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Startup founder Charlie Javice was found guilty of defrauding JPMorgan Chase by creating fake customer data to sell her financial aid company, Frank, for $175 million. The jury deliberated for about four hours after a six-week trial, where prosecutors argued that Javice and co-defendant Olivier Amar misled the bank about Frank's customer base, claiming it had four million users when it only had around 300,000. Javice faces serious charges, including wire and bank fraud, which could result in decades of imprisonment.
Apollo's Marc Rowan has praised Charlie Javice, the founder of Frank, as the first defense witness in the ongoing JPMorgan fraud trial in New York. This development highlights the significant role Javice is playing in the proceedings.
Scott Bessent, nominated by President-elect Donald Trump as Treasury Secretary, disclosed a stake of up to $500,000 in Bitcoin ETFs, specifically BlackRock’s iShares Bitcoin Trust ETF. Following his Senate confirmation, he plans to resign from Key Square Group and divest his investments, although there are conflicting reports about whether he will liquidate his Bitcoin holdings. Bessent's total disclosed assets are estimated at around $521 million, including various investments and properties.
As Wall Street employees anticipate their Christmas bonuses, they reflect on their value, particularly in light of potential shifts in leadership. The prospect of high-profile figures like Jamie Dimon and Marc Rowan leaving for public office raises concerns among shareholders about the future of major financial institutions.
Major U.S. indexes ended the week positively, with small- and mid-cap stocks outperforming larger counterparts despite declines in tech giants like Nvidia and Alphabet. The Russell 2000 rose 4.5%, reflecting a shift in investor focus towards cyclical sectors and smaller companies. Meanwhile, the People’s Bank of China maintained its lending rate, and developed nations pledged $300 billion annually to combat climate change at COP29.
Major U.S. indexes ended the week positively, with the Dow Jones up 2% and the Russell 2000 surging 4.5%, as investors shifted focus from large-cap tech to small- and mid-cap stocks. Despite Nvidia and Alphabet facing declines, Amazon's $4 billion investment in AI startup Anthropic highlights ongoing interest in the sector. At COP29, developed nations pledged $300 billion annually to combat climate change, significantly increasing their previous commitment.
President-elect Donald Trump is set to nominate hedge fund executive Scott Bessent as Treasury secretary, a role critical for advancing his economic agenda. Bessent, founder of Key Square Group, is known for his market expertise and advocacy for tariffs, deregulation, and energy independence. However, his previous ties to George Soros may pose challenges during the confirmation process.
Kevin Warsh is seen as a strong candidate for Treasury secretary under President-elect Donald Trump, with Mohamed El-Erian stating that Warsh would uphold the Federal Reserve's independence. Other contenders for the position include Marc Rowan, Senator Bill Hagerty, and Scott Bessent, as discussions progress.
President-elect Donald Trump is reportedly considering Kevin Warsh for the position of Treasury secretary, with plans for him to eventually become Federal Reserve chair after Jerome Powell's term ends in 2026. Warsh, a former Fed governor, is among the finalists for the role, alongside Marc Rowan and Scott Bessent. However, Trump is known for changing his decisions, and no final choice has been made yet.
Arab officials express concern over Trump's potential support for Israeli annexation in the West Bank and Gaza, hoping Saudi Arabia can leverage its relationship with him to moderate his stance. Meanwhile, Marc Rowan emerges as a leading candidate for Treasury secretary, with significant backing from Wall Street. As the region braces for a pro-Israel agenda, Lebanese officials are cautiously optimistic about the influence of Massad Boulos, a family connection to Trump.
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startup founder charlie javice found guilty of defrauding jpmorgan chase
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mall and mid caps lead market gains as big tech falters
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Middle East officials seek Saudi influence amid Trump's pro-Israel agenda
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