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☆ Why there's almost no chance Clarence Thomas gets impeached, despite an ever-growing list of ethics violations
▼ + stars: | 2023-04-06 | by ( Ashley Collman | ) www.businessinsider.com time to read: +4 min

There are renewed calls to impeach Supreme Court Justice Clarence Thomas amid new ethics concerns. But the only way to remove a Supreme Court justice is via impeachment, and only one justice has ever been impeached. Amid the backlash, Justice Thomas did not recuse himself from any January 6 cases. Only one other Supreme Court justice has ever been impeached, and he wasn't convicted. In other words, scandals may come and go, but Supreme Court justices are for life.

☆ GOP billionaire who funded Clarence Thomas's vacations has also given thousands of dollars to Kyrsten Sinema and Joe Manchin
▼ + stars: | 2023-04-06 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +4 min

GOP megadonor Harlan Crow has been secretly funding lavish vacations for Justice Clarence Thomas. But he's also given thousands to Democrats who've stymied the party's agenda at various times. Joe Manchin and Kyrsten Sinema, as well as Reps. Josh Gottheimer and Henry Cuellar. According to federal campaign finance data, the Texas billionaire has given $16,800 to Rep. Josh Gottheimer of New Jersey since 2018, contributing thousands as recently as October 2022. For his part, Crow told ProPublica in a statement that he and his wife "have never sought to influence Justice Thomas on any legal or political issue."

☆ Starbucks fired the employee responsible for igniting the Starbucks Workers United union campaign
▼ + stars: | 2023-04-01 | by ( Ashley Capoot | ) www.cnbc.com time to read: +4 min

Starbucks fired Alexis Rizzo, the employee responsible for igniting the Starbucks Workers United union campaign, just days after the company's former CEO Howard Schultz testified on Capitol Hill about the coffee chain's alleged union-busting, CNBC confirmed. Starbucks Workers United announced Rizzo's termination in a tweet Saturday and said in a corresponding GoFundMe page that "this is retaliation at its worst." It was like my family," Rizzo told CNBC in an interview. Schultz faced a volley of tough questions from Sen. Bernie Sanders Wednesday about Starbucks' labor and union practices. Nearly 300 Starbucks cafes have voted to unionize under Starbucks Workers United, according to data from the National Labor Relations Board.

☆ Jamie Dimon is riding to the rescue again. This time, he's poised to come out on top.
▼ + stars: | 2023-03-31 | by ( Carter Johnson | ) www.businessinsider.com time to read: +15 min

Why, then, has Dimon been so willing to swing back into action in the wake of Silicon Valley Bank's collapse? But it's starting to look like JPMorgan — and Dimon — will end up winners no matter how things turn out. In backstopping First Republic, JPMorgan helps a client and a bank that experts say would fit nicely into its business. By saving First Republic, JPMorgan also stands to gain goodwill from Silicon Valley startups, which are customers of the smaller bank. The paper also reported that regulators asked Dimon, Bank of America, and other banks to buy Silicon Valley Bank and pay out depositors over the insured limit.

Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares in a best-case scenario. "I have not considered or discussed anything having to do with blanket insurance or guarantees of deposits," she said. The Morgan Stanley report considered that a potential extension of FDIC insurance could bring a majority of First Republic's customers back. Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held-to-maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.

Two government officials told Reuters the government was concerned about the deal because Nebius's activities were funded by Yandex. A third, separate source said Nebius is part of Yandex's Dutch holding company, Yandex NV, and would be part of the new international company post-restructuring. "They were basically told that as long as they're connected to a Russian company, it's not going to work," one of the sources told Reuters. "Our Dutch holding company is in the process of divesting its Russian business – unfortunately this isn't a fast process," Shtan said. Energy issued a statement last month saying neither the company nor its chief executive, Michael Bobrov, has any connection with Russia.

Some banking groups have urged the Biden administration and the Federal Deposit Insurance Corp (FDIC) to temporarily guarantee all U.S. bank deposits, a move they say will help quell a crisis of confidence after the failure of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). "I have not considered or discussed anything having to do with blanket insurance or guarantees of deposits," she said. "The failure of a small bank, of a community bank, could likewise trigger a run on other banks," she said. "To the best of my knowledge, we've never seen deposits flee at the pace that they did from Silicon Valley Bank," Yellen said. Yellen said it was "not obvious" that banks would pass those costs on to bank customers.

Morgan Stanley analyst Manan Gosalia, in a report earlier this week, set a target price of $54 for First Republic shares in a best-case scenario. That hope was reduced on Wednesday, after Yellen told a hearing of the U.S. Senate's Appropriations Subcommittee on Financial Services that the government "is not considering insuring all uninsured bank deposits." The Morgan Stanley report considered that a potential extension of FDIC insurance could bring a majority of First Republic's customers back. Even if it clinches a cash infusion, the lender will probably need to take losses on securities in its so-called held to maturity portfolio, the Morgan Stanley analysts wrote. In the worst-case scenario, First Republic's shares would sink to just $1, Morgan Stanley analysts estimated.

☆ Senate Republicans say the increasingly nasty Trump-DeSantis sparring is how you get to the best possible 2024 candidate and they expect a no-holds-barred fight
▼ + stars: | 2023-03-17 | by ( Warren Rojas | ) www.businessinsider.com time to read: +5 min

In fact, some said that's exactly what the party needs to produce a winning presidential candidate the next time around. "Heck, I hope 10 or 15 people run," Tuberville told Insider at the US Capitol, urging other White House hopefuls to "put out what you need to, go raise money, and put your best foot forward." When asked how DeSantis might hit back at the scandal-plagued former president, Rubio said that's for 2024 contenders to figure out. A follow-up question about his possibly entering the race compelled Rubio to say that he was not running for president. "There's an old statement, 'What Peter says about Paul tells you more about Peter than it does about Paul," he told Insider in the Senate subway tunnels.

☆ U.S. Republicans seek answers from regulators over SVB's collapse - Thune
▼ + stars: | 2023-03-15 | by ( ) www.reuters.com time to read: 1 min

March 15 (Reuters) - Most Republican members want answers from regulators as to why they were "asleep at the switch" over the collapse of Silicon Valley Bank (SIVB.O) and it is premature to discuss legislative solutions to banking problems, the U.S. Senate's No. 2 Republican John Thune said on Wednesday. Reporting by Richard Cowan in Washington; writing by Costas PitasOur Standards: The Thomson Reuters Trust Principles.

☆ U.S. Senate's banking panel chairman: Congress unlikely to tighten banking rules
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: 1 min

WASHINGTON, March 14 (Reuters) - The U.S. Congress should enact financial regulations to strengthen stress tests and capital and liquidity standards for banks, Senate Banking Committee Chairman Sherrod Brown said on Tuesday, but he added prospects remained low for such a step. Brown, an Ohio Democrat, told Bloomberg TV that prospects were low for the Congress to stiffen financial regulations after the failures of Silicon Valley Bank and Signature Bank (SBNY.O). Brown added that he hoped the Federal Reserve would not raise rates when it meets March 21 and 22. Reporting by Caitlin Webber; editing by Kanishka SinghOur Standards: The Thomson Reuters Trust Principles.

☆ Biden vows new bank rules after SVB collapse, cites Trump rollback
▼ + stars: | 2023-03-13 | by ( Trevor Hunnicutt | ) www.reuters.com time to read: +4 min

"Americans can have confidence that the banking system is safe. The managers of the banks will be fired, Biden noted, and investors will lose money. Biden also promised new regulation after the biggest U.S. bank failure since the 2008 financial crisis. The U.S. Federal Deposit Insurance Corporation on Monday said it had transferred all Silicon Valley Bank (SIVB.O) deposits to a newly created bridge bank and that all depositors would have access to their money beginning Monday morning. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ Biden to defend U.S. banking system after SVB, Signature collapse
▼ + stars: | 2023-03-13 | by ( Simon Lewis | ) www.reuters.com time to read: +4 min

WASHINGTON, March 13 (Reuters) - President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank (SIVB.O) and Signature Bank <SBNY.O> threatened to trigger a broader crisis. Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules. Biden will give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added. POTENTIAL BANK CHANGESIn coming days, rules introduced after U.S. banks sparked a global financial crisis in 2008 with aggressive mortgage lending may come under the spotlight. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ Biden to defend US banking system after SVB, Signature collapse
▼ + stars: | 2023-03-13 | by ( Simon Lewis | ) www.reuters.com time to read: +3 min

WASHINGTON, March 13 (Reuters) - President Joe Biden will on Monday address a banking crisis that led U.S. regulators to step in with a series of emergency measures after the collapses of Silicon Valley Bank (SIVB.O) and Signature Bank threatened to trigger a broader systemic crisis. Biden on Sunday hinted at new regulation of big banks after the biggest U.S. bank failure since the 2008 financial crisis, but faces a divided Congress unlikely to approve tougher new rules. Biden would give remarks on Monday morning on additional plans to keep the economy on track amid a crisis sparked by the sudden collapse of Silicon Valley Bank (SVB) last week, he added. Rules introduced after U.S. banks sparked a global financial crisis in 2008 by aggressive mortgage lending may come under the spotlight in coming days. Silicon Valley bank had $209 billion in assets at the end of last year.

☆ Mitch McConnell suffered concussion after fall, will stay in hospital for 'a few days,' his office says
▼ + stars: | 2023-03-09 | by ( Kevin Breuninger | ) www.cnbc.com time to read: +1 min

U.S. Senate Republican Leader Mitch McConnell (R-KY) listens to a question from a journalist during a weekly press conference in the U.S. Capitol building in Washington, January 31, 2023. Senate Republican Leader Mitch McConnell is being treated for a concussion at a hospital after he fell at a hotel, his office said Thursday. McConnell's office revealed late Wednesday night that the Kentucky Republican was admitted to a hospital after tripping during a private dinner. "Jill and I are wishing Senator McConnell a speedy recovery," President Joe Biden said in a tweet earlier Thursday afternoon. He served as Senate majority leader from 2015 until 2021, when Democrats regained majority control of the chamber.

☆ A senator who ran a multimillion-dollar plumbing business claimed he only took a $50,000 salary. His financial statements show otherwise.
▼ + stars: | 2023-03-08 | by ( Jack Newsham | ) www.businessinsider.com time to read: +3 min

Republican Senator Markwayne Mullin had a heated argument with the head of a union on Wednesday. Mullin claimed he only paid himself a $50,000 salary and "invested every penny" into his business. While lambasting Teamsters president Sean O'Brien for his nearly $200,000 salary, Oklahoma's Senator Markwayne Mullin claimed that he paid himself a salary of just $50,000 when he ran a plumbing business. I kept my salary down at about $50,000 a year because I invested every penny into it," Mullin replied. He reported between $200,000 and $2 million in income in 2012 from two family companies, Mullin Plumbing Inc. and Mullin Plumbing West, and another $15,000 to $50,000 from shares he held in a bank.

☆ Starbucks CEO Howard Schultz agrees to testify at Senate hearing after subpoena threat
▼ + stars: | 2023-03-07 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Starbucks CEO Howard Schultz has agreed to testify in a U.S. Senate hearing about the coffee chain's alleged union busting after pressure from Sen. Bernie Sanders. The Senate's Health, Education, Labor and Pensions, or HELP, Committee was scheduled to vote Wednesday morning on whether to subpoena Schultz, who previously declined a request to appear. Schultz is now scheduled to appear at a March 29 hearing. More than a year after Starbucks Workers United won its first election, none of the cafes have agreed to a contract with Starbucks yet. Starbucks has lodged more than 100 of its own complaints against the union, alleging intimidation and harassment.

☆ Former Treasury official Sarah Bloom Raskin on the backlash against ESG investing
▼ + stars: | 2023-03-03 | 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 official Sarah Bloom Raskin on the backlash against ESG investingFormer Deputy Treasury Secretary Sarah Bloom Raskin discusses the Senate's push against ESG investing.

☆ Sen. Bernie Sanders calls vote on subpoena for Starbucks CEO Howard Schultz
▼ + stars: | 2023-03-01 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Sen. Bernie Sanders is making good on his threat of a subpoena for Starbucks CEO Howard Schultz on what Sanders has called union-busting activity at the company's coffee shops. Sanders said Wednesday that the Senate's Health, Education, Labor and Pensions Committee will vote March 8 on whether to issue a subpoena for Schultz, who previously declined to appear in front of the committee. Sanders said in a statement that Schultz has denied meeting and document requests and refused to answer questions from him and his fellow senators. "Unfortunately, Mr. Schultz has given us no choice, but to subpoena him," Sanders said in a statement. In response, Sanders, who chairs the Senate committee, hinted that lawmakers could compel Schultz to appear by issuing a subpoena.

☆ US House Republicans target ESG investments in latest culture war salvo
▼ + stars: | 2023-02-28 | by ( David Morgan | ) www.reuters.com time to read: +3 min

The measure is the latest salvo in the Republican culture war against the use of issues that promote environmental interests, social equality and corporate responsibility in business and investment decisions. "Retirement plans should be solely focused on delivering maximum returns, not advancing a political agenda," said Republican Representative Andy Barr, who introduced the House resolution. "If Congress doesn't block the Department of Labor's rule greenlighting ESG investing in retirement plans, retirees will suffer diminished returns on the investment of their hard-earned money." The measure is widely expected to pass the House, where Republicans hold a slim 222-212 seat majority. Two Democratic absences could give Republicans the simple majority necessary to pass the measure and send it to Biden's desk.

☆ South Carolina state senator proposes a bill that would require new residents to pay $500 to move there
▼ + stars: | 2023-02-27 | by ( Grace Dean | ) www.businessinsider.com time to read: +3 min

A South Carolina state senator proposed a bill that would ask relocators to pay $500 to move there. New residents would pay $250 to register their vehicle and $250 for a new driver's license. Most states, including South Carolina, require newcomers from different states to get a new license upon arrival. It costs $25 to get a driver's license in South Carolina, which typically lasts for eight years. The bill doesn't aim to deter migration to South Carolina, Goldfinch told the committee.

MUNICH, Germany Feb 17 (Reuters) - Nearly 50 lawmakers from both major U.S. political parties on Friday attended the start of Europe's premier annual security conference to affirm bipartisan support for U.S. aid to Ukraine. But Lindsey Graham, a leading advocate of aiding Ukraine, said in Munich that China would be encouraged to invade Taiwan if the United States and its European allies failed to back Ukraine. But Republicans and some Democrats also say President Joe Biden's administration should better explain its Ukraine policy. The United States is Ukraine's leading military aid supplier at some $30 billion, including long-range artillery, air defence systems and advanced armored vehicles. There are now calls on both sides of the Atlantic for Ukraine to receive advanced Western fighter jets.

☆ Elderly senators have mixed feelings about Nikki Haley's call for 'mandatory mental competency tests' for politicians over 75
▼ + stars: | 2023-02-16 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +5 min

Nikki Haley is calling for "mandatory mental competency tests" for politicians over the age of 75. Over a sixth of the US Senate is age 75 or older. "We'll have term limits for Congress, and mandatory mental competency tests for politicians over 75 years old." "I think she should test her own mental competency," said Democratic Sen. Mazie Hirono of Hawaii, who recently turned 75. Republican Sen. Jim Risch of Idaho said he'd take a mental competency test Drew Angerer/Getty ImagesSome aging lawmakers expressed general openness to taking the test.

☆ Moderna CEO to testify in senate on proposed vaccine price hike
▼ + stars: | 2023-02-15 | by ( ) www.reuters.com time to read: +1 min

Feb 15 (Reuters) - Senator Bernie Sanders said on Wednesday Moderna Inc's (MRNA.O) chief executive officer Stéphane Bancel will testify next month in front of the senate on the drugmaker's plans to raise the price of its coronavirus vaccine. In January, Sanders had written to Bancel to refrain from quadrupling the price of COVID-19 vaccine, after Moderna said it was considering pricing its vaccine at $110 to $130 per dose in the United States, when it shifts from government contracting to commercial distribution. Moderna also added that uninsured patient can buy the vaccine through Moderna's patient assistance program at no cost. Sanders, chairman of the Senate's Health, Education, Labor and Pensions committee, has railed against high drug prices and backed Medicare-for-all. Reporting by Khushi Mandowara in Bengaluru; Editing by Krishna Chandra EluriOur Standards: The Thomson Reuters Trust Principles.

☆ Bernie Sanders hints at subpoena for Starbucks CEO Howard Schultz
▼ + stars: | 2023-02-15 | by ( Amelia Lucas | ) www.cnbc.com time to read: +2 min

Sen. Bernie Sanders hinted that lawmakers could subpoena Howard Schultz to compel the outgoing Starbucks CEO to testify in front of a Senate panel about how the coffee chain is handling its baristas' push to unionize. "One way or another, he will be there," Sanders, a pro-union Vermont independent, told reporters on Capitol Hill. Sanders, who chairs the Senate's Health, Education, Labor and Pensions Committee, said in a statement Wednesday that he intends to hold Schultz and Starbucks accountable and looks forward to seeing Schultz appear before the committee. Schultz declined an invitation from 11 senators to appear at the March 9 hearing, Reuters first reported Tuesday evening. To date, regional offices of the federal labor board have issued 76 complaints against Starbucks, alleging illegal labor practices.

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