New York farmer in disbelief over Trump tariffs
Nicholas Gilbert, a dairy farmer who operates Adon Farms in upstate New York, experienced tariff sticker shock when a routine shipment of cow feed from Ontario cost him $2,200 more than expected. “I’m not even sure it’s legal! We contracted for the price on delivery,” he told The Atlantic. “If your price of fuel goes up or your truck breaks down, that’s not my problem! That’s what the contract’s for.” Unfortunately for Gilbert, the tariff is very much legal. Like many American business owners, he mistakenly believed that tariffs on imported goods would be paid by the foreign exporter. In reality, the charge was imposed by U.S. Customs and Border Protection and passed directly to him.
Nicholas Gilbert, a dairy farmer who operates Adon Farms in upstate New York, experienced tariff sticker shock when a routine shipment of cow feed from Ontario cost him $2,200 more than expected. “I’m not even sure it’s legal! We contracted for the price on delivery,” he told The Atlantic. “If your price of fuel goes up or your truck breaks down, that’s not my problem! That’s what the contract’s for.” Unfortunately for Gilbert, the tariff is very much legal. Like many American business owners, he mistakenly believed that tariffs on imported goods would be paid by the foreign exporter. In reality, the charge was imposed by U.S. Customs and Border Protection and passed directly to him.
FBI seizes $8.2M tied to 'pig butchering' scam
Most people who use online dating apps are aware of the risks involved. As they swipe left and right, online daters could potentially expose themselves to the dangers of sexual harassment, cyberstalking and romance scams. Dating scams are nothing new, but the methods that scammers use to bilk money from innocent victims continue to evolve. Take “pig butchering,” for example. This particular scam reportedly originated in China and its name refers to how farmers strategically fatten pigs up before they’re slaughtered in order to render more meat from the hogs. With the “pig butchering” scam, criminals attempt to fatten their targets up with romance, making them emotionally vulnerable before conning victims into transferring large amounts of money or investing in cryptocurrency schemes. This scam has quickly become one of the world’s fastest-growing forms of crypto fraud, with scammers taking millions of dollars from innocent victims. But there’s good news to share: the FBI recently seized $8.2 million in cryptocurrency that was reportedly connected to the “pig butchering” scam. And while the bust is noteworthy, the method that authorities used to track down the stolen funds is considered a breakthrough that could lead to more crypto fraud busts in the future.
Most people who use online dating apps are aware of the risks involved. As they swipe left and right, online daters could potentially expose themselves to the dangers of sexual harassment, cyberstalking and romance scams. Dating scams are nothing new, but the methods that scammers use to bilk money from innocent victims continue to evolve. Take “pig butchering,” for example. This particular scam reportedly originated in China and its name refers to how farmers strategically fatten pigs up before they’re slaughtered in order to render more meat from the hogs. With the “pig butchering” scam, criminals attempt to fatten their targets up with romance, making them emotionally vulnerable before conning victims into transferring large amounts of money or investing in cryptocurrency schemes. This scam has quickly become one of the world’s fastest-growing forms of crypto fraud, with scammers taking millions of dollars from innocent victims. But there’s good news to share: the FBI recently seized $8.2 million in cryptocurrency that was reportedly connected to the “pig butchering” scam. And while the bust is noteworthy, the method that authorities used to track down the stolen funds is considered a breakthrough that could lead to more crypto fraud busts in the future.
Arizona Father and Son Accused in Bond Scam
Arizona father and son, Randy and Chad Miller, have reportedly been indicted in an alleged scheme that targeted investors looking to fund a sports complex. The elaborate plot, which resulted in more than $280 million in defrauded funds, involved municipal bonds linked to a large sports complex in the city of Mesa. Federal prosecutors allege the pair deceived investors about prospective interest in the use of Legacy Park (formerly Bell Bank Park). The Millers used forged documents to sell what were essentially worthless bonds, according to prosecutors. The father–son duo now face four major charges, with victims ranging from individuals to organizations, including one that promotes athletes living with disabilities.
Arizona father and son, Randy and Chad Miller, have reportedly been indicted in an alleged scheme that targeted investors looking to fund a sports complex. The elaborate plot, which resulted in more than $280 million in defrauded funds, involved municipal bonds linked to a large sports complex in the city of Mesa. Federal prosecutors allege the pair deceived investors about prospective interest in the use of Legacy Park (formerly Bell Bank Park). The Millers used forged documents to sell what were essentially worthless bonds, according to prosecutors. The father–son duo now face four major charges, with victims ranging from individuals to organizations, including one that promotes athletes living with disabilities.
Yale professor leaves US over political climate
Jason Stanley, a Yale philosophy professor and author of How Fascism Works: The Politics of Us and Them, is leaving the United States to take up a teaching position at the University of Toronto — a decision he said is driven entirely by the political climate under the Trump administration. The federal government is in a funding fight with elite institutions like Yale, Harvard and Columbia as part of its so-called security reforms. While Stanley was critical of Yale’s handling of his academic freedom, he claims Columbia has gone a step further — capitulating to political pressure from the White House by forcing out faculty, tightening protest rules, increasing campus policing and reorganizing departments such as Middle East studies. “It has nothing to do with me.” Stanley told MSNBC. “It has everything to do with my children, and my desire to send a warning to Americans.” Stanley may be uprooting his life with a new job waiting across the border — but for many Americans, the move is far more complicated than booking a one-way ticket.
Jason Stanley, a Yale philosophy professor and author of How Fascism Works: The Politics of Us and Them, is leaving the United States to take up a teaching position at the University of Toronto — a decision he said is driven entirely by the political climate under the Trump administration. The federal government is in a funding fight with elite institutions like Yale, Harvard and Columbia as part of its so-called security reforms. While Stanley was critical of Yale’s handling of his academic freedom, he claims Columbia has gone a step further — capitulating to political pressure from the White House by forcing out faculty, tightening protest rules, increasing campus policing and reorganizing departments such as Middle East studies. “It has nothing to do with me.” Stanley told MSNBC. “It has everything to do with my children, and my desire to send a warning to Americans.” Stanley may be uprooting his life with a new job waiting across the border — but for many Americans, the move is far more complicated than booking a one-way ticket.
Fraudsters use AI and deepfakes to steal jobs
As if the job market wasn’t tough enough, now job seekers must compete with con artists using stolen identities, AI and deepfake techniques to get hired. Even technology companies can fall for the scams. Pindrop Security, a company that helps detect fraud in voice interactions, has encountered such situations firsthand. The company shortlisted a candidate named ‘Ivan’ for a senior engineering position and set up a video interview. But as the CEO Vijay Balasubramaniyan shared with CNBC, something felt off during the video interview. The candidate’s facial expressions didn’t quite match his voice. Turned out Balasubramaniyan’s gut feeling was right. The person on screen was using deepfake technology to conceal his own identity by using someone else’s face. The Pindrop team caught it. But not everyone that’s hiring a worker remotely has the same expertise or technology to root out fraud. “We are no longer able to trust our eyes and ears,” Balasubramaniyan said. “Without technology, you’re worse off than a monkey with a random coin toss.”
As if the job market wasn’t tough enough, now job seekers must compete with con artists using stolen identities, AI and deepfake techniques to get hired. Even technology companies can fall for the scams. Pindrop Security, a company that helps detect fraud in voice interactions, has encountered such situations firsthand. The company shortlisted a candidate named ‘Ivan’ for a senior engineering position and set up a video interview. But as the CEO Vijay Balasubramaniyan shared with CNBC, something felt off during the video interview. The candidate’s facial expressions didn’t quite match his voice. Turned out Balasubramaniyan’s gut feeling was right. The person on screen was using deepfake technology to conceal his own identity by using someone else’s face. The Pindrop team caught it. But not everyone that’s hiring a worker remotely has the same expertise or technology to root out fraud. “We are no longer able to trust our eyes and ears,” Balasubramaniyan said. “Without technology, you’re worse off than a monkey with a random coin toss.”
Only 44% of Americans have a retirement plan
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44 % of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k) Specialist. Thankfully, there are steps you can take to give yourself and your family peace of mind.
Without a well-defined plan for spending in retirement, Americans could be facing unexpected and unnecessary stress. Allianz Life Insurance’s recent study reveals that only 44 % of Americans have a retirement income plan. Allianz’s Vice President of Consumer Insights, Kelly LaVigne, commented “if you don’t know how you will draw from your retirement assets for income, then you aren’t ready to retire.” Having the right retirement strategy for how and when you’ll spend your income is key to reducing the decisions you’ll need to make once you reach retirement age. Unfortunately, without a plan, you risk joining the 31% of Americans who are overspending in retirement, according to a report from retirement magazine 401(k) Specialist. Thankfully, there are steps you can take to give yourself and your family peace of mind.
Why SF tenants were evicted because of an LA fire
The California Department of Transportation (Caltrans) handed eviction notices to several businesses in the San Francisco Dogpatch neighborhood, even though the owners haven’t seem to have done anything wrong. Caltran’s general inspector published a report that outlines concerns about the management practices of leased properties close to highway structures. Leases were reviewed based on new safety policies. Either non-renewal or eviction notices were handed out if the buildings didn't meet the new policy changes. “At my age, if I have to move, it's finished,” Kevin Barry, who claimed he was informed his steel-fabrication business will most likely have to shut down, told CBS News Bay Area reporters.
The California Department of Transportation (Caltrans) handed eviction notices to several businesses in the San Francisco Dogpatch neighborhood, even though the owners haven’t seem to have done anything wrong. Caltran’s general inspector published a report that outlines concerns about the management practices of leased properties close to highway structures. Leases were reviewed based on new safety policies. Either non-renewal or eviction notices were handed out if the buildings didn't meet the new policy changes. “At my age, if I have to move, it's finished,” Kevin Barry, who claimed he was informed his steel-fabrication business will most likely have to shut down, told CBS News Bay Area reporters.
Mortgage rate trends this week
Thirty-year fixed mortgage rates ticked up this week, up from 6.62% last week, to an average of 6.83%. “The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “At this time last year, rates reached 7.1% while purchase application demand was 13% lower than it is today, a clear sign that this year’s spring homebuying season is off to a stronger start.”
Thirty-year fixed mortgage rates ticked up this week, up from 6.62% last week, to an average of 6.83%. “The 30-year fixed-rate mortgage ticked up but remains below the 7% threshold for the thirteenth consecutive week,” said Sam Khater, Freddie Mac’s chief economist. “At this time last year, rates reached 7.1% while purchase application demand was 13% lower than it is today, a clear sign that this year’s spring homebuying season is off to a stronger start.”
Scammer steals $800K from Florida school board
A scammer pretending to be a construction vendor tricked the Citrus County School Board in Inverness, Florida, into sending more than $800,000 to the wrong bank account. The fraud wasn’t discovered until the real vendor called to say they hadn’t received their payment. According to the Citrus County Sheriff’s Office, $846,864.86 was intended for a trusted vendor who was working on a construction project for the school district. However, the money was wired to a fraudster’s account after they sent a fake—but convincing—email that resembled the vendor’s usual messages. “This was an email from someone pretending to be the vendor that looked exactly like what the vendor would’ve sent,” said Dr. Scott Hebert, Superintendent of Schools, in an interview with WFLA.
A scammer pretending to be a construction vendor tricked the Citrus County School Board in Inverness, Florida, into sending more than $800,000 to the wrong bank account. The fraud wasn’t discovered until the real vendor called to say they hadn’t received their payment. According to the Citrus County Sheriff’s Office, $846,864.86 was intended for a trusted vendor who was working on a construction project for the school district. However, the money was wired to a fraudster’s account after they sent a fake—but convincing—email that resembled the vendor’s usual messages. “This was an email from someone pretending to be the vendor that looked exactly like what the vendor would’ve sent,” said Dr. Scott Hebert, Superintendent of Schools, in an interview with WFLA.
Krugman says Trump's actions 'crippling' America
Paul Krugman isn’t one to mince words. The Nobel Prize-winning economist says President Donald Trump’s policies are doing serious damage to the U.S. economy — calling them “crippling” in some cases and a direct threat to what once made America exceptional. In an interview with Bloomberg Talks on April 8, Krugman blasted the Trump administration’s sweeping layoffs at federal health agencies. “The CDC is laying off medical scientists so fast that samples are being left in research with nobody to look after them,” he said. “And since ultimately U.S. technological progress relies a lot on the spillovers from government research, we're actually crippling — [making] America not great again.” Krugman also criticized Trump’s constantly shifting tariffs, arguing that they’ve created a climate of deep uncertainty — and that alone is enough to hurt the economy. “[We’ve] never had a situation where you have no idea where the average tariff rate is going to be a few months from now,” Krugman said. “This creates an impossible environment for business. It’s hard to imagine a worse trade policy than what we’re getting.” Echoing other economists, Krugman believes that tariffs could drive up inflation and drag down growth — but given the unpredictability of Trump’s policy changes, he says the short-term impact could be even worse. “We may very well now think better than even odds that we are going to have a recession this year,” he warned. While Trump insists that “tariffs are about making America rich again and making America great again,” Krugman argues his implementation of them is having the opposite effect. “If you wanted to kill U.S. exceptionalism, this is kind of what you would do,” he said. The U.S. hasn’t entered a recession, but with markets reacting to trade policy shifts, investors may want to prepare. If you’re concerned about what’s next, here are three easy ways to protect your nest egg now.
Paul Krugman isn’t one to mince words. The Nobel Prize-winning economist says President Donald Trump’s policies are doing serious damage to the U.S. economy — calling them “crippling” in some cases and a direct threat to what once made America exceptional. In an interview with Bloomberg Talks on April 8, Krugman blasted the Trump administration’s sweeping layoffs at federal health agencies. “The CDC is laying off medical scientists so fast that samples are being left in research with nobody to look after them,” he said. “And since ultimately U.S. technological progress relies a lot on the spillovers from government research, we're actually crippling — [making] America not great again.” Krugman also criticized Trump’s constantly shifting tariffs, arguing that they’ve created a climate of deep uncertainty — and that alone is enough to hurt the economy. “[We’ve] never had a situation where you have no idea where the average tariff rate is going to be a few months from now,” Krugman said. “This creates an impossible environment for business. It’s hard to imagine a worse trade policy than what we’re getting.” Echoing other economists, Krugman believes that tariffs could drive up inflation and drag down growth — but given the unpredictability of Trump’s policy changes, he says the short-term impact could be even worse. “We may very well now think better than even odds that we are going to have a recession this year,” he warned. While Trump insists that “tariffs are about making America rich again and making America great again,” Krugman argues his implementation of them is having the opposite effect. “If you wanted to kill U.S. exceptionalism, this is kind of what you would do,” he said. The U.S. hasn’t entered a recession, but with markets reacting to trade policy shifts, investors may want to prepare. If you’re concerned about what’s next, here are three easy ways to protect your nest egg now.
Moneywise Digest