Must Read Money Stories For Monday, Oct. 5

by October 5, 2015

MRMSA mess in South Carolina. Over the weekend, South Carolina was swept with historic rainfall that has led to widespread flooding. South Carolina officials asked residents to stay in place, because rescuers are overwhelmed by demands for help. Charleston’s tourist district was largely closed, and merchants and restaurants piled sandbags against their doors, hoping to keep out the flood waters.

Bernanke’s book. Former Federal Reserve Chairman Ben Bernanke’s book, The Courage To Act, comes out on Tuesday, and he’s begun doing interviews about it. He told USA TODAY he’s surprised the Fed has taken so long to raise interest rates, although current Fed chairman Janet Yellin keeps signaling that a rate hike is in store. “Clearly there are some tough decisions to make on how to manage policy at this point, and this is a very important juncture,” Bernanke says.

Prince William on animal trade. Prince William, heir to the British throne, has written an op-ed for The Financial Times, denouncing illegal wildlife trade. The prince wrote that about 80 per cent of revenue received in Africa from tourists comes from watching wild animals, which are the ones most often threatened by poaching. “The criminals who plunder the world’s natural resources are trapping fellow human beings in poverty, denying future generations the right to economic and social development. It is a vicious circle,” he wrote.

Expensive coffee. Intelligentsia Coffee started as a cult brand in Chicago, and now has shops in New York and California. It’s credited for spreading what’s called the custom blend trend across the U.S. Soon, it could be sold with a big price tag. Dow Jones reports it could sell for as much as $100 million, and might be snapped up by private equity buyers. That’s unusual, because most coffee companies sell to big food brands, especially those expected to bring in that much money.