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  • Nuclear Power/IAEA Fast Facts | CNN

    Nuclear Power/IAEA Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the International Atomic Energy Agency and nuclear power.

    The International Atomic Energy Agency (IAEA) inspects nuclear and related facilities under safeguard agreements. Most agreements are with countries that have committed to not possessing nuclear weapons. The IAEA is the verification authority to enforce the Treaty on the Non-Proliferation of Nuclear Weapons (NPT).

    The IAEA has 173 member states (as of April 7, 2021).

    Rafael Grossi has been the director general of the IAEA since December 3, 2019.

    There are 35 member countries on the IAEA Board of Governors, which meets five times a year.

    The IAEA has about 2,500 employees.

    IAEA safeguard programs monitor nuclear reactors to make sure nuclear material is not being diverted for making weapons.

    The IAEA sends out inspectors to monitor reactors.

    The IAEA helps countries prepare and respond to emergencies.

    There are more than 420 nuclear power reactors in operation.

    There are more than 50 nuclear power reactors under construction.

    There are more than 90 operational nuclear reactors in the United States.

    France has a 69% share of nuclear power to total electricity generation, the highest percentage of nuclear energy in the world.

    1939 – Nuclear fission is discovered.

    1942 – The world’s first nuclear chain reaction takes place in Chicago as part of the Manhattan Project, a US research program aimed at developing the first nuclear weapons.

    July 16, 1945 – The United States conducts its first nuclear weapons test in New Mexico.

    August 6, 1945 – An atomic bomb is dropped on Hiroshima, Japan.

    August 9, 1945 – An atomic bomb is dropped on Nagasaki, Japan.

    August 29, 1949 – The Soviet Union conducts its first nuclear weapons test.

    December 1951 – Electricity is first generated from a nuclear reactor at the National Reactor Testing Station in Idaho.

    October 3, 1952 – The United Kingdom conducts its first nuclear weapons test.

    December 8, 1953 – In a speech to the United Nations General Assembly, President Dwight D. Eisenhower asks the world’s major powers to work together in developing peacetime uses of the atom. This is known as the Atoms for Peace program, and 40 countries participate. Also during this speech, Eisenhower proposes the creation of an international agency to monitor the spread of nuclear technology.

    June 26, 1954 – In the Soviet Union, the first nuclear power plant is connected to an electricity grid to provide power to residences and businesses in a town near Moscow.

    1957 – The IAEA is established to facilitate the peaceful use of nuclear energy.

    1950’s – Brazil and Argentina begin research and development of nuclear reactors.

    February 13, 1960 – France conducts its first nuclear weapons test.

    October 16, 1964 – China conducts its first nuclear weapons test.

    March 5, 1970 – The NPT goes into effect.

    May 18, 1974 – India conducts its first nuclear weapons test.

    March 28, 1979 – A partial meltdown of the Three Mile Island nuclear power plant occurs in Middletown, Pennsylvania. It is determined that equipment malfunctions, design-related problems and human error led to the accident.

    April 26, 1986 – Reactor number four explodes at the Chernobyl Nuclear Power Plant, releasing large amounts of radiation into the atmosphere.

    September 24, 1996 – The United States, China, France, the United Kingdom, Russia and 66 other UN member countries sign the Comprehensive Nuclear Test Ban Treaty, barring the testing of nuclear weapons.

    December 1997 – Mohamed ElBaradei is appointed IAEA director-general.

    May 1998 – India and Pakistan test nuclear devices amid tensions between the neighboring countries.

    January 10, 2003 – North Korea announces its withdrawal from the NPT.

    August 2003 – IAEA inspectors find traces of highly enriched uranium at an electrical plant in Iran.

    December 19, 2003 – Libya announces that it will dismantle its WMD program, in cooperation with the IAEA as well as the United States and the United Kingdom.

    October 7, 2005 – The IAEA and ElBaradei are named the winners of the Nobel Peace Prize.

    December 1, 2009 – Yukiya Amano replaces ElBaradei as director general of the IAEA.

    March 11, 2011 – A 9.0 magnitude earthquake strikes near the coast of Honshu, Japan, creating a massive tsunami. The tsunami knocks out the Fukushima Daiichi nuclear power plant’s cooling systems. The cores of three of six reactors are damaged by overheating. Resulting hydrogen explosions blow apart the buildings surrounding two reactors.

    May 30, 2011 – Germany announces it will abandon the use of all nuclear power by the year 2022. This repeals a 2010 plan to extend the life of the country’s nuclear reactors.

    November 11, 2013 – Iran signs an agreement with the IAEA, granting inspectors access to nuclear sites.

    July 14, 2015 – After 20 months of negotiations, Iran reaches a comprehensive agreement (The Joint Comprehensive Plan of Action (JCPOA)), with the United States and other countries that is aimed at reining in Iran’s nuclear program. In exchange for limits on its nuclear activities, Iran will get relief from sanctions while being allowed to continue its atomic program for peaceful purposes.

    August 11, 2015 – Japan restarts a nuclear reactor on the island of Kyushu. It’s the country’s first reactor to come back online since the 2011 tsunami.

    January 16, 2016 – The IAEA confirms that Iran has taken all of the steps outlined in the nuclear deal, allowing for sanctions to be lifted, as per the agreement.

    May 8, 2018 – US President Donald Trump announces that the United States will withdraw from JCPOA and will be imposing “the highest level of economic sanction” against Iran. In Tehran, Rouhani says Iran will take a few weeks to decide how to respond to the US withdrawal, but Rouhani says he had ordered the country’s “atomic industry organization” to be prepared to “start our industrial enrichment without limitations.”

    May 8, 2019 – Rouhani announces a partial withdrawal from the JCPOA.

    February 16, 2021 – The IAEA reports it received a February 15 letter from Iran stating that it will stop implementing provisions of the additional monitoring protocol as of February 23. This will effectively limit which facilities nuclear inspectors can scrutinize and when they can access them, making it harder for experts to determine if Tehran is attempting to develop nuclear weapons.

    February 18, 2021 – The Joe Biden administration releases a statement indicating that the United States is willing to sit down for talks with Tehran and other signatories to the Iran nuclear deal, before either side has taken tangible action to salvage or return to compliance with the agreement.

    February 21, 2021 – In a joint statement, the IAEA and Iran announce they have reached a deal in which Iran will give IAEA inspectors continued access to verify and monitor nuclear activity in the country for the next three months.

    March 15, 2023 – A spokesman from the IAEA tells CNN in an email that “approximately 2.5 tons of natural uranium” contained in 10 drums were found to be missing from supplies held in Libya during an inspection on March 14, 2023.

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  • Penn State Scandal Fast Facts | CNN

    Penn State Scandal Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the Penn State sexual abuse scandal. On November 4, 2011, a grand jury report was released containing testimony that former Penn State defensive coordinator Jerry Sandusky sexually abused eight young boys over a period of at least 15 years. Officials at Penn State purportedly failed to notify law enforcement after learning about some of these incidents. On December 7, 2011, the number of victims increased to 10. Sandusky was found guilty in 2012.

    Included is a timeline of accusations, lists of the charges against Sandusky, a list of involved parties, a post grand jury report timeline, information about The Second Mile charity and Sandusky with links to the grand jury investigation.

    Jerry Sandusky

    Birth date: January 26, 1944

    Birth place: Washington, Pennsylvania

    Birth name: Gerald Arthur Sandusky

    Marriage: Dorothy “Dottie” (Gross) Sandusky (1966-present)

    Children: (all adopted) E.J., Kara, Jon, Jeff, Ray and Matt. The Sanduskys also fostered several children.

    Occupation: Assistant football coach at Penn State for 32 years before his retirement, including 23 years as defensive coordinator.

    Initially founded by Sandusky in 1977 as a group foster home for troubled boys, but grew into a non-profit organization that “helps young people to achieve their potential as individuals and community members.”

    May 25, 2012 – The Second Mile requests court approval in Centre County, Pennsylvania, to transfer its programs to Arrow Child & Family Ministries and shut down.

    August 27, 2012 – The Second Mile requests a stay in their petition to transfer its programs to Arrow Child & Family Ministries saying, “this action will allow any pending or future claims filed by Sandusky’s victims to be resolved before key programs or assets are considered for transfer.”

    March 2016 – After years of dismantling and distributing assets to Arrow Child & Family Ministries and any remaining funds to the Pennsylvania Attorney General to hold in escrow, the organization is dissolved.

    Source: Grand Jury Report

    1994-1997 – Sandusky engages in inappropriate conduct with different boys he met separately through The Second Mile program.

    1998 – Penn State police and the Pennsylvania Department of Public Welfare investigate an incident in which the mother of an 11-year-old boy reported that Sandusky showered with her son.

    1998 – Psychologist Alycia Chambers tells Penn State police that Sandusky acted the way a pedophile might in her assessment of a case in which the mother of a young boy reported that Sandusky showered with her son and may have had inappropriate contact with him. A second psychologist, John Seasock, reported he found no indication of child abuse.

    June 1, 1998 – In an interview, Sandusky admits to showering naked with the boy, saying it was wrong and promising not to do it again. The district attorney advises investigators that no charges will be filed, and the university police chief instructs that the case be closed.

    June 1999 – Sandusky retires from Penn State after coaching there for 32 years, but receives emeritus status, with full access to the campus and football facilities.

    2000 – James Calhoun, a janitor at Penn State, tells his supervisor and another janitor that he saw Sandusky sexually abusing a young boy in the Lasch Building showers. No one reports the incident to university officials or law enforcement.

    March 2, 2002 – Graduate Assistant Mike McQueary tells Coach Joe Paterno that on March 1, he witnessed Sandusky sexually abusing a 10-year-old boy in the Lasch Building showers. On May 7, 2012, prosecutors file court documents to change the date of the assault to on or around February 9, 2001.

    March 3, 2002 – Paterno reports the incident to Athletic Director Tim Curley. Later, McQueary meets with Curley and Senior Vice President for Finance and Business Gary Schultz. McQueary testifies that he told Curley and Schultz that he saw Sandusky and the boy engage in anal sex; Curley and Schultz testify they were not told of any such allegation. No law enforcement investigation is launched.

    2005 or 2006 – Sandusky befriends another Second Mile participant whose allegations would form the foundation of the multi-year grand jury investigation.

    2006 or 2007 – Sandusky begins to spend more time with the boy, taking him to sporting events and giving him gifts. During this period, Sandusky performs oral sex on the boy more than 20 times and the boy performs oral sex on him once.

    2008 – The boy breaks off contact with Sandusky. Later, his mother calls the boy’s high school to report her son had been sexually assaulted and the principal bans Sandusky from campus and reports the incident to police. The ensuing investigation reveals 118 calls from Sandusky’s home and cell phone numbers to the boy’s home.

    November 2008 – Sandusky informs The Second Mile that he is under investigation. He is removed from all program activities involving children, according to the group.

    November 4, 2011 – The grand jury report is released.

    November 5, 2011 – Sandusky is arraigned on 40 criminal counts. He is released on $100,000 bail. Curley and Schultz are each charged with one count of felony perjury and one count of failure to report abuse allegations.

    November 7, 2011 – Curley and Schultz are both arraigned and resign from their positions.

    November 9, 2011 – Paterno announces that he intends to retire at the end of the 2011 football season. Hours later, university trustees announce that President Graham Spanier and Coach Paterno are fired, effective immediately.

    November 11, 2011 – McQueary, now a Penn State receivers’ coach, is placed on indefinite administrative leave.

    November 14, 2011 – In a phone interview with NBC’s Bob Costas, Sandusky states that he is “innocent” of the charges and claims that the only thing he did wrong was “showering with those kids.”

    November 15, 2011 – The Morning Call reports that in a November 8, 2011, email to a former classmate, McQueary says he did stop the 2002 assault he witnessed and talked with police about it.

    November 16, 2011 – Representatives of Penn State’s campus police and State College police say they have no record of having received any report from McQueary about his having witnessed the rape of a boy by Sandusky.

    November 16, 2011 – A new judge is assigned to the Sandusky case after it is discovered that Leslie Dutchcot, the judge who freed Sandusky on $100,000 bail, volunteered at The Second Mile charity.

    November 21, 2011 – It is announced that former FBI Director Louis Freeh will lead an independent inquiry for Penn State into the school’s response to allegations of child sex abuse.

    November 22, 2011 – The Patriot-News reports that Children and Youth Services in Pennsylvania has two open cases of child sex abuse against Sandusky. The cases were reported less than two months ago and are in the initial stages of investigation.

    November 22, 2011 – The Administrative Office of Pennsylvania Courts announces that all Centre County Common Pleas Court judges have recused themselves from the Sandusky case. This is to avoid any conflicts of interest due to connections with Sandusky, The Second Mile charity, or Penn State.

    November 30, 2011 – The first lawsuit is filed on behalf of a person listed in the complaint as “John Doe,” who says he was 10 years-old when he met Sandusky through The Second Mile charity. His attorneys say Sandusky sexually abused the victim “over one hundred times” and threatened to harm the victim and his family if he alerted anyone to the abuse.

    December 2, 2011 – A victim’s attorneys say they have reached a settlement with The Second Mile that allows it to stay in operation but requires it to obtain court approval before transferring assets or closing.

    December 3, 2011 – In an interview with The New York Times, Sandusky says, “If I say, ‘No, I’m not attracted to young boys,’ that’s not the truth. Because I’m attracted to young people – boys, girls – I …” His lawyer speaks up at that point to note that Sandusky is not “sexually” attracted to them.

    December 7, 2011 – Sandusky is arrested on additional child rape charges, which raises the number of victims from eight to 10 people. He is charged with four counts of involuntary deviate sexual intercourse and two counts of unlawful contact with a minor. He also faces one new count of indecent assault and two counts of endangering a child’s welfare, in addition to a single new count of indecent assault and two counts of corruption of minors.

    December 8, 2011 – Sandusky is released on $250,000 bail. He is placed under house arrest and is required to wear an electronic monitoring device. He is also restricted from contacting the victims and possible witnesses, and he must be supervised during any interactions with minors.

    December 13, 2011 – Sandusky enters a plea of not guilty and waives his right to a preliminary hearing.

    December 16, 2011 – A hearing is held for Curley and Schultz. McQueary testifies he told university officials that he saw Sandusky possibly sexually assaulting a boy in 2002. Following the testimony, the judge rules that the perjury case against Curley and Schultz will go to trial. The incident is later said to have happened in 2001.

    January 13, 2012 – Curley and Schultz enter pleas of not guilty for their failure to report child sex abuse.

    January 22, 2012 – Paterno dies at the age of 85.

    February 14, 2012 – Penn State says that the Sandusky case has cost the university $3.2 million thus far in combined legal, consultant and public relations fees.

    June 11, 2012 – The Sandusky trial begins. On June 22, Sandusky is found guilty on 45 counts after jurors deliberate for almost 21 hours. His bail is immediately revoked, and he is taken to jail.

    June 30, 2012 – McQueary’s contract as assistant football coach ends.

    July 12, 2012 – Freeh announces the findings of the investigation into Penn State’s actions concerning Sandusky. The report accuses the former leaders at Penn State of showing “total and consistent disregard” for child sex abuse victims, while covering up the attacks of a longtime sexual predator.

    July 23, 2012 – The NCAA announces a $60 million fine against Penn State and bans the team from the postseason for four years. Additionally, the school must vacate all wins from 1998-2011 and will lose 20 football scholarships a year for four seasons.
    – The Big Ten Conference rules that Penn State’s share of bowl revenues for the next four seasons – roughly $13 million will be donated to charities working to prevent child abuse.

    August 24, 2012 – “Victim 1” files a lawsuit against Penn State.

    September 20, 2012 – Penn State hires Feinberg Rozen LLP (headed by Kenneth Feinberg who oversaw the 9/11 and BP oil spill victim funds).

    October 2, 2012 – McQueary files a whistleblower lawsuit against Penn State.

    October 8, 2012 – An audio statement from Sandusky airs in which he protests his innocence and says he is falsely accused.

    October 9, 2012 – Sandusky is sentenced to no less than 30 years and no more than 60 years in prison. During the hearing, Sandusky is designated a violent sexual offender.

    October 15, 2012 – Plaintiff “John Doe,” a 21-year-old male, files a lawsuit against Sandusky, Penn State, The Second Mile, Spanier, Curley and Schultz. Doe alleges that he would not have been assaulted by Sandusky if officials, who were aware he was molesting boys, had not covered up his misconduct.

    November 1, 2012 – The Commonwealth of Pennsylvania files eight charges against former Penn State President Spanier. The charges include perjury and endangering the welfare of a child. Former university Vice President Schultz and former Athletic Director Curley face the same charges, according to Attorney General Linda Kelly.

    November 15, 2012 – The Middle States Commission on Higher Education lifts its warning and reaffirms Penn State’s accreditation.

    January 30, 2013 – Judge John M. Cleland denies Sandusky’s appeal for a new trial.

    July 30, 2013 – A judge rules that Spanier, Curley and Schultz will face trial on obstruction of justice and other charges.

    August 26, 2013 – Attorneys announce Sandusky’s adopted son and six other victims have finalized settlement agreements.

    October 2, 2013 – The Superior Court of Pennsylvania denies Sandusky’s appeal.

    October 28, 2013 – Penn State announces it has reached settlements with 26 victims of Sandusky. The amount paid by the university totals $59.7 million.

    April 2, 2014 – The Supreme Court of Pennsylvania also denies Sandusky’s appeal.

    September 8, 2014 – NCAA ends Penn State’s postseason ban and scholarship limits. The $60 million fine and the 13 years of vacated wins for Paterno remain in place.

    January 16, 2015 – The NCAA agrees to restore 111 of Paterno’s wins as part of a settlement of the lawsuit brought by State Senator Jake Corman and Treasurer Rob McCord. Also, as part of the settlement, Penn State agrees to commit $60 million to the prevention and treatment of child sexual abuse.

    December 23, 2015 – A spokeswoman for the State of Pennsylvania employee retirement system says Sandusky will receive $211,000 in back payments and his regular pension payments will resume. This is the result of a November 13 court ruling that reversed a 2012 decision to terminate Sandusky’s pension under a state law that allows the termination of pensions of public employees convicted of a “disqualifying crime.” The judge said in his ruling that Sandusky was not employed at the time of the crimes he was convicted of committing.

    January 22, 2016 – A three-judge panel reverses the obstruction of justice and conspiracy charges against Spanier, Curley and Schultz, and the perjury charges against Spanier and Curley.

    May 4, 2016 – A new allegation purports Paterno knew that his assistant coach Sandusky was sexually abusing a child as early as 1976, according to a new court filing. The ongoing lawsuit, filed in 2013, seeks to determine whether Penn State or its insurance policy is liable for paying Sandusky’s victims. At least 30 men were involved in a civil settlement with Penn State, and the number of victims could be higher.

    May 6, 2016 – CNN reports the story of another alleged victim who explains how he was a troubled young kid in 1971 when Sandusky raped him in a Penn State bathroom. He says his complaint about it was ignored by Paterno.

    July 12, 2016 – Newly unsealed court documents allege that Paterno knew about Sandusky’s abuse and that he dismissed a victim’s complaint.

    August 12, 2016 – In a bid for a new trial, Sandusky testifies at a post-conviction hearing claiming his lawyers bungled his 2012 trial. On the stand, Sandusky describes what he said as bad media and legal advice given to him by his former lawyer, Joseph Amendola.

    November 3, 2016 – The Department of Education fines Penn State $2.4 million for violating the Clery Act, a law that requires universities to report crime on campuses. It’s the largest fine in the history of the act.

    March 13, 2017 – Curley and Schultz plead guilty to a misdemeanor charge of endangering the welfare of children in exchange for the dismissal of felony charges.

    March 24, 2017 – Spanier is found guilty on one misdemeanor count of endangering the welfare of a child. Spanier was acquitted of more serious allegations, including conspiracy charges and a felony count of child endangerment.

    June 2, 2017 – Spanier and two other former administrators are sentenced to jail terms for failing to report a 2001 allegation that Sandusky was molesting young boys. Spanier whose total sentence is four to 12 months incarceration, will be on probation for two years and must pay a $7,500 fine, according to Joe Grace, a spokesman for Pennsylvania’s attorney general’s office.

    – Curley is sentenced to seven to 23 months’ incarceration and two years’ probation, Grace said. He will serve three months in jail followed by house arrest and pay a $5,000 fine.

    – Schultz is sentenced to six to 23 months’ incarceration and two years’ probation. He will serve two months in jail, followed by house arrest and pay a $5,000 fine, according to Grace.

    January 9, 2018 – Penn State reports that the total amount of settlement awards paid to Sandusky’s victims is now over $109 million.

    February 5, 2019 – In response to an appeal for a new trial that also questions the validity of mandatory minimum sentencing, the Superior Court of Pennsylvania orders Sandusky to be re-sentenced. The request for a new trial is denied.

    April 30, 2019 – US Magistrate Judge Karoline Mehalchick vacates Spanier’s 2017 conviction for endangering the welfare of a child. Spanier was set to be sentenced on the one count conviction, instead, the court ordered the conviction be vacated because it was based on a criminal statute that did not go into effect until after the conduct in question. The state has 90 days to retry him, according to court documents. The following month, Pennsylvania Attorney General Josh Shapiro appeals the judge’s decision to throw out the conviction.

    November 22, 2019 – Sandusky is resentenced to 30 to 60 years in prison, the same penalty that was previously overturned. The initial sentence of at least 30 years in prison was overturned by the Pennsylvania Superior Court, which found that mandatory minimum sentences were illegally imposed.

    March 26, 2020 – The US Office for Civil Rights finds that Penn State failed to protect students who filed sexual harassment complaints. OCR completed the compliance review after it was initially launched in 2014, and found that the University violated Title IX for several years, in various ways. Secretary of Education Betsy DeVos announces that the US Department of Education and the university have entered into a resolution agreement that compels Penn State to address deficiencies in their complaint process, reporting policy requirements, record keeping, and training of staff, university police and other persons who work with students.

    December 1, 2020 – Spanier’s conviction is restored by a federal appeals court.

    May 26, 2021 – A judge rules that Spanier will start his two month prison sentence on July 9. Spanier reports to jail early and is released on August 4 after serving 58 days.

    Sandusky Verdict

    Victim 1
    Count 1 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 2 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 3 – guilty: Indecent Assault (Felony 3)
    Count 4 – guilty: Unlawful Contact with Minors (Felony 1)
    Count 5 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 6 – guilty: Endangering Welfare of Children (Felony 3)

    Victim 2
    Count 7 – not guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 8 – guilty: Indecent Assault (Misdemeanor 2)
    Count 9 – guilty: Unlawful Contact with Minors (Felony 1)
    Count 10 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 11 – guilty: Endangering Welfare of Children (Misdemeanor 1)

    Victim 3
    Count 12 – guilty: Indecent Assault (Misdemeanor 2)
    Count 13 – guilty: Unlawful Contact with Minors (Felony 3)
    Count 14 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 15 – guilty: Endangering Welfare of Children (Felony 3)

    Victim 4
    Count 16 – ****DROPPED****: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 17 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 18 – ****DROPPED*****: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 19 – ****DROPPED*****: Aggravated Indecent Assault (Felony 2)
    Count 20 – guilty: Indecent Assault (Misdemeanor 2)
    Count 21 – guilty: Unlawful Contact with Minors (Felony 1)
    Count 22 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 23 – guilty” Endangering Welfare of Children (Felony 3)

    Victim 5
    Count 24 – not guilty: Indecent Assault (Misdemeanor 1)
    Count 25 – guilty: Unlawful Contact with Minors (Felony 3)
    Count 26 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 27 – guilty: Endangering Welfare of Children (Felony 3)

    Victim 6
    Count 28 – not guilty: Indecent Assault (Misdemeanor 1)
    Count 29 – guilty: Unlawful Contact with Minors (Felony 3)
    Count 30 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 31 – guilty: Endangering Welfare of Children (Misdemeanor 1)

    Victim 7
    Count 32 – guilty: Criminal Attempt to Commit Indecent Assault (Misdemeanor 2)
    Count 33 – ****DROPPED****: WITHDRAWN BY PROSECUTORS (unlawful contact with minors)
    Count 34 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 35 – guilty: Endangering Welfare of Children (Misdemeanor 1)

    Victim 8
    Count 36 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 37 – guilty: Indecent Assault (Misdemeanor 2)
    Count 38 – guilty: Unlawful Contact with Minors (Felony 1)
    Count 39 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 40 – guilty: Endangering Welfare of Children (Misdemeanor 1)

    (Due to 2nd indictment, counts start over with Victims 9 and 10)

    Victim 9
    Count 1 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 2 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 3 – guilty: Indecent Assault (Felony 3)
    Count 4 – guilty: Unlawful Contact with Minors (Felony 1)
    Count 5 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 6 – guilty: Endangering Welfare of Children (Felony 3)

    Victim 10
    Count 7 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 8 – guilty: Involuntary Deviate Sexual Intercourse (Felony 1)
    Count 9 – guilty: Indecent Assault (Misdemeanor 1)
    Count 10 – guilty: Unlawful Contact with Minors (Felony 1)
    Count 11 – guilty: Corruption of Minors (Misdemeanor 1)
    Count 12 – guilty: Endangering Welfare of Children (Felony 3)

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  • Hank Greenberg Fast Facts | CNN

    Hank Greenberg Fast Facts | CNN

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    CNN
     — 

    Here is a look at the life of former AIG Chief Executive Officer Hank Greenberg.

    Birth date: May 4, 1925

    Birth place: New York, New York

    Birth name: Maurice Raymond Greenberg

    Father: Jacob Greenberg

    Mother: Ada (Rheingold) Greenberg

    Marriage: Corinne (Zuckerman) Greenberg (1950-March 17, 2024, her death)

    Children: Jeffrey, Evan, Scott and Cathleen

    Education: University of Miami, B.A., 1948; New York Law School, LL.B., 1950

    Military: US Army, Captain

    Recipient of the Bronze Star for his service during the Korean War.

    Awarded the Legion of Honor from France.

    Chairman of the Board of The Starr Foundation.

    Vice chairman of the National Committee on United States-China Relations.

    Member of the board of the Council on Foreign Relations.

    1952-1960 – Works for Continental Casualty Company.

    1960 – Is hired as a vice president for the insurance-holding company C.V. Starr & Co., Inc.

    1968 – C.V. Starr & Co., Inc. begins distributing some the firm’s subsidiaries in order to raise capital to establish American International Group, Inc. (AIG). Greenberg becomes the Chairman and CEO of AIG.

    1988-1995 – Director of the Federal Reserve Bank of New York.

    1994-1995 – Chairman of the Federal Reserve Bank of New York.

    March 2005 – Greenberg resigns as CEO and chairman of the board of AIG.

    May 2005 – New York Attorney General Eliot Spitzer files a lawsuit in New York County Supreme Court against Greenberg on behalf of the state, charging him with engaging in fraud to exaggerate AIG’s finances.

    2005-present – Chairman and CEO of C.V. Starr & Co., Inc. and Starr International Company, Inc.

    September 16, 2008 – The Federal Reserve Bank of New York announces an emergency $85 billion loan to AIG to rescue the company, on the condition that the federal government own 79.9% stake in the company. Greenberg is AIG’s largest individual shareholder before the bailout, with 11% ownership in the company.

    April 2009 – The loan expands to $184.6 billion. The government eventually owns a 92% stake in the company.

    August 2009 – The Securities and Exchange Commission charges Greenberg for his involvement in the fraudulent accounting transactions that inflated AIG’s finances. Without conceding or denying the SEC charges, Greenberg agrees to pay $15 million in penalties, and AIG settles the charges by repaying $700 million plus a fine of $100 million.

    November 21, 2011 – Greenberg and his Starr International Company sue the federal government for $25 billion, claiming the 2008 takeover was unconstitutional. Starr International also sues the Federal Reserve Bank of New York in federal district court in Manhattan.

    November 2012 – Greenberg and Starr International’s lawsuit against the Federal Reserve Bank of New York is dismissed. The ruling is upheld in appeals court in January 2014.

    January 2013 – Greenberg’s book, “The AIG Story,” is released.

    May 2013 – Greenberg’s lawsuit against the federal government achieves class action status. Three hundred thousand stockholders, including AIG employees and retirees, would share the reward if they win the lawsuit.

    June 25, 2013 – A New York appeals court rules that the 2005 fraud lawsuit, filed by Spitzer, against Greenberg, will not be dismissed.

    July 2013 – Greenberg files a lawsuit against Spitzer in New York’s Putnam County Supreme Court, alleging defamation related to statements he made between 2004 and 2012.

    June 25, 2014 – After granting a request by Spitzer to dismiss most of his statements, a judge rules that Greenberg’s defamation lawsuit against him will go to trial.

    October 6, 2014 – Greenberg and Starr International’s class action lawsuit against the government officially begins in the Court of Federal Claims in Washington, DC. Closing arguments take place on April 22, 2015.

    June 15, 2015 – Starr International wins its lawsuit against the federal government “due to the Government’s illegal exaction,” but the court awards no monetary damages.

    February 10, 2017 – Greenberg and the New York attorney general’s office reach a settlement in the 2005 civil fraud lawsuit. Greenberg agrees to pay $9 million, and former AIG Chief Financial Officer Howard Smith agrees to pay $900,000.

    September 13, 2017 – The Supreme Court of New York Appellate Division denies summary judgment for several of Greenberg’s defamation charges against Spitzer.

    January 15, 2020 – St. John’s University’s presents Greenberg with a Lifetime Leadership Award at its Annual Insurance Leader of the Year Award Dinner. The school also announces that it has voted to rename its School of Risk Management, Insurance and Actuarial Science in his honor. It is now the Maurice R. Greenberg School of Risk Management, Insurance and Actuarial Science.

    November 12, 2020 – A judge in New York’s Putnam County Supreme Court rules to dismiss Greenberg’s defamation case against Spitzer.

    January 2023 – The Starr Foundation gifts Georgia State’s J. Mack Robinson College of Business $15 million. Georgia State University announces they will rename its Department of Risk Management & Insurance to the Maurice R. Greenberg School of Risk Science in recognition of the donation.

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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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  • Bill Gross Fast Facts | CNN

    Bill Gross Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the life of Bill Gross, founder of PIMCO, Pacific Investment Management Company.

    Birth date: April 13, 1944

    Birth place: Middleton, Ohio

    Birth name: William Hunt Gross

    Father: Sewell “Dutch” Gross, a steel company sales executive

    Mother: Shirley Gross

    Marriages: Amy Schwartz (2021-present); Sue (Frank) Gross (1985-2017, divorced); Pamela Roberts Gross (divorced)

    Children: with Sue Frank: Nick; with Pamela Roberts: Jeff and Jennifer

    Education: Duke University, B.A. in Psychology, 1966; University of California at Los Angeles, M.B.A, 1971

    Military: US Navy, 1966-1969

    Billionaire, bond investor, philanthropist and avid stamp collector.

    Founder, former co-chief investment officer and managing director of PIMCO, one of the world’s largest mutual funds. Under Gross, PIMCO became the world’s largest bond fund manager.

    1966 – While recuperating from injuries suffered in a serious car accident, Gross teaches himself to count cards in blackjack. After college graduation, he turns $200 into $10,000 in four months.

    1971 – Is hired as a junior bond analyst for Pacific Mutual Insurance Company.

    1971 – PIMCO is formed as a division of Pacific Mutual with colleagues William Podlich and James F. Muzzy.

    1985 – PIMCO formally splits from Pacific Mutual.

    2003 – Founds the William and Sue Gross Family Foundation, through which millions of dollars are donated to universities, hospitals and organizations.

    2005 – Gross and his wife, Sue, give $23.5 million to Duke University for undergraduate and medical school students and for the Fuqua School of Business.

    2006 – Donates $10 million to the University of California at Irvine for stem cell research and to help build a new research lab. The lab opens in 2010 and is named in their honor, Sue and Bill Gross Stem Cell Research Center.

    2007 – A stamp collector since childhood, Gross auctions his collection of British stamps for $9.1 million and donates the proceeds to Doctors Without Borders.

    2009 – Donates $8 million for the establishment of a stamp gallery at the Smithsonian’s National Postal Museum in Washington, DC. The gallery is named in his honor, the William H. Gross Stamp Gallery, and opens in September 2013.

    September 2014 – Gross unexpectedly resigns from PIMCO to join Janus Capital Group, where he manages the Janus Unconstrained Bond Fund.

    July 1, 2015 – The Smithsonian Institution includes Gross’s old Bloomberg keyboard in its American Enterprise exhibition at the National Museum of American History. The keyboard, used by Gross during the 1990s and 2000s, has function keys for accessing real-time financial information.

    October 8, 2015 – Gross sues former employer PIMCO for hundreds of millions of dollars, alleging he was wrongfully ousted from the firm as part of a vast conspiracy. The lawsuit claims a “cabal” of PIMCO executives driven by a “lust for power, greed” and self-interest plotted for Gross’s demise. On March 27, 2017, Gross and PIMCO announce they reached an “amicable settlement.”

    February 4, 2019 – Announces he will retire. Janus Henderson (formerly Janus Capital Group) says he will leave the firm on March 1.

    October 13, 2020 – Gross and his partner Amy Schwartz sue their neighbors, Mark Towfiq, CEO of data center development company Nextfort Ventures, and his wife Carol Nakahara. Towfiq and Nakahara file a countersuit the next day, on October 14. According to court filings, Gross and Schwartz installed a large art installation along the property line, partially blocking Towfiq and Nakahara’s ocean views. After an investigation, the city of Laguna Beach determined the installation, netting and lights were a violation of city code and did not have the proper permits. Shortly after, Towfiq and Nakahara allege Gross began retaliating against them by harassing and disturbing them with “loud music and bizarre audio recordings at excessive levels” during various hours of the day and night – including pop or rap music, and often a series of television theme songs, according to the lawsuit, including the “Gilligan’s Island” theme on a loop.

    October 1, 2021 – Gross and his wife are found guilty in contempt of court after violating a 2020 order that prohibited them from playing loud music outside their home. The two are fined $1,000 each and face five days in jail as well as a ban on outdoor music. Due to the Covid-19 pandemic, however, their jail sentences are suspended and replaced with two days of community service.

    March 2, 2022 – Self-publishes his memoir “I’m Still Standing: Bond King Bill Gross and the PIMCO Express.”

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  • Notable US Supreme Court Decisions Fast Facts | CNN

    Notable US Supreme Court Decisions Fast Facts | CNN

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    CNN
     — 

    Here’s a look at some of the most important cases decided by the US Supreme Court since 1789.

    1803 – Marbury v. Madison
    This decision established the system of checks and balances and the power of the Supreme Court within the federal government.

    Situation: Federalist William Marbury and many others were appointed to positions by outgoing President John Adams. The appointments were not finalized before the new Secretary of State James Madison took office, and Madison chose not to honor them. Marbury and the others invoked an Act of Congress and sued to get their appointed positions.

    The Court decided against Marbury 6-0.

    Historical significance: Chief Justice John Marshall wrote, “An act of the legislature repugnant to the constitution is void.” It was the first time the Supreme Court declared unconstitutional a law that had been passed by Congress.

    1857 – Dred Scott v. Sandford
    This decision established that slaves were not citizens of the United States and were not protected under the US Constitution.

    Situation: Dred Scott and his wife Harriet sued for their freedom in Missouri, a slave state, after having lived with their owner, an Army surgeon, in the free Territory of Wisconsin.

    The Court decided against Scott 7-2.

    Historical significance: The decision overturned the Missouri Compromise, where Congress had prohibited slavery in the territories. The Dred Scott decision was overturned later with the adoption of the 13th Amendment, abolishing slavery in 1865 and the 14th Amendment in 1868, granting citizenship to all born in the United States.

    1896 – Plessy v. Ferguson
    This decision established the rule of segregation, separate but equal.

    Situation: While attempting to test the constitutionality of the Separate Car Law in Louisiana, Homer Plessy, a man of 1/8 African descent, sat in the train car for whites instead of the blacks-only train car and was arrested.

    The Court decided against Plessy 7-1.

    Historical significance: Justice Henry Billings Brown wrote, “The argument also assumes that social prejudice may be overcome by legislation and that equal rights cannot be secured except by an enforced commingling of the two races… if the civil and political rights of both races be equal, one cannot be inferior to the other civilly or politically. If one race be inferior to the other socially, the Constitution of the United States cannot put them upon the same plane.” The Court gave merit to the “Jim Crow” system. Plessy was overturned by the Brown v. Board of Education decision. In January 2022 Louisiana Governor John Bel Edwards granted a posthumous pardon to Homer Plessy. The pardon comes after the Louisiana Board of Pardons voted unanimously in November 2021 in favor of a pardon for Plessy, who died in his 60s in 1925.

    1954 – Brown v. Board of Education
    This decision overturned Plessy v. Ferguson and granted equal protection under the law.

    Situation: Segregation of the public school systems in the United States was addressed when cases in Kansas, South Carolina, Delaware and Virginia were all decided together under Brown v. Board of Education. Third-grader Linda Brown was denied admission to the white school a few blocks from her home and was forced to attend the blacks-only school a mile away.

    The Court decided in favor of Brown unanimously.

    Historical significance: Racial segregation violates the Equal Protection Clause of the 14th Amendment.

    1963 – Gideon v. Wainwright
    This decision guarantees the right to counsel.

    Situation: Clarence Earl Gideon was forced to defend himself when he requested a lawyer from a Florida court and was refused. He was convicted and sentenced to five years for breaking and entering.

    The Court decided in favor of Gideon unanimously.

    Historical significance: Ensures the Sixth Amendment’s guarantee to counsel is applicable to the states through the 14th Amendment’s due process clause.

    1964 – New York Times v. Sullivan
    This decision upheld the First Amendment rights of freedom of speech and freedom of the press.

    Situation: The New York Times and four African-American ministers were sued for libel by Montgomery, Alabama, police commissioner L.B. Sullivan. Sullivan claimed a full-page ad in the Times discussing the arrest of Martin Luther King Jr., and his efforts toward voter registration and integration in Montgomery were defamatory against him. Alabama’s libel law did not require Sullivan to prove harm since the ad did contain factual errors. He was awarded $500,000.

    The Court decided against Sullivan unanimously.

    Historical significance: The First Amendment protects free speech and publication of all statements about public officials made without actual malice.

    1966 – Miranda v. Arizona
    The decision established the rights of suspects against self-incrimination.

    Situation: Ernesto Miranda was convicted of rape and kidnapping after he confessed, while in police custody, without benefit of counsel or knowledge of his constitutional right to remain silent.

    The court decided in favor of Miranda 5-4.

    Historical significance: Upon arrest and/or questioning, all suspects are given some form of their constitutional rights – “You have the right to remain silent. Anything you say can and will be used against you in a court of law. You have the right to an attorney. If you cannot afford an attorney, one will be provided for you. Do you understand the rights I have just read to you? With these rights in mind, do you wish to speak to me?”

    1973 – Roe v. Wade
    This decision expanded privacy rights to include a woman’s right to choose pregnancy or abortion.

    Situation: “Jane Roe” (Norma McCorvey), single and living in Texas, did not want to continue her third pregnancy. Under Texas law, she could not legally obtain an abortion.

    The Court decided in favor of Roe 7-2.

    Historical significance: Abortion is legal in all 50 states. Women have the right to choose between pregnancy and abortion.

    1974 – United States v. Nixon
    This decision established that executive privilege is neither absolute nor unqualified.

    Situation: President Richard Nixon’s taped conversations from 1971 onward were the object of subpoenas by both the special prosecutor and those under indictment in the Watergate scandal. The president claimed immunity from subpoena under executive privilege.

    The Court decided against Nixon 8-0.

    Historical significance: The president is not above the law. After the Court ruled on July 24, 1974, Richard Nixon resigned on August 8.

    1978 – Regents of the U. of California v. Bakke
    This decision ruled that race cannot be the only factor in college admissions.

    Situation: Allan Bakke had twice applied for and was denied admission to the University of California Medical School at Davis. Bakke was white, male and 35 years old. He claimed under California’s affirmative action plan, minorities with lower grades and test scores were admitted to the medical school when he was not, therefore his denial of admission was based solely on race.

    The Court decided in Bakke’s favor, 5-4.

    Historical significance: Affirmative action is approved by the Court and schools may use race as an admissions factor. However, the Equal Protection Clause of the 14th Amendment works both ways in the case of affirmative action; race cannot be the only factor in the admissions process.

    2012 – National Federation of Independent Business et al v. Sebelius, Secretary of Health and Human Services et al

    Situation: The constitutionality of the sweeping health care reform law championed by President Barack Obama.

    The Court voted 5-4 in favor of upholding the Affordable Care Act.

    Historical significance: The ruling upholds the law’s central provision – a requirement that all people have health insurance or pay a penalty.

    2013 – United States v. Windsor
    This decision ruled that the Defense of Marriage Act, which defined the term “marriage” under federal law as a “legal union between one man and one woman” deprived same-sex couples who are legally married under state laws of their Fifth Amendment rights to equal protection under federal law.

    Situation: Edith Windsor and Thea Spyer were married in Toronto in 2007. Their marriage was recognized by New York state, where they lived. Upon Spyer’s death in 2009, Windsor was forced to pay $363,000 in estate taxes, because their marriage was not recognized by federal law.

    The court voted 5-4 in favor of Windsor.

    Historical significance: The court strikes down section 3 of the Defense of Marriage Act, ruling that legally married same-sex couples are entitled to federal benefits.

    2015 – King et al, v. Burwell, Secretary of Health and Human Services, et al

    Situation: This case was about determining whether or not the portion of the Affordable Care Act which says subsidies would be available only to those who purchase insurance on exchanges “established by the state” referred to the individual states.

    The Court ruled 6-3 in favor of upholding the Affordable Care Act subsidies.

    Historical significance: The court rules that the Affordable Care Act federal tax credits for eligible Americans are available in all 50 states, regardless of whether the states have their own health care exchanges.

    2015 – Obergefell et al, v. Hodges, Director, Ohio Department of Health, et al.

    Situation: Multiple lower courts had struck down state same-sex marriage bans. There were 37 states allowing gay marriage before the issue went to the Supreme Court.

    The Court ruled 5-4 in favor of Obergefell et al.

    Historical significance: The court rules that states cannot ban same-sex marriage and must recognize lawful marriages performed out of state.

    2016 – Fisher v. University of Texas

    Situation: Abigail Fisher sued the University of Texas after her admission application was rejected in 2008. She claimed it was because she is white and that she was being treated differently than some less-qualified minority students who were accepted. In 2013 the Supreme Court sent the case back to the lower courts for further review.

    The Court ruled 4-3 in favor of the University of Texas. Justice Elena Kagan recused herself from the case, presumably because she dealt with it in her previous job as solicitor general.

    Historical Significance: The court rules that taking race into consideration as one factor of admission is constitutional.

    2020 – Bostock v. Clayton County, Georgia

    Situation: Gerald Bostock filed a lawsuit against Clayton County for discrimination based on his sexual orientation after he was terminated for “conduct unbecoming of its employees,” shortly after he began participating in a gay softball league. Two other consolidated cases were also argued on the same day.

    The 6-3 opinion in favor of the plaintiff, written by Justice Neil Gorsuch and joined by Chief Justice John Roberts, states that being fired “merely for being gay or transgender violates Title VII” of the Civil Rights Act of 1964.

    Historical Significance: Federal anti-bias law now protects people who face job loss and/or discrimination based on their sexual orientation or gender identity.

    2022 – Dobbs v. Jackson Women’s Health Organization

    Situation: Mississippi’s Gestational Age Act, passed in 2018 and which greatly restricts abortion after 15 weeks, is blocked by two federal courts, holding that it is in direct violation of Supreme Court precedent legalizing abortion nationwide prior to viability, which can occur at around 23-24 weeks of pregnancy, and that in an “unbroken line dating to Roe v. Wade, the Supreme Court’s abortion cases have established (and affirmed and re-affirmed) a woman’s right to choose an abortion before viability.” The court said states may “regulate abortion procedures prior to viability” so long as they do not ban abortion. “The law at issue is a ban,” the court held. 

    Mississippi appeals the decision to the Supreme Court.

    The 6-3 opinion in favor of the plaintiff, written by Justice Samuel Alito states that “Roe was egregiously wrong from the start…Its reasoning was exceptionally weak, and the decision has had damaging consequences. And far from bringing about a national settlement of the abortion issue, Roe and Casey have enflamed debate and deepened division.”

    In a joint dissenting opinion, Justices Stephen Breyer, Sonia Sotomayor and Elena Kagan heavily criticized the majority, closing: “With sorrow – for this Court, but more, for the many millions of American women who have today lost a fundamental constitutional protection – we dissent.”

    Historical Significance: The ruling overturns Roe v. Wade and there is no longer a federal constitutional right to an abortion, leaving abortion rights to be determined by states.

    1944 – Korematsu v. United States – The Court ruled Executive Order 9066, internment of Japanese citizens during World War II, is legal, 6-3 for the United States.

    1961 – Mapp v. Ohio – “Fruit of the poisonous tree,” evidence obtained through an illegal search, cannot be used at trial, 6-3 for Mapp.

    1967 – Loving v. Virginia – Prohibition against interracial marriage was ruled unconstitutional, 9-0 for Loving.

    1968 – Terry v. Ohio – Stop and frisk, under certain circumstances, does not violate the Constitution. The Court upholds Terry’s conviction and rules 8-1 that it is not unconstitutional for police to stop and frisk individuals without probable cause for an arrest if they have a reasonable suspicion that a crime has or is about to occur.

    2008 – District of Columbia v. Heller – The Second Amendment does protect the individual’s right to bear arms, 5-4 for Heller.

    2010 – Citizens United v. FEC – The Court rules corporations can contribute to PACs under the First Amendment’s right to free speech, 5-4 for Citizens United.

    2023 – Students for Fair Admissions v. Harvard together with Students for Fair Admissions v. University of North Carolina – Colleges and universities can no longer take race into consideration as a specific basis in admissions. The majority opinion, written by Justice John Roberts, claims the court is not expressly overturning prior cases authorizing race-based affirmative action and suggests that how race has affected an applicant’s life can still be part of how their application is considered.

    2024 – Donald J. Trump v. Norma Anderson, et al – The Court rules former President Donald Trump should appear on the ballot in Colorado in a decision that follows months of debate over whether Trump violated the “insurrectionist clause” included in the 14th Amendment.

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  • 2011 Japan Earthquake – Tsunami Fast Facts | CNN

    2011 Japan Earthquake – Tsunami Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the earthquake and tsunami that struck Japan in March of 2011.

    March 11, 2011 – At 2:46 p.m., a 9.1 magnitude earthquake takes place 231 miles northeast of Tokyo at a depth of 15.2 miles.

    The earthquake causes a tsunami with 30-foot waves that damage several nuclear reactors in the area.

    It is the largest earthquake ever to hit Japan.

    Number of people killed and missing

    (Source: Japan’s Fire and Disaster Management Agency)

    The combined total of confirmed deaths and missing is more than 22,000 (nearly 20,000 deaths and 2,500 missing). Deaths were caused by the initial earthquake and tsunami and by post-disaster health conditions.

    At the time of the earthquake, Japan had 54 nuclear reactors, with two under construction, and 17 power plants, which produced about 30% of Japan’s electricity (IAEA 2011).

    Material damage from the earthquake and tsunami is estimated at about 25 trillion yen ($300 billion).

    There are six reactors at Tokyo Electric Power Company’s Fukushima Daiichi plant, located about 65 km (40 miles) south of Sendai.

    A microsievert (mSv) is an internationally recognized unit measuring radiation dosage. People are typically exposed to a total of about 1,000 microsieverts in one year.

    The Japanese government estimated that the tsunami swept about five million tons of debris offshore, but that 70% sank, leaving 1.5 million tons floating in the Pacific Ocean. The debris was not considered to be radioactive.

    READ MORE: Fukushima: Five years after Japan’s worst nuclear disaster

    All times and dates are local Japanese time.

    March 11, 2011 – At 2:46 p.m., an 8.9 magnitude earthquake takes place 231 miles northeast of Tokyo. (8.9 = original recorded magnitude; later upgraded to 9.0, then 9.1.)
    – The Pacific Tsunami Warning Center issues a tsunami warning for the Pacific Ocean from Japan to the US. About an hour after the quake, waves up to 30 feet high hit the Japanese coast, sweeping away vehicles, causing buildings to collapse, and severing roads and highways.
    – The Japanese government declares a state of emergency for the nuclear power plant near Sendai, 180 miles from Tokyo. Sixty to seventy thousand people living nearby are ordered to evacuate to shelters.

    March 12, 2011 – Overnight, a 6.2 magnitude aftershock hits the Nagano and Niigata prefectures (USGS).
    – At 5:00 a.m., a nuclear emergency is declared at Fukushima Daiichi nuclear power plant. Officials report the earthquake and tsunami have cut off the plant’s electrical power, and that backup generators have been disabled by the tsunami.
    – Another aftershock hits the west coast of Honshu – 6.3 magnitude. (5:56 a.m.)
    – The Japanese Nuclear and Industrial Safety Agency announces that radiation near the plant’s main gate is more than eight times the normal level.
    – Cooling systems at three of the four units at the Fukushima Daini plant fail prompting state of emergency declarations there.
    – At least six million homes – 10% of Japan’s households – are without electricity, and a million are without water.
    – The US Geological Survey says the quake appears to have moved Honshu, Japan’s main island, by eight feet and has shifted the earth on its axis.
    – About 9,500 people – half the town’s population – are reported to be unaccounted for in Minamisanriku on Japan’s Pacific coast.

    March 13, 2011 – People living within 10 kilometers (6.2 miles) of the Fukushima Daini and 20 kilometers of the Fukushima Daiichi power plants begin a government-ordered evacuation. The total evacuated so far is about 185,000.
    – 50,000 Japan Self-Defense Forces personnel, 190 aircraft and 25 ships are deployed to help with rescue efforts.
    – A government official says a partial meltdown may be occurring at the damaged Fukushima Daiichi plant, sparking fears of a widespread release of radioactive material. So far, three units there have experienced major problems in cooling radioactive material.

    March 14, 2011 – The US Geological Survey upgrades its measure of the earthquake to magnitude 9.0 from 8.9.
    – An explosion at the Daiichi plant No. 3 reactor causes a building’s wall to collapse, injuring six. The 600 residents remaining within 30 kilometers of the plant, despite an earlier evacuation order, have been ordered to stay indoors.
    – The No. 2 reactor at the Daiichi plant loses its cooling capabilities. Officials quickly work to pump seawater into the reactor, as they have been doing with two other reactors at the same plant, and the situation is resolved. Workers scramble to cool down fuel rods at two other reactors at the plant – No. 1 and No. 3.
    – Rolling blackouts begin in parts of Tokyo and eight prefectures. Downtown Tokyo is not included. Up to 45 million people will be affected in the rolling outages, which are scheduled to last until April.

    March 15, 2011 – The third explosion at the Daiichi plant in four days damages the suppression pool of reactor No. 2. Water continues to be injected into “pressure vessels” in order to cool down radioactive material.

    March 16, 2011 – The nuclear safety agency investigates the cause of a white cloud of smoke rising above the Fukushima Daiichi plant. Plans are canceled to use helicopters to pour water onto fuel rods that may have burned after a fire there, causing a spike in radiation levels. The plume is later found to have been vapor from a spent-fuel storage pool.
    – In a rare address, Emperor Akihito tells the nation to not give up hope, that “we need to understand and help each other.” A televised address by a sitting emperor is an extraordinarily rare event in Japan, usually reserved for times of extreme crisis or war.
    – After hydrogen explosions occur in three of the plant’s reactors (1, 2 and 3), Chief Cabinet Secretary Yukio Edano says radiation levels “do not pose a direct threat to the human body” between 12 to 18 miles (20 to 30 kilometers) from the plant.

    March 17, 2011 – Gregory Jaczko, head of the Nuclear Regulatory Commission, tells US Congress that spent fuel rods in the No. 4 reactor have been exposed because there “is no water in the spent fuel pool,” resulting in the emission of “extremely high” levels of radiation.
    – Helicopters operated by Japan’s Self-Defense Forces begin dumping tons of seawater from the Pacific Ocean on to the No. 3 reactor to reduce overheating.
    – Radiation levels hit 20 millisieverts per hour at an annex building where workers have been trying to re-establish electrical power, “the highest registered (at that building) so far.” (Tokyo Electric Power Co.)

    March 18, 2011 – Japan’s Nuclear and Industrial Safety Agency raises the threat level from 4 to 5, putting it on a par with the 1979 Three Mile Island accident in Pennsylvania. The International Nuclear Events Scale says a Level 5 incident means there is a likelihood of a release of radioactive material, several deaths from radiation and severe damage to the reactor core.

    April 12, 2011 – Japan’s nuclear agency raises the Fukushima Daiichi crisis from Level 5 to a Level 7 event, the highest level, signifying a “major accident.” It is now on par with the 1986 Chernobyl disaster in the former Soviet Union, which amounts to a “major release of radioactive material with widespread health and environmental effects requiring implementation of planned and extended countermeasures.”

    June 6, 2011 – Japan’s Nuclear Emergency Response Headquarters reports reactors 1, 2 and 3 at the Fukushima Daiichi nuclear power plant experienced a full meltdown.

    June 30, 2011 – The Japanese government recommends more evacuations of households 50 to 60 kilometers northwest of the Fukushima Daiichi power plant. The government said higher radiation is monitored sporadically in this area.

    July 16, 2011 – Kansai Electric announces a reactor at the Ohi nuclear plant will be shut down due to problems with an emergency cooling system. This leaves only 18 of Japan’s 54 nuclear plants producing electricity.

    October 31, 2011 – In response to questions about the safety of decontaminated water, Japanese government official Yasuhiro Sonoda drinks a glass of decontaminated water taken from a puddle at the Fukushima Daiichi nuclear plant.

    November 2, 2011 – Kyushu Electric Power Co. announces it restarted the No. 4 reactor, the first to come back online since the March 11 disaster, at the Genkai nuclear power plant in western Japan.

    November 17, 2011 – Japanese authorities announce that they have halted the shipment of rice from some farms northwest of the Fukushima Daiichi nuclear power plant after finding higher-than-allowed levels of radioactive cesium.

    December 5, 2011 – Tokyo Electric Power Company announces at least 45 metric tons of radioactive water have leaked from the Fukushima Daiichi nuclear facility and may have reached the Pacific Ocean.

    December 16, 2011 – Japan’s Prime Minister says a “cold shutdown” has been achieved at the Fukushima Daiichi nuclear power plant, a symbolic milestone which means the plant’s crippled reactors have stayed at temperatures below the boiling point for some time.

    December 26, 2011 – Investigators report poorly trained operators at the Fukushima Daiichi nuclear power plant misread a key backup system and waited too long to start pumping water into the units, according to an interim report from the government committee probing the nuclear accident.

    February 27, 2012 – Rebuild Japan Initiative Foundation, an independent fact-finding committee, releases a report claiming the Japanese government feared the nuclear disaster could lead to an evacuation of Tokyo while at the same time hiding its most alarming assessments of the nuclear disaster from the public as well as the United States.

    May 24, 2012 – TEPCO (Tokyo Electric Power Co.) estimates about 900,000 terabecquerels of radioactive materials were released between March 12 and March 31 in 2011, more radiation than previously estimated.

    June 11, 2012 – At least 1,324 Fukushima residents lodge a criminal complaint with the Fukushima prosecutor’s office, naming Tsunehisa Katsumata, the chairman of Tokyo Electric Power Co. (TEPCO) and 32 others responsible for causing the nuclear disaster which followed the March 11 earthquake and tsunami and exposing the people of Fukushima to radiation.

    June 16, 2012 – Despite public objections, the Japanese government approves restarting two nuclear reactors at the Kansai Electric Power Company in Ohi in Fukui prefecture, the first reactors scheduled to resume since all nuclear reactors were shut down in May 2012.

    July 1, 2012 – Kansai Electric Power Co. Ltd. (KEPCO) restarts the Ohi nuclear plant’s No. 3 reactor, resuming nuclear power production in Japan for the first time in the wake of the Fukushima Daiichi meltdown following the tsunami.

    July 5, 2012 – The Fukushima Nuclear Accident Independent Investigation Commission’s report finds that the Fukushima Daiichi nuclear crisis was a “man-made disaster” which unfolded as a result of collusion between the facility’s operator, regulators and the government. The report also attributes the failings at the plant before and after March 11 specifically to Japanese culture.

    July 23, 2012 – A Japanese government report is released criticizing TEPCO. The report says the measures taken by TEPCO to prepare for disasters were “insufficient,” and the response to the crisis “inadequate.”

    October 12, 2012 – TEPCO acknowledges in a report it played down safety risks at the Fukushima Daiichi power plant out of fear that additional measures would lead to a plant shutdown and further fuel public anxiety and anti-nuclear movements.

    July 2013 – TEPCO admits radioactive groundwater is leaking into the Pacific Ocean from the Fukushima Daiichi site, bypassing an underground barrier built to seal in the water.

    August 28, 2013 – Japan’s nuclear watchdog Nuclear Regulation Authority (NRA) says a toxic water leak at the tsunami-damaged Fukushima Daiichi power plant has been classified as a Level 3 “serious incident” on an eight-point International Nuclear Event Scale (lINES) scale.

    September 15, 2013 – Japan’s only operating nuclear reactor is shut down for maintenance. All 50 of the country’s reactors are now offline. The government hasn’t said when or if any of them will come back on.

    November 18, 2013 – Tokyo Electric Power Co. says operators of the Fukushima nuclear plant have started removing 1,500 fuel rods from damaged reactor No. 4. It is considered a milestone in the estimated $50 billion cleanup operation.

    February 20, 2014 – TEPCO says an estimated 100 metric tons of radioactive water has leaked from a holding tank at the Fukushima Daiichi Nuclear Power Plant.

    August 11, 2015 – Kyushu Electric Power Company restarts No. 1 reactor at the Sendai nuclear power plant in Kagoshima prefecture. It is the first nuclear reactor reactivated since the Fukushima disaster.

    October 19, 2015 – Japan’s health ministry says a Fukushima worker has been diagnosed with leukemia. It is the first cancer diagnosis linked to the cleanup.

    February 29, 2016 – Three former TEPCO executives are indicted on charges of professional negligence related to the disaster at the Fukushiima Daiichi plant.

    November 22, 2016 – A 6.9 magnitude earthquake hits the Fukushima and Miyagi prefectures and is considered an aftershock of the 2011 earthquake. Aftershocks can sometimes occur years after the original quake.

    February 2, 2017 – TEPCO reports atmospheric readings from inside nuclear reactor plant No. 2. as high as 530 sieverts per hour. This is the highest since the 2011 meltdown.

    February 13, 2021 – A 7.1 magnitude earthquake off the east coast of Japan is an aftershock of the 2011 quake, according to the Japan Meteorological Agency.

    April 13, 2021 – The Japanese government announces it will start releasing more than 1 million metric tons of treated radioactive water from the destroyed Fukushima nuclear plant into the ocean in two years – a plan that faces opposition at home and has raised “grave concern” in neighboring countries. The whole process is expected to take decades to complete.

    September 9, 2021 – The IAEA and Japan agree on a timeline for the multi-year review of Japan’s plan to release treated radioactive water from the destroyed Fukushima nuclear plant into the ocean.

    February 18, 2022 – An IAEA task force makes its first visit to Japan for the safety review of its plan to discharge treated radioactive water into the sea.

    July 4, 2023 – An IAEA safety review concludes that Japan’s plans to release treated radioactive water from the Fukushima nuclear plant into the ocean are consistent with IAEA Safety Standards.

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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.

    1997-1998 – Co-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.

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

    December 31, 2005 – Assumes 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, 2012 – On 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, 2012 – Apologizes 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, 2012 – Senate 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, 2012 – Dimon testifies before the House Financial Services Committee and says that he did not mislead shareholders.

    July 13, 2012 – JPMorgan 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, 2013 – Dimon 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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  • Dow Jones Industrial Average Fast Facts | CNN

    Dow Jones Industrial Average Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the Dow Jones Industrial Average.

    The Dow Jones Industrial Average is a stock index comprised of 30 “blue-chip” US stocks. It is meant to be a way to measure the strength or weakness of the entire US stock market.

    The Dow began in 1896 with 12 industrial stocks.

    Dow Jones & Co was founded by journalists Charles Dow and Edward Jones.

    Current Dow stocks

    Record high close – February 23, 2024, the Dow closes at 39,131.53 points.

    Biggest one-day point gain – March 24, 2020, the Dow gains 2,112.98 points.

    Biggest one-day percentage gain – March 15, 1933, the Dow closes up 15.34%.

    Biggest one-day point loss – March 16, 2020, the Dow closes down 2,997.1 points.

    Biggest one-day percentage loss – October 19, 1987, the Dow closes down 22.61%.

    1882 – Dow, Jones & Co. is created.

    1884 – Charles Dow creates the Dow Averages, the precursor to the DJIA.

    May 26, 1896 – The first index, made up of 12 industrial companies, is published and the Dow opens at 40.94 points.

    January 12, 1906 – The Dow closes at 100.25, the first close above 100.

    October 24, 1929 – The Stock Market crash of 1929 begins which leads to the Great Depression of the 1930s. It takes 25 years for the Dow to regain its September 1929 high of 381 points.

    1930 – Dow Jones becomes incorporated and the comma in the name is dropped.

    March 12, 1956 – The Dow closes at 500.24, the first close above 500.

    November 14, 1972 – The Dow closes at 1,003.16, the first close above 1,000.

    October 19, 1987 – The Dow closes down 508 points, at the time the biggest one-day drop ever in the Dow’s history.

    November 21, 1995 – The Dow closes at 5,023.55, the first close above 5,000.

    March 29, 1999 – The Dow closes at 10,006,78, the first close above 10,000.

    September 17, 2001 – Stock markets reopen after the 9/11 terror attacks.

    September 21, 2001 – After the first full week of trading post 9/11, the Dow falls more than 1,300 points, or about 14%.

    October 19, 2006 – The Dow closes at 12,011.73, the first close above 12,000.

    April 25, 2007 – The Dow closes at 13,089.89, the first close above 13,000.

    July 19, 2007 – The Dow closes at 14,000.41, the first close above 14,000.

    September 29, 2008 – Worst single-day point drop in history at the time, plunging 777.68 points – the same day the US House rejects the $700 billion financial bailout package.

    October 6-10, 2008 – Worst weekly point and percentage decline finishing at 8,451.19, or down 1,874.19 points and 18.15% for the week.

    February 21, 2012 – The Dow crosses the 13,000 level for the first time since May of 2008.

    February 1, 2013 – The Dow closes above 14,000 for the first time since October of 2007.

    May 7, 2013 – The Dow closes above 15,000 for the first time.

    November 21, 2013 – The Dow closes above 16,000 for the first time, at 16,009.99.

    July 3, 2014 – The Dow closes at 17,068.26, the first close above 17,000.

    December 23, 2014 – The Dow closes at 18,024.17, the first close above 18,000.

    August 26, 2015 – The Dow closes with a 619-point gain, the biggest daily point gain since 2008.

    January 7, 2016 – The Dow drops 5% in its first four days of the year, the worst four-day percentage loss to start a year on record.

    November 22, 2016 – The Dow closes at 19,023.87, the first close above 19,000.

    January 25, 2017 – The Dow hits the 20,000 milestone for the first time in history.

    March 1, 2017 – The Dow closes at 21,115.55, the first close over 21,000 in history.

    August 2, 2017 – The Dow closes above 22,000 for the first time, at 22,016.24.

    October 18, 2017 – The Dow closes above 23,000 for the first time, at 23,157.60.

    November 30, 2017 – The Dow closes above 24,000 for the first time, at 24,272.35.

    January 4, 2018 – The Dow closes at 25,075.13, the first close above 25,000.

    January 17, 2018 – The Dow closes at 26,115.65, the first time it has closed above 26,000.

    July 11, 2019 – The Dow closes at 27,088.08, the first time it has closed above 27,000.

    November 15, 2019 – The Dow closes above 28,000 for the first time, at 28,004.89.

    January 15, 2020 – The Dow closes above 29,000 for the first time, at 29,030.22.

    March 16, 2020 – The Dow records its worst one-day point drop in history, 2,997.1 points, and its worst performance on a percentage basis since October 19, 1987, also known as “Black Monday.”

    March 24, 2020 – The Dow closes with a 2,112.98-point gain, to become the biggest one-day point gain in history.

    November 24, 2020 – The Dow closes above 30,000 for the first time, at 30,046.24.

    January 7, 2021 – The Dow closes at 31,041.13, the first close above 31,000.

    March 10, 2021 – The Dow closes at 32,297.02, the first close above 32,000.

    March 17, 2021 – The Dow closes above 33,000 for the first time, at 33,015.37.

    April 15, 2021 – The Dow closes above 34,000 for the first time, at 34,035.99.

    July 23, 2021 – The Dow closes above 35,000 for the first time, at 35,061.55.

    November 2, 2021 – The Dow closes at 36,052.63, the first close above 36,000.

    December 13, 2023 – The Dow closes above 37,000 for the first time, at 37,090.24.

    January 22, 2024 – The Dow closes at 38,001.81, the first close above 38,000.

    February 22, 2024 – The Dow closes at 39,069.11, the first close above 39,000.

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  • Andrew Yang Fast Facts | CNN Politics

    Andrew Yang Fast Facts | CNN Politics

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    CNN
     — 

    Here is a look at the life of Andrew Yang, entrepreneur and former 2020 Democratic presidential candidate.

    Birth date: January 13, 1975

    Birth place: Schenectady, New York

    Birth name: Andrew M. Yang

    Father: Kei-Hsiung Yang, researcher at IBM and GE

    Mother: Nancy L. Yang, systems administrator

    Marriage: Evelyn (Lu) Yang (2011-present)

    Children: Two sons

    Education: Brown University, B.A. in Economics, 1996; J.D. Columbia University School of Law, 1999

    Religion: Protestant

    His parents are originally from Taiwan.

    The primary proposal for his political platform was the idea of universal basic income (UBI). This “Freedom Dividend” would have provided every citizen with $1,000 a month, or $12,000 a year.

    Yang established Freedom Dividend, a pilot program to push for universal basic income, in which he personally funds monthly cash payments.

    Is featured in the 2016 documentary, “Generation Startup.”

    His campaign slogan was “MATH,” or “Make America Think Harder.”

    In 1992, he traveled to London as a member of the US National Debate Team.

    After graduating from Columbia, Yang practiced law for a short time before changing his career focus to start-ups and entrepreneurship.

    2002-2005 – Vice president of a healthcare start-up.

    2006-2011 – Managing director, then CEO, of Manhattan Prep, a test-prep company.

    2009 – Kaplan buys Manhattan Prep for more than $10 million.

    September 2011 – Founds Venture for America, a non-profit which connects recent college graduates with start-ups. Leaves the company in 2017.

    2012 – Is recognized by President Barack Obama as a “Champion of Change.”

    April 2012 – Ranks No. 27 on Fast Company’s list of 100 Most Creative People in Business.

    February 4, 2014 – His book, “Smart People Should Build Things: How to Restore Our Culture of Achievement, Build a Path for Entrepreneurs, and Create New Jobs in America,” is published.

    May 11, 2015 – Obama names Yang an ambassador for global entrepreneurship.

    November 6, 2017 – Files FEC paperwork for a 2020 presidential run.

    February 2, 2018 – Announces his run for president via YouTube and Twitter.

    April 3, 2018 – His book, “The War on Normal People,” is published.

    March 2019 – Yang explores the possibility of using a 3D hologram to be able to campaign remotely in two or three places at once.

    January 4, 2020 – Launches a write-in campaign for the Ohio Democratic primary in March of 2020 after failing to fully comply with the state’s ballot access laws.

    February 11, 2020 – In New Hampshire, Yang suspends his presidential campaign.

    February 19, 2020 – CNN announces that Yang will be joining the network as a political commentator.

    March 5, 2020 – Launches Humanity Forward, a nonprofit group that will “endorse and provide resources to political candidates who embrace Universal Basic Income, human-centered capitalism and other aligned policies at every level,” according to its website. Yang also announces that he will launch a podcast.

    December 23, 2020 – Files paperwork to participate in New York’s 2021 mayoral race, according to city records.

    January 13, 2021 – Yang announces his candidacy for New York City mayor.

    June 22, 2021 – Yang concedes the New York City mayoral race.

    October 4, 2021 – Yang announces in a blog post that he is “breaking up” with the Democratic Party and has registered as an independent

    July 27, 2022 – Yang, along with former New Jersey Gov. Christine Todd Whitman, and a group of former Republican and Democratic officials form a new political party called Forward.

    September 12, 2023 – Yang’s political thriller “The Last Election,” co-written with Stephen Marche, is published.

    2020 hopeful wants holograms to campaign in multiple cities

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  • Puerto Rico Fast Facts | CNN

    Puerto Rico Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the Commonwealth of Puerto Rico, a self-governing US territory located in the Caribbean.

    (from the CIA World Factbook)

    Area: 9,104 sq km

    Population: 3,057,311 (2023 est.)

    Capital: San Juan

    The people of Puerto Rico are US citizens. They vote in US presidential primaries, but not in presidential elections.

    First named San Juan Bautista by Christopher Columbus.

    The governor is elected by popular vote with no term limits.

    Jenniffer González has been the resident commissioner since January 3, 2017. The commissioner serves in the US House of Representatives, but has no vote, except in committees. Gonzalez is the first woman to hold this position.

    It is made up of 78 municipalities.

    Over 40% of the population lives in poverty, according to the Census Bureau.

    Puerto Ricans have voted in six referendums on the issue of statehood, in 1967, 1993, 1998, 2012, 2017 and 2020. The 2012 referendum was the first time the popular vote swung in statehood’s favor. Since these votes were nonbinding, no action had to be taken, and none was. Ultimately, however, Congress must pass a law admitting them to the union.

    In addition to becoming a state, options for Puerto Rico’s future status include remaining a commonwealth, entering “free association” or becoming an independent nation. “Free association” is an official affiliation with the United States where Puerto Rico would still receive military assistance and funding.

    1493-1898 – Puerto Rico is a Spanish colony.

    July 25, 1898 – During the Spanish-American War, the United States invades Puerto Rico.

    December 10, 1898 – With the signing of the Treaty of Paris, Spain cedes Puerto Rico and Guam to the United States. The island is named “Porto Rico” in the treaty.

    April 12, 1900 – President William McKinley signs the Foraker Act into law. It designates the island an “unorganized territory,” and allows for one delegate from Puerto Rico to the US House of Representatives with no voting power.

    March 2, 1917 – President Woodrow Wilson signs the Jones Act into law, granting the people of Puerto Rico US citizenship.

    May 1932 – Legislation changes the name of the island back to Puerto Rico.

    November 1948 – The first popularly elected governor, Luis Muñoz Marín, is voted into office.

    July 3, 1950 – President Harry S. Truman signs Public Law 600, giving Puerto Ricans the right to draft their own constitution.

    October 1950 – In protest of Public Law 600, Puerto Rican nationalists lead armed uprisings in several Puerto Rican towns.

    November 1, 1950 – Puerto Rican nationalists Oscar Collazo and Griselio Torresola attempt to shoot their way into Blair House, where President Truman is living while the White House is being renovated. Torresola is killed by police; Collazo is arrested and sent to prison.

    June 4, 1951 – In a plebiscite vote, more than three-quarters of Puerto Rican voters approve Public Law 600.

    February 1952 – Delegates elected to a constitutional convention approve a draft of the constitution.

    March 3, 1952 – Puerto Ricans vote in favor of the constitution.

    July 25, 1952 – Puerto Rico becomes a self-governing commonwealth as the constitution is put in place. This is also the anniversary of the United States invasion of Puerto Rico during the Spanish-American War.

    March 1, 1954 – Five members of the House of Representatives are shot on the House floor; Alvin Bentley, (R-MI), Ben Jensen (R-IA), Clifford Davis (D-TN), George Fallon (D-MD) and Kenneth Roberts (D-AL). Four Puerto Rican nationalists, Lolita Lebron, Rafael Cancel Miranda, Andres Figueroa Cordero and Irving Flores Rodriguez, are arrested and sent to prison. President Jimmy Carter grants Cordero clemency in 1977 and commutes all four of their sentences in 1979.

    July 23, 1967 – Commonwealth status is upheld via a status plebiscite.

    1970 – The resident commissioner gains the right to vote in committee via an amendment to the Legislative Reorganization Act of 1970.

    September 18, 1989 – Hurricane Hugo hits the island as a Category 4 hurricane causing more than $1 billion in property damages.

    November 14, 1993 – Commonwealth status is upheld via a plebiscite.

    September 21, 1998 – Hurricane Georges hits the island causing an estimated $1.75 billion in damage.

    August 6, 2009 – Sonia Sotomayor, who is of Puerto Rican descent, is confirmed by the US Senate (68-31). She becomes the third woman and the first Hispanic Supreme Court justice.

    November 6, 2012 – Puerto Ricans vote for statehood via a status plebiscite. The results are deemed inconclusive.

    August 3, 2015 – Puerto Rico defaults on its monthly debt for the first time in its history, paying only $628,000 toward a $58 million debt.

    December 31, 2015 – The first case of the Zika virus is reported on the island.

    January 4, 2016 – Puerto Rico defaults on its debt for the second time.

    May 2, 2016 – Puerto Rico defaults on a $422 million debt payment.

    June 30, 2016 – President Barack Obama signs the Puerto Rico Oversight, Management, and Economic Stability Act (PROMESA), a bill that establishes a seven-member board to oversee the commonwealth’s finances. The following day Puerto Rico defaults on its debt payment.

    January 4, 2017 – The Puerto Rico Admission Act is introduced to Congress by Rep. Gonzalez.

    May 3, 2017 – Puerto Rico files for bankruptcy. It is the largest municipal bankruptcy in US history.

    June 5, 2017 – Puerto Rico declares its Zika epidemic is over. The Puerto Rico Department of Health has reported more than 40,000 confirmed cases of the Zika virus since the outbreak began in 2016.

    June 11, 2017 – Puerto Ricans vote for statehood via a status plebiscite. Over 97% of the votes are in favor of statehood, but only 23% of eligible voters participate.

    September 20, 2017 – Hurricane Maria makes landfall near Yabucoa in Puerto Rico as a Category 4 hurricane. It is the strongest storm to hit the island in 85 years. The energy grid is heavily damaged, with an island-wide power outage.

    September 22, 2017 – The National Weather Service recommends the evacuation of about 70,000 people living near the Guajataca River in northwest Puerto Rico because a dam is in danger of failing.

    October 3, 2017 – President Donald Trump visits. The trip comes after mounting frustration with the federal response to the storm. Many residents remain without power and continue to struggle to get access to food and fuel nearly two weeks after the storm hit.

    December 18, 2017 – Gov. Ricardo Rosselló orders a review of deaths related to Hurricane Maria as the number could be much higher than the officially reported number. The announcement from the island’s governor follows investigations from CNN and other news outlets that called into question the official death toll of 64.

    January 22, 2018 – Rosselló announces that the commonwealth will begin privatizing the Puerto Rico Electric Power Authority.

    January 30, 2018 – More than four months after Maria battered Puerto Rico, the Federal Emergency Management Agency tells CNN it is halting new shipments of food and water to the island. Distribution of its stockpiled 46 million liters of water and four million meals and snacks will continue. The agency believes that amount is sufficient until normalcy returns.

    February 11, 2018 – An explosion and fire at a power substation causes a blackout in parts of northern Puerto Rico, according to authorities.

    May 29, 2018 – According to an academic report published in the New England Journal of Medicine, an estimated 4,645 people died in Hurricane Maria and its aftermath in Puerto Rico. The article’s authors call Puerto Rico’s official death toll of 64 a “substantial underestimate.”

    August 8, 2018 – Puerto Rican officials say the death toll from Maria may be far higher than their official estimate of 64. In a report to Congress, the commonwealth’s government says documents show that 1,427 more deaths occurred in the four months after Hurricane Maria than “normal,” compared with deaths that occurred the previous four years. The 1,427 figure also appears in a report published July 9.

    August 28, 2018 – The Puerto Rican government raises its official death toll from Maria to 2,975 after a report on storm fatalities is published by researchers at George Washington University. San Juan Mayor Carmen Yulín Cruz, a critic of the Trump administration, says local and federal government failed to provide needed aid. She says the botched recovery effort led to preventable deaths.

    August 29, 2018 – Trump says the federal government’s response to the disaster was “fantastic.” He says problems with the island’s aging infrastructure created challenges for rescue workers.

    September 4, 2018 – The US Government Accountability Office releases a report revealing that the Federal Emergency Management Agency was so overwhelmed with other storms by the time Hurricane Maria hit Puerto Rico that more than half of the workers it was deploying to disasters were known to be unqualified for the jobs they were doing in the field.

    September 13, 2018 – In a tweet, Trump denies that nearly 3,000 people died in the aftermath of Hurricane Maria. He expresses skepticism about the death toll, suggesting that individuals who died of other causes were included in the hurricane count.

    July 9, 2019 – Excerpts of profanity-laden, homophobic and misogynistic messages between Rosselló and members of his inner circle are published by local media.

    July 10, 2019 – Six people, including Puerto Rico’s former education secretary and a former health insurance official, are indicted on corruption charges. The conspiracy allegedly involved directing millions of dollars in government contracts to politically-connected contractors.

    July 11, 2019 – A series of protests begin in response to the leaked messages and the indictment, with calls for Rosselló to resign.

    July 13, 2019 – The Center for Investigative Journalism publishes hundreds of leaked messages from Rosselló and other officials. Rosselló and members of his inner circle ridicule numerous politicians, members of the media and celebrities.

    July 24, 2019 – Rosselló announces he will resign on August 2.

    August 7, 2019 – Puerto Rico’s Justice Secretary Wanda Vázquez Garced is sworn in as the third governor Puerto Rico has had in less than a week. Earlier in the day, the August 2nd swearing-in of Rosselló’s handpicked successor, attorney Pedro Pierluisi, is thrown out by the Supreme Court, on grounds he has not been confirmed by both chambers of the legislature.

    September 27, 2019 – The federal control board that oversees Puerto Rico’s finances releases a plan that would cut the island’s debt by more than 60% and rescue it from bankruptcy. The plan targets bonds and other debt held by the government and will now go before a federal judge. The percentage of Puerto Rico’s taxpayer funds spent on debt payments will fall to less than 9%, compared to almost 30% before the restructuring.

    December 28, 2019 – A sequence of earthquakes of magnitude 2.0 or higher begin hitting Puerto Rico, including a 6.4 magnitude quake on January 7 that killed at least one man, destroyed homes and left most of the island without power.

    February 4, 2020 – A magnitude 5 earthquake strikes Puerto Rico. It is the 11th earthquake of at least that size in the past 30 days, according to the US Geological Survey.

    November 3, 2020 – Puerto Ricans vote in favor of statehood, and Pierluisi is elected governor.

    January 2, 2021 – Pierluisi is sworn in.

    April 21, 2022 – The Supreme Court rules that Congress can exclude residents of Puerto Rico from some federal disability benefits available to those who live in the 50 states.

    August 4, 2022 – Vázquez is arrested in San Juan on bribery charges connected to the financing of her 2020 campaign.

    September 18, 2022 – Hurricane Fiona makes landfall along the southwestern coast of Puerto Rico, near Punta Tocon, with winds of 85 mph, according to the National Hurricane Center. The hurricane causes catastrophic flooding, amid a complete power outage. Two people are killed.

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  • Chuck Schumer Fast Facts | CNN

    Chuck Schumer Fast Facts | CNN

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    CNN
     — 

    Here’s a look at the life of Chuck Schumer, the US Senate majority leader and Democratic senator from New York.

    Birth date: November 23, 1950

    Birth place: Brooklyn, New York

    Birth name: Charles Ellis Schumer

    Father: Abe Schumer, exterminator

    Mother: Selma (Rosen) Schumer

    Marriage: Iris Weinshall (1980-present)

    Children: Jessica, Alison

    Education: Harvard University, A.B., 1971; Harvard Law School, J.D., 1974

    Religion: Jewish

    He was valedictorian at James Madison High School in Brooklyn and received a perfect 1600 score on the SAT test. He edited his high school newspaper, and at one point considered pursuing a career in chemistry. His parents encouraged him to go to medical school, but he opted for law school instead.

    He funded his Harvard education by selling class rings while in school.

    For more than three decades, Schumer shared an aging row house in Washington with Congressional colleagues, including Dick Durbin and George Miller. He lived in the row house during the week and returned to his family home in Brooklyn on weekends.

    Writer/actress Amy Schumer is his second cousin, once removed.

    1975-1980 – New York state assemblyman.

    1981-1999 – US representative from New York 9th District (formerly 10th District and 16th District).

    1987-1988 – Sponsors the Fair Credit and Charge Card Disclosure Act, which requires credit card companies to list detailed information about fees and interest rates when soliciting new customers. The credit card disclosures are nicknamed “Schumer Boxes.”

    1993-1994 – Sponsors the Brady Handgun Violence Prevention Act, which requires background checks and a five-day waiting period for handgun purchases. Sponsors the Religious Freedom Restoration Act, meant to prevent the government from interfering with an individual’s right to express his or her faith. Also, cosponsors the Violent Crime Control and Law Enforcement Act, a measure that provides funding to expand police departments, increases prison capacity and allows judges to impose longer sentences for violent crimes. The crime bill includes an assault weapons ban, prohibiting the sale of certain types of military-style semi-automatic rifles for 10 years.

    1998 – Wins election to US Senate.

    2004 – Wins reelection to the US Senate.

    2004 – Leads an unsuccessful push to renew the assault weapons ban.

    2005-2008 – Chairs the Democratic Senatorial Campaign Committee.

    2007-2008 – Introduces the Keeping the Internet Devoid of Sexual Predators Act, requiring registered sex offenders to give law enforcement their email addresses and social media accounts so their online activity can be tracked.

    2007-2010 – Chairs and vice chairs the US Senate’s Joint Economic Committee.

    2009 – Cosponsors the Matthew Shepard and James Byrd Hate Crimes Prevention Act, broadening the definition of hate crimes to include acts of violence against individuals based on their actual or perceived gender, disability, sexual orientation or gender identity.

    2009-present – Serves on the US Senate Committee on Rules and Administration.

    2010 – Wins reelection to US Senate.

    2011-present – Chairman of the US Senate’s Democratic Policy and Communications Committee.

    2013 – Works on immigration reform as a member of the bipartisan “Gang of Eight.” The group’s bill, the Border Security, Economic Opportunity and Immigration Modernization Act of 2013, passes the Senate. The House, however, declines to vote on the package, which creates a pathway to citizenship for undocumented immigrants.

    August 3, 2015 – Holds a joint press conference with his cousin, actress and comedian Amy Schumer, to announce gun control legislation promoting stricter state background check laws. The press conference takes place 11 days after a deadly mass shooting at a screening of Schumer’s comedy, “Trainwreck,” in Louisiana. Schumer’s bill, the Fix Gun Checks Act of 2016, stalls in the Senate.

    August 6, 2015 – Expresses his opposition to the nuclear deal with Iran in a statement. He says that he is concerned about a 24-day delay for inspectors to access facilities and other limitations on inspections.

    November 8, 2016 – Wins reelection to the US Senate.

    November 16, 2016 – Senate Democrats choose Schumer to succeed Harry Reid as leader in the chamber.

    January 3, 2017 – On his first day as Senate minority leader, Schumer tells CNN that Senate Democrats plan to hold President-elect Donald Trump accountable but will also work with him if he supports legislation that is true to the Democratic Party’s principles.

    March 2, 2017 – Schumer calls on Attorney General Jeff Sessions to resign in the wake of a report that Sessions met with the Russian ambassador to the US during the presidential campaign, contradicting his testimony during his Senate confirmation hearing. Sessions does not resign but recuses himself from involvement in the investigation into alleged Russian meddling in the 2016 election.

    September 6, 2017 – Schumer meets with Trump and other congressional leaders in the Oval Office. During the meeting, Trump agrees to endorse a plan to attach hurricane relief money to a three-month extension of the debt ceiling that was proposed by Schumer and House Minority Leader Nancy Pelosi.

    January 19, 2018 – Schumer meets with Trump at the White House to discuss a deal that could avert a looming government shutdown. Schumer offers to increase military spending and fully fund border security measures in exchange for a pledge to protect beneficiaries of the Deferred Action on Childhood Arrivals program (DACA). Trump ultimately rejects the deal. The failed negotiations lead to a brief shutdown that White House officials label the “Schumer Shutdown.”

    June 27, 2018 – Schumer introduces a bill, the Marijuana Freedom and Opportunity Act, that would decriminalize and regulate marijuana at the federal level.

    November 11, 2018 – Schumer says that Democrats may combine a must-pass spending bill with a measure protecting the Robert Mueller special counsel investigation into Russian election meddling.

    November 10, 2020 – Schumer is reelected as a Senate party leader.

    January 20, 2021-present – Senate majority leader.

    July 14, 2021 – Schumer and a group of other Senate Democrats introduce draft legislation that would decriminalize marijuana at the federal level by striking it from the federal controlled substances list.

    November 8, 2022 – Wins reelection to the US Senate.

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  • Interest rates are high. These are the best places to park your cash | CNN Business

    Interest rates are high. These are the best places to park your cash | CNN Business

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    Editor’s Note: This is an update of an article that originally ran on September 20, 2023.


    New York
    CNN
     — 

    The Federal Reserve on Wednesday chose not to raise its key interest rate, the same decision it took following its September meeting, leaving its benchmark lending rate at its highest level in 22 years.

    Given that the Fed influences — directly or indirectly — interest rates on financial accounts and products throughout the US economy, savers and people with surplus cash still have many opportunities to get a far better return on their money than they’ve had in years — and even more importantly, a return that outpaces the latest readings on inflation.

    Here are low-risk options to get the best yield on funds you plan to use within two years, and also on cash you expect to need within the next two to five years.

    The average annual percentage yield on bank savings accounts was just 0.59%, according to an October 31 survey from Bankrate. That average is kept low by a nearly zero APY at the biggest brick-and-mortar banks like JPMorgan Chase and Bank of America, which were each offering rates of just 0.01%.

    But many online, FDIC-insured banks are offering well north of 5% on their high-yield savings accounts.

    Those accounts are a great place to deposit money that you will likely deploy within the next two years — to cover anything from a planned vacation or big purchase to an emergency expense or an unexpected change of circumstance like a job loss.

    While bank deposit account yields can change overnight, they have remained high for months and are likely to continue to do so. “In the last few months, the Fed has signaled that it intends to keep rates higher for longer. … Some banks have responded to this new ‘higher for longer’ expectation by offering promotional rate guarantees on their savings or money market accounts. In the guarantee, a competitive rate is guaranteed to last for several months on the savings or money market account,” said Ken Tumin, founder of DepositAccounts.com.

    An online savings account is what certified financial planner Lazetta Rainey Braxton, co-CEO at 2050 Wealth Partners, calls your “cushion” account. She likes the word “cushion” because it describes the flexibility and options such an account gives you to handle both what you want to do in the near term and what you might need to do.

    Another way high-yield accounts can be useful, Braxton said, is to house money you’ll need to pay off a purchase for which you’ve secured a 0% financing deal for a limited period of time. In that case, you won’t owe interest on your purchase so long as you pay it off in full before the end of the promotion period, which can be anywhere from six to 24 months. In the meantime, the money can grow by 4% to 5% a year in your high-yield account.

    For your regular household bills, Braxton recommends keeping just enough cash to cover a month or two in a regular checking account for fastest access. “Not too much, because [those accounts] won’t yield much,” she said.

    You can always link your high-yield account to your checking account to transfer funds when needed — just know it may take up to 24 hours for the transferred money to show up in your checking account, Braxton noted.

    Money market accounts and funds

    If you don’t want to set up an online savings account at another bank, your own bank may offer you a money market deposit account that pays a higher yield than your regular checking or savings accounts.

    Money market accounts may have higher minimum deposit requirements than a regular savings account, but they are more liquid than a fixed-term certificate of deposit or Treasury bill, meaning they give you access to your money more quickly while still potentially giving you some of the highest yields available, said Doug Ornstein, senior manager for integrated solutions at TIAA Wealth Management.

    But don’t confuse money market accounts with money market mutual funds, which invest in short-term, low- risk debt instruments. As of Oct 31, they had an average 7-day yield of 5.19%, according to the Crane Money Fund Index, which tracks the top 100 taxable money market funds.

    Unlike money market deposit accounts, money market mutual funds are not insured by the FDIC. But if you invest in a money market fund through a brokerage, your overall account is likely to be insured through the Securities Investor Protection Corp (SIPC), which offers protection in the event your brokerage ever goes under.

    Another high-return, low-risk investment that is great for money you likely won’t need to tap for a few months or even a couple of years are certificates of deposit.

    You can get the best returns on CDs through a brokerage such as Schwab, E*Trade or Fidelity. That’s because you can comparison shop for CDs from any number of FDIC-insured banks and will not have to set up individual accounts with each institution.

    To get the greatest benefit from a CD, you have to leave the money invested for a fixed period. You can always access your principal sooner if you need to, but if you do you will forfeit at least some interest.

    As of November 1, CDs listed on Schwab.com with durations of three months, six months, nine months, one year and 18 months were all yielding at least 5.5% .

    Say you invest $10,000 in a six-month CD with a 5.5% APY. At the end of that period, you’ll get your principal back plus nearly $274 in interest when the CD matures, according to Bankrate’s CD calculator. If you put it in a one-year CD you’d earn $555 in interest, while an 18-month term will generate $844.

    If you don’t go through a brokerage you may get a reasonable deal from your primary bank. Tumin said. For example, he noted, Citi came out with an 11-month CD Special with a rate of up to 5.65% APY. But he cautions that with any big bank CD you should take your money out at the end of the term, otherwise your bank may automatically renew it and lock you in to a much lower-yielding CD.

    Another option for money you can leave untouched anywhere from several months to a few years are short-term Treasury bills, which are backed by the full faith and credit of the United States.

    Three- and six-month bills had yields of 5.46% and 5.54% respectively on November 1, while nine-month and one-year bills were offering 5.46% and 5.43%, according to rates posted on Schwab.com for a $25,000 investment.

    If you’re someone who manages your portfolio like a hawk, you may feel comfortable buying T-bills on your own from TreasuryDirect.gov. But if you don’t, it might be easier just to buy new issues through your brokerage account or invest in a short-term bond index fund or ETF, said Andy Smith, executive director of financial planning at Edelman Financial Engines.

    And if you’re looking at money that will be needed in three to five years, you might consider a diversified fund of highly rated government and corporate bonds, Ornstein said. Yields on four-year, AAA rated corporate bonds, for instance, were yielding 4.97% this week, and three-year AAA-rated municipal bonds (which are issued by local governments) had rates of 4.59%, according to Schwab.com.

    When deciding on the best accounts and investments for your specific goals and peace of mind, it may pay to consult a fee-only fiduciary adviser — meaning someone who doesn’t get paid a commission to sell you a particular investment.

    What you’ll always want to do is build in flexibility for yourself so you can easily access cash, regardless of your timeline for key goals. “What happens if something changes and you need that down payment a lot sooner — or your parents need medical care fast?” Smith said.

    That means balancing your desire for great yield with a need and desire for ease of access without penalty. Translation: Don’t chase yield for yield’s sake.

    Think of it this way, Ornstein said: Unless you have huge sums to invest or are an institutional investor, the difference between getting a 5.1% yield versus 5% is negligible, and in fact it could even cost you more if there are penalties for taking your money out early. “Most of the time convenience is really important. Give up the 0.1%,” he advised.

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  • US new home sales surged in September | CNN Business

    US new home sales surged in September | CNN Business

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    Washington, DC
    CNN
     — 

    New home sales in the United States surged higher in September from the month before, even as mortgage rates remained over 7%, making financing a home costlier and pushing people out of the market.

    Sales of newly constructed homes jumped 12.3% in September to a seasonally adjusted annual rate of 759,000, from a revised rate of 676,000 in August, according to a joint report from the US Department of Housing and Urban Development and the Census Bureau. Sales were up 33.9% from a year ago.

    This represents the fastest pace of sales since February 2022 and easily exceeds analysts’ expectations of a sales pace of 680,000.

    Sales of existing homes have been trending down since February and are down 20% year to date in September from a year ago. There is an ongoing inventory and affordability crunch that has homeowners with mortgage rates of 3% or 4% reluctant to sell and buy another home at a much higher rate. In August, rates topped 7% and have lingered there as the Federal Reserve continues to address inflation.

    The average rate for a 30-year, fixed-rate mortgage was 7.63% last week, according to Freddie Mac, and there are indications it could continue to climb.

    “With one more Fed interest rate hike expected for the year, interest rates are not anticipated to drop any time soon,” said Kelly Mangold of RCLCO Real Estate Consulting.

    New construction has been an appealing alternative, attracting determined buyers frustrated by the historically low supply of existing homes. Still, affordability concerns remain.

    “The constraints in the housing market have created a significant amount of pent-up demand, as more and more households are living in homes they may have outgrown and are deciding to buy despite current market conditions,” said Mangold.

    According to the report, new home sales activity increased the most in the south, “a region that continues to outperform due to availability of land, population and job growth, and a relatively lower cost of living,” said Mangold.

    While new home sales are a much smaller share of the overall sales market than existing home sales, the inventory picture is rosier for new construction homes.

    The seasonally adjusted estimate of new homes for sale at the end of September was 435,000. This represents a supply of 6.9 months at the current sales pace.

    By comparison, there were 1.13 million existing homes for sale at the end of September, or the equivalent of 3.4 months’ supply at the current monthly sales pace.

    Typically, the ratio of existing homes to new homes has been closer to 5 to 1, but lately it has been closer to 2 to 1, according to the National Association of Realtors.

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  • Streets ‘reek of blood:’ Gazans run out of time after Israel’s evacuation deadline | CNN

    Streets ‘reek of blood:’ Gazans run out of time after Israel’s evacuation deadline | CNN

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    CNN
     — 

    Tens of thousands of Palestinians have been fleeing south through the battered streets of Gaza after the Israeli military told them to leave northern areas of the densely populated strip.

    Parts of the south are becoming even more crowded and overstretched, Gazans say, as waves of Palestinians abandon their homes in the wake of Israel’s statement, which came ahead of an anticipated ground assault by the Israel Defence Forces (IDF).

    More than half of Gaza’s 2 million residents live in the northern section that Israel said should evacuate. Many families, some of whom were already internally displaced, are now crammed into an even smaller portion of the 140-square-mile territory.

    The IDF said Saturday it would allow safe movement on specified streets between the hours of 10 a.m. and 4 p.m. local time (3 – 9 a.m. ET). Residents were advised to use this window to move from the northern Beit Hanoun to Khan Yunis in the south – a roughly 20-mile distance of rubble-strewn streets.

    The evacuation statement has been described by rights groups as well as some neighboring countries as a breach of international humanitarian law. Jordan’s foreign minister described it as a “war crime.”

    The UN’s Relief and Works Agency for Palestine Refugees (UNRWA), which was forced to move its central operations from Gaza City to a location in southern Gaza following the Israeli statement, on Saturday described the evacuation as an “exodus,” and said that “nearly 1 million people have been displaced in one week alone.”

    The evacuation advisory came after Israel imposed a complete siege on Gaza in response to a brutal attack launched a week ago by Hamas, which left at least 1,300 dead in Israel.

    At least 2,215 civilians, including 724 children and 458 women, have been killed in Gaza, according to the Palestinian health ministry, as the Israeli military continues to pound the territory.

    Palestinians who fled south, and those who are still north, are rapidly running out of food and water. There is no more electricity, and those with fuel-powered generators will soon live in complete blackout. Internet access, through which residents communicate their plight to the world, is also shrinking.

    Mohamed Hamed, a 36-year-old resident of Gaza City, moved southward to Nuseirat, a refugee camp some five kilometers north-east of Deir al-Balah – which he was told was safe.

    Hamed fled the north with 30 family members, including his extended relatives, four children and his wife, who is over eight months pregnant.

    “In this situation, we’re afraid that she goes into labor, and we wouldn’t know where to go,” he told CNN.

    The family has no access to medical care and are crammed into a single apartment with no electricity, and quickly depleting food and water.

    “There is no electricity, there is no water. Bakeries are working but these are their final hours, as the fuel they need is running out,” he said, adding that “the food we have may last us a day or two.”

    Speaking to CNN by phone, Hamed said that Nuseirat is a small area yet has received large crowds of displaced Palestinians from the north. Drinking water is only available in mineral water bottles, he said, which are dwindling as crowds rush to stock up.

    “Everything in supermarkets and shops was used up,” he said.

    Shelling in Nuseirat is intense, but not as bad as it was in Gaza City, where neighborhoods were “entirely wiped out,” he said.

    Hamed said that the time provided by the IDF for “safe passage” southward may not be enough for vast number of Palestinians that need to flee, and that some Gazans in the north refuse to leave fearing forceful displacement into Egypt.

    For many, that would mean displacement for the second time. The majority of Gaza’s residents today are already refugees from areas that fell under Israeli control in the 1948 Arab-Israeli war.

    “People are afraid of this, of being pushed to Egypt,” he said, adding that the airstrikes have been “horrifying,” with some areas being targeted for the first time despite the years of conflict between Hamas and Israel.

    But not everyone in Gaza’s north has heeded the IDF’s call to move southwards. Palestinian journalist Hashem Al-Saudi and his family have only moved from east to west of Gaza City, which is among areas the IDF told civilians to evacuate.

    Residents are forced to leave their homes to fill up water tanks, the 33-year-old told CNN by phone, which puts them at risk of being struck by Israeli missiles.

    Food is scarce, he said, and may not last his 11-member family more than three or four days.

    “I say this jokingly, but those who are on a diet are eating more than us.”

    Al-Saudi says that not only do they have nowhere to stay if they moved south, but that the route itself is unsafe. “Even those who moved south were hit by airstrikes,” he told CNN.

    “Nowhere is safe in the Gaza Strip, from Rafah (south) to Beit Hanoun in the north,” Al-Saudi said, adding that everywhere is targeted, including “homes, shelters hospitals and places of worship.”

    “Everyone on this piece of land is targeted by the Israeli military, which from the start did not differentiate between civilian and soldier.”

    CNN has geolocated and authenticated five videos from the scene of a large explosion Friday along a route for civilians south of Gaza City that Israel said the following day would be safe.

    The videos show many dead bodies amid a scene of extensive destruction. Some of those bodies are on a flatbed trailer that appears to have been used to carry people away from Gaza City. They include at least several children. There are also many badly burned and damaged cars.

    It’s unclear what caused the widespread devastation; the explosion occurred on Salah Al-Deen street on Friday afternoon. CNN has reached out to IDF for comment on any airstrikes in the same location.

    “The situation is much worse than what you see on television,” he said. Many bodies remain unidentified, and corpses are being stored in refrigerators not made for storing human remains, Al-Saudi said.

    “Streets are filled with rubble and reek of blood.”

    The Israeli government launched a complete blockade on essential goods entering Gaza earlier this week, prompting warnings from human rights groups who say the siege is in violation of international law.

    Israel, which administers most of the electricity, water, fuel and some of the food inside the Palestinian enclave, already imposes a stringent land, sea and air blockade, but used to permit some trade and humanitarian aid through two crossings that it controls.

    Refaat Alareer, 44, a literature professor in Gaza City, said Thursday – before Israel told Gazans to evacuate – the shelves in his local supermarket are emptying every day. He has been able to buy cans of tinned tuna, adding that he avoided purchasing perishable goods because the lack of electricity means refrigerated food “will rot.”

    Alareer, who lives with his wife and their six children, said his neighbors insist on leaving milk powder on the shelves – so that other parents can feed their own families.

    “I’ve never seen people this disciplined,” he said. “I didn’t buy a single thing that is more expensive than it was last week.

    “(What is) so beautiful about, you know, being in Gaza, being in Palestine, the solidarity.”

    More than half of the residents in Gaza are food insecure and live under the poverty line, according to UNRWA. Alareer warned that blue collar workers, farmers and street vendors “will suffer the most,” from the blockade.

    “We’re bracing for the worst. What happened is extremely genocidal in every sense of the word,” he added.

    Aseel Mousa, a 25-year-old freelance journalist in Gaza, said she is unable to communicate with loved ones in other parts of the enclave, as electricity supplies diminish.

    “We cannot connect with the world,” she told CNN on Thursday. “We hear the bombings, the air strikes and we don’t know where they are exactly.

    “We cannot check up on our relatives who live in different areas of the Gaza Strip, we cannot reach them as there is no internet and there is no electricity.” She said on Friday that she relocated with her family from western Gaza to the south.

    On Friday, Alareer told CNN he and his family see no choice but to remain in the north – despite Israel’s evacuation advisory – because they had “nowhere else to go.”

    “Israel bombs (are) everywhere,” he said.

    Gaza has already been under blockade since Hamas took control of the territory in 2007.

    Egypt imposes a land blockade, while Israel imposes an air, sea and land blockade. The siege was completely tightened after Hamas’ attack on Israel a week ago, and the only remaining route into or outside of the Gaza Strip is the Rafah Crossing, which connects Gaza to Egypt’s Sinai.

    While some aid has arrived in Egypt, it is yet to cross the border, which earlier this week was struck by Israel on the Palestinian side, according to Palestinian and Egyptian officials.

    Egypt on Thursday stressed that its Rafah Crossing was however open, a claim CNN could not independently verify.

    A Palestinian border official told CNN on Saturday morning that concrete slabs were being placed at the Rafah border crossing into Egypt, blocking all gates. The slabs were being placed by a winch visible on the Egyptian side of the crossing, the official said.

    The official added that hundreds of Palestinians with foreign passports have been sat in the streets for hours, waiting to cross. “The gates are closed, and no one is being let through,” he told CNN.

    CNN has reached out to Egyptian officials for comment.

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  • GM settles strike at Canadian plants | CNN Business

    GM settles strike at Canadian plants | CNN Business

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    New York
    CNN
     — 

    A strike at General Motors’ Canadian plants is over less than a day after it started, according Unifor, the union that represents more than 4,000 autoworkers at the company.

    The strike had begun 11:59 pm Monday when Unifor said GM had refused to agree to a deal similar to the one the union previously reached with Ford. That kind of deal is known as a pattern agreement.

    The union said the company quickly gave in to union demands once the strike started.

    “When faced with the shutdown of these key facilities General Motors had no choice but to get serious at the table and agree to the pattern,” said Unifor National President Lana Payne. “The solidarity of our members has led to a comprehensive tentative agreement that follows the pattern set at Ford to the letter.”

    The union said strike actions are on hold to allow the membership to vote on the tentative agreement. The strike could resume if the rank-and-file members fail to ratify the deal.

    But it’s uncertain whether it will win approval of membership. Only 54% of Unifor members at Ford voted in favor of the deal.

    The Unifor strike occurred while GM as well as rivals Ford and Stellantis were already dealing with strikes by the United Auto Workers union. That strike had started September 15 against targeted facilities of each company. More than 25,000 UAW members are now on strike at the three companies, with nearly 10,000 of those at GM.

    “This record agreement, subject to member ratification, recognizes the many contributions of our represented team members with significant increases in wages, benefits and job security while building on GM’s historic investments in Canadian manufacturing,” said GM’s statement.

    Details of the Unifor deal were not immediately available. But the deal with Ford included a wage increase of 10% in the first year of the agreement, followed by a 2% and 3% increase over the next two years of the contract. It also restored the cost-of-living adjustments (COLA) to protect workers from rising prices.

    The Ford agreement also returned to a pension plan — rather than just 401(k)-style retirement accounts — for Unifor members hired at Ford in recent years. And it converted temporary staff who work full-time shifts into permanent employees.

    Autoworkers in both Canada and the United States used to all have COLA clauses in their contracts as well as traditional pension plans that pay retirees a set amount every month as long as they live. But the automakers got unions on both sides of the border to give up the COLA for all members and traditional pensions for new hires when the companies were in financial distress in 2007 through 2009.

    Restoring those concessions have been a major negotiation demand of both Unifor and the UAW.

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  • Why you should care about the global rout in government bonds | CNN Business

    Why you should care about the global rout in government bonds | CNN Business

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    London
    CNN
     — 

    A slump in government bonds around the world has pushed up the cost of some nations’ debt to levels not seen in more than a decade. That’s bad news for governments in the red but also for the wallets of millions of mortgage borrowers, stock investors and businesses.

    The sell-off has been fueled by expectations among investors that the world’s major central banks will keep interest rates “higher for longer” to bring inflation down to their targets.

    It works like this: Governments looking to raise cash for public services and investments issue bonds. A bond provides a way to borrow money from investors for a set length of time, with the obligation to make regular interest payments.

    When official interest rates rise, so do investors’ expectations for returns on bonds, known as yields. This creates an incentive for investors to sell the bonds they currently hold and buy newly issued ones that offer higher interest payments. Selling bonds reduces prices. So, in short, when yields rise, bond prices fall.

    And yields have most definitely been rising: The yield on 30-year US government bonds, also known as Treasuries, hit 5% on Tuesday for the first time since 2007. In the United Kingdom, the yield on 30-year bonds also reached 5% this week, the highest level in more than two decades.

    Yields on German long-dated bonds are back to levels last seen on the eve of the eurozone debt crisis in 2011. Yields on Italy’s 10-year bonds hit 5% on Wednesday, the highest level since 2012, when that crisis was in full swing.

    Here’s why you should care.

    The yields on local government bonds are usually used by banks to price mortgages.

    The disastrous “mini” budget unveiled by former UK Prime Minister Liz Truss in September last year provided a stark illustration of that relationship. Her plan to borrow tens of billions of pounds to fund tax cuts spooked bond investors who feared that the country’s finances were on an unsustainable path.

    The resulting sell-off in UK government bonds — called “gilts” — caused yields to shoot up, taking mortgage costs higher with them.

    The average interest on a two-year fixed-rate mortgage soared to 6.47% at the start of November 2022, according to data from product comparison website Moneyfacts, the highest level since the depths of the global financial crisis in August 2008.

    Early morning sun illuminates streets of residential terraced houses, on September 17, 2023 in Bath, England. Soaring interest rates and falling prices has meant the end of the UK's 13-year housing market boom potentially leading to a wider house price crash.

    That meant hundreds of pounds more a month in mortgage payments. Before higher mortgage rates kicked in, some panicked homeowners rushed to refinance their fixed-rate loans earlier than planned, accepting a financial penalty for doing so.

    Mortgage rates had been falling back since the drama last fall but are now back to 6.47%, this month’s data from Moneyfacts shows.

    In the United States, mortgage rates tend to track the yield on 10-year Treasuries, and that yield has risen 0.27 percentage points since late September.

    On Thursday, government-backed mortgage provider Freddie Mac announced that the average interest on a 30-year fixed-rate mortgage had hit 7.31% in the week ending September 28 — its highest level since 2000.

    “Higher mortgage rates create a standoff between potential buyers, who face some of the highest borrowing rates since 2000, and sellers, who may already enjoy a low fixed-rate mortgage and thus are less incentivized to sell,” Andrew Sheets, global head of corporate credit research at Morgan Stanley, told CNN.

    Surging government bond yields are probably coming for your stock portfolios too.

    Shares typically lose value when the yields on government debt rise, as investors can now get high returns — and a steady income — from less risky assets.

    Take the yield on 10-year Treasuries: at 4.78%, it is more than twice as high as the average yearly dividend paid out by the companies making up the S&P 500 index (SPX).

    “The higher the gilt yield goes, the less inclined, or obliged, investors will feel to take risk and pay up for other asset classes, such as shares,” Russ Mould, investment director at AJ Bell, told CNN.

    Stock indexes have tumbled on both sides of the Atlantic in recent weeks. The S&P 500 and the tech-heavy Nasdaq Composite (NDX) have shed 4% and 2.3% respectively since the Federal Reserve said late last month that it could hike rates once more this year and expected to make fewer rate cuts in 2024.

    The STOXX Europe 600 has sunk 4.5% and London’s FTSE 100 4.3% in that time.

    “Income is back,” analysts at BlackRock, the world’s biggest asset manager, wrote in a note Monday, recommending investments in short-dates US Treasuries.

    Stocks have also taken a hit in recent weeks as rising oil prices, an ailing Chinese economy and the prospect of another government shutdown in the United Stated have unnerved investors.

    High official interest rates in America and Europe have also raised the cost of borrowing for businesses.

    “Higher interest rates make borrowing less attractive, and we’ve already seen a sharp slowing of bank lending that we think is consistent with this idea,” said Sheets at Morgan Stanley.

    “It’s important to note that slower credit growth, which generally means a cooler economy, is precisely what the Federal Reserve is trying to achieve through its large recent rate hikes,” he added.

    Higher yields also mean that the government must pay more to service its debt — with less money available to spend elsewhere.

    The US government is currently sitting on a $33 trillion debt pile and is expected to incur more than $1 trillion in average annual interest costs over the next decade.

    In March, when gilt yields were much lower than now, the UK’s public spending watchdog said it expected the annual interest paid on the government’s pile of debt to peak at £115 billion ($140 billion) this year. That’s almost three times as much as the UK government plans to spend in 2023 on a key benefit for children and people with disabilities.

    Rising bond yields mean that “for any given level of borrowing, more must be spent on debt interest, leaving less scope to finance other priorities,” the Office for Budget Responsibility said in its March forecast.

    Higher gilt yields give politicians “less wiggle room to ease [the] cost-of-living pain through tax cuts or public sector pay offers,” Susannah Streeter, head of money and markets at Hargreaves Lansdown, wrote in a note Wednesday.

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  • The fate of this consumer watchdog is in the hands of the Supreme Court | CNN Business

    The fate of this consumer watchdog is in the hands of the Supreme Court | CNN Business

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    New York
    CNN
     — 

    On Tuesday, the Supreme Court began hearing oral arguments in a case that will determine the fate of the Consumer Financial Protection Bureau.

    The case was brought on by the Community Financial Services Association of America, a trade group representing payday lenders.

    The group scored a victory last year in a case it brought before the US Court of Appeals for the Fifth Circuit, in New Orleans. The three-judge panel ruled the CFPB’s funding violates the Constitution’s Appropriations Clause and separation of powers. The Supreme Court will have the final say on that, however.

    The consumer watchdog agency was created after the 2008 financial crisis by way of the Dodd-Frank Wall Street Reform and Consumer Protection Act. The agency was the brainchild of Democratic Sen. Elizabeth Warren. She began advocating for it in 2007 when she was a Harvard Law School professor.

    The broad purpose of the CFPB is to protect consumers from financial abuses and to serve as the central agency for consumer financial protection authorities.

    Prior to the CFPB’s formation, “[c]onsumer financial protection had not been the primary focus of any federal agency, and no agency had effective tools to set the rules for and oversee the whole market,” the agency said on its site.

    The CFPB is funded by the Federal Reserve in an effort to keep the agency independent from political pressure. It also means that the agency doesn’t depend on Congressional appropriations funds.

    While there are critics of the agency’s current structure and funding, it has saved consumers money, made it easier for them to seek redress and to get better clarity and more tailored responses from companies when they have a problem with their accounts, loans or credit reports.

    “Today virtually all financial transactions for residential real estate in the United States depend upon compliance with the CFPB’s rules, and consumers rely on the rights and protections provided by those rules,” the Mortgage Bankers Association, the National Association of Homebuilders and the National Association of Realtors said in an amicus brief to the Supreme Court.

    For instance, the CFPB recently ordered Bank of America to pay $100 million to customers and $90 million in penalties saying that the nation’s second-largest bank harmed consumers by double-dipping on fees, withholding credit card rewards and opening fake accounts.

    The CFPB also took action against Wells Fargo after the agency found the bank had been engaging in multiple abusive and unlawful consumer practices across several financial products between 2011 and 2022 — from auto loans to mortgage loans to bank accounts.

    The agency ordered the bank to pay a $1.7 billion civil penalty in addition to more than $2 billion to compensate consumers.

    The Supreme Court’s decision, which likely won’t be announced until the spring of 2024, has far-reaching implications.

    If the Supreme Court finds the CFPB’s funding structure unconstitutional, it could shutter the agency and invalidate all of its prior rulings.

    “Without those rules substantial uncertainty would arise as to how to undertake mortgage transactions in accordance with federal law,” the associations said in their joint brief. “The housing market could descend into chaos, to the detriment of all mortgage borrowers,” they added.

    It could also call into question the constitutionality of other government agencies like the Federal Reserve and the Federal Deposit Insurance Corporation that also aren’t funded by Congressional appropriations.

    “We are confident in the constitutionality of the statute that created the CFPB within the Federal Reserve System and provides its funding,” Sam Gilford, a spokesperson for the CFPB, told CNN in a statement. “We will continue to carry out the vital work Congress has charged us to perform.”

    There’s also a way for the Supreme Court to change the CFPB’s funding structure in a way that wouldn’t invalidate prior rulings, said Joseph Lynyak III, a partner at the law firm of Dorsey & Whitney and a regulatory reform expert.

    “This result would be far more probable rather than voiding the last decade of the CFPB’s activity,” he added.

    From listening to the case on Tuesday, though, Lynyak believes the Supreme Court will rule that the CFPB’s funding structure is constitutional.

    “As we have argued from the outset, the CFPB’s unique funding mechanism lacks any contemporary or historical precedent,” said Noel Francisco, a lawyer arguing on behalf of those challenging the constitutionality of the CFPB’s funding structure.

    He added that it “improperly shields the agency from congressional oversight and accountability, and unconstitutionally strips Congress of its power of the purse under the Appropriations Clause of the Constitution.

    But both Republican and Democratic-appointed justices told Francisco on Tuesday they could not understand the crux of his argument.

    “I’m at a total loss,” said Justice Sonia Sotomayor. Echoing her remarks, Justice Amy Coney Barrett said, “we’re all struggling to figure out what’s the standard that you would use.”

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  • How to choose the best student loan repayment plan | CNN Politics

    How to choose the best student loan repayment plan | CNN Politics

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    Washington
    CNN
     — 

    Millions of borrowers are required to make their monthly student loan payment for the first time in three-plus years in October, but there are several repayment plans available that could make the transition easier.

    Borrowers will be on the same payment plan they were before the pandemic pause started in March 2020, but they may want to consider switching to a different plan if their financial situation has changed.

    Plus, there’s also a new repayment plan, known as SAVE (Saving on a Valuable Education), that launched this summer and could potentially lower monthly payments for millions of borrowers.

    Borrowers can use Federal Student Aid’s online “Loan Simulator” to compare their estimated payments under different repayment plans. They can switch plans at any time, for free, by contacting their student loan servicer or by submitting an application to Federal Student Aid.

    Here are some things to consider when exploring your payment options:

    Standard 10-year plan: When entering repayment for the first time, borrowers are automatically enrolled in the Standard Repayment Plan. These payments are based on how much debt a borrower has and sets a fixed monthly amount to ensure it’s all paid off, with interest, in 10 years.

    Income-driven plans: If a borrower is struggling to afford monthly payments, an income-driven plan – of which there are four types, including the new SAVE plan – may be a good option. These plans calculate monthly payments based on a borrower’s income and family size and are meant to keep payments affordable for low-income borrowers. Monthly bills could be as low as $0.

    Other non-income-related plans: The extended and graduated repayment plans could also lower a borrower’s monthly payment without calculating the amount based on income. They could be a good option for people who will eventually earn high salaries. The extended plan will spread payments over as many as 25 years. The graduated plan usually has a 10-year term, but payments start small and grow over time.

    Income-driven repayment plans could be good options for borrowers who feel as though their monthly payment is too high on the 10-year standard plan or on the extended and graduated plans. The four plans are called SAVE, Pay As You Earn, Income-Based Repayment and Income-Contingent Repayment.

    Under these income-driven plans, a borrower is required to pay a certain portion of their discretionary income, or what income is left after paying for family necessities such as rent, food and clothes.

    Generally, monthly payments under an income-driven plan go up when a borrower’s income goes up – or payments go down when a borrower has less discretionary income. Borrowers are required to recertify every year, which means payments will adjust if their income or family size has changed.

    The newest income-driven plan, SAVE, offers the most generous terms when it comes to lowering a borrower’s monthly bill. Once fully phased in next year, it will require some borrowers with undergraduate loans to pay just 5% of their discretionary income, down from the 10% required by most income-driven plans. SAVE also includes an interest subsidy so that debts don’t grow while a borrower makes payments.

    Borrowers enrolled in income-driven repayment plans may also see their remaining student loan debt forgiven after making enough qualifying payments. The time to forgiveness varies by borrower and plan but won’t be longer than 25 years’ worth of payments.

    Eligibility for the income-driven repayment plans depends on what kind of federal student loans a borrower has, their income and when the loans were taken out. Most federal student loan borrowers are eligible for SAVE.

    Borrowers enrolled in the Standard Repayment Plan will usually pay the least amount over time. That’s because they will be finished paying in 10 years, leaving less time for interest to accrue.

    Borrowers may pay even less over time if they “prepay.” They are allowed to pay an extra amount, in addition to what’s required, at any time. Because of interest, this could also lower the total amount they end up paying under the Standard Repayment Plan.

    Parents who borrow to help finance their child’s education may have federal Parent PLUS loans, which are not eligible for all of the repayment plans.

    Like with other loans, borrowers with Parent PLUS loans are enrolled in the Standard Repayment Plan by default and are eligible to switch into the graduated and extended plans.

    Parent PLUS loans are not eligible for income-driven plans – but there is a workaround. If borrowers first consolidate their Parent PLUS loans into a Direct Consolidation Loan, they are then allowed to enroll in one type of income-driven plan – the Income-Contingent Repayment Plan – according to the Institute of Student Loan Advisors, a nonprofit that offers free student loan assistance.

    Parent PLUS borrowers will not be able to enroll in the newest income-driven plan, SAVE, even if they consolidate.

    It’s worth noting that the Income-Contingent Repayment Plan will close next year to new borrowers, except to those with consolidation loans that repaid a Parent PLUS loan, according to Department of Education rules.

    Marriage could result in a significant increase for borrowers enrolled in an income-driven plan because a spouse’s income will be included in the payment calculation.

    But some married borrowers who file taxes separately can shield their spouse’s income to get a lower monthly student loan payment. This is true under the SAVE, Income-Based Repayment and Income-Contingent Repayment plans.

    Borrowers enrolled in the 10-year standard plan won’t see a change after getting married.

    The Public Service Loan Forgiveness program could be a great option for borrowers with a lot of student loan debt who work for a nonprofit organization or the government.

    Qualifying borrowers will see their remaining student debt canceled after making 120 monthly payments. But they must be enrolled in the SAVE, Pay as You Earn, Income-Based or Income-Contingent plans.

    Borrowers with older, federally owned Federal Family Education Loans (FFEL) are not normally eligible for the Public Service Loan Forgiveness Program. But under a one-time waiver, those borrowers could get credit for past payments if they consolidate their FFEL loans by the end of 2023.

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  • US mortgage rates climb to 7.31%, hitting their highest level in nearly 23 years | CNN Business

    US mortgage rates climb to 7.31%, hitting their highest level in nearly 23 years | CNN Business

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    Washington, DC
    CNN
     — 

    US mortgage rates surged to their highest level in nearly 23 years this week as inflation pressures persisted.

    The 30-year fixed-rate mortgage averaged 7.31% in the week ending September 28, up from 7.19% the week before, according to data from Freddie Mac released Thursday. A year ago, the 30-year fixed-rate was 6.70%.

    “The 30-year fixed-rate mortgage has hit the highest level since the year 2000,” said Sam Khater, Freddie Mac’s chief economist, in a statement. “However, unlike the turn of the millennium, house prices today are rising alongside mortgage rates, primarily due to low inventory. These headwinds are causing both buyers and sellers to hold out for better circumstances.”

    The average mortgage rate is based on mortgage applications that Freddie Mac receives from thousands of lenders across the country. The survey includes only borrowers who put 20% down and have excellent credit.

    Mortgage rates have spiked during the Federal Reserve’s historic inflation-curbing campaign — and while a good deal of progress has been made since June 2022, when inflation hit 9.1%, Fed officials say there is still a ways to go.

    The Fed’s preferred inflation measure, the core Personal Consumption Expenditures index, is currently 4.2%, which is more than double the Fed’s target of 2%. Economists expect it to drop to 3.9% when the latest reading is released on Friday.

    This week’s mortgage rate surge followed last week’s small move higher, as investors settled in for “higher-for-longer” interest rates after last week’s Fed policy meeting, said Danielle Hale, chief economist at Realtor.com.

    Hale said the takeaway from the meeting was that the upward adjustments from the Fed haven’t ended.

    “Revised economic projections show that another rate hike this year is definitely on the table, and the expected policy rate in 2024 and 2025 was also higher than previously forecast,” she said. “Market participants are still playing catchup.”

    While the Fed does not set the interest rates that borrowers pay on mortgages directly, its actions influence them.

    Mortgage rates tend to track the yield on 10-year US Treasuries, which move based on a combination of anticipation about the Fed’s actions, what the Fed actually does and investors’ reactions. When Treasury yields go up, so do mortgage rates; when they go down, mortgage rates tend to follow.

    The yield on 10-year Treasuries rose from 4.3% on September 20 to 4.6% as of September 27.

    Mortgage applications continued to drop last week, according to the Mortgage Bankers Association, as mortgage rates went higher.

    “Rates over 7% and low for-sale inventory continue to create affordability challenges for prospective buyers,” said Bob Broeksmit, MBA president and CEO. “Until rates start to come back down, we anticipate housing market activity will remain slow.”

    Markets are experiencing an extraordinarily low number of homes for sale as homeowners stay put with ultra-low mortgage rates that are several percentage points lower than the current rate.

    There has been a small uptick in newly listed homes coming to market over the past few weeks, according to Realtor.com, which is seasonally atypical, said Hale.

    The first week in October tends to be an ideal week to buy a home, she said, since home prices tend to fall relative to summer highs, and fewer buyers contend for homes. Yet housing inventory remains higher than a typical week, Hale said.

    But, she added, mortgage rates will continue to be a wild card, which could make it impossible for some buyers to get in the market now.

    Even as demand is dropping, with so few homeowners selling, the market is pushing up prices as those few buyers who remain tussle over the handful of available houses, Hale said.

    This combination of higher prices and higher mortgage rates contrasts with easing rents over the past few months. This may cause would-be first-time buyers to wait for home prices and mortgage rates to stabilize and rent instead.

    “Buying a starter home is more expensive than renting in all but three major US markets [Realtor.com] studied,” said Hale, “which explains why buyer demand is likely to remain relatively low.”

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