The day the Bidens took over Paradigm Global Advisors was a memorable one. In the late summer of 2006 Joe Biden’s son Hunter and Joe’s younger brother, James, purchased the firm. On their first day on the job, they showed up with Joe’s other son, Beau, and two large men and ordered the hedge fund’s chief of compliance to fire its president, according to a Paradigm executive who was present. After the firing, the two large men escorted the fund’s president out of the firm’s midtown Manhattan office, and James Biden laid out his vision for the fund’s future. “Don’t worry about investors,” he said, according to the executive, who spoke on the condition of anonymity, citing fear of retaliation. “We've got people all around the world who want to invest in Joe Biden.” At the time, the senator was just months away from both assuming the chairmanship of the Senate Foreign Relations Committee and launching his second … [Read more...] about The Biden family’s strange business history
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Donald Trump has announced fresh sanctions on Iran, just over a year after he withdrew the US from an international accord designed to curb Tehran’s nuclear ambitions. The US president yesterday told White House reporters that the “major” new measures would be revealed in detail at a later date. He added that Iran’s economy was “absolutely broken”, but insisted he hopes to agree a future trade and nuclear deal that would “make Iran great again”. In response, Iran said it would continue to accelerate its nuclear programme unless Europe agrees to offers concessions to lessen the impact of US sanctions. The Middle Eastern nation said last month that it was re-starting parts of its nuclear programme but would not pull out of the agreement altogether. The latest sanctions come as tension between the US and Iran continues to escalate, with US air strikes on Iran in response to the downing of a US drone called off at the eleventh hour last week. … [Read more...] about Do economic sanctions actually work?
print-edition icon Print edition | Finance and economics May 23rd 2019 | NEW YORK IF THE BEST way to get rich is by managing other people’s money, it helps if your clients control a lot of it. For private-equity firms and hedge funds, that means courting pension-fund managers, investment bankers and the like. For the top wealth managers, the money in question belongs to the super-rich, whom they advise on asset allocation, tax planning and even which artists should adorn their walls. Now some are starting to tout for the custom of the merely well-heeled. On May 16th Goldman Sachs paid $750m in cash for United Capital Financial Advisors, a wealth-management firm based in California that manages $25bn-worth of assets for 22,000 clients. It was Goldman’s biggest acquisition in two decades. Get our daily newsletter Upgrade your inbox and get our Daily Dispatch and Editor's Picks. It accelerates the firm’s shift of emphasis under David Solomon, who became its boss … [Read more...] about Goldman wants to manage the assets of the middling rich
Thousands of workers at British Steel are facing huge uncertainty after the company collapsed into liquidation. Unions have warned closure of the business, which employs 700 at Lackenby and Skinningrove, would be ‘devastating’ and called for nationalisation. There is also likely to be a severe knock-on effect on local firms on Teesside connected to British Steel, which could add to job losses. Delays in Brexit negotiations and huge so-called ‘carbon bills’ have knocked the company of balance, as it reportedly seeks loans from the Government to continue operating in the coming months. How bad is this? About as bad as it gets. British Steel has faced a barrage of challenges in recent months and weeks which have been escalating. In a nutshell, it is facing fierce competition from around the world while at the same facing huge bills under European anti-pollution laws. It was confirmed on Wednesday morning that the company has been wound up in the High Court. Staff … [Read more...] about How British Steel collapsed
Thousands of workers at British Steel are facing a critical few days as the company teeters on the brink of collapse. Unions have warned closure of the business, which employs 700 at Lackenby and Skinningrove, would be ‘devastating’. Delays in Brexit negotiations and huge so-called ‘carbon bills’ have knocked the company of balance, as it reportedly seeks loans from the Government to continue operating in the coming months. Latest reports suggest ministers may be considering a bailout to ensure the company can continue operating, Scunthorpe Live reports . How bad is this? British Steel is in trouble, there’s no doubt. It has faced a barrage of challenges in recent months and weeks which have been escalating. In a nutshell, it is facing fierce competition from around the world while at the same facing huge bills under European anti-pollution laws. And what’s the biggest problem? British Steel risked being fined £500m for breaching EU laws … [Read more...] about How British Steel edged to the brink