This week, two members of the Wynn board announced their departures as lawsuits against its members and Steve Wynn pile up. Maddox said Wynn Resorts “is not about one person.” In October 2002, when the company went public, “Steve Wynn was very important. No doubt. Investors wanted to know he’d be around,” said Maddox. “Fast…
Andrew Harrer | Bloomberg | Getty Images Harvey Schwartz, president and co-chief operating officer of the Goldman Sachs Group Inc. “Over five hours of interviews for this article, the most revealing moment about his business psychology came when he described how he interviews job candidates: He asks them to try to sell him the Polycom…
Amid all the headlines over a $130,000 payment porn star Stormy Daniels received from an attorney representing President Donald Trump, there’s one party not mentioned. That would be the Internal Revenue Service. Uncle Sam will likely want to collect taxes on the money. Daniels, whose real name is Stephanie Clifford, filed suit on March 6…
Bitcoin’s drop this week paints a pretty discouraging picture for the near future, technical market analysts say. Critically, bitcoin failed Monday to break above a key level close to $12,000, they said. The cryptocurrency has fallen more than 20 percent since amid a slew of negative headlines that have raised worries about regulatory crackdown on…
General Electric is exploring a sale of the electrical engineering business which it acquired for $3.2 billion in 2011, as the U.S. industrial conglomerate continues to shed unwanted assets, according to four people familiar with the matter. John Flannery, who took over as GE’s chief executive last summer, indicated to analysts and investors for the…
Goldman Sachs CEO Lloyd Blankfein might not be leaving the bank immediately or even this year, but he’s inching closer to saying outright that he will leave, eventually. On Friday, after The Wall Street Journal reported the CEO could be leaving by the end of this year and a spokesman declined to comment about it,…
Getty Images A protester holds a sign that reads, ‘NRA Stop Killing Our Kids’, outside the court-room where Nikolas Cruz, 19, a former student at Marjory Stoneman Douglas High School in Parkland, Florida, was having a bond hearing in front of Broward Judge Kim Mollica at the Broward County Courthouse on February 15, 2018 in…
Satellite manufacturer Swarm Technologies is under scrutiny by the Federal Communications Commission (FCC) for the unauthorized launch of four prototype satellites in January, the regulatory authority confirmed to CNBC on Friday. The news was previously reported by IEEE Spectrum. Swarm — founded in 2016 by former Google and Apple engineers Sara Spangelo and Benjamin Longmier,…
Retailers can survive the retail apocalypse if they control their intellectual property, said Gerald Storch, CEO of Storch Advisors, a retail advisory firm. “If [a company] is vertical, the margin is much richer,” Storch told CNBC, referring to a company that owns its own supply chain. “You can afford to play on the internet, which…
Ludovic Marin | AFP | Getty Images Indian Prime Minister Narendra Modi (R) and French President Emmanuel Macron (L) shake hands as they make a joint press statement in New Delhi on March 10, 2018. French and Indian companies signed contracts worth 13 billion euros (£16 billion) on the first day of President Emmanuel Macron’s…
Top managers at Deutsche Bank will forego their annual bonuses, CEO John Cryan said, after coming under fire for awarding big incentive payouts even though Germany’s largest bank lost money last year. Cryan was quoted by the Zeit weekly as saying the 12-member executive board would not get bonuses for 2017, but variable compensation would…
It only makes sense to put in for benefits early in limited circumstances, said John Piershale, wealth advisor at Piershale Financial Group in Crystal Lake, Illinois. “If you’re going to take it at 62, if you’re single and you’re terminally ill and you know you’re not going to live very long, then you might go…
Will the third time be the charm? U.S. lottery hopefuls have another shot at two jackpots exceeding $300 million. The Powerball jackpot is currently $385 million, and the Mega Millions, $318 million. It’s the third time ever that both have simultaneously been above the $300-million mark. (Although large, neither of the current prizes is a…
China said Sunday that it will not initiate a trade war with the United States, but vowed to defend its national interests in the face of growing American protectionism. “There are no winners in a trade war, and it would bring disaster to our two countries as well as the rest of the world,” Minister…
It’s been six months since hackers stole the personal data Equifax had collected on more than 143 million Americans. Last week, the credit monitoring firm said an additional 2.4 million Americans were affected. In total, roughly 147.9 million Americans have been hit by the hack. It remains the largest data breach of personal information. Yet…
The credit-to-GDP gap measures the difference between the percentage of debt in an economy and its long term trend. A bigger number suggests debt is growing at a pace that may not be healthy for the economy. Debt servicing ratio, meanwhile, refers to the amount of money as a proportion of income that’s used to…
The country’s best places to live for the jet set all benefit from low taxes and good schools. At the top was Wyoming, which has no income tax and low property taxes. It is also among the states with the lowest population density (think large properties coupled with small property tax bills). Here are the…
Solomon, who is turning 56 this year, worked in junk bonds at Bear Stearns before joining Goldman as a partner in 1999, right before the firm’s initial public offering. He was global head of the financing group at the bank before becoming co-head of the investment banking division from July 2006 to December 2016. Solomon…
David Solomon’s new role as sole president and chief operating officer will help focus Goldman Sachs as CEO Lloyd Blankfein assesses when to exit, CNBC’s Jim Cramer said Monday. “This gives [Solomon] a chance to grow” into the chief executive job, said Cramer, a Goldman alum, who has known Blankfein for a long time. At…
Prince Alwaleed Bin Talal remains chairman of Kingdom Holding Company following his release from detention, but the Saudi government reportedly has final say over decisions at the investment firm. Investment decisions at Kingdom Holding are now subject to approval by the government, The Wall Street Journal reported on Monday, citing senior Saudi advisers. Kingdom Holding…