The Business Roundtable, a group of CEOs of nearly 200 major U.S. corporations, gave a new definition of the "purpose of a corporation."Marketsread more
Stocks rose sharply on Monday as Treasury yields rebounded, quelling fears of a possible recessionUS Marketsread more
J.P. Morgan estimates the average annual tariff cost per household will be $1,000 with the new round of Trump's tariffs.Marketsread more
Since its IPO 15 years ago, Google has become more and more powerful. Today, that power is being highly scrutinized.Technologyread more
Sequoia's Michael Moritz says that direct listings worked for Spotify and Slack and will become more common for companies with "courage and intelligence."Technologyread more
Shares of embattled utility PG&E plummeted after a judge ruled that a jury can decided whether it should pay up to $18 billion in damages.Marketsread more
The attacks come after state and local ransomware attacks in New York, Louisiana, Maryland and Florida resulted in the loss of significant sums.Technologyread more
The New York City police officer who used a chokehold on Eric Garner in an encounter that ended with Garner's death has been fired, New York City Police Commissioner James...Politicsread more
The president said the Fed has been hampered by a "horrendous lack of vision" and said it should institute 100 basis points worth of reductions in its benchmark rate.Marketsread more
"I think if yields roll over and start slipping, we may see renewed pressure on stocks," UBS' Art Cashin says.Marketsread more
These are the stocks posting the largest moves midday.Market Insiderread more
Federal prosecutors have given immunity to the company that publishes The National Enquirer in connection with the $150,000 hush-money payment the supermarket tabloid gave Karen McDougal, the Playboy model who claims she had an affair with President Donald Trump.
That payment to McDougal was made shortly before the 2016 presidential election and was done "to influence" that election, which sent Trump to the White House, according to the United States Attorney's Office for the Southern District of New York.
The SDNY revealed its "non-prosecution agreement" with Enquirer publisher American Media Inc. on Wednesday, shortly after Trump's former lawyer Michael Cohen was sentenced to three years in prison in U.S. District Court in Manhattan. The agreement, which was signed on Sept. 21, requires AMI to cooperate fully with the SDNY's investigations.
Cohen's crimes included his playing a key role in getting AMI to pay off McDougal and his personally paying another purported paramour of Trump's, porn star Stormy Daniels, right before the election to keep quiet about their alleged past trysts with Trump.
One of the counts against Cohen was "causing an unlawful campaign contribution" to be made; that count relates to AMI's payment to McDougal. Another count related the payment to Daniels. The White House has denied Trump had sex with either woman.
AMI admitted it paid off McDougal to keep her from publicizing her "damaging allegations" of having had a lengthy affair with Trump a decade before the 2016 election, the prosecutors' office said.
The company also admitted "it made the $150,000 payment in concert with" Trump's campaign, according to the SDNY.
"AMI further admitted that its principal purpose in making the payment was to suppress the woman's story so as to prevent it from influencing the election," prosecutors said.
AMI did not immediately respond to a request for comment from CNBC.
Former federal prosecutor Mimi Rocah told MSNBC that AMI's admission cripples Trump's ability to claim that the payment to McDougal was not about the election, and thus not subject to federal campaign finance law rules.
In a similar case involving former Democratic presidential contender John Edwards — the only other time campaign finance charges were filed in a case involving payments to a mistress — the people who were paying Edwards' lover argued that the money was not intended to influence the election.
Edwards was acquitted at trial in 2012 of a single criminal count, but a jury deadlocked on the other five charges, which led to a mistrial being declared. The Justice Department later declined to seek a retrial.
Prosecutors, Cohen and AMI all now say the payments to McDougal were made to affect the election.
If AMI continues complying with the agreement, prosecutors will not bring charges against the company for the payment to McDougal.
The agreement acknowledged AMI's "substantial and important assistance in this investigation, and its agreement to provide cooperation in the future," prosecutors said.
The company also agreed "to implement specific improvements to its internal compliance to prevent future violations of the federal campaign finance laws."
Vanity Fair reported in August that David Pecker, a Trump pal who is chairman of AMI, had personally received an immunity agreement from prosecutors in connection with the McDougal payment, as had AMI's chief content officer, Dylan Howard.
Read American Media Inc.'s non-prosecution agreement with federal prosecutors here: