America's newest college graduates were sold the college premium. Four in 10 of them are working jobs that never needed the diploma.
About 42% of recent college graduates, ages 22 to 27, were underemployed in June, working jobs that typically don't require a bachelor's degree, according to the Federal Reserve Bank of New York's tracker of the labor market for recent college graduates. That's up from 41.8% in May but down from 42.4% in November 2025 and below the pandemic-era high of 43.4% in October 2020.
Unemployment is the other half of the problem. Recent grads' jobless rate hit 5.7% in June, well above the 4.1% rate for all workers. That's a reversal. From 1990, when the Fed's data begins, through 2018, recent grads were more likely to be unemployed than the average worker in just eight months. They have been more likely every month since January 2021. The gap hit a record 1.8 percentage points in April 2025 and is still near it.
Some degrees fare much worse than others. Using 2024 Census data, the Fed's breakdown by college major found criminal justice had the most underemployment, at 65.8%, followed by performing arts at 63.9% and fine arts at 58.9%.
On unemployment, computer engineering was second-worst of any major at 7.8%, and computer science fourth at 7%. Education majors fared best: special education had a 0.7% jobless rate and elementary education 1.2%. Nursing was 2.1%.

#recent #Education #june #grads

With the federal budget deficit at $2 trillion and debt-interest costs topping $1 trillion a year, it may be tempting to look for extra cash under the sofa cushions.
Urgency has grown in recent months as Treasury yields have soared to the highest levels in more than 20 years, putting more pressure on interest expenses.
The Treasury Department has tried some unconventional measures recently to take the heat off yields, including buybacks of more long-dated debt and its intervention to prop up the yen that let ***** an avoid selling its Treasuries.
Given such surprises, speculation has grown around even more far-out tactics. One idea that comes up from time to time is for the Treasury Department to price its immense gold holdings at market rates.
The U.S. has the world's largest gold reserves, which total about 261.5 million ounces, or more than double what No. 2 holder Germany has. But the U.S. ***** d's official price was set by Congress in 1973 at $42.22 per ounce, and it hasn't changed since.

#trillion #interest

In a rare Sunday hearing, a federal appeals court judge appointed by President Trump questioned how the Trump administration's request to intervene in California's ongoing midterm election in order to force state officials to set aside 20,000 ballots from voters whose citizenship it questions squares with the U.S. Constitution.
Judge Mark J. Bennett said that while the executive branch is "unhappy" with what California law requires for ensuring voters are citizens, the state has the right to determine the manner of its elections under the Elections Clause of the Constitution and Congress has not challenged that process, despite having the ability to do so.
"It seems to me that you want us to issue an injunction that is entirely inconsistent with the law the California Legislature has adopted pursuant to the Elections Clause," Bennett said. "How can we do that?"
Matthew Donnelly, a Justice Department attorney, said the Trump administration has good reason to believe those ballots are from ineligible noncitizen voters, and has the legal right under separate federal criminal law to challenge their tabulation until state officials can prove otherwise.
Donnelly said both federal criminal law and state election law bar noncitizen voters from casting ballots, but "the problem is that California isn't interested in enforcing that provision."

#federal

Imprisoned hip-hop mogul Sean "Diddy" Combs will remain in federal lockup for an additional two months, according to Bureau of Prisons records, after a news report exposed numerous prison rules he has been violating behind bars.
Combs is serving a 50-month sentence at the federal prison at Fort Dix in Southern New Jersey after he was found guilty of two Mann Act violations at his sensational New York trial last summer. A jury of 12 acquitted the near-billionaire of the more serious federal charges of racketeering and **** trafficking, rejecting prosecutors' case that Combs Enterprises staff formed a top-down criminal enterprise or that his "freak off" parties constituted **** trafficking.
More from The Hollywood Reporter
Sean "Diddy" Combs Reportedly Ran Fort Dix Prison Cell Like a Luxury Suite With Paid Staff
Tupac Murder Trial Highlights a Persistent Diddy Conspiracy Theory

#imprisoned

When will Sean "Diddy" Combs will be released from prison after serving his sentence on federal prostitution convictions? And why does the release date keep changing?
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#diddy #combs #keshia #rumors

Spike Lee came out in support of Nolan Wells and his family. The filmmaker shared a "do the right thing" inspired image to support Wells amid his family's ongoing efforts to seek a federal investigation.
Spike Lee took to Instagram to share a post supporting Nolan Wells. He shared a photo of himself wearing a ring that reads "Nolan Wells." Lee's post was inspired by his 1989 film Do the Right Thing, which explores tension, injustice, and conflict. His post came as Nolan Wells' family continued calling for a federal investigation into the case amid racial tensions surrounding his death.
Following his post, the internet was quick to react, with many users coming up in support of Wells. One user said, "One of the best movies of all time. Thank you, Spike!" Another user wrote, "I'm Chip tha Ripper, and I approve this message ?." One user commented, "Another injustice and senseless loss. The fact that his family will never have true peace is horrific."
Another Instagram user said, "Nolan Wells was LOVED, but it hurts to think the people he called FRIENDS couldn't show him that same love. His name will never be forgotten. #????️."
Lee is not the only public figure to support Wells. The case also drew attention from Donald Trump. When a White House reporter asked Trump about Wells' family demanding a federal investigation, he said, "Well, we're looking at that. Yes, we are." (via The Guardian)

#support

SCHD yields 3.82% with principal at risk daily, while VIG targets dividend growers built to outpace inflation over a long horizon.
Qualified dividends face tax rates between 0% and 20%, compared to up to 37% for savings interest, a gap that can exceed the difference in yields.
High-yield savings protect dollars with FDIC coverage up to $250,000, but rates float and can drop the moment the Fed cuts.
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High-yield savings rates were holding steady on Oct. 8, 2026, according to Forbes. They are holding at a higher level than a month ago because the Federal Reserve raised its target range in September. Online banks use the federal funds rate's upper bound to price their accounts, and it moved from 3.75% to 4.00% on Sept. 16, 2026 and was unchanged as of Oct. 7. On that date the 4-week Treasury bill, the closest market benchmark for overnight cash, yielded 3.95%. Typical banks pay much less. The FDIC national average 12-month CD rate was 1.73% as of Sept. 1, 2026, and top online banks routinely pay a multiple of that average. Rates differ from bank to bank, so the posted APY at your own bank is the number that applies to you.

#savings #sept

Sean "Diddy" Combs' projected prison release has moved back 41 days, reversing recent changes that had brought his expected release closer.
Bureau of Prisons records reviewed by PEOPLE on Oct. 7 list March 2, 2028. Combs is currently held at FCI Fort Dix, a low-security federal prison in New Jersey.
The previous projection, Jan. 21, 2028, appeared in records reviewed Sept. 29 and reported by Wealth of Geeks the following day.
The BOP declined to explain the revision, citing privacy, safety and security. A spokesperson for Combs told Us Weekly that his team receives no explanation of how the agency adjusts his dates.
In a Sept. 29 investigation, NBC News reporters Rich Schapiro and Chloe Melas interviewed four men who had spent time in Combs' housing unit. The outlet also reviewed prison photographs and video, including footage appearing to show him using a contraband cellphone.

#combs #records #security

This has been a history-packed year for Wall Street. The Dow Jones Industrial Average (DJINDICES:^DJI), S&P 500 (SNPINDEX:^GSPC), and Nasdaq Composite (NASDAQINDEX:^IXIC) have all catapulted to several new highs, and Fed Chair Kevin Warsh was sworn in as only the 17th head of the Fed on May 22.
But the most game-changing event of them all might be Warsh and the Federal Open Market Committee (FOMC) kicking off only the fourth interest rate-hiking cycle of the 21st century on Sept. 16. Fed Chair Warsh and 11 other FOMC colleagues voted unanimously (12-0) to raise the federal funds target rate by 25 basis points to 3.75%-4.00%.
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Kevin Warsh and the FOMC just shifted to a rate-hiking cycle. Image source: Official Federal Reserve Photo.
President Donald Trump hasn't been shy about voicing his displeasure with the FOMC's stance on interest rates. But in Warsh's comments to the press following the Sept. 15-16 FOMC meeting, he indirectly fired back at Donald Trump's ongoing interest rate critiques.

#rate #sept

Amid reports of Sean "Diddy" Combs' "pampered" lifestyle in prison, his release date has been pushed back.
The rap music mogul, who is behind bars at New Jersey's FCI Fort Dix serving a 50-month federal prison sentence, is set for release on March 2, 2028, according to the U.S. Federal Bureau of Prisons' inmate records viewed by USA TODAY. The move comes days after that release date was set for Jan. 21, 2028.
USA TODAY has reached out to Combs' rep for comment.
The news also comes after NBC News' report about Combs' life behind bars, revealing the hip-hop producer apparently has fellow inmates cook and clean for him, give him massages, and has access to outside alcohol and a cellphone, considered contraband.

#release #behind

One of Andrew Tate's accusers says he convinced her to move to Romania by telling her she would be able to decide whether she participated in webcam work. According to newly public extradition materials, she says that choice disappeared after she arrived.
The woman alleges that she began working 12-hour shifts while Tate, his brother Tristan Tate and others controlled conversations with paying customers and accepted money for ***** ual acts she says she had never agreed to perform. TMZ reported the specific allegations from court documents filed as Britain seeks to extradite the brothers from the United States.
She says she had set explicit boundaries around what she would and would not do but was pressured into acts outside those limits, including one degrading act involving a bed fixture that allegedly continued for about an hour. The woman described her overall experience as feeling like "sexual slavery." The allegations have not been proven in court.
U.K. investigators allege the brothers used romantic relationships to draw women to Romania before using financial control, intimidation and violence to exploit them through online ***** ual content. The brothers deny wrongdoing and are fighting extradition from federal custody in Miami.
According to the documents described by TMZ, the woman says Tate persuaded her to relocate to Romania in 2017. The woman says she that Tate, Tristan and other people involved in the operation controlled communications with customers.

#sexual #tristan #controlled

Minutes from the Federal Reserve's September policy meeting reflect unanimous agreement among officials that interest rates needed to be higher to combat persistent inflation.
"Participants generally emphasized that inflation remained elevated while the labor market appeared to be near full employment, with some signs of strengthening, and that economic activity was expanding at a solid pace. Furthermore, almost all participants ****** sed that, while inflation risks were tilted to the upside, risks to the labor market had diminished and were now broadly balanced," minutes from the Sept. 16 meeting released Wednesday stated.
"Based on the outlook and the changing balance of risks, all participants viewed a higher target range for the federal funds rate as appropriate."
The Fed voted unanimously on Sept. 16 to raise rates, the first hike in three years. And at the time, most Federal Open Market Committee members saw a need for at least one more 25 basis point rate hike this year.
Markets were banking on a hike and expecting more to come.

#federal #hike #rates

Much of President Donald Trump's second term has focused on changes to the nation's capital.
But his ambitions to remake the physical architecture of the presidency transcend Washington: Trump wants to transform his West Palm Beach golf club into a presidential retreat modeled after Camp David.
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The plan calls for a parcel of the private club to be designated a permanent, official sanctuary for foreign leaders and future U.S. presidents, designed to host international summits and house presidents when they take vacations in Florida, according to a proposal presented to Palm Beach County officials by Trump International Golf Club's legal counsel. Future presidents would also be offered comped memberships to the Trump club.
"Just as Camp David, Windsor Castle, or the Elysee Palace are known worldwide, so too will the Presidential Golf Course in Palm Beach County," Harvey Oyer, a lawyer representing the Trump course, wrote to the Palm Beach County Board of County Commissioners in a letter last month. Oyer asked the county, which owns the property the course is on, to provide a piece of the land to the federal government, and he promised Trump would pay for the construction of a presidential residence and facilities on that land.

#Trump #county #golf #washington

Rich Americans are getting richer, but not all equally. The K-shaped split that let high earners pull away from low earners now cuts through the top 1% too, with the ultra-rich far ahead of the rest.
The average household in the top 0.1% is now worth about $204 million, or 7.7 times as much as one in the rest of the top 1%, according to a Fortune ******* ysis of Federal Reserve data. That ratio is the highest in the Fed's quarterly series going back to 1989, up from 6.2 times at the end of 2019. Currently, the Fed counts 136,779 households in the top 0.1%
The top 0.1%'s wealth has more than doubled since the end of 2019, from $13.4 trillion to nearly $28 trillion in the second quarter of 2026. Over the same period, the rest of the top 1% saw its wealth grow 68%, from $19.3 trillion to $32.5 trillion. The top 0.1% now holds 15% of the nation's household wealth, up 0.5 percentage point since the first quarter.
"We are talking about continued redistribution upward and further concentration of wealth at the top," Markus Schneider, an ******* ociate professor of economics at the University of Denver, told Fortune.
The clearest difference between the two groups is what they own.

#earners

America's older households sit on nearly $140 trillion in wealth, and much of it showed up recently.
Households age 55 and over held around three-quarters of the nation's total net worth in the second quarter of 2026, according to an Oct. 1 report from Bank of America Institute, based on ******* ysis of Federal Reserve data. "With equity markets rising strongly," wrote senior economist David Michael Tinsley, those households have seen "a more than 20% increase in their net worth over the past two years."
That rally has run on AI. The Magnificent Seven accounted for more than half of the S&P 500's gains last year, Fortune reported in April, and Goldman Sachs strategists found technology stocks drove 85% of the index's return through mid-May this year. "AI-driven return has been the single most important structural driver of equity performance," Capgemini's Luca Russignan told Yahoo Finance in June. Boomers own 54% of all U.S. stocks.
That's a lopsided split. Americans 55 and over make up about 31% of the population, according to Census Bureau estimates, but control roughly 75% of its net worth.
The pile gives many older Americans what the institute calls "considerable capacity to spend on travel and other leisure categories." Add their growing share of the population and their extra free time, and they become an increasingly influential market for businesses chasing consumer dollars. The BofA report focused mainly on the economic implications of a growing mass of older consumers, but the generational wealth composition was striking.

#households #institute #according #report

October 7, 2026 / 6:00 AM EDT / CBS News
In July, Reps. Mike Lawler, a New York Republican, and Josh Gottheimer, a New Jersey Democrat, had a request for the Federal Election Commission: help make sure artificial intelligence chatbots do not feed voters false information about the 2026 midterm elections.
The lawmakers, writing to the FEC as well as the Justice and Homeland Security departments, urged the agencies to coordinate on "AI-driven threats to election integrity" and to press AI companies on their safeguards. Their concerns come as a quarter of likely voters use AI tools daily and at least 38% have gotten information about candidates or voting from AI search summaries, according to a September survey released by the American ****** ociation of Political Consultants Foundation.
But later that month, FEC Commissioner Shana Broussard, a Democrat, wrote back with a blunt answer: the agency couldn't help. With only two of its six commissioner seats filled, the FEC "cannot proceed," she wrote, according to documents obtained through the Freedom of Information Act.
Broussard signed the letter as an individual commissioner. Without a quorum — the four members needed out of a total of six — she could not under federal law even speak for the agency.

#voters

WASHINGTON (AP) — Most Federal Reserve officials expect that another interest rate increase will likely be needed this year to combat inflation, according to minutes released Wednesday from the central bank's most recent meeting.
The officials unanimously agreed that inflation was still elevated and had not made much progress toward their 2% target in recent months, the minutes said. The Fed increased its key interest rate at the Sept. 15-16 meeting by a quarter-point to about 3.9%, its first increase in three years.
The increase defied President Donald Trump's repeated calls for the Fed to cut rates and prompted the president to criticize the Fed's rate-setting committee, though he still expressed support for Chairman Kevin Warsh, whom he appointed earlier this year. The rate increase comes as Americans are already struggling with high costs for groceries, gas and housing, and as affordability has taken on a leading role in the upcoming midterm elections, just seven weeks away.
Longer-term interest rates for mortgages and other borrowing have also jumped in the past few months for a range of reasons, including rising government debt, heavy borrowing by tech firms to finance data center construction, climbing oil and gas prices, and signs that growth and inflation remain elevated. The Fed's rate hike has likely played only a limited role in the increase.
Still, key policymakers have said since the meeting that the Fed can take some time to monitor the economy and the impact of last month's rate hike before making another move. Wall Street investors now forecast the Fed will keep its rate unchanged at its next meeting Oct. 28-29, according to futures pricing, and raise it when they meet in December.

#officials

This is one of the best letters that I have read in my lifetime ("We lived within our means: I earned $30,000 as a pastor and still retired comfortably"). I used to be a mortgage-loan officer; I would get a couple that each made six figures, but would have difficulty qualifying them for a loan amount they wanted because of their consumer-debt load.
Conversely, I would have a blue-collar "Joe Sixpack" that made substantially less but saved and saved and saved, and who got the loan he needed for a house. People in the U.S. need to wake up and not be compulsive: Quit buying things you really don't need. It's that way with the federal government as well, and based on that.
'People in the U.S. need to wake up': As a mortgage loan officer, I rejected applications from wealthy couples. Here's why.
Google makes a fresh bet on nuclear power as the AI energy crunch intensifies
We'd better get real quick or we're going to have a financial crisis that makes the Great Recession of 2008 look like a picnic.

#makes

WASHINGTON (AP) — The Federal Communications Commission is considering a request by a conservative group to loosen rules on political robocalls, including those with artificial intelligence-generated voices, before November's midterm elections.
Federal law currently bans most robocalls to cellphones unless the caller gets consent beforehand. The petition calls for a waiver that would allow political groups to use artificial or prerecorded voices in unsolicited wireless calls.
The Republican-led FCC advanced the request for public comment and could rule on it as soon as late October.
Consumer advocacy groups warn the proposed change could trigger a surge of unwanted, partisan and potentially misleading automated calls in the critical final days of the election, which will determine which party controls Congress for the final two years of President Donald Trump's term.
The potential perils became evident two years ago during the presidential primary season when thousands of voters in New Hampshire received a robocall with an AI-generated voice of then-President Joe Biden. The call suggested voters should forgo casting a ballot in the primary and "save" their votes for the general election.

#federal #robocalls #artificial #generated

Capital One (COF) paid $390M for failing to flag money laundering, then faced suit for closing Trump-linked accounts; JPMorgan (JPM) faces a similar lawsuit.
Fewer than 1% of over 8,000 CFPB debanking complaints alleged political bias, yet federal programs like Operation Choke Point cut off entire industries.
FinCEN withdrew two proposed crypto reporting rules, but compliance teams will stay cautious until courts rule on banks' right to close any account freely.
Read More: Learn 7 ways to generate income with a $1,000,000+ portfolio (sponsor)
American banks are caught between two kinds of punishment. If they miss dirty money, regulators fine them. If they flag it and close the account, they get sued for debanking. Capital One (NYSE:COF) has paid on both sides, and its record shows which way the pressure is moving.

#capital #debanking

A key gauge of where the market thinks rates are headed is the CME FedWatch survey, which polls interest rate traders. In the days leading up to the September Federal Open Market Committee (FOMC) meeting, almost 60% of those polled expected a 25-basis-point rate hike, which the FOMC delivered on Sept. 16.
While most, 78%, expect rates to stay the same at the Oct. 28 Fed meeting, an overwhelming majority of traders anticipate a rate hike when the FOMC meets on Dec. 9. Specifically, 67% expect a 25-basis-point increase, and 17% say rates will be 50 basis points higher by then.
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They may be taking cues from FOMC members themselves, like Fed Governor Michael Barr. In a speech on Sept. 29 in Detroit, Barr said eight words that gave a decent clue as to what he is thinking about rates.
"Further policy adjustments are likely to be needed," Barr said in Detroit last week, "to ensure inflation comes down to target in a timely fashion."

#missed

A 62-year-old retiree can withdraw up to $66,500 annually from a 401(k) at just 12% federal tax, moving roughly $532,000 before RMDs begin.
RMDs force a $1.2 million account holder to withdraw $45,283 in year one, potentially pushing effective tax rates to 41% when Social Security is included.
Leaving $900,000 untouched grows it to roughly $1.7 million by 73, creating a first RMD larger than the current 73-year-old's and repeating the same tax trap.
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Picture two retirees. One is 62 with $900,000 in a traditional 401(k). The other is 73 with $1.2 million. Most people would take the bigger account. The smaller one is worth more because the 62-year-old still determines when that money gets taxed and at what rate. The 73-year-old has already gave that decision to the IRS.

#rmds

WASHINGTON (AP) — A day after President Donald Trump said he would start paying for controversial taxpayer-funded ads with a campaign account, there's no sign he plans to refund the millions of federal dollars already spent on them.
Nearly $12 million worth of ads have already aired, according to AdImpact, as part of the $20 million the Department of Homeland Security tapped for the contract.
But Trump's plan to pay for the ads with MAGA Inc. doesn't mean there's any reimbursement coming, said a White House official who was not authorized to talk publicly and spoke on the condition of anonymity.
Speaking to reporters Tuesday, Trump said the ads were "really good" and "promotion for the country, done by many presidents before." Asked whether he'd repay the funds already spent, he said, "We'll decide."
Senate Democratic Leader Chuck Schumer slammed Trump for not committing to reimbursement and said he believes the president's plan for covering future costs represents illegal coordination with his super PAC.

#Trump #donald

The $200 million in payments dwarfs previous amounts disclosed in the case.
The former CIA officer arrested after authorities discovered roughly $40 million worth of gold bars in his Virginia home pleaded guilty in federal court on Tuesday to a single count of wire fraud, admitting he defrauded the U.S. government out of nearly $200 million for his personal benefit.
David Rush was previously described by prosecutors as a "master manipulator" who used his clandestine position to amass millions worth of gold bars and luxury watches -. though the government revealed in Tuesday's hearing the extent of his alleged deception far exceeded what was previously known to the public.
The nearly $200 million in payments to Rush, which dwarfs previous amounts disclosed as part of his case, will likely only further draw public and congressional scrutiny to the intelligence community to provide more transparency regarding its methods in doling out taxpayer dollars to agents and the oversight that follows such exchanges.
The case has drawn widespread intrigue and raised major questions regarding the intelligence community's management in overseeing the secretive systems that grant officials like Rush the ability to amass high-value ****** ets tied to their work.

#million #payments #dwarfs

The move aimed to lower costs for farmers weeks before the midterm elections.
President Donald Trump has issued an executive order that makes a specific kind of tax-exempt diesel fuel reserved for farm and construction equipment available to a broad set of road vehicles in an effort to reduce overall diesel costs.
The type of diesel, known as dyed diesel, is exempt from a 24.4-cent per gallon federal tax, making it a lower-priced option than regular diesel. Some states expanded access to dyed diesel in a similar fashion over recent weeks, providing relief from state diesel taxes.
Dyed diesel is nearly identical to regular diesel, besides a small amount of dye used by law enforcement officers and inspectors to ensure only permitted vehicle owners avail themselves of the fuel.
The executive order on Monday came weeks ahead of the midterm elections, targeting costs ****** ociated with a fuel vital to the supply chain for everything from groceries to clothing to electronics.

#Diesel #fuel #lower #executive

Republican Sen. Susan Collins and Democratic challenger Troy Jackson debated for the first time Tuesday in Maine, trading attacks over President Donald Trump, the cost of living and abortion in one of the most closely watched Senate races in the country.
Maine is central to Democrats’ path to the Senate majority as they try to capitalize on Trump’s unpopularity. Jackson tried to do just that Tuesday by tying Collins to Trump, name-checking him at least 20 times in one hour of debating on WGME-TV.
“It matters who you stand with,” Jackson said in his opening statement. “I don’t owe Donald Trump and the billionaires anything. I don’t fight for billionaires like she does.”
Collins, meanwhile, emphasized multiple instances when she opposed the Trump administration.
She also sought to localize the race and pitch her seniority — and her perch as chair of the powerful Senate Appropriations Committee — as a boost to Maine. She touted $1.5 billion in federal funds that she has brought home to the state for 672 projects in the last five years, “from Madawaksa to Kittery, from Eastport to Rumford.”

#maine #tuesday #donald #susan

VICI and ARCC pay nonqualified dividends taxed at ordinary rates, making a Roth shelter worth $12,222 annually at the 24% bracket.
AGNC's 16.55% yield creates the steepest Roth advantage, while MPLX and EPD can trigger unrelated business income taxes inside an IRA.
Reinvested at 4%, the $12,222 annual Roth advantage compounds to $363,948 over 20 years with no price growth ****** umed.
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In 2026 the 24% federal bracket covers individuals whose taxable income tops $105,700 and married couples over $211,400. At that rate, a portfolio paying $50,925 a year in ordinary dividends sends $12,222 to the government annually. Hold the same stocks in a Roth IRA and that bill quickly drops to zero.

#dividends #annually #advantage

Henry Phipps built Bessemer Trust in 1907 to professionally manage irrevocable trusts for his five children, and this structure is one that estate lawyers still replicate today.
The 2026 GST exemption hits $15 million per person, letting dynasty trust ******* ets skip transfer taxes across grandchildren and beyond.
Trusts hit the 37% federal tax rate on retained income above just $16,000, compared to $640,600 for individual filers, which makes professional trustees essential.
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Henry Phipps co-founded Carnegie Steel with Andrew Carnegie, then spent decades deciding what to do with the money. In 1907, he formed Bessemer Trust as a family office with a staff devoted solely to his family's affairs, and he set up trusts for his five children. The trusts came with professionals hired to run them, and that's the part worth studying. An estate lawyer can still build a modern version, usually called a dynasty trust. Whether a family needs one depends mostly on the size of its estate.

#trust #henry #carnegie

McDonald's is facing a federal lawsuit that alleges its AI-enhanced pricing tool violates antitrust laws because it shares nonpublic data with franchisees who might be competing in the same market.
The lawsuit, which was filed Friday in Illinois, said McDonald's pricing tool uses artificial intelligence to collect data that competing franchises wouldn't normally share, like store-level sales. The Chicago-based burger giant has said it makes the tool available to U.S. franchisees to help them set prices at their individual restaurants.
The lawsuit also blames the pricing system for raising McDonald's U.S. prices.
"McDonald's has built and for years deployed its own information-sharing pricing platform, which draws on data from its millions of daily transactions to set menu prices across thousands of U.S. restaurants," the lawsuit states. "The result is algorithmic price-fixing aimed at customers who are already stretched thin."
McDonald's said Tuesday that the lawsuit is "filled with inaccuracies" and it would vigorously defend itself.

#restaurants

A federal judge has granted final approval to AT&T's $177 million settlement resolving lawsuits over two 2024 data breaches that exposed personal information belonging to millions of customers.
U.S. District Judge Sidney Fitzwater in Dallas approved the settlement Oct. 2, along with $59 million in attorneys' fees for lawyers who negotiated the deal, according to Reuters. The settlement faced dozens of objections, including arguments that the amount was inadequate compared to a $350 million settlement in separate litigation involving T-Mobile.
For AT&T customers who filed valid claims, the amount they receive depends on which data breach affected them, what information was exposed and whether they can document financial losses. Most customers receiving the tiered cash payments are expected to get far less than the settlement's advertised maximums.
Customers could receive between about $6.50 and $40 through the tiered payment system, according to court documents. Here's what to know.
The settlement has two funds totaling $177 million: $149 million for customers affected by the first data incident, known as AT&T 1, and $28 million for customers affected by the second incident, known as AT&T 2.

#million #settlement #information