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☆ Sam Bankman-Fried has to repay $11 billion. How can he possibly do that?
▼ + stars: | 2024-03-29 | by ( Eva Rothenberg | ) edition.cnn.com time to read: +5 min

New York CNN —A federal judge on Thursday ordered Sam Bankman-Fried to repay more than $11 billion as part of his sentence for defrauding customers and investors in his failed crypto exchange FTX. In their sentencing memorandum earlier this month, federal prosecutors laid out their reasoning for seeking $11 billion in forfeiture. Unlike restitution, where the money from seized assets goes directly to victims, the money from forfeiture is taken by the government and absorbed into the US Treasury. It is unclear how much Bankman-Fried is currently worth, but it’s likely not anywhere near $11 billion. So far, the Department of Justice has redistributed about $4 billion to Madoff’s victims.

Persons: Sam Bankman, Fried, SBF, ” Mitchell Epner, “, ”, District Judge Lewis Kaplan, Anthony Capozzolo, Elizabeth Holmes, Holmes, Ramesh “ Sunny ” Balwani, Bernard Madoff, Peter Katz, Katz, they’ll, ” Katz Organizations: New, New York CNN, CNN, Treasury, District, “, of, Department of Justice’s, Department of Justice, Department Locations: New York, Eastern, of New York

☆ Anthony Vaccarino, once subpoenaed during the Department of Justice's investigation into billionaire Steve Cohen, has rejoined his old boss
▼ + stars: | 2024-02-13 | by ( Bradley Saacks | ) www.businessinsider.com time to read: +1 min

Anthony Vaccarino, once a portfolio manager at SAC, is working for Steve Cohen again. NEW LOOK Sign up to get the inside scoop on today’s biggest stories in markets, tech, and business — delivered daily. download the app Email address Sign up By clicking “Sign Up”, you accept our Terms of Service and Privacy Policy . AdvertisementAnthony Vaccarino is back for his second stint under billionaire Steve Cohen. He is reporting to the head of that unit, Andrew McEntire, and working with teams across Point72’s long-short equity strategies.

Persons: Anthony Vaccarino, Steve Cohen, Vaccarino, —, AJ, Point72, Andrew McEntire, Cohen, Sol Kumin, Tom Conheeney, Steve Kessler, Phil Villhauer Organizations: SAC, Fourth Asset Management, Service, New York Mets, SAC Capital Advisors, Department of, Business Locations: Point72

☆ Google antitrust trial crystallizes Apple’s risk
▼ + stars: | 2023-11-15 | by ( Robert Cyran | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration Acquire Licensing RightsNEW YORK, Nov 15 (Reuters Breakingviews) - The antitrust case against Google is spelling out some serious problems. The U.S. Department of Justice claims that Alphabet maintains its market dominance by striking deals to make Google the default search engine on other companies’ devices and browsers. One expert witness for Google said Apple receives 36% of the ad revenue Google makes from searches on Apple’s Safari browser. Kevin Murphy, an economics professor at the University of Chicago, and an expert witness for Google, made the remark, Bloomberg reported. The two companies have had a partnership since 2002, where Google shares advertising revenue generated from users of Apple devices, and Google is the default search engine for these devices.

Persons: Dado Ruvic, Tim Cook, Bernstein, Kevin Murphy, Alphabet’s Google, Lauren Silva Laughlin, Sharon Lam Organizations: Apple, REUTERS, Reuters, Google, U.S . Department of Justice, Microsoft, U.S . Department, University of Chicago, Bloomberg, Alphabet’s, Thomson

☆ US will transfer weapons seized from Iran to Ukraine
▼ + stars: | 2023-10-04 | by ( Natasha Bertrand | ) edition.cnn.com time to read: +4 min

US Central Command has already transferred over one million rounds of seized Iranian ammunition to the Ukrainian armed forces, it announced on Wednesday. The Biden administration has for months been weighing how to legally send the seized weapons, which are stored in CENTCOM facilities across the Middle East, to the Ukrainians. Over the past year, the US Navy has seized thousands of Iranian assault rifles and more than one million rounds of ammunition from vessels used by Iran to ship weapons to Yemen. The Justice Department has filed at least two forfeiture complaints against seized Iranian ammunition and weapons this year. “There is poetic justice in Ukraine utilizing seized Iranian weapons to defend its people against Russia’s criminal invasion and abuses.

Persons: CENTCOM, MARWAN, Biden, ”, Jonathan Lord, Lord, ” Lord Organizations: CNN, US Central Command, Department of, Iran’s Islamic Revolutionary Guard Corps, Justice Department, US Navy, U.S . Central Command, United Nations Security, Central Command, The, DOJ, Center, New, New American Security, “ Locations: Ukraine, Ukrainian, Iran, Yemen, “, New American, Russia, Moscow, Tehran, ”

The Google sign is reflected in a rain puddle outside their offices in Cambridge, Massachusetts, U.S., June 27, 2017. Acquire Licensing RightsWASHINGTON, Sept 13 (Reuters Breakingviews) - Want to know how to remove Google as the iPhone’s default search tool? According to him, the search engine operated by Alphabet (GOOGL.O) enlists Apple (AAPL.O) to answer the query by directing users to its website. Using Google as the default search engine wasn’t Apple’s “choice,” Dintzer said. Follow @BenWinck on XFollow @thereallsl on XCONTEXT NEWSThe U.S. Department of Justice’s antitrust case against Alphabet’s Google started on Sept. 12.

Persons: John Schmidtlein, Kenneth Dintzer, Google, ” Schmidtlein, Schmidtlein, ” Dintzer, It’s, Tim Cook, Alphabet’s Google, Ben Winck, Lauren Silva Laughlin, Jeffrey Goldfarb, Sharon Lam Organizations: Google, Rights, Reuters, Apple, U.S . Department of, Yahoo, Verizon Communications, Microsoft, Netscape, U.S, U.S . Department, Alphabet’s, Thomson Locations: Cambridge , Massachusetts, U.S, Safari, Japan, Washington, New York

☆ Opioids expose unhealthy bankruptcy addictions
▼ + stars: | 2023-08-11 | by ( Robert Cyran | ) www.reuters.com time to read: +6 min

Between 2006 and 2014, it manufactured roughly 30 billion opioid pills. Its attempt to climb out of bankruptcy has been stalled multiple times, most recently on Thursday by the U.S. Supreme Court. Mallinckrodt agreed to a $260 million settlement last year and quarterly revenue from Acthar has tumbled 70% since 2019. If not, it will be up to elected officials to end such unhealthy bankruptcy addictions. As part of that settlement, Mallinckrodt agreed to pay $1.7 billion over eight years to settle opioid claims.

Persons: Johnson, Mark Trudeau, Sackler, Mallinckrodt, It’s, haven’t, Jeffrey Goldfarb, Sharon Lam Organizations: Reuters, Mallinckrodt Pharmaceuticals, Johnson, CVS Health, Purdue Pharma, U.S, Supreme, Department of Justice, Specialty Brands, Point, Purdue, Purdue Pharma’s, DOJ, Biden Administration, Thomson Locations: American, Delaware, Acthar

☆ Fact Check-US military did not arrest former IRS director
▼ + stars: | 2023-08-09 | by ( Reuters Fact Check | ) www.reuters.com time to read: +1 min

A fabricated article claiming that the U.S. military arrested former Internal Revenue Service (IRS) director, Charles Rettig, for taking a 1% cut of each federal income tax payment in 2021 and keeping it in offshore accounts, stems from an article on a self-described satirical website. An Instagram post (here) sharing the claim includes the text, “They all are going down not surprised stop participating in lies. The claims stem from an article (archive.li/H38Mu) titled “Military Arrests Former IRS Director Charles Rettig” published on July 31, 2023, on the website Real Raw News. The Real Raw News site has previously posted false information attributed to unnamed sources and addressed by Reuters Fact Check (here), (here), (here). There is no evidence that former IRS director Charles Rettig was arrested by the U.S. military.

Persons: Charles Rettig, Charles Rettig ”, Rettig, Read Organizations: Internal Revenue Service, Real Raw News, Real Raw, U.S . Department of Justice’s, U.S, Reuters, U.S .

☆ Trump Indictment Presents New Obstacle in Spending Fight as Shutdown Looms
▼ + stars: | 2023-08-04 | by ( Carl Hulse | More About Carl Hulse | ) www.nytimes.com time to read: +2 min

House Democrats already uniformly oppose the emerging spending bills since they are below the spending levels agreed to by Mr. Biden and Mr. McCarthy in their deal to suspend the federal debt limit and contain numerous conservative policy riders they find objectionable. Should conservatives prevail in their insistence on even deeper cuts and other restrictions on federal law enforcement, it could drive off more mainstream Republican votes. is a stark break with the traditional Republican orthodoxy of strong support for law enforcement. It has little traction in the Senate, where Democrats and Republicans have been working in a bipartisan fashion to advance spending bills for consideration when the Senate returns next month. Most senators of both parties would be opposed to entertaining the sort of spending reductions for law enforcement sought by the House conservatives.

Persons: Biden, McCarthy, Greene, “, ”, Susan Collins of, Trump Organizations: Republican, Senate, Republicans, of Justice, Freedom Caucus Locations: Susan Collins of Maine, Russia, “

The source also reiterated that Archer provided no evidence connecting President Joe Biden to any of his son’s foreign business dealings. Goldman said Archer told the panel that Hunter Biden did put his father on speaker phone in the presence of business partners, but that business was never discussed. Devon Archer, a former business associate of Hunter Biden, arrives for closed-door testimony at the O'Neill House Office Building on July 31, 2023 in Washington, DC. Comer then accused Joe Biden of lying about his family’s business dealings and his own involvement – pledging that his panel will continue to investigate. In recent weeks, he delivered his most explicit threat yet to Biden, saying House Republicans’ investigations into the Biden family’s business deals appear to be rising to the level of an impeachment inquiry.

Persons: Devon Archer, Hunter Biden, Archer, Joe Biden, Matthew L, Schwartz, Boies Schiller Flexner, ” Schwartz, “ Mr, Dan Goldman, Goldman, Joe Biden’s, ” Goldman, Biden’s, “, ” Hunter, Drew Angerer, James Comer, Hunter Biden’s, ” Comer, Comer, –, Biden, Ian Sams, Kevin McCarthy, McCarthy, Donald Trump, McCarthy –, Newt Gingrich Organizations: CNN, Republican, Democrats, ”, Democrat, House Republicans, O'Neill, Getty, “, Republicans, House Democrats, Biden, Department, GOP, Congressional, Fox News Locations: Washington, Washington ,, United States

☆ January 6: Pence says he's 'not yet convinced' Trump's actions were criminal
▼ + stars: | 2023-07-23 | by ( Veronica Stracqualursi | ) edition.cnn.com time to read: +2 min

CNN —Former Vice President Mike Pence said he’s “not yet convinced” that Donald Trump’s actions on January 6, 2021, were criminal, as the former president faces a potential indictment over his actions that day. Pence vowed to “clean house” among the Department of Justice’s top ranks if he’s elected president. Pressed on whether he thinks his former boss should be indicted if the DOJ has evidence that he committed a crime, Pence said, “Let me be very clear: President Trump was wrong on that day. And he’s still wrong in asserting that I had the right to overturn the election.”“But … criminal charges have everything to do with intent, what the president’s state of mind was. And I don’t honestly know what his intention was that day,” the former vice president said.

Persons: Mike Pence, he’s “, ”, Donald Trump’s, “, ” Pence, CNN’s Dana Bash, Joe Biden’s, Hunter Biden, Pence, Trump, Bash, ” “ Organizations: CNN, “, Union, Trump, Department, Justice’s, DOJ Locations: “ State, New Hampshire

☆ DOJ antitrust chief Kanter: New merger guidelines are meant to provide transparency to the public
▼ + stars: | 2023-07-19 | by ( ) www.cnbc.com time to read: 1 min

Share Share Article via Facebook Share Article via Twitter Share Article via LinkedIn Share Article via EmailDOJ antitrust chief Kanter: New merger guidelines are meant to provide transparency to the publicJonathan Kanter, Assistant Attorney General of the Department of Justice’s Antitrust Division, joins ‘Squawk Box’ to discuss the release of new merger enforcement guidelines from the FTC and DOJ, what it means for evaluating mergers going forward, and more.

Persons: Kanter, Jonathan Kanter Organizations: Department of Justice’s Antitrust, FTC, DOJ

Some will say the case is not broad or bold enough, that Mr. Trump and the other alleged national ringleaders should have been charged as well. Others will say Ms. Nessel cast too wide a net, pulling in low-level party functionaries who did not know better. Ms. Nessel got it just right, prosecuting crimes firmly within her jurisdiction, while opening the way for federal authorities to net even bigger fish. Ms. Nessel brought the same eight counts against all 16 defendants. Until now there have been no charges centered on the fake electors plot.

Persons: We’ve, Dana Nessel, Jack Smith, Donald Trump, Trump, Nessel Organizations: Department of Locations: Michigan

☆ Spooked dealmakers scurry back into their foxholes
▼ + stars: | 2023-03-23 | by ( Jeffrey Goldfarb | ) www.reuters.com time to read: +8 min

NEW YORK, March 23 (Reuters Breakingviews) - Jonathan Kanter, a lawyer by training, has become something of a magician. Pay closer attention, however, and Kanter is methodically rewriting a decades-old regulatory playbook. Last year, these breakup charges reached their highest level in a decade, at an average 4.5% of deal prices. The Department of Agriculture partnered with the DOJ on the case, another feature of Kanter’s plan of attack. As legal weaknesses emerge, dealmakers should be in position to better structure transactions and defend themselves at trial.

CNN —Special counsel Jack Smith has issued a subpoena to local officials in Allegheny County, Pennsylvania, for information related to the 2020 election, a spokesperson for the county told CNN. “Yes, we received a subpoena from the Department of Justice’s special counsel regarding the 2020 election. The subpoena sent to Allegheny County is the latest in a string of requests for information sent by Smith, who is now overseeing the Justice Department’s sprawling criminal investigation into efforts to overturn the 2020 election. Officials have also been subpoenaed in Georgia, New Mexico, Nevada, Michigan, Arizona and Wisconsin. Smith’s team has now sent subpoenas to local and state officials in all seven of the key states targeted by former President Donald Trump and his allies as part of their bid to upend Joe Biden’s legitimate victory.

☆ Fact Check-Democrat-proposed bill aims to expand translation of voting materials, not allow non-citizen voting
▼ + stars: | 2022-09-27 | by ( Reuters Fact Check | ) www.reuters.com time to read: +7 min

An amendment struck down by House Judiciary Democrats has led to debate online, with critics claiming the move indicates they support non-citizens voting in U.S. 8770 and Section 203 of the Voting Rights Act are not about expanding voting rights to non-citizens or changing legislation that prohibits non-citizen voting. He said the amendment was voted down because it was irrelevant and unnecessary, adding that the underlying bill had nothing to do with non-citizen voting. “(It) would not have changed a single practical aspect about federal law applicable to non-citizen voting,” he said. This bill was not about the legality of non-citizen voting.

☆ How to Consolidate Credit Card Debt
▼ + stars: | 2022-09-15 | by ( ) www.wsj.com time to read: +16 min

By Kat TretinaIf your credit card debt feels out of control, you’re not alone. Opt for a 0% APR balance transfer credit cardWho it’s best for: Borrowers with excellent credit who can pay off their balance in six to 18 monthsIf you have a balance on your cards, a popular credit card debt consolidation strategy is to apply for a balance transfer credit card. Get a credit card debt consolidation loanWho it’s best for: Borrowers with good to excellent credit that need more time to pay off their debtIf you’re researching how to pay off credit card debt fast, another option is to apply for a debt consolidation loan. Unless you stick to a repayment plan, you could quickly rack up credit card debt on top of the debt consolidation loan. If figuring out how to pay down credit card debt makes you feel overwhelmed, another option is to work with a nonprofit credit counseling agency and enter into a debt management plan, or DMP.

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