Tag: Wealth

Bernie Madoff Lives!

However, the timing of Madoff’s arrest in the winter of 2008 tied Madoff to the larger financial crash. This masked the fact that his crimes had been going on for at least 20 years and had nothing to do with subprime mortgages, tangled derivatives, or over-leveraged banks. But to connect the two obscures what Madoff’s […]

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Terrence J Teams Up With Black-Owned Bank For HBCU Financial Literacy Initiative

NewsOne Featured Video Actor and media maven Terrence Jenkins is on a mission to use financial literacy as a vessel to empower HBCU students. According to AfroTech, the New York native has joined forces with the Black-owned banking platform First Boulevard for an initiative designed to equip students at historically Black colleges and universities with […]

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La, La, La, La, Kanye West Got His Money Right—Now Worth $6.6 Billion, Reportedly Richest Black Man in the U.S.

Kanye West speaks on stage at the “Kanye West and Steven Smith in Conversation with Mark Wilson” on November 07, 2019.Photo: Brad Barket/Getty Images for Fast Company (Getty Images) Remember when Kanye West first burst into the mainstream scene and referred to himself as “Kanye Cheddar?” Well, now he has a lot of damn cheese. […]

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OneUnited Bank Creates OneTransaction Campaign to Help Black Americans Close the Racial Wealth Gap

Image: OneUnited Bank You’ve likely heard of the racial wealth gap, and you may have already seen its impact on your own family’s ability to accrue generational wealth. It’s the phenomenon of the average white family having about 10 times the net worth of the typical Black family in America. That gap has persisted due to […]

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A Brief and Garish History of Megamansions

A series that explores the endless appeal of the physical footprint of celebrity. After churning out television touchstones like Charlie’s Angels, The Love Boat, and Dynasty, producer Aaron Spelling decided he and his family deserved to upgrade from their cozy 10,000 square foot home to something a little roomier. So in 1988, he razed Bing Crosby’s […]

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Leon Black and the American Tradition of Impunity

After a year of mounting pressure from investors and outside critics, Leon Black, the billionaire chief executive of private equity giant Apollo Global Management, announced on Monday that he would step down later this year. Apparently the revelation that Black gave $158 million to deceased sex trafficker Jeffrey Epstein for supposed financial advice was enough […]

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The Long Plot to Escape From Work

This was, as the authors wrote, itself a riff on the nineteenth-century demand of “eight hours for work, eight hours for rest, eight hours for what we will.” That too was just one expression of a long political insistence against work and for time to do arbitrary and unproductive stuff that is only your business.  […]

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Wealthy-Ass Purse: Cardi B and a Twitter Tale of Not Reading the Room

Cardi B attends “The Road to F9″ Global Fan Extravaganza on January 31, 2020.Photo: Dia Dipasupil/Getty Images (Getty Images) I know we’re all bored in the house and in the house bored, but perhaps more people—celebrities especially—should take up reading as a hobby. I hear there’s this awesome book called “The Room”—maybe celebs and other […]

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Let’s Take a Moment to Check in With Some Extremely Rich People

The miserable presidential race is still underway, with stress-inducing counts slogging along in a handful of swing states; the much-rumored congressional blue wave turned out only to be a sad drip. This week, Trump supporters, occasionally armed, have attempted to interfere with vote counts in several cities. (“Stop the vote!” a crowd very democratically screamed […]

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The Devastatingly Low Bar of “Official” Poverty

We now have new numbers to confirm what everyone who received a $1,200 stimulus check or extra unemployment benefits over the summer likely already knows: additional government money is a good thing during an economic collapse. As The New York Times reported this week, two recent studies have found that over the last few months, […]

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The Obscenity of Amazon Prime Day in a Pandemic

This year, in the lead-up to Amazon Prime Day, Forbes reported that Jeff Bezos and his ex-wife Mackenzie Scott had respectively gotten $8.8 billion and $3 billion richer over the course of a week, thanks to a rebound in Amazon share prices. Because Bezos’s fortune has grown so astronomically throughout the pandemic—that is, during the […]

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The President and His Country Club Pals Still Have the Best Defense Against Covid

Just a few days ago, Trump flashily procured a mask from his jacket pocket during his debate with Biden to indicate his openness to wearing them. “I put a mask on when I think I need it,” he said grandly. But a few hours after a high-dollar fundraiser at his golf course in Bedminster, New […]

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Some Rich People Are Hilariously Freaked Out About a Biden Presidency

“They think this is going to hell in a hand basket,” one financial adviser told Marketwatch this week, describing his conservative clients’ growing sense of impending doom. In an interview on Wednesday with CNBC, JP Morgan Chase CEO Jamie Dimon, whose net worth is currently around $1.3 billion, likewise fretted about the future of the […]

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TV Race Fables and the Privilege of a Raging Class

Once, in the mid-1980s, I was invited by a black undergraduate student group at Yale to lead a fireside discussion in one of the residential colleges. I was bemused to learn that the group had planned a half-hour break in the program so they could repair together to watch that week’s episode of The Cosby […]

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Ban Yachts

It’s been a big week for yacht news. Yesterday, white supremacist shirt-layering aficionado Steve Bannon was arrested on a $35 billion, 150-foot yacht in Connecticut for defrauding donors to his Build the Wall crowdfunding page. Also yesterday, Politico reported that the boat from which Evangelical Liberty University President Jerry Falwell Jr. posted a scarring picture […]

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Luxury Realtors Weigh In on the $75 Million ‘Selling Sunset’ House

Among the many unsolvable mysteries on Netflix’s _Selling Sunset_—did Romain cheat on Mary at his bachelor party? Why did Justin divorce Chrishell? Which one of the Oppenheim brothers is Jason, and which one is Brett?—there’s one question more perplexing than all the rest. What the hell is going on with 1021 North Beverly Drive, and […]

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The Whiners Who Earn $200,000 and Complain They’re Broke

The phenomenon of wealthy people who lack liquidity and therefore essentially live hand-to-mouth is now so prevalent that economists are studying its macroeconomic effects. Historically, economists have assumed that rich people will spend very little out of any income increase because they can already afford whatever they want. But if the rich are constrained by […]

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