August 20, 2020 – Apple reaches the $2 trillion market value mark.

    November 18, 2020 – Apple agrees to pay $113 million to settle an investigation by states including California and Arizona over how Apple wasn’t transparent about its iPhone battery problems that led to unexpected device shutdowns.

    December 14, 2020 – Launches Apple Fitness+, a service built around Apple Watch.

    November 23, 2021 – Apple files a lawsuit against NSO Group and its parent company, accusing the Israeli firm of violating a federal anti-hacking law by selling potent software that clients have used to spy on Apple customers. The lawsuit alleges that NSO’s spyware, known as Pegasus, and other malware have caused Apple monetary and property damages, and violated the human rights of Apple users along the way.

    January 3, 2022 – Apple becomes the world’s first company valued at $3 trillion.

    May 10, 2022 – Apple announces that it is ceasing production of the iPod.

    June 18, 2022 – Workers in Maryland vote to form the first-ever labor union at one of Apple’s US stores.

    June 30, 2023 – Apple’s stock ends trading valued at $3 trillion, the only company ever to reach that milestone.

    December 18, 2023 Apple announces plans to stop selling its Apple Watch Series 9 and Apple Watch Ultra 2 in US due to a patent dispute. In January 2024, a federal appeals court denies the company’s motion to temporarily pause the ban while it appealed the US International Trade Commission ruling.

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  • Goldman Sachs’s Top Woman Banker Stephanie Cohen Is Leaving After 25 Years

    Goldman Sachs’s Top Woman Banker Stephanie Cohen Is Leaving After 25 Years

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    Stephanie Cohen speaks during the 2018 New York Times Dealbook Summit. Michael Cohen/Getty Images for The New York Times

    Stephanie Cohen, one of the few female top executives at Goldman Sachs (GS), is leaving the investment bank after a 25-year career in banking, The Wall Street Journal first reported today (March 18). She will join Cloudflare, a cloud service provider which Goldman Sachs took public in 2019, as its first chief strategy officer.

    Cohen, who leads Goldman Sachs’s Platform Solutions unit, which includes many of the bank’s consumer-lending businesses, has been on personal leave since June 2023, the Journal previously reported.

    Cohen, 46, joined Goldman Sachs in 1999 as an analyst after graduating from the University of Illinois Urbana-Champaign. She worked her way up in Goldman’s investment banking division to managing director in 2008 and was named partner in 2014. During that time period, Cohen worked on historic corporate deals, including Chrysler’s repayment of a U.S. government loan in the aftermath of the 2008 Financial Crisis. 

    Cohen was named Goldman’s chief strategy officer in 2017. And the next year, she was picked by CEO David Solomon as a member of Goldman’s 33-person management committee. She was one of seven women on the top decision-making team and was 10 years younger than the average man in the group. That committee has been downsized to 25 people. 

    “There weren’t a lot of investment bankers that looked like me. When I walked into a board room, they’d expect a very tall man, but instead they’d get a relatively short woman,” Cohen said at a 2018 event in New York reported by Observer. “You can use that as something that bothers you, or you can use that as a point of differentiation. For example, one of the things I learned early on was that when I was on big conference calls with lots of people, everyone would know when I spoke because I was the only woman.”

    In late 2020, Cohen was tapped to co-head Goldman’s consumer and wealth management division, which was merged into Platform Solutions in 2022 after a reorganization. Products under her unit include Goldman’s credit card partnerships with Apple and General Motors.

    Cohen is the latest in a string of female senior bankers who have left Goldman in recent years for better opportunities elsewhere. According to a Wall Street Journal analysis published last week, two-thirds of the women who were partners at the bank at the end of 2018 have left the firm or no longer have the title.

    Goldman Sachs’s Top Woman Banker Stephanie Cohen Is Leaving After 25 Years

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  • Senate approves bill to expand early education

    Senate approves bill to expand early education

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    BOSTON — The state Senate has approved a plan aimed at expanding access to child care and early education for parents while attracting and retaining new workers to ease persistent labor shortages in the industry.

    The measure, which was unanimously approved on Thursday, calls for boosting financial assistance for families seeking child care, establishing new funding for child care providers and higher pay and benefits for early educators.

    Backers of the plan said the changes are needed to help lower the cost of child care and early education programs with parents paying as much as 20% to 40% of their household incomes on child care, often making it their second-highest expense after housing costs.

    “Besides the high costs, families also face other barriers including a lack of available slots at their preferred providers, the hours of available care, transportation challenges and more,” Jason Lewis, D-Winchester, a primary sponsor of the bill, said in remarks on Thursday. “All this hurts families’ economic well-being.”

    It’s not clear how much the changes, if implemented, would cost and the bill doesn’t include additional funds.

    Senate leaders note that $1.5 billion is already earmarked for early education and care in the current state budget, but that new funding will be dependent on future budgets.

    Lewis said the “substantial” price tag for the plan is “justified” given the money that many families, businesses and the state are losing as a result of the spiraling early education costs.

    “The status quo is already costing us a lot of money,” he said. “We have already demonstrated that we can indeed prioritize investments in early education and child care and follow through on those commitments.”

    Senate Minority Leader Bruce Tarr, a Gloucester Republican, said it’s critical that the state take steps to improve the affordability of early education and child care in the wake of the COVID-19 pandemic. He said the rising cost of early education has major implications for the state’s post-pandemic economy.

    “It is an essential part of the fabric of our state,” Tarr said in remarks. “If we do not act, it will continue to be in serious jeopardy. We cannot allow that to happen.”

    A key plank of the proposal calls for expanding eligibility for subsidized child care by raising the income level to qualify for state-backed programs.

    The current threshold is 50% of state median income for a family of four — which is about $73,000. The plan calls for “gradually” increasing that level to 85% of state median income, or $124,000 for a four-member family.

    “That means we will be opening up access to assistance to not just low-income families, but middle income families,” Lewis said in remarks.

    It would also make state funding for the Commonwealth Cares for Children program, which has provided grants to nearly 7,500 child care providers since 2021, a permanent line item in the annual state budget. Other policy changes include setting new patient-staff ratios.

    During Thursday’s debate, Tarr sought to add safeguards on spending to the bill after raising concerns about the costs and how the state will pay for it going forward.

    “Lest we make a promise that can’t be fulfilled,” Tarr said. “My concern is that making sure that … we can say with confidence that the initiatives that are proposed here are things we can afford and sustain.”

    Many child care centers are financially strained and advocates say low compensation and the rising costs of caring for children are putting some providers out of business.

    Meanwhile, care providers are struggling to retain workers in an industry where the pay is traditionally low and the risk of getting sick is now elevated as a result of the COVID-19 pandemic, advocates say.

    The average cost of child care is more than $20,000 a year in Massachusetts, the most expensive state in the nation, only behind Washington, D.C., and well above the national average of $15,888, according to a recent report from the Massachusetts Taxpayers Foundation.

    Working families are losing an estimated $1.7 billion a year in wages from not being able to show up for work because they can’t find or afford child care services, the report noted.

    Meanwhile, employers are losing an estimated $812 million a year in productivity and worker turnover because of the shortage of child care options, according to the report, while the state government is missing out on $188 million a year in tax revenue.

    Compounding the lack of options are changes in the workforce and other factors that have seen fewer people looking to work in the child care industry.

    Gov. Maura Healey has made expanding child care options for parents a key plank of her agenda in her first term, tying the issue to a broader effort to make the state more affordable.

    Earlier this year, the state Board of Early Education and Care recently approved a plan to tap into $65 million from this year’s budget to reimburse child care providers that serve families receiving financial assistance, including a 5.5% cost of living adjustment for providers to help offset increased operating costs.

    The Senate bill must be approved by the House of Representative before heading to Healey’s desk for consideration.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com

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    By Christian M. Wade | Statehouse Reporter

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  • Senate approves bill to expand early education

    Senate approves bill to expand early education

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    BOSTON — The state Senate has approved a plan aimed at expanding access to child care and early education for parents while attracting and retaining new workers to ease persistent labor shortages in the industry.

    The measure, which was unanimously approved Thursday, calls for boosting financial assistance for families seeking child care, establishing new funding for child care providers, and higher pay and benefits for early educators.

    Backers of the plan said the changes are needed to help lower the cost of child care and early education programs with parents paying as much as 20% to 40% of their household incomes on child care, often making it their second-highest expense after housing costs.

    “Besides the high costs, families also face other barriers, including a lack of available slots at their preferred providers, the hours of available care, transportation challenges and more,” Jason Lewis, D-Winchester, a primary sponsor of the bill, said in remarks Thursday. “All this hurts families’ economic well-being.”

    It’s not clear how much the changes, if implemented, would cost and the bill does not include additional funding.

    Senate leaders note that $1.5 billion is already earmarked for early education and care in the current state budget, but that new funding will be dependent on future budgets.

    Lewis said the “substantial” price tag for the plan is “justified” given the money that many families, businesses and the state are losing as a result of the spiraling early education costs.

    “The status quo is already costing us a lot of money,” he said. “We have already demonstrated that we can indeed prioritize investments in early education and child care and follow through on those commitments.”

    Senate Minority Leader Bruce Tarr, a Gloucester Republican, said it’s critical that the state take steps to improve the affordability of early education and child care in the wake of the COVID-19 pandemic. He said the rising cost of early education has major implications for the state’s post-pandemic economy.

    “It is an essential part of the fabric of our state,” Tarr said in remarks. “If we do not act, it will continue to be in serious jeopardy. We cannot allow that to happen.”

    A key plank of the proposal calls for expanding eligibility for subsidized child care by raising the income level to qualify for state-backed programs.

    The current threshold is 50% of state median income for a family of four – which is about $73,000. The plan calls for “gradually” increasing that level to 85% of state median income, or $124,000 for a four-member family.

    “That means we will be opening up access to assistance to not just low-income families, but middle-income families,” Lewis said in remarks.

    It would also make state funding for the Commonwealth Cares for Children program, which has provided grants to nearly 7,500 child care providers since 2021, a permanent line item in the annual state budget. Other policy changes include setting new patient-staff ratios.

    During the debate Thursday, Tarr sought to add safeguards on spending to the bill after raising concerns about the costs and how the state would pay for it going forward.

    “Lest we make a promise that can’t be fulfilled,” Tarr said. “My concern is that making sure that … we can say with confidence that the initiatives that are proposed here are things we can afford and sustain.”

    Many child care centers are financially strained and advocates say low compensation and the rising costs of caring for children are putting some providers out of business.

    Meanwhile, care providers are struggling to retain workers in an industry where the pay is traditionally low and the risk of getting sick is now elevated as a result of the COVID-19 pandemic, advocates say.

    The average cost of child care is more than $20,000 a year in Massachusetts, the most expensive state in the nation, only behind Washington, D.C., and well above the national average of $15,888, according to a recent report from the Massachusetts Taxpayers Foundation.

    Working families are losing an estimated $1.7 billion a year in wages from not being able to show up for work because they cannot find or afford child care services, the report noted.

    Meanwhile, employers are losing an estimated $812 million a year in productivity and worker turnover because of the shortage of child care options, according to the report, while the state government is missing out on $188 million a year in tax revenue.

    Compounding the lack of options are changes in the workforce and other factors that have seen fewer people looking to work in the child care industry.

    Gov. Maura Healey has made expanding child care options for parents a key plank of her agenda in her first term, tying the issue to a broader effort to make the state more affordable.

    Earlier this year, the state Board of Early Education and Care recently approved a plan to tap into $65 million from this year’s budget to reimburse child care providers that serve families receiving financial assistance, including a 5.5% cost-of-living adjustment for providers to help offset increased operating costs.

    The Senate bill must be approved by the House of Representative before heading to Healey’s desk for consideration.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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  • Institution for Savings promotes 3 officers

    Institution for Savings promotes 3 officers

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    NEWBURYPORT — The Institution for Savings recently promoted three employees, according to CEO and President Michael Jones.

    David Doucette was promoted to senior vice president of commercial lending; Jeffrey Salerno was promoted to assistant vice president of residential lending; and Shannon Maloney was promoted to assistant vice president and Storey Avenue Newburyport manager.

    Doucette has spent nearly his entire professional career with the Institution for Savings. As a high school student, he worked in the bank’s educational school bank at Ipswich High School and continued as a part-time teller while in college.

    Following his college graduation, Doucette joined the bank’s residential loan department as a loan processor. In 2009, he transferred to commercial lending as a credit analyst and became a commercial loan officer in 2015.

    In 2017, Doucette was promoted to assistant vice president and to vice president in 2019. He was promoted to senior vice president earlier this year. He is based in the bank’s commercial lending office at 312 Haverhill St. in Rowley.

    With 20 years of mortgage lending experience, Salerno joined the bank in 2018 as mortgage officer and was promoted to assistant vice president earlier this year. He attended New England School of Financial Studies and the Massachusetts Bankers Association School of Mortgage Banking. Salerno is based in the bank’s Amesbury office at 150 Main St.

    Maloney joined the Institution for Savings as a teller in 2015. She was promoted to head teller in 2017 and Rowley office assistant manager in 2022. In April, Maloney returned to the Storey Avenue office as assistant manager and was then promoted to manager in January.

    “We believe strongly in giving our employees the opportunities and education to advance in their careers here at the bank and these promotions are great examples of that,” Jones said. “I congratulate Dave, Jeff and Shannon on these well-deserved promotions and look forward to seeing all that they are going to do in these new positions.”

    Dating to 1820, the Institution for Savings is the largest mutual savings bank in Massachusetts. On Cape Ann, it operates branches at 4 Parker St. in Gloucester, and 37 King St. in Rockport.

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  • SAT officials warn parents to beware of scammers

    SAT officials warn parents to beware of scammers

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    ARLINGTON, VA — For parents of high school students, SAT and ACT scores are a huge deal. With college admissions and scholarships on the line, paying for tutors and test prep materials may be worth the price.

    But watch out for con artists eager to take advantage of this. Scammers – with access to kids’ names and school information – are tricking parents into paying for bogus SAT and ACT prep materials.

    How this scam works

    You get an unsolicited call from a person claiming to be from the College Board, the company responsible for the PSAT, SAT, and AP tests, or another educational organization. The caller claims to be confirming your address, so they can send test prep materials, such as books, CDs, or videos, that your child requested at school.

    It seems so believable! Several people reported to BBB Scam Tracker that the caller even had their child’s name, phone number, address, school information, and/or the date and location of their child’s scheduled test.

    Of course, there’s a catch. The caller needs you to pay a deposit, sometimes several hundred dollars, for the materials. They claim it will be refunded when the materials are returned after a set number of days.

    Unfortunately, if you provide your address and credit card details, the materials will never arrive, and your deposit will never be refunded. Scammers now have your credit card number and other personal information.

    How to avoid similar scams

    Always be wary of unsolicited callers. If someone calls out of the blue asking for payment, always research their organization before you share personal information or agree to receive services or products. Look up the business they claim to represent at BBB.org.

    Search the name along with the words “scam” or “complaint” to find out if others had negative experiences. Check BBB Scam Tracker to see if anyone else has filed a report about the company.

    Double check with your child. If scammers say they are calling because of a service your child requested, tell them you need to check with your child first and hang up. Make sure their claims are legitimate before you call back or accept a return call. Don’t send any money or make a payment if there is any doubt about the call. The same is true for emergency scams.

    Understand the College Board’s practices. The College Board will never ask you for bank or credit card information over the phone or via email. If a caller suggests otherwise, hang up. Learn more about the College Board’s policies.

    Use your credit card when possible. Credit cards may refund your money if they spot a fraudulent charge or if you report one in a timely manner. You may not be offered the same protection if you pay with your debit card or other payment options. Never agree to pay a stranger with a money wire, prepaid cards, or digital wallet, such as Cash App or Venmo.

    For more information visit www.bbb.org.

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  • Institution for Savings promotes 3 officers

    Institution for Savings promotes 3 officers

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    NEWBURYPORT — The Institution for Savings recently promoted three employees, according to CEO and President Michael Jones.

    David Doucette was promoted to senior vice president of commercial lending; Jeffrey Salerno was promoted to assistant vice president of residential lending; and Shannon Maloney was promoted to assistant vice president and Storey Avenue Newburyport manager.

    Doucette has spent nearly his entire professional career with the Institution for Savings. As a high school student, he worked in the bank’s educational school bank at Ipswich High School and continued as a part-time teller while in college.

    Following his college graduation, Doucette joined the bank’s residential loan department as a loan processor. In 2009, he transferred to commercial lending as a credit analyst and became a commercial loan officer in 2015.

    In 2017, Doucette was promoted to assistant vice president and to vice president in 2019. He was promoted to senior vice president earlier this year. He is based in the bank’s commercial lending office at 312 Haverhill St. in Rowley.

    With 20 years of mortgage lending experience, Salerno joined the bank in 2018 as mortgage officer and was promoted to assistant vice president earlier this year. He attended New England School of Financial Studies and the Massachusetts Bankers Association School of Mortgage Banking. Salerno is based in the bank’s Amesbury office at 150 Main St.

    Maloney joined the Institution for Savings as a teller in 2015. She was promoted to head teller in 2017 and Rowley office assistant manager in 2022. In April, Maloney returned to the Storey Avenue office as assistant manager and was then promoted to manager in January.

    “We believe strongly in giving our employees the opportunities and education to advance in their careers here at the bank and these promotions are great examples of that,” Jones said. “I congratulate Dave, Jeff and Shannon on these well-deserved promotions and look forward to seeing all that they are going to do in these new positions.”

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  • City’s CFO remembered as ‘seasoned and savvy municipal CFO’

    City’s CFO remembered as ‘seasoned and savvy municipal CFO’

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    John P. Dunn, the city’s chief financial officer for the past decade, died Monday, March 4, at age 71.

    Dunn served with three Gloucester mayors while also having overseen municipal finances in Beverly as The Garden’s City’s finance director for 18 years.

    Former Mayor Carolyn Kirk tapped Dunn to the job formerly held by Jeff Towne when he accepted a position in Natick, according a Jan. 3, 2014 article in the Times.

    At the time of his hiring, Kirk said Dunn came highly recommended by outgoing Beverly Mayor Bill Scanlon with now Beverly Mayor Mike Cahill bringing in his own team during the transition, freeing up Dunn to take the job in Gloucester.

    “He was by far and away the best candidate,” Kirk said at the time.

    On Thursday, Kirk said “John was a seasoned and savvy municipal CFO under three mayors here in Gloucester. Every day he carried out his role as steward of the public trust to the highest standards and with a calm demeanor.

    “We’ve been lucky to have his talents devoted to the citizens of Gloucester over the past 10 years and my sincere condolences are extended to his family and his colleagues at City Hall.”

    Dunn served the longest with former Mayor Sefatia Romeo Theken, who was mayor for seven years from 2015 until 2021. She called Dunn “a great friend” and that he “would be sadly missed.”

    “He was a great CFO,” Theken said, saying Dunn “worked closely with my administration with Jim Destino, the CAO, and Kenny Costa, the auditor.

    “Those three were powerhouses who started to move Gloucester forward. They worked great together to make sure that our departments and the schools always had funding that was needed for the city to survive.”

    Dunn worked well with and respected others, Theken said.

    “He had a dry sense of humor, but it was great,” she said.

    He worked steadily through the COVID-19 pandemic with Thekan’s staff “and I came in during COVID to make sure that no one was left alone in City Hall.”

    Mayor Greg Verga said of Dunn, “First of all, he was just a great guy. He was really funny in just his own way. He was one of those guys who looked serious, a numbers guy, but he was a funny guy.”

    Verga said when he came in as mayor, Dunn was helpful in boiling down the budget for him: “Budget 101 for me.” Even though Verga served on the City Council for six years, it was just a whole different story, he said, going through the budget line-by-line.

    “And he was a magician, you know,” Verga said, when it came to Dunn being able to arrange the financing for city projects.

    “He just knew how to set up all the dominoes so they just stayed perfectly,” he said.

    Dunn’s death is a big loss for the city as one of the key people he worked with, “but I think it’s a bigger loss because of him as a person,” Verga said.

    Chief Administrative Officer Jill Cahill, who served with Dunn in city government for seven years as the former director of community development and in her present role, said: “He taught me so much. John taught me a lot about municipal government, about municipal finance. He was a mentor and he was always there for everybody. His answer was always: ‘Don’t worry about it, we’ll get it done. I’ll find the money.”

    As to the city’s finances, as Dunn also served as the city’s treasurer and collector, Cahill said they are in good hands with the assistant treasurer and a consultant who the city has hired who is a seasoned CFO.

    Dunn was a native of New Providence, New Jersey, and the husband of Pat McCullough Dunn for 45 years. He lived in New Jersey until he came to Massachusetts to attend Tufts University, according to his obituary for the Campbell-Porter Funeral Home in Ipswich.

    Dunn and his wife settled in Beverly, where he worked for 18 years as the chief financial officer. He was proud of his efforts to modernize and improve Beverly schools and other capital projects there, his obituary reads.

    “Terrific guy,” said Scanlon, Beverly’s longest-serving mayor. “Extremely capable. Honest as you can be. Low-key. Well-liked, just a great guy.”

    Scanlon plans to give a eulogy at Dunn’s funeral next week, on March 13.

    He said Dunn, who had been a bank executive, first began working in Beverly in the treasurer’s office before becoming Beverly’s finance director in the mid 1990s.

    Scanlon, who was mayor in Beverly from 1994 to 2001 and then again from 2004 to 2013, said when he lost a bid for reelection during his first go as mayor, Dunn went to work in Melrose, and when Scanlon was reelected, Dunn came back. When Scanlon decided to retire in 2013, Scanlon spoke to Kirk about Dunn.

    “I told him he would be available and she hired him in a minute,” Scanlon said.

    In addition to his wife, Dunn is survived by his daughter, Abby Carmean and her husband Chris of Greenwood, Delaware, and son Andrew and his partner, Justine of Nashua, New Hampshire and grandsons Owen, Riley and Quinn, who his obituary indicates Dunn cherished as they called him, ‘Papa John.’

    A funeral service will be held at the Campbell Funeral Home, 525 Cabot St., Beverly, on Wednesday, March 13, at 1 p.m. Relatives and friends are invited to attend. Visiting hours at the funeral home will be Tuesday, March 12, from 4-7 p.m. Contributions may be made in Dunn’s memory to the American Red Cross at www.redcross.org. Information, directions, condolences at www.campbellfuneral.com.

    Ethan Forman may be contacted at 978-675-2714, or at eforman@gloucestertimes.com.

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    By Ethan Forman | Staff Writer

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  • World’s best spicy foods: 20 dishes to try | CNN

    World’s best spicy foods: 20 dishes to try | CNN

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    CNN
     — 

    Some like it hot – and some like it hotter, still.

    When it comes to the world’s best spicy dishes, we have some of the world’s hottest peppers to thank, along with incredible layers of flavor and a long, spice-loving human history.

    “Spicy food, or at least spiced foods, clearly predates the idea of countries and their cuisine by a very, very long time,” says Indian author Saurav Dutt, who is writing a book about the spiciest foods on the Indian subcontinent.

    “Every spicy ingredient has a wild ancestor,” he says. “Ginger, horseradish, mustard, chiles and so on have predecessors which led to their domestication.”

    Hunter-gatherer groups historically made use of various wild ingredients to flavor their foods, Dutt says, and there are many ingredients all over the world that can lend a spicy taste to a dish or stand on their own.

    Peppers – a headliner for heat – are rated on the Scoville Heat Units scale, which measures capsaicin and other active components of chile peppers. By that measure, the Carolina Reaper is among the hottest in the world, while habaneros, Scotch bonnets and bird’s eye chiles drop down a few rungs on the mop-your-brow scale.

    Redolent with ghost peppers, Scotch bonnets, serranos, chiltepin peppers, mouth-numbing Sichuan peppercorns and more, the following spicy dishes from around the world bring the heat in the most delicious way.

    Ata rodo – Scotch bonnet pepper – brings the fire to Nigeria’s famous spicy soup. Egusi is made by pounding the seeds from the egusi melon, an indigenous West African fruit that’s related to the watermelon.

    In addition to being protein-packed, the melon’s seeds serve to thicken and add texture and flavor to the soup’s mix of meat, seafood and leafy vegetables. Pounded yams are often served alongside this dish, helping to temper the scorch of the Scotch bonnets.

    “The joy of this dish is not only the delightful warming ingredients of cinnamon, cloves, star anise and, of course, the Sichuan peppercorns, but the fact that you can cook exactly what you like in the bubbling spicy broth,” says British-born Chinese chef Kwoklyn Wan, author of “The Complete Chinese Takeout Cookbook.”

    Duck, seafood, chicken, pork, lamb and seasonal vegetables are all fair game for tossing into the pot to simmer in a mouth-numbing broth made with Sichuan peppercorns and dried Sichuan peppers for serious kick (the dipping sauce served on the side often has chile paste, too).

    Also known as Chongqing hot pot, the dish is said to have originated as a popular food among Yangtze River boatmen. It’s enjoyed by those who can handle its heat all over China, not to mention elsewhere around the world.

    Som tam, Thailand

    A green papaya salad with a fiery kick.

    From northeastern Thailand’s spice-loving Isaan province, this fresh and fiery salad is a staple dish at Thai restaurants around the world and is also popular in neighboring Laos.

    Som tam turns to green (unripe) papaya for its main ingredient, which is usually julienned or shredded for the salad. The papaya is then tossed with long beans or green beans and a mix of flavorful Asian essentials that include tamarind juice, dried shrimp, fish sauce and sugar cane paste, among other ingredients. Thai chiles, also called bird’s eye chiles, give the salad its requisite kick.

    Piri-piri chicken, Mozambique and Angola

    The Portuguese introduced this spicy dish also known as peri-peri chicken into Angola and Mozambique as far back as the 15th century, when they mixed African chiles with European ingredients (piri-piri means “pepper pepper” in Swahili). And it’s the perky red pepper of the same name that brings the spiciness to this complex, layered and delicious dish.

    Piri-piri chicken’s poultry cuts are marinated in chiles, olive oil, lemon, garlic and herbs such as basil and oregano for a fiery flavor that blends salty, sour and sweet. The dish is also popular in Namibia and South Africa, where it’s often found on the menu in Portuguese restaurants.

    The glossy red hues dancing on a plate of this popular pork dish, a version of which hails from Mao Zedong’s home province, give a hint about the mouth experience to come. The dish was apparently a favorite of the communist leader, who requested his chefs in Beijing prepare it for him.

    Chairman Mao’s braised pork belly – called Mao shi hong shao rou in China – is often served as the main dish for sharing at a family table and is made by braising chunks of pork belly with soy sauce, dried chiles and spices.

    “It is a very delicious and moreish dish due to the caramelized sugar and dark soy sauce being reduced and all the aromatics (that coat the pork belly),” wrote BBC “Best Home Cook” winner Suzie Lee, author of “Simply Chinese,” in an email to CNN Travel.

    Scotch bonnet peppers give jerk chicken its heat.

    Jamaica’s favorite pepper is the Scotch bonnet, beloved not just for its spiciness but for its aroma, colors and flavor, too, says Mark Harvey, content creator and podcaster at Two On An Island, who was born in Spanish Town, Jamaica.

    “For Jamaicans, the degree of spiciness starts at medium for children and goes up to purple hot,” he says, explaining that the peppers come in green, orange, red and purple hues, growing increasingly spicy in that order.

    Scotch bonnets star in several of the island’s iconic dishes, including escovitch fish, pepper pot soup and curry goat. But you might recognize them most from the ubiquitous jerk chicken and pork smoking roadside everywhere from Montego Bay to Boston Bay, where meat prepared with the peppery marinade is cooked the traditional way, atop coals from pimento tree wood (the tree’s allspice berries are also used in the jerk marinade).

    Popular on the Indonesian islands of Bali and Lombok, in particular, this whole chicken dish is stuffed with an intensely aromatic spice paste (betutu) that usually includes a mashup of fresh hot chile peppers, galangal (a root related to ginger), candlenuts, shallots, garlic, turmeric and shrimp paste, among other ingredients.

    The chicken is then wrapped in banana leaves and steamed, bringing the aromatics out all the more and flavoring the chicken to the max. Best shared, ayam betutu is often presented at religious ceremonies in Bali, but you’ll find it at restaurants specializing in it throughout the islands, too.

    Spicy wings are an American sports bar staple.

    Beer and buffalo chicken wings are as American as, well, hamburgers. And if you’re not eating them alongside a pile of celery sticks and a ramekin of dunking sauce – traditionally blue cheese dip, but ranch works, too – you’re missing half the picture.

    A sports bar staple at chain restaurants such as Buffalo Wild Wings and more refined outposts, too, from Alaska to Maine, “wings” are actually made up of the wing parts called drumettes and wingettes, which have the most meat.

    Buffalo wings, said to have been invented in a bar in Buffalo, New York, in 1964, are among the spiciest preparations (other popular variations include teriyaki wings and honey garlic wings). Make them as fiery as you like using a sauce that includes cayenne pepper, butter, vinegar, garlic powder and Worcestershire sauce.

    A relative of ceviche, this Mexican dish traditionally gets its fire from chiltepín peppers.

    Similar to ceviche but with more bite, this raw marinated shrimp dish from the western Mexican state of Sinaloa (and a staple along the Baja Peninsula, too) tastes as good as it looks.

    Tiny but mighty chiltepín peppers (they look like bright little berries), grown throughout the United States and Mexico, make the spicy magic happen in shrimp aguachiles, which means “pepper water.” If you can’t find those, serrano and jalapeño peppers also do the trick.

    Marinate the raw shrimp with ingredients including lime juice, cilantro, red onion and cucumber and enjoy with crispy tostadas.

    Pad ka prao, Thailand

    A go-to dish when you want something satisfying – but with kick – pad ka prao is a mealtime staple in Thailand, where you’ll find it on offer at street-side stalls and restaurants everywhere from Bangkok to the islands.

    Considered the Thai equivalent of a sandwich or a burger, the dish is a mix of ground pork, spicy Thai chile peppers and holy basil and can be ordered as spicy as you like. Many locals believe it’s best topped with a fried egg with a runny yolk.

    Beef rendang, Indonesia and Malaysia

    A fiery favorite that originated in West Sumatra, versions of beef rendang are also enjoyed in Indonesia’s neighboring countries, including Malaysia and Brunei, as well as the Philippines.

    This flavorful dry curry dish calls on kaffir lime leaves, coconut milk, star anise and red chile, among other spices, to deliver its complexity. It’s often presented to guests and served during festive events.

    The fermented cabbage dish kimchi might be the spicy Korean dish that first comes to mind, but when you want some extra kick, dakdoritang does the trick.

    Comfort food to the max, the chicken stew doubles down on its spiciness with liberal doses of gochugaru (Korean chile powder) and gochujang (Korean chile paste) mixed with rice wine, soy sauce, garlic, ginger and sesame oil in a braising sauce that packs the bone-in chicken pieces with flavor. It’s often served with carrots, onions and potatoes.

    Phaal Curry, Birmingham, England (via Bangladesh)

    This tomato-based British-Asian curry invented in Birmingham, England, curry houses by British Bangladeshi restaurateurs is thought to be one of the spiciest curries in the world.

    “Typically the sauce has a tomato base with ginger, fennel seeds and copious amounts of chile, habanero or Scotch bonnet, peppers,” says Indian author Saurav Dutt.

    As many as 10 pepper types may find their way into phaal curry, he says, including bird’s eye chiles and the bhut jolokia (also known as the ghost pepper, it’s one of the world’s hottest peppers). Even hotter than vindaloo, this dish will absolutely light your mouth up.

    This classic Roman pasta dish’s name gives you an idea of what to expect. “Arrabbiata” means “angry” in Italian. And penne all’arrabbiata pairs the relatively plain penne pasta with fiery flavors from the sauce (sugo all’arrabbiata) in which it’s slathered.

    “The peperoncino (red chile pepper) is what makes this sauce ‘angry’ (arrabbiata) or spicy,” Chris MacLean of Italy-based Open Tuesday Wines said via email.

    To tame the angry peppers in this garlic and tomato-based dish with a good glass of red wine, MacLean says to pair penne all’arrabbiata with a Cesanese, also from Rome’s Lazio region, with its crisp fruit and light tannins.

    “A wine that’s heavy in oak or alcohol would turn up the heat (in the dish) in your mouth and render the wine tasteless,” he warns.

    Chicken is simmered with roasted spices and coconut in this flavorful dish.

    “There’s a saying in South India that you are lucky to ‘eat like a Chettiar,’ ” says Dutt, referring to the Tamil-speaking community in India’s southern Tamil Nadu state credited with creating this spicy dish.

    “Like this chicken dish, the traditional Chettinad dishes mostly used locally sourced spices like star anise, pepper, kalpasi (stone flower) and marati mokku (dried flower pods),” he says.

    The chicken pieces are simmered in a medley of roasted spices and coconut, and it is traditionally served with steamed rice or the thin South Indian pancakes called dosa, fried chapati or naan.

    This Ethiopian dish leans on the fiery berbere spice blend.

    The fiery Ethiopian spice blend called berbere – aromatic with chile peppers, basil, cardamom, garlic and ginger – is instrumental to the flavor chorus that’s doro wat, Ethiopia’s much-loved spicy chicken stew.

    Topped with boiled eggs, the dish almost always finds a place at the table during weddings, religious holidays and other special occasions and family gatherings. If you’re invited to try it in Ethiopia at such an event, consider yourself very lucky indeed.

    Mouth-numbing Sichuan peppercorns bring the X-factor to this popular dish from China’s Sichuan province, which mixes chunks of silken tofu with ground meat (pork or beef) and a spicy fermented bean paste called doubanjiang.

    Mapo tofu’s fiery red color might as well be a warning to the uninitiated – Sichuan cuisine’s defining flavor, málà, has a numbing effect on the mouth called paresthesia that people tend to love or hate.

    A Portuguese-influenced dish from India’s southwestern state of Goa, vindaloo was not originally meant to be spicy, says Dutt. “It originally contained pork, potatoes (aloo) and vinegar (vin), giving you the name,” he says.

    But when the dish was exported to curry houses in the United Kingdom that were mostly run by Muslim Bangladeshi chefs, Dutt says, pork was replaced with beef, chicken or lamb and the dish evolved into a spicier hot curry.

    Ghost pepper flakes and Scotch bonnet peppers are among the peppers giving the dish its scorching taste. But in Goa, you can still find versions of the dish that swing more on the side of milder spices such as cinnamon and cardamom.

    Senegalese cooks are also big fans of Scotch bonnet peppers, named for their resemblance to the Scottish tam o’ shanter hat. And their spice-giving goodness is deployed liberally in one of the West African country’s favorite dishes, the spicy tomato and peanut or groundnut-based stew called mafé.

    Usually made with beef, lamb or chicken, the stew is made even heartier with potatoes, carrots and other root vegetables for one filling feed. Mafé is popular in other West African countries, too, including Mali and Gambia, and it can also be prepared without meat.

    Synonymous with watching the Super Bowl or hunkering down on a cold night, chili is a spicy American staple where you can opt to ratchet up the heat as much as you like.

    There are basically two pure forms of American chili – with or without beans (usually red kidney beans) – says Chef Julian Gonzalez of Sawmill Market in Albuquerque, New Mexico. In Texas, he explains, chili traditionally doesn’t have beans, which puts the focus on the spices and chiles used to flavor it, and he goes with that approach himself.

    “Traditionally chili is seasoned with chili powder, cumin and paprika,” Gonzalez says. From there, you can use other ingredients to make your recipe unique. Adding cayenne pepper is one way to turn up the heat.

    At his restaurant Red & Green, which serves New Mexican cuisine, Gonzalez’s green chile stew, made with pork and no beans, is seasoned with a mix of roasted green New Mexican hatch chiles (half mild and half with heat), onion and garlic powder.

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  • Administrator likely to be appointed at Paytm Payments Bank after March 15

    Administrator likely to be appointed at Paytm Payments Bank after March 15

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    With less than a fortnight to go for Paytm Payments Bank to wind down its operations, highly placed sources in the banking circles say the bank could be the first significant instance in over two decades where the Reserve Bank of India may not hesitate to take a drastic step such as cancellation of its bank license. “If that be the case, an administrator could be appointed at the bank to oversee certain critical aspects,” said a person with knowledge of the matter.

    Failed transactions

    A move of this nature is likely after three–four instances of failed due diligence done on Paytm Payments Bank in a bid to take over its business. Being a deposit-taking entity, it is learnt that a few large banks, including a rival payments bank, are interested in Paytm’s wallet business and have shown interest in taking over Paytm Payments Bank. “However, with reports of inadequate KYC compliance looming over the bank, the interested parties stepped back,” said a banker aware of the matter.

    According to a few more sources, the regulator had sounded off the interested entities acquiring Paytm Payments Bank as they would be at their own risk and no dispensation on the compliance front would be extended to them. “This was a deterrent for any transaction to go through,” said the person quoted above.

    It may be noted that on February 26, the board of Paytm Payments Bank was reconstituted with new members and Vijay Shekar Sharma stepped down as the chairman of the bank. Subsequently, One97 Communications (OCL) terminated all its contracts with the bank. Sharma holds 51 per cent equity in Paytm Payments Bank, while the rest is held by OCL.

    Next steps

    Another banker added that, with the RBI explicitly mentioning in the FAQ dated February 16 that no credits can be made to Paytm Payment Bank’s savings account and no fresh deposits with partner banks through Paytm Payments Bank will be allowed after March 15, 2024, indicates that the bank is unlikely to be in existence for long.

    However, for depositors who may not have withdrawn or closed their accounts with the bank within the slated timelines, their sums will be transferred to ‘unclaimed deposits’ account under the “Depositor Education and Awareness” (DEA) Fund Scheme, 2014. The role of the administrator would be to ensure that any deposit claims made thereafter is satisfactory repaid to the depositors. As of March 31, 2023, Paytm Payments Bank held ₹3,285.27 crore of deposits, with ₹2,955.96 crore of deposits with 1–3 year maturity.

    License revocation likely

    Paytm Payments Bank faced with risk of license revocation after March 15

    Move likely as talks with 3 – 4 large banks for takeover fail

    Inadequate compliance by Paytm Payments Bank seen as reasons for failed takeover talks

    RBI may appoint an administrator to oversee unclaimed deposits after March 15

    Vijay Shekhar Sharma holds 51 per cent stake in Paytm Payments Bank; rest with One97 Communication

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  • Jamie Dimon Fast Facts | CNN

    Jamie Dimon Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of Jamie Dimon, chairman and CEO of JPMorgan Chase & Co.

    Birth date: March 13, 1956

    Birth place: New York, New York

    Birth name: James Dimon

    Father: Theodore Dimon, stockbroker

    Mother: Themis Dimon

    Marriage: Judith “Judy” (Kent) Dimon (May 1983-present)

    Children: Julia, Laura and Kara Leigh

    Education: Tufts University, B.A. 1978; Harvard University, M.B.A., 1982

    He has a twin brother, Theodore Dimon Jr., who is the founder of the Dimon Institute in New York.

    1982-1985 – Assistant to American Express president Sandy Weill.

    1996-1997 Chairman and CEO of Smith Barney.

    1997-1998Co-chairman and co-CEO of Salomon Smith Barney Holdings.

    1998 – President of Citigroup. Dimon is forced out of the company after a falling-out with Weill.

    2000-2004 Chairman and CEO of Bank One Corporation.

    2004Becomes president and chief operating officer of JPMorgan Chase & Co. when it merges with Bank One Corporation.

    December 31, 2005Assumes title of chief executive officer and president at JPMorgan Chase & Co., effective January 1, 2006.

    December 31, 2006 Named chairman of the board at JPMorgan Chase & Co., effective January 1, 2007.

    2011 Earned $23.1 million in compensation as chairman and CEO of JPMorgan Chase & Co., making him the best paid bank CEO.

    May 10, 2012On a conference call, reveals that a trading portfolio that was designed to help JPMorgan Chase hedge its credit risk lost $2 billion and could lose $1 billion more.

    May 15, 2012Apologizes to JPMorgan Chase shareholders at the annual meeting. Shareholders approve Dimon’s $23 million pay package and preliminary results show that only 40% support a proposal that calls for the appointment of an independent chairman.

    May 17, 2012Senate Banking Committee announces Dimon has been invited to appear before the committee at hearings looking into the JP Morgan trading losses from a regulatory angle.

    June 13, 2012 Dimon testifies before the Senate Banking, Housing and Urban Affairs Committee telling senators that while he did not approve the trades that led to the multi-billion dollar loss, he was aware of it.

    June 19, 2012Dimon testifies before the House Financial Services Committee and says that he did not mislead shareholders.

    July 13, 2012JPMorgan announces that the trading loss originally believed to be $2 billion is now approximately $5.8 billion. JPMorgan later discloses that the loss increased to $6.2 billion in the third quarter.

    2012 Due to the London Whale losses, Dimon’s pay package is reduced to $11.5 million, down from the previous year’s $23.1 million.

    January 23, 2013Dimon apologizes to the shareholders by stating that the “whale” trade that caused the $6 billion loss was a “terrible mistake.”

    May 21, 2013 Approximately 68% of JPMorgan Chase stockholders vote to keep Dimon as chairman and CEO at the annual meeting, but three directors on the risk committee receive a narrow majority of only between 51% and 59% of votes.

    September 19, 2013 – JPMorgan Chase agrees to pay about $920 million in fines to US and UK regulators to settle charges related to the “London Whale” trading scandal.

    November 19, 2013 – Officials announce JPMorgan Chase has agreed to a $13 billion settlement to resolve several investigations into the bank’s mortgage securities business. According to the Justice Department, the deal is the “the largest settlement with a single entity in American history.”

    January 24, 2014 – Dimon gets a 74% pay hike for 2013, even though JPMorgan Chase & Co was forced to pay billions in fines and settlements last year. In a government filing, JPMorgan Chase says that Dimon will receive $18.5 million worth of restricted stock that will vest over the next three years as his 2013 bonus. That’s up from a $10 million bonus for 2012. His $1.5 million base salary remains unchanged.

    July 1, 2014 – Dimon releases a memo saying that he has been diagnosed with a curable throat cancer. He will receive radiation and chemotherapy treatment over the next eight weeks at Memorial Sloan Kettering Hospital in New York, but will remain working while undergoing treatment.

    February 11, 2016 – After the price of JPMorgan Chase shares drop 25% from their all-time high during the summer, Dimon purchases $26.6 million in stock.

    January 30, 2018 – Announces, along with Warren Buffett and Jeff Bezos, a plan to “find a more efficient and transparent way to provide health care services” in order to tackle the rising cost of healthcare.

    March 5, 2020 – In a letter to employees, shareholders and clients, JPMorgan Chase’s co-COOs Gordon Smith and Daniel Pinto announce that Dimon is recovering after undergoing emergency heart surgery. Dimon required surgery after experiencing an “acute aortic dissection,” a tear in the inner lining of the aorta blood vessel.

    July 20, 2021 – According to a filing with the Securities and Exchange Commission, JPMorgan Chase awards Dimon 1.5 million stock options for him “to continue to lead the Firm for a further significant number of years.”

    February 22, 2024 – SEC filings show that Dimon has sold $150 million worth of JPMorgan Chase stock.

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  • Biden loan forgiveness to save Massachusetts borrowers $19.5M

    Biden loan forgiveness to save Massachusetts borrowers $19.5M

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    BOSTON — Nearly 2,500 Massachusetts borrowers will see millions of dollars in college debt wiped out under President Joe Biden’s new $1.2 billion loan forgiveness cancellation program.

    Under the program, borrowers with less than $12,000 in student loans and who have been making payments for at least 10 years would get their remaining loan balance erased if they enroll in the federal government’s Saving on a Valuable Education repayment plan.

    In Massachusetts, the plan will cancel $19.5 million in college loan debt held by 2,490 borrowers, according to data provided by the Biden administration.

    For every $1,000 borrowed above $12,000, a borrower can receive forgiveness after an additional year of payments, according to the Biden administration.

    All borrowers who have signed up for the SAVE program will receive forgiveness after 20 or 25 years, depending on whether they have loans for graduate school.

    The Biden administration said the forgiveness is based on the principal balance of federal loans borrowed as a student to attend school, “not what a borrower currently owes or the amount of an individual loan.”

    Education Secretary Miguel Cardona said the Biden administration’s loan forgiveness programs are “making a real impact on people’s lives in every state.”

    “When we talk about fixing a broken student loan system, this is what we’re talking about,” he said in a statement. “This is that commitment in action. This is the real deal.”

    Overall, Biden’s latest loan forgiveness program will cancel up to $1.2 billion nationwide. In New Hampshire, nearly 500 borrowers will see at least $3.6 million in college debt wiped out.

    To date, $136.6 billion in federal college loans have been forgiven for more than 3.7 million Americans, according to the Biden administration.

    Last June, the U.S. Supreme Court struck down a Biden plan that had called for canceling up to $10,000 in debt for those earning less than $125,000 per year and up to $20,000 for those who received federal Pell Grants.

    In a 6-3 decision, the high court ruled that the administration overstepped its authority in attempting to cancel or reduce student loan debt, effectively ending the $430 billion plan that would have canceled up to $20,000 in federal student loans for 43 million people.

    The ruling stemmed from a lawsuit filed by six Republican-led states — Nebraska, Missouri, Arkansas, Iowa, Kansas and South Carolina — which argued the program was government overreach.

    Conservative groups have filed legal challenges to Biden’s other loan forgiveness plans, but so far they haven’t been successful.

    Recent studies suggest that decades of declining financial aid support is putting many college students in deep debt.

    A report issued earlier this year by the Hildreth Institute found that nine out of 10 Massachusetts community college students have an unmet financial need, averaging about $8,557 per year.

    The report noted that tuition and fees at Massachusetts public institutions have jumped 59% since 2000, while household incomes only grew by 13% during the time.

    Massachusetts has cut state financial aid by 47% since 2002, according to the report, as other states have increased it by an average of 15% per student.

    The National Association of State Student Grant and Aid Programs ranked Massachusetts 37th in the nation in terms of providing funding for student financial aid, trailing far behind top-spending states such as Kentucky, Georgia and Louisiana.

    Gov. Maura Healey has also focused on college affordability by covering tuition costs and expanding loan repayment programs. Last year, she pushed a plan through the Legislature that devotes $20 million to make community college free for Massachusetts residents 25 and older who do not already have a degree.

    Healey has also diverted more funds to a program, which launched in 2022, that pays off up to $300,000 in college loans for healthcare professionals in a variety of disciplines, including dental, medical, mental health and substance abuse.

    Christian M. Wade covers the Massachusetts Statehouse for North of Boston Media Group’s newspapers and websites. Email him at cwade@cnhinews.com.

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    By Christian M. Wade | Statehouse Reporter

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