A prominent housing analyst expects hundreds of thousands of defaults next year as mortgage forbearance periods end. At first glance, those projections look bad. On closer inspection, however, this round of foreclosures should be mild in comparison to the financial carnage of 2008 to 2010.
Having been a fixture in and around the banks since the rumors of trouble first started circulating, photographer Stephen McLaren was embedded on the frontlines when what would become the 2008 Global Financial Crisis began to first take shape.
One of the ultimate symbols of luxury and affluence is private jet travel. An experienced bizjet pilot breaks down the industry, the costs, who can really justify such an expensive luxury, and why.
Michael Oswald’s film The Spider’s Web reveals how at the demise of empire, City of London financial interests created a web of secrecy jurisdictions that captured wealth from across the globe and hid it in a web of offshore islands. Today, up to half of global offshore wealth is hidden in British jurisdictions.
Because my father believed that debt was sinful, and believed God wanted him and my mom to have as many kids as possible, they were too broke to help me pay for college. Because of this anti-debt theology, I wasn’t allowed to take out student loans, and had to attend a really conservative Christian college because it was so cheap.
For the millions of former students struggling to make their monthly payments, debt was sold to us as the cost of a better life. A growing movement poses the question: We have the numbers, so what if we just stopped?
Ruja Ignatova called herself the Cryptoqueen. She told people she had invented a cryptocurrency to rival Bitcoin, and persuaded them to invest billions. Then, two years ago, she disappeared. Jamie Bartlett spent months investigating how she did it and trying to figure out where she’s hiding.
Every year, about 70 billion dollars that the US could be using for infrastructure, law enforcement, healthcare or education is missing. It’s hidden deep within shell companies and anonymous entities in places like the British Virgin Islands. What exactly is a shell company and how does it work?
High-interest loan companies are using Utah’s small claims courts to arrest borrowers and take their bail money. Technically, the warrants are issued for missing court hearings. For many, that’s a distinction without a difference.
Economists have fallen in love with the supposed rigor that derives from the assumption that markets function perfectly. But the world has turned out to be more complex and unpredictable than the equations. Human beings are rarely rational—so it’s time we all stopped pretending they are.
Stock traders are accused of siphoning $60 billion from state coffers, in a scheme that one called “the devil’s machine.” The scheme was built around “cum-ex trading”: a monetary maneuver to avoid double taxation of investment profits. Germany is the first country to try to get its money back.
Researchers had a hunch that Luckin Coffee, China’s fast-growing challenger to Starbucks and a company traded in the U.S. stock market, was falsifying financial statements to exaggerate its sales. A few months later, an anonymously written 89-page report landed on Wall Street and leveled one of China’s hottest startups.
Dozens of central banks have started looking at whether to issue digital currencies. But only a few have run trials and none has gone as far as China, which appears set to become the first country to put a central-bank digital currency (cbdc) into limited use.
The amount of money adults in the US owe due to educations is over $1.3 trillion and jumps up by more than $2,000 every second. The average borrower owes $28,000. Some cash-strapped former students are choosing to leave America behind in order to avoid paying off their giant debts.
First, take an assessment of your income and expenses. This will help you develop a reasonable and realistic budget. Break down your expenses over the past few months. Categorize and separate them into needs and wants. Separating will help you prioritize your finances.
After years of timidity Big Tech, with its billions of users and gigantic war chest, at last appears serious about crashing the fintech party. Amazon and Apple introduced a credit card. Facebook announced a new payments system and Google said it would start offering current (checking) accounts in America.
The story of possibly the largest fraud in financial history—in which, billions of dollars were diverted from a Malaysian sovereign-wealth fund called 1Malaysia Development Berhad into covert campaign-finance accounts, U.S. political campaigns, Hollywood movies, and the pockets of innumerable other recipients.
