Must-Read Money Stories for Friday, Jan. 6

by January 6, 2017
Federal regulators on Thursday announced a $5 million settlement with Jon S. Corzine, who ran commodities brokerage MF Global when it declared bankruptcy and lost more than $1 billion in customer money, according to The New York Times. ("Trading photo" via Pexels.

Federal regulators on Thursday announced a $5 million settlement with Jon S. Corzine, who ran commodities brokerage MF Global when it declared bankruptcy in 2011, according to The New York Times. (“Trading photo” via Pexels).

Feds reach settlement in epic MF Global case

Federal regulators on Thursday announced a $5 million settlement with Jon S. Corzine, who ran commodities brokerage MF Global when it declared bankruptcy and lost more than $1 billion in customer money. The New York Times reported the $5 million settlement with the Commodities Futures Trading Commission ends a series of exhaustive criminal, congressional and regulatory investigations that spanned more than five years, and ultimately did not find any criminal wrong-doing. The regulatory case began in 2013, when the CFTC sued Corzine for failing to supervise the firm as it put clients’ funds at risk. Ultimately, Corzine agreed to pay a $5 million penalty out of his own pocket to resolve the allegations. He also accepted a lifetime prohibition from leading a futures broker or registering with the CFTC.

Trump still opposes AT&T and Time Warner merger

Bloomberg reports President-elect Trump is said to oppose the gigantic merger between At&T Inc. and Time Warner Inc. because it would concentrate too much power in the media industry, according to people close to Trump. He has not said anything publicly against the merger recently. Bloomberg reported it isn’t clear whether Trump would interfere with the regulatory review of the deal. If approved, the merger would combine with biggest U.S. pay-TV and internet provider with one of the largest creators of TV programming, according to Bloomberg.

Macy’s to cut 10,000 jobs, 100 stores

Macy’s, the nation’s largest department store, said it will cut 10,000 jobs and close more than 100 stores after holiday sales were at the “low end” of what they had forecast. NPR reported the weak holiday sales could be harbinger of more store closures as brick and mortar retailers struggle to compete with online giant Amazon and other exclusively online retailers. Macy’s said sales at established stores dropped 2.1 percent in November and December compared to the same period a year earlier. The department store first announced in August that it would close 100 stores. In other retail news, Sears also said it would sell its Craftsman tools brand to Stanley Black & Decker and close 150 stores by the end of March, according to The Washington Post.

Apple agrees to remove NY Times app in China

The Los Angeles Times reported Apple Inc. agreed to remove The New York Times app from its digital store in China after the Chinese government said it was banned. The LA Times reported on the suspicious timing of the action, the same day a New York Times reporter contacted Apple about a possibly “embarrassing story” for the technology giant. An increasing number of foreign news organizations have been blocked by China under regulations issued last June. The regulations forbid mobile apps from “engaging in activities that endanger national security or disrupt social order.”