When cryptocurrency exchange FTX raised $400 million from investors such as Softbank, Temasek, Tiger Global, and others in January, its net worth took off. The funding lifted its value to $32 billion....
Tag: Banking
Senate Banking Committee calls on Bankman-Fried to testify on Dec. 14
The U.S. Senate Banking Committee wants Sam Bankman-Fried to testify on the collapse of his crypto exchange, FTX and linked trading firm, Alameda Research. “As the Founder and CEO of FTX ...
Dear Tax Guy: Our accountant charged us $486 for a simple gift-tax return. Why on earth would it cost so much?
We gave our daughter money towards a down payment on a home and learned we had to file a gift tax return. Our accountant charged us $486 for this. Why can’t you just add a form to your regular tax ret...
‘Yields last seen in 2009.’ Here’s what you should be earning on a savings account now, but probably aren’t
What savings accounts are paying Getty Images While the average savings account is still paying a mediocre rate (see below), some high-yield savings accounts are now paying more than they have in a de...
Cryptocurrency investor losses are being turned into IRS gains — here’s how they’re doing it
The Internal Revenue Service has been turning up its scrutiny on cryptocurrency investors in recent years, and as that happens, more investors have been turning to the tax code’s rules on investment l...
Analysis of Silvergate Capital’s FTX and BlockFi Public Letters
December 6, 2022, 12:06PM EST • 4 min read Quick Take December 5, 2022 Silvergate CEO Alan Lane releases public letter addressing FTX, Alameda and the recent market turmoil Closed December 5, 2022 tr...
LeBron James — now worth an estimated $1 billion — learned this simple lesson about saving money early in life. Pros say far more of us need to learn it too.
Lebron James Getty Images Basketball star and businessman LeBron James is now worth an estimatd $1 billion, according to Forbes, but the Ohio-native didn’t grow up wealthy and his family struggled to ...
Cannabis stocks rally after President Biden signs research bill and reports of SAFE Banking measure advancing
The AdvisorShares Pure U.S. Cannabis ETF MSOS, +4.50% bucked a down trend in the broad equities market on Monday and rallied 7.8%. The surge came days after President Joe Biden signed legislation Frid...
Psst: You can earn 5% on your checking or savings account right now — and multiple banks are offering it
As competition escalates for new savings customers, many financial institutions are promising high yields simply for becoming a customer and following various transaction requirements. And if done cor...
1 in 4 Americans made this money move this year, and it has Suze Orman “worried” — but for some of you, it’s actually a lucrative move
Suze Orman Getty Images Finance guru Suze Orman isn’t shy about sharing her distaste for credit cards. In a blog post earlier this year, she wrote that more than a quarter of Americans surveyed said t...
‘I feel like a fool.’ I’m 65 and recently met a ‘gorgeous’ 70-year-old millionaire who ‘started acting as my financial adviser.’ But he ghosted me, and left me with less than $20 in my account. What’s my move now?
Question: After meeting a nice guy and dating a bit, he started acting as my financial advisor, which I appreciated as I am clueless about this stuff. He’s a millionaire, gorgeous and at 70, five year...
4 Advisors on Their Top Bond Buys Now
With bonds offering their juiciest yields in years, we queried some wealth management pros on where they see the best fixed-income opportunities now: David Rossmiller, Bessemer Trust: We like longer b...
Pros & Cons of Fractional Reserve Banking
what is fractional reserve banking Most large economic systems today use fractional reserve banking to stabilize and grow their economies. With factional reserve banking, banks can lend out deposits w...
FTX fiasco one of the most egregious cases of ‘gross negligence,’ says Ackman
Hedge-fund titan Bill Ackman appears to be walking back comments he made via Twitter last week about Sam Bankman-Fried that some interpreted as implicit support for the 30-something who presided over ...
Sam Bankman-Fried ‘Wasn’t Even Trying’ to Manage Risk at FTX, He Says
FTX founder Sam Bankman-Fried said he made no effort to manage risk at the digital-asset exchange that filed for bankruptcy in November, part of a blitz of public statements about major oversight fail...
Bitcoin on ‘Road to Irrelevance,’ European Central Bank Says
Just more than a year ago, on Nov. 10, 2021, the value of one bitcoin reached its all-time high at more than $68,000. That was after 10 months of strong gains, as it had started 2021 in the $30,000 ra...
This is the No. 1 expense, by far, for retirement-age Americans — and pros say it shouldn’t be
Americans 65 and older spent nearly $1,000 more per month last year than they did just five years prior, according to government data. Getty Images/iStockphoto Average monthly expenditures for those 6...
‘Cash-stuffing’ has 700 million+ views on TikTok. How it can help you save more
What is cash stuffing? Getty Images/iStockphoto Thanks to a mild obsession with so-called “cash stuffing” — which has racked up more than 700 million views on TikTok — Gen Z has made an old-school mon...
These money and investing tips can help you know when the bull market has come back to stay
Don’t miss these top money and investing features: Sign up here to get MarketWatch’s best mutual funds and ETF stories emailed to you weekly! INVESTING NEWS & TRENDS There’s a strong possibility t...