Rocket Companies' IPO raises $1.8 billion, launches trading on Wall Street
Detroit billionaire Dan Gilbert celebrated his $1.8 billion Rocket Companies IPO Thursday by talking up the possibility of acquiring more financial-technology companies down the road.“We want to use our stock as currency and potentially acquire more fin-tech organizations and put them in the vault,” Gilbert said on CNBC. “We’re excited about it.”Rocket stock began trading on the New York Stock Exchange Thursday around 11 a.m. opening at the IPO price of $18 a share. The stock was gaining ground and trading around $18.65 a share shortly after 11:30 a.m. In early trading, the stock swung from a ...
Detroit Free Press
Lori Borgman: Can you spare a dime?
We don’t have two nickels to rub together.Seriously.We don’t even have one nickel.We are among the growing number of people finding themselves change-challenged. Blame the pandemic. Businesses shut down, people stopped going to coin laundries, restaurants closed and piles of change often left with tips disappeared. For a brief time, even the mint than makes 17% of all coins shut down.To make matters worse we are spending less and, when we do spend, we tend to use credit cards or mobile devices.Many of us have stopped using bills and coins because they can spread germs. Just try getting Lincoln...
Tribune News Service
Undeterred by the pandemic, more people are buying a house sight unseen to take advantage of record-low mortgage rates
PHILADELPHIA — Forty-five percent of people bought a home in the past year without seeing it in-person — a number that is likely to grow during the coronavirus pandemic, according to a study of about 1,400 people that the real estate platform Redfin released Thursday.The figure is the highest since 2015, according to the survey, which polled respondents from 29 major markets in the U.S. and Canada. Redfin credited record-low mortgage rates and work-from-home policies that have allowed employees to move elsewhere.As of Thursday, the mortgage loan company Freddie Mac said the average rate for a ...
The Philadelphia Inquirer
Vanguard transfers 1,300 staffers to outsourcing partner Infosys
Vanguard Group, the Malvern, Pa.-based investment giant that employs more than 12,000 in Chester County, says it will transfer out of the company 1,300 workers who handle employers’ 401k plans for 5 million working and retired Americans.The staffers will start working later this year for a contractor, a new Malvern-based unit of Infosys, the India-based technology outsourcing giant.The workers’ Vanguard boss, Martha King, managing director of Vanguard Institutional Investor Group for the past five years, will leave the company with her staffers and become one of their bosses at Infosys. She pr...
The Philadelphia Inquirer
Wells Fargo in the red: bank posts first quarterly loss since 2008
Wells Fargo posted a quarterly loss for the first time in over a decade on Tuesday as it set aside $8.4 billion in the second quarter to cover coming defaults on loans due to the coronavirus pandemic. The bank also cut its dividend to 10 cents per share from 51 cents per share.The bank, the fourth-largest in the U.S., lost $2.4 billion in the second quarter, its first loss since 2008. That’s down from a profit of $653 million in the first quarter. Lower interest meant net interest income was down $1.4 billion to $9.9 billion for the quarter, while more strength in the bank’s trading and securi...
The Charlotte Observer
PPP loans were meant to help small businesses save jobs amid the pandemic. So why does official data show thousands of recipients retained zero jobs?
When Quest Food Management Services was approved for a forgivable federal loan to help it preserve jobs during the pandemic, the Lombard, Ill.-based company, which supplies meals to schools throughout the Chicago area, was so grateful that it issued a news release celebrating its ability to keep more than 830 people employed.But data released this week by the Small Business Administration detailing who received loans from the Paycheck Protection Program did not tie any jobs to Quest’s $5.3 million loan. Like tens of thousands of other loan recipients listed in the official government data, the...
Editorial: The Supreme Court stands up for the rule of law against President Trump's brazen claims of immunity
No, the U.S. Supreme Court did not hand out copies of Donald Trump’s still-secret tax returns yesterday, but seven of the jurists (including the “two great justices” he appointed) ruled that no one is above the law and a Manhattan grand jury can subpoena Trump’s financial records from his accountant and bank. Even the two dissents rejected Trump’s phony claim of total presidential exemption.While we are loath to compare the current loathsome occupant of the White House with any of his far more honorable predecessors, Chief Justice John Roberts wrote for the majority that just as Thomas Jeffers...
New York Daily News
Kansas City payday loan tycoon to argue his billion-dollar fine to U.S. Supreme Court
KANSAS CITY — The U.S. Supreme Court on Thursday agreed to hear an appeal by Kansas City payday loan tycoon Scott Tucker that challenges the Federal Trade Commission’s authority to demand restitution, as the agency did in his case when it obtained a $1.3 billion order against him.Lower courts have issued mixed opinions about whether the FTC, a federal watchdog agency, can order people and businesses to return money they obtained from consumers through ripoff schemes.The Supreme Court consolidated Tucker’s appeal with another case that poses similar questions, which justices will hear during or...
The Kansas City Star
Commentary: Public pensions are at risk of insolvency, but COVID-19 is not to blame
Long before current market volatility, state and local pension debt posed a risk somewhere between a ticking time bomb and a crate of nitroglycerin. An explosion is coming eventually, and any major shock, whether related to COVID-19 or the next recession down the road, could set it off. As USA Today reported recently: “Before (the coronavirus) crisis even began, state pension plans across the country were already more than $1 trillion short of the funding needed to pay their future obligations to retirees.”Enter COVID-19. The economic hit from the pandemic showed just how vulnerable public pen...
Tribune News Service
Settlement shines spotlight on Jeffrey Epstein's murky finances
WASHINGTON — After decades of secrecy, Jeffrey Epstein’s finances are coming into clearer view with the arrest of his onetime girlfriend and longtime associate, Ghislaine Maxwell, and Tuesday’s announcement that Deutsche Bank will pay $150 million in penalties in part because of its relationship with the disgraced financier.The New York Department of Financial Services announced Tuesday that it had entered into an agreement with Deutsche Bank, which acknowledged years of shoddy handling of Epstein’s finances, ignoring his 2008 conviction and settlement of multiple lawsuits alleging sexual abus...