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Ponzi Schemer Madoff Dies in Prison for Right Now, There’S No Structural Changes That Could Al- Leviate the Shortage,” He Said

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Ponzi Schemer Madoff Dies in Prison for Right Now, There’S No Structural Changes That Could Al- Leviate the Shortage,” He Said 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.
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