Behind the great story of Jeremiah Hamilton lies tens of thousands of words of newsprint specifically about him, as well as over 50 court cases that have Hamilton listed as either plaintiff or defendant. His story goes to show the limits and possibilities the black community has in one of the nation’s largest cities.
In the middle of the 19th century, Hamilton was a broker. He found success in the same place that ran New York at that time, Wall Street. Hamilton wasn’t just a broker trying to get by, either. He was adept to the trade and was viewed as a “skilled and innovative financial manipulator,” according to the New York Times.
However, no statue has ever been put up honoring Hamilton and in fact, that will probably never exist. This is mainly due to the fact that Hamilton wasn’t necessarily a saint. He was ruthless and aggressive with his business endeavors. On the other hand, you can’t exactly blame him. Being a successful black man in those days took courage and a lot of hardball. And hardball is exactly what was brought to Hamilton.
Billionaires give traditional real estate investors a run for their money, claiming an increasing number of trophy properties in the world’s biggest cities.
Superyachts, Swiss bank accounts and prized art have always been high on the luxury shopping lists of billionaires, but property has emerged as the asset of choice since the Global Financial Crisis (GFC).
We’re not talking a pied-à-terre in The Hamptons or a chalet in the Swiss Alps; instead, ultra high net worth (UHNW) individuals are investing in “trophy” commercial properties.
Once upon a time in Silicon Valley, a billion dollars was a big deal. These days, companies can catch multi-billion-dollar valuations on the fly. Take, for instance, the big numbers bandied about this week. Investors are waving term sheets at Snapchat for $500 million in financing under the assumption that the app is worth $19 billion. Pinterest is also in the process of raising $500 million, but at a more modest $11 billion valuation. “Facing overwhelming demand” from investors, Uber agreed to accept an additional billion dollars in financing, just a few weeks after the e-hailing app closed a $1.2 billion funding round that valued the company at $40 billion.
Fortune and The Wall Street Journal have both illustrated the growing number of startups that investors think are worth $1 billion. (Companies that have crossed that threshold are called “unicorns.” It’s a term used mainly by insiders, but it helps illustrate this age of magical thinking.) To put the recent fervor in perspective, it also helps to see how rapidly these multi-billion-dollar valuations have multiplied…
From higher costs for landlords of Swiss ski chalets to increased deposit rates on Swiss bank accounts, the world’s ultra high net worth (UHNW) individuals will be hit in many ways by the decoupling of the Swiss franc.
An estimated US$2.8 trillion of private wealth is stored in the vaults of Switzerland. The combined wealth of Swiss UHNW individuals totals US$790 billion, according to the Wealth-X and UBS World Ultra Wealth Report 2014, and as much as US$2 trillion of wealth is held in Switzerland by foreign UHNW individuals.
The Swiss franc has for long been considered the ultimate safe haven for global ultra wealthy investors, but earlier this month, the Swiss Central Bank turned that belief on its head. In a surprise move, it abandoned its currency peg to the Euro, causing a record 30 percent surge in the franc and wiped around 9 percent off the value of the Zurich stock market.
2014 was a rough year to be a Russian oil tycoon, but a pretty awesome year to be leading a Chinese ecommerce platform. Jack Ma saw his net worth increase by $18.5 billion in 2014 as the company he founded, Chinese ecommerce giant Alibaba, became the biggest IPO in U.S. history . Meanwhile, Leonid Mikhelson, a Russian energy tycoon, saw more than a third of his wealth evaporate this year at the hand of plummeting global energy prices, a tumbling rubel and geopolitical tensions. That’s according to a ranking compiled and released by Wealth-X, a Singapore-based firm that compiles research on the ultra-wealthy.
Small- and medium-sized businesses in Detroit and Southeast Michigan are getting some financial help to stay competitive, and it’s not coming from a bank. The financing comes in the form of below bank rate loans of $100,000 to $25 million from the Michigan Minority Supplier Development Council.
Nearly 30 years since his debut album Radio, entertainer LL Cool J remains one of the most consistently successful multi-hyphenates in the industry. In 2009, he joined the cast of the CBS drama NCIS: Los Angeles, which is now in its fifth season. The show also runs in syndication on the USA Network, which provides the star with another substantial source of income.
Saudi Arabian retailer Fawaz Abdulaziz Alhokair Company, chaired by billionaire Fawaz Abdulaziz Fahad Alhokair, plans to raise as much as US$2 billion from an initial public offering of its Arabian Centres malls unit, according to Bloomberg.
DETROIT – A judge on Friday approved Detroit’s plan to get out of bankruptcy, ending the largest public filing in U.S. history and launching the city into a turnaround that will require discipline after years of corruption, budget-busting debt and an exodus of residents.
Detroit is cutting the pensions of general retirees by 4.5 percent, erasing $7 billion of debt and promising to spend $1.7 billion to demolish scores of dead buildings, improve public safety and upgrade basic services, among other key steps.
(Reuters) – Charles Schwab Corp confirmed on Monday that it will introduce free automated investment plans picked by computer algorithms in the first quarter of 2015.
The program, to be marketed as Schwab Intelligent Portfolios to retail investors and independent investment advisers, will create portfolios of exchange-traded funds managed by Schwab and other providers. In foregoing management and transaction fees, Schwab intends to be “disruptive” to competitors, company officials said in a conference call. Most automated investment programs charge about 0.25 percent of the money that clients invest. Traditional brokerage firms, including Schwab and competitors such as Bank of America’s Merrill Lynch and Morgan Stanley, typically charge 1 percent or more of clients’ invested assets in advisory programs.Clients can open robo-accounts with a minimum of $5,000. Investments are allocated by computer algorithm to some 20 asset classes ranging from U.S. stocks and bonds to commodities and emerging markets securities.