Billionaires and CEOs descended on Beverly Hills to talk recession, bank failures, and more. Here's the inside track.
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Matt Turner
May 7, 2023, 20:09 IST
Citigroup CEO Jane Fraser at the 2023 Milken Institute Global ConferencePatrick T. Fallon/Getty Images
Hi, I'm Matt Turner, the editor in chief of business at Insider. Welcome back to Insider Today's Sunday edition, a roundup of some of our top stories of the week.
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On the agenda today:
What it's like being caught in an Airbnb "bait-and-switch" scam.
A sneak peek inside the healthcare system's "awe-inspiring" and "scary" AI future.
Real-estate agents are tacking ludicrous "junk fees" on to every home purchase.
But first: The big takeaways from the Milken Institute Global Conference in Beverly Hills.
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Reporters' guide to Milken
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The big-money set jetted into LA last week for the Milken Global Conference. The Beverly Hilton was once again bustling with billionaires, with some stopping in the lobby to check out the Bombardier display showing off the executive cabin seating on one of its private jets.
Oyedele: There was a lot of anger directed at the Fed, given the impact of rate hikes on some investments and regional banks. But no one likes the person that takes away the punch bowl.
Biggest opportunity
Campbell: The pullback in lending by banks is raising the hopes of those in the private credit industry. More than one investor said that the most recent vintage of private loans will be the most profitable in years.
Behind the scenes
Bergman: Most of the real action of the conference takes place at invite-only private parties. At a Monday night event at what used to be Bette Davis' party villa in West Hollywood, guests such as late-night host Jimmy Kimmel and Kim Lew, who manages the endowment of Columbia University, mingled poolside, nibbling on sushi hand rolls and chocolate-chip cookies.
This marks an abrupt end of Shopify's nearly four-year foray into fulfillment — and its attempt to take on Amazon. Insiders say it was the right idea, but the wrong execution.
For nearly a year, Jeff Palkevich had a steady stream of strangers arriving at his home, looking for an Airbnb that wasn't there.
It turns out Palkevich was caught in the middle of a "bait and switch" — a method often used to avoid short-term-rental laws. It involves an Airbnb host providing one address in the listing, but then notifying the guests at the last minute that the property is actually somewhere else. Often, guests end up at a stranger's home.
Many sectors are grappling with the potential of generative artificial intelligence — and healthcare is no exception.
Hospitals are desperate to use the technology to help patients and doctors, but they're pressing into uncharted territory. They're now moving forward with their own experiments, trying to strike the right balance between speed and safety.
It goes by many names: an administrative fee, a transaction fee, even a "regulatory compliance" fee. When you sell or buy a house, it can pop up on a closing statement, with charges up to almost $1,000.
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"It just has to be looked at as a junk fee," Stephen Brobeck, a senior fellow at the Consumer Federation of America, told Insider. "They can get away with it, so they charge it."
Curated by Matt Turner. Edited by Hallam Bullock and Lisa Ryan. Get in touch: insidertoday@insider.com
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