Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college

“If you’re in that realm, you’re going to have problems in the long-run.” It’s a smart way to avoid taking on more debt than graduates will be able to handle paying back in the future. But Michael Horn, economist and co-founder of the Clayton Christensen Institute, tells CNBC Make It that there’s a simple way students can predict roughly how much they can afford to borrow for college. “If you’re taking out $80,000 in debt to go to law school for example, and you’re going to a top law school, tha


“If you’re in that realm, you’re going to have problems in the long-run.” It’s a smart way to avoid taking on more debt than graduates will be able to handle paying back in the future. But Michael Horn, economist and co-founder of the Clayton Christensen Institute, tells CNBC Make It that there’s a simple way students can predict roughly how much they can afford to borrow for college. “If you’re taking out $80,000 in debt to go to law school for example, and you’re going to a top law school, tha
Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: abigail hess
Keywords: news, cnbc, companies, taking, institute, work, equation, students, clayton, school, student, christensen, college, borrow, youre, going, cofounder, schools, reveals, debt


Clayton Christensen Institute co-founder: This equation reveals how much you should borrow for college

“You really want to be mindful that you’re not crossing that threshold of payments that are just going to crush your income because they’re taking up, say, 20, 30% of your monthly paycheck,” he says. “If you’re in that realm, you’re going to have problems in the long-run.”

It’s a smart way to avoid taking on more debt than graduates will be able to handle paying back in the future.

“As students look at the equation for how much they should borrow when they go to college, they ought to be thinking of the total debt that they take on as not being more than 10 to 15% of what their earnings are going to be when they leave college,” says Horn.

But Michael Horn, economist and co-founder of the Clayton Christensen Institute, tells CNBC Make It that there’s a simple way students can predict roughly how much they can afford to borrow for college.

The cost of attending college today is a daunting prospect. According to the College Board’s 2018 Trends in College Pricing Report , from 1988 to 2018, sticker prices tripled at public four-year schools and doubled at public two-year and private non-profit four-year schools, and many students use some kind of student loan to finance their degrees.

Students should think about what they want to study, research how much graduates at a given school in that major make, and not take on more than 10 to 15% of that amount in debt.

For example, according to PayScale, the average salary for an individual with a Bachelor of Engineering degree from New York University is about $91,296 per year. That means a student could plan to take on up to $13,694 (roughly 15% of their projected future salary) in loans to finance this degree.

However, the average salary for a worker with a Bachelor of Social Work degree from New York University is about $50,008 per year, so based on Horn’s recommendation, students should only take on about $7,501 in loans. Additionally, many social work opportunities require students to earn additional accreditation such as a master’s degree, and students should consider these costs as well.

Of course, this math is dependent on a student having a clear understanding of what they plan to pursue after college, something that can be challenging for many young people. Other factors students need to consider include a school’s reputation for graduating successful alumni, as well as its rate of on-time graduations.

“If you’re taking out $80,000 in debt to go to law school for example, and you’re going to a top law school, that’s probably a reasonable investment,” says Horn. “If you’re going to a bottom-third law school, a question you ought to be asking yourself is, ‘Is this worth it?’

“The most crippling debt is when you don’t complete. If [students] don’t complete, it can be crippling because they’re not going to have the wage bump from getting that college credential and so you’re going to be earning roughly as much as someone with a high school diploma is, but you have taken out $10,000 in debt.”

Horn emphasizes that debt totals have a significant impact on the financial lives of borrowers.

“Paying not just the debt back but also the interest on top of it, that can be really punishing to make the books work as you’re trying to think through raising a family, owning a home maybe in the future and other life decisions.”

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Company: cnbc, Activity: cnbc, Date: 2019-07-10  Authors: abigail hess
Keywords: news, cnbc, companies, taking, institute, work, equation, students, clayton, school, student, christensen, college, borrow, youre, going, cofounder, schools, reveals, debt


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Robocalls are not only annoying — there’s an entire dirty industry behind them, FTC reveals

The actions are important because they draw the connection between robocalls, which may seem like mere annoyances, to the fraudulent organizations or illegal mass-calling schemes behind them. A ‘franchise-like’ opportunityIn some cases, robocalls proliferate through programs that resemble multilevel marketing schemes, where business founders push robocall packages on “members” to spur quick growth. This organization originated tens of millions of calls claiming they were from a generic departmen


The actions are important because they draw the connection between robocalls, which may seem like mere annoyances, to the fraudulent organizations or illegal mass-calling schemes behind them. A ‘franchise-like’ opportunityIn some cases, robocalls proliferate through programs that resemble multilevel marketing schemes, where business founders push robocall packages on “members” to spur quick growth. This organization originated tens of millions of calls claiming they were from a generic departmen
Robocalls are not only annoying — there’s an entire dirty industry behind them, FTC reveals Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: kate fazzini
Keywords: news, cnbc, companies, robocalls, calls, card, industry, credit, dirty, organization, theres, consumers, defendants, organizations, annoying, ftc, case, program, entire, reveals


Robocalls are not only annoying — there's an entire dirty industry behind them, FTC reveals

Joseph Simons, chairman of the Federal Trade Commission (FTC) nominee for U.S. President Donald Trump, speaks during a Senate Commerce, Science and Transportation Committee confirmation hearing in Washington, D.C., U.S., on Wednesday, Feb. 14, 2018. Andrew Harrer | Bloomberg | Getty Images

The Federal Trade Commission announced last week a crackdown on robocallers, giving one of the clearest pictures yet of the people and organizations behind the avalanche of nuisance phone calls to consumers. The actions are important because they draw the connection between robocalls, which may seem like mere annoyances, to the fraudulent organizations or illegal mass-calling schemes behind them. “We have a strong robocalling enforcement program, which is meant to protect wider consumers from abuse and abusive calls,” said Ian Barlow, program coordinator for the FTC’s Do Not Call program. The most recent FTC action drilled down into organizations that tried to push fake products or multilevel marketing schemes, and those that sold real products but marketed them in illegal ways. Here’s what they found out.

A ‘franchise-like’ opportunity

In some cases, robocalls proliferate through programs that resemble multilevel marketing schemes, where business founders push robocall packages on “members” to spur quick growth. In one case, an organization known alternately as “8 Figure Dream Lifestyle, ” “Millionaire Mind” and “Online Entrepreneur Academy” enticed consumers to buy memberships to gain access to a “franchise-like opportunity” to sell the organization’s “proven business model” or “blueprint for success” downstream. Members paid between $2,395 and $22,495 to join, and the business claimed they could earn $5,000 to $10,000 in the first two weeks, followed by similarly large sums. In one case, a founder of the organization bragged of making $6.5 million off the “blueprint,” though it’s unclear how much founders were able to profit. Attorneys for the defendants declined to comment. In addition to the robocall training and operational help the companies allegedly provided members, they also provided the email, texting and social media marketing packages. In another robocalling case, a company called Redwood Scientific sold dissolving oral film strips that were billed to treat everything from smoking to obesity to sexual performance. The calls attempted to auto-enroll victims into subscription plans for the strips. That case was settled, with one defendant agreeing to no longer make deceptive health claims, among other provisions. The defendants neither admitted nor denied the allegations in the complaint as part of the agreement. The FTC also looked at an organization called Life Management Services, which allegedly netted $15.6 million from consumers who thought they were reorganizing their credit card debt through an interest rate reduction service. This organization originated tens of millions of calls claiming they were from a generic department like “bank card services” or a “credit assistance program.” In others, the group said they represented a “licensed enrollment center” for companies such as Visa or Mastercard. Consumers who stayed on the line were told they needed to make up-front payments of between $500 and $5,000 to pay off credit card bills, or even larger sums to enroll in a debt relief program. “In reality, the defendants sometimes made a rudimentary attempt to contact the consumer’s credit card company, but consumers report that defendants were almost never able to obtain the promised rates or savings,” the FTC said. The defendants could not be reached for comment. In 2018, the FTC and the State of Florida won a summary judgment in the case ordering the group’s leader to pay $23 million. Another complaint, against a corporation called First Choice Horizon, outlines how the robocaller “under the guise of confirming consumers’ identities” for an offer of “bogus credit card interest rate reduction services,” further “tricked them into providing their personal financial information, including their social security and credit card numbers,” according to the FTC. The defendants’ attorneys did not return calls requesting comment.

Thousands of calls to a single number


Company: cnbc, Activity: cnbc, Date: 2019-07-05  Authors: kate fazzini
Keywords: news, cnbc, companies, robocalls, calls, card, industry, credit, dirty, organization, theres, consumers, defendants, organizations, annoying, ftc, case, program, entire, reveals


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RBC Capital Markets’ Mark Mahaney reveals which FANG stocks to buy in the second half


RBC Capital Markets’ Mark Mahaney reveals which FANG stocks to buy in the second half Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-07-02
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Bill Gates reveals his ‘greatest mistake’ that potentially cost Microsoft $400 billion

You might assume that as the second richest person in world with a net worth of $107 billion, Bill Gates doesn’t have a lot of regrets. Gates said he blames his own poor “mismanagement,” since he didn’t guide his team to jump on the opportunity. So the greatest mistake ever is whatever mismanagement I engaged in that caused Microsoft not to be what Android is,” he said. Gates added that there is now only room for one “non-Apple” operating system, and that market is worth $400 billion, he said. H


You might assume that as the second richest person in world with a net worth of $107 billion, Bill Gates doesn’t have a lot of regrets. Gates said he blames his own poor “mismanagement,” since he didn’t guide his team to jump on the opportunity. So the greatest mistake ever is whatever mismanagement I engaged in that caused Microsoft not to be what Android is,” he said. Gates added that there is now only room for one “non-Apple” operating system, and that market is worth $400 billion, he said. H
Bill Gates reveals his ‘greatest mistake’ that potentially cost Microsoft $400 billion Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-24  Authors: jade scipioni
Keywords: news, cnbc, companies, gates, apple, bill, mistake, cost, billion, market, google, greatest, android, worth, potentially, 400, reveals, company, microsoft


Bill Gates reveals his 'greatest mistake' that potentially cost Microsoft $400 billion

You might assume that as the second richest person in world with a net worth of $107 billion, Bill Gates doesn’t have a lot of regrets. But there is a big one that still eats away at him, he says.

Gates admitted his “greatest mistake ever” was allowing Google to develop Android — one of Apple’s biggest smartphone competitors — before Microsoft could develop a competing mobile operating system, he told Eventbrite co-founder and CEO Julia Hartz Thursday at a Village Global event.

“That was a natural thing for Microsoft to win,” he said.

Gates said he blames his own poor “mismanagement,” since he didn’t guide his team to jump on the opportunity. He also partially blames Microsoft’s antitrust problems in the early 2000’s for allowing Google to get ahead.

Google moved on mobile shortly after Apple did, when it acquired Android in 2005. Google later released it first Android device in September 2008, a little more than a year after Apple released its first iPhone on June 29, 2007.

“These are winner-takes-all markets. So the greatest mistake ever is whatever mismanagement I engaged in that caused Microsoft not to be what Android is,” he said.

Gates added that there is now only room for one “non-Apple” operating system, and that market is worth $400 billion, he said.

He added that if Microsoft would have “got that one right,” Microsoft would be the top technology company in the game right now.

“We would be the company. But oh well, ” he said.

Despite Gates’ blunder, Microsoft still currently has the highest market cap of the contenders at $1 trillion; Apple currently has a market cap of $918 billion, with Alphabet Inc. (the conglomerate which owns Google since 2015) coming in at $776 billion.

“It’s amazing to me, having made one of the greatest mistakes of all time…our other assets — Windows, Office — are still very strong. So we are a leading company,” he said.

Correction: This story has been revised to correct that Google acquired Android in 2005.

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Don’t miss: Bill Gates: A key to Warren Buffett’s success is ‘something anyone could do’


Company: cnbc, Activity: cnbc, Date: 2019-06-24  Authors: jade scipioni
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Ford reveals horsepower, torque for the new Mustang Shelby GT500, the ‘most powerful street-legal Ford ever’

Cramer: Slack could go on a run when it debuts — stay disciplined”If you can get it below that, great. If not, keep your bat on your shoulder. This is a great story, but we need to stay disciplined,” Jim Cramer says. Technologyread more


Cramer: Slack could go on a run when it debuts — stay disciplined”If you can get it below that, great. If not, keep your bat on your shoulder. This is a great story, but we need to stay disciplined,” Jim Cramer says. Technologyread more
Ford reveals horsepower, torque for the new Mustang Shelby GT500, the ‘most powerful street-legal Ford ever’ Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: jesse pound, mack hogan
Keywords: news, cnbc, companies, ford, run, streetlegal, great, saystechnologyread, horsepower, mustang, gt500, disciplinedif, reveals, torque, shoulder, need, jim, stay, cramer, shelby, slack, powerful


Ford reveals horsepower, torque for the new Mustang Shelby GT500, the 'most powerful street-legal Ford ever'

Cramer: Slack could go on a run when it debuts — stay disciplined

“If you can get it below that, great. If not, keep your bat on your shoulder. This is a great story, but we need to stay disciplined,” Jim Cramer says.

Technology

read more


Company: cnbc, Activity: cnbc, Date: 2019-06-18  Authors: jesse pound, mack hogan
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Former Apple CEO John Sculley reveals the skill that made Steve Jobs a ‘brilliant’ leader

As he’s the co-founder of Apple and the visionary behind some of the world’s leading personal computing innovations, few would question the late Steve Jobs’ expertise. But it was a rather more common interpersonal skill that turned him into a “brilliant” business leader, according to former Apple CEO John Sculley. Rather, it took 12 years and a contentious departure from Apple to hone it. Jobs famously resigned from Apple in 1985, aged 27, following a clash with Sculley (a former ally) and Apple


As he’s the co-founder of Apple and the visionary behind some of the world’s leading personal computing innovations, few would question the late Steve Jobs’ expertise. But it was a rather more common interpersonal skill that turned him into a “brilliant” business leader, according to former Apple CEO John Sculley. Rather, it took 12 years and a contentious departure from Apple to hone it. Jobs famously resigned from Apple in 1985, aged 27, following a clash with Sculley (a former ally) and Apple
Former Apple CEO John Sculley reveals the skill that made Steve Jobs a ‘brilliant’ leader Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-27  Authors: karen gilchrist
Keywords: news, cnbc, companies, worlds, sculley, leader, steve, john, skill, brilliant, took, jobs, 12, turned, apple, visionary, reveals, ceo, ability


Former Apple CEO John Sculley reveals the skill that made Steve Jobs a 'brilliant' leader

As he’s the co-founder of Apple and the visionary behind some of the world’s leading personal computing innovations, few would question the late Steve Jobs’ expertise.

But it was a rather more common interpersonal skill that turned him into a “brilliant” business leader, according to former Apple CEO John Sculley.

That skill? The ability to listen.

Sculley, who served as Apple’s CEO for a decade from 1983 to 1993, told CNBC Make It that ability did not come naturally to Jobs. Rather, it took 12 years and a contentious departure from Apple to hone it.

Jobs famously resigned from Apple in 1985, aged 27, following a clash with Sculley (a former ally) and Apple board members over the strategic direction of the company.

In the 12 years that followed, Jobs founded another computer software company, NeXT, before returning to Apple in 1997.


Company: cnbc, Activity: cnbc, Date: 2019-05-27  Authors: karen gilchrist
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Jim Cramer reveals his top social media stocks

CNBC’s Jim Cramer on Monday ranked the top social media stocks. The social media conglomerate, which also owns Instagram and WhatsApp, has seen its stock surge nearly 40% so far in 2019. “As long as Facebook can maintain its user and engagement numbers, this stock will remain the undisputed king of social media,” Cramer said. Yep, the best-of-breed social media kingpin is also the cheapest of the big social media stocks.” WATCH: Cramer ranks the top social media stocks


CNBC’s Jim Cramer on Monday ranked the top social media stocks. The social media conglomerate, which also owns Instagram and WhatsApp, has seen its stock surge nearly 40% so far in 2019. “As long as Facebook can maintain its user and engagement numbers, this stock will remain the undisputed king of social media,” Cramer said. Yep, the best-of-breed social media kingpin is also the cheapest of the big social media stocks.” WATCH: Cramer ranks the top social media stocks
Jim Cramer reveals his top social media stocks Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: tyler clifford
Keywords: news, cnbc, companies, cramer, social, stocks, jim, engagement, platform, company, media, users, reveals, stock, facebook, user


Jim Cramer reveals his top social media stocks

CNBC’s Jim Cramer on Monday ranked the top social media stocks. “If you want some social media exposure, here’s what you get: You got Facebook … it’s No. 1, ” the “Mad Money” host said. “Twitter is a distant second. Pinterest a close third, and then the inconsistent Snap [is] welcome to the show to tell us why they deserve to be higher in our newfound power rankings. ”

1. Facebook

After laboring through a scandal-laden 2018, Facebook has not lost its dominance. The social media conglomerate, which also owns Instagram and WhatsApp, has seen its stock surge nearly 40% so far in 2019. Facebook delivered two “terrific” quarterly reports in January and April where it showed that daily active users and total advertising impressions are still growing, Cramer noted. The platform is still the best for both digital marketing and targeted advertising, he added. Some have called for the breakup of the company, but the host said he doesn’t want to hear it. “As long as Facebook can maintain its user and engagement numbers, this stock will remain the undisputed king of social media,” Cramer said. “It also happens to represent the best value in the cohort. Yep, the best-of-breed social media kingpin is also the cheapest of the big social media stocks.”

2. Twitter

Twitter’s stock has held relatively consistent in the $30 range for months. Management has been working to turn the business around, cut obscene content from the platform and make it a more enjoyable site, Cramer said. It’s showing in the numbers. Daily users and engagement have improved, and the company has figured out how to monetize content, he said. Total advertising engagements improved 23% over the past year, and cost per engagement decreased 4%, Cramer highlighted. The platform counts 134 million monetizable daily active users, he added. It’s also President Donald Trump’s favorite mode of communication, which is a big boost for Twitter. “Other than Facebook, it’s the only social media play that’s actually profitable,” Cramer said. “At 33-times next year’s earnings, it’s not exactly cheap, but I think it may turn out to be a bargain in retrospect.”

3. Pinterest

Investors learned last week that Pinterest, which went public in April, is further from profitability than previously thought. The company reported greater losses than expected in its first quarterly report as a publicly traded entity. Pinterest grew monthly average users by 22%, average revenue per user by 26% and sales by 54%, Cramer said. While guidance was softer than what analysts had hoped for, leadership is confident in its long-term growth plan. “While the stock isn’t what, again, we call cheap — 9.7-times its 2020 sales — you have my blessing to be a small buyer here and get bigger as the stock goes down, because I think this is going to be a long-term keeper,” Cramer said.

4. Snap

Snap, which owns Snapchat, has struggled since it entered public markets in 2017. Cramer has advised investors not to buy the stock, but he acknowledged that the company is showing signs of life in 2019. The share price has more than doubled in 2019, closing Monday at $11.19. Cramer said the stock fell too steeply in the sell-off that closed out 2018. After reporting a better-than-feared quarter earlier this year, management showed that user engagement has stabilized and monetization has improved significantly. But the stock pulled back following a weaker-than-expected guidance in its earnings report in April. “It seems like these guys have finally gotten their act together,” Cramer said. “They don’t have the best track record, but they can come back.” WATCH: Cramer ranks the top social media stocks


Company: cnbc, Activity: cnbc, Date: 2019-05-20  Authors: tyler clifford
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SoFi CEO reveals what he learned about millennial stock investing habits

Early investors tend to buy stocks that are less than $10, SoFi CEO Anthony Noto said Thursday. “They want to put a small amount of money sort of buying things that don’t cost a lot of dollars.” The millennial generation, made up of people born roughly between the early 1980s and late 1990s, includes many of the early investors. “That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right,” he said. SoFi is a financi


Early investors tend to buy stocks that are less than $10, SoFi CEO Anthony Noto said Thursday. “They want to put a small amount of money sort of buying things that don’t cost a lot of dollars.” The millennial generation, made up of people born roughly between the early 1980s and late 1990s, includes many of the early investors. “That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right,” he said. SoFi is a financi
SoFi CEO reveals what he learned about millennial stock investing habits Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tyler clifford
Keywords: news, cnbc, companies, reveals, things, money, theyre, early, sofi, investing, great, habits, stock, learned, noto, ceo, dont, millennial, financial


SoFi CEO reveals what he learned about millennial stock investing habits

Early investors tend to buy stocks that are less than $10, SoFi CEO Anthony Noto said Thursday.

They’re buying up recognizable names such as Ford Motor and General Electric, two centenarian corporations that are trading on the market for just above $10 per share.

“It’s a representation that they don’t want to put a lot of money at risk,” Noto said in an interview with “Mad Money’s” Jim Cramer. “They want to put a small amount of money sort of buying things that don’t cost a lot of dollars.”

The millennial generation, made up of people born roughly between the early 1980s and late 1990s, includes many of the early investors. They’re also likely to pick up on some of the hottest IPOs that they’re using, such as Uber and Lyft, he added.

“They’re focused on investing in things that they’re contributing to and things that they know, like these gig economy companies, but they’re also investing in things that they basically don’t use but are at a price point that allows them to get into the market and learn,” Noto said. “So we launched two ETFs that give them broad-based diversification.”

SoFi in recent months rolled out a suite of their own exchange-traded funds, which is a basket of underlying assets that trade throughout a session. Those include the SoFi Gig Economy ETF, tracking stocks of gig-oriented companies, on the Nasdaq Composite and the SoFi 50 ETF, tracking 50 of the top 1,000 high-growth U.S. companies, on the New York Stock Exchange.

Prior to those launches, SoFi also released an investing platform free of fees and commissions. SoFi Invest also carries all four of the financial technology firm’s ETFs. The mobile application uses artificial intelligence and machine learning, and also offers users financial education.

“You can get that diversification at a low allocation of money. It was an interesting learning,” Noto said. “It’s an imperative you invest in your twenties. If you miss those 10 years, that decade, you really have to catch up later on.”

To have a diversified portfolio, Cramer advises not to have more than 20% of your holdings in any one sector.

SoFi, the online lender that ranks No. 26 on this year’s CNBC Disruptor 50 list, launched in 2011 to refinance student loans.

More from CNBC Disruptor 50:

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Since then the company has added more services that a traditional bank would have, including checking accounts, mortgages and renter’s insurance. As the ride-sharing apps did to ride-hailing services, it’s a technology that’s changing how customers engage in banking.

In the last 15 months, SoFi has made “great progress” and recorded its first “trifecta” in its last quarter, Noto said. The company grew revenue, loan volume and profitability, he said.

“That enabled us to launch these new products, like SoFi Money and give a great interest rate at 2.25% and help people get their money right,” he said. “We’ve meaningfully changed the core business of the company.”

As for when the company may enter public markets itself, “we’re focused on building great products first and someday that may come,” Noto said.

SoFi is a financial institution based in San Francisco with $1.9 billion in funding and a $4.4 billion valuation, according to PitchBook.


Company: cnbc, Activity: cnbc, Date: 2019-05-16  Authors: tyler clifford
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Audio recording reveals Boeing resisted angry calls from pilots for 737 Max fix in November

Pilots asked Boeing at a private meeting in November to take emergency action that would have likely grounded the Max, but Boeing officials resisted, according to an audio recording of the meeting reviewed by the Dallas Morning News and New York Times. The meeting attendees included Mike Sinnett, a Boeing vice president; Craig Bomben, a top Boeing test pilot; and senior lobbyist John Moloney, the Times reported. The pilots said they were not aware of the Max’s anti-stall software system, known a


Pilots asked Boeing at a private meeting in November to take emergency action that would have likely grounded the Max, but Boeing officials resisted, according to an audio recording of the meeting reviewed by the Dallas Morning News and New York Times. The meeting attendees included Mike Sinnett, a Boeing vice president; Craig Bomben, a top Boeing test pilot; and senior lobbyist John Moloney, the Times reported. The pilots said they were not aware of the Max’s anti-stall software system, known a
Audio recording reveals Boeing resisted angry calls from pilots for 737 Max fix in November Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: emma newburger
Keywords: news, cnbc, companies, going, software, morning, crash, recording, audio, max, reveals, calls, know, resisted, pilots, meeting, fix, system, boeing, angry


Audio recording reveals Boeing resisted angry calls from pilots for 737 Max fix in November

Weeks after the first fatal crash of Boeing’s popular 737 Max aircraft in October, American Airlines pilots angrily pushed company officials to fix the anti-stall software that has now been implicated in two deadly Max crashes, the Dallas Morning News reported.

Pilots asked Boeing at a private meeting in November to take emergency action that would have likely grounded the Max, but Boeing officials resisted, according to an audio recording of the meeting reviewed by the Dallas Morning News and New York Times.

The meeting attendees included Mike Sinnett, a Boeing vice president; Craig Bomben, a top Boeing test pilot; and senior lobbyist John Moloney, the Times reported.

Sinnett reportedly told the pilots at the meeting that the company was working on a software fix that would be ready in as little as six weeks, and it would not rush the process, according to the Times. He also said it was unclear whether the new system was to blame in the Lion Air crash, which killed 189 people.

“No one has yet to conclude that the sole cause of this was this function on the airplane,” Sinnett said at the meeting, which took place at the Allied Pilots Association headquarters in Fort Worth, Texas. The group represents American Airlines pilots.

The Dallas Morning News said the union recorded the meeting without Boeing’s knowledge and shared the audio with reporters because it was concerned Boeing wasn’t treating the situation as an emergency at the time.

The pilots said they were not aware of the Max’s anti-stall software system, known as MCAS. And they were angry that the system was not disclosed to them until after the October crash in Indonesia.

“These guys didn’t even know the damn system was on the airplane — nor did anybody else,” American pilot Michael Michaelis said at the meeting.

Michaelis, the union’s head of safety, also said Boeing should push the Federal Aviation Administration to issue an additional emergency airworthiness directive in order to update the software.

“My question to you, as Boeing, is why wouldn’t you say this is the smartest thing to do?” Michaelis asked. “Say we’re going to do everything we can to protect that traveling public in accordance with what our pilots unions are telling us.”

Todd Wissing, another American pilot, was angry the MCAS system was not included in the Max training manual.

“I would think that there would be a priority of putting explanations of things that could kill you,” Wissing told Boeing executives.

Sinnett said the company did not believe that pilots needed to know about the software, since they were already trained on how to behave in emergency scenarios.

“I don’t know that understanding this system would’ve changed the outcome on this. In a million miles, you’re going to maybe fly this airplane, maybe once you’re going to see this, ever,” Sinnett said. “So we try not to overload the crews with information that’s unnecessary so they actually know the information we believe is important.”

Sinnett did acknowledge that Boeing was investigating potential errors in the jet’s design.

“One of the questions will be, is our design assumption wrong?” he said. “We’re going through that whole thought process of, were our assumptions really even valid when we did this?”

Boeing is still working on a software upgrade as the Max remains grounded through the summer. The company has revealed that it knew about the problem linked to sensors in the Max jet the year before the Lion Air crash, but did not issue a fix.

Weeks after a second Max crash in Ethiopia, which killed 157 people, Boeing acknowledged for the first time that bad data feeding into the MCAS system played a role in the crashes.

Read the original report in the Dallas Morning News


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: emma newburger
Keywords: news, cnbc, companies, going, software, morning, crash, recording, audio, max, reveals, calls, know, resisted, pilots, meeting, fix, system, boeing, angry


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Warren Buffett’s Berkshire Hathaway reveals $900 million Amazon stake

Warren Buffett’s Berkshire Hathaway on Wednesday revealed in a government filing the size of its stake in e-commerce giant Amazon. Berkshire’s stake in Amazon was 483,300 shares at the end of the quarter ended March 31, according to a filing at the Securities and Exchange Commission. “Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said at the time. Amazon shares rose 0.1% in after-hours trading following the SEC filing. Berkshire Hathaway’s report also showe


Warren Buffett’s Berkshire Hathaway on Wednesday revealed in a government filing the size of its stake in e-commerce giant Amazon. Berkshire’s stake in Amazon was 483,300 shares at the end of the quarter ended March 31, according to a filing at the Securities and Exchange Commission. “Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said at the time. Amazon shares rose 0.1% in after-hours trading following the SEC filing. Berkshire Hathaway’s report also showe
Warren Buffett’s Berkshire Hathaway reveals $900 million Amazon stake Cached Page below :
Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: thomas franck
Keywords: news, cnbc, companies, stake, position, million, hathaway, berkshire, amazon, shares, warren, buffett, reveals, value, shareholder, 900, buffetts, size, report


Warren Buffett's Berkshire Hathaway reveals $900 million Amazon stake

Warren Buffett’s Berkshire Hathaway on Wednesday revealed in a government filing the size of its stake in e-commerce giant Amazon.

Berkshire’s stake in Amazon was 483,300 shares at the end of the quarter ended March 31, according to a filing at the Securities and Exchange Commission. The value of that stake was $904 million by the closing bell Wednesday.

Despite the sizable headline figure, the position doesn’t put Berkshire near the top of Amazon’s biggest shareholder list. The stake represents about 0.1% of Amazon’s outstanding equity.

Buffett first disclosed the new investment in Amazon to CNBC on May 2, a day before Berkshire’s annual shareholder meeting in Omaha, Nebraska. The size of the position, however, had not previously been reported to the public.

The renowned value investor — though a fan of Amazon and its CEO, Jeff Bezos — also told CNBC earlier this month that he isn’t responsible for Berkshire’s investment.

“One of the fellows in the office that manage money … bought some Amazon, so it will show up in the 13F,” Buffett said on May 2. Buffett was likely referring to one of his two lieutenants, Todd Combs or Ted Weschler, who each manage portfolios of more than $13 billion in equities for Berkshire.

“Yeah, I’ve been a fan, and I’ve been an idiot for not buying” Amazon shares, Buffett said at the time. “But I want you to know it’s no personality changes taking place.”

Amazon shares rose 0.1% in after-hours trading following the SEC filing.

Berkshire Hathaway’s report also showed an 18% increase in its J.P. Morgan Chase stake to 59.5 million shares and a 22% increase to its Red Hat holdings to 5.1 million shares.

— CNBC’s Becky Quick contributed to this report.


Company: cnbc, Activity: cnbc, Date: 2019-05-15  Authors: thomas franck
Keywords: news, cnbc, companies, stake, position, million, hathaway, berkshire, amazon, shares, warren, buffett, reveals, value, shareholder, 900, buffetts, size, report


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