May 2, 2021

Cash

Chinese money-laundering rings in Chicago, New York cleaning Mexican drug cartel cash

A Chinese money-launderer was about to pick up Mexican drug-cartel cash in Chicago, federal authorities say, when his plans suddenly changed.

They say the suspected launderer got a call from a man he thought was a Mexican money courier who told him they needed to change their meeting place because he’d spotted a cop.

“You Asian, I’m Mexican — not a good look,” the courier said in the 2017 phone call, court records show.

So they picked a different address to meet. They described their cars to each other. And when they met on the Southwest Side, they had a

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Renting out your pool for cash

Along with Clorox wipes and toilet paper, the demand for backyard swimming pools has skyrocketed since the start of the pandemic.

Across the country, swimming pool and hot tub suppliers struggled to meet a sudden wave of demand. But putting in a pool is a pricey proposition, and not everyone who wanted to swim could build their own backyard oasis.

That gave Ned Gilardino an idea.

He has a pool his three older children rarely use. In 2019, he listed it on Swimply — like an Airbnb for swimming pools — so families near his Aurora, Colorado, home could rent

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More is sometimes enough – America’s banks have too much cash | Finance & economics

WHEN BOND markets seized up in the spring of 2020 the problem was a shortage of cash. A global dash for dollars caused bond yields, which move inversely to prices, to spike. It sent the greenback soaring in currency markets. And it caused trading in Treasuries, usually the world’s most liquid market, almost to dry up. Today the opposite problem looms: a surfeit of money. It stems from the Federal Reserve’s response to last year’s crisis. The central bank calmed markets by buying vast quantities of bonds with newly created cash, and has continued its purchases,

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The Week in Business: Here Comes the Stimulus Cash

Good morning. Millions of Americans will receive their stimulus payments any minute now, as the American Rescue Plan is up and running. Here’s what else you need to know in business and tech news for the week ahead. — Charlotte Cowles

President Biden signed his hard-fought whopper of a stimulus package into law on Thursday. The bill will provide direct payments of up to $1,400 to qualifying Americans, who can expect to see direct deposits hit their bank accounts as soon as this weekend (as in, today). It will also extend unemployment

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