money

For Ross Stripling, baseball was something of an accidental career.

He walked onto the team at Texas A&M, majoring in business finance, planning to stick around campus long enough to earn a master’s degree. After his junior year, he turned down a six-figure bonus offered by the Colorado Rockies. After his senior year, he accepted a six-figure bonus to sign with the Dodgers, only to blow out his elbow after one season in the minor leagues.

He was 24. He was at peace. He called home.

“I think the right thing to do is to say I did this baseball thing and go start my life,” he told his father.

If you’re a Dodgers fan, you know the rest of his baseball story: In his major league debut, Stripling was five outs from a no-hitter when Dodgers manager Dave Roberts yanked him. In his nine years in the major leagues, including five with the Dodgers, he pitched in the All-Star Game and the World Series, and he once pitched with his “Chicken Strip” nickname on the back of his game jersey.

His father knew best. Instead of giving up on baseball when he needed Tommy John surgery, his father encouraged Stripling to use the yearlong rehabilitation process as a way to explore what a future without baseball might look like. His grandfather set him up with an internship at an investment firm.

Five years ago, Stripling and his mentor from that firm founded their own financial services company, called Skyward Financial. Now, 21 months after Stripling threw his last pitch in the major leagues, he is throwing a new one: Hey, young athletes coming into a lot of money, I’ve lived in that world, and I’ll show you how to protect your money and build toward generational wealth.

“It’s not me trying to become the next Wolf of Wall Street,” Stripling said. “This is genuine. I want to help kids and their families out in a space that has gotten out of hand in a hurry.”

Matthew Houston, the mentor, said Stripling blew away the brokers when he interviewed for that internship.

“He brings with him, like, a two-inch folder stuffed with handwritten stock reports he had written on minor league bus trips,” Houston said. “He handed us a couple of them, and they were legit Wall Street reports, him doing analysis of stocks. We were falling out of our chair.”

Stripling soon earned his broker’s license. Over the past decade, Houston estimated, he and Stripling might have traded messages about markets and clients “25 to 50 times a day.” One night, Houston watched Stripling pitch on television. Not long after the game ended, he heard the ping of a text message.

“I had just seen him on TV, and it’s like, ‘What do you think about Celgene and Gilead in the biotech sector?’” Houston said. “My mind was blown.”

You don’t need to have played in the major leagues to realize how much money athletes make. Major brokerages want a piece of that money. Some even use former athletes to recruit current ones.

Marc Isenberg, the former director of financial education for Morgan Stanley’s sports and entertainment group and author of the “Money Players” guide for young athletes, wished Stripling well but said he would face significant competition from firms with bigger names and greater resources.

“It’s oversaturated,” Isenberg said. “Almost every single Wall Street firm, to compete for athletes and entertainers, has a sports and entertainment group.”

And it’s not just the behemoths. Stripling checked with a basketball agent, who said he represents 24 college players that each have a different money manager.

There is nothing revolutionary about Stripling’s message: limit the flashy spending now in favor of prudent savings and investment, so you can grow your money through and beyond your career.

Stripling believes he can win by concentrating on young athletes, the ones suddenly showered in six- or seven-figure payments from draft bonuses, college revenue sharing payments, and name, image and likeness deals.

“I’ve seen the first-rounders come in and blow money on cars and houses and gambling,” Stripling said, “and I’ve seen the first-rounders like (former Dodgers shortstop Corey) Seager, who probably hasn’t spent a dime of his signing bonus.”

In a presentation for young athletes — and for the pro teams and college athletic departments that might invite him to speak — Stripling’s firm uses his story of a baseball prospect that got a $900,000 up-front payment and spent the $500,000 after taxes on a red Lamborghini. If the prospect had invested that $500,000 over 30 years into a fund that tracked the S&P 500, he would have made $8.6 million.

“That was the dumbest decision I’ve ever seen anyone make,” Stripling said.

“I have these stories from being in the locker room. I hope that, as a player, my story resonates more than a guy from Goldman Sachs saying, ‘Yeah, we’ve got a couple good ETFs.’”

Stripling would love the chance to speak at one of the Dodgers’ morning meetings in spring training, where players hear briefings about everything from safety and security to social media.

“I’d like to learn more about it, but I’d be open to putting him in front of the guys,” Roberts said. “I definitely trust him.”

In the meantime, Stripling has a federal record. All brokers do. One form requires brokers to list their employers and job descriptions over the last 10 years. Among all the wealth strategists and financial advisors and registered representatives, Stripling’s form is the one with the job history that starts with this line: “LA Dodgers, Pitcher.”

The datacom market outlook was recently revised upwards by LightCounting, which J.P. Morgan analysts said proves positive for optical component suppliers, including Coherent (COHR), Fabrinet (FN), and Lumentum (LITE).

“The datacom growth outlook remains robust, with the total market forecast once again

When US Energy Secretary Chris Wright visited Venezuela in February, he left Miraflores with an ambitious message. After meeting Delcy Rodríguez in Miraflores, he told reporters: “This year, we can drive a dramatic increase in Venezuelan oil production, in Venezuelan natural gas production and Venezuelan electricity production.”

Three months later, large parts of the country are enduring heavy electricity rationing, with daily cuts lasting between five and eight hours. Even after the government imposed a 45-day electricity-saving plan in late March to cope with high temperatures and surging demand, the situation continues to deteriorate. As the system faces renewed strain, the US Embassy in Caracas publicized a meeting with Ronald Alcalá, Delcy’s new electric energy minister, where US Chief of Mission John Barrett said Washington will “work with the interim authorities to rebuild the power grid.”

“The three-phase plan of President Trump and Secretary Rubio focuses on restoring reliable energy supply through experience, investment, and collaboration with the US,” Barrett’s brief statement read.

Caracas has resorted to nationwide measures like banning cryptocurrency mining, as power consumption recently reached its highest levels in nearly a decade. El Pitazo reported that current nationwide rationing has exceeded those seen in 2012 across much of the country, with Caracas remaining the main exception.

The latest chapter of this long-running crisis arrives at a sensitive moment for the post-Maduro regime. As has been widely reported, Rodríguez is trying to boost some parts of the economy and attract foreign investment into oil, gas and mining. But the country’s electrical system—weakened by decades of underinvestment, mismanagement and institutional collapse—has re-emerged as an obstacle.

For Luisa Palacios, a Venezuelan professor and energy executive that served as CITGO’s chairwoman, the current blackout cycle reveals something deeper than previous ones.

“This new episode should serve as a wake-up call about the urgency of restructuring the country’s electrical system,” she says. “We are witnessing a stress test of the system even under a modest recovery in demand.

One huge challenge is to bring back investment and expertise required, Palacios wrote in February along with Francisco Morandi, an AES Corporation executive who did strategic planning for Electricidad de Caracas. However, some major companies are hesitating to join after meetings with officials last month, Reuters reported. One executive shared his view: “I returned very skeptical from Venezuela (…) The power plants have not been properly repaired in 10 years, so the needs are almost infinite. But they still have no clue on how we would get paid.”

“The electricity sector is a highly capital-intensive sector that requires large investments to be made before a single cent of profit is seen,” Palacios told Caracas Chronicles. “That is why counterparty risk is fundamental in the electricity sector: ensuring that the user pays you, and on time, is essential.”

The most immediate problem is straightforward. Except for Haiti, Venezuela is the only country in the region where power consumption has actually declined over the past decade, according to OLADE, with per capita consumption falling by roughly 30% since 2014. Nevertheless, the country still does not generate enough electricity to meet demand.

Palacios was firm in the idea that it is necessary to move beyond the State’s central role in power generation, which can’t afford the necessary investments, and that the time to do so is now. 

“Without increasing power generation offered significantly by the private sector and improving transmission and distribution, the country won’t recover from the structural electric crisis that today remains the main bottleneck in terms of infrastructure”.

One of the central proposals advanced by Palacios and other energy experts is to restore thermal generation using Venezuela’s own natural gas resources. Large volumes of gas currently burned or flared during oil production could instead feed thermal plants and combined-cycle gas turbine (CCGT) facilities, systems that generate electricity more efficiently by combining gas and steam turbines. Such a shift would not only reduce pressure on the hydroelectric system but also lower emissions associated with gas flaring.

“This could be the single biggest climate action Venezuela could take in the short term,” Palacios argues. 

Other proposals involve allowing independent power producers to generate electricity for specific industrial regions and oil hubs, reducing pressure on the fragile national grid. She has also suggested the creation of autonomous microgrids operating in “island mode” (localized systems capable of functioning independently when the national grid fails) to provide more reliable service to critical industrial, commercial, and residential areas. Battery storage systems could also help stabilize electricity supply.

Renewable energy is also part of the conversation. Venezuela relies on largely clean, hydroelectric energy, but Palacios sees potential for solar, wind and biofuel projects. Other oil-producing neighbors like Brazil, Colombia and Argentina serve as prime examples in that sense.

The challenge is not just technical. Broadly speaking, there is agreement among specialists about what Venezuela’s electrical system needs, and what requires fixing: new thermal generation, modernization of transmission infrastructure, decentralized generation capacity, tariff reform, and a new regulatory framework capable of attracting investment. The financing problem is huge: rebuilding Venezuela’s grid would require enormous amounts of long-term capital. Gelvis Sequera, who chairs the domestic Association of Electrical and Mechanical Engineers, places the required investment at around $20 billion.

“The electricity sector is a highly capital-intensive sector that requires large investments to be made before a single cent of profit is seen,” Palacios told Caracas Chronicles. “That is why counterparty risk is fundamental in the electricity sector: ensuring that the user pays you, and on time, is essential.”

But many investors remain cautious. According to Reuters, several companies that recently held meetings with Venezuelan officials left unconvinced about the prospects of doing business. One executive summarized the dilemma bluntly: “The power plants have not been properly repaired in 10 years, so the needs are almost infinite. But they still have no clue how we would get paid.”

The vicious cycle of regional power cuts affecting refineries and fuel production, and therefore also undermining the power sector, needs a major overhaul to finally be brought to an end.

When considering whether to deploy capital in Venezuela, investors are less confused about the needs and more about the ifs. They are uncertain about whether the Venezuelan State can offer credible guarantees, stable regulation, enforceable contracts, and reliable payment mechanisms over the long term.

As Palacios put it: “Power infrastructure is a low-margin business, established for the long term and highly dependent on regulatory and macroeconomic risks.” For that reason, she argues that regulatory clarity, transparent tariffs, and technically competent institutions are indispensable if Venezuela hopes to attract serious capital into the sector.

This also raises uncomfortable political questions about the future role of CORPOELEC, the omnipotent overseer of Venezuelan electricity. Founded by Hugo Chávez in 2007, the public company serves as the power grid’s service provider, operator and developer.

“Venezuela needs to seriously rethink the role of CORPOELEC and the State in providing such a fundamental service,” Palacios says. “It is not possible to solve this crisis with the current management structure.” At the moment, however, there are few signs that such reforms are imminent.

“To build and rebuild a reliable system will depend on having the right actors on the table”, she continues, pointing out that multilateral organizations can provide technical capacity and long-term financing that can “de-risk investment”, giving some assurances to the private sector.

“There’s a lot of Venezuelan entrepreneurship more than willing to invest in a system with clear rules based on international standards”.For now, as hopes of an economic recovery reach their highest levels since the Chávez era, Venezuelans long accustomed to blackouts are desperate to avoid a repeat of the worst 2019-esque scenarios. The contradiction is also acute for Delcy Rodríguez, whose critical infrastructure problem is one of the most immediate constraints on the reopening she is attempting. The vicious cycle of regional power cuts affecting refineries and fuel production, and therefore also undermining the power sector, needs a major overhaul to finally be brought to an end.

SACRAMENTO — Dana Williamson, one of the political heavyweights at the center of a financial scandal involving gubernatorial candidate Xavier Becerra, looked shell-shocked Thursday morning in a federal courtroom in downtown Sacramento, as most folks do when bad choices collide with the hard realities of the justice system.

A thousand-yard stare in her eyes, Williamson responded “guilty” three times in a voice that required a microphone to be heard as the judge walked her through a plea deal reached days before with the U.S. Department of Justice. She likely won’t be sentenced until fall (possibly close to the general election) but will — again, just a likely here — at best face home confinement and at worst upward of three years in prison.

It’s a colossal fall for a woman who wasn’t so much a consultant as a political operative to Becerra, Gov. Gavin Newsom, former Gov. Jerry Brown and a slew of companies including Meta and PG&E. She was known at the Capitol as a woman who got things done, sometimes with finesse, sometimes not.

It was her savvy and ability to deliver whatever was needed through her deep connections and knowledge of the complicated structures — official and cultural — that govern the California halls of power that make her predicament all the more confounding. Especially because, far from stealing money for self-enrichment, she actually paid money to be part of this scheme.

That alone, to me, raises questions.

Though Williamson’s guilty plea may seem like an ending to the saga, it shouldn’t be, because there’s still a lot lurking in the dark corners of this deal.

If Becerra makes it past the primary, which seems (I’ll use that word again) likely, voters have a right to know.

Here’s the simple backstory, according to court documents. Becerra’s close aide, Sean McCluskie, took a pay cut to remain with his boss when he moved to Washington to become President Biden’s secretary of Health and Human Services.

Strapped for cash, McCluskie asked Williamson to receive money from Becerra’s dormant campaign account — which Becerra was legally not allowed to manage while holding federal office — and pass it through a bunch of other accounts before giving it to McCluskie’s wife as payment for a nonexistent job.

Williamson’s attorney, McGregor Scott, said Thursday that Williamson received $7,500 each month from the Becerra account and added $2,500 from her own funds before sending it on to ultimately reach McCluskie — for a total of $10,000 a month.

McCluskie was “living on a government salary,” Scott said Thursday after court. “Wife is home with the kids. They didn’t have enough money, and that’s where this all originated. [Williamson] was simply trying to help a friend in a pinch as best she could.”

Scott, a former Bush and Trump United States attorney, managed to get Williamson’s original 23-count indictment knocked down to the Becerra account issue, along with lying to the FBI and filing a false tax return.

McCluskie entered his own guilty plea in the case last November and is scheduled to be sentenced, along with the third lobbyist, in June.

Becerra, who is a slim-margin front-runner for governor, was the victim in this case — or more precisely, his state campaign bank account was, according to court documents.

There has never been any indication that Becerra was investigated as a participant, and he has forcefully denied wrongdoing, calling it a “gut punch” that his advisers allegedly betrayed him.

That, of course, hasn’t stopped the other candidates from using the case against him.

“My opponents have spent millions spreading lies to purposefully mislead voters,” he wrote Thursday on social media. “Today confirms what I have said from day one: I did nothing wrong. Case closed.”

Meanwhile, Scott, the attorney, also said Thursday that Williamson assumed, based on her conversations with McCluskie, that McCluskie had spoken to Becerra about the concept of the money transfer. Text messages in court records show a brief and ambiguous exchange between McCluskie and Williamson that backs that up.

Scott said that Williamson never spoke directly with Becerra about the scheme.

That leaves the distinct possibility that Williamson believed Becerra knew what was happening — but never asked him. Dumb? Maybe. But Williamson isn’t usually dumb.

“The understanding that McCluskie conveyed to my client was it was OK to proceed,” Scott said.

Becerra has repeatedly said he believed the $10,000 a month was a legitimate fee being paid to manage the funds in the dormant account while he could not — though that is an amount above what is usual for such work, as my colleague Dakota Smith has reported.

Becerra has also repeatedly used some variation of the “case closed” line, seemingly hoping to move past this scandal without further answers.

But at the very least, it deserves some kind of mea culpa from Becerra or lessons learned, a more robust conversation than the brush-off it’s been getting. Because either McCluskie is one heck of a con man who rolled both Becerra and Williamson, making both believe what was happening was kosher with entirely different tales, or someone isn’t being entirely honest.

Did Becerra never question why an account with almost no activity was costing so much to manage? Did he never wonder what Williamson was doing to earn all that money? Should he, with his decades of legal and political experience, have seen red flags, even with a trusted adviser? Or is Williamson, facing sentencing, just trying to paint herself in a sympathetic light?

“I’m not trying to paint my client as a victim,” McGregor said. “She’s accepted responsibility today for what she did by pleading guilty. She’s now a felon. So you know, we’re not trying to do anything to dance away from that.”

Williamson may be done dancing, but the music’s still playing, and the fancy footwork of politics continues.

Sacramento — A veteran California political consultant has agreed to plead guilty in a scheme to steal campaign funds from Xavier Becerra, now a leading candidate for governor, when he served in the Biden administration, according to filings in her criminal case on Thursday.

Dana Williamson will plead guilty to three counts, including bank fraud and lying to authorities. In exchange, the federal government will dismiss 20 other counts against her related to her tax filings and a federal COVID-era loan she received.

A court hearing is scheduled Thursday morning.

Williamson, a former chief of staff to Gov. Gavin Newsom, was arrested in November and pleaded not guilty. The government secured guilty pleas in December from two advisors who worked with alongside her to skim money from Becerra.

The case against her and a looming plea deal have taken center stage in the California governor’s race as rivals seek to tie the charges to Becerra, who is a Democratic front runner. He hasn’t been charged, and prosecutors paint him as a victim.

Prosecutors say that Williamson, Becerra’s then-chief of staff Sean McCluskie and lobbyist Greg Campbell took part in a scheme to siphon money from Becerra’s dormant campaign account and funnel it to McCluskie.

McCluskie needed the money, according to prosecutors, so he could afford to fly home frequently to see his family in California while working for Becerra, who was Biden’s health secretary, in Washington, D.C.

As part of the scheme, Williamson and another consultant charged Becerra’s account up to $10,000 a month to manage one of his dormant state campaign accounts.

Becerra approved the payments, even though he had never paid such a high amount for a similar job. He told The Times that McCluskie told him to pay the fees.

Becerra’s rivals in the governor’s race are hammering him over his decision, arguing he should have known something wasn’t right. Becerra has said that he didn’t know about the criminal behavior and has called the charges a “gut punch.”

Known as an hard-nosed and aggressive operator, Williamson’s career in politics also included working for former governors Jerry Brown and Gray Davis and mentoring other women.

McGregor Scott, Williamson’s attorney, told reporters last year that federal authorities initially approached Williamson about helping them with a probe into Newsom. She refused, he said, and was subsequently charged.

Details contained in the indictment and other public records suggest that federal authorities were looking into the state’s handling of alleged sexual harassment at Activision Blizzard Inc., a video game company.

Published on
14/05/2026 – 14:35 GMT+2

Long-term US borrowing costs climbed to levels not seen since before the global financial crisis after the Treasury auctioned $25bn (€21.3bn) in 30-year bonds at a high yield of 5.058% on Wednesday, according to the department’s own data.

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The sale came only hours after the US Senate voted to confirm former Federal Reserve governor Kevin Warsh as the next chairman, succeeding Jerome Powell.

The auction result immediately complicated the backdrop for Warsh’s arrival at the central bank, underlining the pressure facing policymakers as inflation is rising.

At the time of writing on Thursday, US 30-year bonds are trading at 5.02% while 10-year notes are selling with a yield of 4.44%.

US inflation figures released earlier this week showed consumer prices rose 3.8% from April 2025 as the 10-week Iran war pushed energy costs higher and distanced inflation from the Federal Reserve’s 2% target.

Producer price data also pointed to persistent underlying cost pressures across the economy, reinforcing expectations that the central bank may struggle to ease monetary policy quickly.

Rising Treasury yields have broad implications for the economy because they influence borrowing costs on mortgages, corporate debt and other forms of credit.

Higher long-term yields can also increase financing costs for the US government at a time when public debt is nearing $40 trillion (€34.1tn).

Investors are increasingly concerned that a combination of resilient economic growth, elevated energy prices and sustained government borrowing could keep inflationary pressures alive despite two years of restrictive monetary policy.

The yield on the benchmark 30-year Treasury bond being auctioned above 5% is a symbolic threshold last reached in 2007 before the onset of the global financial crisis.

While market conditions today differ substantially from that period, the move nonetheless underscores the sharp repricing that has taken place in global bond markets over the past two years.

Kevin Warsh inherits a difficult policy environment

Kevin Warsh takes over the Federal Reserve at a delicate moment for the US economy.

The former Morgan Stanley banker and Fed governor has previously argued in favour of maintaining the central bank’s credibility on inflation, while also signalling support for reforms to the institution’s communication strategy and balance sheet policies.

Warsh’s confirmation comes as financial markets remain divided over how aggressively the Federal Reserve should respond to persistent inflation pressures.

Some investors believe rates may need to stay higher for an extended period, while others warn that maintaining tight monetary conditions for too long could weigh heavily on economic growth and employment.

The main driver of the rise in inflation is the current disruption to global energy markets caused by the Iran war which also leaves the central bank at the mercy of geopolitics and not able to effectively control the situation.

Analysts stated that Wednesday’s Treasury auction illustrated the immediate challenge confronting the incoming Fed chair.

Elevated bond yields can help tighten financial conditions without additional rate increases from the central bank, but they can also amplify risks for heavily indebted households, businesses and the federal government itself.

For Warsh, the market reaction served as an early reminder that restoring confidence on inflation may prove more complicated than simply holding interest rates at restrictive levels.