Business News | AM1460 WIXN
  • Drew Angerer/Getty Images(LOS ANGELES) -- The Academy of Motion Picture Arts and Sciences has voted to expell Harvey Weinstein, following numerous allegations of sexual misconduct against the former movie mogul and producer, the film academy announced on Saturday in a statement."The Academy of Motion Picture Arts and Sciences Board of Governors met today to discuss the allegations against Harvey Weinstein, and has voted well in excess of the required two-thirds majority to immediately expel him from the Academy," the statement read."We do so not simply to separate ourselves from someone who does not merit the respect of his colleagues but also to send a message that the era of willful ignorance and shameful complicity in sexually predatory behavior and workplace harassment in our industry is over," it continued. "What’s at issue here is a deeply troubling problem that has no place in our society. The Board continues to work to establish ethical standards of conduct that all Academy members will be expected to exemplify."The 54-member board followed in the footsteps of the British Academy of Film and Television Arts, known as BAFTA, which earlier this week also revoked the membership of Weinstein.Weinstein has been accused of sexual misconduct by numerous women, including actresses Ashley Judd, Gwyneth Paltrow, and Angelina Jolie. He was fired Sunday night from The Weinstein Co. he helped to found.The former movie mogul and producer who has two Oscar nominations personally has had a long history with the Academy. During his tenure first at Miramax and then at The Weinstein Co., the companies' films were nominated for 341 Academy Awards and won 81.The Academy's rare meeting on Saturday came after Amazon halted a mafia drama series Weinstein was producing with David O. Russell. The show had already won approvals to run for two seasons. Also, Lin-Manuel Miranda and Quiara A. Hudes publicly announced that they want The Weinstein Co. to release the movie adaptation rights to their hit musical, "In the Heights."Bob Weinstein, Harvey's younger brother and co-chairman of their company, told ABC News in a statement Friday that the studio will survive the scandal."Our banks, partners and shareholders are fully supportive of our company and it is untrue that the company or board is exploring a sale or shutdown of the company," Weinstein said. "Business is continuing as usual as the company moves ahead."A spokesperson for Harvey Weinstein told The New Yorker: "Any allegations of non-consensual sex are unequivocally denied by Mr. Weinstein.""Mr. Weinstein has further confirmed that there were never any acts of retaliation against any women for refusing his advances. Mr. Weinstein obviously can’t speak to anonymous allegations, but with respect to any women who have made allegations on the record, Mr. Weinstein believes that all of these relationships were consensual," according to the full statement from Weinstein's spokesperson. "Mr. Weinstein has begun counseling, has listened to the community and is pursuing a better path. Mr. Weinstein is hoping that, if he makes enough progress, he will be given a second chance."
    Read more...
  • Mathew Imaging/WireImage via Getty Images(NEW YORK) -- Bob Weinstein is opening up amid the scandal over sexual misconduct allegations against his brother, claiming he was a victim of abuse by Harvey Weinstein."I was also the object of a lot of his verbal abuse — at one time physical abuse," the co-chairman of The Weinstein Co. told The Hollywood Reporter in a wide-ranging interview."And I am not looking for one bit of sympathy from anyone," the younger brother of Harvey Weinstein added. "I do not put myself in the category at all of those women that he hurt. But it's a complicated situation when it's your brother doing the abusing to you as well. I saw it and I asked him to get help for many years. And that's the truth. He avoided getting the help. We begged him."Harvey Weinstein, 65, has been accused of sexual misconduct by numerous women, including actresses Ashley Judd, Gwyneth Paltrow, and Angelina Jolie. He was fired Sunday night by the board of the company he and Bob Weinstein founded in 2005.Since the scandal broke, The Weinstein Co. has been under increased scrutiny and is expected to undergo a name change, according to The Hollywood Reporter.Bob Weinstein, 62, said that he's barely spoken to his brother in the past five years. He emphasized that he was not aware of his brother's alleged sexual misconduct but instead thought Harvey Weinstein was engaged in adultery with one woman after another."I could not take his cheating," he said, referring to Harvey Weinstein's marriage to wife Georgina Chapman, "his lying and also his attitude toward everyone."With the allegations now made against Harvey Weinstein, Bob Weinstein said, "My brother has caused unconscionable suffering ... I want him to get the justice that he deserves."The Weinstein Co. fired Harvey Weinstein on Sunday night, and four board members have stepped down in the wake of the scandal.Bob Weinstein said the board wants to go further and "sever" Harvey Weinstein's ownership interest in the company. "It can't be done that quickly," he said.Earlier, in a statement Friday, Bob Weinstein told ABC News that the studio will survive the scandal."Our banks, partners and shareholders are fully supportive of our company and it is untrue that the company or board is exploring a sale or shutdown of the company," Weinstein said. "Business is continuing as usual as the company moves ahead."A spokesperson for Harvey Weinstein told The New Yorker: "Any allegations of non-consensual sex are unequivocally denied by Mr. Weinstein.""Mr. Weinstein has further confirmed that there were never any acts of retaliation against any women for refusing his advances. Mr. Weinstein obviously can’t speak to anonymous allegations, but with respect to any women who have made allegations on the record, Mr. Weinstein believes that all of these relationships were consensual," according to the full statement from Weinstein's spokesperson. "Mr. Weinstein has begun counseling, has listened to the community and is pursuing a better path. Mr. Weinstein is hoping that, if he makes enough progress, he will be given a second chance.”
    Read more...
  • Gokhan Balci/Anadolu Agency/Getty Images(SAN FRANCISCO) -- Twitter has come under fire in recent days for what some critics claim is a permissive attitude toward abusive content on the social media platform.But on Friday night, CEO Jack Dorsey said change is coming.In a series of tweets, Dorsey acknowledged that Twitter is "still not doing enough" to restrict abusive or harassing content."We’ve been working intensely over the past few months and focused today on making some critical decisions," he tweeted."We decided to take a more aggressive stance in our rules and how we enforce them," he wrote. "New rules around: unwanted sexual advances, non-consensual nudity, hate symbols, violent groups and tweets that glorifies violence. These changes will start rolling out in the next few weeks. More to share next week."Twitter was hit Friday with an online boycott, using the hashtag #WomenBoycottTwitter, after actress Rose McGowan's account was suspended temporarily for posting another person's phone number. Critics drew a correlation between Twitter's silencing of McGowan and her accusing movie producer Harvey Weinstein of alleged sexual misconduct. (A rep for Weinstein has denied that any non-consensual sexual activity took place between him and any of his accusers.)"We have been in touch with Ms. McGowan’s team," Twitter said in a statement. "We want to explain that her account was temporarily locked because one of her tweets included a private phone number, which violates our Terms of Service. The tweet was removed and her account has been unlocked. We will be clearer about these policies and decisions in the future."Copyright © 2017, ABC Radio. All rights reserved.
    Read more...
  • Mathew Imaging/WireImage via Getty Images(LOS ANGELES) -- Bob Weinstein, co-chairman of The Weinstein Company, told ABC News in a statement Friday that the studio remains unaffected by the scandal involving his older brother, Harvey Weinstein.Though the Wall Street Journal reported that the production company was likely to be shuttered or sold, Bob Weinstein insists that that information is false.Their current focus is on three upcoming films: "Polaroid," which will be released Nov. 22; "Paddington 2," which comes out Jan. 12; and "War With Grandpa," which is scheduled for Feb. 23, he added."Our banks, partners and shareholders are fully supportive of our company and it is untrue that the company or board is exploring a sale or shutdown of the company," Weinstein said. "Business is continuing as usual as the company moves ahead."The Weinstein Company has been under increased scrutiny for the past week or so, as numerous women, including actresses Ashley Judd, Gwyneth Paltrow, and Angelina Jolie, have come forward to accuse Harvey Weinstein of sexual misconduct. Last weekend, Harvey Weinstein was terminated by the board of his eponymous company, which he and his brother founded in 2005."Any allegations of non-consensual sex are unequivocally denied by Mr. Weinstein," his spokeswoman told The New Yorker magazine. "Mr. Weinstein has further confirmed that there were never any acts of retaliation against any women for refusing his advances. Mr. Weinstein obviously can’t speak to anonymous allegations, but with respect to any women who have made allegations on the record, Mr. Weinstein believes that all of these relationships were consensual. Mr. Weinstein has begun counseling, has listened to the community and is pursuing a better path. Mr. Weinstein is hoping that, if he makes enough progress, he will be given a second chance.”
    Read more...
  • iStock/Thinkstock(NEW YORK) -- Federal and state authorities are cracking down on multiple purveyors of so-called “student loan debt relief,” alleging that the companies took in more than $95 million in illegal up-front fees from American consumers in exchange for little or no help.The actions, announced Friday as “Operation Game of Loans” by the Federal Trade Commission and attorneys general in 11 states and the District of Columbia, include five new cases, one new judgment in favor of the FTC and a preliminary injunction entered in a case filed earlier this year.Student loan debt is reaching crisis levels, with 42 million Americans together owing $1.4 trillion for their education loans.Officials say the debt relief businesses employed a variety of deceptions, including pretending to be affiliated with a federal debt relief program or a loan servicer, falsely promising to reduce or forgive debt and charging illegal upfront fees. Some of the businesses would invoke real federal debt relief programs – but fail to mention that these programs are free to apply for, narrowly designed and most consumers do not qualify.States involved in the crackdown were Colorado, Florida, Illinois, Kansas, Maryland, North Carolina, North Dakota, Oregon, Pennsylvania, Texas and Washington, along with the District of Columbia, but the companies operated in other states as well.Student loans are the second-largest segment of consumer debt after mortgages. In past years, homeowners were targeted with similar empty promises of relief by fraudulent “mortgage rescue” companies, a pervasive consumer issue the FTC has tried to combat and ABC News has covered in recent years.The FTC says borrowers should be wary of anyone who promises they can reduce or wipe out federal student debt. For accurate information, including repayment plans and a calculator, the government advises consumers to start here.Borrowers should steer clear of any business that wants an upfront fee or their personal FSA ID username and password, the FTC says. More consumer advice is here.The five new cases involve 30 defendants. In each case, the feds obtained temporary restraining orders halting the alleged schemes and freezing assets.The companies include: A1 DocPrep. Inc., based in Los Angeles; American Student Loan Consolidators, based in Deerfield Beach, Fla.; Alliance Document Preparation, based in Los Angeles; Student Debt Doctor, based in Fort Lauderdale, Fla.; and Student Debt Relief Group, based in Los Angeles. Some of the companies did businesses under multiple different names.In addition to the five new cases announced Friday, the FTC was granted summary judgment in a case against Student Aid Center, based in Doral, Fla., and won a stipulated preliminary injunction in its case against Strategic Student Solutions, based in Boca Raton, Fla.Efforts to reach the companies for comment were unsuccessful.
    Read more...
  • iStock/Thinkstock(NEW YORK) -- The Nasdaq Composite reached a new record on Friday as U.S. stocks closed slightly higher.The Dow Jones Industrial Average climbed 30.71 (+0.13 percent) to finish at 22,871.72.The Nasdaq gained 14.29 (+0.22 percent) to close at 6,605.80, while the S&P 500 finished at 2,553.17, up 2.24 (+0.09 percent) from its open.Crude oil was about 1.46 percent higher with prices at $51 per barrel.
    Read more...