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    Boston Marathon Criticized for Branded Finisher Medals

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    Runners are disappointed that the new finisher medals feature a large bank logo across the bottom. “This isn’t a turkey trot.”Cathy Connor loves the Boston Marathon. She loves the camaraderie. She loves the mystique of the event, which dates to 1897 as the world’s oldest annual marathon. She loves the idea that she gets to run the same rolling course that has been conquered by greats like Kathrine Switzer, Meb Keflezighi and Des Linden.Ms. Connor, 58, loves the Boston Marathon so much that she has raced in it nine times. But there is one thing that she, and many of her fellow runners, do not love: the redesigned medal, which will be bestowed upon the 30,000 athletes who finish the 26.2-mile race on April 15.“It was kind of a letdown when I saw the picture,” Ms. Connor, a graphic designer from Pittsburgh, said in a telephone interview. “Why mess up a good thing? This isn’t a turkey trot.”Cathy Connor has completed the Boston Marathon nine times, receiving a similar medal for each finish.via Cathy ConnorThe new medal bears more than a passing resemblance to versions from past years. The principle image, as usual, is of a golden unicorn, the longtime logo of the Boston Athletic Association, the marathon’s organizing body.But the new medal has raised hackles among purists because of a key difference: It was redesigned to feature a large banner for Bank of America, the race’s corporate sponsor, along the bottom edge.We are having trouble retrieving the article content.Please enable JavaScript in your browser settings.Thank you for your patience while we verify access. If you are in Reader mode please exit and log into your Times account, or subscribe for all of The Times.Thank you for your patience while we verify access.Already a subscriber? Log in.Want all of The Times? Subscribe. More

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      Wall Street strategists’ bull and bear scenarios for 2024.

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      Wall Street’s forecasts mostly missed this year’s bull market rally. Here’s what strategists are saying about 2024.Last November and December, veteran stock market watchers forecast that 2023 would be a year to forget. They saw high inflation, a looming global recession and rising interest rates as sapping households’ buying power and denting corporate profits. For investors, they penciled in paltry gains and one of the worst performances for the S&P 500 in the past 15 years.But the market pros got the story only partly right. While interest rates did climb to a near two-decade peak, the S&P 500 has surprisingly soared to a near record high. Fueled partly by a rally in the so-called Magnificent Seven megacap tech stocks, it’s risen nearly 25 percent this year, as of Thursday’s close, shaking off a banking crisis, wars in the Middle East and Ukraine, and slowing growth in China’s economy.Crypto managed to do even better. Bitcoin bulls have swept aside a legal crackdown against the industry’s biggest players to fuel an impressive rally. The digital token has gained more than 150 percent this year, making it one of the best performing risky assets.“Twenty twenty-three was a great year for the contrarians,” David Bahnsen, the founder and chief investment officer of the Bahnsen Group, a wealth management firm, told DealBook. “You had macroeconomic concerns a year ago that didn’t come to bear, and you had valuation and financial concerns that didn’t come to bear. And it’s particularly ironic that it didn’t, because actually everything investors feared a year ago got worse.”Wall Street’s outlook for 2024 is rosier. Analysts see lower borrowing costs, a soft landing (that is, an economic slowdown that avoids a recession) and a pretty good year for investors.But if 2023 taught the market pros anything, it’s that forecasts can look out of date pretty fast. A slew of things could disrupt the markets in the year ahead — inflation creeping up again, or not, is one big factor to watch. And there are wild cards, too, with voters expected to head to the polls in over 50 countries next year, including the U.S.Here’s how Wall Street sees 2024 playing out:The bull caseThe median year-end 2024 forecast for the S&P 500 is 5,068, according to FactSet. Such a level would imply an annualized gain of roughly 6 percent for 2024.Bank of America’s equity strategists, led by Savita Subramanian, are among those in the bullish camp. In their annual forecast, they said that the S&P 500 would be likely to close out next year at 5,000, helped by a kind of “goldilocks” scenario of falling prices and rising corporate profits.Goldman Sachs is even more upbeat. Its analysts upgraded their year-end 2024 call on the S&P 500 to 5,100. They made the change after the Fed’s surprise statement on Dec. 13 that the equivalent of three interest-rate cuts were on the table for next year. Lower borrowing costs tend to give consumers and businesses more spending power, which could help Corporate America’s bottom line.Another catalyst: Investors this year put far more money into safe interest-rate sensitive assets, like money market funds, than they did into stocks. That logic could be flipped on its head in 2024. “As rates begin to fall, investors may rotate some of their cash holdings toward stocks,” David Kostin, the chief U.S. equity strategist at Goldman Sachs, said in a recent investor note.The bear caseOn the more pessimistic side is JPMorgan Chase, which carries a 2024 year-end target of 4,200. Its analysts team, led by Marko Kolanovic, the bank’s chief global market strategist, sees a struggling consumer with depleted savings, a potential recession and geopolitical uncertainty that could push up commodity prices, like oil, and push down global growth.The year ahead will be “another challenging year for market participants,” Kolanovic said. (Most strategists are even more downbeat on Europe, where recession fears are more acute. On the flip side, equities in Asia could show another year of solid growth, especially in India and Japan, Wall Street analysts say.)Lee Ferridge, the head of multi-asset strategy for North America at State Street Global Markets, is more optimistic about the American consumer, but points to a different challenge for investors. “If I’m right, the economy stays stronger. But then that’s a double-edged sword for equities,” he said. The prospect of robust consumer and business spending poses an inflation risk that could force the Fed to hold rates higher for longer, and even pause cuts, he said. “That’s going to be a headwind for equities.”“I wouldn’t be surprised to see a fairly flat year next year,” he added. “If we are up, it’s going to be the Magnificent Seven that are the drivers again.”The wild card: politics and the electionsPresidential elections are not rally killers, according to market analysis by LPL Financial that looks at the past 71 years. In that period, the S&P has risen, on average, by 7 percent during U.S. presidential election years. (The market tends to do even better in a re-election year, the financial advice firm notes.)Even with some uncommon questions swirling over next year’s contest — Will a mountain of legal troubles derail the Republican front-runner, Donald Trump? Will President Biden’s sagging polling ratings open the door for a strong third-party challenger? Will the election result be disputed, causing a constitutional crisis? — that’s unlikely to add much volatility to the markets, Wall Street pros say.“The election will not be a story in the stock market, up until November 2024, for the simple reason that the stock market will not know who’s going to win the election until November 2024,” Bahnsen said.His advice: Don’t even try to game out the election’s impact on the markets. More

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      Older Americans Fight to Make America Better

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      Neil Young and Joni Mitchell did more than go after Spotify for spreading Covid disinformation last week. They also, inadvertently, signaled what could turn out to be an extraordinarily important revival: of an older generation fully rejoining the fight for a working future.You could call it (with a wink!) codger power.We’ve seen this close up: over the last few months we’ve worked with others of our generation to start the group Third Act, which organizes people over the age of 60 for progressive change. That’s no easy task. The baby boomers and the Silent Generation before them make up a huge share of the population — more nearly 75 million people, a larger population than France. And conventional wisdom (and a certain amount of data) holds that people become more conservative as they age, perhaps because they have more to protect.But as those musicians reminded us, these are no “normal” generations. We’re both in our 60s; in the 1960s and ’70s, our generation either bore witness to or participated in truly profound cultural, social and political transformations. Think of Neil Young singing “four dead in O-hi-o” in the weeks after Kent State, or Joni Mitchell singing “they paved paradise” after the first Earth Day. Perhaps we thought we’d won those fights. But now we emerge into older age with skills, resources, grandchildren — and a growing fear that we’re about to leave the world a worse place than we found it. So some of us are more than ready to turn things around.It’s not that there aren’t plenty of older Americans involved in the business of politics: We’ve perhaps never had more aged people in positions of power, with most of the highest offices in the nation occupied by septuagenarians and up, yet even with all their skills they can’t get anything done because of the country’s political divisions.But the daily business of politics — the inside game — is very different from the sort of political movements that helped change the world in the ’60s. Those we traditionally leave to the young, and indeed at the moment it’s young people who are making most of the difference, from the new civil rights movement exemplified by Black Lives Matter to the teenage ranks of the climate strikers. But we can’t assign tasks this large to high school students as extra homework; that’s neither fair nor practical.Instead, we need older people returning to the movement politics they helped invent. It’s true that the effort to embarrass Spotify over its contributions to the stupidification of our body politic hasn’t managed yet to make it change its policies yet. But the users of that streaming service skew young: slightly more than half are below the age of 35, and just under a fifth are 55 or older.Other important pressure points may play out differently. One of Third Act’s first campaigns, for instance, aims to take on the biggest banks in America for their continued funding of the fossil fuel industry even as the global temperature keeps climbing. Chase, Citi, Bank of America and Wells Fargo might want to take note, because (fairly or not) 70 percent of the country’s financial assets are in the hands of boomers and the Silent Generation, compared with just about 5 percent for millennials. More

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      Biden’s Inaugural Will Be Mostly Virtual, but Money From Donors Will Be Real

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      #masthead-section-label, #masthead-bar-one { display: none }The Presidential TransitionliveLatest UpdatesElectoral College ResultsBiden’s CabinetInaugural DonationsAdvertisementContinue reading the main storySupported byContinue reading the main storyBiden’s Inaugural Will Be Mostly Virtual, but Money From Donors Will Be RealThe president-elect’s allies have begun an ambitious fund-raising campaign for the celebration of his swearing-in. Big donors will get “virtual signed photos” — and a chance to generate good will.President-elect Joseph R. Biden Jr.’s inauguration will be mostly virtual, with in-person events scaled back because of the coronavirus pandemic.Credit…Erin Schaff/The New York TimesKenneth P. Vogel and Dec. 16, 2020WASHINGTON — President-elect Joseph R. Biden Jr.’s allies have begun an ambitious campaign to raise millions of dollars from corporations and individuals by offering special “V.I.P. participation” in reimagined inaugural festivities that will be largely virtual because of the coronavirus pandemic.Far fewer tickets than normal are being distributed for people to attend the actual swearing-in ceremony outside the Capitol on Jan. 20, which is organized and funded by the government.To create an air of celebration, Mr. Biden’s inaugural committee said it was raising private funds to pay for virtual events that will echo the Democratic convention this year, which featured a 50-state roll call from spots around the nation. There are also plans for a “virtual concert” with major performers whose names have not yet been released — and possibly for an in-person event later in the year.The contrast between the constraints of putting on inaugural festivities in the midst of a public health crisis and fund-raising as usual underscores how donations to an inaugural are not just about getting good seats for the swearing-in or tickets to the glitziest black-tie balls. They are also a way for corporations and well-heeled individuals to curry favor with a new administration, a reality that prompted liberal groups on Wednesday to ask Mr. Biden’s inaugural committee to forgo corporate donations.President Trump’s inauguration nearly four years ago took the practice to a new level. It became an access-peddling bazaar of sorts, and aspects of its record fund-raising and spending emerged as the subjects of investigations.Mr. Biden’s inaugural committee is promising corporations that give up to $1 million and individuals who contribute $500,000 — the largest amounts the committee said it would accept — some form of “V.I.P. participation” in the virtual concert.This special access is among the perks detailed on a one-page sponsorship menu from the committee that circulated among donors on Wednesday. Perks include “event sponsorship opportunities,” as well as access to virtual briefings with leaders of the inaugural committee and campaign, and invitations to virtual events with Mr. Biden and Jill Biden, the future first lady, and Vice President-elect Kamala Harris and her husband, Doug Emhoff.Top donors will also get a fitting memento for the coronavirus era — “virtual signed photos” with the president-elect and the first lady, as well as Ms. Harris and her husband, replacing the traditional in-person rope-line photo opportunities for which donors usually pay handsomely at fund-raisers and other political events.Incoming presidents have long raised private funds to organize and pay for inaugural festivities beyond the swearing-in ceremony, which is hosted by the Joint Congressional Committee on Inaugural Ceremonies and funded with taxpayer money.Top donors typically get intimate in-person access at parties and dinners to celebrate with members of an incoming president’s campaign and administration.Among the corporate giants who have indicated they are ready to donate despite the lack of in-person events is Boeing, the aerospace manufacturer and military contractor. The company is contributing $1 million to Mr. Biden’s inauguration, an amount it said is consistent with its past contributions to inaugural committees. Representatives from Bank of America and Ford Motor Company also said their companies intended to donate.“We have supported inauguration events over many administrations on a nonpartisan basis because we view it as part of our civic commitment for an important national event,” Bill Halldin, a spokesman for Bank of America, said in a statement. “The private sector has traditionally done so and we expect to provide support for ceremonies in January as appropriate, given the health crisis and other factors that may impact it.”A number of corporations that have been major donors to past presidential inaugurations — like Coca-Cola, Google and United Parcel Service — said this week that they still had not decided how much, or whether, to donate, though Google noted it had provided “online security protections for free” to the inaugural committee.“As you know this is a very different year and as such we have not yet made a decision,” Ann Moore, a spokeswoman for Coca-Cola, said in a statement.A spokeswoman for the investment bank JPMorgan Chase, which has donated to past inaugurations, said that instead of giving to Mr. Biden’s committee, it would be donating to food banks in Washington and the hometowns of Mr. Biden (Wilmington, Del.) and Ms. Harris (Oakland, Calif.) “to help those impacted by the pandemic.”The Presidential TransitionLatest UpdatesUpdated Dec. 17, 2020, 10:00 a.m. ETHere’s a look at the economy Biden will inherit next month.Dominion demands that Sidney Powell retract ‘baseless and false allegations’ about voting machines.Pence will be vaccinated publicly on Friday, the White House says.An inauguration spokesman would not say how much had already been raised, or what the fund-raising goal was.Funds raised for inaugurations cannot be transferred to federal campaigns or party committees. Past inaugural committees have donated unspent funds to charities including those engaged in disaster relief, as well as groups involved in decorating and maintaining the White House and the vice president’s residence.The effort by Mr. Biden’s inaugural committee to raise funds from corporate donors prompted puzzlement and objections from liberal activists, who have expressed concern about what they see as the Biden team’s coziness with corporate interests.A coalition of about 50 liberal groups released a letter to the inaugural committee on Wednesday urging it to forgo donations from corporations to prevent them “from wielding undue influence,” and questioning the need for such donations, given the likelihood that Mr. Biden’s inauguration would cost less than previous inaugurations.“The drive to raise so much money without a clear use for it is perplexing, and the appearance of doing so is disconcerting,” said the letter, which was organized by Demand Progress, a group that has also urged Mr. Biden not to hire corporate executives and consultants or lobbyists.Federal law does not require the disclosure of donations to inaugural committees until 90 days after the event, and limited disclosures about expenditures are not required until months after that. But the Biden inaugural committee said it intends to disclose the names of at least its larger donors before Jan. 20.There are no legal limits on the sizes of donations that inaugural committees can accept, and there are few restrictions on who can give.Mr. Biden’s inaugural committee announced last month that it would voluntarily forgo donations from fossil fuel companies, registered lobbyists and foreign agents, in addition to limiting corporate donations to $1 million and individual donations to $500,000.Those restrictions are less stringent than the ones adopted by former President Barack Obama for his 2009 inauguration. His inaugural committee refused corporate donations and said it limited individual donations to $50,000, though he loosened the rules for his second inauguration in 2013.While Mr. Trump’s team said it would not accept contributions from lobbyists for his 2017 inauguration, its fund-raising was otherwise mostly unrestricted, resulting in a record $107 million haul.The Biden team has so far released few specifics regarding plans for the inauguration, other than a statement on Tuesday urging people not to travel to Washington to attend the event given the pandemic and noting that the “ceremony’s footprint will be extremely limited.”In an expression of just how unusual the event will be, the Biden inaugural committee named Dr. David Kessler, a former Food and Drug Administration commissioner, as an adviser to help with decisions on what kinds of events it can hold.“We are asking Americans to participate in inaugural events from home to protect themselves, their families, friends and communities,” Dr. Kessler said in a statement.In a typical inauguration year, a congressional committee that organizes the swearing-in ceremony typically distributes 200,000 tickets to lawmakers for seats on the platform, risers and seating close to the West Front of the Capitol, which are then distributed to constituents and friends who want to attend.But this year, the committee announced it would give just two tickets to the outdoor festivities to each of the 535 members of Congress, for them and a guest to attend.Beyond this event, it is largely up to the Biden inauguration committee, where officials have said in recent days they are still working to “reimagine” and “reinvent” the inauguration.There will still be some kind of an inauguration parade, but it will be considerably pared down and will most likely feature video or live shots of groups performing from spots across the country.The inaugural committee this week disclosed that it had retained Ricky Kirshner, a New York-based entertainment industry television and events producer. His past experience includes the Super Bowl halftime show this year that featured Shakira and Jennifer Lopez, as well as past Tony Awards and Kennedy Center Honors events, and the largely virtual 2020 Democratic National Convention, among many other events.Major donors will also get “V.I.P. tickets” to some kind of future event to celebrate the start of the new administration in person, according to the one-page menu of donor perks.But given the continued uncertainty associated with the pandemic, that event is listed as “date to be determined.”Nicholas Fandos contributed reporting.AdvertisementContinue reading the main story More