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☆ Republicans Against Inequality
▼ + stars: | 2023-06-20 | by ( David Leonhardt | ) www.nytimes.com time to read: +2 min

Vance, the Ohio Republican, and Senator Elizabeth Warren, the Massachusetts progressive, have collaborated on a bill to claw back executive pay at failed banks. The two worked through the details through in-person conversations, weekend phone calls and late-night texts. Rubio this month published a book, “Decades of Decadence,” that criticizes the past 30 years of globalization. Tomorrow afternoon, these four Republican senators — Cotton, Rubio, Vance and Young — will speak at an event on Capitol Hill that’s meant to highlight the emergence of a populist conservative movement in economics. Cass is right about that: Income growth for most families has been sluggish for decades, trailing well behind economic growth.

Persons: J.D, Vance, Elizabeth Warren, Marco Rubio, Rubio, Todd Young, Tom Cotton of, Biden, — Cotton, Young —, ”, Oren Cass, Mitt Romney, Cass, ” Cass Organizations: Ohio Republican, Todd Young of Indiana, Capitol, Conservative, American Locations: Massachusetts, Marco Rubio of Florida, Tom Cotton of Arkansas

☆ Federal Policy on Homelessness Becomes New Target of the Right
▼ + stars: | 2023-06-20 | by ( Jason Deparle | ) www.nytimes.com time to read: +1 min

Vance, Republican of Ohio, used two recent hearings to argue that Housing First ignores the root causes of homelessness. The Cicero Institute, a Texas policy group, is promoting model state legislation that bars Housing First programs from receiving state funds. The escalating war over an obscure social service doctrine is partly an earnest policy dispute and partly an old-fashioned rivalry between groups seeking federal funds. “When people have a safe and stable place to live, they can address other things in their lives. If critics succeed in defunding these successful programs, we’re going to see a lot more deaths on the street.”

Persons: J.D, Vance, Donald J, Trump, Joe Lonsdale, ”, Ann Oliva Organizations: Republican, Cicero Institute, Democratic, National Alliance Locations: Ohio, Texas, “

☆ Fact Check-No evidence Sen. John Thune is holding DOJ nominees in response to Trump indictment
▼ + stars: | 2023-06-15 | by ( Reuters Fact Check | ) www.reuters.com time to read: +3 min

Vance announced a hold of all Department of Justice (DOJ) nominees on June 13. 2 Republican John Thune is holding DOJ appointments in response to federal charges against former President Donald Trump. Republicans have condemned the Justice Department for the charges over Trump’s handling of classified documents, Reuters reported (here), (here). Ryan Wrasse, communications director for Thune, said the claim that Thune is holding DOJ nominees is “completely false.” Wrasse also addressed this in a June 13 tweet (here). There is no public evidence of Thune holding DOJ nominees in response to the Trump indictment, and Thune’s spokesperson has denied the claim.

Persons: J.D, Vance, Republican John Thune, Donald Trump, Trump, General Merrick Garland, Ryan Wrasse, Thune, ” Wrasse, Garland “, Joe Biden’s, ” Vance, “ Donald Trump, Merrick Garland, ” Merrick Garland, Vance’s, Biden’s, Marjorie Taylor Greene, Matt Gaetz, Donald Trump Jr, Read Organizations: Republican U.S, of Justice, Republican, Republicans, Justice Department, Reuters, Trump, DOJ, Department, Justice, Senate Locations: United States

☆ China e-commerce shipments would lose US tariff exemption under proposed law
▼ + stars: | 2023-06-14 | by ( Katherine Masters | ) www.reuters.com time to read: +2 min

The bill would ban such shipments from China immediately upon enactment, sponsor Republican Senator Bill Cassidy said. Ecommerce sellers such as China-founded, Singapore-based Shein and Temu, a rival owned by PDD Holdings Inc (PDD.O) that operates the Chinese ecommerce site Pinduoduo, are big beneficiaries of the exemption. De minimis shipments have drawn attention at least since 2019, when the U.S. Consumer Product Safety Commission reported it struggled to catch unsafe imports because of the heavy volume of low-value packages. Such shipments rose to 685.5 million in 2022 compared with 410.5 million in 2018, U.S. customs data showed. Under the bill, countries other than China and Russia could keep the exemption by adopting the $800 threshold for their own tariff-free imports.

Persons: Dado Ruvic, Bill Cassidy, minimis, Temu, De, J.D, Vance, Tammy Baldwin, Earl Blumenauer, Katherine Masters, Cynthia Osterman Organizations: REUTERS, PDD Holdings, U.S . Consumer Product Safety, Democratic, FedEx, UPS, DHL, Thomson Locations: U.S, China, Singapore, Xingiang, Xinjiang, Russia

☆ China e-commerce shipments would lose U.S. tariff exemption under proposed law
▼ + stars: | 2023-06-14 | by ( ) www.cnbc.com time to read: +2 min

A bipartisan group of U.S. lawmakers planned to introduce a bill on Wednesday to eliminate a tariff exemption widely used by e-commerce sellers to send orders from China to U.S. shoppers, one of the sponsors said. The bill would ban such shipments from China immediately upon enactment, sponsor Republican Senator Bill Cassidy said. E-commerce sellers such as China-founded, Singapore-based Shein and Temu, a rival owned by PDD Holdings that operates the Chinese ecommerce site Pinduoduo, are big beneficiaries of the exemption. De minimis shipments have drawn attention at least since 2019, when the U.S. Consumer Product Safety Commission reported it struggled to catch unsafe imports because of the heavy volume of low-value packages. Under the bill, countries other than China and Russia could keep the exemption by adopting the $800 threshold for their own tariff-free imports.

Persons: Bill Cassidy, Temu, De, J.D, Vance, Tammy Baldwin, Earl Blumenauer Organizations: PDD Holdings, U.S . Consumer Product Safety, Democratic, FedEx, UPS, DHL Locations: Washington ,, U.S, China, Singapore, Xingiang, Xinjiang, Russia

☆ Donald Trump could be asked to wear an ankle monitor following his latest indictment, says former prosecutor
▼ + stars: | 2023-06-09 | by ( Joshua Zitser | ) www.businessinsider.com time to read: +3 min

Former President Donald Trump was indicted for a second time on Thursday. A former prosecutor said it could see him wearing an ankle monitor while he campaigns for president. "He may be asked to wear an ankle monitor," Vance said, while also mentioning the possibility of other monitoring measures pending his trial. Former FBI director James Comey made a similar prediction about an ankle monitor last week, days ahead of the indictment, suggesting the possibility of Trump wearing an ankle bracelet while accepting the Republican nomination at the party's convention. Breaking the news of his indictment on Truth Social on Thursday evening, Trump wrote: "I AM AN INNOCENT MAN."

Persons: Donald Trump, James Comey, —, Trump, Stormy Daniels, Joyce Vance, Stephanie Ruhle, Vance, he's, MSNBC'S Jen Paski Organizations: FBI, Service, Trump, United States, Northern, Northern District of, MSNBC, Secret Service, Republican Locations: Manhattan, Northern District, Northern District of Alabama, Miami

By charging the case in the Southern District of Florida, the special counsel has wisely pre-empted one other potential defense: improper venue. On the one hand, he has to ensure that Mr. Trump, like any defendant, has sufficient time to file motions challenging the charges and evidence and time to prepare for trial. Special attention is required by Mr. Smith here because the case involves classified evidence. That means the court will probably have to deal with motions under the Classified Information Procedures Act. Ideally, that will happen before the presidential nominating process, but at a minimum, it must take place before the general election.

Persons: ”, Smith, Trump, Justice Juan M Organizations: Southern District of, D.C, Mr, District of Columbia, New, Justice Locations: Southern District, Southern District of Florida, Washington, Florida, District, Manhattan

☆ Howard: Stocks are broadening out and entering a new kind of bull market
▼ + stars: | 2023-06-09 | 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 EmailHoward: Stocks are broadening out and entering a new kind of bull marketVance Howard, CEO of Howard Capital Management, discusses market breadth, the recent rally, and his outlook for stocks.

Persons: Vance Howard Organizations: Howard, Howard Capital Management

☆ Meet the Morgan Stanley rainmaker tapped to chair the M&A division of law firm Paul Weiss as fears of investor activism grow
▼ + stars: | 2023-06-07 | by ( Kaja Whitehouse | ) www.businessinsider.com time to read: +3 min

Morgan Stanley rainmaker Robert Kindler is leaving the investment bank for law firm Paul Weiss. Kindler, global chair of mergers and acquisitions at Morgan Stanley, has been named global chair of M&A at Paul, Weiss, Rifkind, Wharton & Garrison LLP. "Paul, Weiss has the premier franchise for M&A and activism defense and I am excited to become a part of it." Last year, Paul Weiss represented the board of McDonald's in its proxy fight with activist investor Carl Icahn. In 2000, he joined JPMorgan, where he was named global head of M&A before joining Morgan Stanley in 2006.

Persons: Morgan Stanley, Robert Kindler, Paul Weiss, Weiss, Garrison, Kindler, Paul, Carl Icahn, Leon Black's, Jeffrey Epstein, Goldman Sachs, John Waldron, Waldron, Scott Barshay, Brad Karp, Moore, Morgan, Eaton Vance, James Gorman Organizations: Morning, Paul, Apollo, NFL, Barshay, JPMorgan, Time Warner, Labor Locations: Rifkind, Wharton, Cravath, ETrade, Kindler

☆ Your Personal Data Has Been Stolen. Will It Really Cost You Anything?
▼ + stars: | 2023-06-06 | by ( Min-Seok Pang | Anthony Vance | ) www.wsj.com time to read: 1 min

This copy is for your personal, non-commercial use only. Distribution and use of this material are governed by our Subscriber Agreement and by copyright law. For non-personal use or to order multiple copies, please contact Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. https://www.wsj.com/articles/personal-data-stolen-what-cost-you-f0c8e6a1

Persons: Dow Jones

☆ Are Company Boards Prepared to Deal With Cybersecurity? Our Survey Says...
▼ + stars: | 2023-06-06 | by ( ) www.wsj.com time to read: 1 min

Journal Reports: TechnologyYour Personal Data Has Been Stolen. Will It Really Cost You Anything? By Min-Seok Pang , and Anthony VanceA breach at South Carolina’s Department of Revenue offers a real-world opportunity to answer that question.

Persons: Seok Pang, Anthony Vance Organizations: South Carolina’s Department, Revenue

☆ For companies, the stakes are high this Pride
▼ + stars: | 2023-06-01 | by ( Danielle Wiener-Bronner | ) edition.cnn.com time to read: +10 min

New York CNN —Companies have long embraced Pride Month in June as an uncomplicated way to market to members of the LGBTQ+ community while telegraphing progressive values. Gavin Newsom called out Target’s CEO for “selling out the LGBTQ+ community to extremists.”The current landscape “is alarming,” Todd said. “That middle ground is going away.”So this year, companies that want to participate in Pride have to be prepared to take a real stance. Some of those lashing out have described a campaign against Pride itself, rather than Bud Light or Target (TGT) specifically. It won’t be worth whatever they think they’ll gain.”It’s no coincidence that the anti-trans assault comes as trans rights are under legal attack across the nation.

Persons: Bud Light, Bud Light’s Instagram, Bud, BUD, Eric Thayer, ”, Daniel Korschun, “, —, Jared Todd, Gavin Newsom, ” Todd, ” Korschun, Sen, J.D, Vance, J, Justin Sullivan, Anna Moneymaker, Matt Walsh, Sarah Kate Ellis, Ellis, Trevor, Seth Wenig, ” Ellis, Todd, It’s, didn’t, Colin Kaepernick, Drexel’s, Korschun, Jared Watson, ” Watson, Watson, Pattie Gonia, ’ ” Watson, ’ Organizations: New, New York CNN — Companies, Target, Bud Light, Anheuser, Busch, National LGBT Chamber of Commerce, Bloomberg, Getty, Drexel University, Wall Street, Foundation, Human Rights, HRC, California Gov, —, Pride, Twitter, HumanRights, UCLA School of Law, GLAAD, Morning, Nike, New York University, “ Locations: New York, Ohio, Target, California, America, New Jersey

☆ Republicans' proposal to raise the debt ceiling would leave 9,300 more children exposed to lead poisoning, White House says
▼ + stars: | 2023-05-23 | by ( Eliza Relman | ) www.businessinsider.com time to read: +3 min

House Republicans have proposed deep spending cuts in exchange for increasing the debt limit. The White House says these cuts would leave thousands of children more vulnerable to lead poisoning. The cuts would reduce funding for HUD, which helps mitigate housing-related lead poisoning. The White House said this would mean cutting funding for the Department of Housing and Urban Development's lead mitigation efforts. The funding cuts would also heavily impact other housing assistance programs for low-income families, including taking housing vouchers from more than 800,000 households, the White House said.

Under his leadership, Morgan Stanley became a wealth management powerhouse that aims to manage $10 trillion in assets. Morgan Stanley bought money manager Eaton Vance, online broker E*Trade, and stock-plan manager Solium Capital under Gorman's leadership. He was also the key architect behind Morgan Stanley's purchase of Smith Barney, a brokerage and investment adviser, in 2009. The acquisitions have made Morgan Stanley's U.S. wealth business an "asset gathering monster," and a "killer machine," he said on an earnings conference call last month. "This structure will ensure the continued stability of Morgan Stanley, while at the same time positioning it for a decade of exciting growth under new leadership."

Morgan Stanley co-presidents Ted Pick and Andy Saperstein, and head of investment management Dan Simkowitz, are widely seen as contenders for the top job. Morgan Stanley shares were little changed in early trading, down 0.9%. The less volatile business of wealth management accounted for 45% of firm's revenue in the first quarter. Morgan Stanley's first-quarter profit beat expectations as rising revenue from wealth management offset declines in investment banking and trading. Simkowitz, the eldest of the three at 58, is head of investment management at Morgan Stanley and co-head of the firm's strategy and execution.

☆ Our conviction in Morgan Stanley remains solid, despite the CEO's planned departure
▼ + stars: | 2023-05-19 | by ( Kevin Stankiewicz | In Kevinstankiewicz | ) www.cnbc.com time to read: +5 min

Jim on Friday matched Gorman's confidence in the future of Morgan Stanley, saying its stock looked very attractive at current levels. The day before Gorman took over as CEO, on Jan. 1, 2010, Morgan Stanley stock closed at $29.60 per share. Investors like steadiness, so they're willing to pay more for every dollar of wealth-and-asset-management revenue compared with investment banking and trading. Over time, this dynamic should allow Morgan Stanley to command a higher price-to-earnings ratio. James Gorman, chairman and chief executive officer of Morgan Stanley, speaks during a Bloomberg Television interview in Beijing, China, on Thursday, May 30, 2019.

☆ Morgan Stanley CEO plans to step down within the year, sparking Wall Street succession race
▼ + stars: | 2023-05-19 | by ( Hugh Son | ) www.cnbc.com time to read: +2 min

James Gorman said Friday he plans to resign as Morgan Stanley 's CEO within the year, setting off a succession race atop one of Wall Street's dominant firms. Since taking over in 2010, Gorman has pulled off one of the more successful transformations on Wall Street. Through a series of savvy acquisitions, Morgan Stanley rebounded after nearly capsizing during the 2008 financial crisis to become a wealth management juggernaut. The bank began that journey in 2009, when Morgan Stanley purchased Smith Barney from Citigroup in the throes of the financial crisis, gaining thousands of financial advisors. Shares of Morgan Stanley have tripled during Gorman's tenure.

☆ Instant View: Morgan Stanley CEO Gorman plans to step down
▼ + stars: | 2023-05-19 | by ( ) www.reuters.com time to read: +2 min

NEW YORK, May 19 (Reuters) - Morgan Stanley (MS.N) CEO James Gorman told shareholders Friday that the company will likely appoint its next CEO in the next 12 months. Gorman, 64, said the board has identified three strong candidates to succeed him and that he will become executive chairman once a new CEO is chosen. Shares of Morgan Stanley slipped about 1% to $83.84 in morning trading. PHIL BLANCATO, CHIEF EXECUTIVE OFFICER, LADENBURG THALMANN ASSET MANAGEMENT, NEW YORK:"I would applaud James Gorman here for taking the right time to step down. Building out their wealth management division has been a real boon to the company and they bested Goldman in that practice."

☆ Morgan Stanley CEO James Gorman plans to step down after years of making the bank the envy of Wall Street. Here's a look at his legacy.
▼ + stars: | 2023-05-19 | by ( Rebecca Ungarino | Alex Morrell | Dakin Campbell | ) www.businessinsider.com time to read: +11 min

Morgan Stanley CEO James Gorman said he will step down in the next 12 months. Morgan Stanley CEO James Gorman was giddy. Seeking stabilityTo understand where Morgan Stanley is now, you need to return to the peak of the financial crisis. It didn't take long before Morgan Stanley began utilizing its new license to acquire clients' deposits, reducing its reliance on wholesale funding. Mack, who helped design the 1997 Morgan Stanley and Dean Witter merger, had been pushed out by Purcell in 2001.

☆ Sen. J.D. Vance on recent bank failures: FDIC 'changed the rules' in the middle of the game
▼ + stars: | 2023-05-16 | 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 EmailSen. J.D. Vance on recent bank failures: FDIC 'changed the rules' in the middle of the gameSen. J.D. Vance (R-Ohio) joins 'Squawk Box' to preview the Senate Banking Committee's hearing on the failures of Silicon Valley and Signature Banks, his view on deposit guarantees, and more.

☆ JD Vance defends Trump's comments that Republicans should let the US default, saying the former president was giving 'political advice' and doing 'fundamentally the right thing'
▼ + stars: | 2023-05-12 | by ( Ayelet Sheffey | ) www.businessinsider.com time to read: +4 min

Sen. JD Vance defended Trump's comments to Axios, saying he was just giving "political advice." "I say to the Republicans out there, congressmen and senators, if they don't give you massive cuts you are going to have to do a default," Trump said. Sen. JD Vance argued that Trump was just trying to help his party. Vance told Axios that "what the president is doing is really giving political advice ... not financial advice." GOP Sen. Josh Hawley, for example, told Axios that he disagreed with Trump's comments and that "there is no world in which [a default] happens."

☆ Ted Cruz accused JD Vance of empowering 'the radical Green Movement' by aligning with Democrats on a bill to prevent rail disasters like the East Palestine crash
▼ + stars: | 2023-05-11 | by ( Ethan Dodd | ) www.businessinsider.com time to read: +7 min

JD Vance, a Republican senator from Ohio, proposed the Rail Safety Act in March. "All of us were moved by the testimony of the witnesses" from East Palestine, Cruz said. "We cannot undo the psychological, economic, and physical toll of the derailment in East Palestine," Vance noted, but "there will be another East Palestine in this country if we do not pass the Railway Safety Act." "I earnestly hoped that we would reach a bipartisan consensus," Cruz said, but "this bill is overly and needlessly prescriptive." Nonetheless, Cruz doubted the bill would pass the Senate with 60 votes, let alone the House.

☆ The Capitalist Generation’s Space Race
▼ + stars: | 2023-05-10 | by ( Mark Gimein | ) www.nytimes.com time to read: +3 min

Worden’s foes think nothing of siccing federal investigators on him and his team in an intramural death match. To put it succinctly, in Vance’s telling, NASA and its usual-suspect corporate partners were basically devoted to doing very little — or ideally, nothing — at maximum expense. So Worden’s team went in the opposite direction: The simpler and cheaper the better. Will Marshall, a physics prodigy and space expert, became the informal leader of a group of Ames recruits living in a Silicon Valley group house, known as the Rainbow Mansion. The housemates started working on the smallest satellites they could come up with — shoebox-size contraptions they would eventually call Doves.

The US could breach the debt ceiling and run out of money to pay its debts as soon as June 1. A White House official previously told Insider that Biden would stress that Congress "must take action to avoid default without conditions." Additionally, Wall Street's response to the debt-ceiling crisis is different this time around. Even so, he added, this debt-ceiling crisis "seems much more dangerous" than the ones from the Obama years. Biden has options to avoid a debt-ceiling crisis that don't involve CongressTuesday's meeting between Biden and congressional leadership aims to break through the logjam.

☆ Howard: The run on regional bank stocks is way overdone to the downside
▼ + stars: | 2023-05-09 | 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 EmailHoward: The run on regional bank stocks is way overdone to the downsideVance Howard, CEO of Howard Capital Management, discusses how he's investing the markets.

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