John Sculley, the chairman and CMO of RxAdvance, talks about how he is applying the lessons he learned while leading Pepsi and Apple.
Former Trump campaign chairman Paul Manafort exits the courtroom after his arraignment in New York Supreme Court in New York, June 27, 2019.
Eduardo Munoz | Reuters
Former Trump campaign chairman Paul Manafort was released from federal prison to serve the remainder of his 7½-year sentence in home confinement amid fears about the spread of the coronavirus, NBC News reported.
Manafort was released from a federal correctional institution in Loretto, Pennsylvania, early Wednesday morning, a source familiar with the case told NBC.
Manafort, 71, had been sentenced in 2019 to charges brought as part of former special counsel Robert Mueller’s probe of Russian election meddling, potential Kremlin coordination with the Trump campaign and possible obstruction of justice by President Donald Trump himself.
Lawyers for Manafort did not immediately respond to CNBC’s requests for comment. The Bureau of Prisons did not immediately confirm that Manafort had been released from FCI Loretto.
Manafort was slated to be released from prison in November 2024, according to the Bureau of Prisons website.
But the coronavirus pandemic has swept through America’s prisons, infecting hundreds of inmates and guards and prompting many inmates to ask for early release out of concern for their safety.
Stan Druckenmiller said the risk-reward calculation for equities is the worst he’s seen in his career, and that the government stimulus programs won’t be enough to overcome real world economic problems.
“The consensus out there seems to be: ‘Don’t worry, the Fed has your back,’” said Druckenmiller on Tuesday during a webcast held by The Economic Club of New York. “There’s only one problem with that: our analysis says it’s not true.”
While traders think there is “massive” liquidity and that the stimulus programs are big enough to solve the problems facing the U.S., the economic effects of the coronavirus are likely to be long lasting and will lead to a slew of bankruptcies, he said.
“I pray I’m wrong on this, but I just think that the V-out is a fantasy,” the legendary hedge fund manager said, referring to a V-shaped recovery.
Druckenmiller’s remarks are among the strongest comments yet by a Wall Street heavyweight on the bleak outlook facing the U.S. They also stand in contrast to the optimism that has pushed the S&P 500 Index to rally almost 30% since its March low even as the pandemic has brought the economy to a standstill, seized up credit …
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Good morning. David Meyer here in Berlin, filling in for Alan.
On Sunday I went for a run around my large local park, where hundreds of Berliners were enjoying the warmth. I had just read an article about how people exercising could pose more of a virus-spreading risk, so, though I have no reason to suspect I am infected, I wore a mask out of a sense of social responsibility. Pandemic etiquette, if you will.
I was the only runner there to do so and, among the not-very-socially-distant crowds on the grass and paths, I counted just six masks. It should have felt calming to see scant evidence of this pandemic, but it was mostly terrifying.
Germany is doing well, relative to countries such as the U.K., in how it is handling COVID-19—which is why so many people are watching our rollback of lockdown restrictions, to see what happens. But I fear comparative success is leading to complacency that could allow a severe second wave. Just because our shops and restaurants are cautiously reopening, that doesn’t mean the coast …