CME Earnings Surge on Volatility, Increased Trading
The Chicago firm, which hosts trading of commodity futures and other derivatives on the Chicago Mercantile Exchange and elsewhere, on Wednesday posted earnings of $1.03 billion, or $2.81 a share, up from $872.1 million, or $2.42 a share, a year earlier.
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Fast Company
a minute ago
- Fast Company
‘Customer satisfaction at the end of the day': TikTok users push Costco's return policy to the limit with wild refunds
Costco is well-known for its no-questions-asked return policy. Now some shoppers are taking it upon themselves to test the limits of that policy. 'Returning my slime stained carpet to Costco,' one TikTok user posted earlier this month. Costco offers customers an unlimited grace period to return most purchases for a full refund, earning the wholesaler a top-six spot among stores with exceptional return policies, according to a 2023 ranking by U.S. News and World Report. While the customer received a full refund for the ruined rug, the comments section on the TikTok video was divided. 'That's embarrassing for you,' one person wrote. 'This just seems wrong,' another added. For others, it's simply about getting their money's worth. 'I could be mad but in this economy . . . hell yeah,' one comment read. Even Costco employees chimed in. 'Our upper management has said Costco makes way too much money. [T]hey would rather take the hit than lose a member,' one wrote. 'Customer satisfaction at the end of the day.' What if the rug is in perfect condition but you just don't like it anymore? No problem. Another TikTok user returned a rug bought over a year ago because it no longer matched their aesthetic—and received a full refund. Costco's return policy is not only open-ended in terms of time frame, but it also doesn't clearly define the condition items must be in upon their return to the store. One person returned a broken couch four years after buying it. Another brought back a half-eaten chicken bake. Both were refunded in full. 'This is why we can't have nice things,' one person commented. This isn't the first time customers have pushed the policy's boundaries. One notable return made headlines in 2018 when a woman brought back her dried-up Christmas tree in January. Extreme as it may seem, the policy supports Costco's membership model. 'Kudos for Costco,' the couch-returner said at the end of his video. 'You've got me as a client for life now.' Research shows that restrictive return policies can cost retailers business, whereas positive return experiences often lead to more purchases. Still, that doesn't mean the customer is always right. Of the $685 billion in U.S. retail merchandise returned in 2024, $103 billion was attributed to return/claims fraud or abuse, according to a 2024 report from Appriss Retail and Deloitte.
Fox News
2 minutes ago
- Fox News
Could Senator Adam Schiff really go to jail over alleged mortgage fraud?
Federal Housing Finance Agency (FHFA) Director William Pulte sent a criminal referral to Attorney General Pam Bondi in May alleging that California Democrat Sen. Adam Schiff "has, in multiple instances, falsified bank documents and property records to acquire more favorable loan terms, impacting payments from 2003-2019 for a Potomac, Maryland-based property." What is the gist of the complaint? That Schiff, while representing a California district in the House of Representatives, falsely listed his posh Maryland home as his primary residence in order to get more favorable loan terms when, in truth and in fact, his California condo, which he designated as his primary residence in order to qualify for a California homeowner's tax exemption, was his real primary residence. Even worse, according to the referral, Schiff claimed his Burbank condo as his primary/principal residence in California tax filings during the same years he listed his Maryland home as his primary/principal residence on loan applications to finance that home. Schiff's response to the criminal referral and to subsequent Truth Social posts by President Donald Trump was one we often see in white collar cases. Per the senator's office, "the lenders who provided the mortgages for both homes were well aware of then-Representative Schiff's Congressional service and of his intended year-round use of both homes, neither of which were vacation homes." That's not much of a denial, senator. The question is whether you lied on these forms or not. Were your answers accurate or not, and if they were inaccurate, were the answers a mistake or intentional? The devil is always in the details in white-collar cases like this. Which representatives of which particular lenders "were well aware" that Schiff intended to use both homes year-round, and why does that matter? The issue is whether Schiff intentionally lied on federal or state forms to gain a financial advantage. If he falsely listed his Maryland home as his primary residence in order to get a lower interest rate, that matters too. (After all, similar alleged falsehoods by Donald Trump were used by New York Attorney General Letitia James to go after Trump in her massive New York state civil action.) Did Schiff lie on California tax forms to gain an exemption he was not entitled to, and, if so, does it implicate any federal criminal statutes? This is what inquiring minds want to know, and we just don't have enough information at this stage to know all the answers. Based on what we do know, how likely is it that Schiff will be indicted for violating one of several federal bank fraud statutes that potentially cover his conduct? Not very likely. Here are several reasons why: The devil is always in the details in white-collar cases like this. Which representatives of which particular lenders "were well aware" that Schiff intended to use both homes year-round, and why does that matter? This leaves open the possibility of a state of California prosecution for filing false tax returns. Would you care to place any bets on that happening? The bottom line is this: Schiff's alleged conduct may be sleazy and his explanation shifty, but a criminal charge at the federal or state level does not seem to be in the offing.
Fox News
2 minutes ago
- Fox News
New film company founded by tech industry veterans wants to make Hollywood pro-American again
A new film company with ties to the tech and defense world is on a mission to reignite patriotism in Hollywood. The backers of the new project, called Founders Films, believe there's a growing appetite among audiences for bold stories that inspire and celebrate the American spirit. But they say that content has become increasingly rare in mainstream entertainment. "Movies have become more ideological, more cautious, and less entertaining," the company wrote in a pitch to investors, first reported by Semafor. "Large segments of American and international viewers are underserved. Production costs have soared and sales are flagging." The new studio aims to fill that gap by producing a range of content — from historical dramas to big-budget blockbusters — that celebrates American greatness, ingenuity and heroism. The commercial success of films like "Top Gun: Maverick" and "Oppenheimer" and series such as "Yellowstone" show that audiences are hungry for these types of stories, sources close to the project told Fox News Digital. While "unapologetically pro-American," Founders Films stresses that its mission is not partisan. Rather, it wants to make compelling films with a broad appeal. The project is already attracting significant interest from investors and collaborators, the sources said. One project has already been sold to a major studio. The company hopes to produce its own films, collaborate with other production companies and finance the development of other projects that align with its mission. Proposed project ideas include a film dramatizing the evacuation of the World Trade Center on 9/11, a movie about the "botched withdrawal from Afghanistan" and a multi-season spy thriller exposing "China's plans to replace the United States as the dominant global power," according to the Semafor report. Founders Films' leadership team has ties to Palantir, a tech giant which builds defense software solutions for the U.S. military and Allied forces. One of the film company's co-founders is Shyam Sankar, chief technology officer at Palantir. Ryan Podolsky, an early Palantir employee and U.S. Marine veteran, also serves as co-founder and CEO of the film company, while investor Christian Garrett is the third co-founder. Sankar immigrated to the United States as a child after fleeing violence in Nigeria and has often spoken about his gratitude to the United States. In a blog post late last year, he outlined his vision for the new film project, saying Hollywood needs to return to the "American cinematic universe" that shaped his love for America. "I remember growing up as an immigrant kid at the end of the Cold War, watching movies like Red Dawn, Top Gun, Rocky IV, and The Hunt for Red October," he wrote in the December 2024 Substack post. "These movies were the pump-up material of Peak America. They were awesome, and they instilled a healthy aversion to ushanka-wearing commies, for good measures." Sankar called out Hollywood executives for being unwilling to criticize America's adversaries today out of fear doing so would hurt them financially. "America is in the middle of Cold War II against a communist enemy with more people, more money, and more military might than the Soviets ever had," he wrote in the post. "The CCP is playing a more careful game than the Kremlin, but as the Uyghurs, Tibetans, and Taiwanese know, it's no less tyrannical, even genocidal." "What is Hollywood doing to expose this new villain and inspire Americans? When was the last time you saw the CCP presented as a bad guy in a major motion picture, like the USSR? Cold War II is heating up, yet the American Cinematic Universe is AWOL. Worse than that, it's compromised by Chinese influence," he wrote. "Breaking out of our cultural malaise will require the studios to wake up and choose America," his post went on to say. "But it will also require a new crop of artists who are disenchanted with the status quo and who can re-enchant audiences with new, well-told stories."
