News

Older Americans Stockpiled a Record $35 Trillion. The Time Has Come to Give It Away.

The greatest wealth transfer in modern history has begun.

Baby boomers and older Americans have spent decades accumulating an enormous stockpile of money. At the end of this year’s first quarter, Americans age 70 and above had a net worth of nearly $35 trillion, according to Federal Reserve data. That amounts to 27% of all U.S. wealth, up from 20% three decades ago. Their wealth is equal to 157% of U.S. gross domestic product, more than double the proportion 30 years ago, federal data show.

Now they have started parceling it out to their heirs and others, unleashing a torrent

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He Convinced the Elite He Invested for Good. Then the Money Vanished.

“It’s a crucial moment in history. It’s an opportunity to immutably and absolutely change the course of innumerable lives.”

Arif Naqvi, a silver-haired man of soft, bearish charm, was giving the biggest speech of his life. Hundreds of business leaders were gathered at New York City’s Mandarin Oriental hotel to hear him speak on that Monday morning in September of 2017. This was his moment. The eyes of the global elite were on him and he knew he needed to make a big impression.

The U.S. press had published glowing articles about Mr. Naqvi, who socialized with billionaires, royalty and

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Bitcoin’s Regulatory Future Is Darkening. Wall Street Still Likes the Business.

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Bitcoin and other cryptocurrencies are looking shakier from a regulatory standpoint on reports that India’s central bank is cracking down. But Wall Street still sees plenty of profit for exchanges like

Coinbase Global

and others in the crypto economy as “staking” digital tokens opens up new revenue streams.

The latest regulatory hurdle for crypto appears to be India, where the Reserve Bank of India, or RBI, is “informally asking” banks to avoid digital currency transactions, Reuters reports.

Indian banks have been in a quandary over crypto; the RBI banned crypto transactions in 2018, but the Indian

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What’s His Dream Car? Hint: Mercedes Is His Mom’s Middle Name

Roger Graham, 49, an engineer and CEO of Precision Enclosure Systems, a company that fabricates commercial metal products in Bellflower, Calif., on his 2011 Mercedes-Benz SLS AMG, as told to Mike Jordan.

I wanted a supercar. I’ve been a Mercedes guy—I’ve had the S-Classes, the E-Classes—but it was time for me to step into the exotic car game, so to speak. So I was like, “Come on Roger; it’s time to hit the block.”

My first goal was to get a Lamborghini. My friend had a Murciélago, and I borrowed it, but I did a little research on it and

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Miami-Area Condo Collapse Building Demolition to Start as Soon as Sunday

SURFSIDE, Fla.—City officials decided to demolish the remaining part of Champlain Towers South with explosives as soon as Sunday, accelerating their plans due to an approaching tropical storm.

Miami-Dade Mayor Daniella Levine Cava said she made the difficult decision, balancing the need to keep searching for victims and investigate the collapse with the need to protect rescue workers and area residents from further harm if the building were to fall. Officials had expected to take weeks planning a methodical removal of the remaining structure.

“The fear was the hurricane might take it down for us and take it down in

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Wall Street Wants Bankers Back in the Office. Especially Gen Zers.

The life of a 20-something Wall Street number cruncher has always been a grind, marked by marathon workweeks and menial tasks. Working from home made it worse. Now bank leaders want the newbies back in the office.

While many companies are hailing the Covid work-from-home experiment as a success, top Wall Street firms such as Goldman Sachs Group Inc. and JPMorgan Chase & Co. aren’t so sure. They hope that being back in the office will cure the malaise that many of their junior bankers are feeling.

Remote work “does not work for younger people,” JPMorgan Chief Executive Officer Jamie

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Some Vaccinated People Are Dying of Covid-19. Here’s Why Scientists Aren’t Surprised.

LONDON—As the Delta variant of the coronavirus surges through the U.K., almost half of the country’s recent Covid-19 deaths are of people who have been vaccinated. But doctors and scientists aren’t sounding the alarm about the apparently high proportion of deaths among the vaccinated population.

On the contrary, they say the figures so far offer reassurance that vaccines offer substantial protection against the variant, particularly after two doses. Delta, first identified in India, has since spread to at least 85 countries, including the U.S., where it is now estimated to be the most common variant.

The U.K. is a testing

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Trump Organization Charges: A Probe of Hush Money Moved to Fringe Benefits

The indictment of the Trump Organization and its chief financial officer grew out of an investigation into a seemingly unrelated matter: the now-infamous $130,000 payment to adult-film actress Stormy Daniels.

The Manhattan district attorney’s investigation into a hush-money payment to former President Donald Trump’s alleged mistress has since transformed into a sweeping probe into the business practices of the Trump Organization, including whether it engaged in bank, insurance and tax fraud.

This week, an investigation that had been stalled multiple times over three years finally reached a courtroom with the indictment of the Trump Organization and its chief financial officer,

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Ransomware Group’s Attack Likely Hits Thousands of New Targets

The ransomware group that collected an $11 million payment from meat producer JBS SA about a month ago has begun a widespread attack that has likely infected hundreds of organizations world-wide and tens of thousands of computers, according to cybersecurity experts.

The group, known as REvil, has focused its attack on Kaseya VSA, software used by large companies and technology-service providers to manage and distribute software updates to systems on computer networks, according to security researchers and VSA’s maker, Kaseya Ltd.

REvil is a well-known purveyor of ransomware—malicious software that locks up a victim’s computer until a digital ransom is

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Infrastructure deal created a ‘jailbreak’ moment in stocks

Wall Street saw a breakout moment in Thursday trading as stocks rallied after lawmakers in Washington agreed on an infrastructure deal, CNBC’s Jim Cramer said.

“If you want to sum up today’s terrific action in a single word, that word is jailbreak,” Cramer said on “Mad Money.” “I call it a jailbreak because pretty much everyone was let loose today, instead of the usual I-win-you-lose pattern that has bedeviled so much of the action of late.”

The S&P 500 and Nasdaq Composite posted record closing highs, while the Dow Jones Industrial Average jumped more than 300 points to move closer

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