Amid claims of “a historic breach of fiduciary duty,” by some of Wall Street’s top firms, state treasurers issued a letter last week to 20 of America’s largest asset managers, demanding an accounting of how they have voted the state employees’ corporate shares that they control. In a May 15 Wall Street Journal op-ed, the…
State Treasurers Demand Answers on How Asset Managers Vote Their Pension Shares
May 23, 2023
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So You Think Money Is for Spending? We Need To Talk
It took me a dreadfully long time to understand this important truth: Money is not for spending. It is for managing first, and then for spending. It takes courage to believe it, but when you do, it will profoundly change the way you think about and manage your money. Imagine this: It’s Friday, a day…
Yellen Sounds Alarm on Default in New Warning to McCarthy on Debt Ceiling Deadlock
May 23, 2023
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Treasury Secretary Janet Yellen has issued a renewed—and alarmist—warning to House Speaker Kevin McCarthy (R-Calif.) and other congressional leaders, reiterating her earlier position that the country could run out of money to pay its debt obligations as early as June 1, but this time around expressing more confidence in her dire prediction. Yellen has repeatedly…
Go Bankless With a Cash-Only Lifestyle
May 23, 2023
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Even though most Americans regularly use credit cards, many still operate on a cash-only basis. After recent bank collapses, more Americans have taken their money out of the banking system and are looking to go bankless. According to the Federal Reserve, in 2020, about 81 percent of Americans were “fully-banked.” It means that they did…
Australian Government to Crack Down on Buy Now, Pay Later with Tougher Regulations
The Australian government will impose stricter regulations on the buy now, pay later (BNPL) industry amid concerns about high risks to vulnerable groups in society. In his speech to the Responsible Lending and Borrowing Summit on May 22, Financial Services Minister Stephen Jones announced that the federal government would change the law to regulate BNPL…
How Major US Stock Indexes Fared Monday
Stocks drifted to a mixed close as Wall Street waited to see whether a pivotal meeting later in the day will help the U.S. government avoid a potentially disastrous default on its debt. The S&P 500 closed little changed Monday. The Dow slipped 0.4 percent and the Nasdaq rose 0.5 percent. Big Tech was continuing…
Closing Prices for Crude Oil, Gold, and Other Commodities (May 22)
May 22, 2023
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Benchmark U.S. crude oil for June delivery rose 44 cents to $71.99 a barrel Monday. Brent crude for July delivery rose 41 cents to $75.99 a barrel. Wholesale gasoline for June delivery rose 7 cents to $2.65 a gallon. June heating oil rose 1 cent to $2.37 a gallon. June natural gas fell 19 cents…
Lessons From a 2-Year-Old
I gave my son and daughter-in-law lots of gifts when their son, Elijah, was born. But none has come back to bless me more than the gift of Friday. Since he was 6 weeks old, I’ve closed the door to work on Fridays to care for and learn from my grandson, Eli. In these two…
How Much Did the Fed Raise Interest Rates in 2022?
Last month, the Federal Reserve increased interest rates again, the ninth consecutive increase since the Fed began raising rates in March 2022. While the full effects of the latest rate hike remain to be seen, analysts debate whether the Fed will raise rates again at its next meeting in May. This is the big question…
Financial Institutions AMP and MLC Fined Millions for Breaching Customers’ Trust
May 21, 2023
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Australia’s Federal Court has issued AMP Group with a $24 million (US$16 million) fine for charging over 2000 deceased customers life insurance premiums and advice fees for nearly a decade. Additionally, the court has also fined MLC $10 million (US$6.6 million) for failing to pay benefits to nearly 120 injured or disabled customers it had promised…
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