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As fears about a credit crisis rise, bond investors may be too complacent with Kevin Warsh to become next Fed chair and volatility in rates likely to follow. View More

In this article@TY.1AGGAGGHFollow your favorite stocksCREATE FREE ACCOUNT watch nowVIDEO6:3206:32Beyond Big Tech: ETF managers look to international assets for diversificationETF Edge Risk in the credit markets has received a lot of attention in 2026, from fears about private credit stress to the head of the nation's biggest bank, JPMorgan CEO Jamie Dimon, warning this week — though not pointing to any specific current credit market signal — "We haven't had a credit recession in so long, so when we have one, it would be worse than people think. It might be terrible." Dimon isn't the only Wall Street veteran worried about the longer-term outlook for the bond market. But as investors focus on the likely confirmation of a new Federal Reserve chair, Kevin Warsh, many may be overlooking a more short-term volatile reaction in store for fixed-income portfolios. Whenever there is a Fed transition, treasury yields, duration risk, and credit spreads usually move faster as the markets begin to reassess monetary policy."What is really important over the next several weeks is this changing of the guard at the Fed chair level," Paisley Nardini, Simplify Asset Management managing director and head of multi-asset solutions, said on the podcast portion of CNBC's "ETF Edge" on Monday.Nardini explained that even when there is no immediate policy move, markets can start pricing in the future quickly. A new Fed chair can change the communications style and alter the pace of future rate hikes or cuts. She said this could send ripples through the treasury market before equities fully react."I think the markets are really going to be cautious as to what this might mean. Anytime there is a changing of the guard, markets are going to experience some volatility and we are going to have to start to price in what that means," she said.There was a lot of Fed news to digest this week. The Federal Reserve held interest rates steady at its meeting Wednesday, with the federal funds rate unchanged in a 3.50% to 3.75% range. But the war and the surge in oil prices has upended the policymaking assumptions of the central bank and bond traders, who are now betting against another rate cut in 2026. Fed Chair Jerome Powell said the added the pressure on the economy from higher oil prices is likely to remain, even if it hasn't yet upended the longer-term inflation outlook. But there is more disagreement than ever inside the Fed, with a shift within the FOMC as more members say there should be no indication at all from the institution that the bias remains towards cutting rates. Chair Powell also said he has no intention to leave his position as Fed governor even when his term as chairman ends, further complicating an already heightened political environment at the Fed.This backdrop can make the bond market more sensitive, and inflation remains above target with the latest personal consumption expenditures index hovering around 3.5% annually. Core PCE rose to 3.2%."If we remember the role of the Fed, we have a dual mandate and that is data driven. And so we have employment on one side of the spectrum and inflation on the other side," Nardini said, referring to the goal of maximum employment for the economy and 2% inflation. "In a portfolio, often times we forget about bonds until it is front and center and it is too late to react or adjust your portfolio accordingly," she said.There is reason to believe more investors may have chosen to ignore bonds during Powell's tenure at the Fed: they've done terribly. The Bloomberg US Aggregate Bond Index that aims to track all U.S. investment-grade debt returned just under 2% annually during Powell's tenure, far below the average of 6.5% since the 1970s, according to Bespoke. The era of higher interest rates due to inflation, with multiple shocks from Covid to Russia's invasion of Ukraine and the current U.S.-Iran war, were causes.Nardini says with the Fed currently in hold mode, the first major risk for bond investors is duration. If investors are loaded up on longer-dated bonds and expecting cuts, they may be vulnerable if they arrive late or not at all. The 10-year treasury has already swung sharply this year, with its current yield over 4%. The second risk is credit strength. Nardini says corporate spreads remain relatively tight, meaning investors have not been paid significantly more for taking on additional risk in bonds beyond the risk-free treasuries rate. That dynamic can become more important late in the cycle if economic and credit weakness grow. "You really have to dissect how much of a yield within credit is coming from treasuries vs. that spread component," she said.The historically tight levels for credit spreads, recently testing multi-decade lows, represents belief among investors that risk of default is low and the economic outlook is strong. But at the same time, even with a Fed on hold, markets had been increasing bets this year that the yield curve will steepen, as short-term rates remain more sensitive to an eventual Fed cut while longer-term rates confront prospects of sticky inflation and higher levels of public debt, a concern implicit in warnings like Dimon's. Nardini says during periods of relative calm, it is important to remember that calm can be deceptive. "Anytime the markets get complacent, whether that is in equities or within bonds, that is usually when volatility strikes," she said. Sign up for our weekly newsletter that goes beyond the livestream, offering a closer look at the trends and figures shaping the ETF market. Disclaimer Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Spirit Airlines ceased operations overnight after a failed government bailout. View More

In this articleAALUALDALULCCJBLULUVFollow your favorite stocksCREATE FREE ACCOUNT Spirit Airlines kiosks at New York's LaGuardia Airport on May 2, hours after the carrier shut down.Leslie Josephs/CNBC BALTIMORE/NEW YORK — Spirit Airlines was hours away from its final flights Friday afternoon. Jeremiah Burton was hours away from his first."It's my first time flying," Burton, a 45-year-old air conditioning and heating technician, told CNBC at Baltimore/Washington International Thurgood Marshall Airport on Friday, shortly before he was scheduled to depart for New Orleans to visit his daughter and her newborn twins."To tell you the truth, I just went online and Googled the cheapest airline ticket," he said, adding that he paid about $500 for the trip late last month. He was scheduled to return on May 6.While Burton waited for his flight, Spirit was making final preparations to shut down overnight, ending a three-decade run that brought discount air travel to millions across the United States and as far away as Peru. Spirit canceled international flights on Thursday, to start, so travelers, planes, and flight crews wouldn't be stranded. The airline said it flew more than 50,000 people the day leading up to its collapse.Spirit bondholders rejected an 11th-hour bailout proposal from the Trump administration that could have included up to $500 million to keep the ailing airline afloat. The deal would have put the government ahead of other bondholders' claims and given it an up to 90% stake in the airline. Commerce Secretary Howard Lutnick called Spirit CEO Dave Davis to tell him there was no deal and that bondholders and the government were far from an agreement, according to a person familiar with the matter. Bondholders sent a letter to Spirit's board, confirming that the end was near. Terminals go quiet A self-check-in kiosk at Luis Munoz Marin International Airport displays an "Operational Update" message after Spirit Airlines announced it was ceasing operations early Saturday amid an impasse in talks with some creditors over a $500 million government bailout plan, in Carolina, Puerto Rico, May 2, 2026REUTERS/Ricardo Arduengo Before dawn on Saturday, Spirit's website and app were papered over with the message that operations had ended. "To our Guests: all flights have been cancelled, and customer service is no longer available," it read.By noon, LaGuardia's Marine Air Terminal, an Art Deco facility that opened in 1940 and was home to Pan Am's Clippers — and, most recently, home to Spirit at the New York airport — was nearly silent.Cibo Express closed half a day early with no customers to serve. CNBC saw the last Transportation Security Administration officer who was sent home early. Screens on the arc of yellow kiosks read: "We regret to inform you that Spirit Airlines has ceased global operations.""It has been an honor to bring friends and families closer together for 34 years," it said at the bottom, with a QR code with next steps.United Airlines, Frontier Airlines, American Airlines, Southwest Airlines, JetBlue Airways and others said they are capping fares to get travelers home. United said about 14,000 Spirit customers booked tickets on United on Saturday. JetBlue also announced plans to expand its schedule at Fort Lauderdale with a host of new services to destinations ranging from Cali, Colombia, to Nashville, Tennessee. Snowballing challenges While things came to a head this week with access to cash drying up, Spirit's problems were years in the making. It was profitable in the 2010s and expanded rapidly as customers filled planes. But it last made money in 2019. The carrier has faced intense competition from richer, giant rivals like Delta Air Lines, United Airlines and American Airlines. Spirit was also under pressure from rivals' own bare-bones fares, soaring costs, a failed acquisition by JetBlue Airways that the Biden Justice Department successfully challenged, and an engine defect that grounded many of its jets. Airlines grew more reliant on high-spending customers who shell out thousands for plush, premium cabins. Most recently, the surge in jet fuel prices resulting from the war in Iran was a challenge the airline couldn't overcome, it said.Last August, Spirit filed for bankruptcy protection for the second time in less than a year, and analysts said part of the reason was that it hadn't done enough to reconfigure the airline, slash costs, and that it had avoided hard decisions in its first filing in 2024. Weeks before it had hoped to emerge free from its bankruptcy, it faced the added challenge of expensive fuel. A Spirit Airlines customer service area at LaGuardia Airport's Marine Air Terminal in New York.Leslie Josephs/CNBC Some 17,000 direct and indirect employees lost their jobs as a result of the airline's collapse, the carrier said."The pain of this decision will not be felt in boardrooms. It will be felt by pilots, flight attendants, mechanics, dispatchers, and ground crews, and by the families and communities that depend on them," wrote Air Line Pilots Association's international president, Jason Ambrosi, on Saturday.Sara Nelson, president of the Association of Flight Attendants-CWA, Spirit's roughly 5,000 flight attendants' union, wrote a letter to Transportation Secretary Sean Duffy and acting Labor Secretary Keith Sonderling, urging them to try to help ensure that flight attendants are paid and compensated for earned vacation and per diems as the case works its way through bankruptcy court. She also asked that they receive a $600 weekly supplement to state unemployment from the federal government. "Standard unemployment coverage does not replace full wages, and this enhanced support would help stabilize households while workers secure new employment," she said. The airline 'America loved to hate' Spirit had just about 4% of the U.S. market share, according to aviation-data firm Cirium, but an outsized presence in many Americans' minds — and on their social media feeds.Henry Harteveldt, Atmosphere Research Group founder and former airline executive, said Spirit was a "true pioneer" of discount air travel but still was the "airline America loved to hate," in part because of its bare-bones fares, customer service debacles, and spotty reliability in earlier years. Spirit became a favorite punchline among comedians. "The CEO of Spirit Airlines was like, 'With $500 million [from the Trump administration] our planes could have two wings again," "Tonight Show" host Jimmy Fallon said last month. Read more about Spirit Airlines' recent challengesClock ticks on Spirit Airlines as bondholders weigh Trump bailout. Here's what could happen nextSpirit Airlines could liquidate as early as this week, sources saySpirit Airlines plans to slash flights, fleet in bid to emerge from bankruptcy as early as springSpirit Airlines is on shakier ground after avoiding hard decisions in bankruptcyJudge blocks JetBlue-Spirit merger after DOJ’s antitrust challengeWho loses if JetBlue buys Spirit? Comedians In 2017, Spirit enrolled customer-facing employees in the Disney Institute, a Disney leadership and professional training subsidiary, to improve its staff interactions with customers and had made strides in improving its on-time performance.It still had fans and willing customers, right up until the end."For a two-hour flight, I could really suffer a lot," said Kara Snyder, 30, who works in health insurance sales. She said that for a short flight from Florida to Baltimore, scarce legroom and perks don't matter to her. Snyder said she flew Spirit to Baltimore and was flying back to Orlando on Frontier Airlines. "I tend to stick with budget airlines," she said.International flights to Europe or Africa are another matter, said Snyder. "I go Delta," she said. "I'm picky on that. It has to be Delta." 'Good luck to you all' Friday evening at Spirit's headquarters in Dania Beach, Florida, near its home base of Fort Lauderdale-Hollywood International Airport, Spirit's executive team was huddled in a war room, watching its last flights come in.News broke earlier that at 3 a.m. on Saturday, the clock would run out for the airline and its fleet of bright yellow jets. "Good luck to you all," said an American Airlines employee to a Spirit flight, according to audio posted by LiveATC.net. "Sorry to hear what happened." One of the pilots on the last Spirit flight, NK1833 from Detroit to Dallas Fort Worth International, shortly before touching down after midnight Saturday, asked the tower: "Is there any other Spirit flights coming in after us?" There were 175 passengers on board."I don't see anything," the controller said. "So you might be the last one." He later told the pilot, "Well, it was a pleasure working with you guys and I wish you the best." "Thank you very much," the pilot replied, according to LiveATC.Wes Egan, a Spirit dispatcher for roughly 23 years, told CNBC that he was working in the company's operations center in Orlando late Friday when one of the carrier's pilots was asking for information about the fate of the airline. Senior managers had just informed the staff there around 11:30 p.m. that operations were about to cease.He sent a text message to the pilot via a special cockpit system for alerts and other information."UNOFFICIALLY WE STOP FLYING AT 0300 EST ON 05/02," said the message. "GODSPEED MY FRIEND." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Concerns about a housing market crash are growing among Americans as mortgage rates rise and inflation increases. Financial experts recommend keeping housing costs below 25% of income, though this is becoming difficult with rising home prices. However, a major crash like in 2008 seems unlikely. View More

US President Trump ordered the withdrawal of approximately 5,000 US troops from Germany following a public dispute with Chancellor Merz over the war in Iran. This move, seen as punitive, signals a growing rift in the transatlantic alliance and raises questions about US commitment to NATO, despite Trump's German heritage. View More

A scene in the new season of Netflix's show "Beef," about a high health insurance deductible, illustrates a pain many Americans experience. View More

A still from Netflix's 'Beef.'Courtesy: Netflix In the new season of the Netflix comedy-drama, "Beef," Ashley, played by Cailee Spaeny, lands in the hospital due to an ovarian cyst. The waiting area is bleak, with gray decor and patients who look like they've been stranded there for years. Ashley's partner, Austin, played by Charles Melton, returns from the reception desk with some bad news: "You have a super high deductible — $5,000," Austin says. "Oh wow. We can deduct $5,000?" Ashley says. "What if it costs less? Do they give us the difference?" "It's kind of the opposite," Austin replies. That's correct — your deductible is the amount you need to pay before your health insurance coverage kicks in. But the Emmy-winning series' second season, which launched April 16, highlights a common confusion. Just over 1 in 4 Gen Z adults could correctly identify the insurance term "deductible," according to a 2024 survey from the National Association of Insurance Commissioners. Read more CNBC personal finance coverageTreasury announces new Series I bond rate of 4.26% for the next six monthsSocial Security benefits can be reduced for retirees who work. How that may changeFed keeps interest rates unchanged in April: What that means for youWealth, millionaire tax push spreads to more states, but trend presents a 'challenge': ExpertCNBC's Financial Advisor 100: Best financial advisors, top firms ranked "Proponents argue that deductibles make people more careful consumers of health care, by avoiding unnecessary care," said Miriam Straus, associate director at the Center for Health Law and Policy at the O'Neill Institute at Georgetown Law. "However, many consumers may not realize that, with a high-deductible plan, they can face thousands of dollars in health care costs," Straus said. Research shows that unaffordable deductibles can also worsen health outcomes, Straus added. For example, she said, "among cancer patients, high-deductible health plan coverage is associated with worse overall survival." How common is a $5,000 deductible? In the '90s and early 2000s, many health insurance plans didn't even come with a deductible, said Matthew Rae, associate director at KFF, a nonpartisan health policy research organization. Today, that has shifted: Nearly 88% of workers with employer-sponsored insurance have a deductible, up from just 55% in 2006, Rae said. As medical services expanded and costs surged, employers and insurers turned to deductibles to curb utilization and lower their own expenses. Between 2005 and 2020, Rae said, "we saw a rapid increase in deductibles." While that growth has slowed recently — largely because employers realized that higher costs could make plans completely inaccessible — that stability may be at risk if the labor market weakens further and cost pressures mount, he added. "A $5,000 deductible doesn't surprise me at all," Rae said. Netflix Beef: Season 2Source: Netflix While some Affordable Care Act Marketplace plans can have deductibles exceeding $7,000, most people pay less. In 2026, the average marketplace deductible is $2,912, compared to $1,881 in 2014. Meanwhile, those with employer-provided coverage have seen their deductibles jump 17% over the last five years and 43% in the last decade, KFF research shows. Roughly 1 in 5 of these workers now has a deductible of $3,000 or more for single coverage, Rae said. "Even if it's not $5,000, that puts a huge financial strain on people," Rae said. "It's a shock to your budget." What to do about your health insurance deductible There are several ways to figure out your deductible, said Caitlin Donovan, senior director at the National Patient Advocate Foundation. "It may be on your insurance card, and it could be featured on your explanation of benefits," Donovan said. "If you have a patient portal, you should be able to log in and find it there, along with how far along you are towards meeting it." If you still can't find it, call your insurance company and ask, she added. watch nowVIDEO5:0405:04Americans drop health care insurance coverage as premiums surgeMarkets and Politics Digital Original Video If meeting your deductible seems daunting, keep in mind that "reaching your deductible is not necessarily a goal," said Katherine Hempstead, senior policy officer at the Robert Wood Johnson Foundation.Due to protections spelled out in the ACA, certain preventative services with in-network providers should be covered at no charge, whether or not you've met your deductible, Hempstead said. There are lists of those protected treatments and tests at Healthcare.gov. Some examples include immunizations, lung cancer screening, birth control and, typically, your annual physical exam. If you're young and healthy and rarely use your insurance, you may not need to meet your deductible, Donovan said. But if, on the other hand, you have a chronic illness or high medical expenses, you may want to hit your deductible early in the year so that, afterward, you can benefit from your coverage, she said. If you can, schedule your most expensive services, like a surgery, after your deductible is paid off and your coverage will be fully in effect, Donovan said.A high-deductible plan often comes with a health savings account, flexible spending account or a health reimbursement arrangement, she added. All three of these tax-advantaged accounts can make paying for your care a little less burdensome. "Sometimes, you have to get a little crafty," she said. If you haven't hit your deductible yet and are worried about your upfront costs, do some research before you book a service or exam, said Patricia Kelmar, senior director of health care campaigns at PIRG, a consumer advocacy group. "Labs and imaging prices can vary tremendously," Kelmar said. "You can usually get a price in advance from your insurer." Try to avoid hospital-based exams because they can lead to facility fees, she added. If you're offered a discount for paying in cash for a service, it may not count toward your deductible, Kelmar said. A $5,000 deductible doesn't surprise me at all. Matthew Raeassociate director at KFF It's also a smart idea to regularly review the progress you've made toward paying down your deductible, Kelmar said. You can often see these details in your insurance provider's portal. "Sometimes there are delays if your provider hasn't yet sent in the claims," she said. "If you had recent care, check that you received credit for what you paid out of pocket." Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

“Wherever we have the site, we are applying for approvals; So we are preparing ourselves to move fast,” said S B Khyalia, CEO of Adani Power Ltd View More

A married woman's share in ancestral property is influenced by laws, family dynamics, and social norms. Key laws - the Indian Succession Act and Hindu Succession Act emphasise equal rights for daughters and sons in inheritance matters. View More

India’s primary market will see Rs 3,491 crore in offerings led by Bagmane Prime Office REIT. The issue dominates investor focus, while two smaller SME IPOs test broader market sentiment amid rising interest in yield based investment options. View More

After a relatively quiet stretch in the primary market, investors will have nearly Rs 3,491 crore worth of public issues to track next week, with the calendar dominated by the Rs 3,405 crore Bagmane Prime Office REIT, while two smaller SME offerings will test risk appetite in the broader market. In total, issuers are looking to raise about Rs 3,491 crore across three public offers opening between May 4 and May 7, with institutional and retail investors expected to focus primarily on the mainboard REIT issue, which will also be among the largest primary market offerings of 2026 so far. Bagmane Prime Office REIT Bagmane Prime Office REIT will open for subscription on May 5 and close on May 7. The issue aims to raise Rs 3,405 crore through a combination of a fresh issue of Rs 2,390 crore and an offer for sale of Rs 1,015 crore, with a price band of Rs 95-100 per unit. Bagmane Prime Office REIT offers investors exposure to premium commercial office assets in Bengaluru, one of India's largest office leasing markets. The portfolio includes six Grade A+ business parks spread across 20.3 million square feet, with a committed occupancy of 97.9% as of June 2025. Live Events What makes the issue stand out is its tenant roster, which includes global names such as Google, Amazon, and Nvidia, reflecting the strong demand for premium office assets from multinational technology companies. The REIT is sponsored by Bengaluru-based Bagmane Group, one of the country’s major commercial office developers. Financially, the trust reported profit after tax of Rs 829 crore for the nine months ended December 2025, with total income of Rs 1,960 crore. A large part of the proceeds will be used to acquire strategic office assets within the Bagmane ecosystem, strengthening the trust's rental income visibility. The issue also comes at a time when investors are increasingly looking at yield-focused listed products amid volatile equity markets, and analysts believe institutional participation could remain strong if pricing remains attractive. SME segment In the SME segment, the IPO of Value 360 Communications will open on May 4 and close on May 6. The company plans to raise Rs 41.7 crore through its NSE SME issue, priced at Rs 95-98 per share. The company operates in public relations, investor communications and strategic brand advisory. This will be followed by Recode Studios, which opens on May 5 and closes on May 7. The company is looking to raise Rs 44.6 crore through its BSE SME issue, with a price band of Rs 150-158 per share. Together, the two SME offerings will raise just over Rs 86 crore, a small fraction of the week's total fundraising. ( Disclaimer : Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times) .Pbanner{display:flex;justify-content:space-between;align-items:center;background-color:#ec1c40;margin-top:20px;padding:5px 10px;border-radius:4px;color:#fff;line-height:10px;} .Pbannertext{display:flex;align-items:center;font-size:16px;font-weight:600;font-family:'Montserrat';} .Pbannertext img{height:20px;margin:0 6px} .Pbannerbutton a{display:flex;align-items:center;background-color:#fff;color:#ec1c40;text-decoration:none;font-weight:600;padding:4px 8px;border-radius:6px;font-size:15px;font-family:'Montserrat';} .Pbannerbutton img{height:20px;margin-right:6px} .Pbannerbutton a:hover{background-color:#f7f7f7} Add as a Reliable and Trusted News Source Add Now! (You can now subscribe to our ETMarkets WhatsApp channel) (You can now subscribe to our ETMarkets WhatsApp channel)

Bard College's long-time leader Leon Botstein has faced pressure since the DOJ released documents about his communications with Jeffrey Epstein. View More

FILE PHOTO: President of Bard College Leon Botstein speaks during the "Changing Landscapes: From the Digital Classroom to the Global Campus" panal during the TIME Summit On Higher Education on Oct. 18, 2012 in New York City. Jemal Countess | Getty Images Bard College President Leon Botstein announced Friday that he will retire at the end of June after 51 years leading the prestigious New York liberal arts school, a day after a law firm retained by its Board of Trustees delivered a critical report about his relationship with the late notorious sex offender Jeffrey Epstein."Nothing that President Botstein did in connection with his relationship with Jeffrey Epstein was illegal," WilmerHale attorney Jamie Gorelick wrote in a summary to those trustees, which CNBC obtained."But President Botstein made decisions in the course of that relationship that reflect on his leadership of Bard," wrote Gorelick, who served as a deputy attorney general in the Clinton administration.Bard retained WilmerHale in February to review its 79-year-old president's relationship with Epstein after details about their communications were made public with the release by the Department of Justice of documents, which made clear they were more extensive than previously known.Botstein, who is a renowned orchestral conductor, had said he cultivated Epstein as a donor for Bard, which is located in Annandale-on-Hudson. His pursuit of Epstein came several years after the shady money manager pleaded guilty in Florida state court to soliciting a minor for prostitution and served a 13-month jail term."President Botstein forcefully argues that Bard's need for funds was paramount," Gorelick wrote in her summary of her report for Bard's trustees."His view was, 'I would take money from Satan if it permitted me to do God's work,' " Gorelick noted."President Botstein said that he did not see a risk to Bard's reputation in pursuing Epstein or thepotential risk to Bard students of exposure to Epstein, nor did he consider that his actions could validate and legitimize Epstein to potential victims or their parents," the attorney wrote."In his public statements and his statements to the Bard community, President Botstein minimized and was not fully accurate in describing his relationship with Epstein."Epstein, in addition to Botstein, had friendships with many high-profile people, including President Donald Trump, former Harvard President Larry Summers, and Andrew Mountbatten-Windsor, the brother of King Charles III of Britain. Epstein died in 2019 from suicide in a Manhattan jail, several weeks after being arrested on child sex trafficking charges.A woman who answered the phone at Botstein's home on Friday referred questions to the college's media affairs department, which did not immediately respond to requests for comment by CNBC. Botstein's retirement statement Botstein, 79, did not mention the WilmerHale report or Epstein in his retirement announcement, which touted his role in Bard's $1 billion endowment campaign, which was completed in January.He said in an email to Bard students and faculty that he had previously informed the Board of Trustees of his intention to retire, "and focus my energy as faculty member, teacher, and musician.""I will continue with the Bard Music Festival, SummerScape, and the Bard Conservatory and will live at Finberg House," he wrote. Read more about the Jeffrey Epstein filesList: High-profile people burned by past dealings exposed in the Epstein filesGates Foundation reviewing Jeffrey Epstein ties, will slash 20% of staff: WSJJeffrey Epstein victims will get House committee hearing, James Comer saysMelania Trump blasts claims about Jeffrey Epstein and herEpstein files: Pam Bondi testimony to House panel canceledBill Gates interview about Jeffrey Epstein by House Oversight set for June 10Epstein files: Commerce Secretary Lutnick set for May 6 interview by House OversightTrump fires Attorney General Pam BondiEpstein files: Buffett says he hasn't talked to Bill Gates 'since the whole thing was unveiled'Epstein victims get $72.5M from Bank of America settlementEpstein victims sue Trump administration, GoogleHouse committee subpoenas Attorney General Pam BondiGoldman Sachs’ Ruemmler, Bill Gates, Leon Black will testify to House panelBill Clinton on Jeffrey Epstein: 'I saw nothing, and I did nothing wrong'DOJ withheld Epstein files about claim Trump sexually abused minor: MS NOW The executive committee of Bard's Board of Trustees, in a statement obtained by CNBC, said the board "is grateful to President Botstein for his five decades of service to Bard College, his countless accomplishments and the lasting impact of his leadership."But the committee also noted that he submitted his retirement on Thursday, after WilmerHale's review of communications between him and Epstein was sent to the board. WilmerHale's findings about Bard's president Gorelick, in her summary, wrote that Botstein, in deciding to pursue possible donations from Epstein in 2012, did not try to understand the details of Epstein's 2008 conviction for soliciting a minor girl for prostitution, and that he "disagreed with the view expressed by a senior faculty member, whom he had asked to help with a proposal to Epstein, that Bard should not engage with Epstein.""President Botstein relied on his view that a person convicted of crimes involving sex with aminor — 'an ordinary sex offender', in his words — could be presumed to be rehabilitated in the same way that any other convicted person should, in his view, be given that presumption," Gorelick wrote.She said Botstein did not discuss with the board whether to accept donations from Epstein or whether he could "appropriately accept payments from Epstein."President Botstein did not disclose to or flag for the Board, when it approved the contributions made by an entity called Enhanced Education in 2011 and 2012, that these funds were from Epstein." Gorelick wrote.And when the billionaire Leon Black made a donation to Bard in 2014, "which President Botstein understood had been made at Epstein's behest, were disclosed only as funds from Black," Gorelick wrote."In 2016, President Botstein accepted fees under a consulting agreement with an Epstein entity," Gorelick wrote. "He did not disclose the agreement to the Board on the ground that he intended to donate those funds to Bard."The lawyer said that Botstein explained that the funds "were donated to Bard by rolling them into his and/or his wife's contributions over the years and were not separately identified as coming from Epstein.""For this reason, the documents cannot confirm for the Board the contribution of those fees to Bard." Gorelick wrote.Owen Denker, a Bard student who is the spokesman for the group "Take Back Bard," which had sought to oust Botstein after revelations about his ties to Epstein, in a statement to CNBC, said, "While we are pleased with Leon Botstein's decision, to step back, it does not go nearly far enough.""He needs to cease teaching and conducting immediately," Denker said."Furthermore, we need to see the systemic culture of sexual abuse addressed, and shared governance including faculty, staff, and students to ensure similar negligence does not occur again," Denker said. Choose CNBC as your preferred source on Google and never miss a moment from the most trusted name in business news.

Antarctic fish fossils are shedding light on early animal evolution, specifically the transition to land. A remarkably preserved skull of *Koharalepis jarviki*, from the Devonian period, reveals adaptations for shallow water life, including advanced senses and early air-breathing capabilities. This discovery offers crucial insights into the era preceding terrestrial animal colonization. View More