UnitedHealth ups forecast after strong start to year

UnitedHealth profits jumped that it debuted in December. pandemic kept people away for amortization costs, were about 44% in the first quarter The new range mostly tops from doctor offices and sur- $5.31 per share, easily top- and the nation’s largest health the average analyst forecast gery centers when it first ping Wall Street’s per-share This file photo shows a insurer boosted its outlook for of $18.19 per share, accord- spread earlier last year. expectations of $4.42, ac- portion of the UnitedHealth the year. The company said ing to FactSet. Plus the company’s com- cording to a survey by Zacks Group Inc.’s campus in Min- Thursday that the performance That projection includes a mercial health insurance en- Investment Research. netonka, Minnesota. (AP) of its Optum division was par- potential downside per-share rollment also has been hit by The Minnetonka, Minneso- ticularly strong. of $1.80 due to the continuing high unemployment during ta, company posted revenue UnitedHealth raised its full influence of the pandemic. the pandemic. of $70.2 billion, and that too year profit forecast to adjusted Insurers like UnitedHealth- UnitedHealth Group Inc. topped projections. earnings of $18.10 to $18.60 care saw health are use posted quarterly earnings Shares are up slightly be- per share, up from an outlook rebound toward the end of of $4.86 billion, or $5.08 per fore the opening bell Thurs- of $17.75 to $18.25 per share 2020 after the COVID-19 share. Earnings, adjusted day. (AP) Business BBuzzuzz Deal unprecedented in history of Tennessee economic projects: Nashville mayor Push for $2.3tn ‘infra’ plan Biden tells execs US needs Oracle to bring 8,500 jobs, $1.2b investment to ‘invest’ and lead in chips NASHVILLE, Tennessee, April 15, (AP): Oracle Corpora- the project is fully built - would reimburse the company for In recent years, a number of high-profile companies, in- tion plans to bring 8,500 jobs and a $1.2 billion investment the upfront investment, without interest payments, with the cluding Amazon, have penned letters of opposition to Ten- WASHINGTON, April 15, (AP): President Joe Biden to fast-growing Nashville, a deal Mayor John Cooper’s of- other half going into the city’s general operating fund, Coo- nessee bills that center on LGBT people. Some ultimately used a virtual meeting with corporate leaders about a fice announced Wednesday as unprecedented in the history per’s office said. became law, including this year’s ban on transgender ath- global shortage of semiconductors to push for his $2.3 of Tennessee economic development projects. The company also expects the project to produce about letes in public middle school and high school sports. trillion infrastructure plan, telling them that the U.S. Cooper’s office said the Austin, Texas-based computer tech- $8.8 million annually in local sales and use taxes, according Joe Woolley, CEO of Nashville’s LGBT Chamber of nology company requested a public hearing for its economic to the mayor’s office. should be the world’s computer chip leader. Commerce, said his group looks forward to working with “We need to build the infrastructure of today, not re- impact plan with the Metro Industrial Development Board. That In a statement, Oracle said it’s meeting demand for its Oracle on diversity and inclusion initiatives, noting the com- board and the Metro Council would need to finalize the deal. Ac- cloud product by building “new digital hubs in cities with pair the one of yesterday,” he told the group of 19 ex- cording to documents provided by Cooper’s office, the project well-educated workforces and vibrant cultures that draw top- pany’s perfect score on the Human Rights Campaign Equal- ecutives from the technology, chip and automotive indus- would create 2,500 jobs in Nashville by the end of 2027, reach- tier talent.” ity Index. tries. “China and the rest of the world is not waiting and ing the full 8,500 by the end of 2031, with an average salary of “We think Nashville has tremendous potential to be Or- there’s no reason why Americans should wait.” $110,000. acle’s next success, and we look forward to working with He said the country hasn’t made big investments to Oracle’s plans for a campus with 1.2 million square feet city and state officials as the process moves forward,” the stay ahead of global competitors, and it needs to step up (nearly 111,500 square meters) of office space along the East company said. its game. Bank of the Cumberland River would surpass those of Am- The city’s proposal even drew praise from The Beacon Biden made an appearance at the meeting between ad- azon, which in 2018 announced it would bring 5,000 jobs Center of Tennessee, a free-market thinktank that has long ministration offi cials and company leaders held to discuss through a $230 million investment in a new operations hub scrutinized Nashville’s approach to economic incentive developing a stronger U.S. computer chip supply chain. in Nashville. deals. The meeting came as the global chip shortage continued “We are thrilled that Oracle is ready to make a billion-dol- “Based on initial reports of the deal’s structure, we ap- to plague a wide array of industries. lar bet on Nashville,” Cooper said in a news release. “Oracle plaud the mayor for doing things differently and in a way CEOs of AT&T, Dell, Ford, General Motors, Stellantis will bring a record number of high-paying jobs to Nashville that does not cost taxpayers money,” Beacon Center CEO (formerly Fiat Chrysler), Intel, Northrop Grumman, and and they will pay upfront all the city’s infrastructure costs. Justin Owen said in a statement. others were scheduled to attend. This is a huge win for our city.” State officials have not yet said how much they expect to But industry experts say there’s little they can do to Oracle plans to buy the land and offer $175 million up- contribute to the deal. stem the shortage, which has delayed a new iPhone and front for public infrastructure, including a pedestrian bridge The announcement shows the Democratic-leaning capital over the Cumberland River, environmental cleanup, a sewer city remains in high demand for companies, even as Repub- forced automakers to temporarily shut factories because pump station and a riverfront park, the mayor’s office said. licans leading the state continue to move bills on divisive In this fi le photo, Nashville Mayor John Cooper delivers they’re running short of the multiple computers needed Half of Oracle’s future property taxes - which the com- social issues that have faced corporate opposition, including the State of Metro Address from the Council Chambers to run engines, transmissions, brakes and other essential pany estimates will be roughly $18 million annually when ones that target the LGBT community. at the Metro Courthouse in Nashville, Tennessee. (AP) features. Instead, Biden brought up developing a U.S. chip sup- ply chain since most are made in Asia and shipped to the U.S. In February he ordered a review of the supply chain ‘The scandal exacted a personal toll on his family’ and pledged to work with international partners to ensure stable supplies. Wedbush analyst Daniel Ives said there’s little that can be done immediately to end the current problem. “This could change things over the next three to fi ve years, but Ponzi schemer Madoff dies in prison for right now, there’s no structural changes that could al- leviate the shortage,” he said. The shortage already has made it harder for schools million estate in Palm Beach, Florida and a to buy enough laptops for students forced to learn from $4 million home on the tip of Long Island. There was yet another home in the south of home, delayed the release of popular products and creat- France, private jets and a yacht. ed mad scrambles to fi nd the latest video game consoles. It all came crashing down in the winter But things have worsened in recent weeks, particularly of 2008 with a dramatic confession at Ma- doff’s 12th-fl oor apartment on the Upper East Side. In a meeting with his sons, he confi ded that his business was “all just one big lie.” After the meeting, a lawyer for the family contacted regulators, who alerted the federal prosecutors and the FBI. Madoff was in a bathrobe when two FBI agents arrived at his door unannounced on a December morning. He invited them in, then confessed after be- ing asked “if there’s an innocent explana- tion,” a criminal complaint said. Madoff responded: “There is no innocent explanation.” As he had from the start, Madoff insisted in his plea that he acted alone - something President Joe Biden pulls a note card from his pock- the FBI never believed. As agents scoured et as he speaks from the Treaty Room in the White records for evidence of a broader conspiracy House. (AP) and cultivated DiPascali as a cooperator, the scandal turned Madoff into a pariah, evapo- in the auto industry, where factories are shutting down rated life fortunes, wiped out charities and because there aren’t enough chips to fi nish building vehi- apparently pushed some investors to commit suicide. cles that are becoming rolling computers. A trustee was appointed to recover funds The coronavirus pandemic touched off a cascade of - sometimes by suing hedge funds and other events that led to the problems. Chip factories had to shut large investors who came out ahead - and down early last year, particularly overseas where most divvying up those proceeds to victims. The processors are made. By the time they reopened, they had search for Madoff’s assets “has unearthed a a backlog that was worsened by unforeseen demand. Per- labyrinth of interrelated international funds, sonal computer demand, for instance, spiked as govern- Disgraced fi nancier Bernard Madoff leaves U.S. District Court in Manhattan after a bail hearing in New York, Monday, Jan. 5, institutions and entities of almost unparal- ment lockdowns forced millions of offi ce employees and 2009. Madoff, the fi nancier who pleaded guilty to orchestrating the largest Ponzi scheme in history, died early Wednesday, April leled complexity and breadth,” the trustee, students to work or attend class remotely. 14, 2021, in a federal prison, a person familiar with the matter told The Associated Press. (AP) Irving Picard, said in a 2009 report. High demand for consumer electronics squeezed the The report said the trustee has located assets auto industry. Chip makers compounded the pressure by By Michael Balsamo and Tom Hays poor. He stole from the in between. He had a trusted leader in off-fl oor trading. and businesses “of interest” in 11 places: Great rejiggering factory lines to better serve the consumer- no values,” former investor Tom Fitzmau- “When Peter or Bernie said something Britain, Ireland, France, Luxembourg, Swit- electronics market, which generates far more revenue for ernie Madoff, the financier who plead- rice told the judge at the sentencing. “He that they were going to do, their word was zerland, Spain, Gibraltar, Bermuda, the British them than autos. Bed guilty to orchestrating a massive cheated his victims out of their money so he their bond,” Morling said in a 2008 inter- Virgin Islands, the Cayman Islands, the Baha- After eight weeks of pandemic-induced shutdown in Ponzi scheme, died in a federal prison early and his wife ... could live a life of luxury view. mas. More than 15,400 claims against Madoff the spring, automakers started reopening factories ear- Wednesday, a person familiar with the mat- beyond belief.” In the 1980s, Bernard L. Madoff Invest- were fi led. lier than expected. But they found out that chip makers ter told The Associated Press. He was 82. U.S. District Judge Denny Chin showed ment Securities occupied three fl oors of a At Madoff’s sentencing in June 2009, weren’t able to fl ip a switch quickly and make the more Madoff died at the Federal Medical Center no mercy, sentencing Madoff to the maxi- midtown Manhattan high-rise. There, with wrathful former clients stood to demand robust processors needed for cars. Industry executives in Butner, North Carolina, apparently from mum 150 years in prison. his brother and later two sons, he ran a le- the maximum punishment. Madoff himself say the shortage should start to end by the third quarter natural causes, the person said. The person was “Here, the message must be sent that Mr. gitimate business as middlemen between the spoke in a monotone for about 10 minutes. of this year. not authorized to speak publicly and spoke to Madoff’s crimes were extraordinarily evil buyers and sellers of stock. At various times, he referred to his monu- It’s merely a symptom of a larger problem of the U.S. the AP on the condition of anonymity. and that this kind of irresponsible manipula- Madoff raised his profi le by using the mental fraud as a “problem,” “an error of relying too much on Asia for critical parts such as semi- Last year, Madoff’s lawyers fi led court tion of the system is not merely a bloodless expertise to help launch Nasdaq, the fi rst judgment” and “a tragic mistake.” papers to try to get him released from prison conductors, said Ives said, who called the meeting long fi nancial crime that takes place just on pa- electronic stock exchange, and became so He claimed he and his wife were torment- overdue. “I think now it’s just exposing the structural is- in the coronavirus pandemic, saying he had per, but it is instead ... one that takes a stag- respected that he advised the Securities ed, saying she “cries herself to sleep every suffered from end-stage renal disease and gering human toll,” Chin said. and Exchange Commission on the system. night, knowing all the pain and suffering I sues as well as some of the potential national security is- other chronic medical conditions. The re- The Madoffs also took a severe fi nancial But what the SEC never found out was that have caused.” sues the U.S. faces, given our reliance on Asia,” he said. quest was denied. hit: A judge issued a $171 billion forfeiture behind the scenes, in a separate offi ce kept “That’s something I live with, as well,” The U.S. has only 12% of the world’s semiconductor Madoff admitted swindling thousands of order in June 2009 stripping Madoff of all under lock and key, Madoff was secretly he said. factory capacity, down from 37% in 1990, according to clients out of billions of dollars in invest- his personal property, including real estate, spinning a web of phantom wealth by us- Afterward, Ruth Madoff - often a target the Semiconductor Industry Association. ments over decades. investments, and $80 million in assets his ing cash from new investors to pay returns of victims’ scorn since her husband’s arrest Not surprisingly, the major players in the chip indus- A court-appointed trustee has recovered wife, Ruth, had claimed were hers. The or- to old ones. - broke her silence that same day by issuing try welcomed the opportunity to gain even more support more than $13 billion of an estimated $17.5 der left her with $2.5 million. Authorities say that over the years, at a statement claiming that she, too, had been from the Biden administration to help subsidize the ef- billion that investors put into Madoff’s busi- The scandal also exacted a personal toll least $13 billion was invested with Madoff. misled by her high school sweetheart. forts to expand the supply and distribution of processors ness. At the time of Madoff’s arrest, fake on the family: One of his sons, Mark, killed An old IBM computer cranked out monthly “I am embarrassed and ashamed,” she likely to play an integral role in the economy for decades account statements were telling clients they himself on the second anniversary of his fa- statements showing steady double-digit re- said. “Like everyone else, I feel betrayed to come. had holdings worth $60 billion. ther’s arrest in 2010. And Madoff’s brother, turns, even during market downturns. As of and confused. The man who committed this “We appreciate the White House meeting with indus- For decades, Madoff enjoyed an image Peter, who helped run the business, was sen- late 2008, the statements claimed investor horrible fraud is not the man whom I have try leaders about the importance of ensuring a strong and as a self-made fi nancial guru whose Midas tenced to 10 years in prison in 2012, despite accounts totaled $65 billion. known for all these years.” resilient semiconductor supply chain,” said the semicon- touch defi ed market fl uctuations. A former claims he was in the dark about his brother’s The ugly truth: No securities were ever About a dozen Madoff employees and ductor association, a trade group whose board of direc- chairman of the Nasdaq stock market, he misdeeds. bought or sold. Madoff’s chief fi nancial of- associates were charged in the federal case. tors includes three CEOs who participated in Monday’s attracted a devoted legion of investment Madoff’s other son, Andrew, died from can- fi cer, Frank DiPascali, said in a guilty plea Five went on trial in late 2013 and watched discussions. clients - from Florida retirees to celebrities cer at age 48. Ruth is still living. in 2009 that the statements detailing trades DiPascali take the witness stand as the gov- The association’s other members include three major such as famed fi lm director Steven Spiel- Madoff was sent to do what amounted were “all fake.” ernment’s star witness. (AP) chip players outside the U.S., Samsung, Taiwan Semi- berg, actor Kevin Bacon and Hall of Fame to a life sentence at Butner Federal Cor- His clients, many Jews like Madoff and DiPascali recounted for jurors how just conductor Manufacturing Co. and NXP, who sent execu- pitcher Sandy Koufax. rectional Complex, about 45 miles north- Jewish charities, said they didn’t know. before the scheme was exposed, Madoff tives to the meeting. But his investment advisory business was west of Raleigh, N.C. A federal prison Among them was Nobel Peace Prize win- called him into his offi ce. Intel CEO Pat Gelsinger warned a future shortage of exposed in 2008 as a multibillion-dollar website listed his probable release date as ner and Holocaust survivor Elie Wiesel, “He’d been staring out the window the all chips “could have a devastating economic impact, or Ponzi scheme that wiped out people’s for- Nov. 11, 2139. who recalled meeting Madoff years ear- day,” DiPascali testifi ed. “He turned to me tunes and ruined charities and foundations. Madoff was born in 1938 in a lower-mid- lier at a dinner where they talked about and he said, crying, ‘I’m at the end of my worse, compromise our national defense.” He became so hated he had to wear a bul- dle-class Jewish neighborhood in Queens. history, education and Jewish philosophy rope. … Don’t you get it? The whole god- The trade group representing Ford, General Motors letproof vest to court. In the fi nancial world, the story of his rise - not money. damn thing is a fraud.’” and Stellantis thanked the administration for pressing Madoff pleaded guilty in March 2009 to to prominence - how he left for Wall Street Madoff “made a very good impression,” In the end, that fraud brought fresh mean- chip makers to fi ll automakers’ orders. “It is imperative securities fraud and other charges, saying he with Peter in 1960 with a few thousand dol- Wiesel said during a 2009 panel discus- ing to “Ponzi scheme,” named after Charles that all efforts are made to ensure our auto industry re- was “deeply sorry and ashamed.” lars saved from working as a lifeguard and sion on the scandal. Wiesel admitted that he Ponzi, who was convicted of mail fraud af- mains indispensable to the U.S. economy and American After several months living under house installing sprinklers - became legend. bought into “a myth that he created around ter bilking thousands of people out of a mere jobs,” Matt Blunt, president of the American Automotive arrest at his $7 million Manhattan penthouse “They were two struggling kids from him that everything was so special, so $10 million between 1919 and 1920. Policy Council, said in a statement. apartment, he was led off to jail in handcuffs Queens. They worked hard,” said Thomas unique, that it had to be secret.” “Charles Ponzi is now a footnote,” said The shortage comes just as the auto industry is ac- to scattered applause from angry investors Morling, who worked closely with the Ma- Like many of his clients, Madoff and his Anthony Sabino, a defense lawyer spe- celerating plans to shift away from internal combus- in the courtroom. doff brothers in the mid-1980s setting up wife enjoyed a lavish lifestyle. They had cializing in white collar criminal defense. tion vehicles, shifting more toward those powered by “He stole from the rich. He stole from the and running computers that made their fi rm a $7 million Manhattan apartment, an $11 “They’re now Madoff schemes.” (AP) batteries.