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“Obviously, the little girls that are going to see Barbie, none of them are going to have any idea what those dashes mean,” Mr. Cruz told Fox News. “This is really designed for the eyes of the Chinese censors, and they’re trying to kiss up to the Chinese Communist Party because they want to make money selling the movie.”The response on the right is not a one-off. For a generation of conservative personalities, weaned on Andrew Breitbart’s much-cited observation that “politics is downstream of culture,” Hollywood and other ostensibly liberal bastions are to be confronted head-on, lest their leanings ensnare young voters without a fight. Recent years have provided ample evidence, some on the right say, for a “go woke, go broke” view that progressivism is bad business. (Of course, there is no way to trace exactly what determines any movie’s success or failure, and many observers adhere to the screenwriter William Goldman’s axiom: “Nobody knows anything.”)“Barbie” cannot be said to have gone broke.
Persons: Mr, Cruz, Andrew Breitbart’s, ensnare, , Mario, Halle Bailey, , William Goldman’s, Barbie, Rich Cromwell, ” Kyle Smith Organizations: Fox News, Chinese Communist Party, Mario Bros, Black, Wall Street
Sam Bankman-Fried's younger brother, who was a top lobbyist for failed crypto exchange FTX, considered purchasing the island nation of Nauru in the Pacific to create a fortified apocalypse bunker-state, a lawsuit filed in Delaware bankruptcy court shows. There's also a fascination with buying large estates in the Pacific, and even owning small islands there. In his years running FTX, the elder Bankman-Fried brother touted a philanthropic lifestyle called effective altruism and established the philanthropic arm with that in mind. Along with an unnamed philanthropic officer of FTX, he considered buying Nauru, in part to foster "sensible regulation around human genetic enhancement, and build a lab there." A representative for Nauru confirmed the island nation was not and has never been for sale.
Persons: Sam Bankman, Gabe Bankman, Fried, Cromwell, There's, FTX, Clinton Organizations: Sullivan, Washington , D.C, Nauru, Fried Locations: Nauru, Delaware, Washington ,, Brisbane, Australia
Law firm alerts have gone so far as to call the appeal an “existential threat” to the entire syndicated loan market. The SEC later added to the suspense by requesting two more extensions from the 2nd Circuit, noting the complexity of the issue. On the other hand, any remaining uncertainty will be resolved as soon as the 2nd Circuit issues a ruling. But it’s a good bet that the trustee's lawyers from McKool will urge the 2nd Circuit to read the SEC’s silence as proof of the complexity of the issue. An earlier version incorrectly reported that Judge Michael Park was part of the 2nd Circuit panel that heard oral argument.)
Persons: Cromwell, JPMorgan Chase, Marc Kirschner, Paul Gardephe, Manhattan, Gardephe, McKool Smith, Jose Cabranes, Joseph Bianco, Myrna Perez, , Malcolm Stewart, Christopher Johnson, McKool, SEC wouldn’t, Michael Park, Alison Frankel, Leigh Jones Organizations: Sullivan, U.S . Securities, Exchange Commission, U.S, Circuit, SEC, 2nd, JPMorgan, Millennium, U.S . Justice Department, District, Trading Association, Securities Industry, Financial Markets Association, Justice Department, U.S . Treasury Department, Thomson, Reuters Locations: U.S .
SummaryLaw Firms FTX founder allegedly misappropriated customer funds for European acquisitionFTX failed to find a buyer for the company in bankruptcy saleNEW YORK, July 13 (Reuters) - Bankrupt crypto exchange FTX sued insiders at FTX Europe AG late Wednesday, seeking to recover $323 million that FTX had invested in an ill-fated expansion into European crypto markets. After FTX filed for bankruptcy in November, it sought to sell FTX Europe, only to conclude that no buyer would offer meaningful value for the company, according to FTX. FTX acquired Digital Assets for nearly $400 million in three transactions in 2020 and 2021, hoping to obtain regulatory approvals and expand into European markets. FTX filed for bankruptcy protection in November, saying it was unable to completely repay customers who had deposited funds on its exchange. Prosecutors have charged Bankman-Fried, 31, with stealing billions of dollars in FTX customer funds to cover losses at its affiliated hedge fund Alameda Research.
Persons: FTX, Sam Bankman, Patrick Gruhn, Robin Matzke, Brandon Williams, Cosima Capital, Williams, Fried, Gruhn, Steven Holley, Stephen Ehrenberg, Brian Glueckstein, Christopher Dunne of Sullivan, Cromwell, Read, Clinton, Dietrich Knauth Organizations: FTX, AG, DA AG, Assets, Matzke, Gruhn, Prosecutors, Alameda Research, Trading, Bankruptcy, District of, Cromwell LLP, Thomson Locations: Zurich, Switzerland, Europe, Delaware, Matzke, Oregon, Alameda, U.S, District of Delaware
NEW YORK/LONDON, June 30 (Reuters) - Global mergers and acquisitions (M&A) activity fell 36% year-on-year in the second quarter, but investment bankers and lawyers expressed optimism that the stock market's recovery will gradually restore chief executives' dealmaking confidence. "Global uncertainty is what is impacting M&A most - it just makes people uncomfortable. It's easier to say, I'll pass on a deal - nobody gets fired for passing on a deal. M&A volumes in the United States declined by 30% to $318.4 billion, while Europe and Asia Pacific volumes shrank 49% and 24% respectively. Not a single so-called mega-deal, which typically refers to transactions worth over $25 billion, was signed during the quarter.
Persons: Michael Aiello, Weil, Raymond McGuire, Steve Baronoff, Bunge, John Collins, Morgan Stanley, there’ll, Ethan Klingsberg, Deringer, Manolo Falco, Scott Miller, Sullivan, Cromwell, Howard Ellin, Flom, Dwayne Lysaght, Eric Schiele, Kirkland, Ellis, Anirban Sen, Andres Gonzalez, Stephen Coates Organizations: Manges LLP, Lazard Ltd, Bank of America, Reuters Graphics Reuters, Magellan Midstream Partners, Viterra Ltd, Carrier Global, Investment, Citigroup Inc, JPMorgan Chase, Antitrust, U.S . Federal Trade Commission, Horizon Therapeutics, Thomson Locations: United, Europe, Asia, Skadden, Slate, New York, London
Scotland will celebrate the accession of King Charles III with its own festivities on Wednesday. “Scotland will welcome the new King and Queen in July with a series of events to mark the Coronation. There the Scottish Crown Jewels will be presented to the King. The crown was first worn by James V at the coronation of Queen Mary of Guise in 1540. A 21-gun salute from the 12 Regiment Royal Artillery will sound at the end of the service before the royal procession returns to Holyroodhouse.
Persons: London CNN —, King Charles III, , King Charles, Queen Camilla, Prince William, Kate, Duke, Duchess of, King, Queen, Humza Yousaf, Yousaf, Giles, Cathedral, Giles ’, James V, Queen Mary of Guise, Innocent VIII, James IV, Mary, Queen of Scots, Oliver Cromwell’s, Walter Scott, Charles ’, Cruachan IV, Andrew Milligan, George Gross, Charles, Organizations: CNN’s Royal, London CNN, Scottish, National Service of, , Edinburgh, of Union, King’s, Guard, Royal Company of Archers, Armed Forces, Royal Regiment of, Royal Regiment of Scotland Shetland, Combined Cadet Force, Royal Marine, 2nd Battalion, Royal Regiment of Scotland, Regiment Royal Artillery, King’s College London Locations: London, Scotland, Holyrood, Duchess of Rothesay, Edinburgh, St, Balmoral, Britain, Scone, Westminster, Royal Regiment of Scotland, Holyroodhouse
June 21 (Reuters) - Law firm Fenwick & West has hired its own outside legal team as it faces scrutiny over its role advising now-bankrupt cryptocurrency exchange FTX, including from the company's indicted founder Sam Bankman-Fried. Silicon Valley-founded Fenwick has turned to Gibson, Dunn & Crutcher as its advice becomes a focus of Bankman-Fried’s criminal defense, according to court documents and sources familiar with the situation. Nancy Hart and Kevin Rosen, leaders in Gibson Dunn's prominent law firm defense practice, are representing Fenwick on issues related to FTX, including in the Bankman-Fried criminal case and a federal class action lawsuit, sources said. The firm also counseled Bankman-Fried’s hedge fund Alameda Research, which is at the center of the criminal case against him. Fenwick, one of at least four major law firms to advise FTX, is not the only firm to be targeted by Bankman-Fried.
Persons: Fenwick, Sam Bankman, Gibson, Dunn, Nancy Hart, Kevin Rosen, Gibson Dunn, FTX, Bankman, Fried, Fenwick’s, Sullivan, Cromwell, Andrew Goudsward Organizations: West, Crutcher, Alameda Research, Prosecutors, Bankman, Thomson Locations: Silicon, Alameda, New York, Florida
PGA Tour logo during the third round of the Travelers Championship on June 24, 2017, at TPC River Highlands in Cromwell, Connecticut. Key lawmakers on Wednesday invited the officials behind the proposed deal between the PGA Tour and Saudi-backed rival LIV Golf to testify at a Senate subcommittee hearing. Blumenthal, D-Conn., and Johnson, R-Wisc., requested testimony from the tour's commissioner, Jay Monahan, LIV Golf CEO Greg Norman and Yasir al-Rumayyan of the Saudi Arabia Public Investment Fund. "Fans, the players, and concerned citizens have many questions about the planned agreement between the PGA Tour and LIV Golf," Johnson said in a release. Blumenthal has expressed a particular interest in whether the PGA Tour deserves to keep its tax exempt nonprofit status as a business association that benefits its members.
Persons: LIV Golf, Sen, Richard Blumenthal, Ron Johnson, Blumenthal, Conn, Johnson, Jay Monahan, LIV, Greg Norman, Yasir al, Monahan, PIF didn't, Norman Organizations: Wednesday, PGA Tour, Senate Homeland Security, Saudi Arabia Public Investment Fund, LIV Golf, PGA, CBS Locations: Cromwell , Connecticut, Saudi, United States
PGA Tour logo during the third round of the Travelers Championship on June 24, 2017, at TPC River Highlands in Cromwell, Connecticut. WASHINGTON — A top Democratic lawmaker launched a probe on Monday into the planned merger of the PGA Tour and Saudi-backed LIV Golf. The agreement will require the approval of the PGA Tour policy board, according to a memo to players from Monahan. LIV Golf declined to comment on Blumenthal's letters. PGA Tour did not immediately respond to request for comment.
Persons: LIV Golf, Sen, Richard Blumenthal, Conn, Jay Monahan, LIV, Greg Norman, Blumenthal, Jamal Khashoggi, Monahan, CNBC's Organizations: WASHINGTON —, Democratic, PGA Tour, Saudi, Washington Post, Investigations, Private Investment Fund Locations: Cromwell , Connecticut, WASHINGTON, Saudi, American
Dorsey questioned the value of a Bahamian court ruling during a Thursday court hearing in Wilmington, Delaware, saying that he would retain authority over the $7 billion in assets recovered by the U.S. debtors no matter what the Bahamian court rules. "It doesn't go to FTX Digital until I say it goes to FTX Digital," Dorsey said. The sides offered very different descriptions of how important FTX Digital was to the crypto exchange's operations. A court ruling in their favor could place the Bahamian company, and not the U.S. debtors, in charge of collecting assets and deciding how to distribute them to FTX customers. The case is FTX Trading, U.S. Bankruptcy Court for the District of Delaware, No.
Persons: John Dorsey, Dorsey, Chris Shore, Sam Bankman, Bankman, Fried's, Andy Dietderich, Brian Glueckstein, James Bromley of Sullivan, Cromwell, Chris Shore of, FTX, Dietrich Knauth Organizations: U.S, FTX's U.S, FTX Digital, FTX, Bahamian, Bankruptcy, District of, Chris Shore of White, Thomson, & & $ Locations: Delaware, Bahamas, Wilmington , Delaware, U.S, Hong Kong, District of Delaware
LONDON, May 31 (Reuters) - U.S. domestic banks reported a widespread tightening of lending standards by the end of the first quarter of 2023 - even before the full impact of the regional banking crisis had been felt. The net percentage of domestic banks tightening standards for commercial and industrial (C&I) loans to small businesses with annual sales below $50 million hit +47% at the end of the first quarter. The net percentage tightening small business C&I standards has risen to levels usually associated with recession, based on past results from the Senior Loan Officer Opinion Survey on Bank Lending Practices (SLOOS). Banks are likely pre-empting a slowdown in the business cycle and increase in unemployment, widely expected since late 2022, which will increase defaults. As the price of credit increases and its availability becomes more restricted, the slowdown in small business and household spending will act as another headwind for the economy.
Persons: Banks, John Kemp, Sharon Singleton Organizations: Federal Reserve, Senior, Bank Lending, Thomson, Reuters Locations: U.S
The plaintiffs' lawyer who filed that case, Kerry Miller of Fishman Haygood, told me on Wednesday that he plans to monitor the Bankman-Fried criminal case for any Fenwick & West documents that might boost the class allegations. Companies are typically reluctant to waive privilege for fear that their lawyers’ documents might be used in other cases. That assertion seems to hint that Bankman-Fried will claim that he can personally waive privilege over some Fenwick & West communications. The strongest defense case, Sandick said, would probably feature testimony from a Fenwick & West witness to bolster testimony from Bankman-Fried about his reliance on advice from FTX lawyers. But contradictory testimony from a law firm witness could undermine Bankman-Fried’s advice-of-counsel defense.
Persons: Sam Bankman, Gresser, Fenwick, Fried, West, FTX, , , Bankman, District Judge Lewis Kaplan, Kaplan, Kerry Miller, Fishman Haygood, Cohen, Sullivan, Cromwell, Harry Sandick, Patterson Belknap Webb, Tyler, ” Sandick, Sandick, , ’ ”, Alison Frankel Organizations: Cohen, Fenwick & West, Alameda Research, Silvergate Bank, West, U.S, Prosecutors, Alameda, District, District Judge Lewis Kaplan of, Fenwick &, Manhattan U.S, Companies, Defense, Thomson, Reuters Locations: Fenwick, FTX, Alameda, Manhattan, California, District Judge Lewis Kaplan of Manhattan
Opinion: The ultimate ‘Succession’ lesson
  + stars: | 2023-05-28 | by ( Richard Galant | ) edition.cnn.com   time to read: +13 min
We’re looking back at the strongest, smartest opinion takes of the week from CNN and other outlets. Walt Handlesman/Tribune Content AgencyIn a much more ominous vein, the theme of survival dominates the HBO show “Succession,” which is coming to an end Sunday. She’s so caught up in beating her brothers at the succession game that she can’t see this baby as anything but an obstacle.”“Ultimately, this storyline is a perfect encapsulation of the larger tragedy that is ‘Succession,’” Bodenheimer added. The contest for the 2024 GOP presidential nomination heated up last week with the official entry of Florida Gov. Ron DeSantis, former President Donald Trump’s strongest challenger in the polls.
(Caroline introduces Sally Ann as “my Kerry.”) These ladies share the bond of having loved a very difficult man; and when Marcia reaches out for Kerry’s hand, Kerry sobs. Logan’s fiery liberal brother, Ewan (James Cromwell), ignores his grandson Greg’s attempt to stop him from taking the pulpit. Roman has never had this kind of spotlight; and now his siblings expect him to “say the other side” of the Logan Roy story. Roman starts to give his generic “great, great man” speech, but then freezes and asks his family to bail him out. He acknowledges the pain his father could cause but he also celebrates how Logan made “bloody, complicated life” happen.
Kidde-Fenwal filed for Chapter 11 protection in Delaware bankruptcy court. Kidde-Fenwal sold AFFF foam products from 2007 to 2013, according to court documents. Kidde-Fenwal does not make AFFF products, but it previously sold AFFF products through a subsidiary called National Foam. 3M, a central defendant in the AFFF lawsuits, has said it would stop producing PFAS by 2025. The case is In re Kidde-Fenwal Inc, U.S. Bankruptcy Court for the District of Delaware, No.
Insider built an org chart showing the most senior executives under BlackRock CEO Larry Fink. To provide a window into the current power structure, Insider has mapped out the roughly 150 most senior BlackRock executives. This week, the firm overhauled its alternative-investments business and made changes to the makeup of its Aladdin business, two core BlackRock offerings. "We are spending a great deal of time at BlackRock getting the firm ready for when the founders are retiring. Investment stewardship head Joud Abdel Majeid and Willie Alford, Fink's new chief of staff, are among the executives who report to Fink.
Cromwell’s rule plays an important formal role in Bayesian statistics but it is important for any exercise in prediction and analysis. SOFT LANDING CONDITIONSI have written elsewhere the global economy is on course for a significant mid-cycle slowdown if not a cycle-ending recession. Multiple conditions would need to be satisfied, and none violated, for a soft landing to occur. The soft landing scenario is so tricky to pull off and therefore so improbable it has been called “immaculate disinflation” by some forecasters. Nevertheless, the probability of a soft landing is far from zero.
May 9 (Reuters) - Indicted FTX founder Sam Bankman-Fried has renewed his attacks on the bankrupt cryptocurrency exchange’s law firm as he mounts his defense against a raft of fraud, money laundering and campaign finance charges. Bankman-Fried late Monday asked a judge to designate FTX’s current leadership and the exchange’s attorneys at law firm Sullivan & Cromwell as part of the “prosecution team” in the criminal case against him. FTX and Sullivan & Cromwell provided such extensive cooperation to the government that prosecutors had “effectively deputized the company to aid the prosecution,” Bankman-Fried argued. Sullivan & Cromwell, a prominent Wall Street law firm with about 900 lawyers, represented FTX on transactions and regulatory matters before its collapse last year. In Monday’s filing, Bankman-Fried’s defense team said Ray and FTX’s bankruptcy lawyers have acted as “public mouthpieces” for the prosecution and have turned over “cherry-picked” information incriminating Bankman-Fried.
May 8 (Reuters) - Goldman Sachs Group Inc (GS.N) has agreed to pay $215 million to settle a long-running class-action lawsuit that accused the investment bank of widespread bias against women in both pay and promotions, Bloomberg News reported on Monday citing a person familiar with the matter. Last week, Reuters reported that the talks were ongoing to settle roughly a month before the trial was set to begin. The plaintiffs alleged the bank systematically paid women less than men and gave women weaker performance reviews that impeded their career growth. They are led by Cristina Chen-Oster, Mary De Luis and Allison Gamba, who were Goldman vice presidents, and Shanna Orlich, who was an associate. The lawsuit is among the highest-profile cases targeting Wall Street's alleged unequal treatment of women, including in litigation against many banks that stretches back decades.
Sam Bankman-Fried, the founder of the collapsed cryptocurrency exchange FTX, has issued his first detailed legal defense since prosecutors accused him of fraud, seeking to dismiss several of the charges and claiming that the high-powered law firm representing FTX in its bankruptcy has been doing the government’s bidding. In court filings late Monday, lawyers for Mr. Bankman-Fried said FTX and its lawyers at the firm Sullivan & Cromwell had become de facto agents of federal prosecutors building the criminal case against him and might be withholding crucial evidence. “FTX’s legal advisors went to the government to accuse Mr. Bankman-Fried behind his back without knowing the full facts, and ultimately forced him to step down as C.E.O.,” the lawyers wrote. For months, Sullivan & Cromwell has funneled documents and other evidence to the prosecution, the filings say. Mr. Bankman-Fried’s lawyers claimed that prosecutors had been seeking only the most incriminating documents, even though FTX might also be sitting on material that could help the defense.
The coronation ceremony followed a procession from Buckingham Palace. Coronation chair The coronation service is a solemn, religious occasion full of symbolism. The chair was cleaned ahead of this year’s ceremony for King Charles. The bejewelled Sword of Offering, made for the coronation of George IV in 1821, was one of the objects used during the coronation ceremony. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.
LONDON, May 5 (Reuters) - The ceremony for King Charles' coronation at Westminster Abbey in London on Saturday will involve historic regalia ranging from sceptres and maces to a ring and a spoon. It replaced an original crown believed to date back to the 11th century Anglo-Saxon king of England, Edward the Confessor. SOVEREIGN'S SCEPTRE WITH DOVEThis is the second sceptre used in the ceremony, representing the sovereign's spiritual role. It was used to anoint King James 1 in 1603 and has featured at every coronation since. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.
God save the King! Send him victorious, Happy and glorious, Long to reign over us, God save the King." In Australia, where the British monarch is also head of state, the country has decided not to have the image of King Charles on its new $5 note. ROYAL CYPHERThe Royal Cypher is the monogram used by the monarch. Charles' cypher features his initial, title, Rex – Latin for King, and III, alongside a representation of the crown.
The coronation ceremony will begin at 1000 GMT following a procession from Buckingham Palace. Coronation chair The coronation service is a solemn, religious occasion full of symbolism. The chair is being cleaned ahead of this year’s ceremony for King Charles. The bejewelled Sword of Offering, made for the coronation of George IV in 1821, is one of the objects used during the coronation ceremony. They date back to 1661 and have been used at every coronation from King Charles II’s until King George VI’s in 1937, with new armills specially prepared for Queen Elizabeth in 1953.
FILE PHOTO: The logo for Goldman Sachs is seen on the trading floor at the New York Stock Exchange (NYSE) in New York City, New York, U.S., November 17, 2021. REUTERS/Andrew KellyNEW YORK (Reuters) - Goldman Sachs Group Inc is in talks to settle a class-action lawsuit that alleged widespread gender bias against women in pay and promotions, said a source familiar with the matter. The plaintiffs, former employees of the Wall Street bank, accused Goldman Sachs of systematically paying women less than men, and giving women weaker performance reviews that impeded their career growth. Goldman has previously denied wrongdoing.The lawyers for Goldman Sachs, Sullivan & Cromwell, did not immediately respond to a request for comment. The Wall Street Journal reported earlier on the talks.
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