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☆ Jim Cramer: Why a successful Reddit IPO would be bad news for this bull market
▼ + stars: | 2024-03-03 | by ( Jim Cramer | ) www.cnbc.com time to read: +14 min

There's nothing like a moribund IPO market to create a pleasant backdrop for a bull run. Hot on the heels of the Reddit deal is the expiration of the IPO lockup period for Arm Holdings on March 12. I thought it might occur after the successful Arm deal, but like so many nascent attempts to revive the IPO market there was nothing worth following up with until the Reddit deal. This brings me back to the IPO market. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade.

Persons: We've, It's, Reddit, Sam Altman, Conde Nast, Rene Haas, Steve Huffman, Reddit's, —, isn't, Morgan Stanley, Goldman Sachs, Uber, Jim Cramer's, Jim Cramer, Jim, Mateusz Slodkowski Organizations: Advance Magazine Publishers, Arm Holdings, Company, Nvidia, Employees, GameStop, Supply, Amazon, Walmart, Securities and Exchange Commission, Investors, Fidelity, ICE, Costco, Rite Aid, Tech, Microsoft, Meta, Federal Trade Commission, White House, Jim Cramer's Charitable, CNBC, Getty Locations: British, TheStreet.com, Reddit, POLAND

☆ Ex-Honduras president Juan Orlando Hernández, former US ally, to stand trial in NY for alleged cocaine smuggling empire
▼ + stars: | 2024-02-20 | by ( Noah Hurowitz | Natalie Musumeci | ) www.businessinsider.com time to read: +13 min

Ex-Honduran President Juan Orlando Hernández will stand trial in New York on drug trafficking charges. Former Honduran President Juan Orlando Hernández in 2020. Juan Orlando Hernández, center in chains, is shown to the press at the Police Headquarters in Tegucigalpa, Honduras, Tuesday, Feb. 15, 2022. In this courtroom sketch, Juan Orlando Hernández, center, speaks into a microphone while pleading not guilty to drug trafficking and weapons charges in 2022. Juan Antonio "Tony" Hernández, the brother of Juan Orlando Hernández.

Persons: Juan Orlando Hernández, Hernández, —, Joaquín, Moises Castillo, Hernández's, James D, it's, Elmer Martinez, Hernández —, Juan Carlos Bonilla, Mauricio Hernandez Pineda, " Pineda, Bonilla, Pineda, Juan Antonio, Tony, Tony Hernández, Tony Hernández's, El Chapo, ledgers, Elizabeth Williams Hernández's, Pamela Ruíz, Rúiz, Cachiros, Hondurans, Devis Leonel Rivera Maradiaga, Alex Ardon, Fernando Antonio, Juan Orlando Organizations: Prosecutors, Service, AP, Embassy, of, Police, Honduran National Police, Central, International, Business, National Party, Sinaloa Cartel, Honduran Locations: Honduran, New York, Honduras, United States, America, Mexican, Manhattan, Tegucigalpa, Hernández, Southern, of New York, Washington, Brooklyn, Tigre, Miami, Colombia, El, Central America, El Paraiso, Guatemala, Sinaloa

☆ Arm shares jump 29% as post-earnings rally extends to second week
▼ + stars: | 2024-02-12 | by ( Kif Leswing | ) www.cnbc.com time to read: +1 min

Arm shares soared 29% on Monday, extending last week's rally as investors continue to applaud the chipmaker's better-than-expected third-quarter earnings and its position in the artificial intelligence boom. Arm is now up 93% since it reported quarterly financials on Feb. 8, though without any clear catalyst for Monday's move. Last week, Arm said it could charge twice as much for its latest instruction set, which accounts for 15% of the company's royalties, suggesting it can expand its margin and make more money off new chips. Its royalty strength combined with Arm's optimistic growth forecast has made the company the latest AI darling among investors, despite a higher earnings multiple than Nvidia or AMD. For the second time in three trading sessions, Arm's daily volume exceeded 100 million shares, or more than 10 times the average for the stock .

Persons: SoftBank Organizations: Nvidia, AMD

☆ If you don't own Arm yet, wait for the stock to pull back when the lockup expires, says Jim Cramer
▼ + stars: | 2024-02-08 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

If you don't own Arm yet, wait for the stock to pull back when the lockup expires, says Jim Cramer'Mad Money' host Jim Cramer digs into the recent jump in Arm stock and how to play it from here.

Persons: Jim Cramer

☆ Arm's post-earnings pop leaves stock trading at over 100% premium to Nvidia
▼ + stars: | 2024-02-08 | by ( Kif Leswing | ) www.cnbc.com time to read: +3 min

That agreement would have involved selling Arm for $40 billion, or just $8 billion more than SoftBank paid in 2016. Instead, Arm went public last year, and the company is now worth over $116 billion after the stock soared 48% on Thursday. SoftBank still owns roughly 90% of the outstanding stock, meaning its stake in Arm increased by over $34 billion in a day. watch nowChipmakers Nvidia and AMD have been Wall Street darlings of late due to their central position in the artificial intelligence boom. 'Gain market share'Arm has a different business model than Nvidia and AMD in that it's largely a technology licensing company.

Persons: Jakub Porzycki, Arm, SoftBank, Lisa Su, Steve Marcus Organizations: Nurphoto, Nvidia, AMD, Intel, Qualcomm Locations: SoftBank, Las Vegas , Nevada, U.S

NEW DELHI (AP) — Indian police cleared a suspected Chinese spy pigeon after eight months' detention and released it into the wild Tuesday, news agency Press Trust of India reported. Police suspected it was involved in espionage and took it in, later sending it to Mumbai's Bai Sakarbai Dinshaw Petit Hospital for Animals. Eventually, it turned out the pigeon was an open-water racing bird from Taiwan that had escaped and made its way to India. It is not the first time a bird has come under police suspicion in India. In 2016, another pigeon was taken into custody after it was found with a note that threatened Indian Prime Minister Narendra Modi.

Persons: Mumbai's Bai Sakarbai Dinshaw, Narendra Modi Organizations: DELHI, Press Trust of, Police, Hospital for Animals, Bombay Society for, Indian Locations: Press Trust of India, Mumbai, Taiwan, India, Kashmir

☆ China securities regulator suspends restricted share lending from Monday
▼ + stars: | 2024-01-29 | by ( ) www.cnbc.com time to read: +3 min

An investor reacts as she views the stock index at a securities company on May 30, 2007 in Shanghai, China. The CSRC added that the move would "resolutely" crack down on illegal activities that use securities lending to reduce holdings and cash out. The regulator also said it will limit the efficiency of some securities lending in the securities refinancing market from March 18. Last October, the CSRC restricted securities lending businesses and tightened scrutiny of improper regulatory arbitrage by imposing higher margin requirements. Both Shanghai and Shenzhen stock exchanges said they will suspend securities lending by strategic investors during lockup periods, effective from Jan. 29.

Persons: CSI300 Organizations: Analysts, China Securities Regulatory Commission Locations: Shanghai, China, Beijing, Shenzhen

Former U.S. President Donald Trump departs for his second civil trial after E. Jean Carroll accused Trump of raping her decades ago, outside a Trump Tower in the Manhattan borough of New York City, U.S., January 26, 2024. "The record will reflect that Mr. Trump just rose and walked out of the courtroom," said Judge Lewis Kaplan. Trump's comments have sparked death threats and vicious emails and tweets directed at Carroll, the lawyer said. "You are not going to use a slide to represent how many tweets there were, you are not using that slide, period," Judge Kaplan said. Carroll's lawyers have complained during the trial about Trump making comments that were audible to jurors while sitting with his attorneys at the defense table.

Persons: Donald Trump, Jean Carroll, Trump, Lewis Kaplan, Roberta Kaplan, defaming Carroll, Donald J, Kaplan, Alina Habba, Judge Kaplan, Carroll, Habba Organizations: U.S, Trump, Carroll, United Locations: Manhattan, New York City, U.S, New York, United States

In addition to his two losses in the Carroll cases, Trump faces civil penalties in a case in New York, where a judge has already determined that Trump inflated his net worth to win better financing terms. In both the New York and the second Carroll case, Trump has made theatrical appearances and remarks. The Best Cartoons on Donald Trump View All 272 ImagesIn the Carroll case, Trump stormed out of the courtroom during closing arguments and was chastised by the judge for interrupting while his own lawyer, Alina Habba, was speaking. The initial Carroll verdict came as something of a surprise. Haley earlier in the month said she had not "looked at" the Carroll case.

Persons: E, Jean Carroll –, Carroll, Donald Trump, Trump's tantrums, Trump, defaming Carroll, Roberta Kaplan, District Judge Lewis Kaplan, Hillary Clinton, Letitia James, Arthur Engoran, Jan, Joe Biden, Engoran, Alina Habba, Carroll –, Judge Kaplan, Kaplan, A.J, Delgado, Nikki Haley, Trump's, “ Donald Trump’s, ” Haley, Nachama Soloveichik, Haley, Biden, Witch Hunt Organizations: U.S, District, Trump, Democratic, Senate, Republicans, New, Donald Trump View, Carroll, Capitol, United Nations, Republican Party Locations: New York, New York , Florida, Georgia, Lago, Florida, York

☆ Here are Thursday's biggest analyst calls: Nvidia, Disney, Tesla, Instacart, Arm, Rivian, Target & more
▼ + stars: | 2023-11-09 | by ( Michael Bloom | ) www.cnbc.com time to read: +7 min

Here are Thursday's biggest calls on Wall Street: Goldman Sachs initiates Apellis Pharmaceuticals as buy Goldman initiated the biotech company with a buy and says it sees "continued execution." Bank of America reiterates Disney as buy Bank of America said it's standing by its buy rating after Wednesday's earnings report. Goldman Sachs reiterates Arm as overweight Goldman said it's sticking with its buy rating after the stock's earnings report on Wednesday. Goldman Sachs reiterates Instacart as buy Goldman said it's sticking with its buy rating on the grocery delivery company after Instacart's earnings report on Wednesday. Morgan Stanley reiterates Rivian as overweight Morgan Stanley said it's sticking with its overweight rating on the electric vehicle company. "

Persons: Goldman Sachs, Goldman, Tesla, WK Kellogg, Kellogg, Wolfe, Instacart, Morgan Stanley, Rivian, Eli Lilly, MRK's Keytruda, Evercore, it's bullish, Parker, Wells, it's, Hein Schumacher Organizations: Apellis Pharmaceuticals, HSBC, Tesla, Barclays, JPMorgan, Bank of America, Disney, ARM, Deutsche Bank, Deutsche, Merck, pharma, TAP, Industrial, Nvidia, Anheuser, Busch InBev, Bud, Offshore, Unilever, OW, Citi Locations: North America, Montrose

☆ Goldman is sticking by this beaten-up IPO, sees more than 75% upside
▼ + stars: | 2023-11-09 | by ( Brian Evans | ) www.cnbc.com time to read: +1 min

Goldman Sachs thinks Instacart could be poised for a comeback. The firm reiterated a buy rating on the grocery delivery stock alongside a $48 per share price target. The company's initial public offering valued Instacart at roughly $10 billion. CART YTD mountain Instacart stock. Goldman Sachs analyst Eric Sheridan said the long-term view for Instacart remains sound, and the company will benefit from greater adoption of its platform and stronger advertising revenue.

Persons: Goldman Sachs, Instacart, Eric Sheridan, Sheridan, Michael Bloom Organizations: CART

☆ Hold off on buying CAVA until the lockup on insider selling ends, says Jim Cramer
▼ + stars: | 2023-11-01 | by ( Jim Cramer | ) www.cnbc.com time to read: 1 min

Hold off on buying CAVA until the lockup on insider selling ends, says Jim Cramer'Mad Money' host Jim Cramer takes a closer look at Cava to see if its a buy ahead of earnings.

Persons: Jim Cramer Locations: CAVA, Cava

☆ See photos of the last prison ship still operating in the US. The 5-story vessel is slated to close this week.
▼ + stars: | 2023-10-31 | by ( Associated Press | Haley Tenore | ) www.businessinsider.com time to read: +9 min

America's last functional prison ship, New York's Vernon C. Bain Correctional Center, is closing. The Vernon C. Bain Correctional Center was originally meant to solve overcrowding at Rikers Island. Vernon C. Bain currently houses 500 incarcerated people, though it has 800 beds. Inmates can be seen playing basketball on the Vernon C. Bain court. It's unclear what the future for the Vernon C. Bain Correctional Center is after inmates are all transferred out.

Persons: New York's Vernon C, —, Kenneth Williams, Williams, Vernon C, Seth Wenig, United States —, Bain, Gregory Acevedo, Stephan Khadu, Darren Mack, Gary Hershorn, who've, David Dee Delgado, Edward Koch, Khadu, Joseph B, Frederick, Lezandre Khadu, Stephan Khadu's, Rudy Giuliani, David Howells, Corbis, Latima Johnson, Johnson Organizations: Bain Correctional Center, Service, New York City's, Bain Correctional, AP, Department of Correction, Bain, New, New York, Getty Images Locations: New York's, Brooklyn, New, Bronx, United States, New York, Rikers, New York City, California, South Bronx, —

Defense lawyers estimated that they would question him for about five hours after brief testimony from two other witnesses. After prosecutors rested Thursday, defense lawyers immediately asked Judge Lewis A. Kaplan to acquit Bankman-Fried on the grounds that prosecutors had failed to present sufficient evidence. Bankman-Fried was arrested in the Bahamas and extradited to the United States last December, a month after his businesses collapsed. Kaplan revoked the bail in August after concluding that Bankman-Fried had tried to influence potential trial witnesses. Since then, his lawyers have complained that Bankman-Fried has been unable to properly prepare for trial while incarcerated at a Brooklyn federal lockup.

Persons: Sam Bankman, Fried, Judge Lewis A, Kaplan, acquit, Caroline Ellison, Bankman Organizations: — Prosecutors, Alameda Research, Palo, Stanford University, Bankman, Alameda Locations: Manhattan, California, Alameda, Bahamas, United States, Palo Alto , California, Brooklyn

☆ This fast-casual food chain is a buy after a recent sell-off, Morgan Stanley says
▼ + stars: | 2023-10-11 | by ( Lisa Kailai Han | ) www.cnbc.com time to read: +2 min

Cava has strong growth potential, and Morgan Stanley thinks investors need to capitalize on it. The bank upgraded shares of the fast-casual chain to overweight from equal weight. It decreased its price target to $41 from $45, but the updated forecast still implies upside of nearly 28%. Harbour pointed to Cava's strong fundamentals as a catalyst, specifically the restaurant chain's "best-in-class" store margins that still have upside potential. The analyst also highlighted Cava's strong self-funded net unit growth — which has a 15% target — and expects growth in both traffic and sales to continue this year.

Persons: Cava, Morgan Stanley, Brian Harbour, — CNBC's Michael Bloom Locations: Cava, CAVA

QUITO, Ecuador (AP) — A seventh man accused in the August assassination of an Ecuadorian presidential candidate was killed inside a prison in Ecuador's capital, authorities said Saturday, a day after six others allegedly linked to the crime were slain in a different lockup. The killing of the seven suspects happened a little more than a week before Ecuador holds a presidential runoff election and as officials struggle to explain how this was possible. The prison system said in a press release that the man killed was being held at a prison in Quito, Ecuador’s capital. Six Colombian men charged in the Aug. 9 assassination of Fernando Villavicencio were killed Friday inside a prison in Guayaquil. He had reported being threatened by affiliates of Mexico’s Sinaloa drug cartel, one of the many international organized crime groups operating in Ecuador.

Persons: —, Fernando Villavicencio, Guillermo Lasso, Villavicencio, Luisa González, Daniel Noboa Organizations: Ecuadorian Locations: QUITO, Ecuador, Ecuador's, Quito, Ecuador’s, Guayaquil, Sinaloa

Logos of Swiss banks Credit Suisse and UBS are seen before a news conference in Zurich Switzerland, August 30, 2023. The analyst said higher deposit rates were potentially being used to limit outflows at Credit Suisse and had been weighing on the bank's ability to bolster revenue. Credit Suisse reported net asset outflows of 39 billion francs in the second quarter. However, UBS said the outflows had slowed down and reversed in June, with Credit Suisse reporting net deposit inflows of $18 billion in the second quarter. UBS's Chief Executive Sergio Ermotti has said he aims to get back the Credit Suisse assets.

Persons: Denis Balibouse, Kian Abouhossein, Abouhossein, Sergio Ermotti, Ermotti, Noele Illien, Stefania Spezzati, Oliver Hirt, Elisa Martinuzzi, Mark Potter Organizations: Credit Suisse, UBS, REUTERS, Rights, Suisse, JPMorgan, UBS's, Thomson Locations: Zurich Switzerland, Raiffeisen, Switzerland

WASHINGTON (AP) — Hundreds of rioters have been charged, convicted and sentenced for joining the mob attack on the U.S. Capitol. There is no public record of a conviction or a sentence in Lazar's court docket. Lazar was sentenced in Washington’s federal court on March 17 to 30 months in prison, according to the Bureau of Prisons, but there’s no public record of such a hearing. Questions about Lazar’s case have been swirling for months, but the details of his conviction and sentence have not been previously reported. The judge overseeing Lazar’s case in May rejected a request from media outlets — including the AP — to release any sealed records that may exist.

Persons: Samuel Lazar's, —, Lazar, Donald Trump, Fort Dix —, George Papadopoulos, Trump, Robert Mueller, Papadopoulos, George Washington, Randall Eliason, Eliason, Defendants, ” Eliason, “ Let’s, “, Robin Meriweather, ”, Amy Berman Jackson, he’s, Judge Jackson, ” Jackson, ” ___ Richer, Eric Tucker Organizations: WASHINGTON, U.S . Capitol, Capitol, of Prisons, Associated Press, Department, AP, Justice Department, Fort Dix, Bureau of Prisons, FBI, George, George Washington University, ” U.S, NBC, Lancaster Locations: Ephrata , Pennsylvania, New Jersey, Russia, Washington, ”, Washington ,, U.S, Boston

☆ The Arm IPO is here, but many ETFs will not be buyers
▼ + stars: | 2023-09-14 | by ( Bob Pisani | ) www.cnbc.com time to read: +6 min

The Cupertino, Calif.-based company licenses its processorIPO and tech enthusiasts are excited about the Arm Holdings Plc initial pubic offering, and with good reason: it's the first big tech IPO in more than two years. However, some investors who would like to get immediate exposure to the Arm IPO through ETFs may be disappointed. However, this particular IPO highlights several difficulties that even large companies like Arm have in acquiring a broader ownership base through ETFs. The first problem is that Arm is not a U.S. company, it's British — which generally would exclude it from the S&P indexes. Potential ETF buyers: Nasdaq-100 ETF, IPO ETFsThere are some potential ETF buyers.

Persons: Matt Bartolini, Howard Silverblatt, Van Eck, Jan Van Eck, Todd Sohn, it's, Matt Kennedy, Nate Geraci, I'm Organizations: ARM Holdings, Arm Holdings, Nasdaq, Tech, ARM, P, SPDR Technology, SPDR, SPDR Americas Research, Street Global Advisors, Global, Renaissance, Van Eck Semiconductor, CNBC, Vanguard Total U.S, Renaissance Capital Locations: Cupertino, Calif, U.S, SPDR Americas

☆ Pennsylvania fugitive recaptured after weeks-long manhunt
▼ + stars: | 2023-09-13 | by ( ) www.reuters.com time to read: +2 min

Sept 13 (Reuters) - A convicted murderer who escaped from a Pennsylvania jail last month was recaptured on Wednesday after eluding an expanding manhunt for weeks and unnerving residents in the suburbs west of Philadelphia, state police said on social media. School districts canceled classes for a day after Cavalcante was seen on security-camera video on a public garden trail. More than a week after his escape, he stole a van and drove about 25 miles (40 km) before abandoning the vehicle. He also stole a rile from a garage as the owner of the house who fired several shots at him. After his escape from the county jail, authorities had offered a $25,000 reward for information leading to his capture.

Persons: Danelo Cavalcante, Cavalcante, Brendan O'Brien Organizations: Police, U.S . Marshals Service, Thomson Locations: Philadelphia, Chester, Schuylkill Township, Virginia, Brazilian, Brazil, Chicago

Pennsylvania State Police posted on X, the platform formerly known as Twitter, that the department was pursuing Danelo Souza Cavalcante in South Coventry Township. Cavalcante slipped out of the 8-square-mile (13-square-kilometer) search area over the weekend, stole a dairy delivery van that had been left unlocked with the keys in it. He abandoned it more than 20 miles (32 kilometers) north of the search area, after unsuccessfully seeking help at the homes of two former colleagues late Saturday, police said. Even though Cavalcante slipped through the perimeter, it won't make things easier, Caine suggested. Bivens declined to discuss whether Cavalcante has received assistance from others, but he said no such arrests have been made.

Persons: Danelo Souza Cavalcante, Cavalcante, George Bivens, ” Bivens, he’s, “, Válter Júnior Moreira dos Reis, Craig Caine, there’s, Caine, isn't, ”, Bivens, Eléonore Hughes Organizations: Pennsylvania State Police, South Coventry Township . Police, U.S . Marshal’s Service, New, Fugitive, Force, Associated Press Locations: Pennsylvania, South Coventry Township, Chester, Brazil, Tocantins, Figueirópolis, New York, New Jersey, United States, Rio de Janeiro

We are buying 75 shares of GE HealthCare Technologies (GEHC), at roughly $67.51 apiece. Following Tuesday's trade, Jim Cramer's Charitable Trust will own 1,170 shares of GEHC, increasing its weighting in the portfolio to 2.74% from 2.57%. Meanwhile, GE HealthCare management is expected to attend the Wells Fargo Healthcare conference on Thursday and is set to address the Morgan Stanley Global Healthcare conference next Tuesday. As a subscriber to the CNBC Investing Club with Jim Cramer, you will receive a trade alert before Jim makes a trade. Healthcare and technology, Doctor using digital tablet with icon medical network on hospital background ipopba | iStock | Getty Images

Persons: Jim Cramer's, Morgan, Wells Fargo, Morgan Stanley, Jim Cramer, Jim Organizations: GE HealthCare Technologies, GEHC, General Electric, GE, GE HealthCare, Wells, Healthcare, Morgan Stanley Global Healthcare, CNBC, iStock, Getty

☆ What's going on with VinFast stock? The electric vehicle SPAC has soared more than 800% since its debut and is worth more than Ford.
▼ + stars: | 2023-08-29 | by ( Matthew Fox | ) www.businessinsider.com time to read: +4 min

VinFast soared as much as 830% since it went public via a SPAC IPO earlier this month. The Vietnam-based electric vehicle maker released its cars on the US market earlier this year. The small float of available shares of VinFast could be the main factor behind the sharp stock rally. Vietnam-based VinFast has seen its stock soar as much as 830% since it went public via a SPAC IPO earlier this month. So why is VinFast stock so high?

Persons: it's, VinFast, MotorTrend, Faraday, Pham Nhat Vuong, Jim Chanos isn't Organizations: Service, Toyota, Ford, General Motors Locations: Vietnam, Wall, Silicon, VinFast's, VinFast

☆ VinFast stock soars again on Nasdaq as buzz over Vietnamese EV maker grows
▼ + stars: | 2023-08-23 | by ( Michelle Toh | ) edition.cnn.com time to read: +3 min

Hong Kong CNN —Shares of VinFast, the Vietnamese electric vehicle maker that went public in a red-hot Wall Street debut last week, enjoyed another stunning rally again Tuesday. The strong market performance could make it easier for VinFast to raise more money from investors, a move CEO Thuy Le told CNN the company was considering. A similar story played out last week, when VinFast began trading on the Nasdaq. Public trading of VinFast (VFS) is based on razor-thin volumes — just 1% of the shares, which means price moves can be extremely volatile. On Tuesday, VinFast was one of the top trending companies and “most watched” stocks on Stocktwits, a social network for investors.

Persons: Thuy Le, VinFast, Pham Nhat Vuong, CNN’s Julia Chatterley, Le, “, ”, ” Le, Nhac Nguyen, Pham, CNN’s Livvy Doherty Organizations: Hong Kong CNN —, CNN, Nasdaq, Volkswagen, Ford, Getty, Volkswagen Group Locations: Hong Kong, New York, lockup, Hanoi, AFP, North Carolina, Asia, United States

☆ New York City Has ‘Tepid’ Plans for Fixing Rikers, Monitor Says
▼ + stars: | 2023-08-07 | by ( Ed Shanahan | More About Ed Shanahan | ) www.nytimes.com time to read: +1 min

If New York City officials feel any urgency about fixing the persistent problems at the Rikers Island jail complex, they are not showing it, according to a report filed on Monday by the federal official appointed to monitor the lockup. The monitor, Steve J. Martin, writes in the report that the city Correction Department’s most recent efforts toward improving conditions at the Rikers complex have been “haphazard, tepid and insubstantial.”In describing the dysfunction that has come to define the jails, Mr. Martin detailed two episodes that occurred at Rikers in the past several months. One involved a correction officer who stood by as a group of detainees assaulted a man in their unit. The other involved detainees who were pepper sprayed for no reason during an unofficial “hostage drill.”The report’s findings are striking given the increasing possibility that the city could be forced to relinquish at least some control over its jails, which have been troubled for decades and plunged into their latest crisis in March 2020 with the Covid-19 pandemic. A hearing on the future stewardship of the jails is scheduled for Wednesday.

Persons: Steve J, Martin Organizations: New York Locations: New York City, Rikers

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