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Hundreds of Chicago Target workers fired over alleged fraud — how a ‘glitch in the system’ led to $1M+ stolen

Hundreds of employees at a Target distribution hub in Chicago have been fired, news outlets report, after allegedly exploiting a glitch in the company’s health care loan program — costing the retailer more than $1 million.According to Block Club Chicago, the flaw allowed workers to borrow $3,000 and erase the balance after repaying just $50. Word of the loophole spread quickly through the Target Flow Center, and employees started joining in on the scheme.Don’t missAdvertisementAdvertisementAdvertisementAdvertisementCharles Thrush, who first reported the story, says one person “found a glitch in the system” and encouraged others to cash in, turning the scheme into a personal payday.“He would charge $200 to $300, basically, for all these people to get their loans,” Thrush told WGN News in a story published Aug. 19.How widespread was it?Thrush estimates that between 400 and 700 workers were fired over a two-week period from the end of July into August.Target has not confirmed the exact number of terminations but said in a statement to both news outlets: “Following an internal investigation, we have terminated team members found to be in violation of our company’s code of ethics.”AdvertisementAdvertisementAdvertisementAdvertisementFor the Target employees involved, it’s unclear whether criminal charges will follow. Block Club Chicago reports the scheme may have cost the company over $1 million.Read more: Nervous about the stock market? Gain potential quarterly income through this $1B private real estate fund — even if you’re not a millionaire. Here’s how to get started with as little as $10In Illinois, health care fraud is typically prosecuted as a Class 4 felony — carrying penalties of up to three years in prison and fines of as much as $25,000 for individuals, according to law firm Dolci & Weiland.Health care fraud isn’t limited to corporate benefits programs. The FBI estimates it costs the U.S. tens of billions of dollars each year, with schemes ranging from double billing — submitting multiple claims for the same service — to phantom billing for services never provided, or “upcoding,” where providers bill for more expensive procedures than those actually performed. These practices can drive up costs for businesses, insurers and consumers.The real price of easy moneySome former workers told WGN News they were blindsided by the terminations, insisting they thought they were taking advantage of a benefit that offered fast cash, which they would repay over time. Others said they were shocked to learn a fraud scheme was happening at all.AdvertisementAdvertisementAdvertisementAdvertisement“I know they’re hiring extremely mad right now. Every Tuesday and Friday you see new classes and new faces, like, every single day,” Target employee Matthew Clarke told WGN News. “They’re definitely paying enough to where you shouldn’t even have to worry about trying to steal.”Target told the local broadcaster it has introduced new safeguards to prevent similar abuse and that the firings won’t affect day-to-day operations.Employee loan programs and workplace perks can be a valuable resource, but they’re not free money. Read the terms closely, track your repayments and ask HR to clarify anything that seems vague. If you notice a loophole that looks too good to be true, resist the urge to test it out — exploiting it could cost you your job, your reputation or even your freedom. And if you suspect a program or offer might be a scam, report it right away to your employer or the appropriate authority.What to read nextAdvertisementAdvertisementAdvertisementAdvertisementStay in the know. Join 200,000+ readers and get the best of Moneywise sent straight to your inbox every week for free. Subscribe now.This article provides information only and should not be construed as advice. It is provided without warranty of any kind.

Man stabbed during attempted robbery in Brooklyn; police searching for suspect

BROOKLYN, N.Y. (PIX11) — Police are searching for a female suspect in a robbery that left a man with multiple stab wounds in Brooklyn on Saturday.Police received a report on Saturday that a 40-year-old man was stabbed four times on the left side of his body at around 7:10 a.m. near Belmont Avenue and Georgia Avenue. More Local News The woman then attempted to grab money out of the man’s pockets before fleeing in a black SUV, officials said. The man was taken to a local hospital to be treated for his wounds.AdvertisementAdvertisementAdvertisementAdvertisementThe woman was last seen wearing a tan tank top and tan skirt, according to police.Police are searching for a female suspect in a robbery that left a man with multiple stab wounds in Brooklyn on Saturday, Aug. 16. (Credit: NYPD)Submit tips to police by calling Crime Stoppers at 1-800-577-TIPS (8477), visiting crimestoppers.nypdonline.org, downloading the NYPD Crime Stoppers mobile app, or texting 274637 (CRIMES) then entering TIP577. Spanish-speaking callers are asked to dial 1-888-57-PISTA (74782).Spencer Gustafson is a digital content producer from Long Island who has covered New York state and city news since 2023. See more of his work here.Copyright 2025 Nexstar Media, Inc. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed. For the latest news, weather, sports, and streaming video, head to PIX11.

Large Stealth Flying Wing Aircraft Photographed Over China

A recently emerged image shows a very large, low-observable, flying-wing aircraft in the air in China. While the identity of the aircraft cannot be definitively established, it matches, in many respects, the appearance of the huge drone that TWZ was first to identify in satellite imagery dating from earlier this summer, and which you can read more about here.The new image of the aircraft in flight shows its rear aspect, with the landing gear down, large main undercarriage doors, and with B-2-style split rudders deployed on the outer wing, consistent with takeoff or landing. From this angle, we can see that its blended wing-body includes a broad center section, with a distinctly flattened top. No cockpit is visible, but that is a possibility that cannot be ruled out entirely. The shape of the center section also suggests this is a twin-engine design, with slot-like exhaust nozzles, but once again, the low resolution limits the degree to which these details can be made out.via X” loading=”lazy” width=”960″ height=”757″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/oOOG7dAGCXe_yKb6oCK1LA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTc1NztjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/1d8a0bc046adedc74ee12a9ee558cdee”>The full-size, unedited version of the image of the low-observable, flying-wing aircraft. via XAt this point, it’s worth remembering that the emergence of this image was very possibly approved, tacitly or otherwise, by the Chinese government, and it may also have been manipulated at some point, potentially also for information warfare purposes.AdvertisementAdvertisementAdvertisementAdvertisementWhile we can’t be sure, the aircraft seen in flight may well also be the same drone that was noted in satellite imagery parked at China’s secretive test base near Malan in Xinjiang province earlier this year. The image of the drone seen at this location, which is known to play a leading role in the country’s uncrewed aircraft development efforts, was provided to TWZ by Planet Labs archive and was taken on May 14, 2025. Based on the satellite image, the aircraft has a span of about 170 feet, which compares to 172 feet for the B-2 Spirit. Since its appearance, the drone has been dubbed WZ-X by some observers, pending any more details about its true designation or its manufacturer.PHOTO © 2025 PLANET LABS INC. ALL RIGHTS RESERVED. REPRINTED BY PERMISSION” loading=”lazy” width=”960″ height=”539″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/k.Mup1U3uNkr4sqV54niUA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUzOTtjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/c34ca8c7fe87002d88e6714c95def56b”>The very large flying-wing design seen at China’s secretive test base near Malan in Xinjiang province in a satellite image taken on May 14, 2025. PHOTO © 2025 PLANET LABS INC. ALL RIGHTS RESERVED. REPRINTED BY PERMISSIONBoth the aircraft in the new image and that seen in satellite imagery at Malan feature a very long tapering wing, longer than that found on China’s CH-7 stealthy flying-wing drone, which also features a notably deeper, curved center section than that seen in the new image. The CH-7 is significantly smaller than the WZ-X, as well. At the same time, the design of the CH-7 has already been altered in the past, and the aircraft seen here might conceivably be a further development of this platform.via Chinese internet” loading=”lazy” width=”960″ height=”540″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/BfeQtHS1GHBIIQUK8abvQA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MDtjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/2d7bba0f8d3474b384dfb5b67f82393e”>CH-7 stealthy flying-wing drone. via Chinese internetvia Chinese internet” loading=”lazy” width=”960″ height=”538″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/e_sSRW8XyMKoPYRXPIrRmA–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTUzODtjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/35e8934df1c8d6831fc2834ea29f8237″>The apparent CH-7 prototype on the runway. via Chinese internetThere are two possible features of the WZ-X that cannot be made out in the new image. The first of these is an apparent domed section on top of the center barrel. In contrast, the aircraft in the new image is noticeably flat on its upper surfaces.There is also the suggestion that the Malan drone could possibly have a small set of angled vertical tails, which would help with stability, as you can read about here. While the presence of retractable fins cannot be ruled out in the new image, it’s also worth pointing out that the presence of shadows and possible distortion on the satellite image means that we can’t make definitive conclusions about its physical details.AdvertisementAdvertisementAdvertisementAdvertisementBoth the aircraft in the new image and the WZ-X also have a general similarity to the flying-wing aircraft that was spotted passing over the Philippines in 2021.Regardless of the connection between these generally mysterious aircraft, the aircraft in the new image would appear to fall into a similar category as the WZ-X in terms of overall physical characteristics and size, although the second point is harder to determine. At the very least, a comparison of the size of the landing gear and the rest of the aircraft suggests a very large aircraft. China is currently working on a range of flying-wing type drone designs of various sizes, including large HALE drones. At least until now, the WZ-X was the largest Chinese design we have seen in this category.Judging by what we can see of it, the aircraft appears likely to be a very large, high-altitude, long-endurance (HALE) stealth drone. This may well put it in a category similar to the supposed U.S. RQ-180. The long wing would also seem to point to a design that’s been optimized for endurance at altitude.Hangar B Productions” loading=”lazy” width=”960″ height=”541″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/PNjYzaZc1.Q3JjiJzry8_w–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU0MTtjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/491d3c5facd30e08f55148f4344e0dfb”>Our notional illustration of what the RQ-180 could look like, based on publicly disclosed information about very similar concepts from Northrop Grumman that seem to have predated the program. Hangar B ProductionsAs stated previously, the center section of the aircraft may not be noticeably deep, but it is broad, pointing to significant internal volume for sensors. Most likely, its mission would be very long endurance penetrating wide-area reconnaissance, with strike being far less likely for an aircraft in this class. Bearing in mind the probable long-range missions expected of it, the center section likely also accommodates beyond-line-of-sight communications systems.AdvertisementAdvertisementAdvertisementAdvertisementIt is also intriguing that the image has appeared at this point. In recent weeks, there has been a flurry of imagery leaked from China showing new crewed aircraft and drones, land systems, missiles, and naval weapons. Much of this is related to the huge upcoming military parade to mark the 80th anniversary of China’s victory over Japan in World War II, scheduled to take place in Beijing on September 3. Google Earth” loading=”lazy” width=”960″ height=”393″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/rebPAoMU10XFOnkqTQoYag–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTM5MztjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/7d627c03766b5f8176d780f3a567a6b5″>Different CCA-like drones set to be shown at the parade on September 3 are seen in a satellite image from Google Earth taken in June. Google EarthWhether the flying-wing aircraft is expected to take part in the parade in some form is unclear, but it’s certain that the emergence of the image is unlikely to be an accident. In the past, imagery of this kind has often been taken of new aircraft operating from a factory airfield. That might be more likely than it being photographed overhead Malan, which is a remote and secretive test facility. However, until more imagery emerges, we won’t know for sure.PHOTO © 2025 PLANET LABS INC. ALL RIGHTS RESERVED. REPRINTED BY PERMISSION” loading=”lazy” width=”960″ height=”565″ decoding=”async” data-nimg=”1″ class=”rounded-lg” src=”https://s.yimg.com/ny/api/res/1.2/mUWi9ny0usjRmAwNcPCmEQ–/YXBwaWQ9aGlnaGxhbmRlcjt3PTk2MDtoPTU2NTtjZj13ZWJw/https://media.zenfs.com/en/the_warzone_735/00c36043180459dd4ee4c16dbd4da186″>Another view of the so-called WZ-X at Malan. PHOTO © 2025 PLANET LABS INC. ALL RIGHTS RESERVED. REPRINTED BY PERMISSIONOnce again, it will be some time before we can conclusively determine the relationship between this aircraft and the WZ-X, although there are certainly strong similarities between them.Meanwhile, it’s now increasingly clear that China is looking to field large, stealthy flying-wing aircraft designs as part of its future air combat ecosystem. As well as drones of this class in various sizes, other key projects include the tri-engined J-36, the J-XDS fighter, and possibly other crewed tactical jets. Then there is a host of smaller drones, including a growing fleet of ‘loyal wingman’-type collaborative drones. Perhaps most enigmatic of all is the H-20 stealth bomber, which is yet to break cover, and which is also expected to use a flying-wing design.AdvertisementAdvertisementAdvertisementAdvertisementAs regards the H-20, the size of the center fuselage and other features suggest this aircraft is something different. While the size and form of the H-20 remain elusive, any large flying-wing HALE drone could also influence the development of the bomber, if it’s not flying already.Once again, the appearance of the new image of the aircraft underscores China’s rapidly accelerating next-generation air combat programs, which now include potentially several designs for very large, low-observable, flying-wing, long-endurance aircraft.Contact the author: [email protected]

Israel says it has taken first steps of military operation in Gaza City

(Reuters) -Israel’s military has taken the first steps of a planned operation to take over Gaza City, Israeli military spokesman Brigadier General Effie Defrin said on Wednesday.Following a clash with Hamas south of Khan Younis in the strip on Wednesday, he said: “We will deepen the attack on Hamas in Gaza City, a stronghold of governmental and military terror for the terrorist organization.”Defrin said troops had already begun circling the outskirts of Gaza City and Hamas was now a “battered and bruised” guerrilla force.AdvertisementAdvertisementAdvertisementAdvertisement”We have begun the preliminary operations and the first stages of the attack on Gaza City, and already now IDF forces are holding the outskirts of Gaza City,” he said.Israel’s military called up tens of thousands of reservists on Wednesday in preparation for the expected assault on Gaza City, as the Israeli government considered a new proposal for a ceasefire after nearly two years of war.The call-up signals Israel is pressing ahead with its plan to seize Gaza’s biggest urban centre despite international criticism of an operation likely to force the displacement of many more Palestinians.But a military official briefing reporters said reserve soldiers would not report for duty until September, an interval that gives mediators some time to bridge gaps between Palestinian militant group Hamas and Israel over truce terms.AdvertisementAdvertisementAdvertisementAdvertisementIsraeli troops clashed on Wednesday with more than 15 Hamas militants who emerged from tunnel shafts and attacked with gunfire and anti-tank missiles near Khan Younis, south of Gaza City, severely wounding one soldier and lightly wounding two others, an Israeli military official said.In a statement, Hamas’ Al-Qassam Brigades confirmed carrying out a raid on Israeli troops southeast of Khan Younis and engaging Israeli troops at point-blank range. It said one fighter blew himself up among the soldiers, causing casualties, during an attack that lasted several hours.(Reporting by Howard GollerEditing by Gareth Jones and Philippa Fletcher)

Finding the Heart in Every Voice

Few voices in the industry carry the depth of experience and adaptability that Nick Omana brings to his work. Omana has become a familiar and respected voice in commercials, animation, narration, and beyond. From his early days experimenting with sound

Texas can’t put the Ten Commandments in certain school districts’ classrooms, judge says

Texas cannot require public schools to display the Ten Commandments in every classroom, a judge said Wednesday in a temporary ruling against the state’s new requirement, making it the third such state law to be blocked by a court.A group of Dallas-area families and faith leaders sought a preliminary injunction against the law, which goes into effect on Sept. 1. They say the requirement violates the First Amendment’s protections for the separation of church and state and the right to free religious exercise.Texas is the largest state to attempt such a requirement, and U.S. District Judge Fred Biery’s ruling from San Antonio is the latest in a widening legal fight that’s expected to eventually go before the U.S. Supreme Court.AdvertisementAdvertisementAdvertisementAdvertisement“Even though the Ten Commandments would not be affirmatively taught, the captive audience of students likely would have questions, which teachers would feel compelled to answer. That is what they do,” Biery wrote in the 55-page ruling that began with quoting the First Amendment and ended with “Amen.”The lawsuit names the Texas Education Agency, state education Commissioner Mike Morath and three Dallas-area school districts as defendants.A federal appeals court has blocked a similar law in Louisiana, and a judge in Arkansas told four districts they cannot put up the posters, although other districts in the state said they’re not putting them up either.Although Friday’s ruling marked a major win for civil liberties groups who say the law violates the separation of church and state, the legal battle is likely far from over.AdvertisementAdvertisementAdvertisementAdvertisementReligious groups and conservatives say the Ten Commandments are part of the foundation of the United States’ judicial and educational systems and should be displayed. Texas has a Ten Commandments monument on the Capitol grounds and won a 2005 Supreme Court case that upheld the monument.In Louisiana — the first state that mandated the Ten Commandments be displayed in classrooms — a panel of three appellate judges in June ruled that the law was unconstitutional.

Trump buys more than $100 million in bonds in office, disclosure shows

WASHINGTON (Reuters) -U.S. President Donald Trump has bought more than $100 million in company, state and municipal bonds since taking office in January, according to new disclosures which shed further light on the vast holdings of America’s billionaire president.The forms, posted online on Tuesday, show the Republican former real estate mogul made more than 600 financial purchases since January 21, the day after he was inaugurated for his second term in the White House.The August 12 filing from the U.S. Office of Government Ethics does not list exact amounts for each purchase, only giving a broad range.AdvertisementAdvertisementAdvertisementAdvertisementThey include corporate bonds from Citigroup, Morgan Stanley, and Wells Fargo, as well as Meta, Qualcomm, The Home Depot, T-Mobile USA and UnitedHealth Group.Other debt purchases include various bonds issued by cities, states, counties and school districts as well as gas districts, and other issuers.The holdings cover sectors that could benefit from U.S. policy shifts under his administration, such as financial deregulation.The White House on Wednesday did not immediately respond to a request for comment.Trump, a businessman-turned-politician, has said he has put his companies into a trust managed by his children.AdvertisementAdvertisementAdvertisementAdvertisementHis annual disclosure form filed in June showed his income from various sources still ultimately accrues to the president – something that has opened him up to accusations of conflicts of interest.In that disclosure, which appeared to cover the 2024 calendar year, Trump reported more than $600 million in income from cryptocurrencies, golf properties, licensing and other ventures. It also showed the president’s push into crypto had added substantially to his wealth.Overall, the president reported assets worth at least $1.6 billion, according to a Reuters calculation at the time.(Reporting by Susan Heavey and Trevor Hunnicutt; Editing by Sharon Singleton and David Gregorio)

The 10 Most Expensive Cars Sold During Monterey Car Week, From a 1935 Mercedes-Benz to a 2025 Ferrari

From August 13 through 17, Northern California’s Monterey Peninsula once again became the annual bellwether for the collector-car market, as the world’s leading auction houses presented masterworks through the automotive ages. The annual sales events also shine the light on emerging trends while reflecting any economic vagaries.“On the whole, Monterey saw $432.8 million in total sales, good for the second-highest Car Week result of all time,” says Brian Rabold, vice president of Vehicle Intelligence at Hagerty, the classic-car insurer and motoring-lifestyle consortium. “While the top 10 cars sold in Monterey have gotten younger, Ferrari remains on top. The marque continues to be the gold standard for collectors, with eight of the top 10 cars sold coming from Maranello.”More from Robb ReportAdvertisementAdvertisementAdvertisementAs for the auction houses, RM Sotheby’s represented all but four of the cars on this list, with three being offered through Gooding Christie’s and one from Bonhams. Interestingly, Hagerty reports that the 10 costliest cars spanned the largest swath of time ever represented for that pinnacle group at the Monterey Auctions.“The overall results and the evolving eras of buyer focus show a healthy, though changing market,” says Rabold. Here are the apex automobiles and how they made out.Best of Robb ReportSign up for RobbReports’s Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.AdvertisementAdvertisementAdvertisementClick here to read the full article. 10: 2015 Ferrari LaFerrari—$5.23 Million (RM Sotheby’s)10: 2015 Ferrari LaFerrari—$5.23 Million (RM Sotheby’s)At the 2013 Geneva International Motor Show, Ferrari threw down the gauntlet when it came to exclusivity in output, performance, and price with a model so definitive that it was made the marque’s namesake—the Ferrari LaFerrari. The hypercar boasts 949 hp and 663 ft lbs of torque from the innovative combination of a 6.3-liter V-12 and an electric motor based on the Kinetic Energy Recovery System (KERS) from Formula 1. The hybrid power train makes possible a zero-to-60 mph time of 2.4 seconds and a top speed of more than 217 mph.Only a claimed 499 examples, each starting at $1.3 million, were made and allocated on an invitation-only basis to the automaker’s most important customers. RM Sotheby’s reported in its lot description that the car auctioned in Monterey “was delivered new to the Ming Collection in July 2015,” noting that it “remains in ‘time-capsule’ condition.” And it’s no wonder, as only 54 miles had been put on it.9: 1935 Mercedes-Benz 500 K Special Roadster—$5.34 Million (RM Sotheby’s)9: 1935 Mercedes-Benz 500 K Special Roadster—$5.34 Million (RM Sotheby’s)One of only two cars on this list to not wear the badge of the Prancing Horse, this prewar machine defines fluidity of form and grace in motion. A blue-chip collectible, the Mercedes-Benz 540 K model line is exemplified by the Special Roadster, bodied by the marque’s own artisans in Sindelfingen and presenting what the auction house mentions is often referred to as that period’s “short-tail, low-door” configuration. It’s propelled by a supercharged 180 hp eight-cylinder engine.AdvertisementAdvertisementAdvertisementChassis No. 123702 originally belonged to Arthur Gore, the Viscount of Sudley, and was soon in South Africa. It would eventually find its home in the U.S., where it had a succession of stewards and a place in notable collections. During that time, it was shown at the Pebble Beach Concours d’Elegance in 1965, again in 1982, when it won the top honor at the world’s most prestigious concours, and another turn at Pebble in 2000 for an exhibition reuniting past Best of Show recipients. Often trumping beauty, rarity is arguably the true calling card of a collectible automobile, and this is among the seven examples of this specifically bodied 500 K Special Roadster to still exist.8: 2017 Ferrari LaFerrari Aperta—$6.715 Million (RM Sotheby’s)8: 2017 Ferrari LaFerrari Aperta—$6.715 Million (RM Sotheby’s)Anniversaries are indeed cause for celebration, and Ferrari went all out to commemorate its 70th year as an automaker when it took the wrapping off its LaFerrari Aperta of 2017, the convertible version of its LaFerrari coupe which debuted in 2013. As with its sibling, the 963 hp Aperta—fit with a 6.3-liter V-12 and KERS-based hybridization—was built on a monocoque chassis and, according to Ferrari’s own website, impressively offered “the same drag coefficient, torsional rigidity, and beam stiffness figures” as its fixed-roof counterpart. And if eyebrows raised at the fact that only 499 LaFerarri examples were being made for the marque’s most valued clients, imagine how jaws dropped when that number was reduced to 210 for the Aperta.In the lot description from RM Sotheby’s, it points out that the car offered in Monterey, chassis No. 232856, “is believed to be one of the final examples constructed,” and, with $113,000 in options, it cost close to $2.3 million when new. After this week’s result, it certainly has yielded a tidy return on that initial investment.7: 1957 Ferrari 250 GT LWB California Spider Prototipo—$7.265 Million (Gooding Christie’s)7: 1957 Ferrari 250 GT LWB California Spider Prototipo—$7.265 Million (Gooding Christie’s)AdvertisementAdvertisementAdvertisementGooding Christie’s presented the opportunity to acquire the genesis of greatness when this car from 1957 came up for auction, as it was the initial prototype for the automotive manifestation of la dolce vita—the Ferrari 250 GT California Spider. The model was the collective brainchild of stateside Ferrari importers Luigi Chinetti and John von Neumann, who both new a refined droptop grand tourer would seduce the Golden State’s glitterati. Chassis No. 0769 GT was given a 2,953 cc tipo 128C V-12, making about 217 hp, paired with a four-speed manual gearbox—all covered in coachwork by Scaglietti. Per the research done by the auction house and included in its lot description, the car was “completed on December 16, 1957, six months before the first production California Spiders.” It ended up being used as the poster-car of sorts, featuring prominently in Ferrari’s marketing materials. Gooding Christie’s cites eight owners in its history, two race wins (the Puerto Rico Festival Race and Antilles de Diego Trophy, both in 1961), and numerous concours accolades. The latter include a class win at the 2016 Pebble Beach Concours d’Elegance, an honorable mention at the 2017 Concorso d’Eleganza Villa d’Este, and class win at the Ferrari 70th Anniversary Concours that same year. It ended up selling for $235,000 below its low-end estimate.6: 1973 Ferrari 365 GTB/4 Daytona Competizione—$8.145 Million (Gooding Christie’s)6: 1973 Ferrari 365 GTB/4 Daytona Competizione—$8.145 Million (Gooding Christie’s)Given its nickname in honor of Ferrari’s podium sweep at the 1967 24 Hours of Daytona, payback for the marque’s crushing defeat in the same fashion by Ford at Le Mans earlier that year, the 365 GTB/4 Daytona was a motorsport tour de force in its heyday. “It won the Tour de France outright in 1972, took first in class at Le Mans from 1972 to 1974—with top-10 finishes overall—and was successfully campaigned at the 24 Hours of Daytona and the 12 Hours of Sebring through the late 1970s,” David Brynan, senior specialist at Gooding Christie’s, stated to Robb Report for our preview coverage of the car last month.One of only 15 produced by Ferrari, and among the five examples of the Series III, chassis No. 16407 was entered by Ferrari’s North American Racing Team (N.A.R.T.) in the 1973 24 Hours of Le Mans, but was forced to retire from the race. It did however, go on to compete in three other editions of Le Mans, and three different outings at the 24 Hours of Daytona. It was at the latter that it took second place overall in 1979.5: 2020 Bugatti Divo—$8,557,500 (Bonhams)5: 2020 Bugatti Divo—$8,557,500 (Bonhams)When the Bugatti Divo debuted in at the Quail, a Motorsports Gathering in 2018, it was presented as the more agile sibling to the Chiron. Fittingly, it was also the more elusive, as only 40 examples were made. Although its emphasis is more on lateral dynamics than straight-line bravado, the 1,500 hp Divo—with its 8.0-liter, quad-turbo W16 engine delivering 1,118 ft lbs of torque—can still dart to 236 mph. Yet it also has 1,005 pounds of downforce and lateral acceleration producing 1.6 g. Such fine-tuning helped the Divo dominate the Chiron by eight seconds at the Nardò circuit in Italy.AdvertisementAdvertisementThis example had previously been showcased in the “Hypercars: The Allure of the Extreme” exhibition at the Petersen Automotive Museum from December of 2021 until May of 2023. When it appeared at auction on August 15, it was the only time the model had been offered publicly to date. And despite having a high-end estimate of $9 million, it surprisingly had no reserve.4: 1995 Ferrari F50—$9.245 Million (RM Sotheby’s)4: 1995 Ferrari F50—$9.245 Million (RM Sotheby’s)Robb Report was privileged to help break the news that this special machine would be offered through RM Sotheby’s during this year’s Monterey Car Week. And what a lot it was; a 1995 Ferrari F50 originally purchased by fashion-house titan Ralph Lauren, one of the 349 production examples made. As we mentioned previously, “The removable-hardtop convertible took more than inspiration from Scuderia Ferrari’s winning legacy in motorsport, it integrated tech from those same race cars of the period.”Under Pininfarina’s composite body is a monocoque chassis and a 520 hp, naturally aspirated 4.7-liter V-12 mated to a six-speed synchromesh gearbox. With that setup, the 2,711-pound (dry weight) F50 fires from zero to 62 mph in 3.87 seconds on its way to a top speed of 202 mph. In the eight years that Lauren owned this vehicle, which is one of only two stateside specifications appearing in Giallo Modena, a total of 3,300 miles were put on it. It had been with the consigning couple since 2003, and reported to have last been seen publicly in 2009. With 5,400 miles on the odometer at the time of sale, this already exclusive F50 has provenance to match, as evidenced by the fact that it fetched $1.745 million over its high-end estimate.3: 1993 Ferrari F40 LM GTC—$11.005 Million (RM Sotheby’s)3: 1993 Ferrari F40 LM GTC—$11.005 Million (RM Sotheby’s)AdvertisementAdvertisementWhat began as an homage to Ferrari’s four-decades of existence as a marque, the F40 supercar has gone on to become one of the most coveted models from not just Maranello but any manufacturer, ever. Initially produced with a 478 hp, twin-turbo V-8, a competition version was created by Giuliano Michelotto and his independent team of race-focused experts. Michelotto had entry in Le Mans as the goal (hence the “LM” moniker) and, at first, boosted the engine to 720 hp. This was accompanied by modifications that included a reduced ride height, larger disc brakes, an adjustable rear wing, and enhancements for improved cooling.Among the 19 LM examples made, the “GTC” variant upped the ante with a 760 hp mill, which brings us to the car sold through RM Sotheby’s. The 14th F40 LM made, it first was sold to collector Walter Hagmann in Switzerland, and has subsequently changed hands numerous times. This year, the current consignor entered the Ferrari Classiche–certified F40 LM at ModaMiami, where it took top honors in its class.2: 1961 Ferrari 250 GT SWB California Competizione Alloy Spider—$25.305 Million (Gooding Christie’s)2: 1961 Ferrari 250 GT SWB California Competizione Alloy Spider—$25.305 Million (Gooding Christie’s)Proving to be benchmarks in both motorsport and recreational touring during the middle of last century, Maranello’s 250 model line comprises among the most coveted cars on the planet to this day. Introduced at the 1959 Paris Salon de l’Automobile, the short-wheelbase (SWB) version of the 250 GT also debuted the model’s use of disc brakes and tubular shocks, among other refinements.In 1961, Ferrari built 56 examples of what has become, for many, the definitive convertible—the 250 GT California Spider. Of those, three were dressed in aluminum, two of which left the factory in race-spec, including chassis No. 2383 GT. It’s hard to take your eyes off this roadster—with a removable hardtop roof—bodied by Carrozzeria Scaglietti and featuring an exterior painted Grigio Argento complemented by blue leather inside. With its muscle coming from a 280 hp, 2,953 cc tipo 168 V-12 engine, the car was initially owned and raced by businessman Ernst Lautenschlager, who competed with it throughout Germany. According to the Gooding Christie’s lot description, it has been “in three major Ferrari collections since1968.” Boasting the same chassis, engine, body, and gearbox it had when built, it’s character and condition are reflected in the $23.305 million it garnered through Gooding Christie’s.1: 2025 Ferrari Daytona SP3 ‘Tailor Made’—$26 Million (RM Sotheby’s)1: 2025 Ferrari Daytona SP3 ‘Tailor Made’—$26 Million (RM Sotheby’s)A visceral time machine back to “the golden age of Maranello” was how we felt about the Ferrari Daytona SP3 when Robb Report was invited to drive it through Belgium in 2022. The third model release in the marque’s extremely limited-edition Icona series, the Daytona SP3 pays tribute to Ferrari’s 1960s-era motorsport prototypes, especially the 330 P3/P4, the Can-Am, and 512 S. The model is fit with a naturally aspirated 6.5-liter V-12 delivering 828 hp and 514 ft lbs of torque. With that output managed by a seven-speed dual-clutch transmission, the car covers zero to 62 mph in 2.85 seconds and tops out at 211 mph.The example that crossed the auction block through RM Sotheby’s was not part of the original 599 produced and spoken for, each starting at $2.2 million. This one showcases the artistry of Ferrari’s Tailor Made customization division, and presents a split personality in its color scheme—one side of the car in Giallo Modena and the other dressed in exposed carbon fiber. Total proceeds of the sale have been earmarked for the Ferrari Foundation, which is devoted to “educational initiatives,” according to the auction house. Regarding Ferrari’s charity, RM Sotheby’s mentioned: “Their most recent project has been a collaboration with Save the Children, whereby Ferrari made a significant contribution to help rebuild the Aveson Charter School in Altadena, California, whose campus was tragically destroyed by the Eaton Wildfire earlier this year.” The philanthropic component helped drive bidding to the $26 million mark, the most any car was hammered for this year in Monterey.

Wading Through Water In Outer Banks As Erin Flooding Begins

Even before storm surge warnings were issued in North Carolina’s Outer Banks, ocean overwash started inundating shoresides homes and hotels. Transportation crews hustled to shore up dunes in the hopes of at least delaying the wash out of the critical road in and out of the area – Highway 12. Watch this video for the latest on Hurricane Erin’s early impacts there.

Goldman Sachs says we’re on the verge of a stablecoin gold rush worth trillions

Goldman Sachs and U.S. Treasury Secretary Scott Bessent expect a stablecoin gold rush, driven by new regulations and massive potential for payment market expansion. Stablecoins, which must be backed by U.S. dollars or Treasuries, could boost demand for government bonds, though some argue this mostly redistributes money, rather than increasing the net demand for debt. U.S. Treasury Secretary Scott Bessent believes stablecoins will buoy the market for U.S. Treasuries, and the government will sell more short-term debt to meet that demand, according to the Financial Times. “Bessent has signaled to Wall Street that he expects stablecoins, digital tokens that are backed by high-quality securities such as Treasuries, to become an important source of demand for U.S. government bonds,” the FT reported. The FT’s sources asked for anonymity, but there was no need for them to be coy: Bessent said in a press statement back in July that he expected demand for cryptocurrencies—backed 1 to 1 with U.S. dollar instruments—to support the price of bonds: “This groundbreaking technology will buttress the dollar’s status as the global reserve currency, expand access to the dollar economy for billions across the globe, and lead to a surge in demand for U.S. Treasuries, which back stablecoins. The GENIUS Act provides the fast-growing stablecoin market with the regulatory clarity it needs to grow into a multitrillion-dollar industry,” he said at the time. The GENIUS Act, announced last month, “aligns State and Federal stablecoin frameworks, ensuring fair and consistent regulation throughout the country,” the White House said at the time. So how big a deal will this be? Goldman Sachs thinks we’re at the beginning of a stablecoin gold rush, according to a research paper published today by the bank’s Will Nance and others. “Stablecoins are a $271bn global market, and we believe USDC [the stablecoin issued by Circle] benefits from market share gains on and off of partner Binance’s platform, as ongoing stablecoin legislation legitimizes the ecosystem, and the crypto ecosystem expands, also potentially catalyzed by legislation. Based on current trends and announced initiatives, we see $77bn of growth in USDC, or a 40% CAGR, from 2024-27E,” they wrote. The potential total market for stablecoins is in the trillions, Goldman says. “Visa sizes the addressable market for payments at ~$240 trillion in annual payment volume, with consumer payments representing ~$40 trillion of annual spending. B2B payments comprise roughly ~$60bn while P2P payments and disbursements comprise the remainder. “As such, payments are the most obvious source of (total accessible market) expansion for stablecoins over the longer term. This opportunity is largely untapped so far, with the majority of stablecoin activity being driven by crypto trading activity and demand for dollar exposure outside of the U.S.” Because stablecoins in the U.S. must be backed 1 to 1 with dollars or U.S. bonds, each stablecoin issued increases the demand for the bonds that back them. Some people think this will alter the bond market, especially for short-dated bonds with low interest yields. A research paper by the Bank for International Settlements (an international organization that fosters cooperation among central banks), says it will. “A 2-standard deviation inflow into stablecoins lowers 3-month Treasury yields by 2-2.5 basis points within 10 days,” the BIS paper estimated. But the effect is “asymmetric”: “Stablecoin outflows raise yields by two to three times as much as inflows lower them,” the paper said. UBS’s Paul Donovan is more skeptical: “U.S. Treasury Secretary Bessent is reportedly getting excited that stablecoins might increase demand for short-dated U.S. Treasuries, helping finance the unsustainable U.S. fiscal position. However, stablecoins are more about redistributing money supply. Someone selling Treasury bills to buy stablecoins, which invest the money in Treasury bills, does not change demand for U.S. debt instruments,” he told clients this morning. Here’s a snapshot of the markets prior to the opening bell in New York: S&P 500 futures were flat this morning, premarket, after the index closed down 0.59% yesterday. STOXX Europe 600 was up 0.13% in early trading. The U.K.’s FTSE 100 was up 0.23% in early trading. Japan’s Nikkei 225 was down 1.51%. China’s CSI 300 was up 1.14%. The South Korea KOSPI was down 0.68%. India’s Nifty 50 was up 0.28% before the end of the session. Bitcoin fell to $113.9K. This story was originally featured on Fortune.com

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