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After bank failures, Elizabeth Warren demands Fed crackdown on large regional banks

Published Fri, 07 Feb 2025 15:56:42 GMT

(CNN) — Senator Elizabeth Warren is cranking up the pressure on the Federal Reserve following the collapse of Silicon Valley Bank.In a new letter shared exclusively with CNN, Warren, Sen. Bernie Sanders and ten other senators are calling for the Fed to crack down on large regional banks with assets between $100 billion and $250 billion.Both Silicon Valley Bank and Signature Bank fit into that asset threshold when they failed earlier this month. The bipartisan 2018 rollback of Dodd-Frank freed large regional banks in that range of assets from the toughest oversight.“The fall of both SVB and Signature, the near-crash of First Republic, and the struggles of other regional banks shed new light on the systemic important of banks with assets totaling between $100 billion and $250 billion,” the lawmakers wrote in a letter sent Wednesday to Michael Barr, the vice chair for supervision at the Fed.The dozen lawmakers note that the same 2018...

Price hikes are double whammy for pet owners who are crushed by inflation

Published Fri, 07 Feb 2025 15:56:42 GMT

(CNN) — As head of PAWS Atlanta, Joe Labriola can get a good sense of the region’s economic well-being from the day-to-day activity of the city’s oldest no-kill animal shelter.Through the course of the past year, it’s become increasingly clear to him that people in the area are struggling under the weight of inflation and economic uncertainty.Practically the entirety of the daily call volume consists of requests to rehome pets. The shelter’s “surrender queue” is full, awaiting adoptions to free up space in the main shelter. And the shelves at PAWS Atlanta’s Pet Food Pantry quickly go bare.But perhaps the most heartbreaking indicator is something this particular shelter never had to track before 2022. Last year, 166 pets were found abandoned at the shelter’s front gate.“A number of animals are being abandoned that have serious medical issues,” Labriola told CNN. “The only thing we can guess is that...

Iran hostages bitter that former Texas Gov. Connally may have stalled their release to help Reagan win

Published Fri, 07 Feb 2025 15:56:42 GMT

For 444 days, Iranian militants held 52 Americans hostage in Tehran, leaving emotional scars for them and their loved ones — and dooming Jimmy Carter’s presidency.The revelation that five months before their release, former Texas Gov. John Connally encouraged Iran to prolong the ordeal left hostages bitter.“444 days,” Rocky Sickmann, a 22-year-old Marine guard when the U.S. Embassy fell, said Monday. “I will never regain those lost days. … Each day you didn’t know if you were going to live or die.”Ben Barnes, a protégé of Connally who served beside him as lieutenant governor, told The New York Times about a three-week trip they took to Middle East capitals during the crisis.Connally, angling to impress Republican nominee Ronald Reagan in hopes he’d be named secretary of state or defense, asked leaders to send word to Iran not to release hostages before Election Day.With Carter, 98, receiving end-of-life hospice care, Barnes told The Ti...

Have a job and a side gig? Watch for these missteps

Published Fri, 07 Feb 2025 15:56:42 GMT

At the beginning of the year, many people have their eyes set on goals. Some of these goals may include increasing your income, starting a dream business, or both if you’re reaching for the stars. Before you get your hands dirty in the sometimes chaotic combination of formal employment and entrepreneurship, here are a few pitfalls to avoid.Not having a plan for your side hustle incomePeople get side hustles for different reasons. It could be to help make ends meet, save toward a dream vacation or grow your business to a point where you can quit your job. Catching up on my retirement savings is one reason I decided to start a side hustle.But you need a plan for that motivation to help make your side gig worthwhile. Think about having goals for your income and a strategy in place to help you achieve those goals.For instance, you could divert funds from your side hustle into retirement savings accounts like an IRA. This is a way to put away more for retirement, and you could reduce you...

Pioneer of gospel music rediscovered in Pittsburgh archives

Published Fri, 07 Feb 2025 15:56:42 GMT

PITTSBURGH (AP) — Scattered in crates, dirty and difficult to read, the gospel music of composer Charles Henry Pace sat packed away, unorganized — and unrealized — for more than 20 years.Frances Pace Barnes, the pioneering music publisher’s daughter who remembers how he could turn a hum into a song, knew the crates held pieces of her family’s past. But she was not expecting those decaying printing plates and papers to reveal an important part of gospel music history. “I didn’t know it was going to be a legacy,” said Pace Barnes. As it turns out, her father was one of the first African American gospel music composers in the United States, and the owner of one of the country’s first independent, Black gospel music publishing companies. Today, the University of Pittsburgh is restoring his work from the 1920s to the 1950s and cementing his place in the genre’s history. It was the curiosity of music historian Christopher Lynch that set the Charles Henry Pace preservation project into mot...

Credit Suisse customers feel mix of anger, relief after sale

Published Fri, 07 Feb 2025 15:56:42 GMT

GENEVA (AP) — Fury at top Credit Suisse managers. Lament over damage to Switzerland’s image as a stable, reliable banking center. Relief that authorities stepped in to help protect deposits, but worry about keeping cash invested in a bank that failed to manage its own money adequately.On Swiss streets, emotions were running the gamut among Credit Suisse customers after the government this weekend orchestrated a takeover of the country’s second-largest bank by rival UBS — a bid to prevent further upheaval in the global financial system that began with the collapse of two U.S. banks. How the merger, with a fire-sale price of 3 billion Swiss francs ($3.25 billion), will play out and its impact on worldwide finance are largely unknown. That has left those stuck in the middle — customers and bank workers — uncertain about what comes next in the deal to create one Swiss megabank.“My money is already invested in two or three banking establishments,” customer Elisabeth Pictet sa...

Sly Stone book to be released through new Questlove imprint

Published Fri, 07 Feb 2025 15:56:42 GMT

NEW YORK (AP) — Questlove has his own book imprint and is launching it with a memoir by one of the world’s most influential and enigmatic musicians, Sly Stone, leader of Sly and the Family Stone.“Thank You (Falettinme Be Mice Elf Agin),” named for the Sly and the Family Stone hit, will be released Oct. 17 through Questlove’s AUWA Books imprint, part of Macmillan Publishers. The memoir is co-written by Ben Greenman and will track Stone’s rise to the heights of stardom in the late 1960s to his long decline and virtual disappearance from the music scene.“For as long as I can remember folks have been asking me to tell my story,” the 80-year-old Stone, who was born Sylvester Stewart, said in a statement Wednesday. “I wasn’t ready. I had to be in a new frame of mind to become Sylvester Stewart again to tell the true story of Sly Stone. It’s been a wild ride and hopefully my fans enjoy it too.”Other books planned for the AUWA imprint include “Handbook for the Revolution: ...

Muslims in Asia begin marking holy month of Ramadan

Published Fri, 07 Feb 2025 15:56:42 GMT

JAKARTA, Indonesia (AP) — Islamic authorities in Indonesia said the first day of Ramadan will begin Thursday, as millions of faithful in the world’s most-populous Muslim-majority country began marking the holy month with fasting and prayers. Religious Affairs Minister Yaqut Cholil Qoumas on Wednesday evening declared that Islamic astronomy observers teams from several of the country’s regions had sighted the crescent moon, the official start of Ramadan. Shortly after, worshippers flooded mosques to offer evening prayers.Muslim authorities in Saudi Arabia and several other Middle Eastern countries said earlier that Ramadan in their region will begin Thursday based on the expected sighting of the crescent moon.Clerics across the Mideast said the moon was not visible Tuesday night, meaning it will almost certainly appear the following evening. During Ramadan, Muslims refrain from eating, drinking, smoking, and sexual intercourse from sunrise until sunset. Even a tiny sip of water...

Boris Johnson facing high-stakes grilling over ‘partygate’

Published Fri, 07 Feb 2025 15:56:42 GMT

LONDON (AP) — Former U.K. Prime Minister Boris Johnson began testifying on Wednesday to a crucial hearing on whether he misled Parliament about lockdown parties.Johnson denies deliberately lying, but if found to have done so, he could face suspension or even lose his seat in Parliament.He told the committee that the rule-breaking events were wrong and “I bitterly regret it,” but added: “hand on heart, that I did not lie to the House.”Johnson is being questioned by the House of Commons standards committee over his statements about rule-breaking parties in government buildings during the coronavirus pandemic.Johnson acknowledges that his insistence that the rules were followed at all times turned out to be untrue. But he says he never “knowingly or recklessly” misled Parliament.THIS IS A BREAKING NEWS UPDATE. AP’s earlier story follows below.LONDON (AP) — Boris Johnson is back where he likes to be: at the center of attention. But he’s not so happy about the reason.Britain’s form...

Los Angeles strike highlights paltry US school worker pay

Published Fri, 07 Feb 2025 15:56:42 GMT

SAN FRANCISCO (AP) — Bus drivers shuttle America’s children to schools where cafeteria workers feed them and teacher aides assist students who need the most help.And their pay is notoriously low. School support staffers earn, on average, about $25,000 a year in Los Angeles, barely enough to get by in one of the most expensive cities in America.The pay is a driving factor behind a three-day strike that has shut down the entire Los Angeles school system and put a spotlight on the paltry pay of support staff that serves as the backbone of schools nationwide.Even outside pricey California, the school gigs often don’t pay enough to live on. Arthur Anderson, a school worker in Virginia, says it’s a shame it took a walkout to draw attention to the longstanding problem, but he hopes it helps.“People are so frustrated. We all are,” said Anderson, a teacher’s assistant in the Chesapeake Public School System where he has worked for 30 years and makes $32,000. He works three other part-time job...