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5 Things Holding Up the Second Stimulus Package

5 things holding up the second stimulus package

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For many Americans, 2020 is one of the most challenging years of their lives. The coronavirus disease 2019 (COVID-19) pandemic has led to a complete upheaval of societal norms, sent the U.S. unemployment rate to levels not seen in over eight decades, and cost roughly 165,000 Americans their lives.
While the fight against the coronavirus continues in laboratories around the world, U.S. lawmakers felt that the best way to tackle the financial maelstrom brought on by the pandemic was to throw a record amount of money at it. This is how the Coronavirus Aid, Relief, and Economic Security (CARES) Act came into being on March 27.

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A well-intentioned stimulus bill that missed the mark at the individual level
The $2.2 trillion CARES Act was a monster when it was signed into law. Its price tag is nearly triple that of what the Obama administration produced to save ailing banks during the financial crisis. The CARES Act ultimately provided $100 billion to hospitals to help fight COVID-19 infections, offered $500 billion to distressed industries, apportioned close to $350 billion for small business loans, and allotted $260 billion for an expansion of the unemployment benefits program for the four-month period ended July 31, 2020.
But most of …

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Two Million Californians Go Dark and the Heat Is Just Beginning

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(Bloomberg) — As many as two million Californians were plunged into darkness over the course of four hours late Friday in the first rolling blackouts to hit the state since the 2001 energy crisis.And that was only Day One. A relentless heat wave is expected to blanket California through the middle of next week, sending temperatures soaring past 110 degrees Fahrenheit (43 degrees Celsius) in some parts. People blasting their air conditioners and fans to keep cool are straining the region’s power system and raising the specter of a repeat of Friday’s sudden and largely unannounced outages.It started at about 6:30 p.m. local time on Friday, when California’s grid operator determined through a complex calculation that the state’s power reserves had fallen below a critical threshold and called a Stage 3 grid emergency, which triggers what it describes as “load interruption.” The last time such a declaration was made during the 2000 and 2001 electricity crisis, hundreds of thousands of homes and businesses took turns being plunged into darkness, power prices surged to a record and the state’s largest utility was forced into bankruptcy.“We had an energy shortfall,” Anne Gonzales, a spokeswoman for grid manager California Independent System …

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Texan authorities issue cease & desist order against cryptocurrency credit card scheme – FinanceFeeds

texan authorities issue cease & desist order against cryptocurrency credit card scheme – financefeeds

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The order targets Lance Angus Jerrard and his companies, Liquidity Gold Trust, Liquidity Gold Solution LLC and Liquidity Global Card Solution (PTY) LTD.

Texas Securities Commissioner Travis J. Iles on Friday entered an emergency cease and desist order to stop South African firms from fraudulently recruiting Austin residents to participate in a cryptocurrency credit card scheme.
The order targets Lance Angus Jerrard and his companies, Liquidity Gold Trust, Liquidity Gold Solution LLC and Liquidity Global Card Solution (PTY) LTD. The order accuses them of running advertisements on 590 AM KLBJ Radio, a radio station that broadcasts in Austin, Texas. They are also allegedly promoting their scheme through internet websites and social media, such as Facebook, LinkedIn and Twitter.
Their pitch is built on cutting-edge blockchain technology and cryptocurrencies. According to the order, the companies are promoting the Liquidity Card, claiming it is a Mastercard that functions like a traditional debit card. The Liquidity Card, however, works with stablecoins, which are cryptocurrencies pegged to fiat money or other assets to minimize volatility in price. In this case, the Liquidity Card purportedly works with USD Coin (USDC), TrueUSD Coin (TUSD) and PAX Coin (PAX).
According to the order, the companies are touting the …

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Hertz Names New Finance Chief After Jamere Jackson Steps Down

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Hertz Global Holdings sought chapter 11 protection in May as Americans reduced travel due to the coronavirus pandemic.

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Nina Trentmann
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Aug. 14, 2020 8:10 pm ET

Hertz Global Holdings Inc.

promoted its chief accounting officer to chief financial officer, succeeding Jamere Jackson, who the company said resigned to pursue a new opportunity.

The bankrupt car-rental company appointed R. Eric Esper, its head of accounting since November 2018, as CFO, effective immediately. Mr. Esper previously served as the company’s controller and before that worked in various finance roles at

Norwegian Cruise Line Holdings Ltd.

His annual base salary will increase to $510,000 from $375,000 as part of the move, Hertz said. Mr. Esper will retain responsibility for accounting, according to a spokeswoman.

R. Eric Esper.

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Hertz Global Holdings Inc.

Mr. Jackson, who had been CFO since September 2018, will remain with Hertz until Sept. 11 to assist with the transition and will forfeit his retention bonus, the Estero, Fla.-based company said in a filing with regulators.

Hertz is one of several companies in recent months that have paid bonuses to senior executives shortly before filing for chapter 11, a move …

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Boston Fed Bank explores cryptocurrency with MIT

boston fed bank explores cryptocurrency with mit

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“We’re not building this for tomorrow, we’re building this for future years,” said Jim Cunha, senior vice president at the Boston Fed.Boston Fed Assistant Vice President Robert Bench is working for Cunha to rip apart what makes cryptocurrency — sold as Bitcoin, Ethereum, Litecoin and more — be so successful.
The idea, both explained, is to “leverage the cutting-edge technology” and determine if government-backed currency can be dollars, cents and Bitcoin.
“We’re really trying to understand what the technology can offer and if it’s a path we’d like to go down,” Cunha told the Herald. “I liken it to the early days of the internet” when opinions varied on the longevity of the medium.
We know how that story played out.
Now cryptocurrency is on the upswing as some questions about the dollar bill spread with fears of the coronavirus. As of Friday evening, one Bitcoin was selling for $11,785 — up 27.51% over the past month, according to the Coinbase app.
But don’t toss your paper money just yet, Bench said.
“When you’re dealing with something as high stakes as the U.S. dollar, you can’t break it,” Bench said. “Part of the great success …

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St. Peter’s Health Partners to cut 76 finance jobs

st. peter’s health partners to cut 76 finance jobs

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ALBANY — St. Peter’s Health Partners is eliminating 76 jobs in its finance unit as a restructuring plan begun 22 months ago nears completion.
The Albany-based medical system, with 12,000 employees in more than 170 locations, has been part of national Catholic health system Trinity Health since 2013. The SPHP jobs are being eliminated so that their function can be centralized at Trinity.
SPHP said Friday in a prepared statement that the employees of its Revenue Excellence department were told of the impending changes in October 2018. It said many of the 76 employees losing their jobs will have the opportunity to transition into roles with Michigan-based Trinity, and will be able work remotely from the Capital Region if they like.
SPHP said all will be eligible for outplacement services and benefits including a paid notice period, severance pay and health benefits during the severance period.
SPHP provided notice to the state Department of Labor on Monday and said the last day of work for the affected employees would be Nov 9.
Sixty-one of the 76 employees work on the Albany Memorial Hospital campus in Albany, 11 work in a Colonie office and four work on the St. Mary’s Hospital campus in Troy.
Their titles include data analyst, collection …

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UK woman arrested for ‘fraudulently obtaining’ £115,000 worth of cryptocurrency

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A 35-year-old woman was arrested for illegally obtaining £115,000 worth of cryptocurrency on Wednesday according to a report by the Met’s Proactive Money Laundering Team. Detectives opened the investigation because the unnamed woman seemed to be controlling a large amount of “fraudulently obtained” bitcoin, according to the report. She allegedly applied for a number of ‘Bounce Back Loans,’ a program launched by the United Kingdom’s government to assist small businesses amid the COVID-19 pandemic. The Met claims the woman  utilized a number of mule bank accounts to receive the proceeds of fraudulent applications.The investigation revealed that the money was then transferred from the mule accounts to the suspect’s cryptocurrency wallet. Later, Met officers along with officers from Suffolk Constabulary’s Proactive Crime Team searched the woman’s residence in Ipswich, finding multiple children left on their own.However, the woman was later caught near her residence and arrested on suspicions of fraud, money laundering and child neglect. She was then taken to the police station for questioning, but released shortly afterward. Met officers have applied to a London magistrates’ court for the seizure of the money held in the suspect’s crypto wallet, per the report.  “I …

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Bove Says Dollar’s Dominance Challenges Include Cryptocurrency – CoinDesk

bove says dollar’s dominance challenges include cryptocurrency – coindesk

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The long-existing U.S. dollar-ruled financial system could come to an end amid challenges from a potential multiple-currency system, which includes digital currencies, according to an Aug. 14 research note by Dick Bove, noted senior research analyst at Odeon Capital Group LLC, a New York City-based investment bank.

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