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A 25-year-old Bank of America employee died suddenly while playing soccer Thursday night just weeks after a 35-year-old investment banker with the company died of a blood clot.
Bank of America confirmed Adnan Deumic's death to Fox Business. 
"The death of our teammate is a tragedy, and we are shocked by the sudden loss of a popular, young colleague," a Bank of America spokesperson told Fox News Digital of Deumic's death. "We are committed to providing our full support to Adnan's family, his friends and to our many employees grieving his loss."
Deumic, 25, was based in the United Kingdom and had been with the organization as a credit portfolio and algorithmic trader since July 2022, according to his Linkedin profile. 
BANK OF AMERICA APPEARS TO RENEGE ON PLEDGE TO NOT FINANCE NEW COAL PROJECTS 
His death comes just a couple weeks after Leo Lukenas, 35, who was in the bank's investment banking group in New York City, died of an acute coronary artery thrombus, according to the New York City Office of the Chief Medical Examiner. 
The 35-year-old had been working more than 100 hours a week and wanted to leave his job at the time of his death, a recruiter who talked to him about a new job told Reuters. 
Wall Street workers are known for putting in grueling hours. 
CONSERVATIVE GROUP TAKES AIM AT WALL STREET IN REPORT CLAIMING BIG BANKS HAVE UNDERCUT FIREARMS INDUSTRY 
Lukenas, a former Green Beret, started with the bank in March 2023 and soon became an investment banking associate, according to his LinkedIn. 
"We are devastated by the loss of our teammate," Bank of America said in a statement after his death. "We continue to focus on doing whatever we can to support the family and our team especially those who worked closely with him."
Deumic was working closer to a standard workweek compared to Lukenas. 
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Neither of their deaths have been officially linked to working long hours. 
Reuters contributed to this report. 

via: https://www.foxbusiness.com/lifestyle/bank-america-employee-dies-suddenly-weeks-after-35-year-old-colleagues-deat


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U.S. workers at a Mercedes-Benz plant in Alabama handed a stinging loss to the United Auto Workers on Friday, rejecting the union in a vote it had expected would build on a win at a Tennessee Volkswagen plant and push it deeper into the U.S. South.
It marked the first big loss for UAW organizers after a series of victories, including double-digit raises for Detroit workers and the union's expansion to a VW factory in Chattanooga last month. That leaves the next steps unclear for the union, which is in the midst of a $40 million campaign targeting other automakers including Toyota and Tesla.
"It was clearly damaging to the union and other organizing attempts near-term, but it is the beginning, not the end," said Harley Shaiken, a labor professor at the University California, Berkeley. He blamed worker unfamiliarity with the union and pushback from Mercedes for the loss.
DEMOCRATIC GOVERNOR OBJECTS TO BILL THAT COULD SUBSIDIZE STRIKING WORKERS WITH TAXPAYER FUNDS
The workers at the plant in Vance, Alabama, and a nearby battery facility voted 2,642 to 2,045 against joining the UAW, meaning 56% voted "no," according to the U.S. National Labor Relations Board, which oversaw the vote. The result still needs to be certified.
"While this loss stings, we'll keep our heads up," UAW President Shawn Fain said at a nearby union hall following the loss.
"I'm not scared at all," he said when asked about losing momentum. "This is a setback."
The UAW had hoped to continue a run that includes the overwhelming VW win in Tennessee, as well as a lucrative new contract at six Daimler Truck facilities across the South. Daimler Truck was spun off from what is now Mercedes.
The UAW's next steps are uncertain. The union previously cited organizing progress at a Hyundai plant in Alabama, and Toyota plants in Missouri and Georgetown, Kentucky.
A win at Mercedes would have marked the second foreign-owned automaker in the U.S. South to join the UAW, but instead the union will need to redouble efforts to win over workers in a region that has previously been inhospitable to unions. Widening its reach beyond the Detroit automakers is critical for the UAW to maintain its influence within the industry.
Until the Tennessee VW win, the union had repeatedly failed to organize a foreign-owned automaker in the U.S. South for its nearly 90-year existence.
Much of the politically conservative South has treated left-leaning unions as enemies, passing laws that make it difficult to operate, and anti-union forces have warned that companies are more likely to close union factories. A previous UAW corruption scandal that resulted in the arrest of several leaders further eroded support.
VW workers twice voted against the UAW before last month's win, and Nissan workers at a plant in Mississippi rejected the UAW by a wide margin in 2017. In 2021, workers at an Amazon.com warehouse in Alabama voted against forming a union by a more than 2-to-1 margin.
The loss complicates the story of how the UAW can market its influence, especially in the South, but it likely will not deal a significant blow to the rest of the UAW's organizing efforts, labor experts said.
"It's easy to overstate the momentum issue," said Stephen Silvia, a professor at American University who has published on the UAW's past organizing campaigns in the South.
"Ultimately it comes down to what is going on in each individual workplace," he added, emphasizing how just as a win at Volkswagen did not guarantee a victory at Mercedes, this loss does not guarantee future defeats.
The company made its feelings clear in the run-up. Signs urging workers to vote "no" were hung around the Alabama plant, and the company hired anti-union firms to speak with workers about the potential risks of joining the UAW, according to workers, as well as photos and audio reviewed by Reuters.
Fain on Friday said the automaker engaged in illegal behavior. Mercedes previously rejected claims it prevented union organizing efforts in Alabama.
"Our goal throughout this process was to ensure every eligible team member had the opportunity to participate in a fair election," Mercedes said in a statement after the vote. "We look forward to continuing to work directly with our team members."
Political opposition was staunch in this campaign, too. Six U.S. governors, including Alabama's Kay Ivey, signed a letter asking workers to reject the UAW. They said unionization would stunt the auto industry's growth across the South.
Mercedes also brought in a new president of its U.S. business in the weeks leading up to the vote, a change that made some workers hopeful that conditions could improve without the union.
Anti-union Mercedes worker Melissa Howell broke into tears of relief once the results were clear. She has worked for Mercedes for 18 years and felt her voice would be stifled if the union won.
In the last two-and-a-half weeks, she and others worked to stop the UAW, and she noticed anti-union momentum growing in the final days of the campaign. "In the last week, people were coming to me," Howell said. "I noticed a huge change in the attitudes of people."

via: https://www.foxbusiness.com/markets/mercedes-benz-workers-alabama-vote-against-union-major-blow-ua


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Elon Musk announced Friday that his startup, Neuralink, is accepting applications for a second person to get a cybernetic brain implant as part of an ongoing trial. 
"This is our Telepathy cybernetic brain implant that allows you to control your phone and computer just by thinking," Musk posted on X alongside a clip of the first quadraplegic participant in the world to test it out, Noland Arbaugh.
"No one better than Noland himself to tell you about the first," Musk continued. 
FIRST NEURALINK PATIENT PLAYS CHESS WITH BRAIN CHIP IMPLANT IN NEW VIDEO
In January, the company's brain-computer interface (BCI) was implanted into Arbaugh's brain as part of a study to see if quadriplegic patients are able to control a computer or mobile device with their mind.
The N1 Implant is "designed to record neural activity through 1,024 electrodes distributed across 64 flexible leads" otherwise known as "threads," which are thinner than a human hair, according to Neuralink's website. 
The company's goal is to eventually advance the functionality of the implant, so quadriplegic patients will be able to control robotic arms, wheelchairs and other technologies "that may help increase independence."
FIRST NEURALINK PATIENT ABLE TO CONTROL MOUSE WITH THOUGHTS: ELON MUSK
"If you have quadriplegia and want to explore new ways of controlling your computer, we invite you to participate in our clinical trial," Neuralink posted on X on Thursday.
Anyone with "limited or no ability to use both hands due to cervical spinal cord injury or amyotrophic lateral sclerosis (ALS)" can apply for the PRIME Study, according to Neuralink.
Since Arbaugh's surgery more than 100 days ago, Neuralink says he has been able to use the system for various applications, like playing online chess and Sid Meier's Civilization VI. Previously, he relied on a digital interface that was a mouth-held tablet stylus or mouth stick that had to be put in place by a caregiver.
In an interview with "Good Morning America," Arbaugh admitted that he wasn't worried about signing up for trial. In doing so, he realized he could help improve the lives of so many others.
"I knew that if I did this then it would take a lot of headache and heartache away from the people down the road," he said. 
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In the weeks following the surgery, "a number of threads retracted from the brain, resulting in a net decrease in the number of effective electrodes," Neuralink said in a May 8 update.
This resulted in a reduction in bits-per-second (BPS), which is how the company measures the speed and accuracy of cursor control.
"It was very, very hard to give up all of the amazing things that I was able to do," Arbaugh told "Good Morning America." "I think I had cried, basically, afterward."
However, the company said it made certain modifications and improvements that resulted in a "rapid and sustained improvement in BPS, that has now superseded" Arbaugh's initial performance. 

via: https://www.foxbusiness.com/lifestyle/elon-musks-neuralink-accepting-applications-second-brain-implant-participan


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A Boeing aircraft in Indonesia caught fire upon take-off, forcing an emergency landing.
The incident occurred on Wednesday at the Sultan Hasanuddin International Airport in the city of Makassar.
Video footage from multiple angles shows the right wing of the Boeing 747-400 briefly igniting into flames as it takes off from the airport runway. 
VIDEO SHOWS PLANE TOUCH DOWN ON RUNWAY WITHOUT LANDING GEAR AFTER SUFFERING MECHANICAL FAILURE
The first video, captured from inside an airport building near the runway, shows the Boeing aircraft accelerate down the runway before flames flash across its wing.
Bystanders watching the take-off react in alarm as it successfully ascends off the ground.
A second angle, captured by a group watching the take-off from outside the airport, shows the same incident from a more distant vantage point.
JUSTICE DEPARTMENT SAYS BOEING BREACHED 2021 737 MAX CRIMINAL PROSECUTION AGREEMENT
The pilot immediately abandoned flight plans and returned the plane to the airport for safety investigations.
The aircraft was operated by Garuda Indonesia, the country's flag carrier airline.
"The decision was made by the pilot in command immediately after take-off, considering engine problems that required further examination after sparks of fire were observed in one of the engines," Garuda President Irfan Setiaputra said in a statement to Agence France-Presse.
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The aircraft was carrying approximately 468 people and was headed for Saudi Arabia.
No passengers or crew members were reportedly harmed during the incident.

via: https://www.foxbusiness.com/lifestyle/boeing-747-400-catches-fire-forced-land-flight-from-indonesia-saudi-arabi


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Sports Illustrated Tickets, a fan-first primary and secondary ticketing marketplace, has added a legendary NFL quarterback to its group of investors. 
Drew Brees, a Super Bowl MVP and the best quarterback in New Orleans Saints history, was announced Thursday as Sports Illustrated Tickets latest investor. And it comes as the full 2024-25 NFL schedule was released for all 32 teams in the league Wednesday night. 
Brees spoke with Fox Business Digital about why he believes in Sports Illustrated Tickets.
CLICK HERE FOR MORE SPORTS COVERAGE ON FOXBUSINESS.COM
"I can't think of a more iconic brand to be associated with," Brees explained while reminiscing about dreaming of being on the Sports Illustrated cover as a kid. "I think also when you start looking from a pure business perspective and the ticket marketplace, the bottom line is it can be done better, and we plan to do it better than anybody else has done it. 
"Providing a more transparent process than anybody's ever done it. Provide access to any possible event, whether it's sports, concerts, theater, across some of the greatest venues in the country."
Brees also touched on the "unbelievable" team Sports Illustrated Tickets CEO David Lane put together, which has led to more than $2.5 billion in inventory and over 50 million sports, concert and theater tickets. 
NETFLIX LANDS THREE-SEASON NFL DEAL, WILL STREAM CHRISTMAS DAY DOUBLEHEADER
Lane explained why Brees' addition isn't just because of what he did on the football field. It's his business acumen, leadership skills and commitment to excellence, among other qualities that make this partnership perfect. 
"Drew represents everything about who we are," Lane said. "Drew and I met for the first time. In the hour we might have talked about ticketing and fans, but we talked about Sports Illustrated. 
"Sports Illustrated is in our culture. It's in our blood. I think it is who we are as fans. We have captured some of the most meaningful moments in history for decades. Drew has experienced that, and not only have we been a part of ... capturing his greatest moments, but everything that we talk about together is authenticity and credibility and champions. That is who Drew is. There isn't someone who is sitting next to me at this moment who can help us tell our story better than Drew."
Brees appeared on one of the most memorable Sports Illustrated covers, hoisting his son over his head with confetti falling down after winning the Super Bowl in 2009. 
Sports Illustrated Tickets features a transparent pricing model with zero transaction fees, so fans know exactly what they're paying. 
The NFL also sees the potential of Sports Illustrated Tickets, which has become one of three ticket services under the NFL Ticket Network.
"Seventy years. Iconic, global, recognized part of sports," Lane said when asked why the NFL has faith in Sports Illustrated Tickets. "When they think of us, they think of being there. What it matters being at the game. 
"The feeling you have, the emotion. I tell this story all the time. You're never going to tell the story when you saw your team winning from your basement on your TV. You will tell it forever when you are in the stadium and they win that game with 60,000 people in that moment. That's what that means.
"For us, adding live events for our 60 million fans who move through the SI ecosystem every single month, they're already going to games, to concerts, to shows. It's a natural emission of how we're evolving around the world."
Brees and Lane are excited to get to an NFL stadium again, and tickets for every game, including the Philadelphia Eagles-Green Bay Packers' groundbreaking matchup in Brazil in Week 1, are available for purchase now. 
"That's what our fans deserve," Brees said. "We want to create the experiences that they can share not only with the ones they love but create memories for a lifetime."
Follow Fox News Digital's sports coverage on X, and subscribe to the Fox News Sports Huddle newsletter.

via: https://www.foxbusiness.com/sports/nfl-legend-drew-brees-talks-unbelievable-opportunity-join-sports-illustrated-tickets-investo


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Dow hits 40,000 for first time

The Dow Jones Industrial Average crossed 40,000 for the first time ever and is on pace for its 19th record close as investors celebrate solid earnings and a slight easing of consumer inflation last month. It will mark the third 1,000 point milestone of 2024.
The Dow has gained about 6% this year and a strong quarter from the nation's largest retailer, Walmart, helped propel gains on Thursday. It closed above 30,000 on Nov. 24, 2020. 
Goldman Sachs has added the most points since 30,000, while 3M Co. has subtracted the most. 
Still, the 30-member index is still trailing the S&P 500 and tech-heavy Nasdaq, which are also trading at new records. 
Both indexes have risen about 11% as 77% of companies have exceeded profit estimates this season. 
This is a developing story. Please check back for updates.

via: https://www.foxbusiness.com/markets/dow-hits-40000-for-first-tim


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Wayfair's first large-format store to open next week

Wayfair's first large-format store will open its doors to the public next week.
The store, located in Wilmette, Illinois, not far from Chicago, will officially open up shop once the online home goods retailer holds a grand opening for it on the morning of May 23.
The opening will come roughly a month after Wayfair first announced its launch date. The company already has some physical locations for other brands it owns.
WAYFAIR TO CUT 1,650 JOBS A MONTH AFTER CEO SAYS EMPLOYEES SHOULD BE 'WORKING LONG HOURS'
The retailer said its first large-format Wayfair store will sprawl 150,000 square feet.
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"Depending on what purchase someone's making, they may prefer the in-store experience and getting to work with an associate. Or they may want to discuss financing or want design help, and we can provide all of those experiences," CEO Niraj Shah said to CNBC. "We provide them online as well, but sometimes, in-store can be either more pleasurable or more effective."
CLICK HERE TO READ MORE ON FOX BUSINESS

via: https://www.foxbusiness.com/retail/wayfairs-first-large-format-store-open-next-wee


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Warren Buffett's Berkshire Hathaway revealed a new $6.72 billion investment in insurance firm Chubb in a regulatory filing on Wednesday, which propelled the company's stock to an all-time high.
Berkshire owned 25.92 million shares in Chubb as of March 31, according to a regulatory filing that details Berkshire's U.S.-listed holdings as of that date.
Chubb's stock, which edged slightly lower by 0.13% during the day's trading session, soared by more than 7.5% in after-hours trading to $271.96 a share as of Wednesday evening - a record high price. 
Those gains mirror the tendency of stocks rising after Berkshire Hathaway reveals them as new holdings in its portfolio as it reflects what investors view as Buffett's seal of approval.
WARREN BUFFETT PREDICTS HIGHER TAXES DUE TO RISING DEFICIT
"Chubb is an attractive equity investment for Berkshire because it operates in a business Berkshire knows well: property-casualty insurance," Cathy Seifert, a CFRA Research analyst who covers Berkshire, said in an email reviewed by Reuters.
The filing indicated that Berkshire ended the month of March with $189 billion in cash and equivalents - a record high stockpile for Buffett's conglomerate.
Buffett had signaled at Berkshire's annual meeting on May 4 that the company's cash stake could rise to $200 billion by June. He said at the time that holding cash looked "quite attractive" as an alternative to high-priced stocks and uncertainty around "what's going on in the world."
BUFFETT EXPLAINS BERKSHIRE'S REDUCED STAKE IN APPLE AT ANNUAL COMPANY MEETING
Berkshire reduced its stake in Apple by about 22% to $135 billion as of March 31, a sale that resulted in an $11.2 billion after-tax gain on the investment. Buffett said that he expects Apple to remain Berkshire's largest stock investment for the foreseeable future despite paring back its stake in the tech giant.
The company began buying Chubb stock in the third quarter of last year and obtained permission from the Securities and Exchange Commission (SEC) to temporarily keep its purchases confidential.
Buffett's firm occasionally makes such requests to defer the public disclosure of investments until it has bought the intended amount of shares in the stock to prevent other investors and the public from piggybacking on the purchases.
BUFFETT TALKS SUCCESSION PLAN, PAYS TRIBUTE TO MUNGER AT ANNUAL MEETING
Berkshire has in recent years obtained similar SEC permission for its investment in Chevron and former investments in ExxonMobil, IBM and Verizon.
The filing doesn't indicate whether the investments were made by Buffett or Berkshire portfolio managers Todd Combs and Ted Weschler.
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Buffett, 93, has run Berkshire since 1965 and spoke at length about his succession plans at Berkshire's annual meeting earlier this month.
Reuters contributed to this report.

via: https://www.foxbusiness.com/markets/buffetts-berkshire-reveals-over-6b-investment-chubb-sending-shares-highe


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The U.S. national debt is climbing at a rapid pace and has shown no signs of slowing down, despite the growing criticism of massive levels of government spending.
The national debt - which measures what the U.S. owes its creditors - fell to $34,572,509,369,831.78 as of Tuesday afternoon, according to the latest numbers published by the Treasury Department. That is up about $20.3 billion from the $34,552,162,118,847.87 figure reported the previous day.
By comparison, just four decades ago, the national debt hovered around $907 billion.
The outlook for the federal debt level is bleak, with economists increasingly sounding the alarm over the torrid pace of spending by Congress and the White House
SOARING DEFICITS TO PUSH PUBLICLY HELD DEBT TO RECORD LEVEL IN 4 YEARS
The latest findings from the Congressional Budget Office indicate that the national debt will grow to an astonishing $54 trillion in the next decade, the result of an aging population and fishing federal health care costs. Higher interest rates are also compounding the pain of higher debt.
Should that debt materialize, it could risk America's economic standing in the world.
"America's fiscal outlook is more dangerous and daunting than ever, threatening our economy and the next generation," said Michael Peterson, the CEO of the Peter G. Peterson Foundation that advocates for reducing the federal deficit. "This is not the future any of us want, and it's no way to run a great nation like ours."
LARGE DEFICITS, HIGH INTEREST RATES MAKING FEDERAL DEBT LESS SUSTAINABLE
The unrelenting increase is what prompted Fitch Ratings to issue a surprise downgrade of the nation's long-term credit score in mid-2023. The agency cut the U.S. debt by one notch, snatching away its pristine AAA rating in exchange for an AA+ grade. In making the decision, Fitch cited alarm over the country's deteriorating finances and expressed concerns over the government's ability to address the ballooning debt burden amid sharp political divisions. 
"This is a warning shot across the U.S. government's bow that it needs to right its fiscal ship," Sean Snaith, an economist at the University of Central Florida, told FOX Business. "You can't just spend trillions of dollars more than you have in revenue every year and expect no ill consequences."
The spike in the national debt follows a burst of spending by President Biden and Democratic lawmakers. 
As of September 2022, Biden had already approved roughly $4.8 trillion in borrowing, including $1.85 trillion for a COVID relief measure dubbed the American Rescue Plan and $370 billion for the bipartisan infrastructure bill, according to the Committee for a Responsible Federal Budget (CRFB), a group that advocates for reducing the deficit.
THE US IS PAYING A RECORD AMOUNT OF INTEREST ON ITS NATIONAL DEBT
While that is about half of the $7.5 trillion that former President Donald Trump added to the deficit while he was in office, it's far more than the $2.5 trillion Trump had approved at that same point during his term. 
Biden has repeatedly defended the spending by his administration and boasted about cutting the deficit by $1.7 trillion. 
"I might note parenthetically: In my first two years, I reduced the debt by $1.7 trillion. No President has ever done that," Biden said recently. 
However, that figure refers to a reduction in the national deficit between fiscal years 2020 and 2022; while the deficit did shrink during that time period, that is largely because emergency measures put into place during the COVID-19 pandemic expired. 
The White House has also tried to blame Republicans for the astronomical rise in debt in recent years.
"This is the trickle-down debt - driven overwhelmingly by repeated Republican giveaways skewed to big corporations and the wealthy," Michael Kikukawa, White House assistant press secretary, said in a statement provided to FOX Business after the debt surpassed $34 trillion.
US NATIONAL DEBT TOPS $34T FOR FIRST TIME IN HISTORY
Even more worrisome is that the spike in interest rates over the past year and a half has made the cost of servicing the national debt more expensive.
That is because as interest rates rise, the federal government's borrowing costs on its debt will also increase. In fact, interest payments on the national debt are projected to be the fastest-growing part of the federal budget over the next three decades, according to the CRFB.
CLICK HERE TO READ MORE ON FOX BUSINESS
Payments are expected to triple from nearly $475 billion in fiscal year 2022 to a stunning $1.4 trillion in 2032. By 2053, the interest payments are projected to surge to $5.4 trillion. To put that into perspective, that will be more than the U.S. spends on Social Security, Medicare, Medicaid and all other mandatory and discretionary spending programs.
"We are clearly on an unsustainable fiscal path," CRFB President Maya MacGuineas said. "We need to do better."
While the debt has been a source of concern among politicians and budget hawks, just how worried should you be about the nation's rapid pace of borrowing? 
Experts say that the higher the debt climbs, the more the U.S. is paying in interest costs each year. Those expenses can eclipse important public investments that fuel economic growth - areas like education, research and development and infrastructure. 
"A nation saddled with debt will have less to invest in its own future," the Peter G. Peterson Foundation said.
A Pew Research Center survey published in 2023 found that 57% of Americans think reducing the budget deficit should be a top priority for the president and Congress - up from just 45% the previous year.

via: https://www.foxbusiness.com/economy/us-national-debt-tracke


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FDIC Chair Gruenberg refuses to resign

U.S. Federal Deposit Insurance Corporation Chair Martin Gruenberg vowed to skeptical lawmakers Wednesday he would fix deep-seated cultural issues at his agency, as well as his own conduct.
But lawmakers expressed doubt that the bank regulator -- who spent nearly two decades in leadership roles at the agency and was also the subject of some employee complaints about his temper -- was fit for the job.
Testifying before Congress for several hours, Gruenberg was contrite both for failing to see widespread sexual harassment and other issues detailed in an independent report, as well as accounts of him losing his temper with subordinates. But he was resolute that he planned to stay at the agency and see changes implemented.
FDIC CANCELS PLANNED BOARD MEETING AFTER WSJ REPORTS OF TOXIC WORKPLACE
"It's incumbent on me to be more sensitive to how my conduct might be received by employees and to understand that the only thing that matters is not my perception, but their perception," he said, adding later on that he would take an anger management course.
Gruenberg faced steady criticism from Republicans and Democrats, who expressed anger, dismay, and disbelief at the depths of the issues at the FDIC. Hundreds of employees reported mistreatment to an outside law firm hired following a November Wall Street Journal expose.
But while Republicans were quick to call for Gruenberg's resignation or firing by President Joe Biden, Democrats were more measured. They expressed frustration at the agency's woes and Gruenberg's management but said they would like to give him the opportunity to fix them.
It was clear Gruenberg will be expected to show improvement at the agency.
"I am not satisfied by the answers you have given about how you plan to ensure that no FDIC employee has to go through something similar," said Rep. Nydia Velazquez, a New York Democrat. "I am seriously questioning my confidence in your ability to change the culture of the FDIC and lead the agency going forward."
The Biden administration's efforts to impose stricter rules on the banking sector is closely tied to Gruenberg's ability to stay at the FDIC. Should he leave the agency, it would be deadlocked with two Republican and two Democratic board members, and helmed by a Republican, Vice Chair Travis Hill.
The FDIC is working jointly with the Federal Reserve and Office of the Comptroller of the Currency on several pending regulatory projects, most notably a sweeping effort to overhaul how banks measure risk that would significantly boost capital requirements for big banks.
Gruenberg said he accepted all the recommendations of the independent review, including hiring a monitor to track the agency's culture overhaul and a third-party expert to assist in that project. He also said the agency will create a new independent office of professional responsibility.
Gruenberg said the agency will pay closer attention to its 70 field offices, where some of the most egregious cases were reported.
"We have a lot of work to do," he said.

via: https://www.foxbusiness.com/markets/fdic-chair-gruenberg-refuses-resig


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