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☆ Florida drag queen says DeSantis-backed anti-LGBTQ laws are 'exactly what we were taught about in schools about how the Nazis rose to power'
▼ + stars: | 2023-03-17 | by ( Chris Panella | ) www.businessinsider.com time to read: +6 min

A Florida drag queen compared legislation targeting LGBTQ issues backed by Gov. Other drag queens and local politicians called the administration's efforts "fascism." Florida doesn't feel like home, one drag queen saidAdrien, who was born and raised in South Florida, is now an Orlando-based drag queen and said recent anti-LGBTQ political shifts make the state feel like it's no longer home. 'Those safe spaces will go away'Jason DeShazo is president of Rose Dynasty Foundation Inc. and performs as drag queen Momma Ashley Rose. And both drag queens say they'll still perform.

☆ Saddam Hussein's yachts were once signs of luxury. Now, one is a wrecked picnic spot for fishermen and the other was almost turned into a hotel.
▼ + stars: | 2023-03-17 | by ( Chris Panella | ) www.businessinsider.com time to read: +4 min

Saddam Hussein's yachts were once luxurious signs of the dictator's power. The 'Al Mansur,' Iraqi President Saddam Hussein's private yacht, lies at the dockside in central Basra April 10, 2003. Iraq stepped in and courts decided the "Bashrah Breeze" belonged to the government. In 2018, reports that "Bashrah Breeze" would be made into a hotel for pilots made international headlines. The 'Bashrah Breeze' superyacht owned by Saddam Hussein.

A round of financing on Sunday raised through JPMorgan had given First Republic access to $70 billion in funds. First Republic Bank's stock closed up 10% on news of the rescue but its shares fell 18% in after-market trading, after the bank said it would suspend its dividend. [1/2] A person walks past a First Republic Bank branch in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. It said it would exercise an option to borrow up to 50 billion Swiss francs ($54 billion) from the Swiss National Bank, which confirmed it would provide liquidity to the bank against sufficient collateral. Since March 8, before last week's collapse of SVB, European banks have lost around $165 billion in market value, Refinitiv data shows.

The planned rescue package was discussed by Treasury Secretary Janet Yellen, Federal Reserve Chairman Jerome Powell and JPMorgan Chase & Co. (JPM.N) CEO Jamie Dimon on Tuesday, according to a source familiar with the situation. A central player in the deal was Rodgin Cohen, a veteran lawyer at Sullivan & Cromwell, two sources familiar with the matter said. A First Republic Bank branch is pictured in Midtown Manhattan in New York City, New York, U.S., March 13, 2023. Other lenders including BNY Mellon, PNC Bank, State Street, Truist and U.S. Bank channeled $1 billion of deposits into the San Francisco-based lender. Federal Reserve Board Chair Jerome Powell said the Fed was always ready to provide liquidity through its discount window.

☆ US CFTC to give pass over certain swap reporting failures tied to SVB, Signature Bank contracts
▼ + stars: | 2023-03-16 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 16 (Reuters) - The U.S. Commodity Futures Trading Commission on Wednesday said it would give a pass to firms that cannot meet certain swap reporting requirements following the recent failures of Silicon Valley Bank (SIVB.O) and Signature Bank (SBNY.O). The Commission will not launch enforcement actions against any counterparties that cannot meet agency reporting requirements for swaps contracts solely from the FDIC transfers, it said. Those may include business conduct, margin, clearing and trade execution requirements. Firms should "should use best efforts to fulfill their reporting obligations with respect to such swaps," the CFTC said. Reporting by Chris Prentice, Kanishka Singh, Rami Ayyub and Ismail ShakilOur Standards: The Thomson Reuters Trust Principles.

HONG KONG, March 16 (Reuters) - Officials from the U.S. audit watchdog will start a new round of inspections in Hong Kong on Chinese companies' auditors as soon as next week, sources said, as part of a deal with Beijing to prevent delistings of the firms from the New York bourse. That visit came after U.S. and China reached a landmark deal last August to settle a long-running dispute over auditing compliance of U.S.-listed Chinese firms. It also warned that any obstruction of inspection access could affect Chinese firms' listings in the U.S. A mainland branch under KPMG and a Hong Kong branch under PwC were picked by the PCAOB in last year's inspections, the PCAOB said earlier. Reporting by Xie Yu and Selena Li in Hong Kong, additional reporting by Chris Prentice in Washington; Editing by Sumeet Chatterjee and Sonali PaulOur Standards: The Thomson Reuters Trust Principles.

Signs of calm and stability in banking stocks, which have tanked in the past week following the collapse of Silicon Valley Bank (SVB), soon paved way for renewed selling as Credit Suisse shares fell to record lows. Reuters GraphicsThe STOXX 600 (.STOXX) index fell 1.67%, while Europe's broad FTSEurofirst 300 index (.FTEU3) fell 51.58 points, or 2.91%Investors rushed back into safe haven investments. "The Credit Suisse share price is falling and government bonds are rallying on the back of that. Markets are "spooked" by Credit Suisse headlines, said Richard McGuire, head of rates strategy at Rabobank in London. "For today Credit Suisse is the dish of the day but we don't think this will be a longer lasting trend," he said.

[1/3] Switzerland's national flag flies above a logo of Swiss bank Credit Suisse in front of a branch office in Bern, Switzerland November 29, 2022. Reuters GraphicsThe STOXX 600 (.STOXX) index fell 1.29%, while Europe's broad FTSEurofirst 300 index (.FTEU3) fell 44.48 points, or 2.51%. "The Credit Suisse share price is falling and government bonds are rallying on the back of that. Markets are "spooked" by Credit Suisse headlines, said Richard McGuire, head of rates strategy at Rabobank in London. "For today Credit Suisse is the dish of the day but we don't think this will be a longer lasting trend," he said.

☆ Michael Cohen tells Republicans 'think twice' as he finished testifying to a Manhattan grand jury that's expected to consider if Trump should face charges
▼ + stars: | 2023-03-15 | by ( Laura Italiano | Chris Panella | El Calabrese | ) www.businessinsider.com time to read: +3 min

Michael Cohen finished his testimony to a grand jury that may decide to charge Donald Trump. Cohen alleges that Trump approved illegal "hush-money" payments to adult actress Stormy Daniels made just days before the 2016 election. In 2018, federal prosecutors called the $130,000 payment to Daniels an illegal Trump campaign expense. Now, a New York grand jury is probing if the payment violates New York election and document laws. I don't want to see anyone, including Donald Trump indicted, prosecuted, convicted, incarcerated, simply because I fundamentally disagree with them."

☆ Russian state media touts video of schoolchildren in Crimea drilling with rifles and training in hand-to-hand combat
▼ + stars: | 2023-03-15 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

A new video shows schoolchildren in Crimea training with rifles and completing hand-to-hand combat. The lessons are reportedly part of a training course that will come to other schools this year. The lessons appear to be part of a military training course that students across grade levels are participating in. In the video, originally shared by RIA Novosti Crimea, students first handle rifles in a competitive timed exercise. The new strategy marks a shift from Wagner's previous efforts to recruit Russian prisoners in exchange for reduced jail time.

Companies Wells Fargo & Co FollowWASHINGTON, March 15 (Reuters) - The former head of Wells Fargo's retail bank is facing prison time after pleading guilty to obstructing a bank examination in relation to the sweeping phony accounts scandal that roiled the bank in 2016. An attorney for Tolstedt, who ran the bank's retail and small business lending from 2007 to 2016, declined to comment. But, in this case, Ms. Tolstedt took steps to cover up misconduct at Wells Fargo," Joseph McNally, acting U.S. attorney for the central district of California, said in a statement. A spokesperson for Wells Fargo declined to comment. The development marks a rare instance of a senior bank executive facing prison time as a result of their job, but some said it does not go far enough.

[1/5] Guo Wengui (also known as Miles Kwok) holds a news conference with Steve Bannon in New York, New York, U.S., November 20, 2018. Guo, 52, was charged with 11 criminal counts including securities fraud, wire fraud and concealment of money laundering, after "lining his pockets with the money he stole," U.S. Attorney Damian Williams in Manhattan said in a statement. They will propose a "robust bail package," according to Tamara Giwa, a federal public defender who represented Guo at Wednesday's hearing. Bannon is not accused of wrongdoing in Guo's criminal case. It said it also seized assets purchased with proceeds from Guo's alleged fraud, including a Lamborghini Aventador, and wants Guo to forfeit the yacht.

☆ Investors tiptoe back into US bank stocks, regulators probe SVB collapse
▼ + stars: | 2023-03-14 | by ( Chris Prentice | ) www.reuters.com time to read: +6 min

March 14 (Reuters) - Bruised U.S. bank stocks regained some ground on Tuesday, as a sell-off sparked by Silicon Valley Bank's collapse gave way to bargain-hunting by investors hopeful that efforts to shore up confidence would avert a wider financial crisis. The S&P 500 regional banks index (.SPLRCBNKS) rebounded 1.4%, leaving it with a 26% loss over the past five sessions. Investors worry about the health of smaller banks, the prospect of tighter regulation and authorities' preference for protecting depositors before shareholders. Reuters Graphics Reuters GraphicsINVESTIGATIONSAs markets adjusted to the impact of SVB's collapse, regulars turned their focus to the circumstances around the bank's collapse. Officials are also examining stock sales by officers of SVB Financial Group, which owned the bank, the WSJ reported, citing people familiar with the matter.

☆ U.S. prosecutors probing collapse of Silicon Valley Bank -source
▼ + stars: | 2023-03-14 | by ( ) www.reuters.com time to read: +2 min

REUTERS/Al Drago/File PhotoMarch 14 (Reuters) - U.S. prosecutors are investigating the collapse of Silicon Valley Bank, according to a source familiar with the matter, as scrutiny mounts over the firm's sudden collapse and regulators scramble to contain the fallout. The U.S. Justice Department is probing the sudden demise of the bank, which was shuttered on Friday following a bank run, the source said, declining to be named as the inquiry is not public. Spokespeople for the SEC, SVB and the Justice Department declined to comment. The rapid demise of Silicon Valley Bank and the fall of Signature Bank have left regulators racing to contain risks to the rest of the sector. SVB Financial Group and two top executives were sued this week by shareholders, who accused them of concealing how rising interest rates would leave its Silicon Valley Bank unit susceptible to a bank run.

☆ Another big counterpunch against Russia could cost more lives than Kyiv's forces can afford to lose, a Ukrainian senior official warns
▼ + stars: | 2023-03-14 | by ( Chris Panella | ) www.businessinsider.com time to read: +2 min

A big offense against Russia could cost more lives than Kyiv can afford to lose, a Ukrainian senior official warns. Both sides have been fighting "a war of attrition" in the eastern regions of Ukraine. "If you have more resources, you more actively attack," the senior official said. More than a year into the war, a Ukrainian offensive could be too costly for Kyiv's limited forces. The comments come after months of bloody battles in eastern Ukraine, where most of the war's fighting has transitioned.

Silicon Valley Bank had $209 billion in assets at the end of last year, while Signature Bank had some $110 billion. The failure of Silicon Valley Bank is a direct result of an absurd 2018 bank deregulation bill signed by (Republican former President) Donald Trump that I strongly opposed," Senator Bernie Sanders said in a statement. he added, saying awareness of the bank's recent growth and business model should have led Fed officials to anticipate trouble. In an op-ed for the New York Times, Democratic Senator Elizabeth Warren placed some of the blame at the feet of bank regulators, whom she accused of "letting financial institutions load up on risk." "There won't be legislation getting through Congress, and so regulators will be making the big decisions," he said.

☆ Masked Wagner mercenaries are giving career talks at Russian high schools, UK intel says
▼ + stars: | 2023-03-13 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Wagner Group recruiters are giving career talks at high schools, UK intel says. During these lessons, Wagner representatives also reportedly promoted the Wagneryonok, a youth-focused military group and summer camp located in Crimea. As losses mount, Wagner is increasingly finding itself at odds with Russian military leadership and Russian President Vladimir Putin. Presently, there is a very public feud between Prigozhin and Russia's defense ministry over critical ammunition and supplies. ISW experts said that Russian leadership is also likely using the deadly fighting in Bakhmut to kill off Wagner troops and weaken Prigozhin's power.

'Cocaine Bear’ showed up, too. When Elizabeth Banks presented the visual-effects Oscar, she was joined onstage by someone in a bear costume. As the bear—a plug for her new movie—pointed at its nose and then to the audience, the actress and director asked: “Are you trying to score right now? You need to wait until the afterparty like everybody else.”Chris Pizzello/AP

☆ BBC engulfed in an impartiality storm of its own making
▼ + stars: | 2023-03-13 | by ( Rob Picheta | ) edition.cnn.com time to read: +12 min

“There is a long-established precedent in the BBC that if you’re an entertainment presenter or you’re a football presenter, then you are not bound by those same rules” on impartiality, former director-general Greg Dyke told BBC Radio 4 over the weekend. BBC Director General Tim Davie has made protecting impartiality one of his major priorities. Oli Scarff/AFP/Getty ImagesMore problematic still is that the same thorny questions about impartiality extend to the BBC’s leadership. “It’s a mess, isn’t it?” former BBC executive Peter Salmon told the cooperation’s flagship political presenter Laura Kuenssberg on Sunday. “He’s got views, he’s got passions … it may be that Gary has outgrown the job, and his role in the BBC.”

☆ Ukrainian soldiers are haunted by nightmares and having mental breakdowns, but they are not leaving the front lines to seek care
▼ + stars: | 2023-03-10 | by ( Chris Panella | ) www.businessinsider.com time to read: +3 min

Ukrainian soldiers in a bloody fight with Russian troops are not seeking care for their mental health. According to The Washington Post, Ukrainian forces have largely remained in combat despite experiencing severe mental health issues. Some Ukrainian troops said there's a comparative lack of reinforcements available to replace them, especially as Russia continues to throw troops and Wagner Group members into battle, exhausting Ukrainian manpower. Mental health discussions are still considered taboo in Ukraine, especially for soldiers, The Post reported. This leaves soldiers on the front lines, even as they suffer post-traumatic stress and trauma, unwilling to talk about their mental health.

☆ Russia can't make new missiles fast enough to keep up its attacks, so massive strikes are becoming rarer, UK intel says
▼ + stars: | 2023-03-10 | by ( Chris Panella | Jake Epstein | ) www.businessinsider.com time to read: +3 min

Russia can't make new missiles fast enough, leading to less frequent attacks on Ukraine, UK intel says. The intelligence suggests Russia is struggling to "stockpile a critical mass" for larger strikes. US and UK officials have previously said Russia is using munitions faster than it can produce them. UK intelligence said Russia fired "an unusually large number" of Kh-47 Kinzhal ballistic missiles. A top UK envoy, meanwhile, said in late 2022 that Russia was working to obtain ballistic missiles from Iran to bolster its stockpile.

[1/2] Actor Robert Blake speaks to reporters as he walks to Burbank Courthouse in Burbank, California, U.S. August 29, 2005. A wrongful death lawsuit subsequently filed against Blake by her estate led to a civil court judgment that the actor was responsible for her slaying. Blake contended his wife was a victim of her own checkered past, gunned down by an unknown assailant. Blake's acting work was overshadowed four years later by the Bakley murder, which remains unsolved. A paternity test showed that the father was Blake, not Christian Brando, son of actor Marlon Brando, who Bakley had been dating simultaneously.

☆ Software firm Blackbaud to pay $3 mln for misleading disclosures on ransomware attack -SEC
▼ + stars: | 2023-03-09 | by ( ) www.reuters.com time to read: +1 min

WASHINGTON, March 9 (Reuters) - Software company Blackbaud Inc (BLKB.O) has agreed to pay $3 million to settle charges it made misleading disclosures about a 2020 ransomware attack that impacted over 13,000 customers, the U.S. Securities and Exchange Commission said on Thursday. In July 2020, the South Carolina-based provider of donor data management software disclosed a ransomware attacker and said the attacker had not accessed bank account information or Social Security numbers of donors, the SEC said. In August 2020, the SEC said, Blackbaud filed a quarterly report with the agency that omitted material information about the scope of the attack. Representatives for Blackbaud, which did not admit or deny the SEC's findings, did not respond immediately to a request for comment. The regulator has pushed public companies and registered entities to make more timely and specific disclosures about cyber attacks.

☆ Scientists revived a 'zombie' virus frozen for 48,500 years in ice. They learned it could still infect other cells.
▼ + stars: | 2023-03-09 | by ( Chris Panella | Morgan Mcfall-Johnsen | ) www.businessinsider.com time to read: +5 min

Scientists revived a 48,500-year-old 'zombie' virus from permafrost and found it was still infectious. Some scientists are concerned that climate change thawing permafrost could reawaken ancient viruses. A carcass of an Ice Age cave bear found on Great Lyakhovsky Island, in northern Russia, unearthed by thawing permafrost. How 'zombie' viruses could infect hosts once they emergeThis isn't the first time Claverie has revived ancient viruses, or "zombie viruses" as he calls them. The current research on frozen viruses like Claverie's 'zombie' virus is helping scientists understand more about how these ancient viruses function and whether, or not, they could potentially infect animals or humans.

☆ Louisville cops called Black people racial slurs and videotaped themselves throwing drinks at pedestrians from their police cars, explosive DOJ probe finds
▼ + stars: | 2023-03-08 | by ( Jack Newsham | Chris Panella | ) www.businessinsider.com time to read: +4 min

LMPD officers threw drinks at pedestrians from their cars and called Black people racial slurs. The DOJ report on Louisville Metro Police published Wednesday details various horrific incidents. The DOJ investigation continued: "Some officers have videotaped themselves throwing drinks at pedestrians from their cars; insulted people with disabilities; and called Black people 'monkeys,' 'animal,' and 'boy.'" The Justice Department mentioned an incident where a police officer used a swear word and called Black men "monkeys" but was not disciplined because he retired. The Justice Department said the officer was verbally reprimanded, but investigators didn't ask whether the use of the word "animal" reflected racial bias.

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