BlockFi, one of the largest cryptocurrency lenders in the industry, filed for Chapter 11 bankruptcy protection, according to a new filing on Nov. 28. The company acknowledged that it had “significant exposure” to FTX and ex-CEO Sam Bankman-Fried’s subsidiaries. This, BlockFi says, included “obligations owed to us by Alameda, assets held at FTX.com, and undrawn…
BlockFi Files for Chapter 11 Bankruptcy Protection as FTX Contagion Spread
BlockFi Files for Chapter 11 Bankruptcy Protection as FTX Contagion Spreads
BlockFi, one of the largest cryptocurrency lenders in the industry, filed for Chapter 11 bankruptcy protection, according to a statement on Nov. 28. The company acknowledged that it had “significant exposure” to FTX and founder and former CEO Sam Bankman-Fried’s subsidiaries. This, BlockFi says, included “obligations owed to us by Alameda, assets held at FTX.com, and undrawn…
Gold and Silver Investing 101
Whether you’re planning for retirement or want to maximize your portfolio’s performance, diversification is key to maximizing your investments. Precious metals such as gold and silver remain desirable for their corrosion resistance, rarity, and decorative value. But is investing in precious metals the right choice for you in a post-COVID world? This guide explains the most…
Inside Information (1934)
November 24, 2022
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Inside Information (1934) is a full-length crime drama movie starring Tarzan the wonder dog. A trusted employee is accused of stealing $20,000 from an investment company, but his dog has an intense dislike for a supposedly upstanding citizen. After some investigating leads him to the hangout of the crooks, Tarzan blows the whole thing wide…
US Crude Oil Inventories Down, SPR Still at Historic Lows, But Other Petroleum Inventories Up: EIA
November 24, 2022
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With Thanksgiving approaching, the Nov. 23 weekly report from the Energy Information Administration (EIA) shows that commercial crude oil inventories in the United States fell by 3.7 million barrels–yet inventories of motor gasoline, distillate fuel, and other petroleum products increased, for an overall rise of 3.3 million in total commercial petroleum inventories. The EIA’s latest…
Business Equipment Orders Rebound, Suggesting Investment Plans Holding Up Despite Economic Uncertainty
November 23, 2022
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U.S. business equipment orders rebounded in October, suggesting that investment plans are holding up despite economic uncertainty. Capital spending plans by American manufacturers have stood firm despite higher interest rates and a cool down in demand, as resilient domestic consumer spending continues to sustain production. The manufacturing sector, which currently accounts for 11.3 percent of the…
What Is the Role of Finance in Business?
A company or any kind of business organization is basically the manifestation of a concept based on a product or service that is believed to resolve a particular absence in the marketplace or community in which it is launched. It requires a well-thought-out marketing plan that facilitates the knowledge of said product or service reaching…
Missouri State Pension System Loses Money Due to FTX Bankruptcy
The Missouri State Employees’ Retirement System (MOSERS) is estimated to have lost $1 million due to its investment in FTX. MOSERS administers disability benefits, insurance, and retirement for most state employees in Missouri. This includes higher education staff, judges, and statewide elected officials. Under its embattled CEO Sam Bankman-Fried, FTX grew to be the third-largest crypto…
FTX Collapse Adds to 2022 Woes for Pension Funds, Investment Firms
Following the bankruptcy of cryptocurrency exchange FTX, a growing number of pension funds and investment firms are revealing that they were directly or indirectly exposed to Sam Bankman-Fried’s crypto empire, resulting in hefty losses for investors in the United States and Canada. This comes as many of these pension funds and Wall Street firms have…
After FTX Collapse, Bank of England Warns of Bigger ‘Crypto Shock’ in Future
November 21, 2022
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The deputy governor of the Bank of England has warned of the need to regulate cryptocurrency following the collapse of the FTX exchange. FTX filed for bankruptcy protection on Nov. 11 as CEO and founder Sam Bankman-Fried resigned. Sir Jon Cunliffe told an audience at a Warwick Business School event on Monday: “While the crypto…
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