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No Trading Floor? No Problem. A Financial Firm Quarantines at the Four Seasons. No Trading Floor? No Problem. A Financial Firm Quarantines at the Four Seasons.
(1 day later)
PALM BEACH, Fla. — Ah, to be quarantined inside a luxury beachfront hotel. Ocean views. Poolside cabanas. A makeshift financial trading floor.PALM BEACH, Fla. — Ah, to be quarantined inside a luxury beachfront hotel. Ocean views. Poolside cabanas. A makeshift financial trading floor.
When Citadel Securities, a sibling to the hedge fund company Citadel, decided to isolate a team of stock traders to keep business humming during the coronavirus pandemic, the firm’s billionaire founder, Kenneth Griffin, secured sumptuous Florida quarters: the Four Seasons hotel in Palm Beach.When Citadel Securities, a sibling to the hedge fund company Citadel, decided to isolate a team of stock traders to keep business humming during the coronavirus pandemic, the firm’s billionaire founder, Kenneth Griffin, secured sumptuous Florida quarters: the Four Seasons hotel in Palm Beach.
The firm booked the hotel for New York and Chicago traders just before Palm Beach County put a hold on March 26 on new hotel reservations, and it began operations there on March 30. A few days later, Gov. Ron DeSantis issued a stay-at-home order across Florida.The firm booked the hotel for New York and Chicago traders just before Palm Beach County put a hold on March 26 on new hotel reservations, and it began operations there on March 30. A few days later, Gov. Ron DeSantis issued a stay-at-home order across Florida.
The resort is guarded by off-duty officers from the Palm Beach Police Department who are hired by Citadel Securities. No one other than employees for the firm or the hotel is allowed inside. Mr. Griffin, a prominent political donor and top contributor to Mr. DeSantis, a Republican, owns property nearby and is not staying at the hotel.The resort is guarded by off-duty officers from the Palm Beach Police Department who are hired by Citadel Securities. No one other than employees for the firm or the hotel is allowed inside. Mr. Griffin, a prominent political donor and top contributor to Mr. DeSantis, a Republican, owns property nearby and is not staying at the hotel.
Local and state orders require social distancing and the closure of nonessential businesses to slow the spread of the coronavirus. Yet officials in the town of Palm Beach say the unusual arrangement at the Four Seasons is not in violation of public health rules because Citadel Securities is the hotel’s only tenant.Local and state orders require social distancing and the closure of nonessential businesses to slow the spread of the coronavirus. Yet officials in the town of Palm Beach say the unusual arrangement at the Four Seasons is not in violation of public health rules because Citadel Securities is the hotel’s only tenant.
The town is treating the property as a private residence where people inside can work — or swim in the pool — as they would in any home, said Michael Ogrodnick, a Palm Beach spokesman.The town is treating the property as a private residence where people inside can work — or swim in the pool — as they would in any home, said Michael Ogrodnick, a Palm Beach spokesman.
“As far as we’re concerned, they’re in their own bubble,” Mr. Ogrodnick said.“As far as we’re concerned, they’re in their own bubble,” Mr. Ogrodnick said.
In a memo Citadel Securities sent to employees on April 1, the firm described setting up the Palm Beach site from scratch in less than a week. The location can accommodate up to 50 employees if needed, the memo said.In a memo Citadel Securities sent to employees on April 1, the firm described setting up the Palm Beach site from scratch in less than a week. The location can accommodate up to 50 employees if needed, the memo said.
“Consistent with our position as one of the largest market makers globally, we believe this business continuity decision is prudent to continue providing liquidity to our retail and institutional clients,” Zia Ahmed, a spokesman for Citadel Securities, said in a statement on Tuesday.“Consistent with our position as one of the largest market makers globally, we believe this business continuity decision is prudent to continue providing liquidity to our retail and institutional clients,” Zia Ahmed, a spokesman for Citadel Securities, said in a statement on Tuesday.
The firm’s effort to continue its work has some neighbors questioning the wisdom of allowing a few dozen employees from its New York and Chicago offices — as well as some of their families — to stay at a staffed hotel while similar properties have been forced to close.The firm’s effort to continue its work has some neighbors questioning the wisdom of allowing a few dozen employees from its New York and Chicago offices — as well as some of their families — to stay at a staffed hotel while similar properties have been forced to close.
David Kamp, who lives across the street from the Four Seasons, said it was difficult not to think about the contradiction between the traders working at a five-star resort and people unable to ride out the pandemic in similar comfort. Citadel Securities, which is separate from Citadel, Mr. Griffin’s hedge fund, has also moved traders to its office in Greenwich, Conn., another wealthy community.David Kamp, who lives across the street from the Four Seasons, said it was difficult not to think about the contradiction between the traders working at a five-star resort and people unable to ride out the pandemic in similar comfort. Citadel Securities, which is separate from Citadel, Mr. Griffin’s hedge fund, has also moved traders to its office in Greenwich, Conn., another wealthy community.
“It is disheartening to know that this is underway while observing at the corner a public bus idling at its stop, empty of passengers less fortunate than traders,” said Mr. Kamp, the founding partner of a landscape architecture firm.“It is disheartening to know that this is underway while observing at the corner a public bus idling at its stop, empty of passengers less fortunate than traders,” said Mr. Kamp, the founding partner of a landscape architecture firm.
The town on Tuesday posted on its website that it had received “several messages of concern” regarding Citadel Securities’ presence at the Four Seasons after Bloomberg and later The Miami Herald reported about the firm’s temporary Palm Beach trading site.The town on Tuesday posted on its website that it had received “several messages of concern” regarding Citadel Securities’ presence at the Four Seasons after Bloomberg and later The Miami Herald reported about the firm’s temporary Palm Beach trading site.
“We have responded recently to the Four Seasons for several Violation of Town Ordinance complaints, but to date have not observed a citable violation,” the post said.“We have responded recently to the Four Seasons for several Violation of Town Ordinance complaints, but to date have not observed a citable violation,” the post said.
With Palm Beach County beaches closed, orange cones on the sand delineate the hotel’s property. Over the weekend, guests played tennis on the resort’s immaculate green clay courts. At one point, music could be heard blaring from the resort.With Palm Beach County beaches closed, orange cones on the sand delineate the hotel’s property. Over the weekend, guests played tennis on the resort’s immaculate green clay courts. At one point, music could be heard blaring from the resort.
The hotel is offering “reduced services” to its guests, Laurie Herrick, a Four Seasons spokeswoman, said in a statement. Restaurants are closed, though takeout and in-room dining options are available.The hotel is offering “reduced services” to its guests, Laurie Herrick, a Four Seasons spokeswoman, said in a statement. Restaurants are closed, though takeout and in-room dining options are available.
“We have undertaken additional and extensive precautionary measures to ensure the health, safety and well-being of everyone at the resort,” she said, adding that hotel staff members have been trained on social-distancing measures to reduce face-to-face interactions.“We have undertaken additional and extensive precautionary measures to ensure the health, safety and well-being of everyone at the resort,” she said, adding that hotel staff members have been trained on social-distancing measures to reduce face-to-face interactions.
Updated June 30, 2020
Common symptoms include fever, a dry cough, fatigue and difficulty breathing or shortness of breath. Some of these symptoms overlap with those of the flu, making detection difficult, but runny noses and stuffy sinuses are less common. The C.D.C. has also added chills, muscle pain, sore throat, headache and a new loss of the sense of taste or smell as symptoms to look out for. Most people fall ill five to seven days after exposure, but symptoms may appear in as few as two days or as many as 14 days.
Scientists around the country have tried to identify everyday materials that do a good job of filtering microscopic particles. In recent tests, HEPA furnace filters scored high, as did vacuum cleaner bags, fabric similar to flannel pajamas and those of 600-count pillowcases. Other materials tested included layered coffee filters and scarves and bandannas. These scored lower, but still captured a small percentage of particles.
A commentary published this month on the website of the British Journal of Sports Medicine points out that covering your face during exercise “comes with issues of potential breathing restriction and discomfort” and requires “balancing benefits versus possible adverse events.” Masks do alter exercise, says Cedric X. Bryant, the president and chief science officer of the American Council on Exercise, a nonprofit organization that funds exercise research and certifies fitness professionals. “In my personal experience,” he says, “heart rates are higher at the same relative intensity when you wear a mask.” Some people also could experience lightheadedness during familiar workouts while masked, says Len Kravitz, a professor of exercise science at the University of New Mexico.
The steroid, dexamethasone, is the first treatment shown to reduce mortality in severely ill patients, according to scientists in Britain. The drug appears to reduce inflammation caused by the immune system, protecting the tissues. In the study, dexamethasone reduced deaths of patients on ventilators by one-third, and deaths of patients on oxygen by one-fifth.
The coronavirus emergency relief package gives many American workers paid leave if they need to take time off because of the virus. It gives qualified workers two weeks of paid sick leave if they are ill, quarantined or seeking diagnosis or preventive care for coronavirus, or if they are caring for sick family members. It gives 12 weeks of paid leave to people caring for children whose schools are closed or whose child care provider is unavailable because of the coronavirus. It is the first time the United States has had widespread federally mandated paid leave, and includes people who don’t typically get such benefits, like part-time and gig economy workers. But the measure excludes at least half of private-sector workers, including those at the country’s largest employers, and gives small employers significant leeway to deny leave.
So far, the evidence seems to show it does. A widely cited paper published in April suggests that people are most infectious about two days before the onset of coronavirus symptoms and estimated that 44 percent of new infections were a result of transmission from people who were not yet showing symptoms. Recently, a top expert at the World Health Organization stated that transmission of the coronavirus by people who did not have symptoms was “very rare,” but she later walked back that statement.
Touching contaminated objects and then infecting ourselves with the germs is not typically how the virus spreads. But it can happen. A number of studies of flu, rhinovirus, coronavirus and other microbes have shown that respiratory illnesses, including the new coronavirus, can spread by touching contaminated surfaces, particularly in places like day care centers, offices and hospitals. But a long chain of events has to happen for the disease to spread that way. The best way to protect yourself from coronavirus — whether it’s surface transmission or close human contact — is still social distancing, washing your hands, not touching your face and wearing masks.
A study by European scientists is the first to document a strong statistical link between genetic variations and Covid-19, the illness caused by the coronavirus. Having Type A blood was linked to a 50 percent increase in the likelihood that a patient would need to get oxygen or to go on a ventilator, according to the new study.
The unemployment rate fell to 13.3 percent in May, the Labor Department said on June 5, an unexpected improvement in the nation’s job market as hiring rebounded faster than economists expected. Economists had forecast the unemployment rate to increase to as much as 20 percent, after it hit 14.7 percent in April, which was the highest since the government began keeping official statistics after World War II. But the unemployment rate dipped instead, with employers adding 2.5 million jobs, after more than 20 million jobs were lost in April.
If air travel is unavoidable, there are some steps you can take to protect yourself. Most important: Wash your hands often, and stop touching your face. If possible, choose a window seat. A study from Emory University found that during flu season, the safest place to sit on a plane is by a window, as people sitting in window seats had less contact with potentially sick people. Disinfect hard surfaces. When you get to your seat and your hands are clean, use disinfecting wipes to clean the hard surfaces at your seat like the head and arm rest, the seatbelt buckle, the remote, screen, seat back pocket and the tray table. If the seat is hard and nonporous or leather or pleather, you can wipe that down, too. (Using wipes on upholstered seats could lead to a wet seat and spreading of germs rather than killing them.)
If you’ve been exposed to the coronavirus or think you have, and have a fever or symptoms like a cough or difficulty breathing, call a doctor. They should give you advice on whether you should be tested, how to get tested, and how to seek medical treatment without potentially infecting or exposing others.
Normally, Palm Beach would be preparing for the end of the winter social season, which in recent years has featured an Easter golfing trip by President Trump. This year, there will be no motorcade, no big Passover dinners and no Easter brunches.Normally, Palm Beach would be preparing for the end of the winter social season, which in recent years has featured an Easter golfing trip by President Trump. This year, there will be no motorcade, no big Passover dinners and no Easter brunches.
Palm Beach County, with its robust population of snowbirds and New York regulars, has recorded at least 64 deaths from Covid-19, more than any other county in Florida, which has more than 14,700 confirmed coronavirus cases. Two people have died in the town of Palm Beach.Palm Beach County, with its robust population of snowbirds and New York regulars, has recorded at least 64 deaths from Covid-19, more than any other county in Florida, which has more than 14,700 confirmed coronavirus cases. Two people have died in the town of Palm Beach.
Mr. DeSantis announced on Tuesday the opening of a second drive-through testing site operated in conjunction with the Florida National Guard. Testing in Palm Beach lags behind other counties; it is unclear if Citadel Securities traders at the Four Seasons or the hotel staff have been tested.Mr. DeSantis announced on Tuesday the opening of a second drive-through testing site operated in conjunction with the Florida National Guard. Testing in Palm Beach lags behind other counties; it is unclear if Citadel Securities traders at the Four Seasons or the hotel staff have been tested.
Mr. Griffin, a 51-year-old Daytona Beach native who grew up in Boca Raton, donated nearly $6 million to Mr. DeSantis’s campaign in 2018. Listed by Forbes as the richest person in Illinois, he was the biggest donor to that state’s former Republican governor, Bruce Rauner, and offered him the free use of his private plane during the campaign.Mr. Griffin, a 51-year-old Daytona Beach native who grew up in Boca Raton, donated nearly $6 million to Mr. DeSantis’s campaign in 2018. Listed by Forbes as the richest person in Illinois, he was the biggest donor to that state’s former Republican governor, Bruce Rauner, and offered him the free use of his private plane during the campaign.
In the 2016 presidential election, Mr. Griffin backed Senator Marco Rubio of Florida, a Republican, and then donated to Mr. Trump’s inauguration. He has had an unofficial relationship advising Vice President Mike Pence on economic and business issues and has appeared in executive White House briefings and calls.In the 2016 presidential election, Mr. Griffin backed Senator Marco Rubio of Florida, a Republican, and then donated to Mr. Trump’s inauguration. He has had an unofficial relationship advising Vice President Mike Pence on economic and business issues and has appeared in executive White House briefings and calls.
Mr. Griffin’s Four Seasons arrangement inspired Jeff Greene, a billionaire Palm Beach real estate investor who owns the Tideline Ocean Resort & Spa next door to the Four Seasons. He fired off emails to his contacts in the financial industry offering hotel rooms for alternate trading sites of their own.Mr. Griffin’s Four Seasons arrangement inspired Jeff Greene, a billionaire Palm Beach real estate investor who owns the Tideline Ocean Resort & Spa next door to the Four Seasons. He fired off emails to his contacts in the financial industry offering hotel rooms for alternate trading sites of their own.
“I sent them all emails saying, ‘I have a hotel right next door. Could you use a trading floor?’” Mr. Greene said. “And they said, ‘No, I have it covered.’”“I sent them all emails saying, ‘I have a hotel right next door. Could you use a trading floor?’” Mr. Greene said. “And they said, ‘No, I have it covered.’”
Only six or seven rooms at the Tideline have guests, now that hotels can accept new reservations only from workers deemed critical in the pandemic.Only six or seven rooms at the Tideline have guests, now that hotels can accept new reservations only from workers deemed critical in the pandemic.
“No restaurant. No spa. No pool. No beach,” Mr. Greene said. “It’s a limited paradise.”“No restaurant. No spa. No pool. No beach,” Mr. Greene said. “It’s a limited paradise.”
Julia Echikson reported from Palm Beach, Fla., and Patricia Mazzei from Miami. Kate Kelly contributed reporting from New York.Julia Echikson reported from Palm Beach, Fla., and Patricia Mazzei from Miami. Kate Kelly contributed reporting from New York.