This won’t be the financial reckoning we expected

Ruben Onsu

The next financial reckoning is coming, but it is adeptly camouflaging itself. A quarter-century of warnings about the catastrophic consequences of government overspending have lulled us into a sense of false security since the predicted collapse of the U.S. economy has not arrived. The stock market climbs, and post-COVID-19 predictions suggest even better economic results over the next several quarters. As a result, Democrats and Republicans have become comfortable clinging to a spend-what-you-want modern monetary theory that has all but obliterated sound fiscal policy. We foolishly believe that we have found the Holy Grail of economics.

What we have

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JPMorgan draws public ire for financing a breakaway European soccer league.

Ruben Onsu

JPMorgan was a trending topic on Twitter, and the chatter wasn’t complimentary — though much of it wasn’t serious either.

“JP Morgan will regret setting up a #SuperLeague with my entire life savings,” one soccer fan wrote on Twitter. “Account is now closed and this £32.25 is going elsewhere!”

A theme of the ire from fans in Britain, in particular, was that the move represented another step in the foreign takeover of the game, especially by American interests. The Wall Street bank will lend to clubs controlled by American owners, like Arsenal, Liverpool and Manchester United — three of

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Here are the top colleges with the most generous financial aid packages

Ruben Onsu

The coronavirus crisis has put college affordability into focus like never before.

This year, because of the pandemic, the price of higher education is an even bigger consideration among students and parents. However, at the same time, the cost a four-year college or university has never been higher.

Tuition and fees, alone, reached $10,560 for in-state students at four-year public colleges in the 2020-21 academic year, and $37,650 for students at four-year private institutions, according to the College Board, which tracks trends in college pricing and student aid.

More from Personal Finance:
College can cost as much as $70,000

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Brexit Led Over 440 Finance Firms to Shift Some Business to EU

Ruben Onsu

Sign up for our Beyond Brexit weekly newsletter, follow us @Brexit and subscribe to our podcast.

The U.K.’s departure from the European Union pushed more than 440 financial firms to move at least some of their operations, staff, assets or legal entities from Britain to the bloc.

That includes 126 asset management firms, 81 banks and 65 insurers, according to a report published Friday by New Financial, a London-based think tank.

Sector Shifts

More than 440 finance firms have shifted business from the U.K. on Brexit

Source: New Financial, April 2021

The moves have so far resulted in about 7,400

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Tim Eyman ordered to reimburse taxpayers $2.9 million for campaign finance lawsuit costs

Ruben Onsu

The amount is in addition to the $2.6 million penalty he must pay as a result of a 2017 lawsuit that accused him of soliciting kickbacks and laundering donations.

OLYMPIA, Wash. — Editor’s note: Video aired Feb. 2021

Initiative sponsor Tim Eyman will have to pay nearly $2.9 million to reimburse Washington taxpayers for costs and fees related to the campaign finance lawsuit brought against him by Attorney General Bob Ferguson.

The amount is in addition to the $2.6 million penalty Eyman was ordered to pay in February as a result of the 2017 lawsuit by Ferguson’s office that accused

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Morgan Stanley reveals $911 million Archegos loss as profit jumps

Ruben Onsu

Morgan Stanley (MS.N) lost nearly $1 billion from the collapse of family office Archegos Capital Management, the bank said on Friday, muddying its 150% jump in first-quarter profit that was powered by a boom in trading and deal-making.

Morgan Stanley was one of several banks that had exposure to Archegos, which defaulted on margin calls late last month and triggered a fire sale of stocks across Wall Street.

Morgan Stanley lost $644 million by selling stocks it held related to Archegos’ positions, and another $267 million trying to “derisk” them, Morgan Stanley Chief Executive James Gorman said on a call

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