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☆ Menendez Indictment Appears to Undercut Claims of ‘Two-Tiered System’ of Justice
▼ + stars: | 2023-09-22 | by ( Glenn Thrush | More About Glenn Thrush | ) www.nytimes.com time to read: +1 min

On Wednesday, Republicans on the House Judiciary Committee repeatedly accused Attorney General Merrick B. Garland of singling out former President Donald J. Trump for selective prosecution, slamming him for what they call a “two-tiered system” of justice. Forty-eight hours later, the Justice Department indicted one of the most powerful Democrats in the Senate — Bob Menendez of New Jersey, the chairman of the Foreign Relations Committee — on bribery charges, making public a trove of evidence, including cash and gold bars stashed at his house. The department’s aggressive pursuit of Mr. Menendez appeared to undercut claims that Mr. Trump is the victim of pervasive political bias that targets leaders on the right while shielding transgressors on the left. The entanglement of electoral politics and law enforcement is becoming the norm, and the prosecution of a top Democrat up for re-election in 2024 has political as well as legal reverberations. And the indictment, brought by federal prosecutors in Manhattan with limited participation from the Justice Department’s national security division in Washington, comes at a politically opportune moment for the besieged department.

Persons: Merrick B, Garland, Donald J, Trump, Bob Menendez, Menendez Organizations: Justice Department, Bob Menendez of New, Foreign Relations, Justice Department’s Locations: House, Bob Menendez of, Bob Menendez of New Jersey, Manhattan, Washington

☆ Elon Musk should be forced to testify on X’s ‘chaotic environment,’ US regulator tells court
▼ + stars: | 2023-09-12 | by ( Brian Fung | ) edition.cnn.com time to read: +4 min

Washington CNN —Elon Musk should be forced to testify in an expansive US government probe of X, the company formerly known as Twitter, the US government said. The government said mass layoffs and other decisions Musk made raised questions about X’s ability to comply with the law and to protect users’ privacy. Other planned upgrades to the company’s security program were “impaired,” the filing said, citing a deposition by the former chief information security officer, Lea Kissner. In another example, Musk personally tried to rush the rollout of Twitter Blue, the company’s paid subscription service, the filing said. But in its filing, the US government said its interest in Musk’s testimony is well-justified based on the appearance of a “chaotic environment” at X driven by “sudden, radical changes at the company” following Musk’s acquisition.

Persons: Washington CNN — Elon, Musk, Musk’s, didn’t, Lea Kissner, Damien Kieran, —, ”, Peiter “ Mudge ” Zatko Organizations: Washington CNN, Twitter, Justice Department, Federal Trade Commission, X, FTC, X Corp, CNN, Washington Post Locations: House

The closely watched court fight reflects how social media has become an informational battleground for major social issues. It has revealed the messy challenges for social media companies as they try to manage the massive amounts of information on their platforms. “For example, if there were a natural disaster, and there were untrue statements circulating on social media that were damaging to the public interest, the government would be powerless under the injunction to discourage social media companies from further disseminating those incorrect statements,” said Daniel Tenny, a Justice Department lawyer. Were social media platforms pressured? Earlier this week, he and other Republican lawmakers filed their own brief to the appeals court, accusing the Biden administration of a campaign to stifle speech.

Persons: Biden, ”, Daniel Tenny, “, John Sauer, ’, Terry Doughty, Christopher Wray, Trump, Jim Jordan, ” Jordan Organizations: DC CNN, of Homeland Security, Health, Human Services, Appeals, Fifth Circuit, Justice Department, “, Senate Intelligence, Ohio Republican, Biden Administration, Big Tech Locations: Washington, New Orleans, United States, Missouri, Louisiana

☆ Nancy Pelosi praises the 'exquisite' indictments against Trump: 'They're beautiful and intricate'
▼ + stars: | 2023-08-07 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +3 min

Pelosi praised the two federal Trump indictments as "exquisite," "beautiful," and "intricate." "The indictments against the president are exquisite," she said in an interview with New York Magazine. "They're beautiful and intricate, and they probably have a better chance of conviction than anything that I would come up with." Even as the committee laid out a narrative making the case that Trump engaged in criminal behavior, the DOJ was not yet undertaking efforts to investigate the former president. Nonetheless, the narrative laid out in last week's 45-page indictment bore a strong resemblance to the narrative laid out in the report that the committee released at the end of the last Congress.

Persons: Pelosi, Nancy Pelosi, Donald Trump, —, Trump's, Jack Smith, Trump, " Organizations: Trump, Service, New York Magazine, Republicans, Department of Justice, DOJ Locations: Wall, Silicon

☆ Saudi Arabia to extend voluntary 1 million barrel per day crude oil production cut into September
▼ + stars: | 2023-08-03 | by ( Ruxandra Iordache | ) www.cnbc.com time to read: +2 min

Heavyweight oil producer Saudi Arabia will extend a 1 million barrel per day voluntary crude oil output cut into September, in the third month of such declines, the state-owned Saudi Press Agency said Thursday. The 1 million barrel per day cut, which was also implemented in July and August, "can be extended or extended and deepened," SPA said. It adds to 1.66 million barrels per day of other voluntary production declines that some members of the Organization of the Petroleum Exporting Countries are putting in place until the end of 2024. Voluntary cuts fall outside of the production policy agreed by OPEC and its allies, known as OPEC+. Oil prices were little changed shortly after the announcement of Saudi Arabia's voluntary production cut extension.

Organizations: Saudi Press Agency, Saudi, Organization of, Petroleum, OPEC, Brent, International Energy Agency Locations: Saudi Arabia, OPEC, Saudi, Paris

☆ Senate Democrats accuse Justice Samuel Alito of violating Supreme Court ethics rules with WSJ interview, demand recusal in linked tax case
▼ + stars: | 2023-08-03 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +2 min

Justice Samuel Alito recently blasted proposed SCOTUS ethics roles in an interview with WSJ. Senate Democrats say he violated the court's ethics rules by doing that. Get the inside scoop on today’s biggest stories in business, from Wall Street to Silicon Valley — delivered daily. Rivkin, the senators note, is representing one of the parties in a tax case currently pending before the court, Moore v. United States. Both Rivkin and a spokesperson for the Supreme Court did not immediately respond to Insider's request for comment.

Persons: Samuel Alito, SCOTUS, They're, Sen, Dick Durbin, John Roberts, Alito, Jon Ossoff, David Rivkin —, Rivkin, Alito's, Moore Organizations: Democrats, Service, Democratic, Wall Street, Committee, Wall Locations: Wall, Silicon, Georgia, United States

☆ Trump Jan. 6 Indictment Relies Heavily on House Panel’s Work
▼ + stars: | 2023-08-02 | by ( Luke Broadwater | More About Luke Broadwater | ) www.nytimes.com time to read: +1 min

In taking the monumental step of charging a former president with attempting to steal an American election, Jack Smith, the Justice Department special counsel, relied on an extraordinary narrative, but one the country knew well. For a year and a half, the special House committee investigating the Jan. 6, 2021, attack on the Capitol introduced Americans to a sprawling cast of characters and laid out in painstaking detail the many ways in which former President Donald J. Trump tried to overturn the 2020 election. In doing so, it provided a road map of sorts for the 45-page indictment Mr. Smith released on Tuesday. “In a lot of ways, the committee’s work provided this path,” said Soumya Dayananda, who served as a senior investigator for the House Jan. 6 panel. “The committee served as educating the country about what the former president did, and this is finally accountability.

Persons: Jack Smith, Donald J, Trump, Smith, “, ”, Soumya Dayananda, wasn’t, ” Mr Organizations: Justice Department, Capitol, Department of Justice

☆ Trump is likely scrambling to pay legal fees as he diverts more and more donations towards his bills, New York Times reports
▼ + stars: | 2023-07-30 | by ( Katie Hawkinson | ) www.businessinsider.com time to read: +2 min

Donald Trump is likely facing financial trouble over legal fees accumulated in the last two years. This NYT analysis came after his Save America PAC requested a $60 million refund. Save America has served as a legal fund for Trump, contributing over $40 million to legal bills. Meanwhile, Save America has already spent upwards of $40 million on Trump's legal fees, the outlet reported. Trump has been making notably expensive payments towards legal fees for several months.

Persons: Donald Trump, —, Trump, Maggie Haberman —, Haberman, Stormy Daniels, Jack Smith — Organizations: Save America PAC, Trump, Service, New York Times, Times Locations: Wall, Silicon, Florida, Georgia

☆ House Democrat says 'perhaps we should call Hunter Biden' the 'Big Guy' after Marjorie Taylor Greene displays lewd photos
▼ + stars: | 2023-07-19 | by ( Bryan Metzger | Sonam Sheth | ) www.businessinsider.com time to read: +2 min

Rep. Marjorie Taylor Greene displays lewd photos of Hunter Biden at a committee hearing on Wednesday. "Perhaps we should call Hunter Biden the 'Big Guy,'" he tweeted. On Wednesday, Republican Rep. Marjorie Taylor Greene of Georgia displayed lewd photos of the younger Biden at a House Oversight Committee hearing that purportedly showed Biden engaged in sexual acts with prostitutes. Hunter Biden has been in Republican lawmakers' crosshairs since his father became a frontrunner in the 2020 presidential election. "Marjorie Taylor Greene is literally showing dick pics at our Oversight Hearing," tweeted California Rep. Robert Garcia.

Persons: Marjorie Taylor Greene, Hunter Biden, Jared Moskowitz, Guy, Joe Biden, Biden, Jared Moskowitz —, —, Moskowitz, they've, Hunter, Greene, Donald Trump's, Jamie Raskin, Maryland, Robert Garcia Organizations: Democratic, Service, Privacy, Republican, Twitter, GOP, Capitol Locations: Florida, Wall, Silicon, Georgia

☆ Alabama is trying to dodge the Supreme Court's order to stop packing Black voters into one district. It's not going to work, a law expert said.
▼ + stars: | 2023-07-19 | by ( Rebecca Cohen | ) www.businessinsider.com time to read: +5 min

Instead, the redistricting committee proposed a map that raises the number of Black voters in the second district, but doesn't give them the majority. But, according to The Hill, the team of Republicans tasked with redrawing Alabama's district map aren't listening to the Supreme Court's ruling. In this case, it's not about the percentage of Black voters in the district, Gaber said. "It is a continuation of the state's long, sordid history of disenfranchising Black voters." "To me this is evidence of purposeful discrimination at this point given what they've been told by the US Supreme Court."

Persons: John Roberts, Brett Kavanaugh, Mark Gaber, it's, Gaber, Pro Tempore Chris Pringle —, —, Pringle, Marina Jenkins, SCOTUS, they've Organizations: Service, Black, Legal, Republican, Pro Tempore, Politico, National Redistricting Foundation, Democratic, Party, Alabama, Alabama Republicans, Supreme, US Locations: Alabama, Wall, Silicon, The, Black, Alabama's, Birmingham

☆ US officials worry about ‘chilling effect’ on combating election disinformation after order limiting Biden administration contact with social platforms
▼ + stars: | 2023-07-14 | by ( Brian Fung Sean Lyngaas | Brian Fung | Sean Lyngaas | ) edition.cnn.com time to read: +13 min

The resulting uncertainty, they say, risks slowing the government and social media companies’ ability to respond to election-related disinformation that appears on tech platforms. Last week, the State Department canceled a routine meeting on election security with Facebook, according to a person familiar with the matter. On Wednesday, FBI Director Christopher Wray defended the close contacts between the US government and the social media companies. The injunction does contain some exceptions allowing more limited contact between affected agencies and social media companies. “Well, the government doesn’t necessarily have those capabilities to do that back-end work that the social media companies do.

Persons: Biden, ”, Chris Krebs, Krebs, Katie Harbath, Donald Trump, Christopher Wray, ” Wray, Trump, Harbath, Yoel Roth, Twitter’s, Gowri Ramachandran, “, ” Ramachandran, they’re, Ramachandran, Russia’s, ” Harbath, you’re, ’, Evelyn Douek, Jocelyn Benson, ” Benson, Adam Mosseri, Meta, ’ ”, Nick Clegg, Donie O’Sullivan Organizations: Washington CNN, Infrastructure Security Agency, CNN, State Department, Facebook, Justice Department, FBI, of Homeland Security, Health, Human Services, Twitter, “, Senate Intelligence, Department of Homeland Security, National Intelligence, Big Tech, Brennan Center for Justice, New York University, Stanford Law School, Meta, YouTube, Meta Global Locations: Louisiana, Missouri, State, Michigan

☆ Jim Cramer says don't get distracted by 'nonsense' and watch the June jobs report
▼ + stars: | 2023-07-06 | by ( Julie Coleman | ) www.cnbc.com time to read: +1 min

CNBC's Jim Cramer told investors on Thursday not to get distracted by "nonsense" this week and focus on Friday's June labor report. Instead, Cramer suggested investors keep their eyes on the June labor report, which will be released on Friday. The report is expected to show a red-hot job market, and Cramer said it is likely the market will get "clobbered" and the Federal Reserve will then raise rates "with abandon." "So much of what passes for wisdom on Wall Street is totally meaningless," Cramer said. He also recommended that investors raise cash and ring the register on stocks that have tallied solid gains.

Persons: CNBC's Jim Cramer, Cramer, Janet Yellen's, Yellen's, Jerome, Jay Powell Organizations: Federal Reserve, CNBC Locations: China, OPEC, Russia, Ukraine

☆ Republicans could filibuster the replacement of Dianne Feinstein, but it's unclear if they actually would: 'We couldn't do that'
▼ + stars: | 2023-07-01 | by ( Bryan Metzger | ) www.businessinsider.com time to read: +7 min

They argue that Republicans could filibuster the appointment of a new senator to the Judiciary Committee. "We couldn't do that," said Republican Sen. Chuck Grassley of Iowa, who chaired the committee from 2015 to 2019. "I don't know why that would be a problem," said Republican Sen. Josh Hawley of Missouri, another member of the committee. With Feinstein absent, the Judiciary Committee could not quickly approve and send to the floor a slate of nominees that lacked GOP support. Republican Sen. Rick Scott of Florida expressed amazement that replacing Feinstein's seat could be subject to the Senate's 60-vote filibuster.

Persons: Dianne Feinstein, —, Sen, Dianne Feinstein's, Joe Biden's, Biden, Republican Sen, Chuck Grassley, Josh Hawley, Democratic Sen, Ben Cardin, Feinstein, Chuck Schumer, Lindsey Graham of, Graham —, Committee —, Mitch McConnell, Rick Scott, Anna Moneymaker, Barack Obama's, Amy Coney Barrett, Donald Trump's, Sheldon Whitehouse, Barbara Boxer, Cardin, Schumer, Ted Cruz, Cruz, McConnell, Graham, Scott, Schumer didn't Organizations: Committee, Service, Democratic, GOP, Republican, Republicans, CNN, Judiciary, California —, New York Times, Times Locations: Iowa, Josh Hawley of Missouri, Ben Cardin of Maryland, California, Lindsey Graham of South Carolina, Washington, Florida, Rhode, Ted Cruz of Texas

☆ Hedge fund industry insiders say Two Sigma's unusual risk disclosure was years in the making
▼ + stars: | 2023-06-27 | by ( Rebecca Ungarino | Kaja Whitehouse | ) www.businessinsider.com time to read: +6 min

Two Sigma, the successful quant hedge fund, is dogged by two cofounders who don't get along. Disagreements between Overdeck and Siegel only surfaced publicly for the first time last week. The disclosure was highly unusual for a hedge fund since they generally have much lighter disclosure requirements than their public counterparts, experts say, making the filing all the more notable. The firm has been known mainly as a premier quantitative hedge fund since its founding. Then when it comes to planning for the next generation of leaders to take over from hedge fund founders, the transition can be difficult.

Persons: John Overdeck, David Siegel, Overdeck, Siegel, Mark Pickard, Jonathan Hitchon, Sarah Jacobs, Kevin Mullally, Mullally Organizations: Sigma, Street Journal, Overdeck, Wall Street, Business, University of Central Locations: New York, Manhattan's SoHo, University of Central Florida

☆ Fed Chair Powell is heading to Capitol Hill. Here’s what to expect
▼ + stars: | 2023-06-21 | by ( Bryan Mena | ) edition.cnn.com time to read: +4 min

Washington, DC CNN —Federal Reserve Chair Jerome Powell testifies before congressional lawmakers this week, starting Wednesday morning with the House Financial Services Committee — just one week after the central bank paused its most aggressive rate-hiking campaign in decades. Indeed, just days after the decision, two Fed officials called for more increases, citing persistent inflationary pressures. Powell will try to quell Democrats’ concerns over the Fed inducing more job losses than necessary and reassure Republicans that the central bank remains committed to fighting inflation. Financial markets see a roughly 77% chance the Fed will hike rates by another quarter point in July, according to the CME FedWatch Tool. The Fed has already published Powell’s semiannual report to Congress, which includes mostly what Powell and the post-meeting statement communicated earlier this month.

Persons: Jerome Powell, “ Powell’s, ”, José Torres, “ Powell, Christopher Waller, Thomas Barkin, Biden, Brendan Boyle, Powell, Mike Pence, Madhavi Bokil Organizations: DC CNN — Federal, House Financial, Fed, Interactive Brokers, Richmond Fed, ”, Pennsylvania Democrat, Republicans, US, Moody’s Investors, Moody’s Investors Service Locations: Washington, Pennsylvania

☆ With Debt Limit Deal in Hand, McCarthy and Biden Turn to Task of Selling It
▼ + stars: | 2023-05-28 | by ( Luke Broadwater | Chris Cameron | ) www.nytimes.com time to read: +1 min

“Terrible policy, absolutely terrible policy,” Representative Pramila Jayapal, Democrat of Washington, said on CNN’s “State of the Union,” referring to the work requirements for food stamps and other public benefit programs. Some on the right had already ruled out doing so before seeing the details. “No one claiming to be a conservative could justify a YES vote,” Representative Bob Good, Republican of Virginia and a member of the House Freedom Caucus, wrote on Twitter. Representative Dan Bishop, Republican of North Carolina, posted his reaction to news of the deal: a vomit emoji. Some Senate Republicans, who under that chamber’s rules have more tools to slow consideration of legislation, were also up in arms.

☆ There's no clear sign of a US credit crunch yet, a top Fed official says
▼ + stars: | 2023-04-11 | by ( Zahra Tayeb | ) www.businessinsider.com time to read: +3 min

There's no clear signs of a US credit crunch yet, according to Fed official John Williams. We haven't seen any clear signs yet of credit conditions tightening and we don't know how big those effects will be," he said. The collapse of SVB and Signature Bank has stoked fears that lending standards to obtain a loan will become harder. We haven't seen any clear signs yet of credit conditions tightening and we don't know how big those effects will be," he added at a New York University event Monday. Other commentators have blamed the Fed's aggressive interest rate hikes as a key factor in the collapse of SVB and Signature Bank.

☆ A D.E. Shaw internship could land a dream gig at the secretive hedge fund. Here's what it takes.
▼ + stars: | 2023-04-10 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +8 min

Shaw's recruiting head, took us inside the firm's process for finding talent. Shaw Group is one of the highest-grossing, and most secretive, hedge funds on Wall Street, with $60 billion under management. Launched by former Columbia University computer-science professor David Shaw above a small left-wing bookshop in lower Manhattan in 1988, D.E. The interview process includes an initial video interview, a case study or coding test (depending on the internship), a second round of video interviews, and a reference check. At any point in the process, candidates might even be steered toward an internship other than the one they applied to that could better align with the candidate's skills and interests.

☆ A summer internship at D.E. Shaw can pay up to $20,000 a month. Here's what it takes to land a coveted spot.
▼ + stars: | 2023-04-06 | by ( Michelle Abrego | ) www.businessinsider.com time to read: +8 min

☆ Clarence Thomas slammed from across political spectrum, as former House GOP member says he 'should not be allowed anywhere near a judicial decision'
▼ + stars: | 2023-04-06 | by ( Grace Eliza Goodwin | Warren Rojas | ) www.businessinsider.com time to read: +3 min

Former GOP House members are slamming Justice Clarence Thomas over his cozy relationship with a billionaire. One of Thomas' fellow conservatives says he "should not be allowed anywhere near a judicial decision." Because Justice Thomas knew it was wrong to accept these secret gifts." Former GOP Virginia House member Denver Riggleman reacted to ProPublica's report on Twitter, saying "Our country is poisoned from within. Another former Republican House member Adam Kinzinger tweeted "Regardless of your politics, this cannot be acceptable."

☆ JPMorgan just dropped some clues as to who might succeed Jamie Dimon. See Insider's exclusive organizational chart identifying the bank's top 114 executives.
▼ + stars: | 2023-04-04 | by ( Carter Johnson | Samantha Stokes | Dakin Campbell | ) www.businessinsider.com time to read: +6 min

We've got names and faces for more than 100 top JPMorgan leaders across investment banking, and more. The bank's CEO and chairman, Jamie Dimon, has consequently been a leading voice shaping both Wall Street and Main Street for decades. On Tuesday, JPMorgan's board of directors provided a little more insight into its CEO succession plans via a 116-page annual proxy filing. Additions to the organizational chart also highlight the growth within some of JPMorgan's key teams. It also provides some clues as to who might one day succeed Dimon, Wall Street's longest running CEO.

☆ Asia Pacific shares join US gains as investors await key Fed decision
▼ + stars: | 2023-03-21 | by ( Juliana Liu | ) edition.cnn.com time to read: +2 min

Hong Kong CNN —Asia Pacific shares opened higher on Wednesday, tracking US gains, as investors awaited the US Federal Reserve’s next monetary policy decision later in the day. Hong Kong’s benchmark Hang Seng (HSI) index was trading 2.3% higher, leading gains in the region. The MSCI Asia Pacific index, which excludes Japanese companies, was broadly higher, rising 0.8%. On Tuesday, US stocks closed higher as shares of regional banks rebounded from record-breaking losses earlier in the month. The SPDR Regional Banking ETF (KRE), which tracks a number of small and mid-sized bank stocks, gained 5.8% for the day.

☆ China revives ruling party control of financial oversight
▼ + stars: | 2023-03-17 | by ( Evelyn Cheng | ) www.cnbc.com time to read: +3 min

Greg Baker | Afp | Getty ImagesBEIJING — The ruling Communist Party of China is establishing commissions to oversee finance and tech, state media announced Thursday. A new "Central Financial Commission" is set to strengthen the party's "centralized and unified leadership over financial work," state media said Thursday in Chinese, according to a CNBC translation. watch nowWhile state media did not specify, a financial work commission of the same name had been set up in the aftermath of the 1998 Asian financial crisis. Responsibilities of that party commission are borne by the restructured Ministry of Science and Technology. The State Council changes established a National Financial Regulatory Administration to oversee most of the financial industry — except for the securities industry.

☆ The Justice Department investigated Jeffrey Epstein's death. Then it went silent.
▼ + stars: | 2023-03-09 | by ( Jacob Shamsian | ) www.businessinsider.com time to read: +25 min

Jeffrey Epstein's death in a federal jail was seen as a shocking Justice Department failure. But more than three years later, the office still hasn't released its report into the circumstances of Epstein's death. "We all took it by surprise," Mark Epstein told Insider. Barr tasked the Justice Department's inspector general, Michael Horowitz, and the FBI with investigating "the circumstances of Mr. Epstein's death." Mark Epstein told Insider that he spoke to his brother about once a month in the years before his death.

☆ Giving babies $1,000 at birth is an 'unprecedented opportunity for financial security,' Ayanna Pressley and Cory Booker say
▼ + stars: | 2023-03-08 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Rep. Ayanna Pressley and Sen. Cory Booker urged the Treasury Department to support their "Baby Bonds" legislation. "This policy would provide every child in America with unprecedented opportunity for financial security," Pressley and Booker wrote in their letter. They cited reports from Columbia University and Morningstar that found Baby Bonds would "substantially" close the racial wealth gap. When we introduce baby bonds, this gap narrows to 71% for Black families and 67% for Hispanic families." Along with Pressley and Booker, other Democratic lawmakers have been stressing the benefits of Baby Bonds over the past year.

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