Monthly Archives: May 2021

Congress opens investigation into BlueVine and Kabbage after reports of PPP fraud

[Bloomberg] Congress is investigating fraudulent loans facilitated by fintech lenders BlueVine and Kabbage. While fintech lenders only processed 15% of total PPP volumes, they’re involved in 75% of fraudulent loans identified by the DOJ. Fintechs boasted fully-automated PPP applications and faster approvals than traditional banks. Congress has opened a formal […]

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AMC, Gamestop: Meme stocks roar back, fueled by Reddit-inspired traders

[Yahoo! Finance] In January 2021, the rise of retail investing and the subreddit r/WallStreetBets sparked a broader speculative movement in a few stocks that ended up disrupting trading at brokerages and culminating in a Congressional hearing. And after a relatively quiet few months, the so-called meme stocks are back in a big way. The movement’s mascot, GameStop […]

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Wage rises and labor shortage are a ‘democratization’ of U.S. workforce, fund manager says

[CNBC, GETTY] While the U.S. labor force participation rate remains well below pre-pandemic levels, with April’s nonfarm payrolls growing by just 266,000 against forecasts of 1 million, workers’ wages have risen at their sharpest pace in years, and new unemployment filings continue to fall. McDonald’s, Chipotle, Bank of America and […]

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Travel is back — and so are travel scams

(CNN) — With more widespread vaccinations and relaxed travel restrictions, many people are making long-awaited vacation plans. But scammers are making plans of their own to separate eager travelers from their money via too-good-to-be-true vacation packages, fake airfare deals and other shady schemes. Consumer advocacy organizations such as Better Business Bureau are issuing […]

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The Paycheck Protection Program was a lifeline for small businesses. Its final days end with tumult and dashed hopes

[Los Angeles Times] The federal government’s massive Paycheck Protection Program, which has been a lifeline for small businesses hit by the pandemic, has become so mired in confusion and delays as money runs out that hundreds of thousands of applicants may get no help, especially in underserved minority communities. During […]

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Shiba Inu Fans Sign Petition for Robinhood Listing As Crypto Drops 75% This Month

[Newsweek, Getty] Enthusiasts of the Shiba Inu cryptocurrency token are continuing to sign a petition calling on trading platform Robinhood to adopt the meme coin. The petition was created during the token’s rapid price rise around two weeks ago. The price has since plummeted, down just under 50 percent over […]

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