Be Well: Keeping an Eye on Your Own Finances Amid Bank Collapses
With Americans watching multiple banks collapse this year, there are growing concerns about their own accounts and whether or not they can trust financial institutions. Marty Cantor, CPA and economic development consultant, joined Cheddar News to break down why some banks are struggling and what certain income earners should considering doing with their own finances. "If you have less than $250,000 in your own name in any bank, or $500,000, if you have joint tendency, you're going to be ok because the FDIC will protect it. The credit unions have a national association of credit unions that provide the same coverage. But if you're over $250,000, an individual depositor, you ought to take a hard look and maybe move some money to another bank," he said.
The head of the artificial intelligence company that makes ChatGPT will testify before Congress as lawmakers call for new rules to guide the rapid development of AI technology.
The recent failures of a trio of midsize banks has once again raised questions about whether senior executives in the U.S. are being rewarded more for short-term gains — like rising stock prices — than for ensuring their companies' long-term health.
3M has fired prominent company executive Michael Vale due to “inappropriate personal conduct and violation of company policy,” the maker of Post-it notes, industrial coatings and ceramics announced on Monday.
Cheddar News attended the upfront presentation by NBC Universal and broke down how this year's event was different from previous years due to the ongoing writers' strike.
Steve Sosnick, chief strategist with Interactive Brokers, joined Cheddar News to discuss Monday's light trading session ahead of debt ceiling discussions on Tuesday. Sosnick also weighed in on what the Federal Reserve could have in its sight.
General Motors (GM) has submitted a safety recall notification to the National Highway Traffic Safety Administration for 994,763 sports utility vehicles with defective airbag inflators.
