Nasdaq drops 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} while Dow gains 195 points, or 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Nasdaq drops 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} while Dow gains 195 points, or 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Stocks were mixed on Tuesday with technology stocks under further pressure, as investors further mulled the market implications of Federal Reserve Jerome Powell’s renomination to lead the central bank.

The S&P 500 ended slightly higher. The Nasdaq lagged as investors further turned away from technology and growth stocks. The Dow — which is heavily weighted in cyclical stocks — gained more than 150 points, or 0.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}, during afternoon trading as energy and financials shares outperformed. 

U.S. West Texas intermediate crude oil futures (CL=F) recovered losses and rose 2{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} after dropping more than 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} earlier in the morning. The move came after the White House announced it would be releasing a total of 50 million barrels of oil from the Strategic Petroleum Reserve (SPR), in tandem with similar moves from China, Japan, India and South Korea and the U.K., to try and ease rising energy prices with additional supply. In a speech on Tuesday, Biden said the reserve releases “will not solve the problem of high gas prices overnight but will make a difference.”

Shares of Zoom Video Communication (ZM) slid even after the company posted better-than-expected quarterly revenue growth and full-year guidance, with usage of the video conferencing company’s software slowing amid the reopening. Companies including Nordstrom (JWN), The Gap (GPS) and Autodesk (ADSK) are set to report quarterly results on Tuesday.

Federal Reserve Chair Jerome Powell’s renomination to the top leadership position at the central bank captured market attention this week, with many investors reacting favorably to the likelihood that the Fed’s previously telegraphed monetary policy framework would remain in place with Powell’s reappointment. That includes expectations for current asset-purchase tapering to take place through the middle of next year, and for at least one interest rate hike to take place before the end of 2022.

“Continuity at a time of such extraordinary uncertainty is certainly welcome news. We have extraordinary uncertainty because we’re pivoting from the phase of the cycle where the Fed had been shoring up the recovery from the pandemic-induced recession, and … it did avoid a meltdown in financial markets,” Diane Swonk, Grant Thornton chief economist, told Yahoo Finance Live. “But now we’ve got very easy financial market conditions and we’re dealing with inflation. And having to pivot to dealing with inflation and tamp it down without derailing the recovery — that’s a very hard thing to pull off. We’ve not seen the Fed actually chase inflation down since the early 1980s.”

President Joe Biden also nominated Fed Governor Lael Brainard – previously viewed as a potential candidate for the Fed Chair position to replace Powell — as Vice Chair of the Board of Governors for the Fed. With these two nominations in place, market participants have turned their attention to who might fill he three vacant and soon-to-be vacant seats on the Fed Board, which includes the key Vice Chair for Supervision role. Biden said in a press statement Monday morning he expected to announce those appointments “beginning in early December.”

“Political decisions like this are competitions between affinity — you like someone in your own party — and convenience — what can you get the Senate to do for you, and will markets receive it well? You have to view the Powell-Brainard picks as part … of a bigger package,” Vincent Reinhart, Dreyfus-Mellon chief economist and macro strategist, told Yahoo Finance Live. “The White House is going to have three new governors to appoint, and presumably that’s going to tilt more progressive. So bottom-line, six months from now, the group of people that Chair Powell has to wrangle to make decisions is going to be more dovish than it is today.”

4:07 p.m. ET: Stocks end mixed as tech rout extends: Nasdaq drops 0.5{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} while Dow gains 195 points, or 0.6{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

Here were the main moves in markets as of 4:07 p.m. ET:

  • S&P 500 (^GSPC): +7.76 (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 4,690.70

  • Dow (^DJI): +194.55 (+0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 35,813.80

  • Nasdaq (^IXIC): -79.62 (-0.50{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 15,775.14

  • Crude (CL=F): +$2.01 (+2.62{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $78.76 a barrel

  • Gold (GC=F): -$15.50 (-0.86{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,790.80 per ounce

  • 10-year Treasury (^TNX): +4.2 bps to yield 1.6670{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

1:55 p.m. ET: Ark Innovation Fund on track for worst 5-day drop since March as tech rout deepens

Cathie Wood’s Ark Innovation Fund (ARKK) was pacing for its worst 5-day performance in eight months, as the fund heavily weighted in growth stocks was hit by this week’s technology stock rout. 

The exchange-traded fund was off by about 12.3{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the last five days through intraday trading on Tuesday. That’s come as some of the fund’s biggest holdings have posted significant declines over that period: Teledoc Health and Zoom Video Communications, comprising a 5.97{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} and 4.95{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} weight in the ETF, respectively, have each dropped more than 24{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. Other holdings including Roku, Square and Twilio have also dropped by double-digit percentages over that period. 

One notable exception has been Tesla, or the largest holding in the ETF. Shares of the electric-vehicle maker have risen 2.4{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} over the last five days through Tuesday afternoon. 

9:49 a.m. ET: U.S. services PMI falls to two-month low, while manufacturing PMI rises to two-month high: IHS Markit

Closely watched indices tracking economic activity in both the U.S. services and manufacturing sectors showed a divergence in early November, with the supply constraints and rising prices dampening growth especially in private service industries. 

IHS Markit’s preliminary November U.S. services purchasing managers’ index (PMI) unexpectedly fell to 57.0 from 58.7 in October, marking the lowest level in two months. Consensus economists had been looking for the index to rise to 59.0, according to Bloomberg data. Readings above the neutral level of 50.0 indicate expansion in a sector.

The firm’s manufacturing PMI, however, rose to a two-month high of 59.1 and matched expectations. The manufacturing PMI had been at 58.4 in October. Taken together with the drop in the services PMI, the composite PMI for November fell to 56.5 from 57.6 in October, in a sign of slowing overall growth. 

“The slowdown underscores how the economy is struggling to cope with ongoing supply constraints,” Chris Williamson, chief business economist for IHS Markit, wrote in a press statement. Although supplier delivery delays eased to the lowest for six months, the lengthening of lead times remains far greater than anything seen prior to the pandemic, restricting output relative to demand and once again causing prices to rise sharply.” 

9:34 a.m. ET: S&P 500, Nasdaq extend declines as tech drop continues

Stocks open mixed on Tuesday, with both the S&P 500 and Nasdaq declining as technology stocks added to Monday’s losses. 

The Dow hovered little changed, with financials and other cyclical stocks rising further following Federal Reserve Chair Jerome Powell’s renomination to keep his role as leader of the central bank. Goldman Sachs, Chevron and JPMorgan Chase outperformed in the 30-stock index, while Microsoft, Salesforce.com and Nike weighed to the downside. 

Treasury yields also gained across the long end of the curve. The benchmark 10-year yield rose more than 2 basis points to drift just below 1.646{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}. 

7:33 a.m. ET Tuesday: Stock futures mostly lower 

Here’s where markets were trading Tuesday morning:

  • S&P 500 futures (ES=F): -1 point (-0.02{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,678.75

  • Dow futures (YM=F): +21 points (+0.06{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,592.00

  • Nasdaq futures (NQ=F): -26.75 points (-0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,355.25

  • Crude (CL=F): -$0.42 (-0.55{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $76.33 a barrel

  • Gold (GC=F): -$9.30 (-0.51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to $1,797.00 per ounce

  • 10-year Treasury (^TNX): +2.6 bps to yield 1.651{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}

6:06 p.m. ET Monday: Stock futures open slightly higher

Here’s where markets were trading Monday evening:

  • S&P 500 futures (ES=F): +7.5 points (+0.16{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 4,687.25

  • Dow futures (YM=F): +49 points (+0.14{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}), to 35,620.00

  • Nasdaq futures (NQ=F): +28.5 points (+0.17{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a}) to 16,410.50

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 8, 2021.  REUTERS/Brendan McDermid

Traders work on the floor of the New York Stock Exchange (NYSE) in New York City, U.S., November 8, 2021. REUTERS/Brendan McDermid

Emily McCormick is a reporter for Yahoo Finance. Follow her on Twitter

Bitcoin mining in Navajo land yields jobs, revenues while revealing economic disparity

Bitcoin mining in Navajo land yields jobs, revenues while revealing economic disparity

Tiffany Nelson knew little about cryptocurrency when she first happened upon a temporary labor job in 2019. A Canada-based company called Westblock was recruiting “labor hands,” in Nelson’s words, to help unload boxes in a data center facility on land belonging to the Navajo Nation.

A Navajo living on tribe land, Nelson considered the job rare for its proximity to her home. With a total tribe population of 400,000 people, only about 170,000 live on the reservation. That’s most often attributed to poor economic conditions and scarce employment opportunities, especially for women.

While grateful for the opportunity, Nelson’s employer didn’t initially tell her what the company’s business on the New Mexico reservation was.

Another Navajo woman, Kennette Phillips, who was hired around the same time, recalled similar misgivings surrounding the mysterious business of her employer.

As security guards kept watch over the site, Phillips, Nelson and another employee unloaded boxes and then began setting up the machines inside.

“When we opened the boxes, we found these machines that looked like toasters,” Phillips recalled. “We weren’t told what they were for. It seemed a little sketchy… we didn’t know if what we were doing was legal.”

Tiffany Nelson

Tiffany Nelson (Photo courtesy of Compass Mining)

Part of their growing concern was spurred by the crisis-level rates indigenous women have been kidnapped or murdered across Canada and the U.S. 

When the two women, both single mothers, finally asked their employer what the site would be used for, they discovered with much relief, the company intended to use the toaster-like machines to mine bitcoin.

Bitcoin mining is the computationally-heavy process of computers validating bitcoin’s network of transactions. While the cryptocurrency’s supply is limited at 21 million coins, it distributes a small sliver of that supply to miners for contributing computer power, thereby securing the network.

The work can be lucrative, especially as the price has more than tripled over the last year. Mining bitcoin requires specialized computers, the infrastructure to house them, plus a robust and stable power supply.

“Oh, wow. Okay,” Nelson remembered thinking with relief. She didn’t claim to understand the full extent of how bitcoin worked back then, but she knew it was a cryptocurrency, “like internet money.”

Three years later, Nelson and Phillips manage operations for the site full-time. In addition to two other full-time managers who together keep the operation running day and night, the facility also employs four to six security guards to protect their expensive mining equipment, which is valued in the tens of millions of dollars, according to Westblock’s CEO Ken Maclean.

Tapping into unused power sources

Like many other bitcoin mining operations, this project benefits from tapping into energy that otherwise went unused. After the shutdown of a nearby coal-fired power plant, the Navajo Tribal Utility Authority (NTUA), a tribe-owned nonprofit, possessed an extra 15-megawatt load of electricity for which they were eating the cost.

According to Westblock’s Maclean, the power the operation draws from NTUA comes from a mix of solar, hydroelectric, nuclear power and natural gas, with 60{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of it attributed to renewable energy. The situation reflects the Navajo Nation’s broader and economically difficult energy transition from fossil fuel to renewable energy sources over the last decade.

Historically, the bulk of the tribe’s revenues have come from leasing land to extractive energy companies, with leases for oil and gas mining operations accounting for 51{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the tribe’s total income as far back as 2003.

Critics of bitcoin mining’s high energy consumption are quick to point out that bitcoin now accounts for 1{1b90e59fe8a6c14b55fbbae1d9373c165823754d058ebf80beecafc6dee5063a} of the planet’s energy consumption. While direct comparison can be tricky, the computational power directed toward securing bitcoin consumes more power than all the refrigerators in the U.S. but less than the total energy used to produce paper and pulp worldwide, according to the University of Cambridge’s Center for Alternative Finance

Additionally, Westblock’s bitcoin mining project currently uses 7 megawatts of the NTUA’s power with plans to eventually use all 15 megawatts in the near future. Relative to other regions within the Navajo Nation, the project’s energy consumption suggests some economic disparity.

A three-hour drive West from the site, in the Nation’s Black Mesa region, many residents live without electricity and running water.

Kennette Phillips (Photo courtesy of Compass Mining)

Kennette Phillips (Photo courtesy of Compass Mining)

Navajo Nation’s need to diversify its economy

But the effort of transferring power from one part of the nation to another is not so simple, according to Carl Slater, a delegate with the Navajo Nation’s Tribal Council. Roughly the size of West Virginia, the Navajo Nation is the largest independent authority of land within the U.S. and its power grid isn’t connected evenly dispersed or connected throughout its 17 million square acres.

Surprised, to say the least, when he first heard a developer was mining bitcoin on Navajo land, Slater told Yahoo Finance the opportunity could be an economic boon for the nation, if the revenues paid to its utility can end up serving the nation’s residents.

“The utility that the nation owns would have just had to eat the cost of that power. To make use of it in a way that generates revenue back to the nation is good, but I think there’s a shared responsibility between the nation, utility and developer to figure out a process whereby more of the revenue can be directed to our local communities,” said Slater.

Andrew Curley, an assistant professor of geography at the University of Arizona, said the Nation’s move to bitcoin mining is just the latest iteration of their long-standing need to diversify its economy.

“The tribal leaders are trying to make the reservation a place where companies, outside of those in extractive industries, can do business and hire people,” said Curley, a Navajo Nation member himself, who lives off the reservation.

A sociologist by training whose research focuses on the Navajo Nation’s energy transition, Curley called the bitcoin mining project an “interesting prospect” but also acknowledged that the Nation’s energy disparity is relative to different local communities. While some communities remain without power, he said the utility companies bare the brunt of the responsibility, explaining that overall, the Navajo Nation “by far under-consumes the amount of energy it produces.” 

When thinking of other economically struggling nations that have or are considering adopting cryptocurrency more broadly, such as El Salvador, Curley is quick to point out the obvious problem with making cryptocurrency play a larger rule in the Nation’s economy.

“There is an innate problem and challenge when asking poorer people to take riskier transfers of technology,” said Curly.

Though Westblock’s mining operation opened in 2020, this year marks the first time the project has gained a material profit. On the other hand, the tribal utility NTUA has yet to disclose its total revenue from the effort, but should in early 2022. In addition to monthly revenues for internet and electricity paid to the NTUA, Westblock also pays taxes, rent for its land lease in addition to scholarships set aside for the local community.

A person familiar with the Navajo-based operation said the revenue generated from the project this year is “in the millions,” and that Westblock is working with NTUA along with other tribal chapters to find other sites on the land, which might be used for bitcoin mining.

“I’m just happy to have a job close to home, especially since so many people lost their jobs during the pandemic,” Tiffany Nelson added. “It’s been a good ride and something that I’m proud to be a part of.”

David Hollerith covers cryptocurrency for Yahoo Finance. Follow him @dshollers.

Read the latest financial and business news from Yahoo Finance

Read the latest cryptocurrency and bitcoin news from Yahoo Finance

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A nursing home where 83 residents died of Covid is still in business under a new name

A nursing home where 83 residents died of Covid is still in business under a new name

In December 2019, Sharon Farrell flew from Florida to visit her brother Stephen at a New Jersey nursing home, where, she said, she found “disgusting” conditions. “I told the nurse, ‘I am calling the state,'” she said. “I’m paying $9,000 a month, and I wouldn’t let my dog live like this.”

Farrell said that four months later, as Covid-19 was spreading rapidly, she repeatedly called the facility to ask how her brother was doing. When she finally reached someone, she said, she was told he was fine. Within a few days, however, he was dead. 

It has been 19 months since the discovery of 17 bodies in a tiny morgue at the Andover Subacute II nursing home in Sussex County, New Jersey, in April 2020. The federal government fined the owners $221,115 for not being in “substantial compliance,” and the attorney general’s office began an investigation. 

But the owners are still in business. They changed the names of Andover and its sister facility and installed new signs out front. As of Friday, there were 25 residents of Andover with Covid, according to state data.

And the owners are still being paid by Medicare and Medicaid, the taxpayer-funded programs that pay most costs for U.S. nursing home operators — even though one of the owners, Louis Schwartz, helped run a chain called Skyline Healthcare, which collapsed in 2019 amid accusations of neglect and financial mismanagement, which the chain denied.

Andover Subacute Facility I and II was renamed Woodland Behavioral and Nursing Center at Andover.NBC News

“The individuals that ran Skyline should not ever be in charge of a nursing home again, and yet here we are,” said David Grabowski, a professor of health care policy at Harvard Medical School. He said the pandemic exposed an industry already in crisis, with a lack of resources and regulation.

“Different names, same practices,” Grabowski said. “We need to ensure that there aren’t these kind of back doors, that nursing homes aren’t able to simply put a new name on the building and continue to operate as is.”

Some family members of those who died at Andover say they are frustrated, and some are suing over the facility’s alleged lack of preparation to deal with Covid and for mingling the infected and the healthy.

Farrell joined a lawsuit with other families but said: “I couldn’t care less about the class action. I want these guys out of business.”

Before Covid

At its peak, Skyline Healthcare had more than 100 facilities and oversaw the care of more than 7,000 elderly residents. But from 2017 to 2019, the chain began a slow-motion collapse, and more than a dozen Skyline-operated nursing homes shut their doors, throwing residents, vendors, employees and state regulators into chaos.

Many homes ran out of money. Others were shut down over neglect documented in government records. In one Arkansas nursing home regulators identified maggots in a resident’s catheter, according to an inspection. Fourteen homes were forced to close permanently, displacing more than 900 residents to new facilities, sometimes hours away.

Skyline’s main owner, Joseph Schwartz, and his son Louis did not return multiple messages and emails requesting comment in 2019. They have denied the allegations of neglect.

The Schwartz family has not left the nursing home business. While Skyline is defunct, Joseph Schwartz is still listed as the owner or a co-owner of four facilities, according to federal nursing home ownership data. 

Louis Schwartz and Chaim Scheinbaum have ownership stakes in at least seven nursing homes between them, including the facility once known as Andover Subacute II.

In January 2020, New York health officials recommended against allowing Scheinbaum to take over a nursing home in upstate New York, citing an “ongoing investigation” and noting that they disapproved of his “character and competence,” according to a Health Department document. Scheinbaum did not respond when asked to comment about the recommendation.

A year before the Covid outbreak, a female Andover resident with dementia walked out of the facility through two broken doors and was found at 4:30 a.m. sitting in the snow with severe frostbite, according to a federal inspection. Terri Thompson, her daughter, sued the facility, alleging violations of the minimum standard of care. The lawsuit is pending, and the owners have denied the claims.

Dante Maglioli said that in early 2020, his father, Joseph, complained about the quality of care at Andover. The family was talking about moving him to another facility. 

As Covid began to spread, Maglioli said, he heard his sister and his father talking on the phone. His father was saying he was not sure Andover could cope if he came down with the deadly new disease. And then, Maglioli said, “my sister never talked to my dad again.” Maglioli’s father died April 9, 2020. 

Schwartz and Scheinbaum did not respond when asked to comment about the conditions at Andover before the pandemic.

When the pandemic arrived, nursing homes in New York and New Jersey, including Andover, took the early brunt. Eighty-three of the home’s 539 residents, or almost 1 out of every 6, died of Covid in the first four months of the pandemic. Farrell’s brother was among the casualties.

Health care officials prepare to load a patient into an ambulance at Andover Subacute and Rehab Center in Andover, N.J., on April 16, 2020.Stefan Jeremiah / Reuters file

Preston Nicolai, then a 20-year-old maintenance worker at the facility, said it was “horrific.”

“We were losing sometimes between 10 and 12 people a night,” he said.

Before the bodies began to pile up at Andover, Nicolai said, he was told to move residents from room to room, even though the facility did not know who had Covid and who did not. “I do believe it helped spread the cases of Covid throughout the building,” he said.

Nicolai said he was told to stack bodies on top of one another in a small room as the facility struggled to deal with the surge in deaths.

On Easter Sunday, April 12, Nicolai said, he went to work and found the body of a woman in an outdoor maintenance shed, next to shovels, rakes and a lawn mower. He said there was no more room for corpses inside the nursing home.  

“I was so morally devastated,” he said. “It felt so wrong to put someone’s loved one out in the shed.”

He moved the body back inside the facility, but he cannot shake the images. “I have had really bad dreams, and I don’t have the money to pay a therapist,” he said.

‘They do not even know what they do not know’

Documents newly obtained through an open records request by NBC News show how the facility struggled to cope with the outbreak in April 2020.

Emails from Andover staff members to Sussex County officials document repeated requests for personal protective equipment, or PPE, like masks and gloves, some of which was delivered to the facility.

A summary of an inspection from the early morning hours of April 12 written by Kyle Wilson, a registered nurse, and addressed to the Andover Township chief of police describes in detail conditions inside the facility days before the first story broke about bodies stuffed into the tiny morgue. Wilson is employed part-time at the police department, according to a dispatch operator. He did not return a call seeking comment.

Wilson wrote that protective equipment delivered to the facility by the Sussex County Sheriff’s Office was unaccounted for. He said an Andover employee said the facility was “aware of a batch of PPE ‘donated by the Sheriff’s office’ but could not account for its whereabouts or the inventory of the facility’s existing PPE, if such an inventory exists.”

Wilson wrote, “Staff were observed to be touching their PPE (face shield, gown, mask) and their face with bare hands.” He wrote that he “confronted [the nurse on duty] about this observed behavior. She assured me that it was okay because she was ‘not in a room.'”

Wilson wrote that there was no Covid testing at the facility and that the staff had not segregated the patients suspected of having Covid. He wrote: “It is my opinion that the acquisition of PPE alone will not resolve the rate of spread at this facility. … [S]taff are undoubtedly contaminated throughout their shift. While the staff are tangibly scared, a culture of safety is not present in this facility. They have not been educated. They do not even know what they do not know.”

Two days later, a federal Department of Health and Human Services administrator working in Sussex County, Carol Novrit, emailed county officials to say Andover staff members had told her that residents were “not being fed,” that residents had “open wounds” and that the deaths of both residents and staff members were not being reported to public health officials. She wrote that the staff told her “there is no infection control now.”

Schwartz and Scheinbaum did not respond when asked to comment about the documents obtained by NBC News.

Federal inspection reports conducted in mid-April 2020 showed similar observations, noting that residents who had symptoms were intermingled with those who were asymptomatic.

‘Impossible to know’ 

Representatives for the owners said that at that time it was “often impossible to know who had Covid and who did not because of a lack of testing capability.”

In a statement, the owners of Andover, now known as Woodland Behavioral, said that “the safety and health of our residents has always been the top priority for Woodland Behavioral,” adding: “The COVID-19 pandemic brought unprecedented challenges, and our heroic staff faced those challenges as best as they could. We continue to thank them for everything they did (and continue to do) to protect our residents.”

Representatives for Scheinbaum and Schwartz said they asked for help from multiple government agencies, including two verbal requests to the National Guard on April 11 and April 15, but were told by military officials that they could not provide any assistance. 

A spokesperson for the New Jersey National Guard disputed their assertion. “The National Guard does not have any information indicating that the Andover Subacute facility made a request for assistance, much less one that was turned down.” The spokesperson said that at the outset of Covid, the Guard “supported every single mission request we received.”

The National Guard did respond to a request for emergency aid that Sussex County officials sent to the governor on May 6. Two days later, 22 members of the Guard went to Andover and performed nonmedical tasks, like cleaning the facility.

The owners say problems identified in the federal inspections from spring 2020 have been resolved with state and federal regulators.  

A spokesperson for an industry trade group, the American Health Care Association, said, “Even the best nursing homes with the most rigorous standards could not stop this highly contagious and invisible virus. Many lives were lost because long-term care was not made a priority by public health officials, especially in the initial months of the pandemic. Critical resources were directed toward hospitals, leaving long-term care facilities at a severe disadvantage.”

The investigation continues

Preston Nicolai said he was fired four months after the overstuffed morgue was discovered, accused of improperly disposing of medical waste.  

He said he believes the owners were looking for an excuse to get rid of him after what he saw. He said he has not been contacted by the attorney general’s office. Sharon Farrell, however, was contacted this April.

Asked when the attorney general’s office would complete its investigation, a spokesperson said, “As is our standard practice, we will not provide updates on the investigation or release any additional information unless and until we bring an enforcement action or close the matter.”

The spokesperson said the Andover inquiry is part of a larger investigation of “facilities with high numbers of Covid-related deaths and below-average track records for health inspections, staffing, and quality of care.” 

The class-action lawsuit filed by some relatives of the deceased, including Maglioli and Farrell, recently won a legal ruling allowing the lawsuit to stay in state instead of federal court, said the families’ attorney, Daniel Marchese. Marchese said that is good for the plaintiffs, who can plead their case before a local jury instead of being referred to a federal compensation program set up through the PREP Act, which shields businesses from some forms of liability after natural disasters like Covid.

Maglioli said: “I think that these gentlemen, their corporation, whatever it is, needs to pay the price. And I don’t mean in a financial way.”

PERSONAL FINANCE: Organize and protect your important documents, for your family’s sake

PERSONAL FINANCE: Organize and protect your important documents, for your family’s sake

A few weeks ago, my column focused on my recommendation that as parents, we should consider sharing our financial lives with our adult children: “Discuss your finances and your estate with your kids.”  A continuation of this discussion leads to the importance of organizing our personal files — paper and electronic — for the sake of our children, and ourselves as well.  I can promise you, based on my years of experience assisting clients with the administration of their loved one’s estates, that by organizing your files now you will be making life much easier for whoever is tasked with figuring out your financial life following your death.  Your current efforts ultimately will be viewed as an act of extreme consideration!

My guess is that personal organization (i.e., clearing out old files) isn’t one of your top priorities.  It hits everyone’s “To Do” list, and is rolled forward to future To Do lists, and only rarely does it get crossed out.  Since one of the priorities of the financial planning process is to create as smooth a transition as possible upon one’s passing, the present is a good time to start.  Not sorting through your personal files will cause unnecessary angst and stress on whoever ultimately will be tasked with figuring out your personal filing system.

Although (hopefully) falling short of an episode of “Hoarders,” most of us have accumulated copious amounts of paper and digital documents, often physically stored in various locations, and on multiple digital sites.  Some documents should be retained indefinitely and periodically updated as necessary.  This category includes: wills and ancillary estate documents, trust agreements, property deeds and details of capital improvements, documents of family events such as births, deaths and marriage; the list goes on.  A “final letter of instruction” containing funeral and burial arrangements and other instructions that will be of immediate importance should be created and easily accessible.

Then there are documents that should be retained for a reasonable period, such as investment and brokerage statements, mortgage and loan documents, and prior year’s tax returns and supporting documents.  My experience is that most other papers, such as household bills, and bank and brokerage statements, especially when they are available online, should be tossed after a year.

As an aside, I’m frequently asked how long past tax returns should be retained.  Although the IRS recommends three years, there may be tax reasons to retain them for up to seven years.  Personally, and without any clear justification, I tend to retain past tax returns for at least ten years, longer than most of my fellow CPAs typically recommend.

When embarking on a paper clean-up project, here are some guidelines that you might find helpful:

  • Establish the project framework upfront. There are many books and online checklists that can help you create a filing structure (such as an index) and provide recommendations for how long to retain various types of documents.
  • When sorting through papers, ask yourself questions such as:
    • Are your records self-explanatory to others?
    • If not, how can you best provide helpful descriptions? (Post-it notes can fall off!)
    • Are your records in one place and in a consistent format?
    • Should you cancel paper statements that otherwise can be viewed online?

You will want to archive documents in a way that allows for easy access and updating.  Although there are loose-leaf book formats, where possible I find that digital archiving is the best approach.  A further advantage to going digital is to protect your files from fire, theft, and natural disasters such as wild fires and hurricanes.  You may want to explore online “digital vaults” that are easy to navigate and update, while offering a high degree of cybersecurity.  Digital vaults also allow full or limited access for professionals or family members.

Even the best filing system is of little value if those whom you want to have access them don’t know they exist, or don’t know the passwords.  Make sure the appropriate people know how to access your files.  Now is a good time to consider whom to bring into your confidence.

By clearing out useless paper and creating an orderly filing system now, you will reduce the strain on your family down the road.

The author does not provide tax, legal, financial or investment advice. This material has been prepared for informational purposes only. You should consult your own tax, legal, financial and investment advisors before engaging in any transaction.

CSG Announces Departure of Chief Financial Officer Rollie Johns & Appointment of Hai Tran as New CFO

CSG Announces Departure of Chief Financial Officer Rollie Johns & Appointment of Hai Tran as New CFO

Denver, CO –News Direct– CSG

CSG® (NASDAQ: CSGS), the leader in innovative customer engagement, revenue management and payments solutions, today announced that Rolland “Rollie” B. Johns, executive vice president and chief financial officer of the company, has shared plans to step down. Concurrently, Hai Tran has been appointed as the company’s new executive vice president and chief financial officer effective November 29.

Hai Tran, new CFO for CSG

Hai Tran, new CFO for CSG

“On behalf of the entire CSG team, I thank Rollie for his significant contributions and many years of service,” said Brian Shepherd, president and CEO for CSG. “Rollie has been a trusted and valuable business leader and partner to me, our Board, and our employees. Equally important, Rollie has built a strong global CFO team that is well positioned for continued success. We wish him all the best in his future endeavors.”

Shepherd added, “At the same time, I am very excited to announce the addition of Hai to Team CSG. Hai has a proven track record as a strategic, growth-oriented chief financial officer with deep public-company, global technology experience. He is a fantastic fit for CSG at this transformational juncture of our company’s history and will be instrumental in helping us passionately pursue our plans of becoming a more purpose-driven, higher growth, SaaS platform company.”

“I am honored to be appointed chief financial officer during this truly exciting time at CSG, as the company accelerates our strategic transformation,” said Tran. “CSG’s guiding principles and mission resonate deeply with me as we look to not only grow and diversify into new verticals, but also make ordinary customer and employee experiences extraordinary. Putting customers and employees at the center of everything we do will drive long-term and sustained value-creation for all of our stakeholders.”

Tran will be responsible for overseeing CSG’s global financial operations, including CSG’s finance, accounting, treasury, risk, and investor relations functions and will report directly to Shepherd.

Tran brings 30 years of finance and business experience, having most recently served as president and chief operating officer at Soc Telemed, the largest U.S. provider of acute care telemedicine services. Prior to that he has served as chief financial officer at a number of companies including Soc Telemed, BioScrip, Inc., Harris Healthcare Solutions and Catalyst Health Solutions.

Johns joined CSG in 2013 as chief accounting officer and since becoming CFO in 2018 has led CSG’s finance, accounting, treasury, risk, and investor relations functions.

About CSG

CSG is a leader in innovative customer engagement, revenue management and payments solutions that make ordinary customer experiences extraordinary. Our cloud-first architecture and customer-obsessed mindset help companies around the world launch new digital services, expand into new markets, and create dynamic experiences that capture new customers and build brand loyalty. For nearly 40 years, CSG’s technologies and people have helped some of the world’s most recognizable brands solve their toughest business challenges and evolve to meet the demands of today’s digital economy with future-ready SaaS platforms that drive exceptional customer experiences. With 5,000 employees in over 20 countries, CSG is the trusted technology provider for leading global brands in telecommunications, retail, financial services, government, and healthcare. Our solutions deliver real world outcomes to more than 900 customers in over 120 countries. To learn more, visit us at csgi.com and connect with us on LinkedIn and Twitter.

Contacts:

Tammy Hovey

Public Relations

+1 (917) 520-2751

tammy.hovey@csgi.com

John Rea

Investor Relations

+1 (210) 687-4409

john.rea@csgi.com

Contact Details

CSG

Tammy Hovey

+1 917-520-2751

tammy.hovey@csgi.com

Company Website

https://www.csgi.com

View source version on newsdirect.com: https://newsdirect.com/news/csg-announces-departure-of-chief-financial-officer-rollie-johns-and-appointment-of-hai-tran-as-new-cfo-642101748

How to Land a Top Job in Finance

How to Land a Top Job in Finance

Are you ready to take on the world of finance as an eager, hard-working, entry-level employee? If so, there’s good news. Right now, jobs are plentiful for people with the proper education, a can-do attitude, and the willingness to spend time on a thorough search effort. Besides taking the time to do a bit of soul searching to decide on your preferred industry niche, it’s wise to bolster your resume with relevant work and volunteer experience. 

And, by expanding your professional network and making lots of contacts, you’ll get the attention of a large number of potential employers. And, don’t be afraid to use the services of a professional head-hunting agency. Avoid the ones that ask you to pay a fee. The more reputable ones get their commission from companies that do the hiring. Here’s a shortlist of realistic actions you can take to land a position in the financial industry.

Choose a Niche

Finance is a vast field, so be sure to narrow down your goals before composing the final version of your resume. Retail and banking are perhaps the two most common starting points for those with little or no prior experience in the niche. Others find excellent opportunities in the securities markets, insurance, retirement planning, financial analysis, and corporate accounting. It’s never too late to begin a new career so even if you are already in one of these sectors it is completely feasible to make a switch to another to land your dream job. 

Get the Right Degree

No matter your current situation, give serious thought to earning a graduate degree in business at some point in the early part of your career. Many programs offer evening and weekend classes, either online or in traditional classrooms. Paying for an MBA, for example, can be a challenge for anyone, which is why so many people turn to private lenders to get the student loan financing needed for an advanced degree. One of the main advantages of private lenders is that you’ll have the chance to borrow the entire educational costs, including tuition, books, fees, and related expenses. Terms, repayment periods, and interest rates are competitive, and you can even apply online to get an answer in a matter of minutes.

Cherry Pick Volunteer Opportunities

Don’t submit a resume to any prospective employer unless the document includes at least one volunteer job. Be sure to choose these pro-bono kinds of tasks carefully. For example, if your goal is to become a tax analyst, consider donating your time to a community organization that helps low-income people file their annual returns. Or sign up with a non-profit consumer counseling service that works with people who need general advice about getting out from under credit card debt, managing their monthly budgets, and setting up basic retirement accounts. You won’t receive any pay as a volunteer, but you will acquire worthwhile experience and add muscle to your resume.

Join Professional Societies

No matter what sector of the larger finance field you intend to enter, you can join professional societies to connect with like-minded people. The majority offer low annual membership dues for students and recent graduates. Ask a mentor which organizations are the best to join to make connections and gain access to free online educational resources.