$7.4 Bil Student Loan Debt Cancellations | Business Matters Full Broadcast (April 12)

Don Ma
By Don Ma
April 12, 2024Business Matters
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The Biden administration will cancel $7.4 billion in student debt for 277,000 borrowers, the White House said on Friday, the latest in a series of debt cancellations.

A slew of bank earnings is out today. JPMorgan Chase’s profit beat estimates in the first quarter, but its shares fell 6% after forecasts for interest income fell short of analysts’ expectations on Friday. Wells Fargo’s profit fell 7% in the first quarter, beating analysts’ forecasts, as it paid more to hold customer deposits while demand from borrowers declined.

Billionaire Elon Musk and Argentina’s libertarian president promised to work together on Friday to promote free markets as well as potential lithium projects after the two likeminded men met in Texas, home to the tycoon’s Tesla electric car company.

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