Category Archives: Finance

Lakers Return Millions In Loans

(Los Angeles, CA) — The Los Angeles Lakes are returning their four-point-six-million-dollar loan they received through the federal Paycheck Protection Program.

ESPN reports the Lakers qualified to receive the loan as part of the CARES Act, but decided to return the funds once they became aware the PPP, meant for small businesses, had run dry.

Forbes reported last year that the Lakers are the eighth most valuable sports franchise in the world and are worth around three-point-seven-billion-dollars.

Reportedly, the Lakers were the only NBA Franchise to ask for a loan from the small business association.  Having around 300 employees made the eligible for the money.

Five Richest People Lose $36.5B In Stock Market Tumble

(New York, NY-AP) — The world’s five richest people are paying a pretty penny for the COVID-19 coronavirus outbreak.

They lost nearly 37-billion dollars combined in this week’s stock market tumble. Amazon CEO Jeff Bezos was hit the hardest, dropping his fortune to 116-billion.

Microsoft’s Bill Gates was second. He called the deadly disease a “once-in-a-century pathogen we’ve been worried about.”

Senator Whitehouse Says GOP Tax Bill Helps The Wealthy At Expense Of Workers

(Washington, DC) – Senator Sheldon Whitehouse of Rhode Island says the Republican tax bill is lining the pockets of the wealthy at the expense of workers. In the weekly Democratic address, Whitehouse said the Koch brothers, who are one of the Republican party’s biggest donors, reaped billions of dollars off the GOP tax said they even threw a 500-thousand-dollar tip to House Speaker Paul Ryan’s political fund as a “gesture of appreciation.” Whitehouse says corporations are using the large sums of money they’re getting to buy back their own stocks. He said this is great for big shareholders and the CEO’s compensation, but it’s not doing much help to workers. Whitehouse said this week the nonpartisan congressional budget office estimated the deficit will balloon to almost one-trillion-dollars, next year.

He added that the GOP tax bill, alone, will add nearly two-trillion-dollars to the nation’s deficit over the next decade.

Stocks Tank As Tech Stocks Retreat, Trade War Fears Return

(New York, NY) – Amazon is leading a tech sector retreat during a wild up-and-down day on Wall Street. Shares of Amazon tanked more than five-percent today after President Trump launched a Twitter attack on the online retail giant, accusing it of scamming the U.S. Postal Service.

The Dow Jones Industrial Average dropped more than 750 points during the day’s trading before finishing 459 points down at 23-644, a low for the year. Plummeting stocks also sent the Nasdaq and S&P 500 into correction territory at the closing bell.

The Nasdaq ended the day 193 points lower at 68-70, while the S&P 500 dropped 59 points to close at 25-82.

Facebook CEO Offers Full Page Newspaper Ad Apology

(SL) – Mark Zuckerberg is taking to the print media to offer an apology. The Facebook founder and CEO took out full-page ads in papers across the United States and U.K. today to apologize for the Cambridge Analytica privacy scandal.

Earlier this month, Facebook said it suspended Cambridge Analytica and its parent group after receiving reports it didn’t delete information about tens of millions of Facebook users that was shared inappropriately. In the ad, Zuckerberg said “this was a breach of trust” and offered his apologies that the company didn’t do more at the time.

Zuckerberg explained they are now limiting the data that apps get as they’ll be investigating every single app that had access to large amounts of data before the problem got fixed.

Parents Spend Big On Kids Extracurricular Activities

(Atlanta, GA) — Parents are shelling out big bucks for extracurricular activities. A new survey from Suntrust Bank shows 40-percent of American families are paying more than one-thousand-dollars each year on their kids’ after school activities.

At least 20-percent said they spend more than 25-hundred-dollars.

The majority of parents polled said they skip things like eating out to hold down expenses. Others took more extreme steps like not paying off debt or skimping on retirement savings to pay for their kids’ extracurricular activities.

The Weeknd Severs Ties With H&M Over Racist Ad

(SL) – The Weeknd is ending his relationship with clothing chain H&M. The “Starboy” singer took to Twitter yesterday to announce his decision after a photo went viral of a black child modeling a green hoodie that reads “Coolest Monkey In The Jungle.”

The Weeknd wrote, “Woke up this morning shocked and embarrassed by this photo.” He went on to say he was “deeply offended” and would no longer be working with H&M, with whom he’s collaborated with on two collections.

The term ‘monkey’ has a long history as a racial slur. Bloomberg reports, the company has pulled the garment in question from its stores and apologized. H&M also said it agreed with those who were upset by the image, which appeared in its online store.

“We are deeply sorry that the picture was taken and we also regret the actual print,” H&M said. “Therefore, we have not only removed the image from our channels, but also the garment from our product offering globally.”

The controversy comes at a sensitive time for H&M. Its shares slumped more than 30 percent last year amid a disappointing sales development in its physical stores, and analysts slashed their ratings in response. Some 51 percent of analysts now advise clients to sell the shares, the biggest proportion of negative ratings since at least early 2003, according to Bloomberg data.

New Tax Bill Caters To Wealthy 1%, Will Add 1.5 Trillion Dollars To National Debt

(SL) – The new tax bill will hurt the majority of Americans instead of helping them and we’re not even going to get into the 1.5 trillion dollars that it will add to the nation’s debt.

Republicans would like for you to believe that the middle class will experience some relief but that’s just not the case. READ THE FULL 505 PAGES HERE…

The Washington Post Breaks Down What is changing

A new tax cut for the rich: The final plan lowers the top tax rate for top earners. Under current law, the highest rate is 39.6 percent for married couples earning over $470,700. The GOP bill would drop that to 37 percent and raise the threshold at which that top rate kicks in, to $500,000 for individuals and $600,000 for married couples. This amounts to a significant tax break for the very wealthy, a departure from repeated claims by Trump and his top officials that the bill would not benefit the rich. The new tax break for millionaires goes beyond what was in the original House and Senate bills, with Republicans seeking to ensure wealthy earners in states such as New York, Connecticut and California don’t end up paying substantially higher taxes as a result of the bill.

A massive tax cut for corporations: Starting on Jan. 1, 2018, big businesses’ tax rate would fall from 35 percent to just 21 percent, the largest one-time rate cut in U.S. history for the nation’s largest companies. The House and Senate bills originally had the big-business tax rate falling to 20 percent, but Republicans were not able to make the math work to keep the rate that low and start it right away in the new year, so they compromised by moving the rate to 21 percent. It still amounts to roughly a $1 trillion tax cut for businesses over the next decade. Republicans argue this will make the economy surge in the coming years, but most independent economists and Wall Street banks predict only a modest and short-lived boost to growth.

Continue reading New Tax Bill Caters To Wealthy 1%, Will Add 1.5 Trillion Dollars To National Debt

Cheating, Therapy, Politics, His Mother’s Sexuality, Making A Song Cry And OJ Simpson: Jay Z’s Most Candid Interview To Date With The New York Times

“The most beautiful things are not these objects. The most beautiful things are inside. “- Jay Z

(SL) – “I can’t see it coming down my eyes, so I gotta make the song cry.” Hip Hop Mogul Shawn ‘Jay Z’ Carter says when he wrote that song he was clearly hiding because the strongest thing a man can do is cry.

In his evolution, he now believes that being vulnerable and exposing yourself to the world is real strength; something him and Beyonce both exercised on their latest projects. 46D0A1B400000578-5129969-image-a-72_1511985798284Jigga says originally it was supposed to be a joint album, but Beyonce was way ahead in her project and ended up dropping Lemonade first. It was Lemonade that finally put the spotlight on what possibly happened when Solange went Bruce Lee in the elevator. But…will he ever tell us who Becky with the good hair is? Not likely.

Beyonce dropped the hints and Jay Z pretty much confirmed the infidelity allegations on his top grammy nominated album 4:44. However, Hov, outside of his lyrics, has never flat out admitted that yes…he did in fact cheat on his wife of nine years, until now.

With no theatrics, no studio, producer or engineer Jay Z sat down with Dean Baquet on September 27th and took us all the way inside the life of music’s next billionaire.

“I’m not black. I’m O.J.” – Orenthal Simpson

“When I was invited to interview Jay-Z, I wanted to talk about his song “The Story of O.J.,” from his most recent album, “4:44,” in which he quotes the legendary, maybe apocryphal, Simpson line “I’m not black, I’m O.J.”

I was less engaged by the rapper’s marital troubles or his infamous, caught-on-video 2014 elevator dust-up with his sister-in-law. But I did want to try to understand how, with an $88 million Bel Air mansion a freeway ride from neighborhoods where black people endure with so little, Jay-Z holds onto his younger self — a black man who grew up in the ’70s in the Marcy projects of Brooklyn. It seemed from his new body of work that examining this high-wire act of straddling two places had been stirring more deeply within him — much the way it stirs in me, a Southern black man who grew up revering O.J. and whose own success is infinitely greater than anyone in my early life would have imagined for me.

What is it about the story of O.J. Simpson that moved us both?

BAQUET The things I want to talk to you about: I want to talk a little bit about race. Your music some, too. I thought the song [“The Story of O.J.,” from the album “4:44,” 2017] was particularly powerful. I took the message as, “You can be rich, you can be poor, you’re still black.” Who were you speaking to? Who did you want to listen to that and be moved by it?

JAY-Z It’s a nuanced song, you know. It’s like, I’m specifically speaking to us. And about who we are and how do you maintain the sense of self while pushing it forward and holding us to have a responsibility for our actions. Because in America, it is what it is. And there’s a solution for us: If we had a power base together, it would be a much different conversation than me having a conversation by myself and trying to change America by myself. If I come with 40 million people, there’s a different conversation, right? It’s just how it works. I can effect change and get whomever in office because this many people, we’re all on the same page. Right? So the conversation is, like, “I’m not rich, I’m O.J.” For us to get in that space and then disconnect from the culture. That’s how it starts. This is what happens. And then you know what happens? You’re on your own, and you see how that turned out.

BAQUET Was it a reminder, too, that the thing O.J. forgot, maybe, was that as rich as he was, as entitled as his life was, he was reminded very forcefully when he became a subject of racial debate that he was also a black man, whether he accepted that or not?

Continue reading Cheating, Therapy, Politics, His Mother’s Sexuality, Making A Song Cry And OJ Simpson: Jay Z’s Most Candid Interview To Date With The New York Times