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Banks' commercial real estate portfolios performed better than expected, showing $65 billion in losses or 8.8% of average loan losses, slightly down on last year's 9.8%, the Fed said. "Some may ask how all the banks can get a regulatory thumbs-up when the industry just went through a period of turmoil. The test assesses whether banks would stay above the required minimum 4.5% capital ratio. The average capital ratio for the 23 banks was 10.1%, the Fed said. That compares with 9.7% last year, when the central bank tested 34 lenders against a slightly easier scenario.

Persons: Morgan Stanley, Goldman Sachs, Charles Schwab, Michael Barr, ” Barr, Banks, Barr, Lindsey Johnson, Dennis Kelleher, Ian Katz, Pete Schroeder, Caroline Valetkevich, Deepa Babington, Stephen Coates Organizations: Federal, JPMorgan Chase, Bank of America, Citigroup, Charles Schwab Corp, Deutsche Bank's, Financial Corp, U.S . Bancorp, Valley Bank, Wells, JPMorgan, Industry, Consumer Bankers Association, U.S, Treasury, T Bank, PNC Financial, Citizens Financial, Better, Fed, Capital Alpha Partners, Thomson Locations: Big U.S, Wells Fargo, U.S

☆ Federal Reserve says 23 biggest banks weathered severe recession scenario in stress test
▼ + stars: | 2023-06-28 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

All 23 of the U.S. banks included in the Federal Reserve's annual stress test weathered a severe recession scenario while continuing to lend to consumers and corporations, the regulator said Wednesday. Banks are the focus of heightened scrutiny in the weeks following the collapse of three midsized banks earlier this year. As a result, clearing the stress test hurdle isn't the "all clear" signal its been in previous years. Still expected in coming months are increased regulations on regional banks because of the recent failures, as well as tighter international standards likely to boost capital requirements for the country's largest banks. "At the same time, this stress test is only one way to measure that strength.

Persons: Michael Barr, Banks, Wells Organizations: Federal, Banking, Urban Affairs, Capitol, JPMorgan Chase, PNC Locations: Washington , DC, U.S, Wells Fargo

☆ 10 Things in Tech: Digital nomad regrets, a longevity researcher’s morning routine, and sun activity
▼ + stars: | 2023-06-28 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +4 min

In case you missed it: This is the last week of 10 Things in Tech. The EV company only has six gigafactories across the world: Fremont, California; Sparks, Nevada; Berlin; Shanghai; Austin, Texas; and Buffalo, New York. Each location is outfitted with solar panels, and Musk claims 100 gigafactories could supply the world with all of its energy. My colleague Graham Rapier takes us into the world of Tesla's gigafactories and breaks down what their futures could look like. In a world of remote work, they're trying to pay people the least amount of money to get work done (think freelancers and contractors).

Persons: I'm, Siu, let's, Elon Musk, Graham Rapier, gigafactories, Tyler Le, Allbirds, M0.0nshot, Gigi Chow, Elon Musk's, Walter Isaacson, it's, David Sinclair, Lewis Joly, cardiologists, Eid Mubarak, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: it's, EV, Employers, Paris Air, Storm Shadow, Interactive Entertainment, Tencent Locations: Tech, Fremont , California, Sparks , Nevada, Berlin, Shanghai, Austin , Texas, Buffalo , New York, Silicon, San Francisco, Croatia, Dubrovnik, Harvard, Le Bourget, Paris, France, Ukraine, New York, Florida, Barcelona, Spain, San Diego, Silicon Valley, London

Under the "stress test" exercise, the Fed tests big banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED 'STRESS TEST' BANKS? It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario. This extra test will not count towards banks' capital requirements but will allow the Fed to explore applying multiple adverse scenarios in future.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Big, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Big U.S, Silicon

☆ Stress Tests Show Largest Banks Are Sturdy, Fed Says
▼ + stars: | 2023-06-28 | by ( Emily Flitter | ) www.nytimes.com time to read: +1 min

Senior Fed officials said on Wednesday that they did not expect the banks to announce any plans to distribute cash to shareholders until Friday. “Today’s results confirm that the banking system remains strong and resilient,” said Michael S. Barr, the Fed’s vice chair for supervision. “At the same time, this stress test is only one way to measure that strength. Fed regulators are following a set of rules put in place during the Trump administration that critics say weakened oversight of banks in a certain size range — those smaller than the too-big-to-fail giants but larger than some regional and community banks. One sign of that reduced oversight was clear in Wednesday’s results: Not all the banks tested in 2022 were tested again in 2023.

Persons: ”, Michael S, Barr, “, Trump Organizations: Regulators, Silicon Valley Bank Locations: Silicon

☆ Report on Epstein’s Death Finds Errors and Mismanagement at Manhattan Jail
▼ + stars: | 2023-06-27 | by ( Glenn Thrush | Benjamin Weiser | ) www.nytimes.com time to read: +1 min

What they did find was a remarkable, and largely unexplained, succession of circumstances that made it easy for Mr. Epstein to kill himself. For reasons that remain unclear, the jail’s staff members allowed Mr. Epstein to hoard extra blankets, linens, bedding and clothing, despite the fact that he had tried to hang himself earlier. The inspector general’s report comes nearly four years after Mr. Epstein, 66, was found dead in his cell with a bedsheet tied around his neck. Mr. Epstein had been awaiting trial on federal sex trafficking and conspiracy charges, and if convicted, would have faced up to 45 years in prison. Two days after Mr. Epstein’s death, Attorney General William P. Barr said that there had been “serious irregularities” at the jail.

Persons: Epstein, —, Epstein’s, William P, Barr, ” Organizations: of Prisons, Wall Street titans

☆ 10 Things in Tech: Google abandons smart glasses, lawsuits against real estate agents, and Snowflake CEO denies rumors of stepping down
▼ + stars: | 2023-06-27 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Moving forward, we'll be bringing you our top tech stories in our flagship newsletter, Insider Today. What do you want to see in Insider Today? The new tech bro is also becoming louder and brasher — they're trying to make being a techie cool. My colleague Grace Kay breaks down the "peak tech bro" persona and dives into its transformation over time. It currently has four main models: Model 3, Model Y, Model S, and Model X.

Persons: I'm, Siu, Alistair Barr, Hallam Bullock, Nathan Rennolds, we'll, Mark Zuckerberg, Jeff Bottari, Bill Gates, Steve Jobs, Larry Page, Jeff, Bezos, Mark, Zuckerberg, —, Elon Musk, Grace Kay, Iris, Snowflake, Frank Slootman, Peek, ROMAN ROMOKHOV, Wagner, Tom Stuker, He's, Hope, Diamond Naga Siu Organizations: It's Tech, Insider, Tech bros, Google, ROMAN, Getty, United Airlines, Digital Summit Denver Locations: Sacramento, Tech, AFP, Asia, Singapore, Colorado, San Diego, Silicon Valley, London

Under the "stress test" exercise, the Fed tests banks' balance sheets against a hypothetical severe economic downturn, the elements of which change annually. WHY DOES THE FED "STRESS TEST" BANKS? It typically publishes aggregate industry losses, and individual bank losses including details on how specific portfolios - like credit cards or mortgages - fared. It announces the size of each bank's stress capital buffer in the subsequent months. For example, the 2022 stress test envisioned a 5.8 percentage point jump in unemployment under a "severely adverse" scenario.

Persons: Banks, Wells, Goldman Sachs, Morgan Stanley, Michael Barr, Pete Schroeder, Michelle Price, Andrea Ricci Organizations: U.S . Federal, Fed, Citigroup, Bank of America, JPMorgan Chase &, Goldman Sachs, Deutsche Bank's U.S, JPMorgan Citigroup, Wells Fargo & Co, Bank, U.S, Treasury, Thomson Locations: Silicon

The central bank on Wednesday will release the results of its bank "stress tests" which assess how much capital banks would need to withstand a severe economic downturn. The annual exercise, introduced following the 2007-2009 financial crisis, is integral to banks' capital planning, dictating how much cash they can return to shareholders via dividends and share buybacks. Despite the turmoil, and the exam being the hardest in years, bank analysts and executives expect the 23 lenders being tested will show capital in excess of regulatory minimums. While that will not affect capital, it will be used to assess potentially employing multiple scenarios in future stress test exercises. "In an environment of ever-changing risks, stress tests can quickly lose their relevance if their assumptions and scenarios remain static," said Barr in December.

Persons: Nick Zieminski WASHINGTON, JPMorgan Chase, Goldman, Morgan Stanley, jitters, Wells, Jefferies, Randal Quarles, Michael Barr, Barr, Pete Schroeder, Michelle Price, Deepa Babington Organizations: Citibank, REUTERS, Big U.S, Bank, U.S, Treasury, Citigroup Inc, Bank of America, JPMorgan, Goldman Sachs, Capital, U.S . Bancorp, Citizens, Fed, Bank Policy Institute, RBC, Thomson Locations: Jackson, Queens, New York City, U.S, Big, Silicon, Wells Fargo, Washington

☆ 10 Things in Tech: Airbnb's Montana smackdown, Microsoft whining, Salesforce worrying, and Reddit rage
▼ + stars: | 2023-06-26 | by ( Alistair Barr | ) www.businessinsider.com time to read: +5 min

I'm Insider's global tech editor Alistair Barr, and I've been missing people a lot lately. Airbnb Montana smackdown: Life in the town of Bozeman is harder thanks to short-term rentals. That sparked a boom in Airbnb and Vrbo properties in the town, causing rents and property prices to surge. They are concerned about retaining talented colleagues, their future at Salesforce, and how leadership decisions adhere to the company's core values. Submit your nomination for Insider's 5th annual list recognizing first-time and newly named top marketers at consumer brands.

Persons: Alistair Barr, I've, I'd, we're, let's, Brian Chesky Mike Segar, Airbnb Montana, Dan Latu, Justin Sullivan, Read, Nassim Taleb, SoftBank, it's, that's, Bowties, India Narendra Modi, Mark Zuckerberg, Elon Musk, Kevin Dietsch, Dana White, Lisa Ryan, Jack Sommers Organizations: Bozeman Tenants United, Getty, Microsoft, Silicon Valley titans, White House, UFC, Insider's Locations: Bozeman, Airbnb, Seattle, Washington, Salesforce, Silicon, India, China, Silicon Valley, New York, London

☆ Trump gets first GOP endorsements since his indictment in classified documents case
▼ + stars: | 2023-06-23 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +5 min

Trump, the clear frontrunner in the race for the 2024 GOP presidential nomination, was also endorsed by North Carolina Lt. Gov. As if to drive home that point, the same crowd that cheered Robinson also loudly booed another GOP presidential candidate, former New Jersey Gov. Reschenthaler, the House Republican chief deputy whip, is the second member of the chamber's GOP leadership to endorse Trump after House Republican Conference Chair Rep. Elise Stefanik of New York. Ron DeSantis, Trump's nearest Republican primary competitor, has so far amassed five congressional endorsements. Polls of the GOP primary field showed Trump widening his lead after his first indictment.

Persons: Donald Trump, Trump, Mark Robinson, Robinson, William Barr, Chris Christie, Christie, Mike Kelly, Dan Meuser, Scott Perry, Guy Reschenthaler, John Joyce, Reschenthaler, Elise Stefanik, Ron DeSantis, Fred Keller, Carla Sands, It's, Sen, Cindy Hyde, Smith, Andrew Clyde, Mike Pence, South Carolina Sen, Tim Scott, Nikki Haley, Vivek Ramaswamy, Asa Hutchinson, Miami Mayor Francis Suarez, Roe, Wade, Scott, Pence, Trump's Organizations: U.S, GOP, Columbus Convention, Trade Center, White, Republicans, North, Gov, Trump, White House, Republican, Republican Party, New, New Jersey Gov, Pennsylvania Federal Leadership Team, Keystone State, House Republican, NBC, Florida Gov, CNN, South, Former United Nations, Arkansas Gov, Miami Mayor, Democratic Locations: Georgia, Columbus , Georgia, Pennsylvania, North Carolina, New Jersey, Trump's, Washington ,, New York, Pennsylvania's, Denmark, Manhattan, Florida, South Carolina, Arkansas

☆ Credit-card crackdown will net limited rewards
▼ + stars: | 2023-06-22 | by ( John Foley | ) www.reuters.com time to read: +8 min

NEW YORK, June 22 (Reuters Breakingviews) - With more than two open accounts for every American, credit cards are practically part of the family. The point of credit cards is to make spending easier, yet in practice their complexity rivals the edgiest financial derivatives. At Capital One, late fees account for a little less than $2 billion of revenue, or roughly 5%, a year. If late fees have raised hackles among U.S. lenders, they’re only a taste of what could lie in store. Currently, issuers can charge $30 for a first late payment and $41 for late payments thereafter if they happen within the following six billing cycles.

Persons: Joe Biden’s, Biden, Banks, don’t, Goldman Sachs, Rohit Chopra, Michael Barr, that’s, There’s, Chase, they’re, –, Joe Biden, Jeffrey Goldfarb, Oliver Taslic Organizations: YORK, Reuters, JPMorgan, Consumer Financial, Bureau, American Bankers Association, Citigroup, Federal Reserve, Securities and Exchange Commission, Discover Financial Services, Bank of America, One, Fed, Biden, University of Michigan, Apple, Chase Sapphire, American Express, Capital, U.S, Consumer Financial Protection Bureau, New York Fed, Thomson Locations: U.S, United Kingdom

☆ Study reveals how immune system of astronauts breaks down
▼ + stars: | 2023-06-22 | by ( Will Dunham | ) www.reuters.com time to read: +4 min

[1/3] The International Space Station (ISS) is photographed by Expedition 66 crew member Roscosmos cosmonaut Pyotr Dubrov from the Soyuz MS-19 spacecraft, in this image released April 20, 2022. "A weaker immunity increases the risk of infectious diseases limiting astronauts' ability to perform their very demanding work in space. Gene expression in 247 genes in leukocytes was at about one third the normal levels while in space, the study found. Before this paper, we knew of immune dysfunction but not of the mechanisms," said study co-author Guy Trudel, an Ottawa Hospital rehabilitation medicine specialist. Discovering altered gene behavior in leukocytes is "a significant step toward understanding human immune dysregulation in space," Trudel added.

Persons: Pyotr Dubrov, Odette Laneuville, Guy Trudel, Trudel, Epstein, Barr, Will Dunham, Rosalba O'Brien Organizations: Space, Expedition, Soyuz, REUTERS, WASHINGTON, University of Ottawa, Canadian Space Agency, NASA, Ottawa Hospital, Thomson Locations: Handout, Canada, Ottawa

Bank regulators led by the U.S. Federal Reserve are finalizing the proposal which would implement international capital standards agreed by the Basel Committee on Banking Supervision in the aftermath of the 2007-2009 financial crisis. On Wednesday, Fed Chair Jerome Powell told Congress it was critical banks have strong capital, but regulators must be mindful of the tradeoffs. Republican officials at the agencies have flagged similar concerns, two people said, while Republican lawmakers on Wednesday also raised worries over capital rules with Powell. The Fed is drafting the Basel rules with the Office of the Comptroller of the Currency (OCC) and Federal Deposit Insurance Corp. (FDIC). Speaking to reporters last week, acting Comptroller Michael Hsu said banks had "not been shy about sharing their concerns" which regulators were taking into account.

Persons: Morgan Stanley, Andrew Kelly, Jerome Powell, Michael Barr, Isaac Boltansky, jitters, Powell, “, Kevin Fromer, It's, Michael Hsu, Pete Schroeder, Niket Nishant, Lananh Nguyen, Tatiana Bautzer, Michelle Price, David Gregorio Organizations: New York Stock Exchange, REUTERS, WASHINGTON, Bank, U.S . Federal, Banking, Bankers, Committee, American Express, U.S, UBS, Deutsche Bank, Barclays, Washington, Bank Policy Institute, WALL, Fed, Industry, Republican, Financial Services, Currency, Federal Deposit Insurance Corp, Regulators, FDIC, OCC, Thomson Locations: Manhattan , New York City, U.S, Basel, Silicon

☆ Amazon Prime FTC suit: How Insider's investigation led to a crackdown on the e-commerce giant
▼ + stars: | 2023-06-21 | by ( Alistair Barr | Eugene Kim | ) www.businessinsider.com time to read: +4 min

Insider's investigation revealed that Amazon knowingly duped consumers into Prime subscriptions. The suit was the result of an Insider investigation in early 2022. One of those letters, reviewed by Insider, said the FTC made a Civil Investigative Demand to Amazon in March 2021. A CID is a legal document enforceable in court that seeks documents or other information related to an FTC investigation. In April 2022, the FTC sent more correspondence about the issue to Amazon lawyers, according to the letter, which cited Insider's original story from March 2022.

Persons: Amazon, Bezos, Eugene Kim, Graham Starr, CIDs, Andy Jassy, Dave Clark, Doug Herrington, Russ Grandinetti, Greg Greeley Organizations: Federal Trade Commission, Amazon, FTC, CID, Bezos Locations: Washington, Amazon's

☆ House GOP retirement fund bill takes aim at ESG investing
▼ + stars: | 2023-06-21 | by ( Emily Wilkins | ) www.cnbc.com time to read: +3 min

House Republicans are continuing their attempt to pump the brakes on so-called "woke" investing with new legislation that could place limits on financial advisors and retirement funds. Rep. Andy Barr, R-Ky., will introduce a bill Wednesday that would target funds that consider environmental, social and governance issues, known as ESG. Barr's measure would update the Employee Retirement Income Security Act to require retirement funds to focus only on maximizing profits, limiting the ability to invest in ESG options. In addition, advisors would need to disclose the difference in fees and performance between ESG funds and a similar index. Proponents say ESG investing is intended to promote the social good, although critics say it hurts investors.

Persons: Andy Barr, Kevin McCarthy, Bill Huizenga, Barr, fiduciaries, Jared Golden, Joe Manchin, Jon Tester —, Joe Biden, who's, Andy Beshear, Brad Sherman Organizations: Investments, U.S, Capitol, Republicans, CNBC, Biden, — Rep, Sens, Senate, Financial, Republican, Democratic, California Democrat, Financial Services Locations: Ky, ESG, America, Kentucky, California

Fed Governor Christopher Waller warned on Friday "core inflation is not coming down like I thought it would." Richmond Fed President Thomas Barkin said he was "comfortable" with further rate increases given that inflation was still not on the path back to 2%. Markets now await comments from more Fed officials including Fed Vice Chair Michael Barr later in the day, and Fed Chair Jerome Powell's semiannual monetary policy testimony to the U.S. House Financial Affairs Committee on Wednesday. Adding to the dour mood, China cut its benchmark lending rates by a smaller-than-expected 10 basis points. U.S.-listed shares of Chinese companies including Alibaba Group , JD.com and PDD Holdings (PDD.O) fell between 1% and 6% in premarket trading.

Persons: Eli Lilly, Christopher Waller, Thomas Barkin, CMEGroup's, Waller, Barkin, Michael Barr, Jerome Powell's, Powell, Hogan, Daniel Zhang, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi Organizations: Therapeutics, Dow, Nasdaq, Federal Reserve, Richmond Fed, Traders, Microsoft, U.S . House Financial, Housing, Capitol, Riley, Fed, Alibaba, PDD Holdings, Dow e, Adobe Inc, Ford, General Motors, Tesla Inc, Dice Therapeutics, Thomson Locations: China, U.S, Bengaluru

Eight of the 11 S&P 500 sub-sectors were in the red, with the energy index (.SPNY) leading declines. U.S. markets ended lower on Friday as comments from Fed officials curtailed optimism that the central bank was nearing the end of its aggressive interest rate hikes. Traders now see a 72% chance of Fed hiking its key benchmark rates by 25 basis points in July, according to CMEGroup's Fedwatch Tool. Declining issues outnumbered advancers for a 2.43-to-1 ratio on the NYSE and a 1.82-to-1 ratio on the Nasdaq. The S&P index recorded 11 new 52-week highs and no new low, while the Nasdaq recorded 38 new highs and 40 new lows.

Persons: Eli Lilly, Tesla, Rivian, homebuilding, Sam Stovall, CMEGroup's, Michael Barr, Jerome Powell's, Morgan Stanley, Daniel Zhang, advancers, Shristi Achar, Shubham Batra, Johann M, Vinay Dwivedi, Shounak Organizations: Therapeutics, Nike, Dow, Nasdaq, U.S . Federal Reserve, CFRA Research, Tesla Inc, Reuters, EV, U.S . House Financial, PayPal Holdings, KKR & Co, Alibaba, PDD Holdings, Dow Jones, Adobe Inc, Dice Therapeutics, NYSE, Thomson Locations: U.S, Europe, China, Bengaluru

☆ Morning Bid: US housing rebound, China prime cuts
▼ + stars: | 2023-06-20 | by ( ) www.reuters.com time to read: +4 min

The main macroeconomic news overnight was a rather underwhelming Chinese rate cut that seemed to disappoint the local stock and currency markets, both of which fell. The People's Bank of China cut two benchmark lending rates - its one-year and five-year loan prime rates - by 10 basis points each. With Goldman Sachs on Monday the latest to cut China growth forecasts for this year and next, nerves about the economy's trajectory are rising again. The big U.S. data input this week is from the housing sector, where signs of some recovery are reinforcing 'soft landing' hopes for the wider economy. On Monday, the NAHB's house market sentiment index rose in June to its highest in almost a year and far above forecasts.

Persons: Mike Dolan, Goldman Sachs, Xi Jinping, Antony Blinken, Joe Biden, what's, BOE, Jerome Powell, Michael Barr, John Williams, St Louis, James Bullard, Narendra Modi, Susan Fenton Organizations: Nasdaq, People's Bank of China, Washington, China's, of, Global, Bank of, Federal Reserve, FedEx, Philadelphia Fed, Federal, New York Fed, St, St Louis Fed, Indian, United States Reuters Graphics Reuters, Thomson Locations: U.S, China, Xi, Europe, Britain, Switzerland, Norway, Turkey, Bank, Bank of England, United

☆ Donald Trump, who claimed to only hire the best people, was thoroughly asked why so many key players of his administration do not want him to be president again.
▼ + stars: | 2023-06-20 | by ( Samantha Grindell | ) www.businessinsider.com time to read: +3 min

Baier reminded Trump he said he was going to hire the "best" people to his administration in 2016. He then pointed out much of Trump's former administration doesn't support his 2024 White House bid. Look, we had the best economy we've ever had, the world has ever seen." This week, you called your White House Chief of Staff John Kelly 'weak and ineffective' and 'born with a very small brain.' You called your acting White House Chief of Staff Mick Mulvaney a 'born loser.'

Persons: Donald Trump, Bret Baier, Baier, Trump, —, Bret Baier's, Mike Pence, Nikki Haley, she's, Mike Pompeo, he's, John Bolton, He's, Bill Barr, Barr, John Kelly, Mick Mulvaney, Rex Tillerson, James Mattis, Kayleigh McEnany, you've, Elaine Chao, Mitch McConnell's, I'm Organizations: Fox News, Service, White, United Nations, State, Getty, ISIS Locations: Mitch McConnell's China

☆ 10 Things in Tech: Google tells employees not to give AI chatbots confidential information, the rise of the ‘anti-work girlboss,’ and 31 rising stars of Los Angeles investing
▼ + stars: | 2023-06-20 | by ( Diamond Naga Siu | ) www.businessinsider.com time to read: +5 min

Mark Zuckerberg at Facebook's first ever Meta Store Facebook/Meta1. The first "Meta Store" opened last year in Northern California and was designed to increase interest in Meta's VR headsets. Although a second store was in the works, someone familiar with the matter said that those plans faltered after slowed revenue. Google tells employees not to put confidential info into AI chatbots — including its own Bard. Reddit CEO Steve Huffman said subreddit mods have too much power.

Persons: I'm, Siu, Zers, haven't, Jordan Hart, Mark Zuckerberg, Facebook's, Martin Gilliard, hasn't, Kali Hays, chatbots, Steve Huffman, Mudassir Sheikha, Ron DeSantis, Thiep Van Nguyen, Lionel Richie, Diamond Naga Siu, Alistair Barr, Hallam Bullock Organizations: Meta, VR, Big Tech, Google, Tech, Tesla, Gov, Puget Sound Naval Shipyard, Navy, Hewlett Packard Enterprise, VMWare, Dallas Cowboys, Mitsubishi Locations: Sacramento, Northern California, Angeles, Florida, Connecticut, USS Connecticut, Dublin, Ireland, Melbourne, Australia, Las Vegas, San Diego, San Francisco, London

☆ Trump offers dizzying new justifications for classified documents as former Cabinet secretaries sound the alarm
▼ + stars: | 2023-06-20 | by ( Zachary B. Wolf | ) edition.cnn.com time to read: +9 min

Trump’s defense secretary who preceded Esper, James Mattis, had already turned full throttle against Trump before the 2020 election. He opposes Trump’s prosecution in New York by Manhattan District Attorney Alvin Bragg, a Democrat, for alleged participation in a hush money scheme before the 2016 election. He also questions whether Trump should be prosecuted in connection with January 6, 2021, or his efforts to overturn the 2020 presidential election. Any ultimate prosecution with regard to the 2020 election could be a mistake, Barr said, arguing a candidate should have First Amendment rights. There’s an even larger questionRepublicans can defend Trump against prosecution all they want, but for Barr, that’s not the point.

Persons: Donald Trump, “, ”, Bret Baier, Trump, –, didn’t, William Barr, ” Barr, Barr, Mueller, ‘, ’ Barr’s, Mark Esper, Jake Tapper, ” Esper, Esper, Walt Nauta, James Mattis, Sen, Jeff Sessions –, Trump’s, Mike Pence, NBC’s “, it’s, Jim Jordan, they’re, Attorney Alvin Bragg, he’s, I’ve, Fani Willis, Jack Smith, that’s, Robert Costa, ” Barr wasn’t Organizations: CNN, White House, National Archives, Records Administration, Fox News, Republican, CBS, Free Press, Capitol, Trump, White, Senate, Press, GOP, Ohio, Manhattan, Attorney, Democrat, “ Fox Locations: Iran, Bedminster , New Jersey, “ State, New York, Fulton County , Georgia, Fulton County, Georgia

☆ Stock futures inch lower as investors kick off holiday-shortened week of trading: Live updates
▼ + stars: | 2023-06-19 | by ( Brian Evans | ) www.cnbc.com time to read: +2 min

Stock futures ticked lower on Monday evening as investors looked ahead to a holiday-shortened week of trading. Futures tied to the Dow Jones Industrial Average slipped 93 points, or 0.3%, while S&P 500 futures pulled back 0.2%. Investors were seemingly receptive toward the central bank's decision to skip a June rate hike last week. Investors are trying to gauge how last week's strong market sentiment will hold up in a shortened trading week that is light on economic data. New York Fed President John Williams will appear with Fed Vice Chair for Supervision Michael Barr at a corporate governance event in New York City on Tuesday.

Persons: —, Jerome Powell, John Williams, Michael Barr, Powell Organizations: New York Stock Exchange, Stock, Dow Jones, Nasdaq, Federal, Fed, Housing, New York Fed, FedEx Locations: New York City

☆ Barr says Trump is a 'troubled man' who lied to the Justice Department and deserves to be prosecuted
▼ + stars: | 2023-06-18 | by ( Charles R. Davis | ) www.businessinsider.com time to read: +4 min

Former Attorney General William Barr said Sunday he believes Donald Trump deserves to be prosecuted. Barr told CBS that his former boss's handling of classified documents was "indefensible." Barr said he believes that Trump lied to the Department of Justice when he had his lawyers claim that he had returned all classified documents. "That's not unfair to Trump," Barr said, "because this is not a case where Trump is innocent and being unfairly hounded. Barr asked, arguing that the classified documents case is "not just an isolated example."

Persons: William Barr, Donald Trump, Barr, Trump, —, Robert Mueller's, Barr —, Donald Trump's, he's, Hillary Clinton, Clinton, it's, Mark Esper, CNN's, Esper Organizations: CBS, Service, Republican, White, Department of Justice, Republicans, State, Department of, Trump Locations: Robert Mueller's Russia, Iran

Several Republican 2024 presidential hopefuls criticized Donald Trump Sunday as the former president faces 37 federal counts for allegedly hoarding documents after he left the White House. "He's a petulant child when someone disagrees with him," Christie told CNN's "State of the Union" Sunday. Presidential hopeful and former Vice President Mike Pence said it is "premature" to say whether or not he would pardon Trump were he to be convicted. "All we know is what the president has been accused of in the indictment," Pence told NBC's "Meet the Press" Sunday. But Trump had a supporter on Sunday in Republican presidential candidate Vivek Ramaswamy who has said the former president should be pardoned if convicted.

Persons: Mike Pence, Donald Trump, Trump, —, Bill Barr, John Kelly, Chris Christie, Christie, CNN's, Pence, NBC's, Joe Biden, Asa Hutchinson, Hutchinson, I'm, Vivek Ramaswamy, Ramaswamy, Martin Luther King Jr Organizations: Republican, Donald Trump Sunday, White, Former New Jersey Gov, Union, Sunday, Press, Republican National, Arkansas Republican, Federal Bureau of, Fox, Civil Locations: Ankeny , Iowa, United States, Arkansas

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