U.S. Markets open in 2 hrs 4 mins

USA Gymnastics Board Members Resign Amid Larry Nassar Sexual Abuse Scandal

Alice Park
Just days after powerful testimony from some of Nassar's victims

Three members of USA Gymnastics’ board of directors resigned Monday amid one of the largest sexual abuse scandals in U.S. sports history involving disgraced doctor Larry Nassar.

Board chairman Paul Parilla, vice chairman Jay Binder and treasurer Bitsy Kelley all resigned from their positions effective immediately.

“USA Gymnastics thanks Paul Parilla, Jay Binder and Bitsy Kelley for their many years of service to this organization. We support their decisions to resign at this time,” USA Gymnastics president and CEO Kerry Perry said in a statement. “We believe this step will allow us to more effectively move forward in implementing change within our organization As the board identifies its next chair and fills the vacant board positions, we remain focused on working every day to ensure that our culture, policies and actions reflect our commitment to those we serve.

The resignations come after dozens of gymnasts detailed sexual abuse by national team doctor Larry Nassar, who was a volunteer at USA Gymnastics, at his trial in Michigan. Nassar allegedly abused the girls, some as young as eight years old, under the guise of medical treatment. He has already been sentenced to 60 years in federal prison for child pornography and faces at least 25 additional years for sexual assault charges.

The women said they trusted Nassar and did not question the treatment, largely because Nassar was endorsed by USA Gymnastics and they were told by the organization that they were lucky to be treated by him.

Aly Raisman and Jordyn Wieber, Olympians and members of the 2012 Fierce Five women’s team that earned gold in London, gave powerful statements in court last week that sharply criticized USA Gymnastics for not protecting them from Nassar.

Raisman questioned why USA Gymnastics president Perry did not stay for the entirety of the victim impact statements, and asked, “USA Gymnastics, where is the honesty? Where is the transparency? Why must the manipulation continue? Neither USA Gymnastics nor the U.S. Olympic Committee have reached out to express sympathy or even offer support. Not even to ask: ‘How did this happen? What do you think we can do to help?'”

Raisman told TIME in November that while USA Gymnastics president Steve Penny resigned last year, “a lot of people working there let the abuse go on,” referring to the board members. “It’s so disturbing and disgusting that the abuse happened, but it’s equally disturbing and disgusting the way it was handled.”

And Raisman is not the only member of the 2012 team to reveal she was abused by Nassar. Her teammates Gabby Douglas, McKayla Maroney, and Wieber also said they were sexually abused by the osteopathic doctor.

The USA Gymnastics board consists of 18 members, including athlete representatives, in addition to the three top leadership positions.

  • 7 Stocks to Buy and Hold Through Any Market Selloff
    Business
    InvestorPlace

    7 Stocks to Buy and Hold Through Any Market Selloff

    Last week’s market collapse made headlines throughout the world. Since the sharp correction has negatively impacted virtually all investment sectors, you’re going to find discounted deals everywhere you look.

  • Social Security Checks Are Increasing: What Does That Mean For You?
    Business
    Fortune

    Social Security Checks Are Increasing: What Does That Mean For You?

    Social Security checks will see their biggest increase in four years as 2019 kicks off. The Social Security Administration has approved a 2.8% cost of living adjustment (COLA) for next year. That follows a 2% jump this year and an increase of just

  • Netflix is ditching freeloaders from subscriber forecasts after volatile stock moves
    Business
    MarketWatch

    Netflix is ditching freeloaders from subscriber forecasts after volatile stock moves

    After two consecutive quarters of missing the mark on its own forecasts for subscriber growth, Netflix Inc. hopes to put an end to the big swings in its stock with some changes in its accounting. In kicking off tech’s earnings season Tuesday, Netflix (NFLX) reported better-than-expected subscriber growth in the quarter, leading to an 11% jump in its shares in after-hours trading. Three months ago, Netflix reported weaker-than-expected subscriber growth, sending its stock tumbling around 12% in the next trading day.

  • Cannabis might be most disruptive force since Amazon for ...
    Business
    CNBC Videos

    Cannabis might be most disruptive force since Amazon for ...

    Jim Cramer surveys the pot craze as Canada prepares to legalize cannabis nationwide and flags the companies he thinks will be long-term winners.

  • Boeing delivers first 737 Max 8 BBJ and unveils Max 7 luxury interior (Photos)
    Business
    American City Business Journals

    Boeing delivers first 737 Max 8 BBJ and unveils Max 7 luxury interior (Photos)

    Boeing has delivered its very first 737 Max 8 business jet to a paying customer. It's the first of 20 BBJ Max jets that buyers from around the world have ordered from the Chicago-based jetmaker since they went on sale. Boeing spokesman Dmitry Krol declined to identify the buyer of the jet, which is the second of its kind made at Boeing's Renton 737 factory.

  • General Electric (GE) Stock Sinks As Market Gains: What You Should Know
    Finance
    Zacks

    General Electric (GE) Stock Sinks As Market Gains: What You Should Know

    With this in mind, we can consider positive estimate revisions a sign of optimism about the company's business outlook. Investors can capitalize on this by using the Zacks Rank. This model considers these estimate changes and provides a simple, actionable rating system.

  • Marijuana stocks to watch: Canopy Growth is the cannabis business’s $4 billion gorilla
    Business
    MarketWatch

    Marijuana stocks to watch: Canopy Growth is the cannabis business’s $4 billion gorilla

    The following article is part of a package of stories that MarketWatch is publishing to mark the start of full legalization of cannabis for adult use in Canada on Wednesday. Smith Falls, Ontario–based Canopy Growth Corp. made headlines and drove cannabis stocks to new heights over the summer when it announced that Corona brewer Constellation Brands Inc. was going to invest an additional $4 billion in the company. Billed by both companies as a strategic partnership, the additional $4 billion investment adds to the 9.9% stake that Constellation bought in October of last year and sets the company up to either be bought outright by Constellation — via warrants that could increase its stake to more than 50% — or continue to work with the beverage company to create a range of consumer-focused cannabis products that may one day appear in markets in dozens of countries.

  • These are the bad things about early retirement that no one talks about
    News
    MarketWatch

    These are the bad things about early retirement that no one talks about

    For all the glamour of living an early retirement lifestyle, there are plenty of negatives I’ve come to discover since I permanently left my job in 2012. As a result, you’re repeatedly forced to will yourself into action.

  • Where Will NVIDIA Be in 5 Years?
    Business
    Motley Fool

    Where Will NVIDIA Be in 5 Years?

    At one time, NVIDIA (NASDAQ: NVDA) floated under the radar in the technology sector. Its graphics processing units (GPUs) were then niche tech products that appealed mainly to graphic artists and hardcore PC gamers, but that all changed over the last

  • Saudi Arabia using the 'oil weapon option' could cause prices to soar to $150
    World
    Business Insider

    Saudi Arabia using the 'oil weapon option' could cause prices to soar to $150

    Analysts see a 1973-style embargo as unlikely, but warn oil prices could hit triple-digits if tensions escalate. "We believe that Saudi leadership would be extremely reluctant to exercise the oil weapon option, as its reputation as the world’s stable, reliable oil central banker would be severely undercut," RBC analysts wrote in a research note.

  • Why MannKind Corp. Soared 16.4% Tuesday
    Business
    Motley Fool

    Why MannKind Corp. Soared 16.4% Tuesday

    After MannKind Corp. (NASDAQ: MNKD) announced that it closed on its planned collaboration agreement with United Therapeutics (NASDAQ: UTHR), its shares rallied 16.4% on Tuesday. MannKind only has one Food and Drug Administration (FDA)-approved drug to its name, Afrezza, an inhalable insulin. Afrezza was launched in 2015 and sales have been far shy of optimistic pre-launch forecasts.

  • 3 Stocks for Warren Buffett Fans
    Business
    Motley Fool

    3 Stocks for Warren Buffett Fans

    Warren Buffett has no shortage of acolytes, and it's easy to see why. The Berkshire Hathaway (NYSE: BRK-A) (NYSE: BRK-B) chief and founder has made thousands of early investors in his conglomerate rich as the parent of businesses like GEICO car insurance and Burlington Northern Santa Fe railroad has posted average annual returns of 20% over the last 50 years, crushing the market. Buffett has never gotten too big for his britches, however.

  • Three local Sears, Kmarts to close in latest round as retailer files for Chapter 11
    Business
    American City Business Journals

    Three local Sears, Kmarts to close in latest round as retailer files for Chapter 11

    Sears Holdings Corp. (NASDAQ: SHLD) announced Monday it will close 142 unprofitable Sears and Kmart stores by the end of the year, including three in Greater Washington, as the struggling Illinois-based retailer attempts to right its financial ship via bankruptcy proceedings. The Kmart at Springfield Plaza, the Sears at 15700 Emerald Way in Bowie and the Kmart at 6163 Oxon Hill Road in Oxon Hill will liquidate their inventory and shutter.

  • Call of the day: Tilray as Benchmark starts coverage with bullish rating
    Business
    Yahoo Finance Video

    Call of the day: Tilray as Benchmark starts coverage with bullish rating

    Benchmark initiated its coverage of Tilray with a 'buy' rating and a $200 price target. Analyst Mike Hickey said he's bullish on the cannabis company's early leadership in the medical cannabis market in Canada and its strategic alliance with Novartis.

  • Marijuana Stocks to Watch in October -- and Into 2019
    Business
    Motley Fool

    Marijuana Stocks to Watch in October -- and Into 2019

    Tomorrow, Wednesday, Oct. 17, Canada will become the first industrialized county in the world where marijuana is legal for adult recreational use -- and only the second country, along with Uruguay, where such use is legal.  Not only does this open up

  • Price Target Update for Canopy Growth in October
    Business
    Market Realist

    Price Target Update for Canopy Growth in October

    How Analysts Rate These Cannabis Stocks in October (Continued from Prior Part) Canopy Growth Without a doubt, Canopy Growth (CGC)(WEED) has been one of the hottest cannabis stocks on the market (MJ). The company is one of the most valuable companies,

  • A Look at AT&T’s Dividends
    Business
    Market Realist

    A Look at AT&T’s Dividends

    What Investors Should Know about AT&T’s Growth Prospects (Continued from Prior Part) Shareholder returns Increasing capital returns to shareholders is one of AT&T’s (T) main priorities. In the second quarter, the company returned $3.1 billion to shareholders

  • Walmart is aggressively shifting away from its most legendary shopping format
    Finance
    Yahoo Finance

    Walmart is aggressively shifting away from its most legendary shopping format

    Walmart (WMT) continues to kill off the American shopping creation it’s most known for, the massive supercenter that sells everything under one roof. With the U.S. market already having more than 3,500 Walmart supercenters and a focus by CEO Doug McMillon to increase spending on eCommerce and India, Walmart said Tuesday it will open a mere 10 supercenters in 2019. The company has reduced emphasis on the store format pioneered by founder Sam Walton – which could average a gargantuan 178,000 square feet – in recent years.

  • 3 Marijuana Stocks to Buy in October
    Business
    Motley Fool

    3 Marijuana Stocks to Buy in October

    If you've been trading marijuana stocks hoping to make a lot of money fast, stop it. Three that I think fit the bill are CannaRoyalty (NASDAQOTH: CNNRF), Canopy Growth (NYSE: CGC), and Scotts Miracle-Gro (NYSE: SMG). Here's why these look like great marijuana stocks to buy in October.

  • The Largest Private Employer in the World May Soon Sell Marijuana Products
    Business
    Motley Fool

    The Largest Private Employer in the World May Soon Sell Marijuana Products

    With literally hours remaining, Canada is set to lift the curtain on nine decades of recreational marijuana prohibition tomorrow. This makes Canada the first industrialized country in the world to legalize adult-use weed. As you might rightly imagine, investors can't wait for this legalization to take place.

  • Business
    InvestorPlace

    30 Marijuana Stocks to Buy as the Future Turns Green

    With the previous presidential administration’s frankness on the matter, marijuana has become more blasé. Naturally, marijuana stocks have also increased in popularity, where we have more choices today than was previously thought possible. For instance, some of the top marijuana stocks are levered toward medical cannabis.

  • Down 28% In 3 Months, Will Facebook Stock Ever Recover? 1 Analyst Thinks So
    Business
    Motley Fool

    Down 28% In 3 Months, Will Facebook Stock Ever Recover? 1 Analyst Thinks So

    Decelerating revenue growth, shrinking margins, and surging expenses: Facebook's (NASDAQ: FB) Q2 earnings results were not for the faint of heart. Three months after that report lopped $120 billion off the social network's market cap, however, one analyst is stepping up to call Facebook stock a buy today. Facebook's last earnings report came out on July 25.

  • Disney vs Netflix: Here's which stock would have made you richer if you invested $1,000 10 years ago
    Business
    CNBC

    Disney vs Netflix: Here's which stock would have made you richer if you invested $1,000 10 years ago

    On October 16, 1923, Walt and Roy Disney founded The Walt Disney Company and, nearly a century later, the company is one of the largest and most successful media conglomerates in the world. The answer is Netflix. According to CNBC calculations, a $1,000 investment in Netflix in October 2008 would be worth more than $97,560 as of after the earning bell on Monday, or more than 96 times as much, including price appreciation and dividends reinvested.

  • Why New Age Beverage Corp. Stock Popped Today
    Business
    Motley Fool

    Why New Age Beverage Corp. Stock Popped Today

    Shares of New Age Beverage Corp. (NASDAQ: NBEV) were climbing again today, riding a surge on marijuana stocks as growers like Tilray, Cronos Group, and Canopy Growth all jumped by double digits. Along with the bullish sentiment in the industry, a number of other factors seemed to be driving New Age shares higher, including the recent hiring of a new CFO, the upcoming legalization of recreational marijuana in Canada on Wednesday, and the market's reaction to its launch last week of a new line of beverages infused with cannabidiol (CBD). On Friday, New Age named Gregory Gould as its new CFO, a notable move as Gould brings experience from the pharmaceutical industry, which should help the beverage company as it moves into CBD products.

  • Netflix user growth beats expectations, shares spike
    Finance
    Yahoo Finance

    Netflix user growth beats expectations, shares spike

    Netflix (NFLX) reported quarterly user growth that exceeded Wall Street expectations. The company issued guidance that it would add 9.4 million new members in the fourth quarter of 2018. Netflix’s stock rose 13% in late trading Tuesday.