Latest news with #Waldron
Yahoo
09-06-2025
- Yahoo
Cape Cod family pushing for mandatory short-term rental inspections following Airbnb tragedy
A Cape Cod family is pushing for mandatory inspections of smoke and carbon monoxide detectors after a devastating tragedy at an Airbnb in New York. 35-year-old Shannon Hubbard and her 1-year-old daughter, Maggie Hubbard, were killed in a fire at that rental in Clinton, NY, last October. The homeowners, Dennis and Meredith Darcy, have been charged with second-degree manslaughter for allegedly lying about the presence of smoke detectors in the Airbnb listing. Tim Waldron, of Orleans, told Boston 25 News the deaths of his daughter and granddaughter have prompted him to advocate for the safety of other families. Waldron recently testified about his heartbreak and urgent concern for others at a State House hearing for the Maggie Hubbard Safety Act. It would require that all short-term rentals in Massachusetts are inspected for compliance with approved smoke and carbon monoxide detectors within one year before renting. 'I realized every single one of the towns had different laws, so it was very much patchwork regulations,' said Waldron. Waldron sat down with Boston 25 News on what would've been his daughter's 36th birthday. The Chatham Elementary teacher and her infant daughter died after what had been a beautiful family weekend in the short-term rental. It took a heartbreaking turn after Waldron left on Sunday afternoon. That night, Waldron's son-in-law, a Dennis Police officer, put a log in the wood stove and then went out into the hot tub with Shannon. 'They were out there for about 20, 30 minutes, just really enjoying the night while the kids were in. After about 20 or 30 minutes, they smelled smoke,' said Waldron. Shannon rushed into the room where their infant daughter was sleeping and got trapped inside. Her husband and their three-year-old son escaped, but firefighters were not able to save Shannon and Maggie in time. Fire investigators later determined that the home had no working fire alarms, contrary to what the Airbnb listing stated. 'If smoke detectors had gone off that evening, they would have heard them 20 or 30 minutes before they smell the smoke, and it would been no issue,' he said. Waldron is now determined to expose what he calls an unregulated self-reporting system of smoke and carbon monoxide detectors in short-term rentals. He believes travelers can't trust what the Airbnb and VRBO listing says because there aren't inspections to prove it. 'We're talking about something that could prevent a death,' explained Waldron. 'You should have to have some level of an inspection done by a fire safety individual.' Orleans State Representative Hadley Luddy filed the Maggie Hubbard Rental Safety Act in the House of Representatives, and Cape Senator Julian Cyr filed it in the Senate. 'The safety measures just really are not monitored at a level that's actually ensuring that we can go into buildings or rental situations and know that we're safe,' said Rep. Luddy with the 4th Barnstable district. Rep. Luddy's district stretches from Harwich to Provincetown, where the number of short-term rentals has increased by thousands in recent years. She said a large percentage of them aren't registered with towns. 'We don't want to see any more unnecessary deaths like the two lives lost here,' said the first-time legislator. 'If I could be a part of knowing that there would be more preventable situations like this in the future, it would mean a lot to me personally.' Rep. Luddy is working with fire departments and town managers on the Cape to determine who would do these inspections. She told Boston 25 News that it may vary in each community and would likely involve a fee for those listing short-term rentals. The State Fire Marshal's Office issued the following statement to Boston 25 News in support of the legislation: 'Working smoke and carbon monoxide alarms have prevented countless tragedies in Massachusetts and around the world. They are vital life safety tools and should be installed on every level of every living space, whether it's short-term, long-term, or permanent.' 'It reminds them that there are steps you need to take, that you need dot your I's and cross your T's to make sure the home you're renting to people is as safe as it could possibly be,' said Waldron. Waldron said this law would also mean that his daughter's legacy and granddaughter's name live on eternally by protecting others. 'My granddaughter was perfect, right? She had the beautiful smile. She had the best giggle. If you saw or heard either one of them, you'd never forget it,' he added. 'It's a loss that I'll carry with me every day.' Boston 25 News reached out to Airbnb and VRBO for comment and have not heard back. The owners of the New York Airbnb rental have pleaded not guilty to second-degree manslaughter. Download the FREE Boston 25 News app for breaking news alerts. Follow Boston 25 News on Facebook and Twitter. | Watch Boston 25 News NOW
Reuters
05-06-2025
- Business
- Reuters
Goldman Sachs pares risk after tariff move, braces for more uncertainty
NEW YORK, June 5 (Reuters) - Goldman Sachs (GS.N), opens new tab has moderated its risk-taking since U.S. President Donald Trump's April tariff announcement, and the Wall Street bank is braced for more uncertainty, a top executive said. "We have moderated our risk positioning since April 2nd - I think that's a sensible thing for us to do," Goldman President John Waldron said in a podcast, opens new tab released by the investment bank on Thursday. "We're absorbing a lot of risk from our clients. We want to continue to do that, but we also, where we can, we (pare) our risk and stay a little bit closer to home." Goldman is readying for continued uncertainty in the coming months, which means keeping a greater liquidity cushion, he said. Financial markets have been turbulent since Trump's so-called "Liberation Day," when he announced plans to increase tariffs on trading partners. Waldron, who is widely seen as the likely successor to Goldman CEO David Solomon, said the tariff move was "very, very disruptive." Some companies are now starting to make business decisions based on assumptions that tariffs will be raised to a range of 10% to 15%, he said. "We're moving into now an adjustment phase, and you'll see, I think, some more decision-making on capital spend, M&A transactions, capital return, stock buybacks," Waldron said. The U.S. economy is still strong, backed by a solid labor market and consumer spending, he said. "All those factors in the U.S. to me lead to a likely scenario where we don't have a recession," he said. Meanwhile, Waldron warned investors were getting concerned about an unsustainable U.S. fiscal deficit. "The bond market is starting to be heard, and I hope that gets some attention in the halls of Congress," he said. Rating agency Moody's cut the pristine U.S. sovereign credit rating by one notch last month, the last of the major ratings agencies to downgrade the country, citing concerns about the nation's growing $36 trillion debt pile. The biggest question for markets is the path of interest rates, particularly in the long term, Waldron said. "We're seeing a lot of increase in duration in the rate curves in the United States and Japan and many other countries - and I think that could be a brake on economic growth," he said.
Business Recorder
05-06-2025
- Business
- Business Recorder
Goldman Sachs pares risk after tariff move, braces for more uncertainty
NEW YORK: Goldman Sachs has moderated its risk-taking since U.S. President Donald Trump's April tariff announcement, and the Wall Street bank is braced for more uncertainty, a top executive said. 'We have moderated our risk positioning since April 2nd – I think that's a sensible thing for us to do,' Goldman President John Waldron said in a podcast released by the investment bank on Thursday. 'We're absorbing a lot of risk from our clients. We want to continue to do that, but we also, where we can, we (pare) our risk and stay a little bit closer to home.' Goldman is readying for continued uncertainty in the coming months, which means keeping a greater liquidity cushion, he said. Financial markets have been turbulent since Trump's so-called 'Liberation Day,' when he announced plans to increase tariffs on trading partners. Waldron, who is widely seen as the likely successor to Goldman CEO David Solomon, said the tariff move was 'very, very disruptive.' Goldman Sachs sees OPEC+ raising oil output by 0.41 mb/d in August Some companies are now starting to make business decisions based on assumptions that tariffs will be raised to a range of 10% to 15%, he said. 'We're moving into now an adjustment phase, and you'll see, I think, some more decision-making on capital spend, M&A transactions, capital return, stock buybacks,' Waldron said. The U.S. economy is still strong, backed by a solid labor market and consumer spending, he said. 'All those factors in the U.S. to me lead to a likely scenario where we don't have a recession,' he said. Meanwhile, Waldron warned investors were getting concerned about an unsustainable U.S. fiscal deficit. 'The bond market is starting to be heard, and I hope that gets some attention in the halls of Congress,' he said. Rating agency Moody's cut the pristine U.S. sovereign credit rating by one notch last month, the last of the major ratings agencies to downgrade the country, citing concerns about the nation's growing $36 trillion debt pile. The biggest question for markets is the path of interest rates, particularly in the long term, Waldron said. 'We're seeing a lot of increase in duration in the rate curves in the United States and Japan and many other countries - and I think that could be a brake on economic growth,' he said.
Yahoo
05-06-2025
- Business
- Yahoo
Goldman Sachs pares risk after tariff move, braces for more uncertainty
By Saeed Azhar NEW YORK (Reuters) -Goldman Sachs has moderated its risk-taking since U.S. President Donald Trump's April tariff announcement, and the Wall Street bank is braced for more uncertainty, a top executive said. "We have moderated our risk positioning since April 2nd - I think that's a sensible thing for us to do," Goldman President John Waldron said in a podcast released by the investment bank on Thursday. "We're absorbing a lot of risk from our clients. We want to continue to do that, but we also, where we can, we (pare) our risk and stay a little bit closer to home." Goldman is readying for continued uncertainty in the coming months, which means keeping a greater liquidity cushion, he said. Financial markets have been turbulent since Trump's so-called "Liberation Day," when he announced plans to increase tariffs on trading partners. Waldron, who is widely seen as the likely successor to Goldman CEO David Solomon, said the tariff move was "very, very disruptive." Some companies are now starting to make business decisions based on assumptions that tariffs will be raised to a range of 10% to 15%, he said. "We're moving into now an adjustment phase, and you'll see, I think, some more decision-making on capital spend, M&A transactions, capital return, stock buybacks," Waldron said. The U.S. economy is still strong, backed by a solid labor market and consumer spending, he said. "All those factors in the U.S. to me lead to a likely scenario where we don't have a recession," he said. Meanwhile, Waldron warned investors were getting concerned about an unsustainable U.S. fiscal deficit. "The bond market is starting to be heard, and I hope that gets some attention in the halls of Congress," he said. Rating agency Moody's cut the pristine U.S. sovereign credit rating by one notch last month, the last of the major ratings agencies to downgrade the country, citing concerns about the nation's growing $36 trillion debt pile. The biggest question for markets is the path of interest rates, particularly in the long term, Waldron said. "We're seeing a lot of increase in duration in the rate curves in the United States and Japan and many other countries - and I think that could be a brake on economic growth," he said.
Business Insider
29-05-2025
- Business
- Business Insider
Goldman Sachs is pulling back risk as it braces for more fallout from 'disruptive policy' shifts: COO
Goldman Sachs is battening down the hatches as it braces for a wave of volatility resulting from disruptive policy changes in Washington. "I would say, at the moment, we're relatively defensively positioned," the bank's President and COO, John Waldron, said at a conference on Thursday. "We've got heavy liquidity. We've got significant capital buffers. And we're running more muted risk in certain and important pockets in the firm." Trump's tariffs and trade war pronouncements have roiled markets in recent weeks, exposing Wall Street to more stressors than many traders and dealmakers anticipated when the former New York businessman returned to power earlier this year. On Thursday, Waldron said tariffs are just one piece of the puzzle — and no longer as concerning as they were when they were rolled out. "We're moving, as we said, towards more manageable tariff levels," Waldron said, adding, "I think we're likely to avoid a recession with this baseline set of facts." Even if the president's tariff wars are quickly resolved, the barrage of seismic policy shifts will likely continue, he said. "The Trump administration is definitely disrupting a lot of what would be the conventional wisdom of how US policymaking traditionally goes," he said at the annual Bernstein Strategic Decisions conference in New York. "You see first-order impacts right in front of you," he said, referring to the tariffs. "The second- and third-order impacts take longer to work their way through markets. And so we're watching carefully for the second- and third-order impacts, which is another reason why we run a little bit higher buffer and a little bit more cautiously in an environment like this." "So we're going to learn a lot more, and it's going to be volatile," he said. "I think we're just got to live with that volatility for some time." Waldron pointed to two cues that the firm is watching. The first, he said, is leverage in the public sector. Governments have much less wiggle room to inject stimulus into battered economies to maneuver out of tough fiscal positions, diminishing their ability to fend off economic shocks. "I think coming out of COVID, the public sector stimulus from governments around the world to rejuvenate the economy was really, really important," he said. "We're starting to see some elements of that public sector leverage play through. There's a lot less fiscal headroom in the world today than there was back when we were coming through COVID and a pretty peaceful environment." He also pointed to something the firm is terming "lowflation" — that is, its forecast that, because of tariffs, the US should ready itself for "short- to immediate-term slower growth" and "higher inflation." He said Goldman's research showed that the best case scenario for effective tariffs would be between 10% to 15%, still a significant uptick from pre-Trump administration levels. In good news, Waldron said that US consumers had continued to exhibit "tremendous resilience" in the face of these headwinds, and that the firm's pipeline of forthcoming transactions remained strong. "Not surprisingly, the second quarter is not quite as strong from an activity level as the first quarter, given the macro environment we talked about at the beginning of this conversation," he said, adding, "But in investment banking, our engagement levels are actually still very good despite the uncertainty and the volatility our pipelines remain quite strong." "When you have this kind of volatility," he said, "you just fundamentally have a harder time prosecuting transactions that may be in your pipeline."
