More than $1 million has been raised for families impacted by the Florida condo collapse

miami condo collapse rescue efforts
Members of the South Florida Urban Search and Rescue team look for possible survivors in the partially collapsed 12-story Champlain Towers South condo building on June 26, 2021 in Surfside, Florida.

Over $1 million has been raised for families of victims of the Florida building collapse, The Washington Post reported.

As of Monday night, $1,195,164.04 was raised on the Chesed Fund, which will be administered through the Shul of Bal Harbour synagogue.

The Miami Heat and other local organizations including the Global Empowerment Mission have also established funds. Businessmen including Puerto Rican billionaire Orlando Bravo, co-founder of the private equity firm Thoma Bravo, donated $250,000, WFLA reported.

“If you have something that’s very personal to you that hits family, friends, communities, if you don’t do something about it, nobody’s going to do anything about it,” Bravo said.

The Champlain Towers South building in Surfside, Florida partially collapsed just after 1 a.m. on Thursday. Search and rescue crews are still working through the rubble and at least 11 people have been confirmed dead with 150 still unaccounted for.

The funds collected will be used for medical needs insurance won’t cover for those who are injured and given to the families of those who died, the Post reported.

Michael Capponi, founder of Global Empowerment Mission, a Miami-based nonprofit organization, told the Post that his organization normally assists with international disasters but is now helping get necessary aid to those impacted in Surfside.

The Post reported that Capponi’s organization teamed up with BStrong, an initiative by reality TV star Bethenny Frankel, and has so far given 17 families $1,500 Visa gift cards.

Capponi told the Post that “$1,500 is a nice gesture, but in reality, they’ve lost everything.”

He said the pain of the families in Surfside is like none he’s seen before. Two residents told him they paid off their 20-year mortgage a week before the blast.

“An entire life working and now it’s crumbled and it’s rock and it’s debris and it’s nothing,” Capponi said.

Others working to provide relief to the families also said the situation was dire.

Shekar Reddy, of the Gummakonda Foundation in Hallandale, Florida, told the Post his organization is working to help displaced people and assist the international family members of those who are missing traveling to the site. The group is helping them book accommodations.

People still missing hailed from more than a dozen countries and authorities have taken DNA samples from family members to help identify them.

“Some of these families, they come from outside the country [and] don’t speak English or know how to navigate things like reservations,” Yeny Paola Rico, who founded the Gummakonda Foundation with Reddy, said. “And right now, it’s a little bit crazy.”

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Psaki says Biden won’t visit Miami-area building collapse and supports an investigation

jen psaki
White House Press Secretary Jen Psaki holds the daily press briefing in the Brady Press Briefing Room at the White House in Washington, DC, June 28, 2021.

  • Biden does not plan to travel to the area of the Florida building collapse, Psaki said.
  • The trip would divert local resources away from ongoing rescue efforts, she added.
  • The White House has sent federal assistance to state and local officials.
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President Joe Biden doesn’t plan to visit the area of a collapsed Florida building as the trip would divert local resources away from ongoing rescue efforts, according to White House press secretary Jen Psaki.

“We always want to ensure that we’re not pulling from local resources. We don’t want to draw resources that are needed in the ongoing search and rescue operations and efforts,” Psaki told reporters during a news conference on Monday. “We will remain in close contact with officials on the ground.”

The White House has provided state and local officials with federal assistance to help respond to last Thursday’s partial collapse of a 12-story residential building in Surfside, Florida, just outside of Miami.

The Federal Emergency Management Agency and US Army Corps of Engineers have deployed teams to assist with search and rescue operations, incident management and debris removal, Psaki said. FEMA is also coordinating with state and local officials to open a family assistance center and provide communications support, she continued.

Psaki reiterated that FEMA Administrator Deanne Criswell traveled to the state to meet with Gov. Ron DeSantis and briefed Biden on the scene. The president on Sunday said the update was “excruciating” to hear and that his administration is ready to provide any necessary relief.

“This is an unimaginably difficult time for the families enduring this tragedy,” Biden said. “For those who are waiting in anguish for word of their loved ones as search and rescue efforts continue in the aftermath of this catastrophic incident, the pain of the uncertainty is an added, heartbreaking burden. My heart goes out to every single person suffering during this awful moment.”

Psaki also said that Biden supports an investigation into the partial collapse of the 40-year-old condo building, which has left at least 10 people dead, as of Monday afternoon. Over 150 people remain missing.

“The goal of course is to get to the bottom of what happened and of course have it be an instructive guide of how to prevent it from happening in the future,” Psaki said.

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Miami-Dade County mayor says officials authorized ‘voluntary evacuation’ for sister building of collapsed Miami condo

Mayor Daniella Levine Cava of Miami-Dade County speaks to the media after a Miami condo partially collapsed.
Daniella Levine Cava, Mayor of Miami-Dade County speaks to reporters a block west of where the rescue personnel continue their search for victims the day after a partial building collapse in Surfside near Miami Beach, Florida, U.S.

  • Residents of the sister building of the partially collapsed Florida condo, Champlain Towers South, can voluntarily evacuate.
  • “Anyone who chooses to leave can be supported,” Miami-Dade County Mayor Daniella Levine Cava said.
  • A local building inspector determined that there’s no “immediate causes of concern,” Cava added.
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Residents who want to evacuate the sister building of the condominium in Surfside, Florida, that partially collapsed last week can do so with support, Miami-Dade County Mayor Daniella Levine Cava said.

“So just the building that is the sister building to the one that came down, that is the one that Surfside has authorized for voluntary evacuation,” Cava said in an interview on “Meet the Press” on Sunday morning about people who reside in the Champlain Towers North.

“And yes, anyone who chooses to leave can be supported. It’s also true that the town building inspector went and did not find any immediate causes of concern,” Cava continued.

At least five people are confirmed dead, and about 156 people are still unaccounted for after the partial collapse of Champlain Towers South. Following multiple reports that revealed that the 12-story condo built-in 1981 had “major structural damage,” concerns were raised about its sister building, as local news reported.

“Champlain Towers North is basically the same building as Champlain Towers South. It was built about the same time, it was built by the same developer, it was probably built with the same plans, it was probably built with the same materials,” Surfside Mayor Gary Burkett said, CBS Miami reported. “Given that we cannot determine what made Champlain South fall down it’s understandable that they’re nervous.”

President Joe Biden greenlit an emergency declaration for Florida which “authorizes the Department of Homeland Security, FEMA, to coordinate all disaster relief efforts” and provide resources.

“Not only the state of Florida has been here in force, but the president, on the morning of the disaster, called to offer all possible assistance, and by the end of that day, we had FEMA approval,” Cava added during the interview. “So, we’re working super hard to get everything we need, and we have not lacked any support as well as support from around the world.”

At a press conference on Saturday, Cava announced she is directing an audit “of all of the buildings at the 40-year point and beyond” and “make sure that every building has completed their re-certification process.”

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Morgan Stanley sold $5 billion in Archegos’ stocks just before wave of sales hit rivals, report says

Barclays Traders NYSE
Traders work on the floor of the New York Stock Exchange.

  • Morgan Stanley sold about $5 billion in shares that Archegos Capital had to unload, with the sales made the night before a massive securities sale, CNBC reported Tuesday.
  • Sources told CNBC the investment bank didn’t tell the buyers that the shares it was selling would be the start of an unprecedented wave of securities sales by some investment banks.
  • Archegos collapsed after Wall Street banks forced the firm to sell more than $20 billion worth of shares after failing to meet a margin call.
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Morgan Stanley sold about $5 billion in shares of now-collapsed hedge fund Archegos Capital Management the night before a massive securities sale took place, CNBC reported Tuesday, citing unnamed sources familiar with the matter.

Archegos’ biggest prime broker sold shares in US media and Chinese tech names to a small group of hedge funds late Thursday, March 25, the report said, adding that Morgan Stanley sold the shares at a discount and told the hedge funds that they were part of a margin call that could prevent the collapse of an unnamed client.

According to the report, sources said the investment bank didn’t tell the buyers that the basket of shares would be the start of an unprecedented wave of tens of billions of dollars in securities sales by Morgan Stanley and five other investment banks starting the next day, on Friday.

The sources told CNBC that Morgan Stanley had Archegos’ consent to shop around its stock late March 25.

European lender Credit Suisse said Tuesday it will likely suffer a $4.7 billion charge to first-quarter profits after Archegos failed to meet its margin requirements.

Bill Hwang, who in 2013 founded Archegos as a family office, used borrowed money to make large bets on some stocks until Wall Street banks forced the firm to sell more than $20 billion worth of shares after failing to meet a margin call.

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