A former partner at Stratton Oakmont, the stock-trading firm that inspired "The Wolf of Wall Street" movie, spoke about his extreme lifestyle while working there. A new documentary on Paramount+ reveals more details about the firm's illegal activities and the personal toll on employees.
Key Facts
Howie Gelfand joined Stratton Oakmont at age 19 and quickly earned over $100,000 a month.
He eventually made more than $1.5 million a year at the firm.
Gelfand described his lifestyle as unhealthy, including struggles with weight, drugs, and alcohol.
He realized the firm’s business practices were illegal but thought it was normal for Wall Street.
The documentary "The Real Wolf of Wall Street" uses over 15,000 FBI and government documents.
The documents were obtained through the Freedom of Information Act by reporter Jason Leopold.
The three-part series is now available on Paramount+, part of the CBS News parent company.
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Federal Reserve Chair Kevin Warsh spoke for the first time before Congress since becoming the Fed’s leader. He described major changes the central bank is making to better manage inflation and the economy.
Key Facts
Kevin Warsh is the new chair of the Federal Reserve.
He appeared before the House Financial Services Committee for his first hearing as Fed chair.
Warsh emphasized efforts to change how the Fed deals with inflation.
These changes are described as a “sea change,” meaning a big shift in thinking.
The goal is to improve the Fed’s approach to economic issues.
Inflation management is a key focus of the Fed’s new strategy.
The hearing is part of regular Congressional oversight of the Federal Reserve.
Warsh’s testimony helps explain the Fed’s future plans to lawmakers and the public.
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Chipotle Mexican Grill is opening its first restaurant in Mexico this week, starting in San Pedro Garza García, Nuevo León. The company is partnering with Alsea, a local operator, and plans more locations in Mexico and other countries as part of its global expansion.
Key Facts
Chipotle’s first Mexico restaurant opens in San Pedro Garza García, Nuevo León.
The restaurant will serve its usual menu like burritos, bowls, salads, tacos, and quesadillas.
Chipotle is partnering with Alsea, which manages other brands like Starbucks and Domino’s in Mexico.
Additional Chipotle locations are planned in Nuevo León later this year and in Mexico City in 2027.
Monterrey is chosen for its strong economy, growing population, and business presence.
Taco Bell previously tried to succeed in Mexico but closed all locations by 2007 due to pricing and local food preferences.
Chipotle planned to learn local tastes carefully and respects Mexico’s culinary heritage.
Chipotle is also expanding internationally, with restaurants in the Middle East, Asia, Canada, and Europe.
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The U.S. government has refunded over $77 billion in tariffs during 2026 after the Supreme Court ruled most of President Trump’s tariffs invalid. These refunds have increased the federal budget deficit but have also given companies extra cash that some plan to use for lowering prices.
Key Facts
The Supreme Court struck down most of President Trump’s tariffs in a 6-3 decision in February 2026.
The court ruled the tariffs exceeded the powers of the 1977 International Emergency Economic Powers Act.
Around $166 billion was originally collected from 330,000 importers in tariffs that were invalidated.
As of June 2026, the government refunded $81 billion in tariffs for the fiscal year, including $49.2 billion in June alone.
The refunds caused the federal budget deficit to rise to $120 billion in June from a surplus of $27 billion the previous year.
Some of the refunded money is still tied up in legal battles as the administration appeals certain payments.
Companies like Walmart and PepsiCo plan to use their tariff refunds to reduce prices for consumers.
The refunds provided an unexpected financial boost to companies amid inflation concerns.
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Warren Buffett has stopped donating shares to the Bill and Melinda Gates Foundation after more than 20 years. Instead, he will now give the shares to four family-related foundations and plans to finish this by the end of 2034.
Key Facts
Warren Buffett promised in 2006 to donate shares of Berkshire Hathaway to the Gates Foundation every year for his lifetime.
He recently left the Gates Foundation off the list of recipients and will donate to four family foundations instead.
Buffett plans to give away all his remaining shares by December 31, 2034.
This change comes after Bill Gates’ connections to Jeffrey Epstein, a convicted sex offender, were publicly revealed.
Buffett said he has not talked to Gates since the Epstein information came out.
Bill Gates testified before the US House Oversight Committee about his ties to Epstein.
Melinda French Gates resigned from the foundation in 2024 and plans to donate $1 billion to support women's rights in the US.
The Giving Pledge, started by Buffett and the Gates in 2010, encourages wealthy people to give away most of their fortunes.
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A 67 million-year-old Tyrannosaurus rex fossil named "Gus" sold for £37.4 million ($50.1 million) at a Sotheby's auction in New York. It is the most expensive dinosaur fossil ever sold and is one of the most complete T. rex specimens, with over 60% of its bones recovered.
Key Facts
The fossil is a Tyrannosaurus rex, about 67 million years old.
It stands more than 12 feet (4 meters) tall.
Over 60% of the dinosaur's bones were found, making it very complete.
The fossil is called "Gus."
"Gus" was discovered in 2021 on a ranch in South Dakota, USA.
Sotheby's held the auction in New York.
The final sale price was £37.4 million or $50.1 million.
The winning bidder has not been publicly revealed.
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A high-yield savings account currently offers interest rates around 4.10%, much higher than the average traditional savings account rate of 0.39%. Depositing $10,000 into such an account could earn over $400 in one year, with higher earnings possible over multiple years if rates stay the same.
Key Facts
Traditional savings accounts have very low average interest rates, about 0.39%.
Inflation is currently about 4.2%, which means regular savings lose buying power.
High-yield savings accounts pay much higher interest, around 4.10% APY (annual percentage yield).
$10,000 in a high-yield account at 4.10% would earn about $410 in one year.
Certificates of deposit (CDs) offer similar or slightly better rates than high-yield savings accounts.
A 5-year CD at about 4.20% could earn roughly $2,284 on a $10,000 deposit.
Interest rates can change based on Federal Reserve policies, so earnings can go up or down.
High-yield savings accounts provide flexible access to money, while CDs often require leaving money untouched for a set period.
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Several Democratic state attorneys general have filed a lawsuit to stop the merger between Warner Bros. and Paramount. They argue that combining the two companies could harm competition in the entertainment industry.
Key Facts
Democratic state attorneys general are leading the lawsuit.
The lawsuit aims to block the merger of Warner Bros. and Paramount.
The merger would combine two major entertainment companies.
The officials are concerned the merger could reduce competition.
Antitrust laws are designed to prevent companies from becoming too powerful.
The lawsuit is a response to potential negative effects on the market.
Warner Bros. and Paramount are both key players in film and TV production.
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A nearly complete Tyrannosaurus rex skeleton called Gus sold for $50.1 million at a Sotheby’s auction in New York, setting a new record price for a dinosaur fossil. The fossil is about 61% complete and dates back around 67 million years, making it one of the largest and most complete T. rex skeletons ever found.
Key Facts
The T. rex skeleton, nicknamed Gus, stands about 12.5 feet tall and is roughly 38 feet long.
It consists of 183 bones plus many rare rib specimens.
Gus sold for $50.1 million, exceeding the auction house’s predicted price of $20 to $30 million.
Only seven bidders took part in the auction, which lasted about 10 minutes.
The skeleton was found on land owned by Gary "Gus" Licking in Harding County, South Dakota.
The fossil dates from the late Cretaceous period, about 67 million years ago.
Only 32 T. rex skeletons have ever been found, and Gus is 61% complete—one of the most complete ever discovered.
Two other well-known T. rex skeletons are Sue, displayed in Chicago, and Stan, displayed in Abu Dhabi.
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The U.S. population is aging quickly, with many baby boomers reaching retirement age. Senior living communities must change their approach to meet the new generation’s desire for more independence, wellness, and social engagement, or risk falling behind as demand grows.
Key Facts
About 12,000 Americans turn 65 every day, increasing demand for senior living.
By 2030, all baby boomers will be 65 or older, causing a big growth in older adults.
Donald Lilly, CEO of Still Hopes Episcopal Retirement Community, says existing senior living models are outdated.
Older adults now want wellness, meaningful connections, and community engagement, not just housing.
Many senior living places don’t meet these new expectations, creating a gap between supply and demand.
Still Hopes focuses on wellness programs that support physical health, brain health, nutrition, and social activities.
Active and socially connected seniors tend to stay independent and healthier longer.
New senior living developments are growing slowly while demand is increasing quickly.
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The article argues that to build resilience in agriculture, it is important to shift towards farming methods that are sustainable, varied, and smart about the climate. It suggests that this change is necessary to handle challenges like those highlighted by the Strait of Hormuz situation.
Key Facts
Resilience means being able to recover from difficulties or changes.
Sustainable agriculture uses methods that do not harm the environment.
Diversified agriculture means growing different types of crops or raising different animals.
Climate-smart agriculture focuses on farming practices that help adapt to or reduce climate change.
The Strait of Hormuz impasse refers to a situation affecting trade and supply routes.
Agricultural subsidies are government payments that support farmers.
The article suggests reconsidering these subsidies in light of the need for new farming systems.
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Jeffrey Epstein helped the Edmond de Rothschild bank settle a U.S. Justice Department probe into hiding assets, which earned him $25 million. Despite being a convicted sex offender, Epstein used his network and skills in negotiations to secure a large payment and assist the bank in ending the investigation.
Key Facts
The U.S. Justice Department started the Swiss Bank Program investigation in 2013 focused on Swiss banks helping Americans hide money.
Edmond de Rothschild bank faced possible major fines and charges from this probe.
Epstein connected with the bank’s leader, Ariane de Rothschild, soon after his 2011 release from jail and house arrest.
Epstein negotiated a deal involving the bank paying $45.5 million to the IRS and $10 million for legal fees.
Epstein received $25 million for his role in the settlement agreement.
Epstein claimed he wanted no financial gain initially but ended up earning a large fee.
The bank’s American lawyer, Kathy Ruemmler, appeared before Congress to discuss this matter.
Epstein’s work for other wealthy clients, like financier Leon Black, also brought in millions despite his criminal record.
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When a person dies, their debts do not automatically pass to their family members. Instead, the debts are paid from the deceased person's estate, which is the money and property they left behind. Family members usually are not responsible for paying these debts unless certain exceptions apply.
Key Facts
A deceased person’s debt is paid from their estate, not by family members personally.
If the estate does not have enough money or assets, the debt is generally forgiven and the creditor loses that money.
Family members are only responsible if they co-signed the loan or were joint account holders.
Authorized users on credit cards usually do not have to pay the debt.
Some state laws may make a surviving spouse responsible for certain debts.
If you inherit property with a mortgage, you must keep paying that mortgage to keep the property.
Debt collectors can only contact the estate’s executor about the debt, not other relatives, except to find out who the executor is.
You can legally tell debt collectors to stop contacting you if they wrongly make you feel responsible for a deceased relative’s debt.
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Warren Buffett announced he will not give donations to the Bill and Melinda Gates Foundation this year following disclosures about Bill Gates’ past connections to Jeffrey Epstein. Instead, Buffett will donate around $6 billion to four family-run foundations and plans to donate all his remaining Berkshire Hathaway shares, worth over $140 billion, to charity by the end of 2034.
Key Facts
Warren Buffett is skipping donations to the Gates Foundation this year after news about Bill Gates’ links to Jeffrey Epstein.
Buffett will donate about $6 billion to four foundations managed by his children and family.
He plans to give all his remaining Berkshire Hathaway stock to charity by December 31, 2034.
Previously, Buffett planned for his children to distribute his fortune after his death, but now he is accelerating this plan.
Most of Buffett’s past giving (over $61 billion) went to the Gates Foundation since 2006.
Bill Gates denies any wrongdoing and says he met Epstein only to raise money for charity.
Epstein died in prison in 2019, with his death ruled a suicide.
Buffett and Gates were close friends but have not spoken for months since Epstein’s files were made public.
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Twelve states, led by California, have filed a lawsuit to stop Paramount’s $110 billion merger with Warner Bros. Discovery. The states are worried the deal will reduce competition and harm movie theaters, cable companies, and viewers, despite federal regulators approving the merger.
Key Facts
The lawsuit was filed in the U.S. District Court for the Northern District of California.
The merger deal was agreed in February after competition between Paramount and Netflix.
The U.S. Justice Department’s Antitrust Division approved the merger last month.
The 12 states suing have Democratic attorneys general and include California, New York, and Washington.
The states say the merger will create a very large company that limits competition and could lead to higher prices and less content.
Paramount says the lawsuit misrepresents the current entertainment market and promises to fight the case strongly.
Paramount warns that delays could hurt entertainment workers and jobs in California.
There are reports Paramount might move its headquarters out of California if the merger is blocked there.
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Authorities seized over 158,000 fake football shirts worth about £5.5 million in a major UK operation. The fake kits, including those of World Cup teams, were taken by trading standards and police and will be recycled after being confirmed counterfeit.
Key Facts
More than 158,000 counterfeit football kits were confiscated in Edinburgh.
The fake shirts included teams like Scotland, England, Spain, and France.
The total weight of seized goods was 9 tonnes, estimated at £5.5 million in value.
The fake shirts often do not meet safety standards and may contain harmful substances.
The investigation involves Police Scotland, national trading standards, and Edinburgh council.
Officials said the counterfeit trade often links to organised crime, such as human trafficking and slavery.
The global market for counterfeit and pirated goods is estimated at $467 billion annually.
The Scottish Football Association said counterfeit sales hurt legitimate football funding and fan experiences.
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Flaunt power banks have been recalled because they caused two burn injuries and could catch fire. People who have these power banks should stop using them right away and contact the company for a full refund.
Key Facts
Flaunt power banks were linked to two burn injuries.
There is a risk that these power banks can catch fire.
The company has recalled the product because of these safety concerns.
Anyone owning these power banks should stop using them immediately.
Customers are advised to contact Flaunt to get a full refund.
The recall is a safety measure to protect users from harm.
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A new documentary called "The Real Wolf of Wall Street" on Paramount+ tells the true story of stockbroker Jordan Belfort and his firm Stratton Oakmont. Howie Gelfand, a former partner of the firm, says the 2013 movie "The Wolf of Wall Street" did not show the real events accurately.
Key Facts
The documentary is titled "The Real Wolf of Wall Street."
It is produced by See It Now Studios and available on Paramount+.
The story is about Jordan Belfort, a well-known stockbroker.
Belfort’s company was called Stratton Oakmont.
Howie Gelfand was a partner at Stratton Oakmont.
Gelfand joined the documentary to share the true story.
The 2013 film starred Leonardo DiCaprio as Jordan Belfort.
According to Gelfand, the movie did not correctly show what really happened.
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The article offers tips to help people save money when planning summer vacations or staycations. It points out that gas and airfare prices are higher than last year, making careful budgeting important.
Key Facts
Gas prices are higher than they were last year.
Airfare costs have also increased compared to last year.
The article provides money-saving tips for summer travel.
Tips apply to both vacations away from home and staycations (vacations spent at home).
Planning and budgeting can help reduce travel costs.
The advice aims to help people enjoy summer trips without overspending.
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New data from the U.S. Labor Department shows that inflation decreased more than experts predicted in June. This drop is mainly because gas prices fell, partly due to U.S. diplomatic talks with Iran.
Key Facts
Inflation measures how much prices for goods and services rise over time.
In June, inflation went down more than expected.
Gas prices dropped in June.
The decrease in gas prices helped lower overall inflation.
U.S. diplomatic efforts with Iran contributed to the fall in gas prices.
The data comes from the U.S. Labor Department.
The news was reported by CBS News.
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