Booming Stock Market Provides Budget Surplus in California

In the early days of the pandemic, no one would have looked to the stock market for salvation. From February to late March last year, the S&P 500 suffered one of its sharpest crashes ever, falling nearly 34 percent. But once the federal government began pumping money into the markets and the economy through bond-buying programs and stimulus, the market began rebounding.

And professional money managers kept buying stocks. Amateur investors, stuck at home, piled into the market and drove up stock prices further. After hitting a bottom in March 2020, the S&P 500 is up nearly 90 percent, creating

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Why Home Equity Loans Are Still So Hard to Come By

Homeowners in the market for a home-equity line of credit, which is a revolving line of credit secured by a mortgage, might find them difficult to come by these days. Several large banks suspended the origination of these loans last year because of the pandemic and resulting economic uncertainty.

But despite a recovering jobs market, robust housing market and a record amount of home equity available to tap—$7.3 trillion through the end of the fourth quarter of 2020, the largest amount ever recorded, according to mortgage-technology and data firm Black Knight—several banks haven’t resumed originating Helocs.

Wells Fargo suspended the

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Rho Technologies Announces $100 Million in Financing to Transform Business Banking

NEW YORK–(BUSINESS WIRE)–Rho Technologies, the high-growth fintech behind Rho Business Banking, announced $100 million in debt financing from global impact investment firm, Community Investment Management (CIM). The financing will allow Rho to invest in strategic initiatives and broaden its service offerings to business clients including names like direct-to-consumer furniture company Burrow, collaboration software company Popular Pays and direct-to-consumer home goods company Caraway.

The news comes on the heels of Rho’s $15 million Series A funding round and the launch of a new, integrated accounts payable feature as part of its business banking platform. Rho Business

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Turkish bitcoin exchange Vebitcoin collapses amid crypto crackdown

A Bitcoin sign is seen at the entrance of a cryptocurrency exchange office on April 16, 2021 in Istanbul, Turkey.

Chris McGrath | Getty Images

LONDON — A second cryptocurrency exchange has collapsed in Turkey amid a crackdown on the industry.

The platform, Vebitcoin, said in a brief statement on its website that it has ceased all activities after facing financial strain and that it would update clients on the situation as soon as possible.

Days earlier, Thodex, went offline with its CEO reportedly leaving the country. Local media reports say Thodex founder Faruk Fatih Ozer flew to Albania, taking

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With Earnings Soaring, Wall Street Banks See Economic Boom Ahead

Strength in the banks’ investing, lending and trading businesses added to the euphoria. All three reported robust revenues across multiple lines of business, driven by a combination of active and rising markets, a flurry of new mortgage activity and the boom in special-purpose acquisition companies, or SPACs. Corporate merger and acquisition activity also marked an all-time high by dollar value.

Goldman — a dominant player in corporate advisory services and in markets — reported a doubling of revenue to $17.7 billion, from $8.7 billion, thanks to double-digit percentage gains in

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Wall Street slides after Biden undermines Covid jab patents

Wall Street gave away its early gains on Wednesday after the White House triggered a late sell-off in some of the largest pharmaceutical companies by announcing it would support a suspension of intellectual property rights for Covid-19 vaccines.

The S&P 500 closed just 0.1 per cent higher for the day, having traded up by as much as 0.6 per cent earlier in the session. The Nasdaq Composite gave up its gains after it had battled back from a near 2 per cent loss on Tuesday, finishing the day down 0.4 per cent.

The sell-off was led by some of the

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‘This is not going to end well’: Billionaire Leon Cooperman says stock market will be lower a year from now


‘I suspect the market will be lower a year from today. But I don’t have to make that guess now. This is not going to end well.’


— Leon Cooperman, Omega Family Office

That’s self-described “fully invested bear” Leon Cooperman, who told CNBC on Friday that given a coming rise in taxes, inflation and a “reasonably richly appraised market,” he has “an eye on the exit.”

Cooperman, the chair of the Omega Family Office, added that “nobody, myself included, knows when this is going to end. We just watch the things that would normally indicate an end.”

Stocks

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Rampant racial disparities plagued PPP loan distribution

Like other Black entrepreneurs in her Inglewood neighborhood, Annie Graham has struggled to keep her business afloat during the pandemic.

At Ms. Ann’s clothing boutique on Manchester Boulevard, the Easter finery Graham stocked last spring remains on the racks. Also untouched are many of the exclusively white outfits for weddings and parties that she sells at her storefront next door, the White House. Customers, she said, mostly buy dresses now for funerals.

Annie Graham, owner of Ms. Ann’s dress shop in Inglewood, had her application last year for a PPP loan rejected.

(James Bernal for Reveal / Los Angeles Times)

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O’Donnell pays campaign finance fine early; half is forgiven

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Former Sedgwick County Commissioner Michael O’Donnell in October 2020.

File photo

Half of Michael O’Donnell’s fine for state campaign finance law violations has been forgiven after he paid $12,500 to the Kansas Governmental Ethics Commission.

O’Donnell, a former Sedgwick County commissioner, was originally fined $25,000 after admitting in January to nine violations of Kansas campaign finance law, including using campaign money for personal use, false reporting and moving campaign funds into his personal bank account.

The terms of O’Donnell’s consent decree with the ethics commission allowed half of the fine to be forgiven if he paid within 90

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Dogecoin: Will the recent Robinhood app change help the cryptocurrency?

The Robinhood app will soon make a change that could help Dogecoin investors spend the money they’ve earned by investing in the cryptocurrency.

What Robinhood did for Dogecoin

Robinhood CEO Vlad Tenev said the Robinhood app — which allows people to trade and invest in cryptocurrencies — will try to make it so that people can easily withdraw and deposit cryptocurrency, according to Business Insider.

This is in reference to Dallas Mavericks owner Mark Cuban, who said Dogecoin’s biggest problem is that the people who invested in it can’t spend or withdrawn their holdings from Robinhood.

  • “The greatest inhibitor
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