Comcast Doubles Down On Buzzfeed With Another $200M Investment

Comcast Doubles Down On Buzzfeed With Another $200M Investment

In its continuing quest to take over the content world, Comcast is once again splashing out with a big investment into journalism and listicle juggernaut BuzzFeed. [More]

Neon Tommy

Kobe Bryant Launching $100M Venture-Capital Fund With Investor Pal

Newly retired NBA player Kobe Bryant is moving from scoring baskets to scoring deals with his new career title: venture capitalist. [More]

Mike Mozart

Winner Of The Jet Signup Contest Spent $18K On Ads, Prize Now Worth Millions

Back at the beginning of 2015, before it launched to the public, e-commerce site Jet used a contest to encourage people to refer others to the site. The winner was a Pennsylvania man who spent $18,000 on online ads, recruiting new Jet users through sites like Facebook and Swagbucks. He received 100,000 shares in the company, which he couldn’t cash in until the company went public or were sold. Today, the company announced that Walmart acquired it for $3.3 billion. [More]

Groupon Still Exists, Gets $250M Investment From Comcast

Groupon Still Exists, Gets $250M Investment From Comcast

Last fall, things didn’t look good for Groupon — the deal site that three of your friends wouldn’t shut up about in 2011. Its stock price had sunk to a new low as it fired more than 1,000 employees and closed operations in six countries and Puerto Rico. But the company got some good news today in the form of a $250 million investment/partnership with Comcast. [More]

JPMorgan Chase To Pay $367 Million For Secretly Steering Clients To Investments That Benefited Bank

JPMorgan Chase To Pay $367 Million For Secretly Steering Clients To Investments That Benefited Bank

When you pay a bank’s investment adviser to help you put your money in a smart place, you would hope that they would steer you to a product that best serves your interest. You’d also hope that if an investment product benefited the bank, this information would be clearly disclosed. But that’s not always the case, which is why JPMorgan Chase has to pay penalties totaling $367 million. [More]

Citi To Return Additional $4.5M In Overcharged Fees To 15,000 Investment Account Holders

Citi To Return Additional $4.5M In Overcharged Fees To 15,000 Investment Account Holders

Last October, Citigroup agreed to return a total of $16 million to nearly 30,000 customers after an investigation by the state of New York found the company overcharged some customers advisory fees on their investment accounts. While that redress seems pretty hefty, it wasn’t enough, with the financial institution now agreeing to pay an additional $4.5 million to another 15,000 account holders. [More]

Buying Out Life Insurance Policies Is A Bad Investment When People Keep Living

Buying Out Life Insurance Policies Is A Bad Investment When People Keep Living

Earlier this year, a company called Life Partners declared bankruptcy. They had a pretty simple business model: they brought together investors and dying people in need of cash. The investors put up some money and paid the life insurance premiums, collecting the insurance payout when the person eventually dies. This business model doesn’t work out for the investor, though, when the insured person lives longer than anticipated. [More]

(Mike Mozart)

NFL Linebacker Files $20M Lawsuit Against Bank Of America For Alleged Fraud

When looking to manage one’s money, it wouldn’t be unusual to seek advice from the financial professionals at one of the country’s largest banks. But an NFL linebacker says his decision to rely on Bank of America to manage his finances cost him millions of dollars and led to the closing of his budding restaurant business. [More]

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Morgan Stanley To Pay $2.6B To Settle Charges Of Selling Troubled Mortgages Leading Up To The Financial Crisis

The Department of Justice has struck a multi-billion dollar deal with Morgan Stanley in what is expected to be one of the last major steps in resolving investigations related to banks’ roles in the subprime mortgage crisis. [More]

(Ryan)

Proposed Rules Target Fees Collected By Retirement Financial Advisers, Brokers

When visiting a financial adviser for consultation about retirement savings one might assume those counselors have their best interests in mind. Unfortunately, that’s not always the case. To better ensure consultants are working for consumers and not for fees, the Labor Department will propose new rules to increase standards for brokers who recommend investments for retirement accounts. [More]

(Misfit Photographer)

Bill Would Allow 529 College Savings Plan Investors To Change Investments Twice A Year

With less disposable income and difficulty meeting the ever rising cost of tuition, parents often have a tough time saving for their child’s future education. A law poised to make its way though Congress aims to give parents using certain college savings plans more flexibility in their investments. [More]

SEC Fines Brokerage Firm $2M For Improper Use Of Customer Data

SEC Fines Brokerage Firm $2M For Improper Use Of Customer Data

When a company breaks its promise of securing your personal information, that’s a problem. When the company does so for three years and used consumer trading data for its own benefit, that elicits a hefty fine from U.S. regulators. [More]

Portland Will No Longer Invest In Walmart

Portland Will No Longer Invest In Walmart

In its continuing quest to become a caricature of outsiders’ clichés , the city of Portland, Oregon has decided to stop investing in Walmart. Wait, Portland invests in Walmart? Yes, just under 3% of the city’s portfolio consists of Walmart bonds, the last of which will mature in 2016. The city’s total Walmart holdings were $36 million. [More]

Your College Education Might Be A Better Investment For Goldman Sachs Than It Is For You

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Americans have always viewed a college education as an investment in a student’s future, but there’s another sort of investment going on behind-the-scenes, and it’s nearly risk free. With access to a revolving door of prospective students and a continuous supply of federal aid, some colleges are turning hopes and dreams into big returns for Goldman Sachs and other investors. [More]

Mastermind Of Scheme To Profit From Strangers’ Deaths Gets 6-Year Prison Sentence

Mastermind Of Scheme To Profit From Strangers’ Deaths Gets 6-Year Prison Sentence

Should it be morally wrong to profit from the death of a stranger? What about criminally wrong? What if they’re terminally ill? What if you give them money in order to use their death to reap a profit? These were the core questions in the trial of Joseph Caramadre, who has been sentenced to six years in federal prison more than a year after pleading guilty in the scheme.  [More]

Ask Tax Dad: Amending My Taxes, Social Security Disability, And Buried In Online Brokerage Paperwork

Ask Tax Dad: Amending My Taxes, Social Security Disability, And Buried In Online Brokerage Paperwork

Usually, our staff Certified Tax Cat handles readers’ questions about taxes, but he found a particularly good sunbeam and called in for a personal day. Filling in for him is Laura’s dad, a retired accountant and real live independent tax preparer. Exclusively on Consumerist this spring, Tax Dad answers your questions. [More]

(RockaWolf)

Why Do We Do The Whole Diamond Engagement Ring Thing, Anyway?

It’s sparkly, it’s clear or it’s colored, it’s cut in more ways than one person could dream up, it sits on your finger like a golf ball or a just-the-right-size bauble, it’s a girl’s best friend — twinkling alongside many a wedding proposal has been a diamond. And a lot of the time, these chunks of bling cost a pretty penny. So why do we do have this shiny ritual? (And someone please explain how a diamond can be a best friend? It can’t even talk.)

[More]

(frankieleon)

Lawyer Insists He’s Innocent Of Death Profiteering And Identity Theft, Wants New Trial

Hey, remember the Rhode Island lawyer who was charged with wire fraud and identity theft for using strangers’ deaths as an investment vehicle? As his sentencing date approaches, he’s filed papers to rescind his guilty plea and request a new trial. His guilty plea came with a maximum sentence of ten years in prison, but he maintains his innocence. [More]