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☆ Teamsters blast bankruptcy-bound Yellow, cite $700 million Covid loan firm got from Trump White House
▼ + stars: | 2023-07-31 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Bankruptcy-bound trucking firm Yellow received a whopping $700 million in Covid pandemic relief loans three years ago after Trump administration officials pushed for it despite objections from the Defense Department. Yellow has repaid just $230 out of the $729.2 million in principal it still owes the U.S. Treasury for those loans, according to a government watchdog's report in May. The Teamsters Union, which represents Yellow workers, blasted the freight carrier in a statement Sunday and highlighted the Covid loans. The report said, "The loan's approval involved the intervention of top Trump Administration officials —potentially including the president," Donald Trump. "Secretary Mnuchin's communications confirm President Trump's interest in the loan approval," the subcommittee noted in a statement about the report.

Persons: Trump, Sean M O'Brien, Yellow, Donald Trump, Mark Meadows, Steven Mnuchin, Trump's Organizations: Defense Department, U.S . Treasury, Teamsters Union, Teamsters, CNBC, YRC, Trump Administration, Trump White House Locations: U.S

BEVERLY HILLS, May 2 (Reuters) - Wells Fargo & Co (WFC.N) CEO Charlie Scharf said on Tuesday the banking industry is "extremely strong" but added he expects more volatility as market participants assess the health of financial institutions. "Talking about regional banks as one - it just makes absolutely no sense," Scharf said at the Milken Institute Global Conference. "Unfortunately, there will be a lot of volatility and turmoil," he said, adding that "the majority of the banks that we look at are still extremely strong." He did not expect more bank failures comparable to the recent collapses of Silicon Valley Bank, Signature Bank and First Republic Bank. Lazard advised First Republic Bank (FRC.N) before it was seized by regulators and sold to JPMorgan on Monday.

☆ The insurance limit on your savings has become a hot global debate
▼ + stars: | 2023-04-28 | by ( Julia Horowitz | ) edition.cnn.com time to read: +8 min

The US Federal Deposit Insurance Corporation insures deposits up to $250,000 per person, per account, using a fund that banks pay into. “I don’t think that’s served us well.”Some argue the US deposit insurance limit should be 100 times higher. What is deposit insurance? Deposit insurance is aimed at calming fears, giving customers less reason to pull their cash out in a hurry. The debate over deposit insurance taps into bigger questions about the state’s role in private enterprise.

☆ Israel, Sudan announce deal to normalise relations
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +3 min

KHARTOUM, Feb 2 (Reuters) - Israel and Sudan have finalised a deal to normalise relations, with a signing ceremony expected following a transfer of power from the military to a civilian government in Khartoum, the Israeli foreign ministry said on Thursday. Sudan's foreign ministry earlier said the deal was agreed during a visit by Israeli Foreign Minister Eli Cohen to "move forward towards normalising relations between the two countries". "During the visit, which was made with the consent of the United States, the parties finalised the text of the agreement," an Israeli foreign ministry statement said. As intelligence minister that same year, Cohen made a ground-breaking visit to Sudan, a majority Muslim country. "Yes to negotiations between Israel and Sudan, yes to recognition of Israel and yes to peace between the states and between the peoples."

☆ Israeli foreign minister heads delegation to discuss Sudan normalisation
▼ + stars: | 2023-02-02 | by ( ) www.reuters.com time to read: +1 min

KHARTOUM, Feb 2 (Reuters) - Israeli foreign minister Eli Cohen was in the Sudanese capital Khartoum on Thursday to discuss the normalisation of ties between the two countries, two Sudanese government sources said. The trip was part of an exchange of visits between Sudan and Israel and involved discussions on reaching and signing a normalisation deal as well as military and security issues, the sources said, speaking on condition of anonymity. In January 2021, Sudan said that its justice minister at the time, Nasredeen Abdulbari, had signed on to the Abraham Accords during a visit by U.S. Treasury Secretary Steven Mnuchin. As intelligence minister in 2021, Cohen made a ground-breaking visit to Sudan. Reporting by Khalid Abdelaziz and Dan Williams; Writing by Aidan Lewis; Editing by Alex RichardsonOur Standards: The Thomson Reuters Trust Principles.

☆ Mike Pompeo is using his memoir to try to demolish the Trump adviser-turned-critic John Bolton
▼ + stars: | 2023-01-24 | by ( Kimberly Leonard | Sonam Sheth | ) www.businessinsider.com time to read: +8 min

Pompeo compares Bolton writing a memoir to Edward Snowden, who leaked classified information from the National Security Agency to reporters in 2013. "At least Snowden had the decency not to lie about his motive," Pompeo writes. Former President Donald Trump listens to former Secretary of State Mike Pompeo in the White House, on October 21, 2019. "Memo to John Bolton: I'm talking about you," Pompeo writes. Pompeo writes that he was having lunch with reporters the day of the firing and got a note saying that the president needed to speak with him.

Friday’s release of former President Donald Trump’s tax returns from his four years in the White House and two years prior is an important and long overdue public service. It also would have been a warning shot to any future presidents who may want to keep their tax returns private. ), chairman of the tax-writing House Ways and Means Committee, asked the agency for information related to Trump’s tax returns. Ultimately, though, it’s on House Democrats that the Trump tax documents release on Friday were so limited. So they couched their court case as looking into the effectiveness of mandatory IRS audits of tax returns of all sitting presidents.

☆ Factbox: Six highlights from testimony released by the Jan. 6 committee
▼ + stars: | 2022-12-29 | by ( Moira Warburton | ) www.reuters.com time to read: +4 min

Since the release of its report last week, the committee has released testimony transcripts highlighting other developments in Trump's White House, before and after the riot. "The president floated the idea and Cipollone said no," McEntee told the committee, referring to Pat Cipollone, former White House counsel. He said something to the effect of, God, no," Hutchinson told the committee, referring to the memo. Originals of all White House documents must be kept for the archives, but copies can be burned. She suspected her former lawyer of leaking her testimony to the press, and telling other Trump-adjacent figures about what she told the committee.

☆ Factbox: Four highlights from testimony released by the Jan. 6 committee
▼ + stars: | 2022-12-28 | by ( Moira Warburton | ) www.reuters.com time to read: +3 min

Since the release of its report last week, the committee has made public transcripts of testimony from various witnesses. BLANKET PARDONSTrump wanted to issue blanket pardons for everyone who participated in the riot, according to testimony from John McEntee, former head of personnel at the White House. "The President floated the idea and Cipollone said no," McEntee told the committee, referring to Pat Cipollone, former White House counsel. Originals of all White House documents must be kept for the archives, but copies can be burned. She suspected her former lawyer of leaking her testimony to the press, and telling other Trump-adjacent figures about what she told the committee.

☆ Opening keynote: Finance, technology and national security
▼ + stars: | 2022-12-12 | by ( Melissa Lee | ) www.cnbc.com time to read: 1 min

Treasury Secretary Steven Mnuchin played a major role in pushing the 2017 Tax Cuts and Jobs Act through congress and in the Trump Administration's tumultuous trade negotiations with China, where technology was a central theme of those discussions. Now in the private sector, Mnuchin's Liberty Strategic Capital is investing $2.5 billion in startups focused on cybersecurity and fintech. He joined CNBC's TEC Summit on Nov. 15, 2022 with a wide-ranging discussion on geopolitical technology and finance issues. Steven Mnuchin, Liberty Strategic Capital Founder & Managing Partner and 77th US Secretary of TreasuryInterviewer: Melissa Lee, CNBC Host, "Fast Money" & "Options Action"

☆ Why the Fed may finally loosen its grip
▼ + stars: | 2022-12-01 | by ( Allison Morrow | ) edition.cnn.com time to read: +4 min

The Fed should be pleased that its aggressive rate hikes in the past few months are having their desired effect, and they can ease up a bit. After four giant three-quarter-point hikes in a row, all signs point to Fed Chair Jay Powell announcing a half-point bump later this month. BIG PICTUREIt’s taken most of the year, but the economy appears to have made it over the mountain of inflation and aggressive rate hikes, according to Peter Boockvar, chief investment officer at Bleakley Financial Group. But while 200,000 is nothing to sniff at, it’s still not soft enough for the Fed to pause its rate hikes. However, markets may cheer the fact that it’s low enough for the Fed to hike at a less aggressive pace than we’ve seen in recent months.

☆ U.S. Treasury's Yellen 'practiced and practiced' her signature for U.S. bills
▼ + stars: | 2022-12-01 | by ( Ashitha Shivaprasad | ) www.reuters.com time to read: +2 min

[1/2] U.S. Treasury Secretary Janet Yellen holds a news conference in the Cash Room at the U.S. Treasury Department in Washington, U.S. July 28, 2022. REUTERS/Jonathan Ernst/File PhotoNEW YORK, Dec 1 (Reuters) - U.S. Treasury Secretary Janet Yellen said she "practiced and practiced" writing the signature that will soon adorn U.S. dollars in order to avoid the illegible scrawls of her predecessors Tim Geithner and Jack Lew. "I knew this was something you could really screw up and I wanted to get it right, and I practiced and I practiced," Yellen told CBS's late-night comedian Stephen Colbert on Wednesday. "I am going to see the first sheets of currency that have been printed with both of our names," Yellen said. Dollar notes have been printed since Yellen took office in early 2021 with former Treasury Secretary Steven Mnuchin's signature on them.

☆ Trump's former Treasury secretary calls G-7 Russian oil price cap ‘the most ridiculous idea I’ve ever heard’
▼ + stars: | 2022-11-18 | by ( Jenni Reid | ) www.cnbc.com time to read: +3 min

Mnuchin this week criticized the G-7's plan for a cap onFormer U.S. Treasury Secretary Steve Mnuchin described the G-7's plan for a price cap on Russian oil as "ridiculous." I think the problem now is that there's limited options ... there's parts of the world that are now buying Russian oil outside of U.S. sanctions," he said. "But look, a price cap, the market is going to set the price. As Europe seeks to wean itself off Russian oil and gas, Moscow has ramped up its sale of oil to countries including China and India. Energy analysts say it will be vital to get those countries' cooperation for any price cap to be effective, but it remains unclear how they will react to any final announcement.

☆ Former Treasury Sec. Steven Mnuchin says Europe faces longstanding impact from Russia-Ukraine war
▼ + stars: | 2022-11-17 | 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 EmailFormer Treasury Sec. Steven Mnuchin says Europe faces longstanding impact from Russia-Ukraine warFormer U.S. Treasury Secretary Steven Mnuchin says Russia’s war in Ukraine “has to stop."

☆ U.S. cannot ask OPEC+ to produce more oil 'when we aren’t doing it ourselves,' Mnuchin says
▼ + stars: | 2022-11-17 | 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 EmailU.S. cannot ask OPEC+ to produce more oil 'when we aren’t doing it ourselves,' Mnuchin saysFormer U.S. Treasury Secretary Steven Mnuchin says the U.S. cannot turn to oil producer group OPEC+ and ask them to pump more “when we aren’t doing it ourselves.”

☆ Passed on investing in FTX, twice, says former Treasury Secretary Steve Mnuchin
▼ + stars: | 2022-11-16 | by ( Eric Rosenbaum | ) www.cnbc.com time to read: +4 min

"We looked at investment twice, and passed both times," Mnuchin said at the CNBC Technology Executive Council Summit in New York on Tuesday. I did not expect it would unwind nearly as quickly, and if indeed customer funds were misused those are very serious issues," he said. "We were a bit surprised by the overall level of valuation," Mnuchin said. "You had people doing an investment a day in tech," Mnuchin said at the CNBC event. Though he added that the allegations of misuse of customer funds in the FTX case do point to a foundational principal in financial regulation.

☆ Amazon's job cut plans show that tech isn't out of the woods just yet
▼ + stars: | 2022-11-15 | by ( Matt Weinberger | ) www.businessinsider.com time to read: +6 min

Indeed, as Insider reported last week, Mark Zuckerberg isn't ruling out the possibility of more layoffs at Meta. Amazon CEO Andy Jassy Dan DeLong/GeekWire1. Meta CEO Mark Zuckerberg Photo by Liu Jie/Xinhua via Getty2. The tech titans are known for paying the big bucks, but that's not the only way to make it in tech. Tech leaders like Ancestry CEO Deb Liu and Scale AI CEO Lucy Guo will appear on stage.

☆ The second time we looked at FTX, it was five times the valuation of the first time: Mnuchin
▼ + stars: | 2022-11-15 | 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 EmailThe second time we looked at FTX, it was five times the valuation of the first time: MnuchinFormer U.S. Treasury Secretary Steven Mnuchin talks to CNBC's Melissa Lee about the fallout from the FTX bankruptcy and his own dealings with the company.

☆ Trump asks Supreme Court to block Congress getting his tax returns
▼ + stars: | 2022-10-31 | by ( Dan Mangan | ) www.cnbc.com time to read: +2 min

Former President Donald Trump on Monday asked the Supreme Court to block a judge's order that the IRS give years of his tax returns to the House Ways and Means Committee later this week. But the lawyers also said the Supreme Court could consider Monday's filing itself a request to hear the case. A Supreme Court case challenging the order could take months or longer to resolve. That committee has sought Trump's tax records and those of related business entities as part of an investigation of how the Internal Revenue Service audits presidential tax returns. The IRS, which is a division of the Treasury Department, is legally mandated to audit the annual tax returns of sitting presidents.

Barrack, 75, is charged with acting as an unregistered foreign agent and lying to the FBI. Prosecutors said UAE officials also pressed Barrack for details on who Trump would pick for various high-level jobs, including CIA director and at the State and Defense departments. Barrack's lawyers have said their client is his own man and was doing what he thought was right — not acting as an Emirati agent. Even viewed in the light most favorable to the government, the evidence shows only that the 'UAE' sometimes asked Mr. Barrack to do something, or to consider doing something, and Mr. Barrack then decided for himself whether he would do it or not." He said that Barrack had pushed him to convince then-President Trump to support Qatar in a blockade over the UAE.

They say Emirati sovereign wealth funds invested $374 million in Barrack's private equity firm Colony Capital, now known as DigitalBridge Group Inc (DBRG.N), in 2017 and 2018. Barrack's defense has argued his close relationship with Qatar shows he was not an Emirati agent. To prove Barrack was a UAE agent, prosecutors must prove he agreed to act under the Middle Eastern country's direction or control. In a post on his Truth Social platform on Sunday night, Trump said he did not believe Barrack was a UAE agent, and that Barrack never spoke to him about speeches or "what to say on this subject." "Tom Barrack is a highly respected businessman whose DREAM was to see PEACE IN THE MIDDLE EAST, a very good and noble thing," Trump wrote.

☆ Trump ally Barrack to testify in own defense at ‘foreign agent’ trial
▼ + stars: | 2022-10-21 | by ( ) www.nbcnews.com time to read: +2 min

NEW YORK — Tom Barrack, a onetime fundraiser for former U.S. President Donald Trump, is expected to take the witness stand in his own defense next week in his trial on charges of being an illegal foreign agent for the United Arab Emirates. Barrack’s lawyer Randall Jackson said in open court on Friday that Barrack would the stand Friday afternoon. Later, prosecutor Sam Nitze said he expected to take substantial time to cross-examine the current witness, former Barrack lawyer Brady Cassis, meaning Barrack would not take the stand Friday. Barrack, 75, has pleaded not guilty, as has his co-defendant Grimes. Even in instances where his interests and goals aligned with the UAE’s, he was acting on his own volition, they said.

☆ Former Treasury Secretary Steven Mnuchin Testifies in Defense of Trump Ally
▼ + stars: | 2022-10-21 | by ( James Fanelli | ) www.wsj.com time to read: 1 min

Former Treasury Secretary Steven Mnuchin testified Thursday in support of a Donald Trump ally on trial for alleged illegal lobbying on behalf of the United Arab Emirates, telling jurors that defendant Thomas Barrack at one point pushed a policy stance contrary to the interests of the small Gulf state. Mr. Mnuchin, who was treasury secretary during President Trump’s term in office, appeared in a Brooklyn federal court as a defense witness for Mr. Barrack, former chairman of investment firm Colony Capital Inc. who served as an informal adviser to Mr. Trump’s campaign. Federal prosecutors allege Mr. Barrack secretly worked to steer Mr. Trump’s presidential campaign and administration toward policies that U.A.E. officials favored.

☆ Trump ally Barrack to testify in own defense at 'foreign agent' trial
▼ + stars: | 2022-10-21 | by ( Luc Cohen | Thomson Reuters | Reports On The New York Federal Courts. Previously Worked As A Correspondent In Venezuela | ) www.reuters.com time to read: +2 min

Companies DigitalBridge Group Inc FollowNEW YORK, Oct 21 (Reuters) - Tom Barrack, a onetime fundraiser for former U.S. President Donald Trump, is expected to take the witness stand in his own defense next week in his trial on charges of being an illegal foreign agent for the United Arab Emirates. Barrack's lawyer Randall Jackson said in open court on Friday that Barrack would the stand Friday afternoon. Later, prosecutor Sam Nitze said he expected to take substantial time to cross-examine the current witness, former Barrack lawyer Brady Cassis, meaning Barrack would not take the stand Friday. Barrack, 75, has pleaded not guilty, as has his co-defendant Grimes. Even in instances where his interests and goals aligned with the UAE's, he was acting on his own volition, they said.

Federal prosecutors in Brooklyn say Barrack, 75, used his influence with the Trump campaign and administration to push the United Arab Emirates' interests without notifying the U.S. attorney general, as required by law. Cogan said there was therefore "some indication of bias" from Mnuchin's testimony given that the UAE would likely not want a jury to convict Barrack. He said he would nonetheless limit prosecutors' ability to detail the "mind-boggling" amounts of money involved in Mnuchin's dealings with the UAE. The trial began on Sept. 19, and prosecutors rested their case earlier this week. Mnuchin is not the first former Trump administration official to take the stand in the case.

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