RECENT RESULTS FROM CLEO & THE CLEO/CESR CHARM FACTORY Ian Shipsey Purdue University Between 1990 and 1999 the CLEO II/II.V detector at the Cornell Electron Storage Ring (CESR) recorded in excess of 19 million B decays and 27 million charm decays. A review of the latest results from this data set including CKM matrix determinations, rare B decays and searches for CP violation will be presented and compared to results from BABAR and Belle. The status of the CLEO III detector and dataset will also be summarized. Charm acts as a staging area, both experimentally and theoretically, for the assault on B physics. Accordingly, the CLEO collaboration is preparing a proposal to operate CLEO and CESR, as a Charm factory in the center of mass energy range between 3-5 GeV. Data taking in this energy range is planned to begin in January 2003. Data samples of 1-3 fb-1/yr are expected, (~6 million tagged D decays) this will allow the determination of charm decay constants and the CKM matrix elements V_cd and V_cs to a precision of several percent, charm absolute branching ratios to 1-3%, and precision tests of the unitarity of the CKM matrix. Searches for D mixing, rare decays and CP violation in the charm sector will also be made. In a year's run, over 1 billion J/Psi's can be produced at CESR. When combined with data to be taken later this year at the narrow Upsilon resonances, we will obtain unique precision information that will be a rich and efficient testing ground for lattice QCD. The potential exists to significantly advance our understanding and control over strongly-coupled, non-perturbative quantum field theories in general and QCD in particular. An understanding of strongly-coupled theories will be a crucial element in helping to understand new phenomena at the high energy frontier.