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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
Johnson & Johnson on Monday said it plans to reduce by at least 80% its stake in Kenvue, the consumer health business it spun out as an independent company earlier this year, via a stock exchange offer. J&J owns 89.6% of Kenvue's common stock, which amounts to more than 1.72 billion shares. The exchange offer, also known as a split-off, will allow J&J shareholders to swap all or a portion of their shares for Kenvue's common stock at a 7% discount. J&J first announced its intent to launch an exchange offer in its second-quarter earnings report on Thursday, but the company provided few details on the plan. When asked about J&J's planned exchange offer on Thursday, Kenvue CEO Thibaut Mongon told CNBC's "Squawk on the Street" that the company is "pleased with the way that the IPO has been received by shareholders."
Persons: Johnson, J, Joaquin Duato, Duato, Kenvue, J's, Thibaut Mongon, CNBC's Organizations: J Locations: Kenvue
More than $120 million of a crypto firm's assets were "abnormally" moved to an unknown address, Bloomberg reported. "The lockup assets on the Multichain MPC address have been moved to an unknown address abnormally. "More than 120M assets were transferred from Multichain: Fantom Bridge and Multichain: Moonriver Bridge and are now distributed across 6 addresses. In a separate event, Binance, the world's largest crypto exchange, experienced a $100 million worth crypto hack last October after an exploit on a cross-chain bridge. Crypto investing clearly has its risks and drawbacks, but there are upsides to digital assets including potentially hefty returns.
Persons: , Multichain, , Zhaojun, Bitcoin Organizations: Bloomberg, Service, MPC, Twitter, ICE, BlackRock Locations: Multichain, Fantom, Moonriver
In their joint venture agreement, Baker Hughes says it uses C3.ai's solutions and also sells the product to companies in the oil and gas industry. CNBC's "Last Call" aired a report Thursday night on the investor lawsuit against C3.ai and the company's relationship with Baker Hughes. The lawsuit says the publicity about the massive Baker Hughes sales force "artificially inflated C3's stock" when the company first went public. Richard Drew | APIn an April 2023 filing, Baker Hughes announced it divested 1.7 million C3.ai shares, bringing its ownership to 6.9 million shares. Kerrisdale pointed to C3.ai's "highly conspicuous growth" in unbilled receivables, largely from Baker Hughes, and wrote that "accounting red flags abound with the Baker Hughes relationship."
Persons: Tom Siebel, Siebel, Thomas M, Chris J, Ratcliffe, it's, Baker Hughes, Logan Roy, Larry Ellison, Yasmin Khorram, Dan Brennan, We've, Brennan, he's, CNBC's, Reed Kathrein, Theranos, , Kathrein, Richard Drew, they'd, unbilled, receivables, Siebel's, Ken Goldman, Goldman, Gil Luria, Davidson, Luria, Nick Wells, Scott Zamost, Sam Woodward, Tom Siebel's Organizations: Siebel Systems, Oracle, Bloomberg Tech Summit, Bloomberg, Getty, CNBC, Forbes, Siebel, C3, U.S . Department of Defense, Shell, Northern District of, SEC, Twitter, " Traders, New York Stock Exchange, AP, Point Capital Management, Spotify, C3 Energy, Revenue, Wall Locations: London, Redwood City , CA, Redwood City , California, Northern District, Northern District of California, unbilled receivables, Point
WASHINGTON, May 9 (Reuters) - The United States on Tuesday imposed sanctions on a son of former Mexican drug kingpin Joaquin "El Chapo" Guzman, the Treasury Department said. El Chapo, who was leader of the Sinaloa Cartel, is currently serving a life sentence in a U.S. prison. Mexican President Andres Manuel Lopez Obrador has denied the presence of fentanyl labs in the country, alleging it comes from China. Guzman Lopez's cousin, Saul Paez Lopez, was also sanctioned for his alleged role in coordinating drug shipments. Washington also sanctioned Mario Esteban Ogazon Sedano, saying he purchased precursor chemicals from Ludim Zamudio Lerma to operate drug labs.
How El Chapo’s sons built a fentanyl empire poisoning America
  + stars: | 2023-05-09 | by ( ) www.reuters.com   time to read: +23 min
Headed by Iván, El Chapo’s oldest son, the siblings have emerged as key figures in the Sinaloa Cartel, U.S. and Mexican anti-narcotics officials said. But he was killed in 2008 in Culiacán in a hail of bullets amid infighting between warring factions of the Sinaloa Cartel. The agency in April placed Iván on the list of its 10 Most Wanted Fugitives, joining Jesús Alfredo and Ismael “El Mayo” Zambada, a Sinaloa Cartel legend and El Chapo’s alleged former business partner. They also kidnapped eight soldiers and surrounded military housing where wives and children of Mexican soldiers lived, Mexican officials said. Despite that blow to the Sinaloa Cartel, fentanyl keeps flowing north.
A view of the former Nazi concentration and extermination camp Auschwitz in Oswiecim, Poland, January 19, 2015. World Wrestling Entertainment inexplicably used footage of infamous Nazi death camp Auschwitz in a recent promotion, prompting the grappling giant to apologize Friday for the offensive gaffe. "We had no knowledge of what was depicted," the WWE said in statement to NBC News on Friday. The Auschwitz footage is now absent from tape of WrestleMania Night 1 and has been replaced with generic images of a jail with barbed wire. The son fought his father in this past weekend's WrestleMania and was beaten soundly by the old man.
"I do not see a scenario where Donald Trump spends one minute in jail," one defense attorney told Insider. It's more possible Trump could face a fine, community service, or probation, experts said. "I can't say for absolute 100% certainty there can't be jail because on the books, he can go to jail," said high-profile defense attorney and former Brooklyn prosecutor Arthur Aidala. Any kind of community service would likely be "private" so Trump couldn't be "out there cleaning a park or picking up garbage," Aidala said. Also, in 2018, former Trump attorney Michael Cohen pleaded guilty to criminal charges in Manhattan federal court in connection to the the hush-money payments.
Concerns that Chinese investors are buying overseas to make a quick profit at home are valid. Since last year, 11 Chinese companies have raised a combined $3.6 billion by selling GDRs on the Six Swiss Exchange, data from Dealogic show. Savvy punters with access to foreign funds can therefore make a quick and relatively risk-free profit by shorting the Chinese stock and buying the discounted GDRs. This helps explain why Swiss shares of Chinese companies barely trade. Since the launch of a China-Swiss stock scheme in 2022, 11 Chinese companies have raised a combined $3.6 billion, according to data from Dealogic.
a hedge fund recruiter said, commenting on the calculus for hedge fund investors. At the end of 2021, the fund's exposure had been evenly split between fixed-income and equities, according to the investor documents. In all, more than 60 portfolio managers departed or were let go in 2022, according to the investor documents and people close to the matter. After the shakeup, ExodusPoint's income stream is now even more reliant on fixed-income trading — and that may not be such a bad thing. "The fixed income piece is doing incredibly well," another hedge fund recruiter said.
Biden’s Green-Energy Mineral Lockup
  + stars: | 2023-01-30 | by ( The Editorial Board | ) www.wsj.com   time to read: 1 min
The Biden Administration is heavily subsidizing electric vehicles, but at the same time it is blocking mineral projects needed to produce them. Another example of this head-scratching contradiction came Thursday when Interior Secretary Deb Haaland walled off much of Minnesota’s Superior National Forest from mining. Minnesota’s Duluth Complex has one of the world’s largest undeveloped mineral deposits, including copper, nickel and cobalt that are needed in vast quantities for EV batteries. Ms. Haaland is assuring the deposit stays undeveloped by signing an order withdrawing more than 225,000 acres in the Superior National Forest from mining for two decades.
Shares of the London Stock Exchange Group are trading at a "very good" entry point for investors after a 10% decline in the bourse's stock over the past month, according to a fund strategist. Hannah Gooch-Peters, global equity investment analyst at Sanlam Investments, said the U.K.'s premier stock exchange had performed well in the past year due to the volatility in the fixed-income markets and the high spot prices of commodities. LSEG-GB 5Y line The share price of the London Stock Exchange Group has risen by 101% between Jan 2018 and Jan 2023. The London Stock Exchange Group, which goes by the ticker LSEG, is the fifth largest holding at 4.1% of Gooch-Peters' $480 million fund. However, the consensus price target of analysts compiled by FactSet shows a 24% upside from the current share price.
[1/5] Allen Howard Weisselberg, the former Trump Organization CFO, appears for sentencing for tax fraud scheme in New York State Supreme Court in the Manhattan borough of New York City, U.S., January 10, 2023. Weisselberg, 75, is expected to be sent to New York's notorious Rikers Island jail. Though no longer CFO, Weisselberg remains on paid leave from the Trump Organization. The jail time will probably not be easy for Weisselberg, at a facility known for violence, drugs and corruption. Weisselberg testified that Trump signed bonus and tuition checks, and other documents at the heart of prosecutors' case, but was not in on the tax fraud scheme.
Those days will probably not be easy for Weisselberg, 75, at a jail known for violence, drugs and corruption. After being sentenced, Weisselberg will likely be driven to Rikers and trade his street clothes for a uniform and sneakers with velcro straps. Though no longer CFO, Weisselberg remains on paid leave from the Trump Organization. It is paying Rothfeld as well, a person familiar with the matter said. Merchan will also sentence the Trump Organization on Friday.
Myanmar detention was ‘hell,’ says freed Japanese filmmaker
  + stars: | 2022-11-29 | by ( ) www.nbcnews.com   time to read: +2 min
TOKYO — A Japanese filmmaker jailed for nearly four months in Myanmar described some of his detention there as “hell” and called on Tokyo to take a tougher stance against human rights abuses in the military-controlled country. A spokesperson for Myanmar’s junta did not immediately respond to a request for comment. The economic adviser, Sean Turnell, also described filthy cells and having to eat out of a bucket while in a Myanmar jail in an interview with The Australian newspaper on Monday. Vicky Bowman, Britain’s ambassador from 2002 to 2006 who heads a group promoting ethical business in Myanmar, had been jailed for immigration violations. “I would hope the Japanese government would take a much stronger stance towards the Myanmar military,” said Kubota, adding that any funds flowing from Japan to Myanmar should be closely scrutinized.
TOKYO, Nov 28 (Reuters) - A Japanese filmmaker jailed for nearly four months in Myanmar described some of his detention there as "hell" and called on Tokyo to take a tougher stance against human rights abuses in the military-controlled country. A spokesperson for Myanmar's junta did not immediately respond to a request for comment. The economic adviser, Sean Turnell, also described filthy cells and having to eat out of a bucket while in a Myanmar jail in an interview with The Australian newspaper on Monday. Vicky Bowman, Britain's ambassador from 2002-2006 who heads a group promoting ethical business in Myanmar, had been jailed for immigration violations. "I would hope the Japanese government would take a much stronger stance towards the Myanmar military," said Kubota, adding that any funds flowing from Japan to Myanmar should be closely scrutinised.
The initial public offering of the ride-hailing-to-online-shopping giant at a $28 billion market capitalisation in April was a landmark deal on the back of relaxed listing rules. Now GoTo will have to manage a big contortion in the $570 billion stock market. At a stretch, GoTo’s involvement might prevent a further price slump on the company’s current $15 billion market value. The company sold nearly $1 billion of stock at a multiple of 17 times forecast revenue for 2023. The meddling in the secondary market looks like a necessary evil.
Shapecharge | E+ | Getty ImagesInvestors crashed the Treasury Department website for Series I bonds on Friday as they clamored to lock in a record-high interest rate before a key deadline. Investors must buy I bonds and receive a confirmation email by Oct. 28 to lock in the 9.62% rate, according to TreasuryDirect. What a TreasuryDirect outage means for investorsAn outage on TreasuryDirect.gov — where investors purchase I bonds — may mean they're unable to complete an I bond purchase by Friday's deadline to secure the 9.62% rate. The Treasury Department is not planning to extend the deadline, a Treasury Department spokesperson said Friday. The site continues to "see customers successfully create accounts and purchase bonds at record levels," the spokesperson added.
Insta_photos | Istock | Getty ImagesHow to estimate I bond rates for one yearThere are two parts to I bond rates: a fixed rate, which stays the same after purchase, and a variable rate, which shifts twice per year based on inflation. It's nice to know what interest rates you will get when you're committing to a 12-month lockup. Jeremy Keil Financial advisor at Keil Financial Partners"A short-term investor — somebody just wanting to put away cash — should definitely buy in October," he said. The downsides of buying I bondsWhile roughly knowing I bond rates for one year may be appealing, there are a few things to consider before buying, experts say. "The biggest downside is you are locked in for 12 months," Keil said.
"You make your bed, you gotta lie in it," U.S. District Judge Reggie B. Walton said before ordering the man detained. As part of his plea, he admitted that he used chemical spray on officers at the Capitol on Jan. 6 and helped force them to retreat. / FBI"I plead guilty," Bilyard told the judge. After he attacked officers and smashed the window on Jan. 6, Bilyard reported to Air Force basic training. More than 870 defendants have been arrested in the Jan. 6 attack investigation, and more than 350 have pleaded guilty.
RyanJLane | E+ | Getty ImagesAfter a difficult year for the stock market, investors have poured money into Series I bonds, a nearly risk-free and inflation-protected asset that's paying a record 9.62% annual interest rate through October. While I bond rates shift twice yearly based on inflation, you can still lock in 9.62% annual interest for six months — as long as you complete the purchase by Oct. 28. You can estimate I bond rates for one yearThere are two parts to I bond rates: a fixed rate, which stays the same after purchase, and a variable rate, which shifts twice per year based on inflation. It's nice to know what interest rates you will get when you're committing to a 12-month lockup. "The biggest downside is you are locked in for 12 months," Keil said.
Current and former employees at prominent quant trading operations spoke to Insider anonymously for this story, citing fear of legal reprisals. "At the NSA, the penalty for leaking is twenty-five years in prison," Simons liked to tell employees, according to Gregory Zuckerman's book "The Man Who Solved the Market." In the early 2000s, quant noncompetes were narrower and shorter — six to nine months was industry standard, quant recruiters who had to navigate these obstacles told Insider. But it has aggressively pursued employees it believes have crossed the firm, according to court filings and media reports. Absent such changes, quant noncompetes will likely continue to proliferate with little resistance from employees.
Persons: Ken Griffin, they'd, It's, Matt Moye, they've, David Marshall, Jim Simons, George Soros, John Paulson, Philip Falcone, Jonathan Ernst, RenTech, Simons, Gregory Zuckerman's, Moye, quant, Pavel Volfbeyn, Alexander Belopolsky, spooked, Eric Wepsic, Shaw, , Izzy Englander, Rick Wastrom, Smith Hanley, Jane Street burgeoned, Peter Friedman, Brennan Hughes, Griffin —, They've, Friedman, Chase Lochmiller, Ray Dalio, Jane Street, Hughes, Samuel Estreicher, Estreicher, I'm, David, Wastrom, Marshall, noncompetes Organizations: Citadel Securities, Renaissance Technologies, Citadel, St John's Law School, Center for Labor, Employment, REUTERS, NSA, Fund, RenTech, Millennium Management, Millennium, D.E, Trading, Integra Advisors, Wall, Google, Sigma, Polychain, Getty, Bridgewater Associates, National Labor Relations Board, Schonfeld Strategic Advisors, Group, New York University, school's Center for Labor, John's Law, , New Locations: America, Bridgewater, New York, Hudson, Riker's Island, Houston, Chicago, Connecticut, — California, St, New York , Illinois
As COVID-19 spread through federal prisons, the Justice Department began a novel experiment: 4,500 prisoners were approved for home confinement with GPS ankle monitors. A federal correctional institution in Englewood, CO. As of May 5, there were 2,066 inmates who’d tested positive for COVID-19 in the federal prison system. "I was just recently released from federal prison," Esquivel wrote him last year on July 3, in their very first text exchange, which the couple shared with Insider. Her defense was enough for Dismas, Esquivel said, and the manager told her they wouldn't recommend any punishment. The next morning at Dismas, Esquivel busied herself as she waited for the bureau's ruling.
Girls behind bars tell their stories
  + stars: | 2015-03-26 | by ( Ashley Fantz | ) edition.cnn.com   time to read: +5 min
“I say, ‘What’s gone on in your life?’ “The result of that tenderness and patience is Ross’ latest collection of photos, “Girls in Justice.”The images are unflinching. But the girls also tell their stories alongside the images. Photographer Richard Ross Richard RossOne photo shows a girl in a tan jumpsuit, hand on her head, sitting alone in a drab, cavernous room. Many of the stories are bleak, reflecting adults who endangered the girls or, at the very least, failed repeatedly to protect them. Ross seems to be saying the shame isn’t the girls’ – it’s ours as a society for jailing children.
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