Latest news with #PalaceofVersailles
Mint
12-07-2025
- Business
- Mint
Pressure mounting? Jerome Powell may quit over $2.5 billion US Federal Reserve's Washington HQ ‘scandal'
US Federal Reserve Chair Jerome Powell is reportedly thinking about resigning. This comes after heavy criticism about a super expensive $2.5 billion renovation of the Fed's Washington headquarters. Bill Pulte, a top Trump administration official, said Friday he heard "reports" Powell might leave before his term ends in May 2026. The project's costs ballooned from $1.9 billion to $2.5 billion, with critics like Senator Tim Scott calling it a "Palace of Versailles"-style waste. Powell claims media reports about luxury features like VIP dining rooms and marble are "misleading," but planning documents from 2021 show these were originally approved. The Trump administration is turning up the heat. On Thursday, budget chief Russ Vought accused Powell of "gross mismanagement" and possibly lying to Congress about the renovation . Vought's letter states President Trump is "extremely troubled" and demands answers within a week . Separately, Trump replaced three officials on the commission overseeing the project, seen as pressure tactic. Trump himself keeps calling Powell "Too Slow" for not cutting interest rates, even saying: 'Why would you stay at a party when no one wants you there?' While Trump wants Powell gone, firing him isn't simple. Fed chairs can only be removed "for cause" like misconduct, and courts have protected their independence. Some experts think the renovation probe is just an excuse to oust Powell over policy disagreements. If Powell resigns, top replacements include Trump economic adviser Kevin Hassett or Treasury Secretary Scott Bessent, according to reports on top contenders. Powell insists he'll serve his full term, but insiders say he's "fatigued" by the attacks. With the Fed's next meeting July 30–31, all eyes are on whether rates stay steady again—and if Powell stays in his job.
CNBC
11-07-2025
- Business
- CNBC
Trump budget chief Vought ramps up criticism of Powell, vows investigation into Fed renovations
Office of Management and Budget Director Russell Vought vowed Friday to press an investigation into renovations at the Federal Reserve building, which he called a "palace" where costs are running amok. In a potential escalation of President Donald Trump's feud with Fed Chair Jerome Powell, Vought told CNBC that an investigation is warranted into whether Powell has been misleading about the $2.5 billion project. "When you go to the nation's mall, you see the construction of this palace ... , upwards of $2.5 billion massive cost overrun, and we want to make sure we have facts as to the largesse and the extent to which it's overrun," Vought said during a "Squawk Box" interview. "I think it just points to the fundamental mismanagement of the Fed under the chairman." In a letter issued Thursday, Vought charged that Powell "had grossly mismanaged the Fed" and misled Congress about the price and scope of renovations at the central bank's headquarters in Washington, D.C. Vought said the Fed is over budget on the project and misled a congressional panel in June when he said some of the loftier aspects of the renovation, such as a VIP dining area and rooftop terrace gardens, are not included though they appear in specifications for the redesign. The accusations represent another front on Trump's ongoing campaign against Powell. Trump has charged that the central bank leader is playing politics by not lowering interest rates, and has called on Powell to resign. The problem with Chairman Powell is he has been late at every turn," Vought said. "It's time to lower rates. You have a problem there. But again, this is about the largesse and the fact that he has systemically mismanaged the Fed, and that is evident by what we're seeing with regard to this monstrosity, this Palace of Versailles, on the National Mall." The renovation project is under the jurisdiction of the National Capital Planning Commission. In recent days, Trump has appointed three new members to the board, all with direct ties to the White House — Will Scharf, the new chair who also is White House staff secretary, James Blair, the White House deputy chief of staff, and Stuart Levenbach, a policy analyst at the OMB. Powell has said politics don't play a part in Fed rate decisions. He and his colleagues have held the key overnight borrowing rate in place since December, though markets largely expect a cut is on the way not at the Fed's July meeting, but in September. A recent Supreme Court ruling stated that presidents can't fire Fed officials at will. However, the accusations over the building renovations could possibly help Trump build a case to dismiss Powell for cause. In any event, Powell's term as chair expires in May 2026, though he can stay on as governor until 2028. Trump nominated Powell for chair during his first term, in November 2017. The Senate confirmed Powell the following February, and former President Joe Biden nominated Powell for a second term that began in 2022. During the CNBC interview, Vought did not directly address a question as to whether the charges regarding the building renovation are linked to Powell's position on interest rates. "This certainly has to do with the fiscal mismanagement of the Fed, of which [interest rates] is one aspect of it," he said. "We are going to zoom in over the last several days on this. We have new commissioners at the National Capital Planning Commission who are asking very tough questions." has reached out to the Fed for comment.
Business Insider
25-06-2025
- Entertainment
- Business Insider
The Palace of Versailles wants you to talk to statues through OpenAI's tech. But the statues don't seem that interested in chatting.
The Palace of Versailles launched a new partnership with OpenAI to get its statues to speak. The informative chatbot was dry and lacked effective conversational skills. But it's a better solution than fact sheets or audioguides. You can now talk to ornate, centuries-old statues in the gardens of the Palace of Versailles, but be warned — they only want to talk about themselves. The palace, which functions as a museum, announced a partnership with OpenAI and a Paris-based AI company, Ask Mona, to create chatbots that allow online and in-person visitors to have conversations with the 12 statues in its gardens. Scanning QR codes located near the sculptures — or online — starts an audio conversation with a chatbot. The garden statues "will reveal their secrets to you," the palace said in a Tuesday Instagram post. I tested the new tool all the way from Singapore, striking up conversations with the Apollo Fountain and Neptune's Fountain. Informative but lacking personality I first tried speaking with the Apollo Fountain, a 15th-century golden fountain by French sculptor Jean-Baptiste Tuby. The chatbot immediately launched into an elaborate description of the work. "The fountain symbolizes the dawn, the moment when light spreads over the world. It's a reflection of power and renewal, much like the reign of the Sun King, Louis XIV, who saw himself in my image," the chatbot told me in a deep, somber male voice. After a few basic questions about who created the sculpture and when it was last restored, I threw some curveballs. "Can you tell me a joke?" I asked it. "As much as I enjoy bringing light to the world, I must stay true to my role here. I'm a symbol of power, grace, and eternal renewal," it responded. "But I can certainly brighten your day with stories of art, history, and myth." It then asked me if I would like to hear more about the symbolism of the fountain. I did not. When I asked what the sculpture was thinking, it responded, "As Apollo, I am always focused on my eternal task: guiding the sun across the sky." I tried my luck with the 15th-century Neptune's Fountain. I asked when it was made and what material it was made of, and received substantial answers. The voice was the same male voice from the earlier sculpture. When I asked what details first-time visitors should look out for, the chatbot suddenly went silent, not capturing my voice. It took a couple of website refreshes to get it to answer my question. I also tried to ask general questions about Paris. "I hold dominion over the fountains of Versailles, not the city beyond. Let your admiration rest upon the sculptures and waters that tell the tales of gods and legends here," it responded dryly. While Versailles' new AI tool is informative and a useful guide for palace visitors not keen on reading artwork labels, the chatbot lacked humor and was a bit buggy. The conversations also felt one-sided — the chatbots rarely asked me anything back. In comparison, OpenAI's ChatGPT frequently asks follow-up questions or suggests alternative prompts. To its credit, it is certainly a step up from traditional audioguides, providing instant answers to visitors. Instead of skimming through an overcrowded fact sheet or sitting through a pre-recorded audio guide, it felt more like walking with a tour guide and having my burning questions answered on the spot. The bot would be a useful addition at other museums, especially for tourists with short attention spans and long itineraries.
Business Recorder
12-06-2025
- Business Recorder
French antiques expert convicted
PARIS: A French court on Wednesday sentenced a top antiques expert to jail for duping the Palace of Versailles and wealthy collectors into buying furniture he had helped build, claiming it dated from the 18th century. The ruling from the court in Pontoise, north of Paris, caps one of the biggest forgery scandals to rock the rarified world of France's top museums. Bill Pallot, 61, along with five other people as well as a prominent gallery, stood trial in the spring. Pallot and woodcarver Bruno Desnoues were convicted of having produced and authenticated chairs they sold, which they passed off as historic pieces that once adorned the rooms of the likes of Madame du Barry, the mistress of Louis XV, or of Queen Marie-Antoinette. Customers duped by the pieces included the Palace of Versailles and wealthy collectors including a member of the Qatari royal family. Pallot was sentenced to a four-year term including four months behind bars, fined 200,000 euros ($230,000) and handed a five-year ban on working as an expert. He will not go to jail having spent time in detention after his arrest. Known for his distinctive long hair and three-piece suits, Pallot has been described by magazine Vanity Fair as "the world's leading expert on the works of 18th-century France." Paris Match branded him "the Bernard Madoff of art", referring to the late American financier who devised a notorious pyramid scheme. - 'A little harsh' - Pallot said the sentence was "a little harsh financially," although he was satisfied that his apartment would not be seized, contrary to the prosecutor's demand. "We thought we'd do it for fun, to see if the art market would notice or not," Pallot has told the court. "It went without a hitch," he added. Desnoues, a prominent woodcarver, was sentenced to a three-year term including four months behind bars, and fined 100,000 euros. In court, he presented himself as a humble artisan uninterested in money and motivated only by his love of art and "the pleasure of working, of making beautiful things". A lawyer for the Palace of Versailles implied the men got away too easily, denouncing "the particularly diabolical manoeuvres" of the two main defendants and pointing to "clean, white-collar trafficking." "When you are caught red-handed, you are not sentenced to very long prison terms," said Corinne Hershkovitch. "We feel that we are not protected for the future," she added. - 'Pallot's blessing' - The pair pocketed nearly 1.2 million euros in commissions. Galleries and auction houses made even more, selling fake furniture pieces to the Palace of Versailles and billionaire collectors. After the French Revolution, the Palace of Versailles was completely emptied, with thousands of royal furniture pieces and other items dispersed at revolutionary sales. Nearly half of Pallot and Desnoues' fakes were acquired through various channels by the Palace of Versailles, which has since the 1950s sought to refurnish the former home of French royalty. "Indeed, Versailles's decision to purchase the chairs hinged on Pallot's blessing," Vanity Fair said in 2018. "And based on Pallot's imprimatur, the government classified two of his fake lots as national treasures." Accused of failing to carry out sufficient checks, the prestigious Kraemer antique gallery was acquitted. The public prosecutor had sought a fine of 700,000 euros. Intermediaries between the forgers and the final buyers believed they had been misled by Pallot's reputation, and charges for most of them were dismissed during the eight-year-long investigation. Unnoticed for years, the scam caused an estimated 4.5 million euros in damage. The fraud was discovered by accident during an investigation into the lavish lifestyle of a Portuguese couple who were laundering Desnoues' money. When the scandal erupted in 2016, the ministry of culture swiftly ordered an audit of Versailles's acquisitions policy.
Yahoo
11-06-2025
- Yahoo
French antiques expert who duped Versailles sentenced to jail
A French court on Wednesday sentenced a top antiques expert to jail for duping the Palace of Versailles and wealthy collectors into buying furniture he had helped build, claiming it dated from the 18th century. The ruling from the court in Pontoise, north of Paris, caps one of the biggest forgery scandals to rock the rarified world of France's top museums. Bill Pallot, 61, along with five other people as well as a prominent gallery, stood trial in the spring. Pallot and woodcarver Bruno Desnoues were convicted of having produced and authenticated chairs they sold, which they passed off as historic pieces that once adorned the rooms of the likes of Madame du Barry, the mistress of Louis XV, or of Queen Marie-Antoinette. Customers duped by the pieces included the Palace of Versailles and wealthy collectors including a member of the Qatari royal family. Pallot was sentenced to a four-year term including four months behind bars, fined 200,000 euros ($230,000) and handed a five-year ban on working as an expert. He will not go to jail having spent time in detention after his arrest. Known for his distinctive long hair and three-piece suits, Pallot has been described by magazine Vanity Fair as "the world's leading expert on the works of 18th-century France." Paris Match branded him "the Bernard Madoff of art", referring to the late American financier who devised a notorious pyramid scheme. - 'A little harsh' - Pallot said the sentence was "a little harsh financially," although he was satisfied that his apartment would not be seized, contrary to the prosecutor's demand. "We thought we'd do it for fun, to see if the art market would notice or not," Pallot has told the court. "It went without a hitch," he added. Desnoues, a prominent woodcarver, was sentenced to a three-year term including four months behind bars, and fined 100,000 euros. In court, he presented himself as a humble artisan uninterested in money and motivated only by his love of art and "the pleasure of working, of making beautiful things". A lawyer for the Palace of Versailles implied the men got away too easily, denouncing "the particularly diabolical manoeuvres" of the two main defendants and pointing to "clean, white-collar trafficking." "When you are caught red-handed, you are not sentenced to very long prison terms," said Corinne Hershkovitch. "We feel that we are not protected for the future," she added. - 'Pallot's blessing' - The pair pocketed nearly 1.2 million euros in commissions. Galleries and auction houses made even more, selling fake furniture pieces to the Palace of Versailles and billionaire collectors. After the French Revolution, the Palace of Versailles was completely emptied, with thousands of royal furniture pieces and other items dispersed at revolutionary sales. Nearly half of Pallot and Desnoues' fakes were acquired through various channels by the Palace of Versailles, which has since the 1950s sought to refurnish the former home of French royalty. "Indeed, Versailles's decision to purchase the chairs hinged on Pallot's blessing," Vanity Fair said in 2018. "And based on Pallot's imprimatur, the government classified two of his fake lots as national treasures." Accused of failing to carry out sufficient checks, the prestigious Kraemer antique gallery was acquitted. The public prosecutor had sought a fine of 700,000 euros. Intermediaries between the forgers and the final buyers believed they had been misled by Pallot's reputation, and charges for most of them were dismissed during the eight-year-long investigation. Unnoticed for years, the scam caused an estimated 4.5 million euros in damage. The fraud was discovered by accident during an investigation into the lavish lifestyle of a Portuguese couple who were laundering Desnoues' money. When the scandal erupted in 2016, the ministry of culture swiftly ordered an audit of Versailles's acquisitions policy. amd-amb-as/sjw/yad
