Alan Ashley, the U.S. Olympic Committee's chief of sport performance. Photo: Claire Greenway/Getty Images

The U.S. Olympic Committee on Monday fired its chief of sport performance, Alan Ashley, in the wake of an independent investigation into sexual abuse in the USA Gymnastics team that revealed that he and former CEO Scott Blackmun failed to address allegations leveled against Larry Nassar, reports AP.

Why it matters: The USOC released a 233-page independent report on Monday that concluded the organization's failure to address allegations of sexual abuse allowed Nassar to assault dozens of other girls over a period of 14 months. Last week, USA Gymnastics said it's filing for bankruptcy to quickly settle complaints from Nassar's victims. And in November, the Olympic Committee said it's seeking to revoke USA Gymnastics’s recognition as the sport's governing body.

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U.S. economy sees record growth in third quarter

Shoppers carrying Forever 21 bags in Times Square. Photo: Alexi Rosenfeld/Getty Images

The U.S. economy grew at a 33.1% annualized pace in the third quarter, the Commerce Department said on Thursday.

The state of play: The record growth follows easing of the coronavirus-driven lockdowns that pushed the economy to the worst-ever contraction — but GDP still remains well below its pre-pandemic level.

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Investors have nowhere to hide

Photo: Jeenah Moon/Getty Images

The massive losses in oil prices and U.S. and European equities were not countered by gains in traditional safe-haven assets on Wednesday.

Why it matters: The unusual movement in typical hedging tools like bonds, precious metals and currencies means they are not providing investors an asset that will appreciate in the event of a major equity selloff.

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A look inside sports owners' political donations

Data: ESPN/FiveThirtyEight; Chart: Axios Visuals

Sports team owners in the four largest North American leagues (NFL, NBA, MLB, NHL) have donated over $46 million in federal elections since 2015, according to research conducted by ESPN and FiveThirtyEight.

By the numbers: Over the past three elections, $35.7 million of that money (77.4%) has gone to Republican campaigns and super PACs, compared to $10.4 million (22.6%) to Democrats.