The U.S. had plans to hike duties on at least $250 billion in Chinese goods to 30% from 25% on Tuesday. Despite the partial trade deal, some banks on Sunday wrote that tariff...Marketsread more
The industry has pulled in $322 billion over the past six months, the fastest pace since the second half of 2008.Marketsread more
The potential deal would shift Neumann's already diminished voting power to the Japanese conglomerate, according to the Journal.Technologyread more
Hunter's vows to forgo any foreign work follow a slew of unsubstantiated attacks by President Donald Trump accusing him of corruption.Politicsread more
Fisher was initially defiant amid the backlash in an interview with Bloomberg, in which he said he had "given a lot of talks, a lot of times, in a lot of places and said stuff...Personal Financeread more
Airlines continue to delay when they plan to have the planes back again with no sign from regulators on when the planes will be approved again.Airlinesread more
Turkey's invasion of northeastern Syria began Wednesday after Trump ordered U.S. troops to pull back from the area.Politicsread more
While Warren's ad about Facebook isn't true, the company's own policy allows politicians to make such false claims in paid advertising.Politicsread more
Typhoon Hagibis made landfall south of Tokyo on Saturday evening. By Sunday around 376,000 homes were left without electricity, and 14,000 without running water across Japan....Weather & Natural Disastersread more
SpaceX and Boeing are each in the final stages of developing the spacecraft needed for the U.S. to once again fly astronauts.Investing in Spaceread more
Bryn Mawr's Jeffrey Mills believes the market needs more time to break out of its slump.Trading Nationread more
Notorious Ponzi schemer Bernie Madoff is asking that President Donald Trump reduce his 150-year prison sentence — a a request that Madoff's prosecutor promptly called "the very definition of chutzpah."
Madoff, 81, is currently locked up in a federal prison in Butner, North Carolina, for orchestrating the largest Ponzi scheme in history.
The decadeslong scam conducted while he headed Bernard L. Madoff Investment Securities in New York City swindled thousands of investors out of billions of dollars.
Madoff, who pleaded guilty to 11 crimes in 2009, is not asking for a pardon from the president.
Instead, he is requesting clemency from Trump in the form of a sentence commutation, or reduction, according to an application filed with the Justice Department.
A search of the Justice Department's website shows that Madoff's clemency request is "pending."
It is not clear when Madoff first filed the request. It is possible that he did so during the administration of President Barack Obama, who was in the White House when Madoff was sent to prison.
If Trump's previous opinions on Madoff and his family are any indication, the uber-crook faces long odds in winning an early release.
Trump, in his 2009 book "Think Like a Champion," wrote that he said "no" to Madoff's suggestion that he invest in his fund.
"I had enough going on in my own businesses that I didn't need to be associated or involved with his," Trump wrote in his book, according to an article at the time in U.S. News & World Report.
In that same book, Trump said he knew a number of people who had invested their life savings with the scamster.
"He is without a doubt a sleazebag and a scoundrel without par," Trump wrote.
The New York Post, citing a source close to the Madoff family, two years ago reported that after Madoff's conviction, Trump refused to rent his wife Ruth Madoff an apartment in his Manhattan buildings when she was looking for a new place to live.
News of the application first was posted online earlier this week by Bill Dedman, an investigative reporter who previously worked at NBC News.
It is not known if Trump will consider the request, or when he might do so.
Madoff's former lawyer, Ira Lee Sorkin, told CNBC he had no information about the request.
The White House referred questions about Madoff's bid for clemency to the Justice Department.
Marc Litt, who was the lead federal prosecutor in the criminal case against Madoff, to CNBC on Wednesday, "Bernard Madoff received a fair and just sentence – one that both appropriately punished him for decades of criminal conduct that caused devastating damage to tens of thousands of victims, and sent a loud and clear message to deter would-be fraudsters."
"Madoff's current request is the very definition of chutzpah," said Litt, who currently is a partner at the law firm Wachtel Missry in New York, where his office overlooks the "Lipstick Building" that formerly housed Madoff's company.
"I'm confident that the career [Justice Department] attorneys responsible for evaluating such requests will reject it out of hand."
DOJ statistics show that the department received 1,003 petitions for pardons and another 5,657 for sentence commutations that could have been considered by Trump since he was in the White House.
His pardon recipients include controversial former Arizona Sheriff Joe Arpaio, Lewis "Scooter" Libby, former chief of staff for Vice President Dick Cheney, deceased boxer Jack Johnson, conservative pundit Dinesh D'Souza, and, most recently, former media mogul Conrad Black, who wrote a biography entitled "Donald J. Trump: A President Like No Other."
Two other pardon recipients, Oregon ranchers Dwight Hammond and his son, Steven Hammond, also had their prison sentences for arson on federal lands commuted by Trump.
Madoff's former longtime secretary also is asking Trump for a commutation of her six-year prison term for helping facilitate the Ponzi scheme, according to the Justice Department's webpage.
In January, a federal judge rejected a separate request by that secretary, Annette Bongiorno, 70, to be released into home confinement. Bongiorno has served nearly 4½ years of her prison sentence in a federal facility in New York state.
Peter Madoff, Bernie's younger brother, pleaded guilty in 2012 to falsifying records at the Madoff investment firm, and to conspiracy to commit securities fraud. He was sentenced to 10 years in prison, and is due to be released in October 2020.
There is no record of a clemency petition from Peter Madoff on the Justice Department's website.
Ruth Madoff in May agreed to pay $594,000 and to surrender her remaining assets when she dies as part of a settlement of claims by Irving Picard, the court-appointed trustee who for years has tried to recoup money for Madoff's customers. Ruth Madoff was never charged in connection with her husband's crimes.
Madoff's scheme originally was estimated to have lost upward of $65 billion for his investors.
The Wall Street Journal, in a story about that tally, noted, "That's a little over 75 cents on the dollars, which is remarkable, considering that when they started Mr. Picard expected to recover '5 to 10 cents on the dollar,' which is 'typical in a Ponzi-scheme case.'"
Madoff's sons have both died since he was locked up. His oldest son, Mark, hanged himself in December 2010, on the second anniversary of his father's confession to the Madoff family of his crimes.
Madoff's other son, Andrew, died in 2014 after a long battle with a rare form of cancer.
Neither Andrew nor Mark were ever charged in connection with their father's crimes.
But Picard reached settlements with both sons' estates and related defendants totaling more than $23 million in 2017.
-- Additional reporting by CNBC's Kevin Breuninger.