FBI Deputy Director McCabe fired two days before retirement date Attorney General Jeff Sessions fired former Deputy FBI Director Andrew McCabe on Friday, alleging he made unauthorized disclosures to the media and “lacked candor” in speaking to an internal watchdog.
The move comes two days before McCabe’s expected retirement on Sunday. He was removed from his deputy post in January.
Sessions said he terminated McCabe’s employment “effective immediately,” and said he came to that determination after an “extensive and fair investigation.” Both the inspector general and the FBI’s Office of Professional Responsibility concluded that McCabe made “an unauthorized disclosure” and “lacked candor” when he spoke under oath on “multiple occasions,” Sessions said.
In a lengthy statement, McCabe strongly disputed the allegations, saying he had the authority to share the information with a reporter, and that he “answered questions truthfully and as accurately” as he could “amidst the chaos that s..Read More →

Warren Buffett makes less than twice the typical Berkshire employee Berkshire Hathaway Inc. Chief Executive Warren Buffett makes less than twice the company’s typical employee, the conglomerate said in a filing Friday.
Buffett has earned a $100,000 salary for decades, and receives no bonus or other compensation. Berkshire said its median employee received $53,510 in 2017, or a ratio of 1.87 to 1.
Berkshire’s second in command, Vice Chairman Charles T. Munger, has also received a $100,000 salary and no other compensation for years.
Earlier on Friday, Boeing Co. BA, +0.15% reported its CEO made more than $18 million in compensation last year, resulting in a CEO-pay ratio of 166 to 1, and PepsiCo Inc. PEP, -0.31% said its CEO made more than $31 million, or a ratio of 650 to 1.
Companies are reporting their CEO pay in relation to the compensation of a median worker for the first time this year as a result of a 2015 rule mandated by the Dodd-Frank act.
Read also: General Electric ..Read More →

Now it’s time for the stock market to refocus on the Fed For stock market investors, the coming week is likely to see the Federal Reserve move back into focus, stealing the spotlight back, at least briefly, from worries about tariffs and political turmoil.
The Fed’s two-day policy meeting, which will conclude Wednesday and is widely expected to deliver the first rate increase of 2018, will be Fed Chairman Jerome Powell’s first as chairman of the central bank, and investors will be eager to find out just how much he deviates from the legacy of Janet Yellen, whom he succeeded in early February.
While market participants have fully priced in a quarter-percentage point rate increase on Wednesday, investors will parse the wording of the accompanying statement and Powell’s subsequent news conference.
“We want to see if he will do anything out of ordinary. But generally, neither Powell, nor any other Fed chair would want to rock the boat,” said Diane Jaffee, senior portfolio manager at TCW..Read More →

If you’re over 40 and work, you’re in for some big surprises MARKETWATCH FRONT PAGE Higher taxes and millions of displaced workers are predicted in the next decade. But there’s an upside. See full story.
The president of the Academy overseeing Oscars is under investigation for sexual harassment Three claims of sexual misconduct have been made against Academy of Motion Picture Arts and Sciences President John Bailey See full story.
This political-risk gauge just hit a 15-year high — and here’s what it means for the stock market Add heightened political risk to the growing number of factors that have been contributing to volatility on Wall Street. See full story.
These companies jumped on the bitcoin train right before it derailed It seemed like an unbeatable path to market gains: simply suggest your company was getting involved in cryptocurrencies, and investors would reward you to a startling extent. See full story.
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The future of higher education could be less humanities classes, and how to avoid rising flight fees Friday’s top personal finance stories Happy Friday, MarketWatchers! We made it through another week. Check out today’s top personal finance stories before heading out to the weekend.
The depressing reason women out-earn men in these 7 places in the U.S. Men are paid more than women in nearly all of these 2,700 counties, with just a handful of exceptions.

This public college wants to cut English, history — and 11 other liberal arts majors Could this be the future of higher education?

One side effect of being young, female and sick: People won’t believe you The author of a new book about being young, female and sick would know: She had thyroid cancer, two hip surgeries, a severe allergic reaction that almost killed her and Lyme disease, all in her 20s.

What time is the $455 million Powerball drawing — and the $345 million one for Mega Millions? Both lotteries last had jackpot wi..Read More →

Here’s why default rates are subdued even as corporate debt levels hit records YASIN AKGUL/AFP/Getty Images Will growing debt levels pull the junk bond market down to reality? U.S. corporate debt levels stand above crisis highs even as default rates among the most leveraged firms remain subdued.
With an economy hitting its stride, it’s perhaps no surprise that the high-yield bond market is placid. The extent of the divergence between debt levels and defaults, however, is worrying to some analysts who feel rising corporate indebtedness will eventually catch out unwary investors and deflate the junk-bond market.
But beyond complacency John Lonski, chief economist at Moody’s Capital Market Research, argued that globalization and the tendency of U.S. businesses to hoard cash as reasons why corporate debt levels may no longer move in sync with default rates and credit spreads.
The high-yield default rate in the fourth-quarter of 2017 fell to 3.3%, even as U.S. nonfinancial-corporate deb..Read More →

Tesla could be falling short of key Model 3 goal, but who’s counting, analyst says Tesla Inc. may be falling short of its production goals for the Model 3, but investors may not necessarily care, analysts at Consumer Edge said in a note Friday.
Tesla TSLA, -1.31% likely will be making 2,000 Model 3 sedans a week by the end of this month, below its target of churning out 2,500 of the key mass-market vehicles, said the analysts, led by James Albertine.
Consumer Edge recently hosted meetings with Tesla executives, and the potential Model 3 production miss was one of its “key takeaways” after the discussions, the analysts said.
Related: Ford finally gets ‘buy’ rating from Morgan Stanley, after 4 years of bearishness
Consumer Edge kept its buy rating on Tesla unchanged, with a price target of $385, which would represent 20% upside from Friday close. Even before the meetings, the analysts were not counting on 2,500 Model 3s a week by the end of first quarter, they said.
The production..Read More →

The president of the Academy overseeing Oscars is under investigation for sexual harassment The president of the Academy of Motion Picture Arts and Sciences (Ampas), John Bailey, is facing accusations of sexual misconduct and an investigation.
Bailey, 75, a veteran cinematographer, has been the subject of three sexual-harassment claims made against him that were submitted to the Academy, which then initiated a review. The news was first reported in the trade publication Variety.
Bailey was elected president in August, replacing Cheryl Boone Isaacs. He worked as director of photography on films such as “As Good As It Gets,” “Ordinary People” and “American Gigolo.”
Ampas, responding to the recent debate on sexual misconduct in Hollywood, has recently taken a hard line on the issue, expelling disgraced film mogul Harvey Weinstein from the Academy.
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